Sir Richard Branson’s space start-up collapsed after 15 months of scant funding and cash burning.

Virgin Orbit announced it is filing for Chapter 11 bankruptcy protection in the US after multiple attempts to secure funding. The space launch start-up went public on Nasdaq in December 2021, boasting a $3.7bn valuation paired with lofty aspirations to reach the stars.
Ad astra, however, proved impossible to do and after a few painful weeks of failed fundraising hauls, the inevitable decision was made to shut down operations. “At this stage, we believe that the Chapter 11 process represents the best path forward,” said Dan Hart, Virgin Orbit CEO.
The rocket launch company, founded by Sir Richard Branson, laid off 85% of its staff last week, sending shares lower by 41% in one day. On Monday, the stock closed below 20 cents apiece, giving the company a market capitalization of less than $70mn, down 98% from its IPO.