Helena Lyng Blak
10 weeks ago

Canon stock tumbles as Space One rocket explodes

The Japanese rocket exploded on its inaugural flight.
Depressed businessman in front of an electric bulletin board.
metamorworks / Shutterstock.com

Tokyo-based Space One, which aimed to be the first private Japanese company to put a satellite into orbit, faced a significant setback with its KAIROS rocket. The rocket exploded just seconds after launch on Wednesday, as reported by the Japan Times

Fortunately, there were no injuries, though the incident caused a large ground fire due to the falling debris.

Canon Electronics, a founding investor of Space One in 2018 alongside three other Japanese companies, saw a sharp decline in its share value following the incident noted The New York Times. The company’s stock fell by 7.45% by market close.

Space One is a Japanese launch services provider and aerospace manufacturer. The KAIROS rocket, which stands for Kii-based Advanced & Instant Rocket System, is designed as a solid-fuel rocket.

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