SpaceX Aborts Starship Test Flight; Shares Fall to Post-IPO Low

SpaceX aborted the 13th test flight of its Starship rocket on Thursday just moments before its scheduled liftoff, a setback that sent the recently-listed company's shares to new post-IPO lows in aftermarket trading.

Launch Halted by Engine Issue

The launch attempt from the company's Texas facility was automatically halted as the rocket's engines began to fire, a company livestream of the event showed. It was the first major test launch since SpaceX's initial public offering in June.

CEO Elon Musk stated that the abort was triggered because some of the spacecraft's engines failed to start. In a subsequent comment, Musk said the next launch attempt was "hopefully in a few days."

Investor Reaction

Investors reacted negatively to the news, which raises concerns about the progress of the company's flagship program. Key details on the market reaction include:

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• SpaceX (NASDAQ:SPCX) shares slid nearly 4% in after-hours trading.
• The decline pushed the stock to fresh post-IPO lows.
• The stock had already fallen below its IPO price earlier this week, according to market data.

A Setback for a Key Program

The canceled flight represents a potential delay for a vehicle critical to SpaceX's future plans, including missions to Earth orbit, the Moon, and Mars. Starship is the company's largest and most powerful rocket system.

This incident highlights recurring technical challenges for the program. The spacecraft's 12th test flight in May also experienced engine issues, which prompted an investigation by the Federal Aviation Administration (FAA), according to previous reports.