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SpaceX installs Dragon spaceship on the rocket that’ll take it to space (again)
For the third time ever, SpaceX has installed a Crew Dragon spacecraft scheduled to launch astronauts on the Falcon 9 rocket that’ll carry it to orbit, sailing past one of the mission’s last major preflight milestones.
Known as Crew-2, the NASA Commercial Crew Program (CCP) mission will be SpaceX’s second operational crew ferry mission after its operational Crew-1 debut launched flawlessly on November 15th, 2020. Since November 16th, the Crew-1 Crew Dragon has been docked to the International Space Station (ISS) in Low Earth Orbit (LEO) – marking at least two major firsts – and won’t return to Earth until Crew-2 has safely joined it at the station.
Simultaneously developed as part of the Commercial Crew Program, a raft of technical and organizational shortcomings have extensively delayed Boeing’s Starliner crew capsule, effectively forcing NASA to lean on SpaceX to pick up the slack with multiple back-to-back Crew Dragon missions. Organizational excellence aside, Crew-2 is also on track to secure two of the most significant reusability achievements in SpaceX’s long history of significant reusability achievements.
Mere days after a SpaceX Falcon 9 rocket and Crew Dragon spacecraft lifted off with NASA astronauts aboard for the first time ever, becoming the first crewed launch in history to use a commercially-developed rocket or spacecraft, the space agency effectively gave the company permission to fly its astronauts on flight-proven versions of those same vehicles.
While those plans have effectively fallen under the radar relative to other SpaceX activities, it’s not unreasonable to say that a successful Crew-2 launch with both a flight-proven Falcon 9 booster and Crew Dragon capsule would be one of the most significant technical achievements in the company’s history. At the bare minimum, it will be the most symbolically significant achievement in SpaceX’s history.
In essence, success would mean that SpaceX has unequivocally proven that a private company can develop – from scratch – methods of rocket and spacecraft reusability that are so successful and so reliable that perhaps the most risk-averse customer on Earth is willing to place the lives of its astronauts in the hands of those flight-proven spacecraft and rockets. If SpaceX can accomplish that feat with Falcon 9 and Crew Dragon, there is no practical reason to doubt that it can be repeated with Starship – a vehicle that has already piqued NASA’s interest.
The Crew Dragon capsule assigned to Crew-2 debuted on May 30th, 2020 and carried NASA astronauts Bob Behnken and Doug Hurley to the ISS without any major issue, where it spent a little over two months in orbit. On August 2nd, the spacecraft safely reentered Earth’s atmosphere traveling around 7.5 kilometers per second (17,000 mph) and splashed down in the Gulf of Mexico with both astronauts none the worse for wear. Since then, SpaceX has disassembled the Dragon, carefully inspected every possible inch, and refurbished the vehicle for Crew-2.
Despite the historic nature of the task of qualifying and refurbishing the first commercial spacecraft in history that is expected to launch NASA astronauts twice, Crew Dragon C206’s turnaround will be the fastest in Dragon history – and by a margin of almost 40%.
After acing its role in SpaceX’s first operational astronaut launch five months ago, Falcon 9 booster B1061 will also be flying for the second time on Crew-2 – especially fitting given that the Crew-2 will meet the only other spacecraft and astronauts launched on the same booster at the ISS. As of Thursday, April 15th, Crew-2 is seven days away from a launch planned no earlier than 6:11 am EDT (10:11 UTC) on Thursday, April 22nd. The flight-proven Dragon and Falcon 9 booster and a new, expendable upper stage are expected to roll out to Pad 39A within the next few days for an integrated static fire test 4-5 days prior to launch.
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In a new note to investors on Tuesday, Morgan Stanley analyst Andrew Percoco said that Tesla has one big financial question to answer for investors regarding its Robotaxi rollout, Full Self-Driving software, and Optimus.
Percoco said in the note that, for the most part, investors are still very positive about the direction the company is headed. However, there are some things the firm would like to see, and they have to do with financials.
Tesla (TSLA) Q2 2026 earnings results: miss on EPS, beat on revenue
Tesla bulls are more than convinced that the company’s Full Self-Driving software is proof it can develop physical AI. Financially, however, there are still some questions, especially on elevated spending, which CEO Elon Musk said would occur as the company works to roll out Robotaxi faster and continue developing its Optimus robot.
The latter two are where Tesla will have to prove progress to investors, as Percoco writes that both projects “will require clearer evidence that Robotaxi is scaling and more tangible Optimus proof points to support the ROI on elevated capex.”
Percoco said the second quarter earnings call did not change his long-term thesis of where Tesla is positioned in the AI race, which is out in front. However, there are concerns that weaker gross margins and higher R&D spend will stress financials, and that has “sharpened our (and investors’) focus on measurable progress across Robotaxi and Optimus.”
Additionally, Robotaxi still needs to be proven with more operation in existing cities while maintaining safety but improving how many rides it gives in any given time, he said. For Optimus, Percoco wrote that he is “still looking for evidence beyond commentary around SOP.”
