Virgin Orbit ceases operations

As part of its bankruptcy process, it has auctioned off its main assets – recovering just over $36m (£29m), a significant drop from the $3.5bn (£2.8bn) valuation it reached on Wall Street in late 2021. The business has said it would sell its assets to four winning bidders and then shut down.  

In a statement, it added: “Throughout its history, Virgin Orbit has been at the forefront of innovation and has made substantial contributions to the field of commercial rocket launch with its LauncherOne air launch platform. The company’s cutting-edge technology, unmatched expertise, and commitment to excellence have propelled it to the vanguard of an emerging commercial launch industry.  

“As Virgin Orbit embarks on this path, the management and employees would like to extend their heartfelt gratitude to all stakeholders, including customers, partners, investors, and employees, for their support and dedication over the years.  

“It is through their collective efforts that the company has been able to achieve significant milestones and make lasting contributions to the advancement of satellite launch in the United States and the United Kingdom.” 

The sale of the assets are subject to approval by the court and certain other customary conditions, with the hearing taking place today (24 May) with the transactions expected to close shortly thereafter.