SpaceX
SpaceX’s Crew Dragon spaceship shown off in first high-res orbital portraits
Taken by Russian cosmonaut Oleg Kononenko, the first high-resolution photos of SpaceX’s Crew Dragon spacecraft have begun to trickle in, offering the best views yet of the advanced human-rated spacecraft in its natural habit: Earth orbit.
Filling in for a distinct and uncharacteristic lack of official photos from NASA, the spacecraft’s inaugural spaceflight had thus far only been documented through NASA’s own live coverage of its International Space Station (ISS) rendezvous, limited to a relatively low-quality stream. With Oleg’s extremely high-resolution captures, we can begin to see SpaceX’s Crew Dragon with a level of detail previously only seen (if ever) on the ground.
Stunning photos of Dragon 2 docking from Oleg Kononenko! https://t.co/Lu9zlKFPt9
He was monitoring from the Russian section, near the Soyuz, due to Rocosmos contingency procedures.
Hires set:https://t.co/lFuRSzlvpQ pic.twitter.com/6wrBqVDPOP
— NSF – NASASpaceflight.com (@NASASpaceflight) March 4, 2019
In all fairness to NASA, the ISS is operating with just three crew members, only one of which – Anne McClain – is a NASA astronaut. Particularly the case for an operation as critical as Crew Dragon’s inaugural orbital docking attempt, the task of controlling space vehicle rendezvous typically requires the full attention of one or two onboard astronauts – in this case, NASA’s Anne McClain and Canadian Space Agency (CSA) astronaut David Saint-Jacques. Veteran Russian cosmonaut Oleg Kononenko, however, was required by Roscosmos to remain in the Russian segment of the ISS in the event of a catastrophic anomaly during Crew Dragon’s approach to the station.
Just prior to launch, NASA broke the news that its Russian ISS partners had expressed concerns about the design of Crew Dragon’s approach trajectory, mainly focusing on the fact that a loss of control or communications while moving towards the station would leave no way for the spacecraft to naturally slow down. In other words, a dead spacecraft with a forward velocity would simply continue moving forward until it impacted the ISS, a bit like a semi-truck crash in slow motion (i.e. < 0.5 m/s or 1 mph). Weighing a hefty 12 tons (~26,600 lbs) during the arrival, even an extremely low-speed impact could undoubtedly do some damage to the ISS, although an actual hull breach (and thus a need to evacuate) would be extraordinarily unlikely. Still, Oleg was unable to significantly assist during the rendezvous itself, although the cosmonaut was front and center after Crew Dragon’s successful capture.
Taking advantage of the opportunity to observe, the cosmonaut was able to take a number of photos of Crew Dragon’s arrival, although the location of its docking port makes for a less than optimal perspective. Still, it’s hard to complain about any extremely high-quality photos of Crew Dragon, and Oleg’s are nothing short of spectacular. Highlighting the spacecraft’s nose section and docking port hardware, as well as limited views of its trunk section and body, this is quite possibly the first time SpaceX’s newest vehicle has been publicly shown off at this level of detail.
This privileged view includes a detailed look at Crew Dragon’s Draco maneuvering thrusters (elongated black ovals below SpaceX logo), two shrouds containing half of its SuperDraco abort thrusters (beneath the NASA meatball and flag emblem), the ‘Dragon Claw’ latch connecting the capsule and trunk (a smooth rectangle in the lower right), and even a (likely) duo of LIDAR arrays to the left and right of the docking adapter ring. Other notable appearances include the disposable trunk section’s radiators (a series of white rectangles visible on the left) and empennage, four fins meant to provide aerodynamic stability in the event of an abort. Just out of view is trunk’s sculpture-like solar array, curved to fit along the upper (relative) half of the section and fixed in place to minimize failure modes associated to deployable solar arrays like those used on Cargo Dragon.
