Firefly Aerospace Acquires Last Remnants from Struggling Virgin Orbit

Virgin Orbit’s remaining assets have found a new home as Firefly Aerospace has acquired them for $3.8 million. Firefly’s purchase includes the leftovers from a recent auction, which generated $36 million for Virgin Orbit during its bankruptcy proceedings. This significant transaction was recently reported on June 15th in filings submitted to a Delaware bankruptcy court (source: SpaceNews).

Firefly Aerospace’s acquisition encompasses inventory located at two of Virgin Orbit’s former production facilities in Long Beach, CA. The inventory includes engines and other components for Virgin’s LauncherOne vehicles, as well as two additional engines stored at a test site in Mojave, CA. Initially, Virgin Orbit chose to hold onto these remaining assets, considering it to be in the best interests of the company’s estates. Subsequent negotiations took place, eventually leading to the sale to Firefly.

Virgin Orbit, originally a promising spinoff of Virgin Galactic that specialized in air-launching satellite rockets from a modified Boeing 747, experienced a significant decline in its stock in the months preceding its downfall. Out of the company’s six flights planned between 2020 and 2023, only four were successful, and its most recent attempt this year reportedly failed due to a dislodged $100 fuel filter. In March, the company initiated an “operational pause” in a final attempt to secure new investors. Unfortunately, it ultimately filed for bankruptcy protection and ceased operations a couple of weeks later.

Meanwhile, Firefly Aerospace, headquartered in Cedar Park, TX, is actively developing a launch vehicle called Firefly Alpha. This two-stage, liquid-fueled rocket is designed for launch from various sites. Although the initial launch attempt in 2021 was unsuccessful, the rocket achieved a partially successful orbital launch the following year. Firefly plans to conduct its third launch, serving the US Space Force.