The California-headquartered rocket company is currently in the process of selling its main assets, with auction bids amounting to about $36 million (£29m). This is a fraction of the $3.7 billion (£2.9bn) that Orbit had been valued at in 2021.

As part of an official statement, the company said that “As Virgin Orbit embarks on this path, the management and employees would like to extend their heartfelt gratitude to all stakeholders, including customers, partners, investors, and employees, for their support and dedication over the years.

“It is through their collective efforts that the Company has been able to achieve significant milestones and make lasting contributions to the advancement of satellite launch in the United States and the United Kingdom.”

Virgin Orbit, which launched satellite-containing rockets beneath modified Boeing 747s, had been reeling from a major mission failure in January this year.

The mission — which took place from Spaceport Cornwall — was supposed to be a historic moment for the UK, representing the first time a satellite space mission had been launched from UK soil. However, a technical “anomaly” meant that the rocket carrying satellites couldn’t reach orbit.

Around two months later, in mid-March, Virgin Orbit’s CEO Dan Hart told employees that Orbit was “initiating a company-wide operational pause,” and placed them on furlough while the company tried to secure a funding lifeline.

At the end of March, it was announced that the company would lay off about 85% of its staff — amounting to around 675 jobs — as it struggled to secure the external funding that it needed.

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Shortly after the layoffs announcement, at the beginning of April, Virgin Orbit filed for Chapter 11 bankruptcy in the U.S. and sought to sell the business to a willing buyer.

Nearly two months later, on May 23, the company announced that it would permanently cease operations.

In its statement, the company said that “Virgin Orbit’s legacy in the space industry will forever be remembered. Its groundbreaking technologies, relentless pursuit of excellence, and unwavering commitment to advancing the frontiers of air launch have left an indelible mark on the industry.”

Photo credit: Virgin Orbit.