SpaceX星舰首次入轨发射因发动机故障中止，盘前股价下跌
Open Interest 9/28/2026
SpaceX 作为未上市巨头，其核心资产 Starship 的首次入轨尝试直接关联其估值逻辑与业务里程碑。本次发射失败及股价盘前反应提供了关于公司技术进度与市场情绪的最新事实数据，对关注一级市场估值、航天产业链及潜在 IPO 机会的投资者具有实质参考价值。
DANI: I'M DANI BURGER, BLOOMBERG OPEN INTEREST STARTS NOW. DANI: COMING UP ON TODAY'S SHOW OIL ADVANCES AS PRESIDENT TRUMP REJECTS IRAN PROPOSAL TO REOPEN THE STRAIT OF HORMUZ. PUSHING BOND YIELDS HIGHER AS WE HEAD INTO A WEEK PACKED WITH ECONOMIC DATA. SPACE X LAUNCHES A STARSHIP INTO ORBIT FOR THE FIRST TIME. WE WILL GET MORE ON THAT IN JUST A MOMENT. FIRST, SOME OF THE STOCKS WE ARE LOOKING AT. NVIDIA UP TWO PERCENT.
达妮：我是达妮·伯格，彭博未平仓合约数据现在开始。达妮：今天节目即将播出，随着特朗普总统拒绝伊朗重新开放霍尔木兹海峡的提议，油价上涨。我们正步入充满经济数据的一周，债券收益率随之走高。SpaceX首次将星舰送入轨道。稍后我们将对此进行更多报道。首先，看看我们正在关注的一些股票。英伟达股价上涨2%。
INCREASING THE SIZE OF ITS SHARE BUYBACK PLAN BY 150 BILLION DOLLARS. IT'S UNVEILED A NEW SYSTEM DESIGNED TO STOP AI AGENTS THAT BREAK THE RULES. WE'VE HAD OUR EYES GLUED ON THIS MORNING SPACE X LAUNCHING ITS STARSHIP RAAB GET -- STARSHIP ROCKET. LET'S BRING IN ED LUDLOW ON THIS. GIVE US THE LATEST ON THE STARSHIP LAUNCH AND WHAT WE KNOW ABOUT IT AND HOW IT IS PROGRESSING SO FAR. ED: I THINK WE HAVE A HOT HEADLINE THAT WILL HIT IN A MOMENT.
将其股票回购计划规模增加1500亿美元。该公司公布了一个新系统，旨在阻止违反规则的AI代理。今天早上我们的目光一直聚焦在SpaceX发射其“星舰”火箭上。让我们请埃德·拉德洛就此发表评论。请给我们带来关于星舰发射的最新消息，以及我们对它的了解情况和目前的进展如何。埃德：我认为马上就会有一个重磅头条新闻出现。
AN UPDATE, THE MISSION HAS NOT BEEN SUCCESSFUL IN SO FAR AS THE PICTURES YOU'RE LOOKING AT ON YOUR SCREEN ARE STARSHIP AT A SUBORBITAL ALTITUDE. AT THE BOTTOM OF STARSHIP ARE SIX RAPTOR ENGINES AND ONE OF THOSE CUT OUT EARLY. THE GOAL OF THIS MISSION WAS TO GET TO AN ORBITAL ALTITUDE OF 200 75 KILOMETERS. ALL THE TESTS THUS FAR HAVE BEEN SUBORBITAL. BECAUSE OF THAT HARDWARE FAILURE THEY WILL NOT BE ABLE TO ATTEMPT TO GET TO AN ORBITAL ALTITUDE.
更新情况是，此次任务尚未成功。你们屏幕上看到的图片显示星舰处于亚轨道高度。星舰底部有六台猛禽发动机，其中一台提前熄火。此次任务的目标是达到200至75公里的轨道高度。迄今为止的所有测试都是亚轨道飞行。由于这次硬件故障，他们将无法尝试进入轨道高度。
THE STOCK IS NOW REACTING IN PREMARKET DOWN 1.3%. THIS IS WHAT IS AT STAKE. THE BIG PICTURE THE PROSPECTUS BACK TO THE IPO COULD NOT HAVE BEEN CLEARER THAT STARSHIP'S SUCCESS IS THE SINGLE POINT OF FAILURE OF WHICH SPACEX'S WHOLE FUTURE BUSINESS IS RELYING ON. THE STOCK BOUNCING AROUND NOW. THAT IS THE REACTION. JUST TO BE CLEAR THE GOAL AND AIM OF THIS WAS TO DO ABOUT SIX ORBITAL PASSES AROUND THE EARTH OVER 10 HOURS ALONG WITH SOME OTHER OPERATIONAL GOALS.
