Astra AST stock fell after the company’s weekend rocket launch failed

Astra AST stock fell after the company's weekend rocket launch failed

The LV0006 rocket tilts during takeoff.

Astra / Nasa Space flight

Shares of rocket maker Astra fell sharply on Monday after the company’s failed weekend launch attempt after problems with takeoff.

The company’s LV0006 rocket tilted and slammed to the side an instant after taking off in Alaska, which Astra CEO Chris Kemp told CNBC after one of its five shutdown. engines. The rocket did not crash immediately, recovering from the problem and continuing to accelerate for more than two minutes.

However, the rocket was shut down at the time, and the launch protection team shut down the rocket’s remaining engines and aborted the flight. While LV0006 reached an altitude of around 164,000 feet (or 50 kilometers), Astra has yet to successfully put a rocket into orbit.

Astra is investigating the cause of the problem, with Kemp claiming that the company “has collected a huge amount of data from the theft and [is] Under review. “

Astra shares are down 22% from the previous close of $ 11.67 in trading.

The LV0006 rocket climbs after recovering from its takeoff bank.

Astra / Nasa Space flight

The launch of the LV0006 was Astra’s first commercial mission, as the US Space Force contracted the launch to test payloads as part of its space testing program.

The vehicle is 43 feet tall and fits into the small rocket segment of the launch market. Astra aims to eventually launch several of its smaller rockets, with the goal of launching one rocket per day by 2025 and further reducing its price by $ 2.5 million.

Astra does not yet have a timeline for its next launch attempt, but Kemp has said its LV0007 rocket is in production and will include any necessary changes.

The launch of the LV0006 was Astra’s first launch since the company went public on July 1 after the PSPC deal closed.

– CNBC’s Lora Kolodny contributed to this report.

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