Cosmic Girls and LauncherOne
Virgin Orbit
Virgin Orbit, a space startup founded by British entrepreneur Richard Branson, has closed. Here’s what you should know:
Why did Virgin Orbit shut down?
The company’s troubles began with the failure of a mission in January that was supposed to be the first-ever orbital launch from the UK. Virgin Orbit’s LauncherOne rocket, which carried nine satellites, including hardware from the US National Reconnaissance Service, failed to reach orbit.
Despite a string of successes, the setbacks caused the stock price to drop, the company was unable to secure additional funding, and began to struggle with cash flow problems. The company has never been profitable.
In the end, the company was forced to lay off 85% of its workforce, or about 675 people, in March. The company was limping with a small team and exploring various options for survival. But that effort ultimately failed, and the company has now filed for bankruptcy, sold its assets, and closed permanently.
The closure represents a rapid downfall for the company, which listed on the Nasdaq Stock Exchange at a valuation of $3.7 billion in late 2021.
Why did Virgin Orbit’s UK launch fail?
The company’s modified 747-400 jet Cosmic Girl has taken off from a spaceport in Cornwall with a LauncherOne rocket under its wing. After flight, the rocket dropped and fired its first stage, successfully accelerating to about 12,900 kilometers per hour. When the second stage kicked in, it reached 28,000 kilometers per hour, but within minutes the launcher “failed” and had to be aborted.
The company said last month that it was a fuel filter (a $100 part) that came off and invaded the Newton 4’s upper-stage engine. Virgin Orbit said a fix had been found and is being incorporated into its next rocket. We now know the company will never launch a rocket.
What about that equipment?
Rival launch company Rocket Lab has reportedly bought Virgin Orbit’s headquarters, rocket factory and facilities for $16.1 million. Cosmic Girl was sold to Stratolaunch Systems, the world’s largest manufacturer of aircraft designed to launch rockets, for just $17 million. Space company Launcher has purchased a Virgin Orbit launch site in California’s Mojave Desert.
Virgin Orbit’s total assets are only $36.4 million, or about 1% of its previous valuation.None of the three companies buying the assets responded. new scientist Request for comments.
“Virgin Orbit’s achievements in the space industry will forever be remembered,” Virgin Orbit said in a statement.
What does this mean for Virgin Galactic?
Virgin Galactic is a separate company from Virgin Orbit, the latter of which was spun out of Virgin Orbit in 2017. While Orbit focused on launching small satellites, Galactic’s goal is to offer space tourism flights using its own spacecraft, SpaceShipTwo, which launches from a larger aircraft while in flight.
Both are co-owned by Richard Branson, and Virgin Galactic will continue to operate unaffected. The company plans a final test flight of the VSS Unity spacecraft on May 25, ahead of its first commercial launch with space tourists next month. Virgin Galactic didn’t respond to a request for an interview, but investors appear confident that if the operation is successful, the company will be able to begin operating flights that customers have already purchased and paid for.
What does this mean for UK space launches?
The British Space Agency supports three spaceports in the UK, Saxavord Spaceport in the Shetland Islands, Spacehub Sutherland in Scotland, and Spaceport Cornwall, from which Virgin Orbit’s failed January mission departed. ing.
Spaceport Cornwall currently lists the now-defunct Virgin Orbit as its only customer, but said “other launchers may also start launches”. But there is no vertical launch facility, and it can only support companies that launch rockets suspended below aircraft. Saxavord Spaceport is working towards its first launch, and SpaceHub Sutherland is under construction.
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