Space Exploration Technologies (SPCX, Financials), the aerospace company behind the Starship rocket, Starlink satellite network and commercial launch services, fell further below its IPO price after canceling Thursday's planned Starship test flight.
Shares dropped more than 3% in after-hours trading, extending a five-day losing streak and pushing the stock farther below its $135 offering price.
SpaceX did not immediately provide full details on why the launch was halted. CEO Elon Musk said the company hopes to make another attempt within the next few days.
For investors, the aborted launch adds to a difficult stretch for the newly public company. Starship is central to SpaceX's long-term plans, including heavier satellite launches, lunar missions and future Mars flights.
Launch delays are common in the space industry, especially for a vehicle as complex as Starship. Still, the market reaction shows how closely traders are watching each test.
The next catalyst will be the new launch window. A successful flight could help steady the stock, while another delay may keep pressure on shares.