CEO Elon Musk aims for a new launch attempt early next week after engine issues
Category: Science
SpaceX’s ambitious plans to launch its Starship mega rocket faced a setback on July 16, 2026, when the company was forced to scrub the highly anticipated test flight due to engine issues. This launch was particularly notable as it followed the company’s historic initial public offering (IPO) last month, which raised $85.7 billion, making it the largest IPO on record. With CEO Elon Musk expressing hopes for a new attempt in the coming days, investors are closely monitoring developments.
On the evening of July 16, a 90-minute launch window opened at 6:45 p.m. ET, but within minutes, SpaceX announced via a livestream that it was standing down for the day. The reason? Some of the engines failed to start, triggering an automatic launch abort. Musk later took to X, stating, "Some of the engines didn't start, triggering an automatic launch abort." He added that two Raptor engines would be removed and replaced, with the most probable launch timing set for early next week.
The aborted launch led to a decline in SpaceX's stock, which fell more than 3% in extended trading, closing at $131.11. This drop marked a continuation of a five-day losing streak, with shares sinking beneath the IPO price of $135. Investors had initially seen a surge in stock prices after the IPO, but the recent setbacks have raised concerns about the company's immediate prospects.
Starship was set to carry out its 13th test flight, which included ferrying 20 next-generation Starlink satellites. These satellites were expected to extend their solar arrays and antennas before attempting to connect with the broader Starlink constellation. Following deployment, the satellites were anticipated to "demise upon reentry approximately 20 minutes after deployment," according to SpaceX. This mission is part of the company’s broader ambitions to scale its Starlink satellite internet service and support NASA’s Artemis program, which aims for future moon landings.
Prior to the scrubbed launch, the Federal Aviation Administration (FAA) had ordered an investigation into an anomaly from an earlier test flight conducted in May. That flight experienced issues when several engines failed to reignite, leading the rocket to plummet into the Gulf of Mexico. The FAA's final mishap report identified heat effects on propulsion system components during ascent and erroneous engine alarm system settings as the two most probable causes for the loss of the Super Heavy booster. In response, SpaceX outlined four corrective actions, including hardware and software updates, to prevent similar incidents in the future. The FAA cleared Starship to fly again just days before the launch attempt.
The news of SpaceX's scrubbed launch coincided with a broader downturn in the stock market. On the same day, Dow Jones futures, S&P 500 futures, and Nasdaq futures fell modestly after hours. Netflix shares tumbled late on earnings, and stocks in the artificial intelligence sector, including Sandisk and Micron Technology, continued to see declines. Google-parent Alphabet also experienced a downturn on July 16, highlighting a general trend of uncertainty in tech stocks.
As SpaceX prepares for another attempt to launch Starship, attention will turn to the company as it works to resolve the engine issues that led to the recent scrub. The planned launch of the next-generation Starlink satellites remains a key objective for SpaceX, as it seeks to expand its satellite internet service and fulfill contracts with NASA. Investors will be particularly interested in the timing of the next launch attempt, as Musk indicated that it could occur early next week. This upcoming event will be closely watched by both the market and the public, as it plays a fundamental role in shaping the future of SpaceX’s ambitious space endeavors.
In the high-stakes world of space exploration and commercial spaceflight, each launch attempt carries both risks and opportunities. As the aerospace industry continues to evolve, SpaceX’s ability to navigate these challenges will be a telling indicator of its future success. With the next launch window approaching, the company is under pressure to deliver a successful flight, which could bolster investor confidence and stabilize its stock performance.