Space company Virgin Orbit, owned by Richard Branson, has filed for bankruptcy after failing to raise sufficient funds to stay afloat. All of this follows a failed rocket launch back in January that set the company back.
Dan Hart, CEO of Virgin Orbit, stated in a company press release:
The team at Virgin Orbit has developed and brought into operation a new and innovative method of launching satellites into orbit, introducing new technology and managing great challenges and great risks along the way as we proved the system and performed several successful space flights – including successfully launching 33 satellites into their precise orbit. While we have taken great efforts to address our financial position and secure additional financing, we ultimately must do what is best for the business. We believe that the cutting-edge launch technology that this team has created will have wide appeal to buyers as we continue in the process to sell the Company. At this stage, we believe that the Chapter 11 process represents the best path forward to identify and finalize an efficient and value-maximizing sale.
It’s the sad end of a company that hoped to launch a “space revolution.” That task will now need to be taken up by others.