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SpaceX stock plunges nearly 23% after Starship test flight aborted due to engine ignition failure
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SpaceX's stock has fallen nearly 23% since being added to the Nasdaq-100 index, with a 5.43% drop on Friday marking its sixth consecutive losing day. The decline follows the abort of a Starship V3 test flight on Thursday due to an engine ignition failure, which triggered an automatic launch abort. Elon Musk stated that two Raptor engines will be replaced and a new launch attempt is planned for early next week. The company had a record-breaking $85.7 billion IPO in June, pricing shares at $135. Investors are closely monitoring rocket tests after the stock's volatile performance since its market debut. The FAA recently cleared SpaceX to continue test trials after a previous mishap in May.
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SpaceX employees go to work at the SpaceX facility in Hawthorne, California, on the day of their company's initial public offering, June 12, 2026. Mike Blake | Reuters
SpaceX stock has posted losses in nine of the last 10 trading days and, as of Friday's close, had plummeted nearly 23% since the company was added to the Nasdaq-100.
Friday's loss of 5.43% marked a sixth-straight losing day and came after Elon Musk's space and artificial intelligence company aborted a test flight for its Starship rocket.
Failed Test Flight
The aerospace giant was expected to launch its Starship mega rocket within a 90-minute window beginning at 5:45 p.m. in Texas on Thursday. However, an engine ignition failure forced SpaceX to scrub the launch.
"Some of the engines didn't start, triggering an automatic launch abort," billionaire founder Musk said in a post on X. "Now offloading propellant. Next launch attempt hopefully in a few days."
Musk later added in a post that two Raptor engines will be removed and replaced, and said a launch is planned again for early next week.
Stock Performance
SpaceX's stock chart.
The Nasdaq fast-tracked the company's inclusion in the index, allowing SpaceX to be added after just 15 trading days. Previously, companies had to wait months.
Investors are watching the company's rocket tests more closely after it raised a record $85.7 billion in the biggest initial public offering ever in June, pricing shares at $135. SpaceX's shares have soared and dipped since its stock market debut.
Previous Test Flight Issues
Thursday's launch window was set to be SpaceX's first test flight of Starship V3 since its blockbuster IPO. A previous attempt in May failed after sending the Starship's upper stage toward the Indian Ocean. The Super Heavy booster failed to make a controlled landing in the Gulf of Mexico after five of its 33 Raptor engines failed to reignite.
The U.S. Federal Aviation Administration ordered an investigation into the mishap and on Monday cleared the company so it could continue its test trials.
Watch now VIDEO 5:26 SpaceX falls below its IPO price: Investor's next move Halftime Report
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SpaceX Aborts Starship V3 Launch Due to Engine Failure After IPO