Japanese space startup Ispace, which had aimed to achieve the world’s first private lunar landing, said Wednesday that its Hakuto-R lander had likely crashed on the moon's surface, failing to complete a touchdown.

Despite the setback, the firm said it will continue with its two other outstanding unmanned lunar missions, scheduled for takeoff in 2024 and 2025, as private-sector competition in the field of lunar explorations intensifies globally.

The Hakuto-R Mission 1 lunar lander, launched in December aboard SpaceX’s Falcon 9 rocket from Florida, was scheduled to touch down on the surface of the moon at around 1:40 a.m. Wednesday.