Virgin Orbit

Virgin Orbit was a satellite launch company founded in 2017 as a spinoff from Virgin Galactic. The company developed an air-launch system using a modified Boeing 747 aircraft called Cosmic Girl to carry and release its LauncherOne rocket at high altitude. LauncherOne was designed to deliver small satellites weighing up to 300 kg into low Earth orbit. Virgin Orbit aimed to provide flexible, responsive launch services for the growing small satellite market.

The company conducted its first test flight in May 2020, which failed shortly after rocket ignition. Virgin Orbit's first successful orbital launch occurred in January 2021, delivering 10 CubeSats to orbit. Over its lifespan, the company completed six launch attempts, with four successes and two failures. Its final mission in January 2023 was the first-ever satellite launch attempt from the UK but failed to reach orbit due to a component issue.

Despite raising over USD 1 billion in funding, Virgin Orbit struggled financially and operationally. The company went public via a SPAC merger in 2021 but fell short of its fundraising goals. It maintained a large workforce of around 700 employees, resulting in high operational costs that outpaced revenues. Virgin Orbit recorded just USD 33.1 million in revenue in 2022 against a net loss of USD 191.1 million. After its final launch failure, the company was unable to secure additional funding and filed for Chapter 11 bankruptcy in April 2023. In May 2023, Virgin Orbit ceased operations and sold off its assets to multiple buyers for a total of USD 36.4 million.