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SpaceX’s Crew Dragon spaceship nears first orbital launch test
After roughly five years of concerted development, SpaceX CEO Elon Musk has released the first official photo of the company’s Crew Dragon, a version of their orbital spacecraft designed and optimized to reliably return humans to orbit from United States soil.
Traceable back to the very beginning of SpaceX’s first Dragon development program, where the company hoped to easily modify the Cargo Dragon capsule design to support crewed missions, the results of the years of work that followed instead focused on an extensive redesign originally intended to be capable of powered landings similar to Falcon 9 boosters. However, likely the result of an immense certification burden to ever hope to have NASA okay its operational usage, SpaceX chose to kill the landing program in favor of a more traditional ocean splashdown style of return. Extendable leglets were thus removed from the design’s heat shield, a change that also ended any hopes of SpaceX’s plans to partner with NASA and land an unprecedented payload on the surface of Mars, known as Red Dragon.
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- Elon Musk: “SpaceX Crew Dragon ship in anechoic chamber for EMI [electromagentic interference] testing before being sent to @NASA Plum Brook vacuum chamber” (SpaceX)
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- CRS-14’s flight-proven Cargo Dragon captured on orbit in April 2018 by astronaut Oleg Artemyev. (NASA/Oleg Artemyev)
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- A reused orbital spacecraft, Cargo Dragon, back on Earth after its second successful resupply mission. (SpaceX)
That announcement came in the summer of 2017. Ten quiet months later, Musk confirmed April updates from NASA’s Commercial Crew Program managers with a photo of the first flight-worthy Crew Dragon in SpaceX’s anechoic chamber, ahead of shipment to NASA’s Plum Brook facility for full-up spacecraft testing in vacuum conditions.
While it may look like a completely different design, much of Crew Dragon has a significant level of heritage with the readily flight-proven Cargo Dragon spacecraft, including avionics, parachutes, heat shield expertise, and Draco maneuvering thrusters. The most obvious difference can be found in the four black bays spaced evenly around the edge of the capsule – these contain two SuperDraco thrusters each (eight total) that together act as an integrated launch abort system, capable of launching the capsule and trunk to safety in fractions of a second in the event of Falcon 9 failure at any point during launch. A test of this hardware was first completed almost exactly three years ago, demonstrating acceleration from stand-still to 100 mph in less than a single second.
The hardware shown in Elon Musk’s photo is not intended to carry humans (not on its first flight, at least), instead aiming to be the first Crew Dragon article to make it into Earth orbit, where SpaceX technicians and engineers will conduct and observe a vast fleet of tests with the intent of proving the craft’s capabilities. If successful, this mission (known as DM-1) will be the final step SpaceX needs to complete before DM-2, the upgraded spacecraft’s first real crewed mission.
As of now, DM-1 and DM-2 are officially scheduled for no earlier than (NET) August 31 and December 31 respectively. However, those dates are very unlikely to hold. Per sources with knowledge of Crew Dragon’s progress, DM-2 is currently scheduled for launch NET 2019, likely sometime in the first or second quarter. DM-1, while certainly not ready for an August 31 launch, does appear to be tracking towards a launch later this year, most likely in Q4 2018. SpaceX technicians are working around the clock to ready this groundbreaking hardware for its trip to Plum Brook and eventually to space, spending long shifts in the belly of the Dragon to ensure everything is working as intended.
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- Falcon 9 Block 5 completed its first launch on May 11, carrying the Bangabandhu-1 communications satellite to geostationary transfer orbit. (Tom Cross)
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- SpaceX’s first successfully launched and landed Block 5 Falcon 9, May 2018. (Tom Cross)
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- B1046 returned to Port Canaveral shortly after its May 4 debut, and is now being carefully analyzed as pathfinder hardware. (Tom Cross)
Falcon 9 Block 5, which successfully completed its inaugural launch earlier this month, is another critical path for SpaceX’s first crewed mission (DM-2). As of now, NASA’s Aerospace Safety Advisory Panel (ASAP) has advised NASA to require seven full-up successful launches of the Block 5 iteration before allowing crew to fly on the rocket. In order for SpaceX to achieve that milestone in time for a crewed launch in early 2019, Falcon 9 Block 5 will need to fly (and refly) flawlessly over the course of the second half of 2018. While unclear if ASAP will accept flight-proven launches of the upgraded rocket for its fairly arbitrary “seven launches” requirement, SpaceX will need to rely heavily on Block 5 reflights if they hope to complete as many as 30 launches total this year.
As of now, the next launch of Falcon 9 Block 5 is likely to occur sometime in June, with three total Block 5 flights tentatively scheduled before mid-July. If SpaceX can pull those launches off, it will act as a huge bode of confidence for the future of the rocket, as well as the future of Crew Dragon.
Crew Dragon tests its SuperDraco-powered launch abort system. (SpaceX)
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Tesla (NASDAQ: TSLA) reported its earnings for the third quarter of 2026, marking a reasonable performance on the various financial metrics. Tesla still plans to hold a call that will field investor questions at 5:30 p.m. ET, 4:30 p.m. CT.
