BUSINESS

Texas: SpaceX aborts Starship test, shares slide

▪

Read, Watch or Listen

Texas, United States – SpaceX shares extended losses in premarket trading on Friday after the company aborted a planned Starship V3 test flight in Texas at the last moment on Thursday, adding to choppy trading since its June stock market debut. The launch was scheduled within a 90-minute window starting at 5:45 p.m. local time, but an engine ignition failure automatically triggered a launch abort, according to founder Elon Musk. He said some of the engines did not start, prompting an automatic shutdown, and that propellant was being offloaded after the scrubbed attempt. SpaceX stock was last seen down about 3.5% in premarket trading, after falling more than 3% in after-hours dealings the previous day. United States – Musk later said two Raptor engines on the Starship vehicle would be removed and replaced, with another launch attempt planned for early next week. The cancelled flight was the first Starship V3 test since SpaceX’s record $85.7 billion initial public offering in June, which priced shares at $135 and marked the biggest IPO on record. Investors have been closely tracking the company’s rocket tests as the stock has swung sharply since listing. A previous Starship test in May sent the upper stage toward the Indian Ocean, while the Super Heavy booster failed to make a controlled landing in the Gulf of Mexico after five of its 33 Raptor engines did not reignite, prompting a U.S. Federal Aviation Administration investigation that regulators cleared on Monday.

Prepared by Christopher Adams and reviewed by editorial team.

Timeline of Events

May 2024 Starship attempt ends over Indian Ocean
May 2024 Super Heavy fails controlled Gulf landing
June 2024 SpaceX completes record $85.7 billion IPO
Monday FAA clears Starship to resume test flights
Thursday 5:45 p.m. Texas launch window opens
Thursday Automatic abort follows engine ignition failure
Thursday Evening SpaceX shares fall after-hours trading
Friday Premarket trading shows SpaceX shares down

Why This Matters to You

SpaceX's stock slide could impact your portfolio if you're invested. It's a reminder that even high-profile companies face risks. Keep an eye on your investments and consider diversifying if you're heavily into SpaceX.

The Bottom Line

SpaceX's Starship test failure shows the inherent risks in space exploration. Despite setbacks, the company remains a key player in the industry. Worth forwarding if you know someone invested in SpaceX or interested in space tech.