SpaceX
SpaceX’s Crew Dragon to launch astronauts in July, says Russian source
A source familiar with Russia’s aerospace industry recently informed state newspaper RIA Novosti that NASA has provided Russian space agency Roscosmos with an updated planning schedule for International Space Station (ISS) operations, including a preliminary target for SpaceX’s first Crew Dragon launch with astronauts aboard.
According to RIA’s source, NASA informed Roscosmos that the agency was tentatively planning for the launch of SpaceX’s Demonstration Mission 2 (DM-2) as early as July 25th, with the spacecraft departing the ISS, reentering the atmosphere, and safely returning astronauts Bob Behnken and Doug Hurley to Earth on August 5th. In a bizarre turn of events, Russian news agency TASS published a separate article barely 12 hours later, in which – once again – an anonymous space agency source told the outlet that “the [DM-2] launch of Crew Dragon is likely to be postponed to November”. For the time being, the reality likely stands somewhere in the middle.
While it’s hard not to jump to conclusions about the oddity of two wholly contradictory reports arising from similar sources in similar articles just half a day apart, it’s just as likely that the near-simultaneous publishing of both TASS and RIA stories is mainly a coincidence. At the same time, truth can be found in both comments made by the anonymous source(s), while they also offer a sort of best-case and worst-case scenario for the first crewed launch of SpaceX’s Crew Dragon spacecraft.
RIA began the series on March 22nd with a brief news blurb featuring one substantive quote from the aforementioned space industry source.
“The American side informed the Russian side that the launch of the [first crewed launch of] Dragon-2…to the ISS…is scheduled for July 25. The docking with the station is scheduled [to occur around one day later]. The separation from the ISS and return to Earth is expected on August 5,” the agency’s source said.
Put in a slightly different way, NASA informed Roscosmos that it had begun to loosely plan for the launch of SpaceX’s DM-2 no earlier than (NET) late July, much like NASA and SpaceX publicly announced that Crew Dragon’s DM-1 launch debut was scheduled NET January 17th as of early December 2018. DM-1’s actual debut wound up occurring on March 2nd, a delay of approximately six weeks. The cause(s) behind the discrepancy between NASA’s first serious planning date and the actual launch remains unknown but it’s safe to say that things took quite a bit longer than expected even after Crew Dragon and Falcon 9 were technically “go” for launch.
Although NASA and SpaceX now have the luxury of a vast cache of flight data and the practical experience derived from conducting Crew Dragon’s first – and nearly flawless – orbital launch and ISS rendezvous, Crew Dragon’s DM-2 mission remains an entirely different animal. Aside from requiring a number of significant hardware changes and introducing the visceral pressure of real human lives hanging in the balance, DM-2 will be a major first for the NASA after having spent the better part of eight years unable to launch its own astronauts into orbit.
A ‘race’ no more
Meanwhile, Boeing’s Starliner spacecraft – a companion to Crew Dragon under NASA’s Commercial Crew Program – has suffered multiple setbacks in 2019, reportedly pushing the vehicle’s uncrewed launch debut from April to NET August, a delay of at least four months. As a result, nothing short of severe anomalies during Crew Dragon hardware preparation and/or NASA’s reviews of DM-1 performance and DM-2 flight-readiness could prevent SpaceX from becoming the first commercial entity to build, launch, and operate a crewed spacecraft in the history of spaceflight.
According to a December 2018 update provided during NASA’s quarterly Advisory Council meetings, the entirety of Crew Dragon DM-2’s manufacturing and integration may already be complete, with the capsule potentially heading to SpaceX’s Florida payload processing facilities later this week. NAC’s December 2018 dates did not, however, account for the DM-1 launch delays that shortly followed, plausibly impacting the completion of DM-2 integration and pad delivery to ensure that any potential anomalies experienced during Crew Dragon’s test flight could be resolved in Hawthorne, CA.
According to NASA and SpaceX, DM-2’s Crew Dragon will need to be retrofitted with thermal regulation hardware to prevent Draco thruster plumbing from freezing under a handful of specific conditions on orbit, as well as potential modifications to the craft’s parachute system and the installation of four windows instead of two. SpaceX will also need to install Crew Dragon’s first orbit-ready display and control hardware. Finally, SpaceX has opted to conduct an in-flight abort (IFA) test of Crew Dragon to verify that the spacecraft can safely carry astronauts to safety from the moment of launch to orbital insertion, a test that will have to be completed successfully and reviewed by NASA before the agency allows SpaceX to proceed with DM-2.
All of the above tasks – including major agency-wide reviews of Crew Dragon’s performance during its DM-1 debut – must be completed before SpaceX will be permitted to launch astronauts to the ISS, all of which inherently add some level of uncertainty to DM-2’s practical launch schedule. If all reviews and modifications proceed flawlessly, including a perfect in-flight abort test as early as late June, it’s possible that SpaceX and NASA could be prepared to launch Crew Dragon once more by the end of July.
