Virgin Orbit fell apart despite having a billionaire's backing and an intriguing concept. Here's how it happened.
Virgin Orbit is on the brink of bankruptcy, with its valuation tumbling from nearly $4 billion in 2021 to less than $100 million today.
The deal, facilitated by a so-called blank check company, gave Virgin Orbit a valuation of nearly $4 billion. But that moment in December 2021 – when the craze surrounding public offerings centered on special purpose acquisition companies, or SPACs, was dying out – previewed the pain to come.
It became one of a few U.S. rocket companies to successfully reach orbit with a privately developed launch vehicle. It launched six missions since 2020 — with four successes and two failures — through an ambitious and technically difficult process known as "air launch," with a system that uses a modified 747 jet to drop a rocket mid-flight and send small satellites into space.
Headquartered in Long Beach, California, Virgin Orbit flew most of its missions out of the Mojave Air and Space Port. The exception to that was its most recent launch, which took off from Spaceport Cornwall in the United Kingdom. Virgin Orbit had been working with other governments to provide launches by flying out of airports around the world, signing agreements with Japan, Brazil, Australia and the island of Guam.
The company had hoped to launch its debut mission as early as 2018, but that goal kept moving every six months or so. Eventually, Virgin Orbit launched its first mission in May 2020, which failed shortly after the rocket was released from the jet. It got to orbit successfully for the first time in January 2021.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Virgin Galactic stock gains, even as Virgin Orbit shares plunge after cutting most of its staffInvestors in Virgin Galactic Holdings Inc. could take a breath Friday, as shares in the aerospace and space travel company appeared unaffected by the...
Read more »
Virgin Orbit fails to secure funding, will cease operations and lay off 90% of workforceVirgin Orbit CEO Dan Hart gave employees an update in an all-hands meeting on Thursday, according to audio obtained by CNBC.
Read more »
Virgin Orbit stock plunges after report says company will cease operationsVirgin Orbit Holdings Inc. reportedly plans to cease operations and lay off roughly 90% of its staff, according to a Thursday afternoon CNBC report. Its...
Read more »
Branson’s rocket company Virgin Orbit to lay off 85% of staffVirgin Orbit was founded in 2017 after spinning off from its sister company, Virgin Galactic, which is focused on using supersonic planes to vault high-paying tourists on joy rides to the edge of s…
Read more »
Virgin Orbit to lay off about 85% of staffRocket maker Virgin Orbit Holdings on Thursday said it was laying off about 85% of staff because it had not been able to raise new investment.
Read more »
Virgin Orbit ceasing operations 'for the foreseeable future:' reportThe company will lay off about 90% of its workforce, according to CNBC.
Read more »