Bullet Points:
• Virgin Orbit Holdings Inc (NASDAQ: VORB) has recorded a massive slump in its share price following its failed space mission from the United Kingdom.
• The mission was meant to launch from Newquay, England and deliver nine satellites to earth’s orbit.
• The company revealed the rocket had an anomaly and could not reach earth’s orbit as planned.
Virgin Orbit Holdings Inc (NASDAQ: VORB) has seen a massive slump in its share price after its failed space mission from the United Kingdom. The mission was meant to launch from Newquay, England and deliver nine satellites to earth’s orbit. The launch was broadcasted, and the LauncherOne rocket was released and fired its engine, with Virgin Orbit tweeting afterwards that the rocket had „successfully reached Earth orbit“.
Unfortunately, less than an hour later, the company revealed that the rocket had experienced an anomaly and could not reach earth’s orbit as planned. The news of the mission’s failure did not augur well with the firm’s investors as reflected in its stock performance. Virgin Orbit makes use of modified 747 jets to deliver its satellites to space, releasing them mid-air.
Virgin Orbit has not yet released any statement regarding the failure, though their investors have been spooked by the news. This has caused their stock to drop 27% in pre-market as of now. The company is expected to release more information soon and hopefully provide some clarity on the current situation. In the meantime, many in the industry are questioning the reliability of Virgin Orbit’s launch system and whether it can be trusted to safely deliver satellites into space.
It remains to be seen what steps Virgin Orbit takes to regain the trust of its investors and the space industry. However, it is certain that the company’s reputation has been seriously damaged by this failed mission and it will have to work hard to get back on track.