On Thursday, SpaceX canceled the launch of its Starship V3 rocket shortly after the launch window opened, citing that some engines failed to start, which triggered an automatic abort. CEO Elon Musk expressed hope for a new attempt within days.
Following the announcement, SpaceX shares fell over 3% in after-hours trading, continuing a downward trend that has seen the stock drop below its IPO price of $135. This launch was particularly important as it was intended to be the first test flight of the upgraded Starship since the company's IPO last month, which raised $85.7 billion, marking the largest IPO on record.
The previous test flight in May had also faced issues, resulting in the rocket crashing into the Gulf of Mexico after liftoff due to engine failures. The Federal Aviation Administration (FAA) had cleared SpaceX for this latest flight after the company addressed prior anomalies.
The mission was set to deploy 20 next-generation Starlink satellites, crucial for expanding SpaceX's satellite internet service and supporting NASA's Artemis program for lunar exploration. Investors are closely monitoring these developments, as the success of the Starship program is vital for SpaceX's future growth and operational credibility