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- Crew Dragon is backlit by an orbital sunrise over Earth’s limb on its inaugural March 2019 spaceflight. (Anne McClain)
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- Crew Dragon’s ISS approach. (Oleg Kononenko)
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- A better view of the solar array half of Crew Dragon’s trunk section. (NASA)
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- Cloooooser… (Oleg Kononenko)
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- (Oleg Kononenko)
After completing its successful space station docking debut on the morning of March 3rd, Crew Dragon is scheduled to depart the ISS and reenter Earth’s atmosphere for a soft landing in the Atlantic Ocean around 9 am PST (14:00 UTC) on March 8th. According to the SpaceX and NASA hosts of the live docking coverage, Crew Dragon’s DM-1 departure from the ISS will also be treated to a hosted webcast, potentially all the way through reentry and recovery aboard the customized SpaceX vessel GO Searcher. According to CEO Elon Musk, there is a slight but present chance of anomalous behavior during reentry due to aerodynamic instability caused by the shrouds covering Crew Dragon’s unique SuperDraco abort system, while NASA continues to have concerns (largely unexplained) about the spacecraft’s redundant parachute system.
Regardless of technical concerns, Crew Dragon’s reentry will be the final critical challenge in the way of completing its first demonstration launch (DM-1), proceeded by a flawless launch and equally flawless docking. If successful, it will explicitly pave the way for the spacecraft’s second demonstration mission (DM-2), in which two NASA astronauts will be transported to the ISS. That major milestone could occur as early as July, although slips are probable.
Check out Teslarati’s newsletters for prompt updates, on-the-ground perspectives, and unique glimpses of SpaceX’s rocket launch and recovery processes!
Elon Musk
SpaceX’s amended S-1 is sparking a major Tesla merger conversation
A single line in SpaceX’s amended S-1 just sent Tesla stock down 5% in one day.
A single line buried in SpaceX’s amended S-1 filing is doing more to move Tesla’s stock price than anything Tesla itself has announced in months. The clause, disclosed as SpaceX prepares for what could be the largest IPO in Wall Street history, states that the company “may issue a significant amount of equity in connection with future transactions.” While this may be seen as boilerplate language in S-1 filings, the historical ties between SpaceX and Tesla, and with Elon Musk reportedly discussing a possible merger with close colleagues, investors are interpreting it as something closer to a signal.
The concern among institutional investors like Gary Black, managing director of The Future Fund, pointed directly to the amended filing on X, saying it “strongly suggests more SPCX equity will be issued,” which could potentially be used to acquire Tesla. He estimated such a deal could be 28% dilutive to Tesla shareholders since SpaceX would likely command a significantly higher valuation multiple. Black added that institutional investors he knows hate the idea of a combination because they prefer pure plays over conglomerates, which he said “nearly always gravitate to the lowest common multiple.”
The Tesla and SpaceX merger everyone is talking about is quietly building
The bull case runs the math differently. Tesla influencer and retail shareholder advocate AleXandra Merz pushed back on what she called a widespread misunderstanding of how merger-of-equals deals actually work. Rather than simply splitting the difference between two market caps, a merger exchange ratio is negotiated based on relative fair market values, meaning the lower valued company typically sees its stock reprice upward toward the deal value.
Under her model, SpaceX enters at a $2.5 trillion valuation and Tesla at $1.6 trillion, producing a combined entity worth $4.1 trillion split evenly between both shareholder groups. That implies Tesla’s side of the deal would be valued at $2.05 trillion, a gain of roughly $450 billion from its current market cap. She cited Dow-DuPont and CBS-Viacom as historical examples of how markets reprice both companies toward the announced exchange ratio after a deal is unveiled.
What does a Merger of Equals mean to Elon’s compensation packages?
Well, it changes everything.
Enjoy https://t.co/uekCldyITw pic.twitter.com/kolq1C9qTu
— AleXandra Merz 🇺🇲 (@TeslaBoomerMama) June 1, 2026
The SpaceX S-1 amendments also revealed just how much financial infrastructure already binds the two companies together. As Teslarati has reported, SpaceX purchased $697 million in Tesla Megapacks, $131 million in Cybertrucks, and the two companies have shared supply chain resources, and semiconductor fabrication plans since well before any merger conversation became public. A retail poll by Tesla influencer Sawyer Merritt is finding that 36% of respondents do not plan to buy SpaceX shares at IPO and 15.3% saying their decision depends on the valuation.
Do you plan on buying @SpaceX stock at its IPO?
— Sawyer Merritt (@SawyerMerritt) June 1, 2026
Whether the merger happens or not, the amended filing is seemingly moving markets and sharpened a debate that is no longer theoretical. SpaceX is weeks away from trading publicly, and Tesla shareholders are now watching every word of every filing for clues about what Musk plans to do next.
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.
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