In reality, it’s extremely unlikely that everything will proceed perfectly, as evidenced by the drawn-out process required for NASA and SpaceX to eventually reach flight-readiness prior to DM-1. If a significant number of challenges arise over the next few months of reviews and work, it’s not out of the question for DM-2’s launch to slip to Q4 2019 or Q1 2020. Splitting the difference, it would be safest to bet that Crew Dragon will lift off with astronauts aboard no earlier than August or September. Regardless, a great many exciting milestones are soon to come for SpaceX’s first human spaceflight program. Stay tuned as SpaceX prepares to ship the second flightworthy Crew Dragon to Florida.
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SpaceX reported its third-quarter 2026 financial results on October 20, posting the company’s first solidly profitable quarter since going public earlier in the year under the ticker $SPCX.
Revenue reached $14.58 billion, up 161 percent year-over-year from $5.6 billion, and well ahead of consensus estimates in the $12.7 to $12.9 billion range. The results highlight a rapid shift in SpaceX’s center of gravity toward artificial intelligence/super intelligence, while Starlink and traditional space operations continue to show robust progress.
Here are the key financial results for the quarter:
- Revenue of $14.58 billion (+161% YoY)
- Adjusted EBITDA of $8.8 billion (+306% YoY)
- GAAP net income of $4.4 billion (versus a $1.1 billion net loss in the prior-year quarter)
- Adjusted EPS of approximately $0.35 (versus roughly $0.13–0.16 expected)
- Income from operations of $2.8 billion
The AI/SI segment generated $7.56 billion in revenue, an 830 percent year-over-year increase, making it the company’s largest segment for the first time. Growth was primarily driven by the activation of major cloud services agreements, the integration of Cursor (acquired earlier in 2026), and rising usage of Grok models and the newly introduced Grok Bot personal agent.
🚨 SpaceX just reported earnings! Here are some highlights:
Financial:
Revenue $14.58B (+161% YoY) vs. consensus ~$12.7–12.9B
Adjusted EBITDA $8.8B (+306% YoY)
GAAP net income $4.4B (vs. prior-year loss; first solidly profitable quarter post-IPO)
Adjusted EPS ~$0.35 vs. ~$0.13–0.16 expectedSegments:
Super Intelligence (SI, formerly AI): $7.56B (+830% YoY) — now the largest segment, driven by cloud contracts, Cursor, and Grok.
Connectivity (Starlink): $5.25B (+69% YoY).
Space: $1.77B.Other highlights:
Starlink subscribers: 13.6M (+89% YoY).
Nameplate compute: 1.7 GW.
Capex: $19.6B (majority AI infrastructure).
Cash & marketable securities: ~$90B.
First revenue-generating Starship mission (26 V3 Starlink satellites, ~10× Falcon 9 downlink capacity per launch).— TESLARATI (@Teslarati) October 20, 2026
SI adjusted EBITDA reached $5 billion, and nameplate compute capacity stood at 1.7 GW at quarter-end, up from 1.4 GW in June and 0.6 GW a year earlier. Capital expenditures totaled $19.6 billion, with the majority allocated to AI infrastructure, including continued expansion of the Colossus facilities.
The Connectivity segment, which primarily surrounds Starlink, produced $5.25 billion in revenue, a 69 percent year-over-year and 22 percent sequentially. These are pleasant results to see and expected, considering how many airlines have adopted Starlink over the past year.
Starlink consumer subscribers reached 13.6 million, an 89 percent increase from the prior year, and a sequential gain of 1.6 million. Consumer average revenue per user improved to $69. Meanwhile, Enterprise and Government revenue also grew strongly, and Starlink is now installed on more than 3,800 aircraft, making internet more accessible and better performing than previous options.
The Space segment also performed well and contributed $1.77 billion in revenue, up 6 percent year-over-year and 84 percent sequentially. A major milestone was the successful first revenue-generating Starship mission (Flight 14), which deployed 26 V3 Starlink satellites. Those satellites added roughly 10 times the downlink capacity of a typical Falcon 9 Starlink launch.
SpaceX completed 12 customer launches during the quarter, including NASA’s Nancy Grace Roman Space Telescope mission, and continued to grow its backlog of crewed, national security, and commercial flights.
CFO commentary noted that the combination of launch leadership, recurring Starlink revenue, and rapid SI expansion is producing meaningful operating leverage.
The company ended the quarter with roughly $90 billion in cash and marketable securities, providing substantial resources for ongoing investment while targeting an investment-grade balance sheet. Sequential revenue nearly doubled from the $7.81 billion reported in the second quarter, illustrating the pace of the AI-driven acceleration. Things are looking strong for SpaceX.
What’s incredibly striking is the fact that SI has grown to be larger than the rest of the company in such a short amount of time. CEO Elon Musk said on the earnings call that Grok Bot is the “fastest-growing product I’ve ever seen,” so it seems that it could be a true keystone of SpaceXSI over the next few years.
