SpaceX Stock Plummets After Starship Launch Abort

SpaceX shares have seen a sharp decline since their listing on June 12, ending lower in 14 out of 23 trading sessions and closing below their IPO price of $135 for the first time on Thursday, June 17. The stock continued to slip in extended trading. Adding to the recent turbulence, SpaceX aborted the launch of its Starship mega rocket on Thursday, June 17, just moments after opening a launch window. CEO Elon Musk indicated a potential re-attempt in a few days. The abort was attributed to engine issues triggering an automatic launch sequence halt. This incident follows a previous failed test launch in May where the rocket successfully lifted off but encountered engine reignition problems, leading to its plunge into the Gulf of Mexico. SpaceX had recently received clearance from the FAA after completing an investigation into the prior failure and implementing corrective actions, including hardware and software upgrades. The aborted mission was intended to carry 20 next-gen Starlink satellites.