Virgin Orbit , Sir Richard Branson’s rocket company, has shut down abruptly, merely months following a significant mission failure. The company sold its converted jet and property leases for $36m (£29m), which is only a fraction of its 2021 valuation of $3.7bn.
In March, Virgin Orbit announced its intention to lay off a significant portion of its workforce due to the inability to secure new investments. Moreover, the California-based company filed for bankruptcy protection in the US in the early part of last month.
It came just weeks after the company paused operations in an apparent attempt to shore up its finances.
Earlier this year, a Virgin Orbit rocket failed to complete the first ever satellite launch from UK soil.
Rival start-up, Rocket Lab, purchased Virgin Orbit’s headquarters rocket factory and equipment for $16.1m.
Aerospace firm Stratolaunch purchased the converted Boeing 747 jet, known as Cosmic Girl, for $17m. Another space company, Launcher Inc, bought Virgin Orbit’s launch site and lease in the Mojave desert for $2.7m. Virgin Orbit, which was founded in 2017, never turned a profit as a public company.
It developed rockets to carry small satellites and is part of Sir Richard’s business empire, which includes airline Virgin Atlantic and space tourism company Virgin Galactic.
In January, Virgin Orbit attempted the first ever satellite mission launched from UK soil, which ended in failure. The company’s LauncherOne rocket reached space but fell short of reaching its target orbit.
The mission was touted as a milestone for UK space exploration. Supporters had hoped that it would signify a significant step towards fulfilling the ambition of transforming the country into a global player – manufacturing satellites, building rockets, and establishing new spaceports.