New York
SpaceX shares dropped below their initial public offering (IPO) price for the first time after the company halted the latest Starship rocket launch attempt, extending losses since its market debut.
The shares closed at $131.11, down 3.08 per cent, below the IPO price of $135. The stock has declined for five straight trading sessions since SpaceX’s June 12 listing, which raised around $86 billion in the largest IPO in history.
The decline deepened in after-hours trading, with shares falling to nearly $124 after SpaceX called off the planned Starship test flight from its Starbase facility in South Texas.
The launch was scheduled during a 90-minute window beginning Thursday evening, but the company announced it was “standing down for the day” after the launch sequence was automatically aborted during engine ignition.
The mission was the 13th test flight of Starship and the second test of the upgraded V3 version of the nearly 400-foot-tall rocket.
The previous V3 test flight in May successfully lifted off but encountered engine issues later in the mission, preventing completion of its planned objectives.
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The abort occurred because some engines failed to start. He added that two Raptor engines would be replaced before the next launch attempt, which could take place early the following week.
- Elon Musk, SpaceX CEO