Billionaire Elon Musk’s space company, SpaceX, lost control of its ninth Starship test flight about 30 minutes after it launched the uncrewed rocket from Texas. The incident marked the third major setback in a row for Musk’s SpaceX, adding new challenges to an already rocky journey toward making the Mars mission a reality. The Starship system had previous explosions in January and March.
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For context, SpaceX is developing the Starship system to carry people and cargo around Earth and to the Moon. Musk also plans to use it for future Mars colonization.
Here’s What Happened
The 400-foot (122-meter) Starship rocket was launched from SpaceX’s Starbase site in Texas. During its latest test, SpaceX launched the Starship upper-stage vehicle into space using a previously used booster, marking the first time the company reused one. However, SpaceX lost communication with the 232-foot booster during its return. Instead of achieving the planned controlled splashdown, the booster ended up crashing into the ocean.
However, the FAA (Federal Aviation Administration) confirmed that no injuries or damage to public property were reported.
Musk Sees Light at the End of the Tunnel
Despite the launch failure, Musk remains optimistic. He posted on X, saying, Starship reached its scheduled engine cutoff, which is a significant improvement over the previous flight. Moreover, there was no major loss of heat shield tiles during ascent. He also added that the company has got a lot of valuable data to review.
Meanwhile, Musk has pledged to ramp up SpaceX’s Starship launch frequency, aiming for a new launch every three to four weeks.
Is TSLA Stock a Buy?
SpaceX is a privately held company, limiting direct investment opportunities for everyday investors. However, those looking to gain exposure to Musk’s ventures might consider investing in Tesla (TSLA) stock instead.
Wall Street analysts remain divided on TSLA stock, offering mixed opinions on its future outlook. According to TipRanks, TSLA stock has received a Hold consensus rating, with 16 Buys, 10 Holds, and 11 Sells assigned in the last three months. The average price target for Tesla shares is $282.70, suggesting a potential downside of 22% from the current level.
