Virgin Orbit, a satellite launch subsidiary of Virgin Group, has announced via SEC filing that it will be shutting down due to lack of funding. The company was founded in 2017 and developed a satellite launch system called LauncherOne, which put 500 pounds of cubesats into Low Earth Orbit by firing them from a rocket fitted under a modified 747 airliner. Despite a string of early successes, including successful orbital launches, Virgin Orbit’s most recent attempt to launch a payload into orbit failed due to an “anomaly” in the upper stage. Virgin Group founder, Sir Richard Branson, had allegedly thrown upwards of $55 million towards the company, but the failure of the most recent launch attempt “turned out to be the final straw.” Nearly 90 percent of Virgin Orbit’s employees, totaling 675 people, will be laid off immediately. Impacted employees will reportedly receive severance packages, including a cash payment and continued benefits.