Space
Europe postpones Mars mission over ExoMars rover issue and Coronavirus
The European Space Agency (ESA) announced that its ExoMars rover would not fly this year. The mission, a collaboration with the Russian Space Agency (Roscosmos), was set to launch this summer. However, the launch has been postponed to 2022 due to technical issues and the logistical impact due to the global Conoavirus outbreak.
“This is a very tough decision, but it’s, I’m sure, the right one,” ESA Director General Jan Wörner said during a news conference at ESA’s headquarters in Paris after consulting with the head of Roscosmos, Dmitry Rogozin. “The parties had to recognise that the final phase of ExoMars activities are compromised by the general aggravation of the epidemiological situation in European countries.”
“We agreed together it’s better to go for success than just to go for launch at this time,” Wörner said. “Although we are close to launch readiness, we cannot cut corners. Launching this year would mean sacrificing remaining essential tests.”
The ExoMars rover is Europe’s first Mars rover. Named after Rosalind Franklin, a British pioneer of DNA science, the robotic explorer will search for signs of life on the red planet’s surface. Wörner said the agency needs more time to troubleshoot issues with the spacecraft’s parachute system as well as precise electronics, so the delay is necessary.
Also, the recent coronavirus outbreak that’s spreading around the globe isn’t helping. So instead of rushing, the team is taking the next two years to conduct extensive testing and make sure they get it right.
“We have made a difficult but well-weighed decision to postpone the launch to 2022,” Rogozin said in a statement. “I am confident that the steps that we and our European colleagues are taking to ensure mission success will be justified and will unquestionably bring solely positive results for the mission implementation.”
The ExoMars rover is a follow-on to ESA’s ExoMars Orbiter mission, which reached the red planet in 2016. That mission consisted of two parts: the Trace Gas Orbiter (TGO) and the Schiaparelli lander, a technology demonstrator. Unfortunately, the Schiaparelli crash-landed during its descent to the Martian surface.
Landing a spacecraft on Mars is hard. The planet’s atmosphere is thinner than what we see on Earth, and as such its takes a combination of sophisticated tools, including heat shields, retrorockets, and even giant, inflatable airbags, to safely touch down on the surface.
If anyone of those techniques fails, the spacecraft will crash, which is what happened with Schiaparelli.
Despite being around for decades, parachutes are still pretty tricky, especially using them on another planet. ESA engineers have made many adjustments to the parachute system, but keep seeing the same result: they rip as soon as they deploy. Test, after test, the chutes failed. Engineers have tried reinforcing them with Teflon to make them slide out of their bags easier, but no luck.
ESA even tried to seek advice from NASA’s Jet Propulsion Laboratory, which has built every single rover on Mars and, unfortunately needs more time to collaborate on parachute design. Because there’s only a limited window of launch opportunity, ESA officials decided to make the tough call to postpone until the next Mars window opens in 2022.
Appreciate @esa and @roscosmos for making the tough decision to postpone @ESA_ExoMars to 2022. Launching & safely landing a spacecraft on Mars are extremely demanding and require many technologies & systems to function perfectly. Your work is inspiring everyone to do hard things. https://t.co/ttPzDyQJWa
— Thomas Zurbuchen (@Dr_ThomasZ) March 12, 2020
The rover and its launcher, a Russian Proton rocket, are ready to go. The agency has more parachute tests in the works, including high-altitude drops.
Additionally, Wörner said the team discovered issues with the descent module’s electronic equipment, which are essential to the mission’s success. This piece of equipment controls functions like spacecraft power, propulsion, and even parachute control. It will take some time for the bugs to be fixed.
“Due to the troubleshooting of these anomalies at system level, the final version of the flight software has been delayed, and there is not enough time to fully test it before a 2020 launch and gain the confidence we need,” Wörner said.
You can technically launch to Mars anytime, but space agencies around the world choose specific windows that open every two years. During this time, Mars and Earth are in line, so that it takes less time and uses less fuel. In 2022, that window is open from August to October.
Once it reaches the Martian surface, the rover will study an ancient lake bed. It will scour the red planet’s surface in search of biosignatures, or signs of life.
The Ontario Teachers’ Pension Plan (OTPP) stands to reap one of the most extraordinary returns in pension fund history thanks to a bold 2019 investment in SpaceX.
According to a recent report from The Globe and Mail, the Toronto-based fund invested roughly $300 million CAD (~$220 million USD at the time) in Elon Musk’s space company as its inaugural deal through the Teachers’ Innovation Platform.
At SpaceX’s anticipated $1.75 trillion IPO valuation, set for a mid-June debut on Nasdaq under ticker $SPCX, that stake could now be worth up to $11.6 billion USD. This would represent a roughly 50x return and easily become OTPP’s most successful single investment ever.
The fund manages $279 billion in assets for approximately 346,000 working and retired teachers in Ontario, potentially delivering an average boost of around $33,500 per member if fully realized.
SpaceX has filed its S-1 and plans to price shares at $135 each, aiming to raise a record $75 billion in what would be the largest IPO in history, surpassing Saudi Aramco. The company reported $18.67 billion in revenue for 2025, driven primarily by Starlink satellite internet growth and NASA contracts, though it continues to post significant losses tied to ambitious R&D in Starship and AI initiatives.
Important pieces moving forward include:
- Starlink Expansion: The satellite broadband service is scaling rapidly, targeting global connectivity, especially in underserved rural and remote areas. This segment offers massive recurring revenue potential as numbers climb.
- Starship and Reusability Leadership: SpaceX’s fully reusable Starship aims to slash launch costs dramatically, enabling frequent missions, Mars ambitions, and lucrative government/defense contracts. Success here could unlock exponential growth.
