Virgin Orbit

Virgin Orbit's 2023 bankruptcy ended Richard Branson's attempt to compete in the small satellite launch market. The company had developed an air-launched rocket system—dropping rockets from a modified 747—but couldn't achieve the launch cadence or reliability needed for profitability. A January 2023 launch failure triggered the death spiral that ended in bankruptcy months later. The mechanism failure was technology development timeline exceeding capital runway. Virgin Orbit went public via SPAC in 2021, providing capital for operations but also public market pressure for progress. When the January 2023 launch failed, the company faced simultaneous technology setback and capital market skepticism. Fundraising failed; bankruptcy followed within months. The space industry has historically required patient capital that accepts failures during technology development. Public market expectations for quarterly progress conflict with rocket science's realities. Virgin Orbit demonstrated that space ventures need either patient private capital or technology maturity before public markets. The company's assets were sold to various buyers; the orbital launch vision was not among them.