Space rocket company ‘on the cusp of launches’ to appoint administrators

A space rocket company has announced plans to appoint administrators after failing to secure the funding it needed.

Orbex had been “on the cusp” of the first test launches of its microlauncher Prime later this year and said that disappointing “doesn’t come close to describing” how those at the company feel about the news.

It has filed a notice of intention to appoint administrators after fundraising, merger and acquisition opportunities all ended unsuccessfully.

The orbital launch services company and space rocket manufacturer, which is based in Forres, Moray, said it will continue trading while all options for the future of the company are explored, including the  potential sale of all or parts of its business or assets.

Phil Chambers, chief executive of Orbex, said: “Disappointing doesn’t come close to describing how we feel about this moment.

“We have been successfully developing a sustainable, world-class sovereign space launch capability for the UK and were on the cusp of our first test flights later this year.

“It is no secret that designing and building space rockets to enable a launch service is a capital-intensive, highly advanced process with a long development cycle that creates a scale-up funding gap.

“Institutional support is a crucial to bridge this gap and we have worked tirelessly to try to find both funding or rescue solutions.

“What is most disappointing is that we have brought hundreds of skilled jobs to Scotland; we have been at the vanguard of the UK’s space ambitions; we have led the way in driving good news about the UK’s space sector.

“Yet all of this progress now risks being undone – and it is real people who will feel the consequences.”

The initial launches of Prime had been due to take place later in 2026 at SaxaVord Spaceport in Shetland.

Orbex said it sought the funding it needs to remain a viable business from a variety of public and private investors during its Series D funding round, which has ultimately failed.

It said that several merger and acquisition opportunities have also been explored, however none resulted in a favourable outcome.

SaxaVord Spaceport chief executive Scott Hammond said: “While this is a sad day for Orbex, and for its staff who will now be looking for new jobs, it will have very little impact on SaxaVord.

“While we had agreed heads of terms with the company, Orbex had never reached a position to start on site at SaxaVord and let us develop infrastructure for them to launch from.

“Our business model has always been multi-client because, at the outset, we recognised that,, in what is a very competitive rocket launch market not all players would succeed.

“For us, fortunately, it is business as usual as we work with our other clients on testing, test flights and launches in the months and years ahead. SaxaVord is very much ready for launch.

“For the Orbex staff who now find themselves out of work, I am sorry and I wish them well.”