The Federal Aviation Administration (FAA) has granted SpaceX permission to resume launches of its Starship prototypes following a recent failure during a May flight. The next launch, scheduled for Thursday 16th July, will see the third version of Starship send the first third-generation Starlink satellites into orbit.

SpaceX identified that slight variations in engine startup were responsible for the booster stage failing to perform its simulated landing. The modifications made should reduce the risk of similar issues, according to SpaceX.

The launch is significant as it marks a milestone for both Starship and Starlink, crucial components of SpaceX's ambitious plans for reusable rockets and global internet coverage via space-based satellites. Despite some technical hiccups, SpaceX remains optimistic about its future in both areas.

SpaceX’s recent initial public offering (IPO) on the Nasdaq Stock Exchange has made it one of the ten most valuable companies globally, with nearly $86 billion raised. This launch comes at a crucial time for both Starship and Starlink, with SpaceX hoping to refine its rocket system in preparation for more ambitious projects.