SpaceX successfully deployed the first batch of third-generation Starlink satellites on Friday using an upgraded Starship - the mega-rocket's 13th test flight overall. But the company's Super Heavy booster once again met a watery, explosive end during a simulated landing in the Gulf of Mexico.

This marks the second failure for the Super Heavy booster on this V3 version of Starship. Back in May, during the first V3 flight, the booster had issues during stage separation. This time, it made it farther into its planned trajectory but couldn't fire up all the engines needed for its landing burn, resulting in a faster-than-expected impact with the water and a subsequent explosion. SpaceX's "fly, fail, fix" approach is living up to its name.

The launch came just over a week after a previous attempt was aborted at ignition due to multiple engine failures. SpaceX replaced six engines ahead of Friday's flight, which seemed to do the trick - for the upper stage, at least.

The Starship upper stage performed admirably, deploying the new V3 Starlink satellites without losing an engine this time (unlike in May). It also survived atmospheric reentry and executed a simulated landing in the Indian Ocean about an hour after liftoff. Remarkably, the Ship didn't explode when it tipped over; instead, it floated around, giving SpaceX a chance to inspect its heat shield tiles with a drone.

The new Starlink satellites burned up in the atmosphere roughly 20 minutes after deployment, because Starship still can't reach orbit. But SpaceX managed to communicate with all of them while they were in space - a step forward for the only profitable part of the company's business.

The V3 satellites promise a "potential twenty-fold increase" in downlink capacity compared to Falcon 9 launches, but that's contingent on reusing the Super Heavy booster. As SpaceX's S-1 filing noted, without a fully reusable Starship, Starlink progress would be "at a slower pace and higher cost." Given the booster's track record, that pace might be very slow indeed.

In related financial news, SpaceX's stock, which went public in June in the largest IPO ever, closed at $115 on Friday - down from a peak of over $200. After-hours trading saw another 2% drop following the booster failure, though it recovered slightly. Investors may be starting to wonder if "fail fast" is a business strategy or just an expensive hobby.