Virgin Orbit

Virgin Orbit was Richard Branson's second space venture (alongside Virgin Galactic), focused on launching small satellites using a rocket deployed from a modified Boeing 747 called 'Cosmic Girl.' The company merged with NextGen Acquisition Corp II in December 2021.

The air-launch concept was innovative — by launching from an airplane, Virgin Orbit could theoretically operate from any airport with a long enough runway, offering flexibility that ground-based rockets couldn't match. The company had completed successful launches and had government and commercial contracts.

Everything fell apart with a high-profile launch failure in January 2023. A mission launched from Cornwall, UK — the first orbital launch attempt from British soil — failed when the rocket's upper stage experienced an anomaly. The mission was supposed to showcase Virgin Orbit's international capabilities and attract new customers.

The failure halted operations at the worst possible time. Virgin Orbit was already burning cash rapidly and needed new contracts to survive. With the launch failure undermining customer confidence, new bookings dried up. Richard Branson declined to inject more personal capital. By April 2023, just 16 months after going public, Virgin Orbit filed Chapter 11. Its assets were acquired by Rocket Lab and others at bankruptcy auction for pennies on the dollar.