Orbit obit
Richard’s Branson’s rocket dream really is over, it’s been announced today. The British-born entrepreneur has played a significant role in shaping industries across the UK – from gyms to music and even space travel – yet he’s never been able to get Virgin Orbit off the ground. It’s a failure that’s been compounded by an increasingly unstable economy and some notable misfires; as reported today by BBC News business reporter Peter Hoskins, the company will fly no more. Virgin Orbit is closing down.
Across the internet, it’s the numbers that are doing the talking today – how much every element of the organisation is being sold off for. Its special jet and leases on properties have been sold for £29 million GBP – admittedly, it sounds like a lot, but not when the value of the company in 2021 is taken into account.
Back in 2021, Virgin Orbit was valued at $3.7 billion (£3.2 billion GBP).
Let’s not get Virgin Orbit confused with any of Branson’s other ventures, though. Pitched as the “premier dedicated small satellite launch service”, the company sought to cater to a brand-new market, the privateers of pioneering satellite technology, offering disruptive affordability to its clients. A series of setbacks threatened Virgin Orbit’s operations, however. Back in January, Branson and his Orbit acolytes attempted the first-ever satellite mission in the UK – it ended in failure. The LauncherOne rocket did reach space, but it fell short of its target orbit.
Virgin Orbit isn’t the same as Virgin Galactic, the world’s first commercial space line – a prospect that lures the richest members of society to live out their interstellar dreams.
Virgin Orbit is closing down – what’s next?
It’s a bold ambition to empower an industry before it’s even up and running, and you can’t blame Branson and his team for identifying an innate altruism in this endeavour. As the company’s site proclaims, its customers truly understand the power of using space as a force for good – it factors into so much of what we report on here at SpaceTech: a bold ambition to explore a tantalising new frontier. You can’t fault Branson’s entrepreneurial spirit, or his attempts to augment pre-existing resources and technology to try and make it happen.
The space race is far from over, as signalled by where its assets are ending up. Virgin’s headquarters, factory and equipment were bought by a rival start-up, Rocket Lab, whilst its converted Virgin Atlantic Boeing 747 jet Cosmic Girl, has been snapped up by the aerospace organisation Stratolaunch. Likewise, its launch site and the accompanying lease in the Mojave Desert have been bought by Launcher Inc.
Branson’s bold ambition likely manifested just a little too early.
Virgin Galactic remains in operation, and Branson’s bold ambition likely manifested just a little too early. This week, we’ve learned that the UK is making significant strides towards building a competitive space economy – the UK Space Agency has unveiled the Space Clusters and Infrastructure Fund. Privatisation and its accompanying capitalist concerns bubble beneath the surface of the space sector, and it’s no surprise that the lesser-known initiatives have scuttled into give Orbit’s carcass a once over.
Virgin Orbit’s mission is over, but the space race is heating up in the UK. Of course, we’ll keep you posted when the latest news drops.
Source: https://www.bbc.co.uk/news/business-65692302 | Additional research: virginorbit.com | Image sourced from Virgin Orbit’s media centre.
What are your thoughts on Branson’s space dreams? Is the UK ready to be a key player in this next chapter of space expansion? Let us know in the comments!
Despite this setback, the UK’s ambition to be a key player in the 21st Century space race is far from over. Click here to read more: https://spacetech.media/2023/05/24/uk-launches-first-dedicated-50m-space-infrastructure-fund/