该股目前在盘前交易中下跌1.3%。这就是利害关系所在。大局来看，招股书在IPO时已经说得很清楚：星舰的成功是SpaceX整个未来业务依赖的唯一关键节点。股价现在上下波动，这就是市场反应。需要澄清的是，此次的目标和目的是在10小时内绕地球完成大约六次轨道飞行，同时实现其他一些运营目标。
THAT IS THE LATEST BECAUSE OF THAT HARDWARE FAILURE THEY WILL NOW WANT TO GET TO THAT ALTITUDE.
这是最新消息，由于那次硬件故障，他们现在希望达到那个高度。
A FUNDAMENTAL MILESTONE THEY WERE HOPING TO ACHIEVE. IT WAS SO CRUCIAL TO VALIDATE THE THESIS WHICH OF GOING FORWARD WHEN THEY IPO'D. IF THEY DON'T ACHIEVE THIS IN THE ROCKET LAUNCH WHAT -- WHERE THEY GO FROM HERE? ED: IT IS HARD TO SAY. THEY ARE SAYING I WANT TO GIVE THE REAL-TIME UPDATE BECAUSE THIS IS LIKE AN ENGINEERING CHALLENGE. LITERALLY ROCKET SCIENCE BUT WHAT THEY ARE SAYING IS THEY ARE NOT GOING TO ATTEMPT THE ADDITIONAL BURN TO GET THEM INTO ORBIT.
这是一个他们希望实现的基本里程碑。这对于验证他们在IPO时提出的、面向未来的论点至关重要。如果他们在火箭发射中未能实现这一目标，那么他们接下来该怎么办？埃德：这很难说。他们说我想提供实时更新，因为这是一场工程挑战。字面意义上的火箭科学，但他们的意思是，他们不会尝试进行额外的燃烧以使其进入轨道。
WORKING OUT WHAT'S GOING ON NOW. BUT BASICALLY SPACEX DOMINATES THE ACTIVITY OF SENDING BOTH NONHUMAN HUMAN PAYLOAD INTO ORBIT, THAT'S LARGELY DONE THROUGH THIS FALCON NINE ROCKET. THE MOST SUCCESSFUL REUSABLE ROCKET THAT HUMANKIND HAS DEVELOPED. THE FUTURE IS STARSHIP AND THERE WILL BE THIS PERIOD WHERE THEY PHASE OUT FROM THAT. SPACE XAI THE ARM SELLS AI SOFTWARE. SPACE X OPERATES CONSTELLATION OF SATELLITES WHICH IS CONSTELLATION-BASED INTERNET AND THE FUTURE IS DATA CENTERS IN THE FORMER SATELLITES.
正在搞清楚目前的情况。但基本上，SpaceX 主导了将非人类和人类有效载荷送入轨道的活动，这主要通过猎鹰九号火箭完成。这是人类开发的最成功的可重复使用火箭。未来是星舰（Starship），他们将经历一个逐步淘汰旧系统的时期。SpaceX AI 部门销售 AI 软件。SpaceX 运营着一个基于卫星的互联网星座，而未来的数据中心将以这些前卫星的形式存在。
DUTCH FORM OF SATELLITES THAT ORBIT THE EARTH. NONE OF THAT IS POSSIBLE WITHOUT STARSHIP BEING REUSABLE. THEY HAVEN'T YET GOTTEN TO AN ORBITAL ALTITUDE THAT WOULD REPRESENT SOME PROGRESS OF WHAT STARSHIP CAN DO IN THE FUTURE IN TERMS OF PUTTING THOSE PAYLOADS INTO ORBIT. ON BOARD THEIR 26 STARLINK SATELLITES OPERATIONAL ONES WE DON'T KNOW NOW WHAT'S CAN HAPPEN WITH THAT EITHER. THE STOCK MARKET DOWN ABOUT 2%. DANI: JUST TO RECAP OF WHAT WE'VE SEEN THIS IS A COMPANY IPO'D AT 130 FIVE DOLLARS STILL ABOVE THAT BUT DROPPING PRECIPITOUSLY IN THE PREMARKET.
