Firefly's Alpha rocket fails in space, sends Lockheed satellite falling into ocean
- Firefly Aerospace's Alpha rocket suffered a technical issue on April 29 as it ascended into space on its sixth flight, causing a Lockheed Martin satellite it was supposed to place into orbit to crash into the Pacific Ocean.
About two minutes following lift-off from the Vandenberg Space Force Base in California, the engine nozzle on Alpha's upper portion broke off in space moments after it attempted to separate from the rocket's core booster as designed, 'substantially reducing the engine's thrust', Firefly said.
While typical rocket mishaps trigger explosions or on-board shutdown commands, Alpha's upper rocket body fired for several minutes and ascended to 320km in altitude. But it failed to reach its intended orbit and was pulled back into the atmosphere by Earth's gravity.
'The stage and payload have now safely impacted the Pacific Ocean in a cleared zone north of Antarctica,' Firefly said.
During Alpha's ascent, a company livestream of the flight showed several pieces of debris flying off the rocket.
On-screen altitude and speed data disappeared moments before, earlier than usual.
With the April 29 events, four of six Alpha flights since 2021 have failed.
Firefly, which was able to achieve a breakthrough moon landing in March, is vying with a handful of similar upstarts seeking to build a launch business in a market dominated by billionaire Elon Musk's SpaceX.
The Alpha mission was the first under an agreement between Firefly and Lockheed for up to 25 flights through 2029.
The satellite was self-funded by Lockheed and called LM 400 Technology Demonstrator, an effort to test technologies that Lockheed plans to sell to other customers, such as the Pentagon.
'Navigating risk and going fast are part of these self-funded demonstrations,' a Lockheed spokesman said, adding that the satellite's production yielded insights that will benefit future customers.
About an hour after the launch, Firefly posted on social media platform X that a mishap put 'the vehicle in a lower-than-planned orbit', then deleted that statement.
The company said it was working with Lockheed, the US Space Force and Federal Aviation Administration to determine the root cause of the failure.
With Alpha, Firefly hopes to fulfil demand from the US Defence Department for launching national security payloads into space, particularly under tight timelines.
The company had a successful launch in 2023 in a Space Force mission to demonstrate rapid-launch capabilities.
Founded in 2014, Austin-based Firefly went bankrupt in 2017, changed ownership amid US national security concerns in 2022, ousted its chief executive officer over an inappropriate relationship in 2024 then landed on the moon on its first try in March. REUTERS
Join ST's Telegram channel and get the latest breaking news delivered to you.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles

Straits Times
3 minutes ago
- Straits Times
US Postal Service blocks shipping of illicit vapes in boost for Big Tobacco
Sign up now: Get ST's newsletters delivered to your inbox The US Food and Drug Administration has authorised only 39 e-cigarette products. LONDON - The US Postal Service (USPS) has cracked down on distributors of unregulated vapes using its services for business shipments, letters reviewed by Reuters show, in a blow to a multi-billion dollar industry that has dented Big Tobacco's sales. The letters, previously unreported, show that USPS wrote to major New York-based distributor Demand Vape, blocking it from using its services after New York City's Law Department, which represents the city's government and officials in legal matters, provided evidence that its shipments broke laws. USPS' action stands to benefit tobacco giants including Altria and British American Tobacco (BAT), which have for years battled against unregulated vapes, mostly from China. Unregulated vapes lack the authorisation from the US Food and Drug Administration (FDA) that is required for them to be legally sold in the United States, the world's largest market for smoking alternatives. USPS revoked Demand Vape's mailing exception in July after it received evidence the company shipped vapes lacking FDA authorisation and that violated a local flavour ban, a letter from USPS to the company, dated July 15, showed. 'Your local Buffalo BME Office will not accept any packages from... Demand Vape that contain ENDS products,' the letter read, referring to electronic nicotine delivery systems, another term for vapes. Demand Vape said it complied with relevant laws and was contesting the revocation, adding the industry operates in a 'regulatory grey zone' with only a small number of FDA-authorised products that do not meet consumer demand. Top stories Swipe. Select. Stay informed. Business Keppel to sell M1's telco business to Simba for $1.43b, says deal expected to benefit consumers Business Singtel, StarHub shares fall after announcement of Keppel's M1 sale Opinion Anwar's government: Full house but plenty of empty offices Singapore S'pore Govt asks inactive political parties including Barisan Sosialis for proof of existence Singapore 79 arrested, over 3kg of heroin seized in 5-day drug blitz Singapore Man's claim amid divorce that his mother is true owner of 3 properties cuts no ice with judge Asia Tourist spots in South Korea face complaints over rude service, price gouging during peak season Singapore Healthy lifestyle changes could save Singapore $650 million in healthcare costs by 2050: Study 'We reject any characterisation that paints Demand Vape as anything other than a transparent, lawful and reputable business,' it said in a statement. USPS did not respond to a request for comment. Limited exceptions So far, the US FDA has authorised only 39 e-cigarette products. But unauthorised