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Firefly Aerospace shares sank more than 24% after its rocket exploded during a test flight on Monday.

The explosion occurred during a first-stage test flight of satellite-launching Alpha Flight 7 rocket at its facility in Briggs, Texas, Firefly wrote in an update .

"Proper safety protocols were followed, and all personnel are safe," Firefly wrote. "The company is assessing the impact to its stage test stand, and no other facilities were impacted."

The eight-year-old space technology company competes in an increasingly crowded space dominated by billionaire-backed ventures such as Elon Musk 's SpaceX for deals with NASA and prominent government contractors.

Appetite is strong. Over the years, Firefl

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