--- title: "Virgin’s Satellite Launch Company Is in Deep Financial Doo-Doo" description: "Virgin Orbit's financial woes have apparently deepened to the point that it has reportedly had to furlough its staff while looking for new money." date: "2023-03-16" modified: "2023-03-16" authors: - name: "Noor Al-Sibai" job_title: "Senior Staff Writer" link: "https://futurism.com/authors/nooralsibai" url: "https://futurism.com/the-byte/virgin-orbit-financial-trouble" categories: - "Off-World" - "Space" tags: - "money" - "richard branson" - "the digest" - "virgin orbit" --- # Virgin’s Satellite Launch Company Is in Deep Financial Doo-Doo ![Virgin Orbit's financial woes have apparently deepened to the point that it has reportedly had to furlough its staff while looking for new money.]() *\Image: Matthew Horwood via Getty / Futurism\* ## In the Crapper Virgin Orbit's financial woes have apparently deepened to the point that it has reportedly had to furlough its staff while looking for new money. In [a regulatory filing](), the Richard Branson-owned satellite launch outfit conceded that it is trying to "conserve capital" while it "conducts discussions with potential funding sources and explores strategic opportunities." That effort, it seems, includes both unpaid furloughs for most of its 700-person staff and an operational pause, [*CNBC* notes]() — yet another indication that getting to space remains incredibly difficult, even with a market valuation of [$3 billion]() back in 2021. ## Rocket Disintegration News of this apparent financial disaster comes just a few months after Virgin Orbit admitted that its [Rolling Stones-themed rocket disintegrated]() in mid-air just after liftoff in January. That update was made during an investor-focused press release in which the company appeared to be trying to reassure its investors that all was well — a fool's errand, it seems, given the latest. "Our investigation \[into the rocket disintegration\] is nearly complete," a company spokesperson told media in a [statement]() this week, "and our next production rocket with the needed modification incorporated is in final stages of integration and test." ## Downward Trend As *CNBC* notes, the company's shares have taken a beating amid its admission of cash flow trouble. It's currently trading at 67 cents per share, down about 35 percent from its $1.04-per-share value at the end of the business day yesterday. Compared to its nearly [$10-per-share trading rate]() when the company first went public at the end of 2021, it's not hard to see why it's in such dire straits now. These financial tribulations predate the early January launch debacle, too. In a [November 2022 filing](), the company admitted to a whopping $149 million loss for the first three quarters of the year. With its next quarterly earnings report slated to drop at the end of the month, it's likely that that number will be even higher. Volatility is always a very real risk, particularly [in the space industry](), which has historically been plagued by technical issues and is [becoming more and more crowded](). Virgin Orbit's downward financial trajectory, however, seems to go further than the usual industry ups and downs — after all, it [hasn't really had]() a big win yet. **More on Virgin:** *[Richard Branson Said Elon Musk Showed Up to His House at 2AM ]()* ## Author At Futurism, I've often been drawn to unpacking the narratives that underlie technological, scientific and medical progress, with a special interest in areas of conflict and ambiguity that end up setting agendas and steering the fates of both elites and the hoi polloi. I'm a committed generalist, but I often find myself returning to work involving NASA and the private space sector, the effects of AI on media and society, and the mechanics of the pharmaceutical industry, with a specific focus on the spread of GLP-1 drugs like Ozempic and Wegovy. Prior to Futurism, I worked for publications ranging from Media Matters and Truthdig to Raw Story and Bustle. I'm also the author of "Myspace Scene Queens," a 2024 title in Instar Books' acclaimed "Remember the Internet" series. My work at Futurism has been cited by outlets including the New Yorker, Slate, Nieman Lab, the Verge, the MIT Technology Review, the Sunday Times, and the Daily Beast. I grew up in North Carolina, attended the University of North Carolina at Asheville, and now live in Brooklyn, New York. In my free time, I'm an avid reader and music fan; you can probably find me at a local poetry reading, concert, underground rave, or DJ set. I'm the proud parent of an ineffable orange cat named Mee-Mow. ### Author social links [Bluesky]()