Virgin Orbit has permanently shut down mere months after the company’s bid to make history with a satellite launch ended in failure. Richard Branson’s California-based company—which was valued at $3.5 billion in late 2021—released a statement on Tuesday announcing that it is selling off its assets and then closing for good. The death knell comes after Virgin Orbit announced in March that it was making most of its staff redundant and then filing for bankruptcy protection in April. The catastrophic spiral began in January when the company attempted to launch the first satellite into orbit from British soil, only for the rocket to develop an anomaly and ultimately fail to reach its required altitude. CEO Dan Hart the following month said the company suspected that a “$100 part” caused the mission’s failure.