Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Virgin Orbit ceases operations months after failure of UK space mission

by May 24, 2023
May 24, 2023
Virgin Orbit ceases operations months after failure of UK space mission

Virgin Orbit, the satellite launch company founded by British billionaire Richard Branson, will permanently cease operations, just months after a major mission failure.

The California-based firm, which had already filed for Chapter 11 bankruptcy protection in the United States in early April, has auctioned off its main assets, recovering just over $36m. That figure is barely 1% of the value the company reached in late 2021 on Wall Street, when it was valued at $3.5 billion.

In a statement announcing it was selling its assets to four winning bidders and then folding, Virgin Orbit thanked its employees and stakeholders and said the company will be remembered for its “groundbreaking technologies.”

“Throughout its history, Virgin Orbit has been at the forefront of innovation and has made substantial contributions to the field of commercial rocket launch,” the company said on Tuesday.

The satellite launch company was formed as part of space tourism business Virgin Galactic, which transported Branson into sub-orbital flight in 2021 nine days ahead of his billionaire rival, the Amazon founder Jeff Bezos. Virgin Orbit spun out on its own from Galactic in 2017, and in late 2021 rode a wave of investor enthusiasm in a merger with a cash shell that listed its shares on New York’s Nasdaq stock exchange.

Its goal was to provide swift and adaptable space launch services for the growing small satellites market. Virgin Orbit used a rocket, LauncherOne, strapped under the wing of a converted Boeing 747 called Cosmic Girl – a horizontal launch method that differs from most rivals’ vertical launches.

The company suffered a crippling setback earlier this year when an attempt to launch the first rocket into space from British soil ended in failure. In January, the launch of a rocket from Cornwall drew huge crowds and mass interest. The company said that an anomaly meant the rocket could not reach the required altitude and was later lost.

Virgin Orbit later paused operations and put staff on furlough in early March as it tried to secure a funding lifeline and stop burning through cash. The company cut 85% of its staff at the end of March after it failed to secure fresh funding.

Read more:
Virgin Orbit ceases operations months after failure of UK space mission

0
FacebookTwitterGoogle +Pinterest
previous post
Staff work in central London offices for 2.3 days a week, study finds
next post
How businesses can attract staff longevity amid an ever-changing landscape

You may also like

Invest in Women Taskforce secures over £250m to...

November 26, 2024

Secrets of Success: Samantha Sloan, Founder and Director,...

February 28, 2024

Prezzo to close 46 loss-making restaurants placing 810...

April 24, 2023

UK Amazon warehouse workers are balloted for strike...

September 15, 2022

Housing affordability falls to its lowest since 1999

July 29, 2022

Cornwall Spaceport launches explanation plans despite Virgin Orbit...

April 5, 2023

AI and Tech Startups to Get £100m Investment...

August 16, 2024

Mistakes that could invalidate your insurance cover in...

December 29, 2022

Housebuilders call for revival of Help to Buy

January 29, 2023

Beckham backed vehicle electrification company Lunaz makes substantial...

April 5, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Gen Z workers turn back to office jobs to combat loneliness

      August 25, 2025
    • US jobs market faces ‘Trump slump’ as tariffs and cuts hit growth

      August 25, 2025
    • Royal Mail and DHL suspend US parcel deliveries as Trump tariffs take effect

      August 25, 2025
    • Farmers warn of crisis as poll shows 80% fear for survival and none back Labour

      August 25, 2025
    • TikTok cuts threaten hundreds of UK content moderator jobs amid AI shift

      August 25, 2025
    • Hospitality hit hardest as nearly 90,000 jobs lost after budget tax rises

      August 25, 2025

    Categories

    • Business (8,874)
    • Investing (2,235)
    • Politics (16,476)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved