SpaceX pushed back the 13th test flight of its Starship rocket to Thursday, July 23, after a Raptor 3 engine ignition failure triggered an automatic abort. The delay sent shares of SpaceX (SPCX) sliding more than 5% to roughly $124, putting them within striking distance of the 52-week low of $122.12.
Raptor 3 ignition failure
The abort happened during the pre-launch sequence at Starbase, Texas. SpaceX’s automated systems cut the countdown when one of the upgraded Raptor 3 engines failed to ignite properly. The company hasn’t said whether the issue requires a hardware swap or a software fix, but the 24-hour delay suggests engineers are still diagnosing the problem.
This is the second outing for the Starship V3 design. The first flight in the V3 configuration went off without a major hitch, so the abort on this attempt caught some observers off guard. SpaceX typically moves fast through test campaigns, but a repeat failure could slow the pace.
First Starlink V3 satellites aboard
Starship will carry 20 V3 Starlink satellites for the first time. The V3 satellites are the latest generation of SpaceX’s broadband constellation, designed to offer higher capacity and lower latency. Getting them into orbit is a key milestone for the company’s internet service, which already serves millions of users.
If the launch succeeds, it will mark the first deployment of V3 satellites from Starship. That would give SpaceX a new way to expand its constellation faster than with Falcon 9 launches alone.
SPCX near 52-week low
The stock’s slide puts it about 23% below the IPO price of $135. Short interest has climbed to 185 million shares, or 29% of the tradable float, according to the latest data. That heavy short positioning means any positive news could trigger a squeeze, but a failed launch would likely add more pressure.
Evercore ISI rates SPCX Outperform with a $230 price target, well above current levels. The firm’s analysts see the recent dip as a buying opportunity, though they acknowledge the stock is volatile and tied closely to Starship’s progress.
Earnings and share unlock ahead
Q2 earnings are due in early August. That report will trigger SpaceX’s first major share unlock since the IPO, allowing early investors and employees to sell shares. The unlock could add selling pressure, but a strong earnings beat might offset that.
A successful flight on Thursday could help SPCX recover some ground. Another abort would deepen the pressure on the stock and raise questions about the Starship program’s timeline. Meanwhile, platforms built on the xStocks framework continue to offer tokenized SpaceX shares backed one to one by SPCX, giving retail investors another way to trade the stock outside traditional exchanges.