devices are widely available as authorities struggle to contain them. Under a 2021 law, USPS is restricted from mailing vapes directly to consumers, internationally and in most other circumstances. The limited exceptions include domestic shipments between businesses, which need a 'mailing exception' and their shipments must comply with relevant laws. Some other large carriers, including FedEx, refuse to ship vapes. DHL only offers carriage for business shipments with prior approval. USPS has provided NYC's Law Department with a list of other vape firms it has granted mailing exceptions so it can assess whether they should be challenged, in line with legal requirements, Mr Eric Proshansky, deputy chief of the city's division of affirmative litigation, told Reuters. This could further limit the number of carriers available to the unauthorised vape industry. Other options, such as using smaller carriers or handling freight directly, tend to be more costly. Mounting pressure BAT estimated the unauthorised vape market was worth around £6 billion pounds (S$10 billion) in 2024 . It is, however, increasingly under pressure. US import tariffs and seizures at ports in 2025 have reduced unauthorised vape imports. The FDA also wrote letters to 24 US-based middlemen, including distributors that are crucial to the unauthorised vape market, as part of a crackdown in May. This has led to empty shelves in vape stores, said Mr Tony Abboud, executive director of the Vapor Technology Association, which represents firms including Demand Vape. USPS revocations will further damage US vape businesses, he said. One of the largest US e-cigarette distributors, Demand Vape sells to some 5,000 retailers in 49 states, according to 2024 filings in a NYC lawsuit against the company. The evidence city attorneys provided to USPS included copies of invoices showing Demand Vape's sales of unauthorised e-cigarettes. Brands the FDA has specifically flagged as illegal to sell were among them, a separate letter reviewed by Reuters showed. REUTERS

Straits Times
33 minutes ago
- Straits Times
Singapore's Ninja Van said to halve valuation in latest funding round
Sign up now: Get ST's newsletters delivered to your inbox Ninja Van, backed by Alibaba Group, is set to raise US$80 million in a round that will slash its valuation by about half to around US$1 billion. SINGAPORE - Logistics start-up Ninja Van is in talks to raise an internal round which will slash its valuation by about half, the latest sign of tech companies struggling to navigate the funding winter plaguing South-east Asia. Singapore-based Ninja Van, backed by Alibaba Group Holding, is set to raise US$80 million (S$102.8 million) in a round that will reduce its valuation to about US$1 billion, according to people familiar with the matter. Existing investors B Capital Group – the venture capital firm set up by Meta Platforms co-founder Eduardo Saverin and Raj Ganguly – as well as Monk's Hill Ventures will be leading the round, said the people. Investors in this round secured favourable or preferential terms for a future exit, according to the people. A spokesperson for Ninja Van declined to comment. B Capital and Monk's Hill did not respond to requests for comment. Ninja Van is raising capital during one of the hardest possible times for fledgling firms. The South-east Asia technology industry has been plagued by job cuts, CEO resignations and falling start-up valuations amid prolonged global macroeconomic uncertainties, making it difficult for companies to secure funding or debut on public markets. Shares of regional tech peers Grab Holdings and Gojek parent GoTo Group have underperformed compared to Big Tech in the US as they work to balance growth and profitability in a region that's losing its lustre. While e-commerce is gaining popularity in the region of more than 650 million people, stiff competition and deep-pocketed players like J&T Global Express and Sea's SPX Express have kept profit margins slim in the logistics industry. Founded in 2014, Ninja Van operates in six markets in South-east Asia and delivers two million parcels a day, according to its website. Top stories Swipe. Select. Stay informed. Business Keppel to sell M1's telco business to Simba for $1.43b, says deal expected to benefit consumers Business Singtel, StarHub shares fall after announcement of Keppel's M1 sale Singapore Healthy lifestyle changes could save Singapore $650 million in healthcare costs by 2050: Study Opinion Anwar's government: Full house but plenty of empty offices Singapore 79 arrested, over 3kg of heroin seized in 5-day drug blitz Singapore Man's claim amid divorce that his mother is true owner of 3 properties cuts no ice with judge Asia Tourist spots in South Korea face complaints over rude service, price gouging during peak season Business Nvidia, AMD to pay 15% of China chip sale revenues to US, official says It raised US$578 million in a Series E round in 2021 from participants including Alibaba and B Capital Group. The round lifted the company's valuation to well beyond US$1 billion, turning the start-up into a unicorn. BLOOMBERG
Business Times
2 hours ago
- Business Times
More Singapore companies charmed by US listings, but post-IPO trail not a pretty sight
