After a NASA mission fails mid-launch, Astra stock drops 26%

Astra’s stock dropped dramatically on Thursday after the company’s most recent mission failed to reach orbit.

Astra’s stock dropped 26% to $3.91 per share at the close.

A problem with the rocket mid-flight stopped it from delivering a set of four cube satellites to orbit on a NASA-funded mission, according to the company.

“I’m deeply sorry we were not able to deliver our customer’s payloads. I’m with the team looking at data, and we will provide more info as soon as we can,” Astra CEO Chris Kemp said in a tweet.

On the company’s livestream of the launch, the upper stage of the rocket looked to be sliding out of control, prompting the Nasdaq to halt the stock at 3:05 p.m. ET.

Shares briefly reopened for trading and fell 32% before being halted again at 3:37 p.m. ET, and then reopened a second time, somewhat rebounding.

The NASA mission was Astra’s first launch from Cape Canaveral, Florida. Three months ago, the business launched its LV0007 rocket from Kodiak, Alaska, into orbit for the first time.

Astra’s vehicle stands 43 feet tall and is designed to compete in the small rocket industry. Astra’s goal is to launch as many tiny rockets as possible, with the goal of launching one rocket per day by 2025 and lowering the $2.5 million price point even more.

After completing a SPAC merger, the company went public earlier this year, seeking funding to enhance production of its tiny rockets, expand its facilities in Alameda, California, and develop its spacecraft and spaceport business lines.

However, Astra’s stock has been pummelling alongside other space development businesses in the last three months, and its value has been reduced.