On 15 March 2012, Baumgartner completed the first of two test jumps, from 21,818 metres (71,581 ft). During the jump, he spent approximately three minutes and 43 seconds in free fall, claiming to have reached speeds of more than 580 kilometres per hour (360 mph), before opening his parachute. In total, the jump lasted approximately eight minutes and eight seconds and Baumgartner became only the third person to parachute safely from a height of over 21.7 kilometres (13.5 mi).

On 25 July 2012, Baumgartner completed the second of two planned test jumps, from 29,460 metres (96,650 ft). It took Baumgartner about 90 minutes to reach the target altitude and his free fall was estimated to have lasted three minutes and 48 seconds before his parachutes were deployed. Baumgartner landed safely near Roswell, New Mexico, USA. His top speed was an estimated 863 kilometres per hour (536 mph) according to Brian Utley, an official observer on site. The jump represented a personal best for Baumgartner. Joseph Kittinger, who parachuted from 31,300 m (102,800 feet) in 1960, became involved with the mission to advise Baumgartner and to help gather scientific data on next-generation full pressure suits.

The project's original scheduled launch on the morning of 9 October 2012 was delayed five hours because of weather problems. Technicians at the launch site also found that one of the capsule's communication radios was faulty. At 11:42 MDT, the launch was aborted due to a 40-kilometre-per-hour (25 mph) gust of wind at the launch site. The launch was rescheduled for the morning of 11 October, though the project's meteorologist announced that the date would again be postponed.

The timeline for the mission was split into eight stages. Stages 1 and 2 covered the balloon's ascent, stages 3-7 covered the descent and landing, and stage 8 covered the return of the balloon and capsule:

1.Launch of balloon with Baumgartner in capsule suspended below canopy Completed at approximately
   09:30 MDT (15:30 UTC).

2. Balloon reaches maximum altitude: 38,969 metres (127,851 ft)-after a 2.5-hour ascent Completed
    (38.969 kilometres (24.214 mi) reached).

3. Baumgartner de-pressurises the capsule, opens the door and jumps Completed (jumped from capsule at approximately 12:07 MDT (18:07 UTC)).

4. At approximately 30,000 metres (98,000 ft), Baumgartner reaches the speed of sound Achieved Mach
   1.25-1,357.64 kilometres per hour (843.60 mph)-after approximately 00:40 of freefall.

5. After approximately 3:30 of freefall, air resistance slows Baumgartner as the atmosphere becomes
    denser Parachute deployed at 4:16 and fully opened by 4:19, earlier than scheduled, preventing the
    duration milestone from being reached.

6. Baumgartner deploys his parachute at approximately 2,500 metres (8,200 ft)above sea level,and 1500
    m above ground level. Completed

7. Approximately 5:00 of controlled parachute descent until landing Completed at approximately 12:17
    MDT (18:17 UTC).

8. Mission control remotely detach the balloon from the capsule; both descend to Earth to be recovered Completed.

The following graph shows the ascent of the capsule from ground to top altitude in altitude (ft) and velocity (ft/min) versus time (min).

There were many unknowns about what would happen with Baumgartner when he jumped, the biggest of which was what breaking the sound barrier would do to his body. Gathered information on the feasibility of high-altitude bailouts will be useful to the budding commercial space-flight industry. Dr. Jonathan Clark, medical director of the project, said:

"We'll be setting new standards for aviation. Never before has anyone reached the speed of sound without being in an aircraft. Red Bull Stratos is testing new equipment and developing the procedures for inhabiting such high altitudes as well as enduring such extreme acceleration. The aim is to improve the safety for space professionals as well as potential space tourists."

The project provided data for the development of high-performance, high-altitude parachute systems. It has been stated these will inform the development of new ideas for emergency evacuation from vehicles, such as spacecraft, passing through the stratosphere.