Was SpaceX’s recent Starship flight test a success or a failure? Many are hailing it as a victory, but several of the megarocket’s booster’s engines failed after re-entry, causing it to explode.
SpaceX has had many similarly ambiguous tests before. But this was the first one since its much-hyped IPO earlier this summer — and it’s already clear that it wasn’t a convincing enough display to reverse the company’s fortunes on the stock market.
After hitting an all time low before the weekend and closing at $115, SpaceX shares endeavored to plummet even further on Monday, briefly dipping to $108.66 — a new nadir since going public — before stabilizing around $110. The new low is over 20 percent below its opening IPO price of $135, and less than half of its all time high of more than $225 per share.
It’s a sign of the scrutiny the company will be put through now that it’s a public entity, and comes despite certain predictions that a successful flight would help buoy the company’s shares. When Starship ran into trouble in the past, SpaceX mainly had to weather a storm of media coverage. Now, nervous investors represent yet another liability.
