Blue Origin rocket mishap

The incident represents a significant setback for the Jeff Bezos-backed firm as it races to compete with SpaceX in the commercial space market.

The lost payload belonged to AST SpaceMobile, whose shares plunged following the news of the orbital failure.

FAA investigators are now working to determine the cause of the second-stage flight sequence issue.

Despite the failure to deploy the satellite, the successful booster reuse was a major milestone for the company's long-term goals.