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☆ Is the UK space industry about to take off?
▼ + stars: | 2023-11-14 | by ( ) www.cnbc.com time to read: +1 min

The failure of Virgin Orbit's maiden commercial satellite launch from British soil, and the company's subsequent filing for bankruptcy protection, may have seemed like a fatal blow for the U.K.'s nascent space sector. But a range of companies hope to play a key role in the business of building, launching and operating satellites, a $281 billion industry which has been growing rapidly over the past decade. Billionaire-backed companies like Elon Musk's SpaceX, Jeff Bezos's Blue Origin and Richard Branson's Virgin Orbit have been revolutionizing the space industry over the last decade, which has seen advances in re-usable rockets, the deployment of thousands of small communication satellites and new launch sites opened. To find out how smaller U.K.-based firms are looking to compete, CNBC visited a spaceport being built in the far north of the Shetland Islands, an established satellite-builder and a startup aiming to see one of its re-usable satellites finally make it into space.

Persons: Virgin, Jeff Bezos's, Richard Branson's Virgin Organizations: Elon, SpaceX, CNBC Locations: Shetland

☆ Google leads funding round for Indian space startup Pixxel
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +3 min

BENGALURU, June 1 (Reuters) - Alphabet Inc's (GOOGL.O) Google is leading a $36 million funding round for Bengaluru-based Pixxel, a satellite-image startup, in the first major investment in the Indian space sector since the government launched its privatisation policy in April. Pixxel did not specify how much Google had invested or the valuation it reflected. Founder and Chief Executive Awais Ahmed said Pixxel would be "the most valued space tech company in India after this investment". Space startups, in particular, have come under pressure after the bankruptcy of Richard Branson's Virgin Orbit launch company. Ahmed has said he was inspired to launch a space startup from a visit Elon Musk's SpaceX as part of a student competition to build a demonstration "hyperloop" transport pod.

Persons: Pixxel, Awais Ahmed, Ahmed, Richard Branson's Virgin, Kshitij Khandelwal, Nivedita, Kevin Krolicki, Christopher Cushing Organizations: Google, Miner Rio Tinto Ltd, Accenture PLC, Skyroot Aerospace, Reuters, Space, Richard Branson's Virgin Orbit, Elon, SpaceX, Thomson Locations: BENGALURU, Bengaluru, Miner Rio, India

☆ Branson's Virgin Orbit files Chapter 11 bankruptcy plan
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

[1/2] Richard Branson, founder of Virgin Group, poses for a photograph on board of his new cruise liner, the Scarlet Lady at Dover Port in Dover, Britain, February 21, 2020. REUTERS/Simon DawsonApril 19 (Reuters) - Richard Branson's Virgin Orbit Holdings Inc and its subsidiaries in the United States filed a Chapter 11 bankruptcy plan with the U.S. Bankruptcy Court for the District of Delaware, the company said in a statement on Wednesday. Earlier this month, Virgin Orbit filed for Chapter 11 bankruptcy protection after the satellite launch company struggled to secure long-term funding following a failed launch in January. "We expect the filing of the plan and disclosure statement will help us to efficiently conclude the Chapter 11 process once we have completed the sale of the company," Dan Hart, chief executive of Virgin Orbit said in the statement. The company is seeking the sale of its assets, after laying off roughly 85% of its 750 employees.

The steep drop in fresh capital has left many companies in a vulnerable state, while the failure of Silicon Valley Bank, a leading provider of venture debt, has added to the challenge, a report by venture capital (VC) firm Space Capital said on Thursday. Space Capital's report, coming on the heels of a Chapter 11 filing from Richard Branson's Virgin Orbit Holdings Inc, tracked 89 companies active in the sector. The risk threshold to invest in space companies was much higher earlier, but given recent market uncertainty, investors may not be as risk-loving and space being a nascent sector, many are dialing back, Deutsche Bank analyst Edison Yu told Reuters separately. However, Space Capital added that companies in emerging industries, like those associated with the National Aeronautics and Space Administration's Artemis mission to the Moon are seeing an increased interest. Reuters GraphicsReporting by Akash Sriram and Tanya Jain in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

