SpaceX
SpaceX checks off 49 lunar lander milestones in push toward Artemis III
SpaceX has revealed that it has completed 49 major milestones for NASA’s Human Landing System (HLS) program, marking significant progress in the development of the Starship lunar lander that will deliver astronauts to the Moon.
The updates were detailed in SpaceX’s new blog post To the Moon and Beyond, which was recently posted on the private space company’s official website.
As noted by SpaceX, the 49 milestones that were completed by its HLS team were “tied to developing the subsystems, infrastructure, and operations” needed to safely land humans back into the lunar surface. SpaceX noted that it has only received funding on contractual milestones that have been successfully completed, the vast majority of which have been achieved on time or ahead of schedule.
Following are highlights of SpaceX’s completed milestones, as per the company’s post.
For the first time in our existence, we possess the means, technology, and, for the moment, the will to establish a permanent human presence beyond Earth. Starship is designed to make this future a reality → https://t.co/dGAZiB4rr3 pic.twitter.com/WsTg44G3oz — SpaceX (@SpaceX) October 30, 2025
- Lunar environmental control and life support and thermal control system demonstrations, using a full-scale cabin module inhabited by multiple people to test the capability to inject oxygen and nitrogen into the cabin environment and accurately manage air distribution and sanitation, along with humidity and thermal control. The test series also measured the acoustic environments inside the cabin
- Docking adapter qualification of the docking system that will link Starship and Orion in space, an androgynous SpaceX docking system capable of serving as the active system or passive system and based on the flight-proven Dragon 2 active docking system
- Landing leg drop test of a full-scale article at flight energies onto simulated lunar regolith to verify system performance and to study foot-to-regolith interaction
- Raptor lunar landing throttle test demonstrating a representative thrust profile that would allow Starship to land on the lunar surface
- Micrometeoroid and orbital debris testing of shielding, insulation, and window panels, analyzing different material stackups that will be used to protect Starship from impact hazards and harsh thermal conditions
- Landing software, sensor, and radar demonstrations testing navigation and sensing hardware and software that will be used by Starship to locate and safely descend to a precise landing site on the Moon
- Software architecture review to define the schematic of major vehicle control processes, what physical computers they will run on, and software functions for critical systems like fault detection, caution and warning alerts, and command and telemetry control
- Raptor cold start demonstrations using both sea-level and vacuum-optimized Raptor engines that are pre-chilled prior to startup to simulate the thermal conditions experienced after an extended time in space
- Integrated lunar mission operations plan review, covering how SpaceX and NASA will conduct integrated operations, develop flight rules and crew procedures, and the high-level mission operation plan
- Depot power module demonstration, testing prototype electrical power generation and distribution systems planned to be used on the propellant depot variant of Starship
- Ground segment and radio frequency (RF) communications demonstration, testing the capability to send and receive RF communications between a flight-equivalent ground station and a flight-equivalent vehicle RF system
- Elevator and airlock demonstration, which was conducted in concert with Axiom to utilize flight-representative pressurized EVA suits, to practice full operation of the crew elevator which will be used to transfer crew and cargo between Starship and the lunar surface
- Medical system demonstration covering the crew medical system on Starship and the telemedicine capability between the ground and crew
- Hardware in the loop testbed activation for the propellant transfer flight test which uses a testbed with flight representative hardware to run simulations for the upcoming propellant transfer flight test
Ultimately, SpaceX’s message is clear. With its plans for a simplified architecture, the timeframe of the first crewed lunar landing of the current century could happen sooner than expected.
Musk definitely seems determined to prove skeptics wrong, with the CEO declaring on X that Starship will be the vehicle that would pave the way for the buildout of a base on the Moon. “Starship will build Moonbase Alpha,” Musk wrote.
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
The Tesla and SpaceX merger everyone is talking about is quietly building
Tesla and SpaceX may be closer to merging than Wall Street or either company is admitting.
Elon Musk has reportedly discussed merging Tesla and SpaceX with people close to him, according to CNBC, which cited sources familiar with the conversation. Tesla employees have long expected such a transaction and the topic is openly discussed internally, according to internal sources. With SpaceX is days away from kicking off its Wall Street roadshow for what could be the largest IPO in market history, this would be the first time the company will have public market currency to execute a stock-for-stock deal with Tesla.
The financial logic for a merger would make sense. A combined SpaceX and Tesla would create a conglomerate spanning rockets, satellites, electric vehicles, AI infrastructure, and energy storage valued at roughly $3.35 trillion to $3.6 trillion based on SpaceX’s IPO target range and Tesla’s current market capitalization. The two companies are already more intertwined than most people realize. SpaceX bought $697 million worth of Tesla Megapack systems for xAI data centers and $131 million worth of Cybertrucks. Tesla invested $2 billion in xAI, which subsequently merged with SpaceX. Past transactions also include Tesla selling solar equipment and parts to SpaceX, and SpaceX helping with Cybertruck materials.
