SpaceX stock (SPCX) dropped more than 3% in after-hours trading Thursday, sinking to around $125 after the company aborted its second Starship V3 launch attempt. The stock had already closed the regular session at $131.11, below its $135 IPO price from June.
Space Exploration Technologies Corp., SPCX
The abort happened right at ignition. The launchpad’s water deluge system had already fired up and the booster engines were starting to light when everything suddenly cut out. Data from SpaceX’s own broadcast showed four Raptor engines failed to ignite, triggering an automatic abort system.
BREAKING: Elon Musk has just confirmed that some of the engines did not start, triggering an automatic launch abort. SpaceX is now offloading propellant, with the next attempt hopefully in a few days.
Taking humanity back to the Moon and eventually to Mars was never going to be… pic.twitter.com/Eaqpo5GSfM
— DogeDesigner (@cb_doge) July 16, 2026
“Some of the engines didn’t start, triggering an automatic launch abort,” CEO Elon Musk wrote on X. He later added that two Raptor engines would be removed and replaced, putting the next attempt likely in early next week.
The scrub extends SPCX’s five-day losing streak. The stock has been on a steady decline since its record-breaking IPO on June 12, when SpaceX raised $85.7 billion — the largest IPO in history — and briefly touched valuations comparable to Amazon and Microsoft.
Thursday’s flight was set to carry 20 next-generation Starlink satellites into low Earth orbit. The satellites were expected to deploy their solar arrays and antennas, then briefly connect with the broader Starlink constellation before burning up on reentry roughly 20 minutes after deployment.
SpaceX has not yet demonstrated Starship’s ability to reach stable Earth orbit, which is why the satellites were designed to demise so quickly. The mission was still a key step toward proving the concept of “orbital data centers” — a central piece of SpaceX’s long-term revenue strategy.
Starlink is currently the only profitable part of SpaceX’s business and its largest revenue generator.
The FAA had cleared SpaceX to fly again just this past Monday, following a mandatory review after the first V3 launch in May. That mission saw the Super Heavy booster suffer an engine failure during descent, causing it to crash into the Gulf of Mexico rather than complete its simulated landing.
The FAA’s final mishap report cited two probable root causes: heat effects on propulsion system components during ascent and erroneous engine alarm system settings. SpaceX identified four corrective actions, including hardware and software updates.
The upper stage of the May rocket performed better, successfully deploying Starlink simulators and completing its own simulated water landing without issue.
The abort Thursday means SpaceX now has to offload all propellant from both the Super Heavy booster and the upper stage before engineers can begin diagnosing what went wrong with the Raptor ignition sequence.
SPCX was trading around $125 in pre-market Friday, down roughly 4.65% from Thursday’s close.
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