围绕地球轨道运行的荷兰形式卫星。如果没有星舰的可重复使用性，这一切都不可能实现。他们尚未达到能够代表星舰未来在将有效载荷送入轨道方面取得进展的轨道高度。在他们运营的 26 颗星链卫星中，我们目前也不知道会发生什么。股市下跌约 2%。Dani：简单回顾一下我们看到的，这是一家以每股 130.5 美元上市的公司，目前仍高于该价格，但在盘前交易中急剧下跌。
WE ARE DOWN 1.8%. SPACE X HOPING TO LAUNCH THE STARSHIP ROCKET AS ED HAS BEEN OUTLINING. SOME VARIOUS FAILURES THAT'S MADE THAT LIKELY. THEY ARE NOW NOT GOING TO DO THAT. ABOUT 2% THIS MORNING. YOU'VE BEEN LOOKING AT THE DETAILS AND OUTLINING WHY THIS IS SO IMPORTANT FOR THEM TO VALIDATE THEIR BUSINESS CASE TO GET VARIOUS SATELLITES INTO ORBIT. ANY OTHER DETAILS YOU ARE SEEING AND WHAT HAPPENS ADDITIONALLY TO THE SATELLITE, SURELY THERE WERE SOME THERE WERE OPEN TO LAUNCH INTO ORBIT BUT NO LONGER OCCURS.
我们下跌了 1.8%。SpaceX 希望发射星舰火箭，正如 Ed 所概述的那样。各种失败使得这成为可能。他们现在不打算那样做了。今天早上大约下跌 2%。你已经看到了细节并概述了为什么这对他们验证商业案例、将各种卫星送入轨道如此重要。你还看到了哪些其他细节？除了卫星之外还发生了什么？肯定有一些原本准备发射入轨的，但现在不再发生了。
ED: I AM STILL STUDYING AND I THINK THEY ARE STUDYING IS THE LANGUAGE SPACE X IS USING FOR WHAT THEY WILL DO NEXT WHETHER IN ORBITAL BURN IS POSSIBLE. WHAT'S SO INTERESTING IF YOU GO BACK TO THE PRIOR TEST WHICH WAS TESLA, THEY HAD KIND OF TWO IN THAT. AND THEN THEY ENDED UP DELAYING. IN THAT THURSDAY NIGHT FIRST ATTEMPT TO GET RIGHT DOWN TO ZERO ON THE CLOCK, KIND OF HOLD DUE TO A TECHNICAL ISSUE. SO LIKE WALL STREET GLOBAL INVESTORS HAVE THIS SENSE OF HOW IMPORTANT STARSHIP IS EVEN IF SOME OF THE ENVISIONS ARE OUT OF THIS WORLD AS OUTLINED IN THE PROSPECTUS.
Ed：我仍在研究，我认为他们在研究的是 SpaceX 用于描述其下一步行动的语言，无论是进行轨道燃烧是否可行。如果你回顾之前的测试——那是特斯拉进行的测试——其中包含两种情况。然后他们最终推迟了。在周四晚上的首次尝试中，为了将时钟归零，由于技术问题而暂时搁置。因此，像华尔街全球投资者这样，即使招股书中概述的一些愿景看似天马行空，他们也深知星舰的重要性。
PEOPLE SAY LOOK YOU HAVE THE TRACK RECORD OF WHAT THEY BEEN ABLE TO DO IT DOES DOMINATE COMMERCIAL SPACE IN TERMS OF LAUNCH. IT IS RAPIDLY GROWING ITS CONDUCTIVITY BUSINESS AND DOING IT ON THAT BUSINESS IN PARTICULAR. SO THEY EXTEND THEM THE BENEFIT OF THE DOUBT THAT THEY WILL GET THERE IN THE END ON STARSHIP. YOU DON'T FORGET THE OBLIGATIONS THAT SPACEX'S IS UNDER WITH NASA AND A FUTURE WHERE STARSHIP AS A SPACECRAFT CRAFT AND THE LAUNCH SYSTEM HAS A ROLE TO PLAY IN RETURNING HUMANS TO THE MOON WHICH IS AGAIN A STATED GOAL OF THIS ADMINISTRATION AND THE U.S.
