Virgin Orbit Closed – Space

The company, founded in 2017 with the aim of providing small satellite launch services as a spin-off of Sir Richard Branson’s Virgin Galactic, has faced financial difficulties in recent years that it was ultimately unable to overcome.
Last year was problematic, with Virgin Orbit reporting a loss of $139.5 million in the first nine months of fiscal 2022.

It was only in March of this year that the company announced the cessation of its operations, placing its staff (about 750 people) on temporary leave, at least until a solution is found, while at the same time looking for additional resources. Interest in bailing her out wasn’t great, while the only proposal on the table from investment firm MATTHEW BROWN of $200 million didn’t pan out.

Virgin Orbit filed for bankruptcy on April 11 while simultaneously filing for Chapter 11 protection. Its assets were divided between three companies: Rocket Lab acquired the Long Beach facility and its equipment for $16 million, and LAUNCHER took the test site in the Mojave desert for $3 million. While finally, STRATOLAUNCH SYSTEMS bought the famous Cosmic Girl (a specially modified Boeing 747-400 that Virgin Orbit uses in the first leg of every launch) for $17 million. With the auction complete, Virgin Orbit is officially a thing of the past.

The company’s statement was simple but clear: “With Virgin Orbit now on its own path, its management and employees would like to express their sincere gratitude to customers, partners, investors and employees for their support and dedication over the years. Thanks to their efforts, the company has been able to achieve great achievements and contribute to the development of satellite launches in The United States and the United Kingdom”.