☆ Analysis: Rocket startups face adapt-or-die moment amid investment drought
▼ + stars: | 2023-04-17 | by ( Joey Roulette | ) www.reuters.com time to read: +5 min

Venture investment in space startups has dropped 50% year-over-year in 2022 to $21.9 billion, according to VC firm Space Capital. Astra Space (ASTR.O), which ditched its small Rocket 3.3 for a planned, larger Rocket 4 in the next few years, has struggled to bring its stock price above $1, facing delisting threats from Nasdaq. Despite the startups' struggles, launch demand has soared after sanctions following Russia's invasion of Ukraine cut off access to Russian rockets. Recent failures with Europe's Arianespace's Vega-C rocket have added to demand in the U.S., outstripping the number of available rockets. Private plans to deploy mega-constellations, vast swarms of satellites in low-Earth orbit, have also given launch startups hope for future demand.

REUTERS/Henry NichollsApril 8 (Reuters) - As the fortunes of Richard Branson's Virgin Orbit were crashing to Earth last month, a little-known investor called Matthew Brown appeared offering a $200 million rescue. Virgin Group, which owns 75% of Virgin Orbit, also declined to comment for this article. The group is providing financing to Virgin Orbit as the satellite launch company seeks a buyer in bankruptcy. Asked about this, Brown told Reuters he structured deals to protect investor confidentiality with a preference for "laying low below the radar." Virgin Orbit filed for bankruptcy on Tuesday.

☆ Robinhood traders are getting smarter with their money. The platform's head of investment strategy explained why.
▼ + stars: | 2023-04-08 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Steph Guild, Robinhood's head of investment strategy. RobinhoodSteph Guild is the head of investment strategy at Robinhood. Phil Rosen: How have retail investors on Robinhood changed their investing habits now compared to 2022? As the economy faces more risks like a recession and a potential credit crunch, do you think retail investors will change their strategy? What do you think of Guild's insights on retail investors?

☆ Virgin Orbit bankruptcy casts shadow over Japan's space dreams
▼ + stars: | 2023-04-07 | by ( Eimi Yamamitsu | ) www.reuters.com time to read: +4 min

Oita prefecture, home to Japan's largest number of hot springs, partnered with Virgin Orbit in 2020 to create its first Asian spaceport at Oita Airport using a Boeing (BA.N) 747 for horizontal rocket launches. Two Japanese companies, ANA Holdings (9202.T) unit All Nippon Airways Trading Co and little-known Japanese satellite development start-up iQPS Inc emerged among the top six creditors when Virgin Orbit filed for Chapter 11 bankruptcy protection on Tuesday. ANA said it was hopeful Virgin Orbit, which has said it is seeking a buyer, would be able to restructure and resume business. "We pray that Virgin Orbit will resume their business for the development of the global space industry." "It is possible that some other company will buy Virgin Orbit.

☆ Morning Bid: Markets brush off OPEC as factories stall
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +5 min

A look at the day ahead in U.S. and global markets from Mike DolanRelatively calm world markets have brushed off OPEC's latest twist and focussed more squarely on stalled global manufacturing and edgy U.S.-China relations. Crude oil prices held much of Monday's pop higher on the surprise weekend production cut by the Organization of Petroleum Exporting Countries. But Brent crude remains below levels seen just before the Silicon Valley Bank bust last month and is still tracking year-on-year declines of 20%. Strikingly, both short and long-term inflation expectations embedded in the Treasury markets , have barely budged since the OPEC news. McCarthy, the third-most-senior U.S. leader after the president and vice president, is due to host a meeting in California on Wednesday with Tsai.

☆ What went wrong at Virgin Orbit? 4 red flags signaled trouble for Richard Branson's satellite launch firm.
▼ + stars: | 2023-04-04 | by ( Kate Duffy | ) www.businessinsider.com time to read: +5 min

Richard Branson's Virgin Orbit struggled to make a comeback after a failed launch in January. Unlike SpaceX, Virgin Orbit blasts its LauncherOne rocket into space with the help of a modified Virgin Atlantic Boeing 747 called Cosmic Girl. This funding "was not enough to counter the strong headwinds and liquidity challenges Virgin Orbit continues to face," the spokesperson added. Ultimately, Virgin Orbit has been unable to reach the rate of launches needed to meet the required revenue, per CNBC. Funding issuesSince the failed UK launch, Virgin Orbit has attempted to rake in funding from investors, per reports.

