Virgin Orbit
| Company type | Public (2017–2023) |
|---|---|
| Industry | Aerospace |
| Founded | 2017 |
| Founder | Virgin Group |
| Defunct | 2023 |
| Fate | Filed for Chapter 11 bankruptcy and sold assets |
| Headquarters | Long Beach, California , United States |
Area served | Worldwide (small satellite launches) |
Key people | Dan Hart (president and CEO), Matthew Stannard (pilot) |
| Products | LauncherOne rocket, Cosmic Girl launch aircraft |
Number of employees | 300+ (circa 2022) |
| Parent | Virgin Group (until IPO and beyond) |
Virgin Orbit operated as a Virgin Group entity specializing in launch solutions for small satellite deployment. Established in 2017 as an offshoot of Richard Branson's Virgin Galactic, the company engineered the LauncherOne rocket—a two-stage vehicle launched from the air by a modified Boeing 747 aircraft, capable of delivering payloads up to 300 kilograms into low Earth orbit.
On December 30, 2021, Virgin Orbit went public through a SPAC merger with NextGen Acquisition Corp, listing on Nasdaq under the ticker VORB, with an initial market capitalization of $3.7 billion.
Between 2020 and 2023, LauncherOne executed six missions, achieving four successful launches and encountering two failures. After the second failure in January 2023, coupled with challenges in obtaining further investment, Virgin Orbit halted its operations and conducted workforce reductions in March 2023. Subsequently, the company filed for Chapter 11 bankruptcy and sold off its remaining assets for $36 million in May 2023—representing less than one percent of its original IPO valuation.
LauncherOne
The inaugural launch of LauncherOne ended unsuccessfully on May 25, 2020.
On January 17, 2021, LauncherOne reached orbit for the first time by deploying ten CubeSat satellites into Low Earth Orbit during its final demonstration flight for NASA. This mission involved an air launch from a converted Boeing 747 at an altitude of 33,000 feet above the Pacific Ocean. The flight was dedicated to Eve Branson, mother of Virgin founder Richard Branson.
On June 30, 2021, LauncherOne achieved its first commercial satellite delivery into space.
On January 13, 2022, the rocket successfully placed seven cubesats into orbit on behalf of three different clients.
On July 2, 2022, LauncherOne completed a mission supporting both the US Space Force and NASA with a successful satellite deployment.
On January 9, 2023, LauncherOne failed to reach orbit due to a malfunction in the upper stage during its maiden launch from Spaceport Cornwall. The payload consisted of nine satellites representing seven customers. This event marked Virgin Orbit's first orbital launch attempt from Cornwall after previous launches had been conducted from Mojave Air and Space Port.
Cosmic Girl
The aircraft known as Cosmic Girl was a specially adapted Boeing 747-400 utilized by Virgin Orbit for rocket launches. In 2022, the company revealed intentions to expand its fleet by acquiring more 747s capable of carrying rockets and ground support equipment internally.
Operations and financials
Virgin Orbit, headquartered in Long Beach, California, was established in 2017 with a workforce exceeding 300 employees. The company was led by president Dan Hart, who previously served as a Boeing vice president overseeing government satellite systems. Virgin Orbit originated as a spin-off from Virgin Galactic, which remained dedicated to human suborbital spaceflight and aerospace engineering.
In October 2019, the firm brought on Matthew Stannard, a former Royal Air Force test pilot, under a three-year contract to serve as a pilot during the testing phase of the Cosmic Girl launch platform.
Before going public, ownership of Virgin Orbit was shared between Richard Branson's Virgin Group and Mubadala Investment Company, a state-owned entity from the United Arab Emirates, which had invested approximately $1 billion by August 2021.
When announcing its SPAC merger in August 2021, Virgin Orbit projected it would require $420 million starting late that year to achieve positive cash flow by 2024. Upon completing the merger and going public in December 2021, it raised $228 million—significantly less than the anticipated $483 million—and held an "opening bell" event at Nasdaq on January 7, 2022; shares debuted at $10.
At the time of the SPAC announcement, Virgin Orbit aimed to reach EBITDA profitability by Q4 2024. The company reported having approximately $300 million in active contracts and forecasted about 18 launches for 2023. It estimated revenue at $15 million for 2021 with an EBITDA loss of $156 million and targeted revenue growth to $2.1 billion by 2026.
