HIGHBuilt-inGeographic
Spaceport America, New Mexico
“10-K Item 1: 'we have exclusive access to the Gateway to Space facility at Spaceport America located in New Mexico'”
SPCE · Concentration risk · 10-K extracted
Virgin Galactic Holdings (SPCE) concentration risks
Updated
The most significant concentration Virgin Galactic Holdings discloses is Spaceport America, New Mexico, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Virgin Galactic Holdings’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 1 disclosed concentration
HIGH1
MEDIUM0
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-08-30Virgin Galactic's disclosed concentration risk is a single, structural one: exclusive access to the Gateway to Space facility at Spaceport America in New Mexico, a high-share dependency on one physical location for the entirety of its spaceflight operations. Because the filing discloses no customer, supplier, or additional geographic concentrations, this facility exposure is effectively the whole of the company's concentration picture. Its character is structural rather than idiosyncratic — it reflects how Virgin Galactic's business model is built, not a counterparty relationship that could be renegotiated or replaced on short notice. That said, a high-share, single-site dependency of this kind carries real tail risk: any operational disruption, regulatory issue, or facility-level incident at Spaceport America would directly affect the company's ability to fly, with no disclosed alternative site to fall back on. For an investor, the takeaway is straightforward — Virgin Galactic's concentration risk is unusually simple to underwrite because there is only one exposure to evaluate, but that simplicity comes from geographic and operational lock-in rather than diversification, and it is a high-share exposure by the filing's own framing.
For the engine’s reasoning on SPCE’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Aerospace & Defense
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| AVAV | AeroVironment, Inc. | 1 | 1 | 0 | 2 |
| ACHR | Archer Aviation Inc. | 1 | 0 | 0 | 1 |
| SPCE● | Virgin Galactic Holdings, Inc. | 1 | 0 | 0 | 1 |
| AXON | Axon Enterprise, Inc. | 0 | 2 | 0 | 2 |
| AIR | AAR Corp. | 0 | 0 | 1 | 1 |
| ATRO | Astronics Corporation | 0 | 0 | 1 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.