SpaceX’s stock experienced a further decline on Friday, a day after its highly anticipated Starship rocket test flight was aborted at the eleventh hour. This downturn comes amidst a period of volatile trading for the newly public aerospace giant.
The company had planned to launch its Starship mega rocket within a 90-minute window commencing at 5:45 p.m. local time in Texas on Thursday. However, an engine ignition failure on the Super Heavy booster necessitated an automatic launch abort, preventing liftoff.
“Several engines failed to ignite, triggering an automatic launch abort,” stated billionaire founder Elon Musk in a post on X. “We are now offloading propellant. The next launch attempt is hopefully within a few days.”
SpaceX was trading down approximately 3.5% in premarket trading on Friday, following a more than 3% dip in after-hours trading the previous day.
Musk later provided an update, indicating that two Raptor engines would be removed and replaced, with a revised launch target set for early the following week.
Investor scrutiny of SpaceX’s rocket test program has intensified following its record-breaking initial public offering (IPO) in June, which raised $85.7 billion and priced shares at $135. Since its market debut, the company’s stock has experienced significant fluctuations.
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SpaceX’s stock performance since its public debut in June.
This marked SpaceX’s first test flight of its Starship V3 since its highly successful IPO. A prior attempt in May was unsuccessful, with the Starship upper stage failing to reach its intended trajectory toward the Indian Ocean. The Super Heavy booster also experienced issues during its planned controlled landing in the Gulf of Mexico, with five of its 33 Raptor engines failing to re-ignite.
Following the May incident, the U.S. Federal Aviation Administration (FAA) initiated an investigation. On Monday, the agency cleared SpaceX to proceed with its ongoing test flight program, a crucial step for continued development.
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