Virgin Orbit, the rocket company owned by Sir Richard Branson, has ceased operations and sold its assets after experiencing a major mission failure. The company sold its converted jet and leased properties for $36 million, a significant decrease from its $3.7 billion valuation in 2021.
Facing financial difficulties, Virgin Orbit announced layoffs in March after failing to secure new investment. The California-based firm filed for bankruptcy protection in the United States and temporarily halted operations to stabilize its finances. Rocket Lab, a rival start-up, acquired Virgin Orbit’s headquarters, rocket factory, and equipment for $16.1 million, while aerospace firm Stratolaunch purchased the converted Boeing 747 jet, known as Cosmic Girl, for $17 million.
Launcher Inc, another space company, acquired Virgin Orbit’s launch site and lease in the Mojave desert for $2.7 million. Despite being part of Sir Richard’s business empire, which includes Virgin Atlantic and Virgin Galactic, Virgin Orbit never turned a profit as a public company since its founding in 2017. Earlier this year, Virgin Orbit’s attempt to launch the first satellite from UK soil ended in failure, hindering the ambition to establish the UK as a global player in space exploration.
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