Virgin Orbit, a corporation that launches satellites, has announced its permanent closure and requested bankruptcy protection in the United States.
After seeking bankruptcy protection on April 4, the California-based company sold off its assets, including converted airplanes and property leases, for $36 million. The amount recovered represents less than 1% of the company's 2021 valuation of $3.7 billion.
The company announced in March that a significant section of its workers would be laid off as a result of an unsuccessful effort to attract additional funding.
As a spin-off of Virgin Galactic, the space tourism firm that successfully launched Richard Branson on a suborbital journey in 2021, Virgin Orbit was established in 2017.
The goal of Virgin Orbit was to get into the expanding small satellite industry by offering effective and flexible space launch services. One of its inventive methods was strapping a rocket named LauncherOne beneath the wing of a modified Boeing 747 called Cosmic Girl for a horizontal launch.
Virgin Orbit's historic attempt to launch the first rocket from British soil into space failed in January when the rocket was unable to achieve the necessary height. Following the failure, the business halted operations and put employees on leave; finally, 85% of its workforce was let go.
While Virgin Orbit's rocket factory, equipment, and headquarters were purchased by rival startup Rocket Lab for $16.1 million, Cosmic Girl was sold for $17 million by aerospace firm Stratolaunch. For $2.7 million, Launcher Inc. acquired the Mojave Desert launch pad and lease from Orbit.
The business said in a statement that it would be remembered for its "groundbreaking technologies" and that it had "always been at the forefront of innovation throughout its history." Virgin Orbit also added that it had "made substantial contributions to the field of commercial rocket launch."
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