SpaceX stock plunges nearly 23% after Starship test flight aborted due to engine ignition failure

Published Jul 17, 08:33 PM UTC

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.