Lockheed Martin Backed Space Startup Suffers Failure During Maiden Mission - Lockheed Martin (NYSE:LMT)

A rocket operated by California-based space startup ABL Space Systems' maiden RS1 rocket mission failed after it was launched on Tuesday from the Pacific Spaceport Center in Alaska, after delays late last year.
The RS1 rocket, according to the ABL Space Systems website, is designed to use less infrastructure than other rocket launching methods and is powered by RP-1 or Jet-A fuels.
"After liftoff, RS1 experienced an anomaly and shut down prematurely," ABL said in a tweet.
The startup's previous attempt at launch was on Monday but was pushed to Tuesday due to high winds, Reuters reported.
ABL faced delays due to weather and technical reasons late last year.
Lockheed Martin Corp LMT-backed ABL was founded in 2017 and raised $200 million in October 2021, valuing the startup at $2.4 billion.
As per a Reuters report, Amazon.com Inc AMZN chose Boeing Co BA-Lockheed Martin joint venture United Launch Alliance to replace ABL's contract for its first two prototype satellite launches early this year after delays over RS1 development.
Lockheed Martin inked a block-buy contract with ABL in 2021 for up to 58 rocket launches.