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They recently tried to launch their first payload to orbit (they use the "airliner carrying orbital launch rocket to altitude then sending it off" process), but it failed to get anywhere near orbit.
As that was the only payload they had under contract, they then had to try to get someone else to take the risk... and all potential customers said "no thanks" and went to other launch companies with successful launch experience, leaving VO with nothing but a fat load of bills to pay.
Uh that's not quiet right BlackBat. Virgin Orbit launched 6 times and had 2 failures. Their problem is they aren't profitable at that low rate of launching, don't have near enough cash to get to break-even at the rate they are growing launches, and Branson has stopped bank rolling the equity instead funding debt. In bankruptcy, Branson is going to get the assets back (I assume, I haven't actually looked at all the financials but that would be the reason to fund with debt) but there is not indication he is taking the private and running it; instead he seems to be shuttering it based on 85% layoffs announced.
RocketLab. They've got a good record with small launches (Electron), and will be bringing heavier-lift (still medium, but they're seeking man-rating and re-use capability) with the Neutron.
Aye. The "single point of failure" (or more properly, single vendor monopoly) problem strongly argues in favor of 2+ vendors for a particular service necessary for access to space.
Impressive.
They'll figure it out and recover.
Still, 7 engine failures (3 initially, more later) isn't optimal. Kind of boggling to note that it wa so big that it could lose 7 engines and still kept going up anyhow.
Actually, the biggest failure of today's launch was ... Concrete Rain™.
SpaceX is going to have to redesign their launch infrastructure on the ground to include a flame trench with integrated water deluge system. You can't blast THAT MUCH THRUST at a 90º angle to the ground and NOT dig a crater!