Virgin Orbit shuts down, sells for $36m despite being valued at $3.7 billion in 2021
British billionaire Sir Richard Branson’s dreams of a successful rocket company have come to a crashing halt after his business, Virgin Orbit, ceased operations.
Earlier in the year, the company’s first launch had ended in failure.
The firm’s assets, including its converted jet and leased properties, have now been sold for $36 million, a small fraction of the $3.7 billion it was valued at in 2021. In March, the company announced plans to lay off most of its workforce after failing to find new investments. The California-based company has now filed for bankruptcy protection in the US.
The company’s headquarters, rocket factory and equipment were bought by rival start-up Rocket Lab for $16.1 million, while aerospace form Startolaunch acquired its 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 – Virgin Atlantic, Virgin Galatic – Virgit Orbit never turned a profit since its establishment in 2017.
