Virgin Orbit Cuts Most of its Workforce, Cites Lack of Funding

The satellite launch company revealed layoffs of about 85 percent of staff in a filing with the SEC.

Jonathan Welsh

Friday, March 31, 2023 at 04:50 PM ET

Verified

Virgin Orbit's launch aircraft, called Cosmic Girl, releases a LauncherOne rocket. [Courtesy: Virgin Orbit]

Key Takeaways:

Virgin Orbit is ceasing operations and laying off approximately 85% of its workforce (about 675 employees) across all departments due to its inability to secure necessary funding.
The company's closure follows a high-profile failure of its LauncherOne satellite launch system earlier this year and its public listing via a SPAC in late 2021.

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Virgin Orbit, a satellite launch and services company, is ceasing operations and laying off staff due to its “inability to secure meaningful funding,” the company said in a filing with the Securities and Exchange Commission.

Yesterday, in an 8-K filing, the company announced a plan to cut its workforce by about 675 employees, or about 85 percent of its total staff. Virgin said the affected workers “are in all areas of the company.”