The filing comes after Virgin Orbit failed to secure new funding.
The company said the bankruptcy would allow it to restructure its debt and focus on its long-term goals.
Virgin Orbit has raised over $1 billion in funding since its founding in 2012.
The company has launched two satellites into orbit.Virgin Orbit's main competitor is SpaceX.
The bankruptcy could have implications for Virgin Orbit's future.
It is unclear if the company will be able to emerge from bankruptcy.
The bankruptcy is a setback for Branson's space ambitions.