☆ Branson's Virgin Orbit files for bankruptcy, to seek buyer
▼ + stars: | 2023-04-04 | by ( Joey Roulette | ) www.reuters.com time to read: +4 min

Virgin Orbit went public in 2021 through a blank-check deal, raising $255 million less than expected. Spun off from Branson's space tourism firm Virgin Galactic in 2017, Virgin Orbit air-launches rockets from beneath a modified Boeing (BA.N) 747 plane to send satellites into orbit. Virgin Orbit's strategy has been that launching small rockets from a 747 in flight would allow for short-notice launches from anywhere. Virgin Investments, a unit of Virgin Group, will provide $31.6 million in new money to Virgin Orbit through debtor-in-possession financing to fund operations while it looks for a buyer in bankruptcy, the companies said. Virgin Orbit's bankruptcy filing showed its largest creditor as London-based Arqit Ltd, which was owed almost $10 million for services and as a customer deposit.

☆ Stocks making the biggest moves midday: General Motors, AMC, Virgin Orbit, Kinross Gold and more
▼ + stars: | 2023-04-04 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

Virgin Orbit — Shares tanked more than 22% after the California-based satellite launch company filed for Chapter 11 bankruptcy protection. Virgin Orbit said it is looking to sell its assets and will lay off nearly all of its workforce. AMC's "APE" preferred shares gained 8.5% following the news. Etsy – Etsy shares gained 2.4% after Piper Sandler upgraded the e-commerce stock to overweight from neutral, saying that its marketplace strengths should help revamp active buyer growth. Gold miners — Shares of mining companies rallied as gold futures popped on Tuesday.

☆ Richard Branson's Virgin Orbit rocket firm files for bankruptcy
▼ + stars: | 2023-04-04 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Richard Branson's Virgin Orbit rocket firm has filed for Chapter 11 bankruptcy. Virgin Investments, another of Branson's firms, provided $31.6 million in fresh funds to Virgin Orbit while it seeks a new buyer, according to the company statement. Branson and the Virgin Group have supported Virgin Orbit over the long term, investing more than $1 billion in the Company — including $60 million since November 2022, according to a company spokesperson. "However, this significant funding was not enough to counter the strong headwinds and liquidity challenges Virgin Orbit continues to face," the spokesperson added. Founded by Branson in 2017, Virgin Orbit went public in a SPAC merger in 2021.

☆ Factbox: Virgin Orbit bankruptcy echoes Branson's past troubled ventures
▼ + stars: | 2023-04-04 | by ( ) www.reuters.com time to read: +2 min

April 4 (Reuters) - Richard Branson's Virgin Orbit Holdings (VORB.O) filed for Chapter 11 bankruptcy on Tuesday after the satellite launch company failed to secure long-term funding following a January rocket failure. VIRGIN AUSTRALIAAustralia's second largest airline filed for bankruptcy in April 2020 also battered by the pandemic before exiting voluntary administration in November that year. VIRGIN ACTIVEThe health club firm, in which Branson is still a shareholder, was forced to restructure in the UK after the pandemic hurt the business. VIRGIN CARSStarted in 2000, the Virgin brand's only foray into the online auto retail business lasted five years. VIRGIN VODKAAfter a high-profile launch in the early 1990s, Virgin Vodka was discontinued and Virgin Drinks closed in 2007.

☆ Small businesses are filing for bankruptcy at a higher rate than at the peak of the pandemic - and a looming credit crunch could make things worse
▼ + stars: | 2023-04-03 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Before March, the number of small- and mid-sized businesses filing for bankruptcy was already on the rise, meaning the bank turmoil only exacerbates an existing trend. What risks are you watching as far as a credit crunch in the US for the coming months? First Citizens, the company that bought Silicon Valley Bank's assets, is run by a family that's no stranger to buying failed banks. The bank is run by a billionaire North Carolina family that's bought over 20 small failed banks since 2008. With the recent takeover, it's poised to stand among the largest 20 banks in the US.

