4% drop for SpaceX shares after the Starship test cancellation

SpaceX's shares fell by approximately 4% on Friday, marking the sixth consecutive day of decline, after the company canceled the test launch of the Starship rocket at the last moment due to technical issues.

The test was scheduled to take place on Thursday in Texas, but a malfunction in the engine start-up caused the automatic system to abort the launch just moments before liftoff. Founder Elon Musk explained that some engines did not start properly, which led to the automatic cancellation.

Musk later announced that two Raptor engines would be replaced and that a new attempt is planned for the beginning of next week. Investors are very attentive to each Starship test, considering the company's successful stock market listing in June, when SpaceX raised $85.7 billion.

This was the first test of the Starship V3 version after the IPO, and the previous attempt in May also ended without success. The U.S. Federal Aviation Administration opened an investigation after the May incident but recently authorized SpaceX to resume flight tests.