RKLB stock tumbled Tuesday after a rocket launch by SpaceX competitor Rocket Lab failed.
Rocket Lab launched its 41st mission and ninth of the year from its New Zealand site just before 3 a.m. EDT. The company's Electron launch vehicle was intended to deliver satellites into orbit for synthetic aperture radar (SAR) imagery provider Capella Space.
The rocket successfully completed its first stage burn and separation as planned but experienced an "anomaly" about 2 minutes and 30 seconds into the flight, ending the mission.
"We are deeply sorry to our partners Capella Space for the loss of the mission," Rocket Lab wrote in a release. The company plans to work with the Federal Aviation Administration and supporting agencies to investigate the cause of the issue.
Rocket Lab postponed its next launch, which was scheduled before the end of the third quarter. The company plans to provide revised Q3 revenue guidance "in the coming days."
The crash ended a streak of 19 consecutive successful launches. The company's most recent failure was back in May 2021. Rocket Lab said the Electron rocket previously delivered 171 satellites to orbit across 37 successful missions.
The Long Beach, Calif.-based company makes an array of launch systems and rockets to carry mission payloads to orbit. Rocket Lab's flagship Electron specializes in small satellite launches and is the second-most frequently launched U.S. rocket, according to the website. The company is developing its Neutron launch vehicle for large spacecraft missions. In April, Rocket Lab announced its HASTE suborbital launch vehicle, which offers hypersonic payload deployment for scientific and defense purposes.
Elsewhere, Tesla CEO Elon Musk's rocket company SpaceX has completed 65 missions this year. The next launch is scheduled for Tuesday night at 10:47 p.m. ET.
RKLB Stock
RKLB stock pared losses to 7.5% Tuesday after tumbling 12% in early trade. Shares dove more than 22% premarket. Rocket Lab had managed to rally 23.6% in 2023 through Tuesday's close.
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