Builder of largest aircraft looks to land Virgin Orbit
A COMPANY that has built the world’s largest aeroplane has emerged as a key bidder for the assets of Sir Richard Branson’s bankrupt space company Virgin Orbit.
Stratolaunch, which has developed a plane with a 385ft wingspan designed to carry rockets to high altitude, has made a $17m (£14m) offer for the assets of the failed rocket company.
The deal values the remains of the business at just a fraction of the $3bn Virgin Orbit was worth when it went public in 2021.
Court filings said Stratolaunch’s offer represented a “stalking horse” bid for the assets of the company, effectively setting a reserve price for others to beat. The filings said the offer had the support of Sir Richard’s Virgin Investments.
Virgin Orbit filed for bankruptcy in April after spending more than $1bn trying to establish a commercial space launch business. The company planned to use a Boeing 747 to carry rockets to an altitude of 35,000ft before dropping them from under its wing. The rockets would then blast into orbit.
However, Virgin Orbit’s latest mission ended in failure after it attempted the first orbital satellite launch from British soil. The rocket suffered an anomaly and crashed into the sea.
Virgin Orbit said it has received 30 expressions of interest for the company or its assets since filing for bankruptcy.
Stratolaunch was founded in 2011 and also carries rockets to high altitude using a plane. Its aircraft, called Roc, is even larger than the Spruce Goose plane built by tycoon Howard Hughes in the 1940s and weighs 500,000lb.
The Roc has flown 10 times, but has never conducted a space mission. It has focused on providing a test launch service for hypersonic aircraft. The company was acquired by private equity firm Cerberus Capital Management in 2019.
In court filings, Virgin Orbit and its bankers said they remained open to other offers. An auction of its assets will take place on Monday.