Iran-U.S. Nuclear Talks Remain Unresolved as Strait of Hormuz Risks Keep Markets on Edge 
Meta Subscription Push Could Add Billions in Recurring Revenue, Says Rosenblatt 
Costco Q3 Fiscal 2026 Earnings Beat Expectations as Sales and E-Commerce Surge 
Gold Prices Slip as Stronger Dollar and Iran Peace Talk Uncertainty Weigh on Market 
Sable Offshore Wins Key Court Battle Over California Oil Pipeline 
Dow Hits Record High as Healthcare and Consumer Stocks Lead Wall Street Rally 
Kentucky School District Secures $27 Million in Social Media Addiction Lawsuit Settlements 
SK Hynix Joins $1 Trillion Club as AI Chip Demand Fuels Stock Surge 
Oil Prices Set for Sharp Weekly Losses as U.S.-Iran Ceasefire Hopes Ease Supply Concerns 
Asian Stocks Rally as AI Boom and Iran Ceasefire Progress Lift Market Sentiment 
Asian Currencies Steady as U.S.-Iran Ceasefire Extension Hopes Weigh on Dollar 
European EV Sales Surge in April 2026 as Tesla and Chinese Automakers Gain Ground 
S&P 500, Nasdaq Hit Record Highs as Iran Ceasefire Talks and AI Rally Boost Markets 
Tokyo Inflation Cools in May, Supporting BOJ’s Cautious Rate Hike Path 
Elon Musk Explores Possible Tesla-SpaceX Merger Amid Growing AI Investments 
European Stocks Rise as AI Optimism Offsets U.S.-Iran Tensions 
Virgin Orbit, the spin-off of Richard Branson's Virgin Galactic space tourism business, filed for bankruptcy last month, and now the company is completely shutting down. Before the closure, the company that makes and markets LauncherOne rocket has already sold its facility leases and equipment.
It was confirmed on Tuesday, May 23, that Virgin Orbit sold its remaining assets to three different aerospace companies through an auction. As per CNBC, the company, founded by the billionaire Richard Branson, has already launched many flying missions since 2017. However, it struggled to raise funds, and its accomplishments were too slow in coming and ultimately led to the company's bankruptcy.
The auction of Virgin Orbit's assets received a total of $36 million in bids. The properties include the firm's more than six rockets that are in various stages of assembly. Then again, it was revealed that it has yet to sell its intellectual property.
Reuters reported that other machinery and equipment that were used by Virgin Orbit in building its flagship LauncherOne rockets were auctioned off as well. The company said it will hand the asses to four winning bidders and then shut down the operations.
"The combined total proceeds were determined by a rigorous and competitive auction which maximizes value for the estate and minimizes the remaining duration of the Company's restructuring," the company said in a statement. "Virgin Orbit's legacy in the space industry will forever be remembered."
Virgin Orbit also thanked its employees, partners, and shareholders for their support throughout the operation of the business.
"As Virgin Orbit embarks on this path, the management and employees would like to extend their heartfelt gratitude to all stakeholders, including customers, partners, investors, and employees, for their support and dedication over the years," the company said in a press release. "Virgin Orbit's legacy in the space industry will forever be remembered. Its groundbreaking technologies, relentless pursuit of excellence, and unwavering commitment to advancing the frontiers of air launch have left an indelible mark on the industry."
Photo by: Joseph Bobadilla/Unsplash
