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Orbex, a UK-based rocket company, has entered administration after the government declined to participate in its latest funding round. The company, which had a peak valuation of $220 million, aimed to launch rockets from Scotland.

This is not the first government-backed space project to fail, following the unsuccessful investment in OneWeb. The global space industry, worth an estimated £500 billion annually, presents significant opportunities, and experts argue that the UK should focus on deregulation and favorable tax policies to foster innovation and growth in this sector.