Virgin Orbit was a company within the Virgin Group that provided launch services for small satellites. The company was formed in 2017 as a spin-off of Richard Branson’s Virgin Galactic space tourism venture to develop and market the LauncherOne rocket, which had previously been a project under Virgin Galactic. LauncherOne was an air-launched two-stage launch vehicle designed to deliver 300 kg of payload to low Earth orbit.
On December 30, 2021, Virgin Orbit underwent a SPAC merger with NextGen Acquisition Corp, and became a publicly traded company (symbol VORB) at the NASDAQ stock exchange. At the SPAC merger Virgin Orbit was valued at $3.7 billion.
LauncherOne made six flights from 2020 to 2023, resulting in four successes and two failures. After the second failure, in January 2023, and an inability to secure additional financing, the company laid off 675 people, or approximately 85% of the staff and suspended operations in March 2023, finalizing Chapter 11 bankruptcy auction on May 22, 2023. The company’s remaining assets were sold off to various aerospace companies for a total of $36 million, less than 1% of the company’s valuation upon IPO.
https://en.wikipedia.org/wiki/Virgin_Orbit
I suppose he’s speaking from experience :)