Private-sector rocket from Japan explodes shortly after launch | Watch video

PTC News Desk: A significant setback hit Japan's aspirations in the commercial space sector as a private-sector rocket, touted as the country's first to venture into orbit, met a catastrophic end shortly after liftoff.

The rocket, named Kairos and developed by Japanese startup Space One Co., suffered a devastating explosion only moments into its maiden voyage from Space Port Kii in western Japan. The dramatic event was captured in online videos, showing the rocket ascending from Wakayama Prefecture before erupting into flames midair.

Standing at 59 feet tall with four stages and powered by solid fuel, the Space One rocket aimed to achieve a historic milestone by successfully deploying a satellite into orbit—a feat yet to be accomplished by a Japanese private company. However, those aspirations were abruptly dashed as the rocket disintegrated, leaving debris scattered across nearby mountains and the surrounding sea.

The failure not only dealt a significant blow to Space One but also impacted its investors, including Canon Inc., which experienced a 13% decrease in shares immediately following the explosion. This drop marked the company's lowest stock value in over a decade, according to reports from Bloomberg.

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(Inputs from agencies)