Virgin Orbit filed for Chapter 11 bankruptcy protection on Tuesday after failing to secure sufficient funding. Virgin Investments provided the launch service with $31.6 million in funding through debtor-in-possession financing, known as DIP, which refers to companies that have filed for bankruptcy that allows them to keep operating. Billionaire Richard Branson founded the company in 2017 and owns 75 percent interest, and the company went public in 2021 through a SPAC merger. Virgin Orbit is one of the few companies to achieve orbit with a privately developed launch. vehicle.