Virgin Orbit, the rocket company founded by British billionaire Richard Branson, has announced that it will be ceasing operations until at least next week. The move is part of an effort to secure additional funding for the venture.
In a statement released Monday, Virgin Orbit said that nearly all its staff would be affected by this decision and asked them to take time off from their duties until further notice. This includes those working on developing and launching rockets and other employees in various departments within the organization, such as marketing or finance teams.
The company also noted that they are actively seeking additional investment opportunities to ensure long-term success for Virgin Orbit’s mission of providing low-cost access to space for commercial customers worldwide. In addition, they have stated their commitment to continuing research into new technologies which could help revolutionize space exploration in the years ahead.
This news comes after a successful launch last month when one of Virgin Orbit’s LauncherOne rockets successfully reached orbit carrying 10 small satellites aboard it; marking a major milestone for both Branson’s rocketry ambitions and the private space travel industry overall.