cnbc_official OP t1_jeg3hh1 wrote on March 31, 2023 at 7:29 PM

Not too long ago, Virgin Orbit was in rarified air among U.S. rocket builders, and executives were in New York celebrating its public stock debut.

The scene was true to the marketing pizazz that has helped Sir Richard Branson build his Virgin empire of companies, showcasing with a rocket model in the middle of Times Square.

The deal, facilitated by a so-called blank check company, gave Virgin Orbit a valuation of nearly $4 billion. But that moment in December 2021 – when the craze surrounding public offerings centered on special purpose acquisition companies, or SPACs, was dying out – previewed the pain to come.

Now, Virgin Orbit is on the brink of bankruptcy. The company on Thursday halted operations and laid off nearly all of its staff. Its stock was trading around 20 cents Friday, leaving it with a market value of about $74 million.

thesheetztweetz t1_jegc1qn wrote on March 31, 2023 at 8:26 PM

Hi all, Michael Sheetz here. Hope you all enjoy this deep dive into the Virgin Orbit saga, as I pulled from across all my reporting these past few years (and especially weeks) to explain what happened.