UK Rocket Startup Orbex Enters Administration After Acquisition Collapse
79 FOMOOrbex, a UK-based launch startup developing the Prime and Proxima rockets, filed a notice of intention to appoint administrators on February 11, 2026 after exhausting all fundraising, merger, and acquisition options. The Danish subsidiary had already filed for bankruptcy in January 2026, resulting in ~90 redundancies. The immediate trigger was the collapse of an agreed letter of intent with The Exploration Company (signed January 21, 2026). Reports indicated the UK government declined to fund TEC's high-thrust engine programme, effectively blocking the deal. Skyrora quickly expressed interest in acquiring select assets including the Sutherland Spaceport lease.
Why it matters
Orbex secured £26M in government loans but could never close its Series D — the classic "death valley" between development and commercial operations. The UK government's apparent veto of the TEC deal raises hard questions about the coherence of UK space policy and whether sovereign capability concerns will cost the sector more startups.
Coverage
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europeanspaceflight.com ·
Did the UK Government Block The Exploration Company's Purchase of Orbex?The Exploration Company's spokesperson hinted the UK government made the decision not to proceed, saying it "respects the UK decision-making process." The UK Space Agency's statement — "some companies will succeed, while others will fail" — was widely seen as indifferent to Orbex's fate.
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europeanspaceflight.com ·
Orbex Enters Administration After Exploration Company Acquisition CollapsesOrbex filed for administration on February 11, 2026 after the TEC acquisition fell through — UK government reportedly declined to fund TEC's engine programme. ~240 jobs at risk. Skyrora expressed interest in the Sutherland Spaceport lease. ESA removed Orbex from ELC.
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Orbex, a UK-based launch startup developing the Prime and Proxima rockets, filed a notice of intenti