FILE – In this May 29, 2018 photo provided by Virgin Galactic, the VSS Unity craft flies during a supersonic flight test. Virgin Galactic said Wednesday, Oct. 2, 2019 that it has been contracted by the Italian air force for a suborbital research flight aboard its winged rocket ship. (Virgin Galactic via AP, File)
NEW YORK, United States – Virgin Orbit, the satellite launch company founded by British billionaire Richard Branson, announced Tuesday it is permanently ceasing operations, just months after a major mission failure.
The California-based firm, which had already filed for Chapter 11 bankruptcy protection in the United States in early April, auctioned off its main assets, recovering just over $36 million.
That is barely one percent of the temporary worth it reached in late 2021 on Wall Street, when it was valued at some $3.5 billion.
In a statement announcing it is selling its assets to four winning bidders and then folding, Virgin Orbit thanked its employees and stakeholders and said the company will be remembered for its “groundbreaking technologies.”
“Throughout its history, Virgin Orbit has been at the forefront of innovation and has made substantial contributions to the field of commercial rocket launch,” the company said.
Virgin Orbit was created in 2017 by splitting from Virgin Galactic, Branson’s space tourism company.