Rocket Lab buys Virgin Orbit's assets at auction for US$16m

Rocket Lab launches rockets from launchpads, but Virgin Orbit wanted to launch them from 747s. (Image: Rocket Lab)

Wed, 24 May 2023

Rocket Lab has snapped up some of the remnants of Richard Branson's dream to launch satellites into space from 747 jets. The New Zealand-based space company agreed to pay US$16.1 million (NZ$26m) for some of Virgin Orbit's assets, including the lease on their 13,378 sq metre head office and manufacturing facility on Conant Street in Long Beach, California.Virgin Orbit filed for Chapter 11 bankruptcy in April. Orbit was founded by Richard Branson and was spun-off Virgin Galactic as part of an ill-fated attempt to take the company pu...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}