News
SpaceX’s Mr Steven spotted in high-speed test at sea with upgraded net
SpaceX’s newly-outfitted recovery vessel Mr Steven was recently captured conducting aggressive maneuvers off the coast of Port of Los Angeles, just days after the vessel’s massive new arms and net were installed for the first time. The intense pace of upgrades and acceptance testing confirm beyond any reasonable doubt that SpaceX does not intend to waste its next Falcon 9 fairing recovery attempt, set to accompany the July 25th launch of Iridium-7.
The iconic fairing recovery vessel has – for the past three or four weeks – been undergoing major upgrades to its arms or claws, as well as a massive, new net spanning nearly 0.9 acres (3700 m²). With what appears to be a genuine fourfold increase in usable area for fairing recoveries, SpaceX likely has a very strong chance of actually pulling off its first successful catches and reuses of Falcon 9 payload farings, valued at roughly 5% of the rocket’s cost ($3 million per a $60 million base price) per half. Manufacturing cost and price to the customer are difficult to compare, but it at least offers a hint of the full cost of each ~800 kg segment of carbon fiber and aluminum honeycomb.
Mr Steven seen just after a day spent conducting sea-trials a few miles offshore, July 14. (Pauline Acalin)
Based on photos and video captured between July 12 and 15, Mr Steven’s crew and recovery technicians appeared to waste no time at all leaping from arm and net installation to sea-trials of the new hardware at least as extreme as anything previously observed from the SpaceX-leased vessel. Less than half an hour after leaving the harbor for the first time since his massive new arms arrived, Marinetraffic tracking data showed that Mr Steven was already performing aggressive turns and sprints at speeds up to 20 knots (~25 mph), fairly impressive given the vessel’s 200 foot (62 meter) length and gross weight of nearly 200,000 pounds (82,000 kg).
While this may seem impressive, Mr Steven is a class of ship known as a Fast Supply Vessel (FSV) designed to routinely transport a full 400 metric tons of cargo on its deck at cruising speeds of 23 knots (27 mph), which means that the only thing Mr Steven’s wildly expansive arms likely challenge is the vessel’s center of gravity (balance), hence the follow-up tests with hard turns at high speed.
Also of interest, an extraordinary video of some of that testing – unofficially captured, somehow, by drone – showed the ship aggressively maneuvering in reverse, an ability that could come in useful during recovery attempts if the expanded net’s coincidental protection of Mr Steven’s cockpit means that it can become a less fixed element, actively seeking out falling fairings to help close the gap on each parasailing half’s 50 meter error margin.
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- Mr Steven makes some serious waves, using his pod thrusters to strafe backwards at 5-10 knots. (anonymous)
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- It’s subtle, but a small plus sign appears to ‘mark the spot’ on Mr Steven’s new net, stretching roughly 60×60 meters. (anonymous)
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- Mr Steven shows off the fancy new rigging of that upgraded net. (Pauline Acalin)
Another opportunity fast approaches
Previously scheduled for July 20, Iridium’s NEXT 7 multi-satellite launch was pushed back a handful of days to July 25 to give SpaceX engineers and technicians additional time to prepare what is the company’s third Block 5 Falcon 9 to roll off its Hawthorne, CA assembly line. While suboptimal for the customer and for SpaceX’s manifest, that slight delay very likely padded slim schedule margins for Mr Steven’s major arm upgrades, meaning that the vessel will now be able to participate in the imminent launch’s recovery operations. After the first flightworthy vehicle’s debut in May 2018, SpaceX’s rocket production has ramped up in quite an extreme fashion, jumping from four first stages produced in six months to another three or four boosters completed and tested in Texas in just two months.
While the transportation of Falcon fairings and upper stages is far harder to keep track of, production of those critical components of the rocket have also reached throughput levels that are new territory for SpaceX, including an impressive statistic of an average of one full Merlin 1D rocket engine manufactured daily according to an individual with experience on the factory floor.
