Orbex
UK vertical-launch rocket startup that folded before reaching orbit.
On the record
Checkpoint: Administrator decision on Skyrora's proposed purchase of Orbex's Sutherland lease and IP
The call
Orbex burned £138.5m over a decade without an orbital launch, then ran out of cash when its Series D and a rescue acquisition both fell through.
Orbex tried to build small rockets to launch satellites from Scotland, but spent £138.5 million over ten years without ever sending a paying customer to space. Competitors like Rocket Lab (which already flies missions) and SpaceX (which offers cheaper rides on its big rockets) made it nearly impossible for Orbex to find customers or stand out. The company ran out of money, failed to raise a final funding round, and collapsed because it burned cash faster than it could build a working business, not because of bad luck. What might matter next: another UK rocket company called RFA is trying to launch first from Scotland in late 2026, which could grab the government contracts Orbex was chasing, and a third company called Skyrora may buy Orbex's Scottish launch site and technology if the bankruptcy court approves the deal.
Why
01
AI pressure: None apparent. Orbex's collapse was about cash and rockets, not AI; no AI product displaced its launch business. Could AI do the core job? Only partly.
02
Bigger players: Rocket Lab (Electron) and SpaceX Transporter rideshare. Both fly small satellites to orbit today at prices Orbex, still pre-revenue, could never match. Could a giant copy it? Yes, easily.
03
What protects it. None: Orbex entered administration on 11 February 2026 and stopped trading a week later.
What would change this call
Administrator approves or rejects Skyrora's up to £10m bid for Orbex's Sutherland lease, IP, and equipment. Shows whether any successor entity emerges from Orbex's assets or if they are fully liquidated.
RFA attempts its targeted H2 2026 maiden orbital flight from SaxaVord Spaceport. Determines who absorbs the UK sovereign-launch demand Orbex was chasing.
ESA's European Launcher Challenge framework award decisions in 2026. Confirms Orbex is excluded from future public launch funding as a defunct entity.
RFA attempts its targeted H2 2026 maiden orbital flight from SaxaVord Spaceport. Determines who absorbs the UK sovereign-launch demand Orbex was chasing.
ESA's European Launcher Challenge framework award decisions in 2026. Confirms Orbex is excluded from future public launch funding as a defunct entity.
Key numbers
- Total lifetime funding: £138.5m, mostly spent pre-revenue
- Cash left at collapse: £689,000
- 2025 losses: £25.1m, up from £18.5m in 2024
Named risks
- Company is defunct, in formal administration since 11 February 2026.
- Never achieved revenue or orbital launch despite £138.5m raised over a decade.
- Public funds (£76.7m from UK Govt and Scottish National Investment Bank) lost, drawing political scrutiny.
- Sutherland Spaceport Ltd, an Orbex offshoot, separately entered administration, complicating asset recovery.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Rocket Lab | losing to | Operational Electron already flew same 150-180kg payload class while Orbex never launched, as of Feb 2026 |
| SpaceX | losing to | Transporter rideshare undercut dedicated small launch at roughly $6,000/kg |
| Rocket Factory Augsburg (RFA) | gaining on | Targeting UK's first vertical orbital launch from SaxaVord in H2 2026 after Orbex's collapse |
| Skyrora | gaining on | Bid up to £10m for Orbex's Sutherland lease, IP and equipment, 12 Feb 2026 |
| The Exploration Company | contesting | Acquisition talks with Orbex collapsed Feb 2026 after TEC failed to secure UK funding |
Questions people ask
- Is Orbex still operating in 2026?
- No. Orbex entered insolvency administration on 11 February 2026 and formally ceased trading on 18 February 2026, per FRP Advisory and Independent reporting dated 19 February 2026. More than 160 of its 163 staff were made redundant; the company never completed an orbital launch.
- Was Orbex ever profitable?
- No, Orbex was pre-revenue for its entire 2015-2026 existence, never conducting an orbital launch. Losses were £18.5m in 2024 and £25.1m in 2025, plus a further £2m before it collapsed into administration in February 2026, per bankruptcy filings reported 7 July 2026.
- Could AI replace what Orbex was building?
- No, Orbex's business was physical rocket manufacturing and launch operations, not AI-substitutable work. Its collapse in February 2026 was driven by capital exhaustion (£138.5m burned pre-revenue) and a failed acquisition, not AI disruption; AI was not a factor in its failure.
- Who is Orbex's biggest competitor?
- Rocket Lab's operational Electron rocket already served Orbex's target 150-180kg payload class, while SpaceX's Transporter rideshare undercut on price at roughly $6,000/kg. Germany's Rocket Factory Augsburg is targeting a maiden UK orbital launch from SaxaVord in H2 2026, a milestone Orbex never reached.
- Is it safe to take a job at Orbex?
- No, Orbex no longer exists as an operating employer. It entered administration on 11 February 2026, ceased trading 18 February 2026, and made over 160 of its 163 UK staff redundant, per Independent reporting dated 19 February 2026.
- Who owns Orbex now, or what happened to its assets?
- Orbex is under FRP Advisory administration. Scottish rival Skyrora offered up to £10 million (12 February 2026) for its Sutherland lease, IP, and equipment, still pending administrator approval as of July 2026, while over 20 other suitors were reportedly engaged, per Yahoo News, 19 February 2026.
Timeline
- 2026-07-07Bankruptcy filings show Orbex had just £689k cash at collapse, per Advanced Television
- 2026-02-19Orbex officially confirmed in administration with 163 job losses reported
- 2026-02-18Orbex ceased trading
- 2026-02-12Skyrora expresses interest in buying select Orbex assets for up to £10m
- 2026-02-11Orbex appoints administrators after Series D fundraising and TEC acquisition talks failed
- 2026-01Orbex's Danish subsidiary declared bankrupt
- 2025-07Orbex preselected for ESA's European Launcher Challenge, up to €169m per company
- 2024-11Orbex switches planned first Prime launch site from Sutherland to SaxaVord Spaceport
- 2024-04Orbex reports $20.7m Series D tranche
- 2022-10Orbex closes £40.4m Series C led by Scottish National Investment Bank
Revision history
24 July 2026
First assessed. Little protection left. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- British space rocket company Orbex enters administration with more than 100 jobs lost (2026-02-19)
- Orbex Appoints Administrators, UK Launch Market Suffers Another Blow (2026-02-11)
- Rocket company exploring purchase of select Orbex assets (2026-02-12)
- Orbex bankruptcy details released (2026-07-07)
- Orbex (2026-03-31)
- Jacobs, Orbex taking Scotland into the space age (2026-05-12)
- Orbex collapse fails to halt progress for UK domestic launch capability (2026-02-17)
- Skyrora ready to protect UK space capabilities (2026-02-12)
- Sutherland spaceport was most valuable asset of failed launch firm Orbex (2026-07-07)
- Scottish space company officially enters administration with 163 job losses (2026-02-19)
- Falcon 9 Block 5 - Transporter 14 (2025-06-22)