Orbex has collapsed into administration, with most of its 163 employees made redundant after the Scottish rocket manufacturer ceased trading.
The Forres-based firm stopped operating shortly before administrators were appointed to take control of the business.
FRP Advisory confirmed that Chad Griffin, Geoff Rowley and Graham Smith have been appointed as joint administrators to oversee the process.
A small number of staff have been retained to assist with the transition, while the majority of the workforce have lost their jobs.
The appointment followed an unsuccessful attempt last week to secure fresh investment or complete a merger.
Orbex had positioned itself as a central player in Scotland’s developing space technology sector and was closely linked to ambitions to establish a domestic commercial launch capability.
The company attracted total funding of £138.5million, comprising £33.3million in grants and £105.1million in equity investment.
Of that total, £76.7million came from public sources.
Orbex has collapsed into administration
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Orbex
The UK Government provided £26million during 2025, while the Scottish National Investment Bank invested £29million.
Despite the financial backing, the orbital launch services company was unable to continue trading.
Orbex had been developing rocket technology and manufacturing facilities at its Moray headquarters, where most of its UK workforce was based.
The firm had been working towards test flights of its Prime microlauncher, which had been scheduled for later this year.
Orbex had been developing rockets
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Orbex
Orbex previously played a key role in plans for the Sutherland Spaceport in the Scottish Highlands but withdrew from the project last year.
Following its withdrawal, the company focused on advancing its small satellite launch vehicle programme.
Chad Griffin, joint administrator and partner at FRP Advisory, said: “Orbex was at the forefront of the UK’s ambitions to create a sovereign space launch capability, and has made significant technological progress in recent years.”
He added: “Our focus now is on supporting employees, and engaging with potential interested parties to preserve value in the business assets and seek to retain space launch operations in Forres given the investments already made.
“We are already in contact with more than 20 potential suitors and encourage any further approaches from prospective buyers or investors to come forward.”
FRP Advisory said it has begun discussions with more than 20 parties interested in acquiring elements of the company, including other rocket developers.
The administrators said they will provide information and support to affected employees during the process while exploring options to sell assets or intellectual property connected to the business.