☆ Virgin Orbit's near future in "substantial doubt" over cash position - filing
▼ + stars: | 2023-04-03 | by ( Joey Roulette | ) www.reuters.com time to read: +2 min

WASHINGTON, April 3 (Reuters) - Richard Branson's Virgin Orbit Holdings (VORB.O) in a U.S. regulatory filing on Monday said there is "substantial doubt" its cash position will allow it to continue operating for at least the next 12 months. Virgin Orbit's statement came in a notice explaining why it had yet to file its annual 2022 report. Unable to secure new funds, Virgin Orbit on Thursday moved to lay off roughly 85% of its workforce, or about 675 employees. Virgin Orbit, spun off from Branson's space tourism firm Virgin Galactic in 2017, went public in 2021 through a blank-check deal, where it raised $255 million, less than expected. It added it expects to report for 2022 roughly $33.1 million in revenue and a net loss of about $191 million.

☆ Branson's Virgin Orbit to recall small team from near-total furlough
▼ + stars: | 2023-03-22 | by ( Joey Roulette | ) www.reuters.com time to read: +2 min

WASHINGTON, March 21 (Reuters) - Richard Branson's Virgin Orbit (VORB.O) plans to recall on Thursday a small group of employees from a near company-wide furlough to work on rocket upgrades, an email to staff said, with the company confirming some team members would return. The move, in which only employees critical to company functions would remain, was intended to buy Virgin Orbit more time to finalize an investment plan and stave off bankruptcy. Discussions over Virgin Orbit's investment plan to stave off bankruptcy were ongoing, said a second person familiar with the process. A Virgin Orbit spokesperson said in a statement that the company was targeting an "incremental resumption" of operations to support its next launch. Virgin Orbit shares fell to a fresh record low close of $0.44 on Tuesday.

☆ Branson's Virgin Orbit to return small team from near-total furlough
▼ + stars: | 2023-03-22 | by ( Joey Roulette | ) www.reuters.com time to read: +1 min

WASHINGTON, March 21 (Reuters) - Richard Branson's Virgin Orbit (VORB.O) plans to return on Thursday a small group of employees from a near company-wide furlough to work on rocket upgrades, three people familiar with the matter said, with the company confirming it had recalled some team members. The number of employees due to return to work at the cash-strapped company was not immediately clear. Virgin Orbit chief executive Dan Hart announced the return of some staff from furlough in an email to employees on Tuesday night, said the three people, who requested anonymity to discuss internal company matters. Virgin Orbit said in a statement that it was targeting an "incremental resumption" of operations to support its next launch. Virgin Orbit shares fell to a fresh record low close of $0.44 on Tuesday.

☆ Virgin Orbit furloughs almost all employees, pauses ops for a week - CNBC
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: 1 min

March 15 (Reuters) - Richard Branson's Virgin Orbit (VORB.O) is furloughing nearly all its employees and pausing operations for a week as it looks for funding, CNBC reported on Wednesday, citing people familiar with the matter. The satellite launch firm's executives briefed employees on the situation in an all-hands meeting earlier in the day and told them that the company aimed to provide an update on the furlough and funding situation by next week, according to the report. Virgin Orbit did not immediately respond to a Reuters request for comment. Shares of the company dropped 8.9% to 92 cents in extended trading. Reporting by Eva Mathews in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Branson's Virgin Orbit to pause ops, furlough nearly all employees - source
▼ + stars: | 2023-03-15 | by ( Joey Roulette | ) www.reuters.com time to read: +1 min

March 15 (Reuters) - Richard Branson's Virgin Orbit (VORB.O) on Wednesday said it was pausing all operations from March 16 and a source familiar with the matter told Reuters that the satellite launch company was also furloughing nearly all of its employees. Chief Executive Dan Hart told staff in a meeting that the furlough was intended to buy Virgin Orbit time to finalize a new investment plan to help pull the company out of its financial woes, according to the source, who attended the meeting. The duration of the furlough was unclear, but Hart said he would provide employees an update by the middle of next week on when they could return, the source said. In a statement to Reuters, the company confirmed the operational pause but it did not give details on the furloughs. Last month, Virgin Orbit said it was investigating the failure of its mission in January to deploy nine small satellites into lower Earth orbit (LEO) from the coastal town of Newquay in southwest England.

