SpaceX's Orbital Milestone Comes With an Engine Fault — and a Regulatory Queue on the Ground

SpaceX shares closed up 7.2% at EUR 141.20 after three flights in under 13 hours, while a Starship engine failure during the September 28 test flight raises questions.

A single trading session told two stories about SpaceX. By Friday's close, the stock had climbed 7.2% to EUR 141.20, lifted by a burst of operational activity that saw three flights completed in under 13 hours. Yet the same week brought a reminder that the company's next-generation rocket still answers to physics before it answers to shareholders.

A Test Flight That Went Both Ways

On September 28, Starship reached Earth orbit for the first time, releasing 26 next-generation Starlink satellites along the way. The mission did not run to completion. An engine malfunction during ascent forced SpaceX to end the flight early, bringing the vehicle down in a controlled splashdown in the Pacific.

The consequences stretch beyond the development program itself. According to Reuters, the engine failure could complicate NASA's timetable for crewed lunar missions, given that the agency leans heavily on the heavy-lift system for its landing plans. While the satellite deployment succeeded, the propulsion issues demand further root-cause analysis — and add pressure on SpaceX to demonstrate the new system's reliability quickly. Beyond institutional contracts, investors are watching how fast fixes can be implemented.

The Contrast Next Door

Against that backdrop, the established launch business has been running like clockwork. Media reports credited a sequence of three missions in under 13 hours as a key driver of Friday's share-price jump. The company carried four astronauts to the International Space Station for NASA on the Crew-13 mission. In parallel, Transporter-18 delivered 130 payloads to orbit, including a prototype satellite for a Google orbital project. The run closed with the NROL-97 mission for the US National Reconnaissance Office.

That density demonstrated how smoothly the proven launch segment operates, regardless of the open questions surrounding Starship. Falcon 9 functions as a dependable workhorse, generating steady revenue and serving institutional partners, while the far larger Starship still grapples with the physical and technical demands of full operational readiness. The resulting split profile — routine assembly-line work on one side, risky pioneering technology on the other — defines the company's current position.

Washington Opens a New Front

Scaling flight operations depends on more than engines and heat shields. It requires a substantial expansion of ground infrastructure. On Tuesday, the US Federal Aviation Administration announced a supplemental environmental review and a public participation process for planned Starship-Super Heavy operations at Space Launch Complex 37. Before SpaceX can conduct commercial launches and landings there, it must obtain a modified operator license. The agency will accept public comments until October 14, 2026.

Wall Street is paying attention to this infrastructure angle. On Tuesday, TD Cowen analyst John Blackledge initiated coverage with a Buy rating and a $200 price target, stressing that the next big business lies on the ground. A day later, Paul Golding of Macquarie reaffirmed his Outperform rating and a $250 target. Both views reflect an expectation that monetization of the transport routes being built is only beginning.

Chart Position and a Disclosure From Mar-a-Lago

With the latest advance, the stock trades 17% above its 50-day moving average of EUR 121.17. Alongside operational developments, reports of share transactions drew notice: according to Reuters, a financial disclosure from Donald Trump showed he acquired SpaceX shares worth up to $50,000 in July and sold securities worth up to $15,000.

What remains front and center for investors is progress on fixing the Starship engine problems. The recent rally reflects confidence in the growing operational cadence — but the path from successful test flights to a fully regulated, uninterrupted routine remains demanding. How quickly the company clears its regulatory procedures on the ground, and whether the next rocket generation meets high logistical expectations under commercial conditions, will shape the next chapter.