In April 2024, Orbex raised £16.7 million to speed up its Prime microlauncher

In April 2024, UK‑based launch company Orbex raised £16.7 million in a Series D round (a funding round used to scale a business), and CEO Phillip Chambers said the firm was seeing “positive market conditions” driven by rapid growth in low‑Earth‑orbit satellite launches and unmet demand for sovereign European launch capability.

Orbex said in April 2024 it secured £16.7 million in a Series D funding round, backed by the Scottish National Investment Bank, Octopus Ventures, BGF, Heartcore, EIFO and other investors, to speed up development of its Prime microlauncher (a small launch vehicle designed for light payloads). Orbex intended the funding to ramp up Prime development to ensure full readiness and scalability for its upcoming launch period, although Orbex had not yet set a specific launch window.

• April 2024: Orbex raised £16.7 million in a Series D round to accelerate work on its Prime microlauncher.
• November 2024: Orbex announced that it would move the inaugural flight of its Prime rocket from the planned Sutherland spaceport to SaxaVord Spaceport in Shetland.
• February 2026: Orbex ceased operations after its planned takeover by The Exploration Company fell through and its Danish engine subsidiary entered bankruptcy, prompting the firm to file for administration on 11 February 2026.
• September 2026: Omnidea completed the acquisition of most of Orbex's UK manufacturing assets, intellectual property and brand following the company's administration.

In November 2024, Orbex stated that the debut launch of its Prime rocket would shift from the planned Sutherland spaceport. The new location was SaxaVord Spaceport in Shetland.

In February 2026, Orbex halted operations following the collapse of its planned takeover by The Exploration Company. The Danish engine subsidiary went bankrupt, leading the company to file for administration on 11 February 2026.

On 30 September 2026, Omnidea finished buying most of Orbex’s UK manufacturing assets, intellectual property and brand after the firm entered administration. Omnidea said it plans to create a version of the Prime launcher named PrimeNEO, seeking to simplify the design and boost manufacturability while assessing launch sites in Scotland and Portugal for the first flight.