- By Peter Hoskins
- business reporter
4 hours ago
Image source: Department of Defense
Sir Richard Branson’s Virgin Orbit rocket company was shut down just months after the mission’s major failure.
The converted jet and the company’s real estate leases sold for $36 million (£29 million), just a fraction of the $3.7 billion at which the company was valued in 2021.
In March, Virgin Orbit announced it would lay off most of its workforce after failing to secure new investment.
The California-based company filed for bankruptcy protection in the United States early last month.
This comes just weeks after the company went out of business, apparently in an attempt to clean up its finances.
Earlier this year, a Virgin Orbit rocket failed to make the first satellite launch from British soil.
Virgin Orbit’s headquarters, rocket factory and equipment were bought for $16.1 million by rival start-up Rocket Lab.
His converted Boeing 747 jet, dubbed “Cosmic Girl,” was sold to aerospace company Stratolaunch for $17 million.
Another space company, Launcher Inc., bought the Virgin Orbit launch site and lease in the Mojave Desert for $2.7 million.
Founded in 2017, Virgin Orbit has never turned a profit as a public company.
The company developed rockets to carry small satellites and is part of Sir Richard’s business empire, which includes airline Virgin Atlantic and space tourism company Virgin Galactic.
The company’s LauncherOne rocket reached space but failed to reach its target orbit.
The mission was heralded as a milestone in British space exploration. It was hoped that this would be a major step forward in realizing the country’s goal of becoming a global player – from making satellites to building rockets and creating new spaceports.
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Watch: Virgin Orbit rocket flies into space