人们会说，你看，他们拥有能够做到的业绩记录，这在发射方面主导了商业空间。他们的导电业务正在快速增长，尤其是在这项业务上。因此，他们对星舰（Starship）最终能实现这一点持保留态度。别忘了 SpaceX 在 NASA 下的义务，以及未来星舰作为航天器和发射系统在让人类重返月球方面所扮演的角色，这再次是本届政府及美国太空总署的目标。
SPACE AGENCY. DANI: HOW MUCH IS TIED UP IN THIS IDEA THEY CAN ACHIEVE ORBITAL FLIGHT?
太空总署。Dani：他们在实现轨道飞行这一想法上投入了多少？
ONE OF THE GOALS OF THIS WHICH WAS TBD NOW. WE DON'T KNOW IF THEY ARE GOING TO PROCEED WITH THIS PART OF IT BUT THERE ARE STARLINK SATELLITES ON BOARD THAT SPACECRAFT. THAT WOULD'VE MADE A MEANINGFUL CONTRIBUTION ONE TERABYTE PER SECOND TO THE NETWORK. THEY KIND OF COME OUT PEZ WE HAD LITTLE SUITES THAT CAME OUT LIKE A CLICKER SLIDE OUT. THAT'S HOW THEY ARE DEPLOYED. ON PAPER THE SATELLITE FOR THE DATA CENTER IS EXACTLY THE SAME.
这是其中一个目标，目前待定。我们不知道他们是否会继续推进这部分工作，但该航天器上载有星链（Starlink）卫星。这将为网络带来有意义的贡献，达到每秒一太字节。它们有点像佩兹糖果（Pez），像小套件一样出来，像遥控器一样滑出。这就是它们的部署方式。从纸面上看，用于数据中心的卫星是完全相同的。
THE PAYLOAD GOES INTO THE STARSHIP AND IS DEPLOYED. THE TIMELINE FOR THAT IS NEXT YEAR ESSENTIALLY. ELON MUSK'S TIMELINE CAN VARY. HE WILL SAY WE HAVE A GOAL OF DOING THIS THEY GET THERE IN THE END OFTEN BUT THEY DON'T DO IT IN THE TIME THAT HE SET. THAT'S WHAT THEY ARE WORKING TOWARDS AND THE HEAD OF THE IPO WAS INTERESTING SPEAKING TO A LOT OF PEOPLE WORKING AT SPACE X AND A LOT OF THE INVESTORS THEY HAD A HIGH DEGREE OF CONFIDENCE THAT SPACE X WAS BEING CONSERVATIVE WITH THAT.
有效载荷进入星舰并部署。时间线基本上是在明年。埃隆·马斯克（Elon Musk）的时间表可能会有所不同。他会说我们的目标是做到这一点，他们最终往往能做到，但他们没有在他设定的时间内完成。这正是他们努力的方向。IPO 负责人与许多在 SpaceX 工作的人以及许多投资者进行了有趣的交谈，他们对 SpaceX 在这方面保持保守态度有高度的信心。
AND THEY WOULD GET TO A WORLD WHERE EVEN IF THEY JUST FOR DEMONSTRATION PURPOSES A DATA CENTER CASE STUDIES SOONER THAN THE END OF 27 BEGINNING AT 28. DANI: I HAVE TO ADMIT IGNORANCE OF WHAT EXACTLY IT REQUIRES TO GET THIS THING INTO ORBIT. IT SEEMS LIKE THEY ARE CONSIDERING PERHAPS PUTTING IT INTO ORBIT JUST THE LATEST HEADLINES. AFTER THE ENGINE WENT OUT. DO YOU THINK THERE IS AN ELEMENT TO THIS WHERE THEY WILL DO EVERYTHING IN THEIR POWER TO GET THIS INTO ORBIT BECAUSE OF WHAT YOU'RE LAYING OUT EVEN IF IT IS A HUGE ENGINEERING FEAT TO GET IT AFTER VARIOUS TECHNICAL DIFFICULTIES HAVE POPPED UP FOR THEM ON THIS LAUNCH.
