- Virgin Orbit, owned by Richard Branson, will shut down and sell its assets for $36.4 million.
- Rocket Lab USA has acquired most of Virgin Orbit’s Long Beach headquarters for $16 million.
- The remaining assets of Virgin Orbit will be sold to undisclosed buyers.
Virgin Orbit, the space venture company owned by Richard Branson, is set to fold as the remaining assets of the firm are to be auctioned off. The company was founded in 2017 and had raised more than $1 billion in funding.
However, Virgin Orbit has struggled to achieve significant milestones in the commercial space race and has failed to launch a satellite into orbit. It is believed that Branson’s other venture, Virgin Galactic, which recently went public, has taken priority over Virgin Orbit.
As a result, the remaining assets of the company will be auctioned off to pay back investors. This includes equipment, patents, and intellectual property.
The auction is expected to take place in the coming months, and it remains unclear what impact this will have on the wider commercial space industry. However, many experts believe that the folding of Virgin Orbit is a reminder of the intense competition in the industry and the challenges of bringing new ideas to market.
In a statement, Virgin Orbit said: “We are disappointed that we have not been able to achieve our goals, but we are proud of the work we have done and the people who have contributed to our success. We will make every effort to ensure that our assets are used in a responsible and productive way.”