The financial results for the third quarter of 2022 indicated cash reserves of $71.2 million, revenue of $30.9 million, and an adjusted EBITDA loss of $42.9 million. The backlog of signed contracts decreased by 12% to $143 million compared to the previous quarter. Additionally, the launch forecast for 2022 was reduced from an initial estimate of four to six launches down to three.
Bankruptcy, quest for liquidity, and dissolution
On March 16, 2023, Virgin Orbit halted its operations and furloughed nearly its entire workforce while actively seeking new capital, citing challenges related to both funding management and technical issues. The company disclosed a loss amounting to US$139.5 million during the first nine months of 2022.
In March 2023, Matthew Brown Companies—a venture capital firm led by entrepreneur Matthew Brown—submitted a private tender offer valued at $200 million; however, this proposal fell through after preliminary discussions were leaked publicly. The offer was described as “non-binding” and intended “for discussion purposes only,” without constituting a formal bid. In August 2025, a U.S. District Court issued partial summary judgment concerning civil liability over certain misstatements but found no proof of investor fraud or financial damage. Brown faced no criminal charges nor engaged in trading Virgin Orbit shares; he testified that he had access to growth capital along with an inherited trust fund worth $250 million. He also claimed that Virgin Orbit declined his due diligence requests despite fulfilling theirs. Brown subsequently joined civil lawsuits against Virgin Orbit in bankruptcy court alleging fraudulent inducement and misrepresentation.
Shortly before filing for bankruptcy protection, the board approved golden parachute arrangements for company executives. On April 4, 2023, Virgin Orbit officially filed for Chapter 11 bankruptcy.
Following this announcement, CEO Dan Hart remarked there were over thirty expressions of interest in acquiring the company despite ongoing liquidity issues.
In May 2023, Virgin Orbit’s assets were divided among three primary buyers: Rocket Lab purchased the Long Beach manufacturing site along with tooling assets for $16 million; Launcher acquired the Mojave test facility for $3 million; and Stratolaunch Systems bought the Cosmic Girl aircraft for $17 million. In June 2023, Firefly Aerospace acquired additional assets valued at $3.8 million. The intellectual property held by Virgin Orbit remains available for purchase.
VOX Space
VOX Space was established in 2020 as a subsidiary of Virgin Orbit, dedicated to providing launch services tailored to the US military's national security sector. It employed Virgin Orbit's LauncherOne launch vehicle. By July 2022, Mark Baird held the position of president, having taken over in August 2021.
In April 2020, VOX Space was awarded a $35 million contract for three missions deploying a total of 44 cubesat satellites for the US Space Force. The inaugural launch successfully occurred on July 2, 2022.
Ventilators
During the onset of the COVID-19 crisis in early 2020, Virgin Orbit collaborated with the University of California Irvine and University of Texas at Austin to design simplified "bridge ventilators" aimed at alleviating worldwide shortages. These devices were intended for patients who were either partially recovered or not requiring intensive care. In April 2020, the US Food and Drug Administration authorized their emergency use.
Launch site in the UK
Virgin Orbit entered into a partnership to conduct space launches from Spaceport Cornwall, a venture supported partly by funding from the UK Space Agency. Their sole UK launch took place on January 9, 2023; however, the rocket did not achieve orbit.
Launch site in Brazil
In April 2021, Virgin Orbit was chosen by the Brazilian Space Agency to carry out orbital launches from the Alcantara Launch Center. On June 27, 2022, Virgin Orbit created a Brazilian entity, Virgin Orbit Brasil Ltda, to support operations from this equatorial location, which provides access to nearly all orbital inclinations. Despite these plans, no launches were performed from Brazil.
Launch site in Australia
In September 2022, Virgin Orbit signed an agreement with Wagner Corporation to station a 747-400 launch aircraft at Toowoomba Wellcamp Airport in Queensland, with intentions for a demonstration launch scheduled for 2024. Ultimately, no launches were executed from Australia.
Mission to Mars
Virgin Orbit investigated a potential mission to Mars in 2022 but did not proceed with any interplanetary launches, including the proposed Mars mission.