SpaceX (NASDAQ: SPCX) will report its second public earnings call today since its IPO earlier this year, and there are a few things we expect to hear about, as well as Wall Street analysts, who have already outlined their expectations for the call.
Wall Street analysts have a consensus of $12.72 billion in revenue and an earnings per share (EPS) of $0.13. These are broken down into three sectors: Space, Connectivity, and AI/SI, which are perceived in this way:
- Space: $1.41 billion
- Connectivity: $4.84 billion
- AI/SI: $6.47 billion
Other outlets cluster near $12.8 or $12.9 billion in revenue and $0.14 – $0.15 EPS. This implies a roughly 65 percent sequential growth from Q2’s $7.81 billion, driven mostly by AI/SI, with the first post-IPO positive EPS expected.
Here are the three things to watch for on the call:
AI Revenue Ramp and the $100B+ ARR target
AI is truly the swing factor for SpaceX, and analysts expect it to roughly double from Q2’s $2.56 billion and become about half of total revenue. Management previously guided to a $100 billion+ annualized run rate by December, including the Cursor acquisition, which was $60 billion, to close the quarter.
Listen for updates on SpaceX’s compute capacity, especially pertaining to its contracts with Google, Anthropic, and others, revenue per watt, any new deals, and Cursor’s early contribution.
Starlink/Connectivity Metrics and Mobile Expansion
Connectivity remains a main profit engine for SpaceX. Subscriber additions will be something to pay attention to, as Q2 ended at 12 million and previews are looking at 14 million for this quarter. Additionally, ARPU trends, enterprise and government growth, and any commentary on Starlink Mobile will be something to pay attention to, especially following the recent low-band spectrum deal and FCC-related constellation approvals.
Capex Trajectory, Cash Burn/FCF, and Starship/Operational Updates
Q2 capex of roughly $18.4 billion weighed on the stock. Investors will look to scrutinize Q3 spending levels, any guidance on the pace into Q4/2027, free cash flow, backlog, and liquidity. Operational color on Starship (Flight 14 milestones and Flight 15 timing/reusability progress), Falcon cadence, and government/NASA contracts are also in focus.
Of course, there will also be some speculation on the potential Tesla-SpaceX merger, but there was nothing mentioned in the company’s proxy it sent earlier this week.
SpaceX will report earnings after market close today and will stream the call on X.
Watch live as SpaceX discusses our Q3 2026 earnings at 3:30pm CT today → https://t.co/Qrb0qeVG15
— SpaceX (@SpaceX) October 20, 2026
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News
SpaceX just launched its secret Starfall saucer again
SpaceX launched its Starfall capsule again on Bandwagon-5, this time listed openly beside rideshare customers.
SpaceX launched its Starfall reentry capsule for the second time on Tuesday morning, flying it as the payload of the Bandwagon-5 rideshare mission. Falcon 9 lifted off from Space Launch Complex 40 in Florida at 7:04 a.m. ET with 32 payloads, and the first stage booster, on its 19th flight, landed on the droneship A Shortfall of Gravitas about nine minutes later.
Starfall was scheduled to separate last, 2 hours and 48 minutes after liftoff. The final customer satellite on SpaceX’s mission timeline comes off the upper stage about an hour and nine minutes in, which left a long gap before the capsule was due to be released alone. SpaceX later posted that the payload deployment sequence is complete. At liftoff, the company said Starfall “enables affordable, routine access to a microgravity environment, providing unique opportunities for on-orbit manufacturing, scientific research, and testing.”
Starfall enables affordable, routine access to a microgravity environment, providing unique opportunities for on-orbit manufacturing, scientific research, and testing https://t.co/y8kJg3QDor
— SpaceX (@SpaceX) October 20, 2026
As Teslarati reported before the first Starfall flight, SpaceX made no public announcement about the vehicle then, and nearly everything known came from FAA and FCC filings. This time Starfall is an item name on the official mission page, listed beside paying rideshare customers. SpaceX has still not said what, if anything, is aboard this Starfall, Spaceflight Now noted.
The FAA’s environmental assessment from May describes a disk about 10.2 feet wide and 2.5 feet tall that weighs roughly 4,600 pounds and can bring 2,200 pounds of payload back to Earth.
Interestingly, the same rocket also carries a competitor’s hardware. Varda Space Industries launched its W-Series 7 capsule on Bandwagon-5, a spacecraft about three times smaller than Starfall that will test whether microgravity can improve the solubility of a cancer drug called Protac. It is Varda’s ninth reentry capsule, and W-8 and W-9 launched earlier this month on Transporter-18. SpaceX has been Varda’s launch provider since the company’s first Falcon 9 rideshare contract in 2021.
SpaceX has not published where or how this Starfall will come down. The preview we ran in June described a recovery from the Pacific Ocean, and the company has not said whether this flight follows the same plan. The launch also arrives hours before SpaceX posts its third quarter results after the market closes, a report we previewed earlier this week.
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