Virgin Orbit, the spin-off of space tourism company Virgin Galactic, has gone bankrupt. After two failed launches, the company failed to find investors. The adventure in Richard Branson’s satellites stops, putting 638 employees out of work.
News from the space industry is falling every day with the preparation of the Artemis 2 mission, whose 4 astronauts who will fly to the Moon in 2024 were presented yesterday. They will travel on a rover the size of an SUV sent by SpaceX and will be able to take advantage of the 4G installed by Nokia. Unfortunately for some, the competition in the sector is exacerbated and will have got the better of them.
Virgin Orbit, SpaceX’s rival company founded by Richard Branson, has filed for bankruptcy in the United States after failing to find new investment. The satellite launch company had suspended its activities a few weeks ago, but it still hopes to find a buyer. 85% of its 750 Californian employees will be laid off.
Virgin Orbit launched satellites from Boeing 747s
The adventure was short-lived for Virgin Orbit, founded in 2017 as a spin-off from Virgin Galactic, a space tourism company. Billed as Britain’s SpaceX, many commentators imagined the company could make Britain a real contender in the aerospace industry. However, after two failed attempts, the company failed to find an investor to secure its finances.
Dan Hart, the boss of Virgin Orbit, said that although the company had “made great efforts“to straighten out his finances and get more funds,”we must ultimately do what is best for the business“. He said Virgin Orbit will now focus on finding a buyer.to provide clarity on the future of the company to its customers, vendors and employees“.
To read: SpaceX destroys several Starlink satellites, here is the reason mentioned by Elon Musk
Virgin Orbit, however, offers a very original innovation. It launches its rockets from the underside of modified Boeing 747s. But in January, an attempt to send a satellite into orbit from the UK failed because a rocket’s fuel filter became dislodged, causing one of the engines to overheat. This finished off the company which was struggling to find customers, with just two launches in 2022.
