Richard Branson’s Virgin Orbit to Shut Down Following Bankruptcy, Assets Sold in AuctionLucas Nolan 24 May 2023
Virgin Orbit, the satellite launch provider founded by Sir Richard Branson, has confirmed it is shutting down after selling its facility leases and equipment to three aerospace companies following bankruptcy.
CNBC reports that Virgin Orbit, a pioneer in satellite launch services, announced its closure after selling its equipment and facility leases to three aerospace firms in the wake of bankruptcy. Virgin Orbit, which Sir Richard Branson founded as a spin-off from Virgin Galactic in 2017, made significant advancements in the space industry. However, the business experienced financial issues, which slowed execution and made it challenging to raise money. These difficulties ultimately resulted in bankruptcy and the choice to cease operations.
“As Virgin Orbit embarks on this path, the management and employees would like to extend their heartfelt gratitude to all stakeholders,” the company said in a statement. “Virgin Orbit’s legacy in the space industry will forever be remembered. Its groundbreaking technologies, relentless pursuit of excellence, and unwavering commitment to advancing the frontiers of air launch have left an indelible mark on the industry.”
In a recently finished auction, Virgin Orbit’s assets brought in about $36 million, but its rockets and intellectual property have not yet been sold. Among the interested parties, Rocket Lab made a winning offer of $16.1 million for the Long Beach, California, headquarters of Virgin Orbit. The acquisition will enhance Rocket Lab’s production, manufacturing, and testing capabilities, particularly as it develops its larger Neutron rocket.
“With Neutron’s design and development well-advanced, this transaction represents a capital expenditure savings opportunity to augment our production capability to bring Neutron to the launch pad quickly to serve our customers and their future success,” said Rocket Lab founder and CEO Peter Beck.
With plans to use it to increase their capacity for conducting hypersonic flight tests, Stratolaunch won its $17 million bid for the 747 aircraft owned by Virgin Orbit. For $2.7 million, Launcher, a division of Vast Space, bought a Mojave facility and other assets from Virgin Orbit. For $650,000, a liquidation company named Inliper purchased the business’s office supplies.
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