Morgan Stanley put Percoco in charge of covering Tesla after long-time analyst Adam Jonas transitioned to the automotive side.
Currently, Morgan Stanley has a $415 price target on Tesla and a ‘Hold’ rating on the stock. It is trading at around $330 at the time of publication, which was 2:30 P.M. on the East Coast.
SpaceX’s massive investment in AI will make it a big winner, Argus Research said after the company’s successful earnings call last week.
The firm also upgraded shares to a Buy from Hold and set a $160 price target.
SpaceX (NASDAQ: SPCX) is currently recovering from its heavy AI infrastructure investments, as it spent nearly $16 billion in Q2 alone. The company did this primarily by monetizing high-demand GPU compute capacity at a much faster pace than traditional data center economics would suggest.
Company CFO Bret Johnsen said that SpaceX would be able to pay back anything on new deployments within a year.
There are plenty of ways the company can do this:
Leasing excess compute capacity through contracts
SpaceX has already built Colossus and Colossus II, largely for its own model training. However, much of that capacity is already rented out to third parties. It already has major deals with Anthropic, Google, and Reflection AI. These partnerships are adding billions per month to SpaceX’s spreadsheet.
High utilization driven by industry-wide scarcity
The demand for advanced AI training and inference capacity continues to exceed what is available for use. SpaceX can fill new racks quickly after they come online, so the capital deployed converts into revenue with minimal idle time.
Additionally, management and outside observers have described the new compute capital as behaving more like a cost-of-goods-sold than traditional multi-year capex, especially because of this rapid monetization pattern.
Capacity has already scaled from ~0.4 GW a year to 1.4 GW annually by the end of Q2. There are targets of more than 2 GW by year-end.
High incremental margins on the rental business once capacity is online
GPU cloud providers often operate at strong gross margins. SpaceX can monetize capacity that was already partially built or can be added efficiently. This means that incremental EBITDA margins on the rental revenue are usually high. This accelerates cash recovery relative to the gross capital outlay.
Parallel monetization of its own AI software and applications
Beyond pure infrastructure rental, SpaceX also generates revenue from Grok through subscriptions and usage, from X through ads, data, and other related services, enterprise APIs, and the planned integration of the Cursor coding tools acquisition.
These application layers ride on the same compute infrastructure and provide additional high-margin streams that could offset build-out costs. AI-segment revenue overall rose sharply to about $2.6 billion in Q2, according to Motley Fool. This was driven primarily by the infrastructure contracts, but the software side is also partially responsible.
Efficient, large-scale deployment and vertical integration advantages
SpaceX has emphasized the rapid construction of power and cooling infrastructure and favorable cost-per-megawatt economics relative to industry benchmarks in some disclosures.
Combined with its ability to scale capacity aggressively and the fact that many contracts start generating revenue within months of capacity coming online, the effective payback compresses dramatically compared with more conventional multi-year data-center projects.
SpaceX’s dominant near-term recovery path will turn the AI clusters into a hyperscale-style compute rental business for other leading AI companies while still using a portion for internal models.
Tesla headlights have caused a recall of over 20,000 of the company’s two most popular vehicles, the Model 3 and Model Y, due to the low-beam bulb exceeding the maximum allowed intensity according to federal standards.
Tesla initiated the recall with the National Highway Traffic Safety Administration (NHTSA) this morning, stating that the low-beam output “exceeds the maximum allowed intensity in the outer upper-right and outer upper-left areas of the 10U and 90U zone, as prescribed in FMVSS No. 108.”
Tesla sourced the impacted headlights from Marelli Automotive Lighting, a Mexico-based company. The recall impacts 2020-2023 Model Y vehicles and 2017-2023 Model 3 vehicles. It is estimated that every VIN in this recall is impacted by the defect.
🚨 Tesla is recalling 20,349 2020-23 Model Y vehicles and 2017-23 Model 3 vehicles due to an excessively bright headlamp low beam.
Currently, there is no remedy plan in place, as it is still being developed. pic.twitter.com/y34cIO2U0B
— TESLARATI (@Teslarati) August 11, 2026
Typically, Tesla would remedy recalls of this nature through an Over-the-Air software update, which has been a major focus of criticism by the company and its supporters because the NHTSA still refers to it as a “recall,” even though it requires no action by the vehicle owner. The fix is shipped over the internet and downloaded to the car.
However, there appears to be a potentially different solution for this problem. Tesla has not developed a remedy for this issue, so it could potentially be on the way. The big issue appears to be the fact that these recalled lamps are out of production, and this is an old body style for both vehicles. The headlights and front-end designs are completely different.
Tesla switched to another supplier when the affected headlight design was discontinued. It plans to begin notifying owners of their remedy options by September 15.
Tesla filed a petition protesting the recall to fix the vehicles’ headlight issue, but the NHTSA denied it. Now, Tesla will come up with a solution to fix it.
Tesla has one big financial question to answer for investors: Morgan Stanley
SpaceX AI investment gamble will make it a big winner, firm says