Will Tesla join the fold? Predicting a triple merger with SpaceX and xAI
Musk himself signaled where this was heading in November 2025 when he posted on X, “My companies are, surprisingly in some ways, trending towards convergence.” Tesla and SpaceX announced a joint semiconductor fabrication facility in Austin called Terafab on the Gigafactory Texas campus, covering two advanced chip factories, with one serving Tesla’s AI needs for vehicles and Optimus robots, the other targeting space-based data centers under SpaceX’s infrastructure vision.
Wedbush analyst Dan Ives places the probability of a merger at 80% to 90% with a target completion in the first half of 2027. The mechanics of a deal became possible the moment SpaceX filed its S-1. Legal experts said a merger likely would not spark antitrust issues but would raise concerns among shareholders in each company, with questions around which company would be the parent, how a stock swap would take place, and who determines the appropriate price. Musk holds about 20% of Tesla’s equity but controls 85.1% of SpaceX’s voting power through a super-voting share class, meaning he would largely be negotiating the terms with himself.
Not everyone is convinced the timing is imminent. Traders on Kalshi place only 33% odds that a merger will happen before May 2027. The more immediate concern for Tesla shareholders is whether the SpaceX IPO pulls capital and Musk’s attention away from Tesla before any merger consolidates the upside for both.
What is clear is that the structural groundwork is already being laid. The Terafab announcement, the xAI merger, the shared supply chain, the cross-company balance sheet transactions, and now the IPO all point in the same direction. Whether the merger follows in 2027 or later, the two companies are already operating more like divisions of a single entity than independent competitors.
Elon Musk
NASA’s first human outpost on the Moon starts now – SpaceX on deck
NASA named the rovers, landers, and vendors that will build America’s first Moon Base.
NASA has laid out its most detailed Moon Base plan to date, describing a permanent outpost near the Moon’s south pole that the agency intends to build over the coming decade as a direct stepping stone to Mars. “The Moon Base will be America’s and humanity’s first outpost on another celestial world,” NASA Administrator Jared Isaacman said, adding that every mission crewed and uncrewed “will be a learning opportunity as we return to the lunar surface, build the infrastructure to stay, and master the skills required to live and operate in one of the most demanding and dangerous environments imaginable.”
The plan is structured in three phases involving both uncrewed and crewed missions to deliver equipment, vehicles, and infrastructure to the surface, with the first three moon base missions targeted to launch before the end of 2026.
Moon Base I, targeting fall 2026, will use Blue Origin’s Blue Moon Mark 1 lander to deliver scientific instruments to the Shackleton Connecting Ridge, the same region where Artemis astronauts will land. Moon Base II will send Astrobotic’s Griffin lander carrying more than 1,100 pounds of cargo including Astrolab’s FLIP rover to begin developing mobility systems on the surface. Moon Base III will carry the Lunar Vertex science mission on Intuitive Machines’ Nova-C Trinity lander to study lunar swirls near the south pole, with ESA and Korean science payloads aboard.
On the rover side, NASA awarded Astrolab $219 million and Lunar Outpost $220 million to build the first phase of Lunar Terrain Vehicles, with both rovers targeted for deployment to the lunar surface by 2028. Astrolab’s crewed rover weighs roughly 2,000 pounds and can reach over 6 mph. Lunar Outpost’s Pegasus rover can operate autonomously or via remote control at over 9 mph. Blue Origin separately received $188 million with an option worth $280.4 million to deliver cargo landers for rover transport.
NASA also confirmed that MoonFall, a mission deploying four survey drones to scout Artemis landing sites, has selected Firefly Aerospace to build the transport spacecraft, with a 2028 launch target.
SpaceX sits at the center of that commercial layer. SpaceX holds the NASA Human Landing System contract for the Starship-derived lander that will put astronauts on the surface under Artemis IV, currently targeting 2028. Before that can happen, SpaceX must demonstrate in-orbit propellant transfer at scale, a process requiring multiple Starship tanker launches to fuel a single mission. Water ice at the lunar south pole is central to the base’s long-term viability, as it can be converted into drinking water, breathable oxygen, and rocket fuel, directly reducing dependence on Earth resupply. That resource loop becomes far more practical if Starship can land and be refueled on or near the Moon itself.
Elon Musk has publicly stated that Starship V3, which recently completed its first flight, should be capable enough for initial Mars missions. The Moon Base plan announced Tuesday is the infrastructure layer that connects everything between those two ambitions, and SpaceX is the only American company currently contracted to build the rocket that gets humans to either destination.
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