SpaceX Falls After Starship Launch Abort

Elon Musk targets another launch attempt next week

This article first appeared on GuruFocus. SpaceX (NASDAQ:SPCX) shares fell more than 3% in extended trading after the company aborted its latest Starship launch, pushing the stock further below its $135 IPO price. The launch was called off shortly after the 90-minute window opened Thursday evening.

CEO Elon Musk, who also leads Tesla (NASDAQ:TSLA), said some engines failed to start, triggering an automatic abort. He later said 2 Raptor engines would be removed and replaced, with another attempt most likely early next week. SpaceX builds reusable rockets, operates the Starlink satellite network and develops spacecraft for government and commercial customers.

Starship is central to its long-term plans for larger satellite deployments, lunar missions and eventually Mars. The aborted flight adds pressure to a stock already on a five-day losing streak. It also delays the first test of Starship V3, the upgraded version of SpaceX's roughly 400-foot rocket, since the company's IPO last month.