Ursa Major and Orbit Fab, two Colorado-based space companies, laid off employees this week as both aim to tighten funding.

 

Ursa Major and Orbit Fab, two Colorado-based space companies, laid off employees this week as both aim to tighten funding.  Ursa Major let go of 27% of its employees, and Orbit Fab cut 10 employees with 50 remaining. Ursa Major makes rocket engines, and Orbit Fab provides refueling services for spacecraft. The first quarter of 2023 saw the lowest period of investment in the space sector since 2015, according to Space Capital.  Ursa Major last raised money in October, earning a $150M round and a $550M valuation. Orbit Fab raised money in April with a $29M funding round, earning a $113M valuation. Ursa Major's lineup of rocket engines have earned it orders from the Air Force Research Laboratory, Stratolaunch, and Astra. Orbit Fab has won early contracts from Space Force and the U.K. Space Agency prior to the layoffs.