The fate befalling Sir Richard Branson’s Virgin Orbit was abrupt and has since become messy. But did the company also just run out of luck?
Virgin Orbit “paused” operations during one of the space sector’s biggest annual shows, Satellite 2023 in Washington DC last month. Overnight, the company’s sales suite was closed and mothballed, leaving only a sad crate and one last employee’s coat.
Since then, the venture seemingly came close but ultimately failed to secure ongoing funding. It has this week declared bankruptcy, laid off almost 700 staff and shareholders now hope its physical and intellectual assets can be sold.
All this followed January’s failed launch from Spaceport Cornwall that would have been the company’s fifth successful mission and meant that the UK was the first European country to have an active launch site on its native turf. Spaceport, a separate company, is now seeking other partners.
Within Virgin Orbit, there were already rumours of...