Richard Branson’s Virgin Orbit has officially shut down following a launch failure in January, according to reports.

The move comes after the rocket maker ceased operations in April after it failed to secure fresh funding, which led to the company culling nearly 90 per cent of its headcount.

The writing was on the wall for entrepreneur Richard Branson’s company after its stock fell by around 90 per cent over the past year.

At the end of March, Virgin Orbit stocks were trading at around 20 cents on the Nasdaq, making the company worth about £74 million.

Virgin Orbit was previously given a valuation of £4 billion in 2021 as it prepared to go public in a deal facilitated by a special-purpose acquisition company (SPAC).

The ‘Start Me Up’ mission was poised to become the first ever orbital launch from UK soil but failed to reach orbit as an anomaly found in the LauncherOne rocket’s second-stage engine caused a “premature shutdown of first burn of second stage’.

At the time the company's chief executive Dan Hart said that it was a "$100 part" that led to the launch failure.

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