The firm voluntarily submitted a petition to declare bankruptcy at the US Bankruptcy Court Southern District of New York.
The filings note an estimated number of creditors between 1-49, estimated assets of $100,001 -- $500,000 and estimated liabilities of $1,000,001 - $10 million.
"As a result, it has been determined that it is no longer viable to continue operating the business, which left Cambridge Analytica with no realistic alternative to placing the Company into administration," the statement read.
Controversy around Cambridge Analytica's alleged misuse of Facebook data raised a host of new questions about the social media giant's role in the public discourse and elections, and helped prompt renewed scrutiny in Washington, where last month Facebook CEO Mark Zuckerberg testified before committees in both houses of Congress.
CNN's Donie O'Sullivan and Simon Cullen contributed to this report.