Space firm founded by billionaire Paul Allen 'closing operations'

Stratolaunch Systems Corporation, the space company founded by late billionaire and Microsoft Corp co-founder Paul Allen, is closing operations, cutting short ambitious plans to challenge traditional aerospace companies in a new “space race,” Reuters reports, citing sources familiar with the matter.

The company, a unit of Allen’s privately held investment vehicle Vulcan Inc, had been developing a portfolio of launch vehicles including the world’s largest airplane by wingspan to launch satellites and eventually humans into space.

Allen, who founded Seattle-based Stratolaunch in 2011, died at age 65 in October.