他们将进入一个世界，即使只是为了演示目的，数据中心案例研究将在 27 年底之前、28 年初开始。Dani：我必须承认我不知道究竟需要多少才能将这个东西送入轨道。看起来他们正在考虑将其送入轨道，只是最新的头条新闻。在发动机失效之后。你认为是否有这样一个因素，即他们会尽一切努力将这个送入轨道，因为你所阐述的原因，即使经过各种技术难题后，将其送入轨道是一项巨大的工程壮举。
TO RECAP AT THE BASE OF THE SPACECRAFT STARSHIP THE SPACECRAFT PORTION WHICH SEPARATED SUCCESSFULLY FROM THE BOOSTER THERE ARE SIX RAMP TO ENGINES. -- RAPTOR ENGINES. ONE OF THEM HAD CUT OUT EARLY ON THE WAY UPHILL THE WAY SPACE EXPORTED. THEY ARE LOOKING AT AND REVIEWING IT AND WHAT WAS INTENDED TO HAPPEN IN 25 MINUTE MARK WAS A BURN OF JUST A SINGLE ONE OF THOSE RAPTORS. AND TO PUT IT TOWARDS A PATH WHERE IT COULD MAINTAIN AN ORBITAL OUTAGE.
为了回顾星舰航天器底部的情况，即成功与助推器分离的航天器部分，这里有六台猛禽发动机。其中一台在上坡途中过早熄火，正如太空探索公司所预期的那样。他们正在查看并审查这一情况，原计划在25分钟标记处仅使用其中一台猛禽发动机进行燃烧，并将其导向一条能够维持轨道运行的路径。
ABOVE THE EARTH. ON GOING TO THE CONVERSION TO MILES. I'M JUST GOING WITH KILOMETERS BECAUSE THAT IS INDUSTRY-STANDARD. AND THEY ARE JUST SAYING THEY ARE REVIEWING IT AS IT STANDS THEY ARE GOING TO ATTEMPT THAT BURN. WE ARE TECHNICALLY STILL CONFIRMATION OF AN ABORT. AND IT IS CONCEIVABLE THAT THEY MAY WELL PROCEED. THAT'S THE KIND OF LANGUAGE THAT'S COMING OUT OF SPACE X. IN SUMMARY THEY DON'T KNOW.
在地球上空。关于转换为英里的说明，我直接使用公里，因为这是行业标准。他们表示正在审查当前状况，并将尝试执行该次燃烧。从技术上讲，我们仍处于确认中止的状态。但完全有可能他们会继续推进。这正是来自SpaceX方面的说法。简而言之，他们目前并不确定。
CAN YOU ALSO SPEAK ABOUT THE ROCKET ITSELF. THE ONE THAT SPACE X IS FACING OUT AND HOW THIS MIGHT BE AN IMPORTANT TEST CASE AS THEY ACCELERATE THOSE PLANS. ED: ON PAPER THE STARSHIP IN ITS CURRENT DESIGN IS CAPABLE OF A PAYLOAD OF ABOUT 100 METRIC TONS TO LOW-EARTH ORBIT. THAT IS A LOT AND IT IS SIGNIFICANTLY MORE THAN FALCON 9 IS ABLE TO DO. FALCON 9 IS A REUSABLE ROCKET THAT SPACE X USES TO DEPLOY SATELLITES FOR THIRD PARTIES LIKE TH
你能否也谈谈火箭本身？SpaceX正在面对的那枚火箭，以及随着其加速推进相关计划，这如何成为一个重要的测试案例。Ed：理论上，星舰在其当前设计下能够将约100公吨的有效载荷送入低地球轨道。这是一个巨大的数字，远大于猎鹰9号的能力。猎鹰9号是SpaceX用于为第三方部署卫星的可重复使用火箭，例如TH
原文超出正文长度上限，此处截断——上游还有内容，完整版见上方「原文 ↗」。
更进一步：量化金融体系
看懂新闻只是起点——沿量化金融路径，把它变成能交付的工程能力