Virgin Orbit Ceases Operations After Failing to Secure Funding

After a failed satellite launch in January, Virgin Orbit is ceasing operations and laying off nearly its entire workforce. The California-based company failed to attract funding for the company to continue and British billionaire Richard Branson, the company’s majority owner, is unwilling to put more money into the project. Branson’s private space venture aimed to air-launch satellites into orbit using a two-stage rocket underslung on the wing of a modified Boeing 747-400.

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CNBC reported that Virgin Orbit had an all-hands employee meeting yesterday where CEO Dan Hart announced the company was ceasing operations for the foreseeable future. The company has also made an SEC filing stating it was laying off 85 percent of its workforce. In audio of the meeting obtained by CNBC, Hart said, “Unfortunately, we’ve not been able to secure the funding to provide a clear path for this company. We have no choice but to implement immediate, dramatic, and extremely painful changes.”

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