Firefly Aerospace has acquired the remaining assets of the defunct satellite-launch company Virgin Orbit for $3.8 million. This acquisition includes the leftovers from a previous auction that garnered $36 million in Virgin Orbit’s bankruptcy proceedings. The purchase was reported in June 15th filings in a Delaware bankruptcy court, as mentioned by SpaceNews.
Under the agreement, Firefly Aerospace now possesses inventory from two of Virgin Orbit’s former production facilities in Long Beach, CA. These assets comprise engines and other components for Virgin’s LauncherOne vehicles, along with two additional engines stored at a test site in Mojave, CA. Although Virgin Orbit initially intended to retain these assets, negotiations with Firefly continued, ultimately resulting in the sale.
Virgin Orbit, once a promising spinoff of Virgin Galactic specializing in air-launching satellite rockets from a modified Boeing 747, faced significant challenges leading up to its downfall. Out of the company’s six flights scheduled between 2020 and 2023, only four were successful. Its most recent launch earlier this year encountered a setback due to a dislodged $100 fuel filter. In the face of mounting difficulties, Virgin Orbit embarked on an “operational pause” in March, hoping to secure new investors. Unfortunately, the company was forced to file for bankruptcy protection and subsequently cease operations a few weeks later.
On the other hand, Firefly Aerospace, headquartered in Cedar Park, TX, is actively developing their launch vehicle called Firefly Alpha. This two-stage, liquid-fueled rocket can be launched from various locations. Although its initial attempt failed in 2021, it achieved a partially successful orbital launch the following year. Firefly intends to launch for the US Space Force in their upcoming third mission.
Overall, Firefly Aerospace’s acquisition of Virgin Orbit’s remaining assets marks a significant development in the aerospace industry. The purchase enables Firefly to expand its capabilities and potentially overcome the challenges that plagued Virgin Orbit’s operations.
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