[SINGAPORE] Interest in listing on US exchanges has surged among Singapore companies, with 13 initial public offerings (IPO) in H1 2025, nearly thrice the number over the same period last year. Yet, nine out of the 13 companies saw their share price dipping below the initial listing price, including one that has fallen by nearly 90 per cent. Looking at Nasdaq's IPO calendar, The Business Times counted 13 Singapore-based companies that launched their IPO in the US in the first six months of this year. This was almost triple the five listings in H1 2024. The companies – 11 on Nasdaq and two on NYSE American – operate in various sectors including energy, healthcare, finance and technology. Their market capitalisation on Friday (Aug 8) ranges from US$8.2 million to US$295.4 million, with a median of US$102.8 million. Of the nine companies that are now trading below their offer price, Antalpha – a fintech company – recorded the smallest decline of 4.5 per cent, down to US$12.22 per share on Friday. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Maritime digital technologies provider iOThree suffered the largest loss of 89.8 per cent, closing at US$0.41 per share. Among the four companies that have seen a stronger post-IPO performance, Smart Digital Group – a provider of digital marketing and internet media services – recorded the largest gains of 154.3 per cent, reaching US$10.17 per share. Small fish, big pond Analysts whom BT spoke to pointed to sector mismatch, small market capitalisation and limited publicity as some of the key reasons behind the weaker post-IPO performance of Singapore companies in the US, despite strong gains in the Nasdaq Composite Index. DBS Group Research analyst, Foo Fang Boon, said that the Nasdaq's rally was led by mega-caps such as Nvidia, Meta and Microsoft as artificial intelligence (AI) remains the dominant theme and offers earning visibility. However, many recent Singapore listings are from traditional sectors that lack the AI and technology appeal, leading to lower investor interest, he added. Head of OCBC Investment Research Carmen Lee attributed the underperformance of Singapore companies to their small market capitalisations. 'This is in line with the broader market. The benchmark S&P 500 Index is up 7.6 per cent year-to-date (as of Aug 7), but the smaller-cap index (Russell 2000) is down 0.7 per cent for the year,' she said. Jimmy Seet, PwC Singapore's capital markets partner, described the Singapore listings in the US as 'small fish in a big pond', which tend to go unnoticed by institutional investors unless they have a robust investor relations strategy or meaningful operational presence in the US. Amid weak prospects for Singapore companies on US exchanges, MoneyHero Limited and Trident Digital Tech Holdings – both listed on Nasdaq before 2025 – received notices in the first half of this year for breaching the exchange's minimum bid price rule. This was after their shares closed below US$1 for over 30 consecutive business days. The two firms had regained compliance by July. US remains attractive market Despite the mixed performance of past Singapore IPOs in the US, companies still chose to list there in H1 2025 due to several reasons, analysts said. Food said that listing aspirants are drawn to the perceived advantages of higher trading valuations, access to deep liquidity and positive reception towards high growth stocks. 'However, there is no guarantee the aforementioned factors will come into play, as seen from the market's mixed responses (to the Singapore IPOs in the first half of this year)', he added. Stephen Bates, partner and head of deal advisory at KPMG in Singapore, noted that a listing in the US improves companies' brand credibility, which is 'instrumental' in raising capital, attracting talent and entering new markets for high-growth or tech-driven players. 'Additionally, there may be a degree of herd mentality at play', said Seet, observing that a few Singapore firms listing in the US might encourage more to follow suit, despite evidence of mixed performance. EY's Asean IPO leader Chan Yew Kiang noted that in H1 2025, factors such as elevated interest rates and US tariff announcements have introduced uncertainties and dampened IPO activity in Singapore. Amid the uncertainties, most Singapore issuers chose to list on US exchanges, he added. Why US, not Asia In the first half of 2025, one Singapore company – biotech startup Mirxes – listed on the Hong Kong Stock Exchange (HKEX). Its shares closed at HK$32.86 (S$5.37) on Friday, up 41 per cent from the IPO price of HK$23.30. Only a single firm launched its IPO domestically on the Singapore Exchange (SGX). It is the automotive group Vin's Holdings, which closed at S$0.29 per share, slightly below the IPO price of S$0.30 in April. On why Singapore issuers perceive regional markets as less attractive than the US, Seet said that regional exchanges – such as the Stock Exchange of Thailand – traditionally cater more to local companies. In contrast, US investors are more receptive to international listings and more willing to engage with companies from diverse markets, said Bates. He added that international visibility tend to be limited for markets closer to Singapore, whereas 'US listings offer strong visibility even for small-cap IPOs, which can be critical for companies seeking to build international recognition'. Despite the low uptake among Singapore issuers, analysts said the appeal of HKEX and SGX as listing venues. 'Companies that look to expand or reinforce their presence in mainland China would find it compelling to list in Hong Kong', said Chan. Seet noted that Hong Kong led global IPO fundraising in H1 2025 with nearly US$14 billion raised, outpacing even Nasdaq. As for the SGX, Foo expects more companies to consider it as a potential listing venue, citing reasons such as strengthening IPO momentum, the Monetary Authority of Singapore's (MAS) policies to revive the equity market, and Singapore's stability amid global volatility. Specifically, the central bank's S$5 billion Equity Market Development Programme could support the continued outperformance of small-mid caps relative to large cap stocks. This may encourage more small-mid cap listings in Singapore. Seet added that MAS' proposed reforms could 'bolster interest in the SGX, particularly for local companies looking for a listing venue more closely aligned with their operational footprint'.