Virgin Orbit has auctioned off assets valued at around $36 million after it ceased operations in April.

According to a court filing, aerospace manufacturer Rocket Lab has won a bid for the majority of Virgin Orbit’s California-based headquarters for around $16 million. Hypersonics firm Stratolaunch meanwhile has obtained Virgin Orbit’s aircraft assets for around $17 million.

Confidence in the Richard Branson-owned rocket company waned after a failed launch from UK soil at Spaceport Cornwall in January. According to chief executive Dan Hart, the company’s ‘Start Me Up’ mission failed to reach orbit after an anomaly caused a “premature shutdown of first burn of second stage” of its LauncherOne rocket.

The company struggled to find long-term investors after the event and by the end of March, Virgin Orbit’s shares were trading at just 20 cents on the Nasdaq before the company culled 90 per cent of its workforce and halted operations in April.

“Throughout its history, Virgin Orbit has been at the forefront of innovation and has made substantial contributions to the field of commercial rocket launch with its LauncherOne air launch platform,” the company said in a statement.

It continued: “Virgin Orbit's legacy in the space industry will forever be remembered. Its ground-breaking technologies, relentless pursuit of excellence, and unwavering commitment to advancing the frontiers of air launch have left an indelible mark on the industry.”

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