Layoffs hit Colorado space companies as funding remains tight
CNBC 2023-06-09 16:16:36 • 3 mins
Key Points
- A pair of Colorado space companies conducted a round of layoffs this past week, seeking to adapt to the new normal of a tight funding environment.
- The layoffs came at Ursa Major, which makes rocket engines, and Orbit Fab, a startup aiming to provide refueling services to spacecraft.
- A person familiar with Ursa Major told CNBC the layoff affected 27% of its employees, or about 80 people, and Orbit Fab confirmed that 10 employees were released in its restructuring.
The company test fires one of its Ripley rocket engines in Colorado.
Ursa Major
A pair of Colorado space companies laid off employees this past week, seeking to adapt to the new normal of a tight funding environment.
The layoffs came at Ursa Major, which makes rocket engines, and Orbit Fab, a startup aiming to provide refueling services to spacecraft.
A person familiar with Ursa Major told CNBC that the company let go of 27% of its employees, or about 80 people. An Ursa Major spokesperson confirmed to CNBC that the company restructured, but declined to specify the number of layoffs made. In a statement, Ursa Major said the job reductions are "realigning our workforce to better meet the needs of our national security customers."
