SpaceX shares slip below IPO price after Starship launch abort
New York, July 17
SpaceX shares slipped below their initial public offering price for the first time after the company aborted the launch of its flagship Starship rocket, extending the stock's losing streak since its market debut.
The shares closed at $131.11, down 3.08 per cent for the day and below the IPO price of $135.
The decline marked the fifth consecutive losing session since the aerospace company's June 12 listing, which became the largest IPO in history by raising around $86 billion.
The selling pressure intensified in after-hours trading, with the stock falling as low as $124 after SpaceX called off the planned launch of its Starship rocket from the company's Starbase facility in South Texas.
The Starship test flight was scheduled to lift off during a 90-minute launch window that opened at 6:45 p.m. ET on Thursday.
However, minutes after the launch window began, the company announced it was "standing down for the day" after the launch sequence was aborted while the rocket's engines were igniting.
SpaceX CEO Elon Musk later said on X that the launch was automatically aborted because some of the engines failed to start.
"Some of the engines didn't start, triggering an automatic launch abort. Now offloading propellant. Next launch attempt hopefully in a few days," Musk said.
In a subsequent post, Musk said two Raptor engines would be removed and replaced, with the next launch attempt most likely to take place early next week.
The mission marked the 13th test flight of Starship and the second test of the upgraded V3 version of the rocket, which stands about 400 feet tall.
The previous V3 test flight in May achieved liftoff, but several engines on the rocket's lower stage failed to reignite, causing the vehicle to fall into the Gulf of Mexico before completing its mission.
— IANS
Reader Comments
Honestly, I'm more impressed by ISRO's reliability on a fraction of SpaceX's budget. But credit where due—this V3 Starship is massive. The technical challenges with Raptor engine reignition are clearly not trivial. Hope they fix it soon. 🤞
$86 billion IPO and now trading below $135? That's a lot of lost value. The Starship program is essential for SpaceX's long-term plans (Mars, Starlink expansion), but repeated engine failures are concerning. Investors are getting nervous for good reason.
As someone who follows space tech closely, the V3 Starship is a beast at 400 feet. But blowing through 13 test flights and still facing engine ignition issues? That's a red flag on engine design, not just bad luck. Two Raptors need replacing before next attempt—seems like a hardware problem. 🛑
This is what happens when you hype up a stock as the 'next big thing' and then face technical setbacks. The engine reignition problem from May is still unresolved. Musk's tweets are usually confident, but his tone here seems terse. Market doesn't forgive delays easily.
I appreciate the caution, but 13 test flights and still struggling with basic liftoff issues? ISRO's GSLV had similar early teething problems but they sorted it faster. For all the hype, SpaceX's reliability record isn't as stellar as people think. 😬
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