Quotes of billionaire Richard Branson’s aerospace company Virgin Orbit, which specializes in launching satellites into orbit, collapsed in trading on Monday. The stock was down 30.34% at the NASDAQ exchange in the after-market, with shares trading at $1.47, trading data showed.

Investors began to get rid of securities en masse after the failed launch of a LauncherOne rocket called Cosmic Girl (“Cosmic Girl”). which failed to reach orbit, RBC writes.

“There was a problem that prevented us from reaching orbit,” Virgin Orbit reported.

At first, the company announced that LauncherOne managed to reach orbit, but then the message was removed, notes Reuters.

The rocket was planned to launch nine mini-satellites into orbit for the benefit of various companies and government agencies, including the British Ministry of Defense and the U.S. National Space Intelligence Agency (NRO).

It was the company’s first attempt to launch a rocket from within the UK and outside the US altogether. The Start Me Up mission was the sixth mission for Virgin Orgit. This is the second unsuccessful launch. The past four successful missions have launched at a site in California.