Virgin Orbit is a spin-off of the space tourism company Virgin Galactic also a Branson company, and it was founded in 2012 with the idea of launching small satellites into orbit.
Virgin Orbit, a satellite launch company founded by Richard Branson, has filed for Chapter 11 bankruptcy protection after the failed rocket launch in January 2021.
The mission, which launched from Spaceport Cornwall, near Newquay, had been billed as a footnote for UK space exploration. The company raised over $1 billion in funding to launch small satellites into orbit, the rocket was lost due to an problem in the propulsion system.
They are now looking for a buyer to help it recover from the failure and to sustain its operations loses.
Virgin Orbit is not the only space company to have filed for bankruptcy in recent years. This is a setback to Branson’s space aspirations and the UK. Nonetheless, Virgin Orbit is optimistic that it will be able to find a buyer to help it continue its operations.