☆ Virgin Orbit pauses operations for a week, furloughs nearly entire staff as it seeks funding
▼ + stars: | 2023-03-15 | by ( Michael Sheetz | ) www.cnbc.com time to read: +2 min

Virgin Orbit is furloughing nearly all its employees and pausing operations for a week as it looks for a funding lifeline, people familiar with the matter told CNBC. Virgin Orbit is also moving up payroll by a week to Friday. Virgin Orbit did not immediately respond to CNBC's requests for comment. Shares of Virgin Orbit fell 11% in after-hours trading from its close at $1.01 a share. When Virgin Orbit reported third quarter results in early November, it disclosed cash on hand of $71.2 million at the end of the quarter.

☆ I was at Richard Branson's Virgin Orbit launch. It felt like a festival with its silent disco and food trucks, but the excitement plummeted when the launch failed — and Branson watched from his privat
▼ + stars: | 2023-01-11 | by ( Kate Duffy | ) www.businessinsider.com time to read: 1 min

Despite the electric atmosphere, there was one prominent person missing: Richard Branson. His representative said Branson was unable to join the team in person but was cheering them on and "glued to the action." Virgin Orbit

☆ Richard Branson's Virgin Orbit says its rocket suffered an 'anomaly,' stopping it from taking 9 satellites to orbit
▼ + stars: | 2023-01-10 | by ( Kate Duffy | ) www.businessinsider.com time to read: +2 min

Virgin Orbit said it has experienced an "anomaly" with its rocket during a UK space mission. The "Start Me Up" satellite mission was scheduled for Monday from Spaceport Cornwall at Cornwall Airport Newquay in southern England. About half an hour later, Virgin Orbit tweeted: "We appear to have an anomaly that has prevented us from reaching orbit. Richard Branson's company previously wrote on Twitter that its LauncherOne rocket had successfully reached orbit, but later tweeted that didn't happen and it would remove the post. Matt Archer, commercial space director at the UK Space Agency, told reporters on Monday that he was "disappointed, but proud of what we've achieved."

☆ Richard Branson's Virgin Orbit is set to launch the first orbital rocket from UK soil on Monday. Watch live as the rocket drops from a Boeing 747.
▼ + stars: | 2023-01-09 | by ( Kate Duffy | ) www.businessinsider.com time to read: +3 min

Richard Branson's Virgin Orbit is set to launch the first orbital space rocket from British soil. Virgin Orbit CEO Dan Hart said the crew will proceed cautiously in case winds or lightning set in. Watch the historic rocket launch live on Virgin Orbit's YouTube page below. Livestream: Watch Virgin Orbit's Cosmic Girl take off and release the rocketWatch the historical rocket launch live on Virgin Orbit's YouTube livestream below, starting at 4:30 p.m. Cosmic Girl, a repurposed Virgin Atlantic Boeing 747-400 aircraft, is expected to take off from Spaceport Cornwall between 5:16 p.m.

☆ Richard Branson's Virgin Orbit gets green light for first orbital space launch from UK — and will use a repurposed Boeing 747 for the mission
▼ + stars: | 2022-12-21 | by ( Kate Duffy | ) www.businessinsider.com time to read: +3 min

Richard Branson's Virgin Orbit gained a license for the first orbital space launch from the UK. The Civil Aviation Authority (CAA), the UK's space regulator, announced in a statement on Wednesday that Virgin Orbit was permitted to launch from Spaceport Cornwall in southern England. Issuing the final license to Virgin Orbit for the UK's first orbital satellite launch was another "major milestone," the CAA said in the statement. Virgin Orbit didn't respond to Insider's request for comment about the new launch date. Virgin Orbit has named the mission "Start Me Up" after a song by The Rolling Stones.

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