Posted on 03/16/2023 6:43:21 AM PDT by NautiNurse
Satellite launch company Virgin Orbit is starting an "operational pause" and furloughing most employees except for a skeleton crew, CNBC has reported. The company is reportedly seeking new investors to relieve financial pressure and plans to give "an update on go-forward operations in the coming weeks," a spokesperson said in a statement.
Companies like SpaceX launch heavy rockets from the ground to get satellite payloads in orbit. However, Virgin Orbit carries smaller rockets to a height of about 35,000 feet on the wing of a Boeing 747, reducing fuel required. Earlier this year, it attempted to launch nine satellites into low-Earth orbit from its UK base. Unfortunately, the mission failed — reportedly due to a dislodged fuel filter.
That setback came on top of existing financial problems, as the company has seen its stock drop precipitously from its debut in December of 2021. It reported a loss of $49.2 million in its last fiscal quarter, as it burned money with taking in any revenue.
Despite those issues, Virgin Orbit seemed to be making progress toward its next launch. "Our investigation is nearly complete and our next production rocket with the needed modification incorporated is in final stages of integration and test," a spokesperson said last month.
Stick a fork in it. Virgin is dead.
Say what you want about Elon Musk, SpaceX’s decision to leap from the early Falcon 1 to the Falcon 9 proved to be a huge boon for the company. The company has produced the first viable means to reach the International Space Station on a manned flight without needing NASA or Roscosmos, for starters.
Just learned that Virgin Orbit (VORB) is a separate listing from Virgin Galactic (SPCE). Both are underwater.
SpaceX’s decision to leap from the early Falcon 1 to the Falcon 9 proved to be a huge boon for the company. The company has produced the first viable means to reach the International Space Station on a manned flight without needing NASA or Roscosmos, for starters.
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And the leap from Falcon 9 to Starship will be a boon of exponential size.
There may be multiple launches of differently configured StarShips this year - FAA and EPA willing. They will have to grant permits soon or the entire NASA Artemis/SSL project is finished.
Branson isn’t in the space race...
BRanson is in the space tourism for wealthy people race...
Do NOT confuse the two
Space X Starship is going to be another game changer...
Still working the kinks out, expect there will be some spectacular failures as they do.. but once they get it right.. will be another major step forward.
——is losing-—
Tense please........
Branson has lost to Musk
Yes.
I may be lost in space here, but I don’t think Virgin Orbit satellites are built for tourism. Virgin Galactic is the company for space tourism.
You are correct, my mistake.
My daughter works for Vir Gal so far they are planning on building a resort at Truth or Consequences NM where they will launch space tourists into space. If I understood correctly it’s $450,000 for 6 minutes of weightlessness. Stay tuned.
Fascinating!
I wonder if they’ve done any research on how many people would actually pay that much ....
Yeah, launching satellites from a 747 isn’t space tourism. RTFA.
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