The Block 5 iteration of the workhorse SpaceX vehicle is in many ways a wholly new rocket, featuring an array of upgrades that include new heat shielding at the rocket’s base, interstage, and legs; retractable landing legs, upgraded Merlin 1D engines, and a clean-sweep refresh of the vehicle’s avionics, to name just a handful of the major changes included.
SpaceX technicians wrench on a trio of varied Merlin 1Ds in McGregor, Texas, where every single engine is test-fired before being attached to a Falcon 9. (SpaceX)
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Elon Musk
SpaceX (SPCX) IPO is live today at $135: Here’s exactly what you need to know
SpaceX priced its historic IPO at $135 per share today, raising a record $75 billion.
SpaceX officially priced its initial public offering at $135 per share, offering 555,555,555 shares of Class A common stock and raising $75 billion in what is the largest IPO in stock market history. Shares are set to begin trading on the Nasdaq Global Select Market on Friday, June 12, under the ticker symbol SPCX. The previous record holder was Saudi Aramco’s 2019 offering at $29 billion, followed by Alibaba’s $22 billion offering in 2014.
At $135 per share and roughly 555.6 million shares, the implied valuation sits near $1.75 trillion, which would make SpaceX roughly the seventh largest company in the United States, just above Tesla’s current market cap. Regular investors can request shares at the IPO price through Robinhood, Fidelity, Charles Schwab, SoFi, and E*TRADE, though the deal is heavily oversubscribed and most retail allocations will be partial or unfilled. Once trading opens June 12, anyone with a brokerage account can buy SPCX on the open market.
SpaceX’s amended S-1 is sparking a major Tesla merger conversation
The valuation is anchored primarily by Starlink. Starlink crossed 10 million subscribers as of February 2026 and is adding 750,000 to 1.5 million new users per month, with the connectivity segment already posting a $1.19 billion profit last quarter. The offering also bundles in xAI following SpaceX’s all-stock merger earlier this year, adding Grok and the Colossus supercomputer to the investment thesis. As Teslarati reported, Starlink ended 2025 with $10 billion in revenue, a figure analysts project could reach $24 billion by end of 2026.
Wedbush analyst Dan Ives has been vocal in his support. “I think the time is right,” Ives said, adding that the offering expands the Elon Musk ecosystem rather than competing with Tesla. An average 12-month price target of $165 per share represents roughly 22% upside from the IPO price. Not everyone agrees – Motley Fool noted xAI is spending $1 billion per month playing catch-up to OpenAI and Anthropic.
Musk founded SpaceX in 2002 with a single stated purpose. “Elon founded SpaceX with a goal to change humanity, to make us a multi-planet species,” CFO Bret Johnsen said in the company’s retail roadshow video this week. Musk himself has been more direct: “We are building the systems and technologies necessary to provide global connectivity on Earth and beyond, to understand the true nature of the universe, and to extend the light of consciousness to the stars.”
Investor's Corner
Tesla unfolded its first European “folding Supercharger”
Tesla’s folding Supercharger just arrived in Europe and it changes how fast charging expands.
Tesla’s Folding Unit Supercharger has officially landed in Europe, with the company teasing a new installation in its effort for a broader rollout targeting major motorway rest stops across the European continent in Q3 2026. The arrival marks a notable shift in how Tesla is thinking about network expansion, moving from hardware performance alone to engineering the logistics chain itself.
While Tesla did not reveal the exact location for the new folding Supercharger in Europe, the photo shared on X heavily suggests that this maybe somewhere in Norway. Historically, whenever Tesla rolls out an entirely new infrastructure architecture in Europe, whether it was the original Supercharger stalls years ago or these brand-new modular V4 “Folding Units”, Norway is almost always the designated launch pad because of its unmatched EV adoption rate and supportive infrastructure
The Folding Unit, introduced in March 2026, is a factory pre-assembled V4 charging station built on an industrial hinge system mounted to a heavy-duty concrete base. The entire assembly arrives on site ready to unfold and connect. Tesla confirmed the units feature telescopic light poles specifically designed for easy transportation and fast on-site deployment, a detail that signals how carefully the logistics chain has been engineered alongside the hardware itself. The design allows 33% more stalls per delivery truck, cuts installation time roughly in half, and reduces overall deployment costs by more than 20% compared to traditional installations.
