Branson’s Virgin Orbit Files for Bankruptcy After Failed Rocket Launch

The Virgin Orbit's LauncherOne rocket at Spaceport Cornwall, at Cornwall Airport in Newquay, England, in an undated photo provided on March 16, 2023. UK Space Agency via AP

Virgin Orbit filed for Chapter 11 bankruptcy after failing to get additional funding from its backers.

The Long Beach, California-based satellite launch company, founded and owned by Richard Branson, failed to secure long-term funding it needed to recover from a January rocket failure in the United Kingdom.