• Virgin Orbit Holdings Inc (NASDAQ: VORB) experienced a 27% slump in its share price following its failed space mission from the United Kingdom.
• The mission would have delivered nine satellites to earth’s orbit if successful.
• Virgin Orbit uses modified 747 jets to deliver its satellites to space, releasing them mid-air.

Virgin Orbit Holdings Inc (NASDAQ: VORB) experienced a massive slump in its share price following its failed space mission from the United Kingdom. The mission, which was meant to launch from Newquay, England, was set to deliver nine satellites to earth’s orbit, however the attempt was unsuccessful.

The company had broadcasted the launch of its LauncherOne rocket, which was released and fired its engine and the company even tweeted that it had “successfully reached Earth orbit”. Unfortunately, less than an hour later, Virgin Orbit shared that the rocket had experienced an anomaly and was unable to reach its intended destination.

When news of the mission’s failure reached the firm’s investors, this was reflected in its stock performance, with the company’s shares falling 27% in pre-market trading.

Virgin Orbit utilizes a unique way of launching its space crafts into space. It makes use of modified 747 jets which release the attached rockets mid-air. Such an approach has allowed the company to become a leader in small satellite launch services, however the failed mission has caused a significant setback for the firm.

The company’s CEO, Dan Hart, said in a statement: “We’re still analyzing the data from today’s flight, but our initial assessment is that unfortunately, we were not able to reach orbit today. We will learn from this and we will be back flying soon.”

Despite the failed mission, Virgin Orbit remains committed to its goal of providing affordable and reliable access to space. The company is now in the process of reviewing the data from the mission to understand what went wrong and ensure such errors are not repeated in the future.