On Thursday, SpaceX was set to launch its Starship mega rocket but had to abort the mission due to an engine ignition failure. Elon Musk confirmed that the failure triggered an automatic launch abort, and the company is now offloading propellant with plans to replace two Raptor engines before attempting another launch early next week.
Following the aborted test, SpaceX's stock fell 3.5% in premarket trading after a more than 3% drop in after-hours trading. This incident marks the first test flight of Starship V3 since SpaceX's historic IPO in June, where it raised $85.7 billion by pricing shares at $135.
Investors are closely monitoring these rocket tests, especially after a previous test in May also ended in failure, leading to an investigation by the U.S. Federal Aviation Administration. The volatility in SpaceX's stock since its IPO reflects the market's reaction to the company's performance and future prospects