Virgin Orbit, the space exploration venture founded by billionaire entrepreneur Richard Branson, has hit a major roadblock in its quest to secure funding and resume operations. The company made headlines last week after announcing that it was halting operations and furloughing most of its employees in a bid to secure a financial lifeline.
The move was seen as a significant blow to the fledgling space startup, which had been making steady progress in its quest to become a leading player in the satellite launch industry.
At the time, Virgin Orbit cited ongoing discussions with potential investors as the reason for the pause in its operations. The company was said to be in advanced talks with Texas-based investor Matthew Brown, who was reportedly interested in investing $200 million in the company in exchange for a controlling stake.
However, over the weekend, it emerged that the deal had fallen through, leaving Virgin Orbit in a precarious financial position.
Adding to the company’s woes, it was also revealed that another unnamed investor had also failed to reach an agreement with Virgin Orbit. As a result, the future of the company remains uncertain, with no clear path forward in sight.
In an effort to keep employees informed and reassure them during this difficult time, Virgin Orbit CEO Dan Hart promised daily updates to staff, while the company extended its unpaid pause until at least Monday.
Despite these efforts, many employees remain anxious about the future, unsure whether they will have jobs to return to or whether the company will be able to continue its mission of launching small satellites into orbit using a modified Boeing 747 aircraft.