- AI and Diversification: Recent moves, including ties to xAI, position SpaceX in high-growth AI infrastructure, broadening beyond traditional aerospace.
- Validation Scrutiny: While the $1.75 trillion target excites investors, analysts like Morningstar value the company closer to $780 billion, citing high multiples (around 90x trailing revenue) and execution risks. A 180-day lockup period will prevent early investors like OTPP from selling immediately post-IPO.
The irony has not been lost on observers. Ontario’s government previously canceled a Starlink rural internet contract amid political tensions involving Musk, yet the pension fund’s savvy investment, made when SpaceX was valued around $33-36 billion, and Starlink was nascent, delivers outsized gains independent of politics.
For OTPP, this windfall strengthens its already solid 111 percent funding ratio and underscores the value of patient, innovation-focused capital allocation.
For SpaceX, the IPO marks a new chapter: greater transparency, access to public markets for talent retention and growth capital, and heightened pressure to deliver on its multi-planetary vision.
All eyes are fixed on whether SpaceX can justify its lofty valuation through sustained execution. For Ontario teachers, the returns are already stellar, but SpaceX, like other Musk companies in the past, has plenty of things to prove. Perhaps the most ideal person for the job is at the helm, hoping to bring the company to a massive valuation.
Elon Musk has firmly denied recent media reports suggesting that SpaceX has reduced its target valuation for an upcoming initial public offering.
The denial came directly from the SpaceX and Tesla frontman on his social media platform X, where he responded with a single word, “False,” to a post from ZeroHedge that cited Bloomberg sources.
This swift rebuttal underscores Musk’s ongoing effort to manage speculation surrounding one of the most anticipated market debuts in recent history.
False
— Elon Musk (@elonmusk) May 29, 2026
According to the disputed reports, SpaceX had lowered its IPO valuation goal to at least $1.8 trillion from previous ambitions exceeding $2 trillion.
The claims emerged amid growing anticipation for the company’s confidential S-1 filing, which positions it for a potential public listing as early as June.
Some had pointed to strong revenue growth, particularly from the Starlink satellite internet service, which contributed heavily to the firm’s 2025 figures of $18.7 billion. Yet challenges persist in other areas, including substantial investments and losses tied to ambitious projects like Starship development and artificial intelligence initiatives, which plan to make life multiplanetary eventually.
Musk’s response highlights a pattern in which he actively counters what he views as inaccurate portrayals of his companies’ trajectories.
SpaceX, already valued privately at extraordinary levels, stands as a cornerstone of Musk’s empire alongside Tesla and xAI. The entrepreneur has long emphasized the transformative potential of reusable rockets and global broadband access, factors that fuel investor enthusiasm despite operational hurdles.
By rejecting the valuation downgrade narrative, Musk signals confidence in SpaceX’s fundamentals and its readiness for public markets on terms favorable to its long-term vision. People have been waiting a very long time to invest in SpaceX, and the valuation, as well as the introductory share price, is not going to need adjusting.
They’ll have plenty of suitors.
This episode reflects broader dynamics in the technology sector, where rumors often swirl around high-profile entities. Musk’s direct engagement with media narratives serves to maintain transparency and control the narrative around his ventures.
As SpaceX prepares for greater scrutiny in public markets, the founder’s denial reinforces optimism about its prospects. Supporters argue that the company’s innovative edge positions it for enduring success, far beyond short-term valuation debates. With the denial now public, attention turns to forthcoming regulatory filings that could provide clearer insights into SpaceX’s strategy and financial health.
The coming weeks promise to reveal more about how SpaceX will transition into a publicly traded powerhouse.
Elon Musk
SpaceX to become America’s Military data backbone for missiles, drones, and warfighters
The Space Force just handed SpaceX $2.29 billion to build the military’s space internet backbone.
The U.S. Space Force awarded SpaceX a $2.29 billion contract on May 26, 2026 to build the backbone of its Space Data Network, a satellite-based communications system designed to keep American military forces connected anywhere on Earth in real time. The contract is firm-fixed-price and requires SpaceX to deliver a fully operational prototype by the end of 2027.
In plain terms, the SDN Backbone is the plumbing behind the military’s space-based internet. It functions as a low Earth orbit satellite constellation providing robust, high-capacity, and low-latency data transport for the Joint Force, connecting sensors and weapons systems continuously, globally, and securely. Think of it as a private, hardened version of Starlink built specifically for battlefield communications, one that soldiers, ships, and aircraft can rely on even in contested environments where ground-based networks have been disrupted.
SpaceX is quietly becoming the U.S. Military’s only reliable rocket
The Space Force was direct about why SpaceX was selected. “The SDN Backbone leverages the best of commercial innovation and delivers a strong foundation for the SDN mission set — a huge benefit and enabler for our warfighters,” said USSF Col. Ryan Frazier.
“We aren’t trading speed for scale; we are demanding both. By using rapid prototyping and Other Transaction Authorities, we are ensuring our advanced solutions are integrated and delivered to the warfighter as fast as possible,” added USSF Lt. Col. Fry, SDN Backbone system program manager.
The SDN Backbone will work alongside the Space Development Agency’s Transport Layer, with the two systems forming a unified open architecture to provide critical data transport for current and future Department of War missions.
As Teslarati has reported, this is not SpaceX’s first Space Force contract of 2026. In April, the Space Force awarded SpaceX $178.5 million to launch missile tracking satellites, and SpaceX is already embedded in the Golden Dome missile defense software group. The $2.29 billion SDN Backbone award puts SpaceX at the center of how the American military communicates in space, a position with direct implications for its reported $1.75 trillion IPO valuation as the company heads toward a public offering as early as June 2026.
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