Tesla’s newest “Folding V4 Superchargers” are key to its most aggressive expansion yet
Tesla also noted telescopic light poles which provide benefits over traditional Supercharger installations that require fixed-height poles that are awkward to ship, slow to position on site, and often require separate crews and equipment to erect before charging hardware can even be staged. By engineering poles that compress for transit and extend on arrival, Tesla has removed one of the quieter bottlenecks in the physical deployment process. Every hour saved on a light pole installation is an hour redirected toward getting stalls energized. At scale, across dozens of new sites per quarter, those hours add up to a meaningful acceleration in how quickly a location goes from approved permit to serving its first customer.
Each Folding Unit pairs a single V4 power cabinet with eight charging posts. The V4 cabinet delivers up to 500 kW per stall for passenger vehicles and up to 1.2 MW for the Tesla Semi, supporting twice the stalls per cabinet at three times the power density of its predecessor. Longer cables make every new station immediately usable by non-Tesla vehicles, a priority as Tesla continues opening its network to Ford, GM, Rivian, Hyundai, Stellantis, and others.
As Teslarati reported when the Folding Unit was first unveiled, Tesla’s Gigafactory New York produced its final V3 Supercharger cabinet in March 2026 after more than seven years and 15,000 units, completing a full pivot to V4 production. The European arrival of the folding design is the next chapter in that transition.
Faster and cheaper deployment means Tesla can justify building in markets and corridors that were previously too expensive to serve, filling the coverage gaps that have slowed EV adoption outside major urban centers.
First Folding Unit Superchargers in Europe 🇪🇺 https://t.co/KNfYWJukkL pic.twitter.com/YR1udIpH1i
— Tesla Charging (@TeslaCharging) June 10, 2026
Tesla has stunned by gaining yet another approval for its Full Self-Driving suite in Europe, its second in two days and its fifth overall.
Belgium will be the latest country to allow Tesla owners to utilize FSD on public roads in Europe, joining a quickly growing list that started with the Netherlands, Lithuania, and Estonia.
On Tuesday, Denmark announced its approval of the FSD suite, which has now been followed by Belgium just one day later.
The country’s Minister of Mobility, Annick De Ridder, announced the approval on her X account, stating that she had just signed the approval of Tesla FSD. It now goes to the country’s homologation department for the last step of the approval process.
De @Tesla community houdt hier al geruime tijd de vinger aan de pols over de toelating voor de FSD-technologie op onze Vlaamse en Belgische wegen.
Uit waardering voor jullie niet-aflatende interesse (en aanmoediging 😉), krijgen jullie hierbij de primeur: ik heb net de toelating… pic.twitter.com/Yrps4OHTj8— Annick De Ridder (@AnnickDeRidder) June 10, 2026
The Belgian approval is one of mighty importance because it truly shows how quickly countries in Europe could greenlight the FSD suite consecutively. Approvals are already coming in relatively quickly, which is a great sign.
Perhaps the next big development that could come from FSD approvals in Europe is an approval from a country like England, Italy, France, Spain, or Germany. It would be something to see how FSD would perform in a major European metro, such as London, Barcelona, Madrid, Paris, Rome, or Berlin.
Getting Full Self-Driving in Spain and England will be such huge milestones for Tesla. I am so excited to see how FSD performs in Madrid, Barcelona, and London, specifically.
The ultimate test will always be Mumbai or New Delhi. Excited for India’s eventual approval! https://t.co/paw9Ch1qmL pic.twitter.com/9RdDERVSSJ
— TESLARATI (@Teslarati) June 9, 2026
Full Self-Driving does an excellent job of roaming around major U.S. cities like New York and Los Angeles, but other high-profile international cities of significance would truly mark a line in the sand for Tesla, which can simply enable any vehicle in its customer-owned fleet to run FSD with the correct approvals.
SpaceX (SPCX) IPO is live today at $135: Here’s exactly what you need to know
Tesla unfolded its first European “folding Supercharger”
