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.