The first stage of Firefly Aerospace's Alpha FLTA007 Rocket was lost during a ground-based test at the company's testing facility in Briggs, Texas, on Monday. Shares of the rocket startup plunged in the early U.S. cash trading on the news.

Firefly wrote in a statement that no personnel were harmed and it is evaluating damage to its stage test stand, but confirmed no other facilities were affected.

"Regular testing is part of Firefly's philosophy – we test each critical component, engine, and vehicle stage to ensure it operates within our flight requirements before we ship to the launch pad. We learn from each test to improve our designs and build a more reliable system," Firefly stated. 

Local media outlet KXAN posted footage online showing the first stage of the rocket erupting into a giant fireball.