Rocket Lab has begun working with the Federal Aviation Administration to investigate the root cause of the issue, which appeared around the time the rocket’s first and second stages separated. Rocket Lab said it has begun working with the Federal Aviation Administration on investigating the root cause of the issue, which appeared to happen around the time the rocket’s first and second stages separated.
“We are deeply sorry to our partners Capella Space for the loss of the mission,” Rocket Lab said in a statement.
Shares of Rocket Lab fell as much as 26% in premarket trading from its previous close at $5.04. The stock was up 34% for the year as of Monday’s close.
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The company’s 42nd Electron mission was set to launch before the end of the third quarter. Rocket Lab has warned that the launch will be delayed until it fixes the launch failure. Rocket Lab will be revising its third quarter revenue forecast as a result. Rocket Lab failed to achieve its goal of becoming the second most active U.S. Rocket Company behind Elon Musk’s SpaceX. The company had a consistent record of successful launches. Since May 2021, the Electron rocket had not experienced a failure. It has made 19 successful launches over the past 28 months. Rocket Lab’s next Electron launch was launched 70 days after its previous failure.