SpaceX (SPCX) Stock Slides as Starship Flight 13 Reveals Booster Challenges

Key Takeaways

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On Friday, SpaceX conducted Starship’s 13th test mission from its Texas facility — marking the inaugural flight since going public.
Following incomplete engine reignition, the Super Heavy booster executed a rough landing in Gulf waters.
The Starship upper stage successfully completed a controlled ocean landing in the Indian Ocean, remaining structurally sound.
The mission marked a milestone with the deployment of 20 Starlink V3 satellites — the debut orbital insertion for this enhanced satellite model.
Shares of SPCX have declined during four of the last five trading weeks, shedding 43% from their June 16 high and continuing to trade beneath the initial public offering price.

Following Friday evening’s 13th Starship test mission from its Starbase facility in Texas, SpaceX (SPCX) shares continue languishing below their initial offering price. The stock has surrendered 43% of its value since reaching peak levels on June 16, with losses recorded in four out of the previous five weeks.

Space Exploration Technologies Corp., SPCX

This mission represented the company’s first Starship test since entering public markets last month. The flight also served as the second operational trial for the V3 configuration of Starship, representing the newest iteration of the planet’s most powerful launch system.

Approximately two minutes after liftoff, the Super Heavy booster stage separated from the Starship vehicle. During its descent attempt, the booster encountered difficulties when trying to restart its Raptor engines for the landing sequence—only a portion of the engines successfully fired, leading to an uncontrolled “hard splashdown” into Gulf waters.

Splashdown confirmed! Congratulations to the entire SpaceX team on the 13th flight test of Starship! pic.twitter.com/g27YJCQgiN
— SpaceX (@SpaceX) July 24, 2026

The mission’s upper portion achieved better outcomes. Starship’s spacecraft stage executed a controlled descent into the Indian Ocean, remaining structurally intact upon splashdown and providing engineers with their first opportunity to examine an undamaged thermal protection system post-recovery.

Mission commentators on the webcast referred to the flight as “lucky number 13.”

Approximately 18 minutes after launch, the company achieved successful orbital insertion of 20 Starlink V3 satellites. This represented the maiden deployment of these advanced communication satellites.

Advanced Satellite Technology, Expanding Vision

The V3 satellite design features enhanced dimensions and capabilities compared to predecessor models. These units incorporate solar panels capable of producing double the electrical output of earlier generations. Manufacturing occurs at the company’s Washington state production center in Redmond.

SpaceX is simultaneously advancing development of Starmind satellites, designed to function as orbital computing facilities.

Starship serves as the cornerstone of the company’s strategy to scale up the Starlink constellation. Additionally, the vehicle must demonstrate readiness for an upcoming NASA demonstration mission scheduled for next year, potentially paving the way for human lunar surface operations.

Propulsion Problems Spark Concerns

According to Tim Farrar, a satellite industry analyst with TMF Associates, while the company has demonstrated advancement, it “remains a long way from achieving rapid reusability of the entire ship.”

Farrar highlighted the engine restart complications as a significant issue. “Any similar failure during an attempted landing at the company’s launch site could cause severe damage to the launchpad,” he noted.

Recent weeks have seen additional operational challenges. SpaceX canceled a scheduled July 16 launch when the booster system initiated an automatic hold, shutting down engines during their ignition sequence. Weather conditions forced the postponement of a Thursday retry.

The inaugural V3 flight conducted in May experienced a cascade of engine shutdowns that resulted in diminished rocket performance.

The previous week’s launch cancellation precipitated a stock decline. SPCX continues trading beneath its public offering price.