PARIS — The fact that no U.S.-based buyer could be found to purchase Virgin Orbit during its early 2022 attempt was not surprising given the company’s high expectations of its market appeal.
But that no one was willing to purchase it out of bankruptcy at fire-sale prices a year later is a remarkable valuation event for launch-service providers everywhere.
The case illustrated that launch services are not fungible assets. That’s true even for Virgin Orbit, which often said any airport could become . . .
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