Here’s where Earnings came in:
- Total Revenues: $28.046 reported vs. $28.34B expected
- Non-GAAP EPS: $0.48 reported vs. $0.45 expected
- Operating Margin: 2.6 % reported vs. 2.5% expected
- Operating Income: $718M reported vs. $721M expected
- Free Cash Flow: $1.531B reported vs. ~-$4.51B expected
Tesla $TSLA Earnings Results:
Revenues: $28.046B
Non-GAAP EPS: $0.48
Operating Margin: 2.6%
Operating Income: $718M
FCF: $1.531B— TESLARATI (@Teslarati) October 21, 2026
Major Takeaways
Full Self-Driving (Supervised)
“FSD (Supervised)⁴ attach rate continued to grow, reaching over 75% of new vehicle deliveries in North America – our most mature market – a nearly twenty percentage point sequential increase. We believe that FSD is driving demand in markets where it is available, and we continue to work with regulators to get it approved in other markets.”
Tesla Semi
“We began volume production of Tesla Semi, our Class 8 heavy-duty truck. The top variant can go 500 miles at full 82,000 lbs gross combination weight while achieving an efficiency of 1.7 kWh/mile. That efficiency allows the Tesla Semi to use a third of the energy used by a comparable diesel truck to haul the same payload. In a transportation market where energy is one of the largest components of total cost per mile, this will provide a meaningful advantage to Tesla Semi operators.”
SI Compute
“We plan to reach 400 MW of SI training compute by the end of the year, supporting the development of both vehicle and humanoid robot autonomy software. Additionally, we continued construction for the Austin Fab, where we plan to start commissioning equipment in 2027.”
Robotaxi
“We began deployment of Cybercab into our Robotaxi fleet in Austin. We reached nearly two million cumulative unsupervised miles for our Robotaxi service as of the end of the quarter. Operating hours in Austin are now 6am to midnight, and we expect to reduce wait times via increased fleet supply and improvement of Robotaxi orchestration algorithms. Grok is available in Cybercab with access to Grok Bot and Connectors, which allows users to manage their inbox, calendars, files, chats and tasks – all hands free via voice command – making Cybercab a mode of transport, a productivity space and, with our entertainment options, a second living room.”
Interested in ordering a Tesla? Use my referral code for three free months of Full Self-Driving (Supervised) here.
Tesla (NASDAQ: TSLA) reports its earnings for Q3 today. Here’s what to expect, as the company will reveal its balance sheet after the market closes on Wednesday.
Tesla already reported deliveries just after Q3 ended, and it demolished Wall Street consensus estimates of roughly 462,000 vehicles. Tesla delivered 486,532 cars in the third quarter, which was a big beat, but was down 2.1 percent from the same quarter last year. Energy storage deployments were 13.7 GWh, up year-over-year.
Tesla showrooms picked clean ahead of Q3 end as demand looks strong
For the quarter, analysts have already compiled their predictions for what Tesla will report this afternoon:
- Total Revenues: $28.34B
- Non-GAAP EPS: $0.43
- Operating Margin: 2.5%
- Operating Income: $721M
- Free Cash Flow: ~-$4.51B
Here are a few things we are looking forward to hearing about on the call:
Automotive Gross Margin and Overall Profitability
This was 16.3 percent in Q2, down from 19.2 percent in Q1, and was impacted by warranty charges and some fading regulatory credits. Consensus implies overall gross margin near 18 percent, but a miss here would potentially reinforce concerns about pricing pressure on its vehicles.
Pay attention to energy storage margins as well, especially since Tesla missed GWh expectations, although it was still a strong quarter.
Robotaxi/Cybercab, Unsupervised FSD, and Optimus Progress
The Say questions from retail investors usually focus on these types of projects, and this quarter is no different. Scaling the Cybercab fleet beyond Austin amid the open NHTSA safety review, timeline for Unsupervised FSD in customer cars, Robotaxi unit economics, and Optimus cost per unit plus when it could start generating revenue, are all things to be looking for.
Any concrete timelines or regulatory path details will likely move the stock more than the near-term numbers. SpaceX merger speculation, which was detailed during SpaceX’s earnings call last night, may also surface, although the key details were shared last night.
Elon Musk just confirmed the Tesla and SpaceX merger step everyone was waiting for
Say Investor Questions
- How does the Cybercab fleet scale past Austin, and what’s the regulatory path outside Texas given NHTSA’s open safety review?
- When can we anticipate FSD unsupervised in customer cars?
- When will the CyberCab be available for customer purchase/ownership?
- What’s the unit economics per paid robotaxi mile, and how does it compare to the thirty-cent target?
- Tesla has acknowledged that HW3 vehicles cannot support unsupervised FSD. When will owners know whether they can upgrade their hardware for free, and when will Tesla provide a clear plan?
The full Earnings Call will be streamed this evening after market close around 5 p.m. this evening.
SpaceX confirmed the date of Starship’s 15th launch window with some massive ambitions for the mission, as it will attempt to catch Ship for the first time.
CEO Elon Musk confirmed during SpaceX’s Earnings Call last night on October 20 that it would launch Starship for its 15th test flight in November, and there are some incredible things the company wants to try, making it perhaps the most groundbreaking launch in the program’s history.
SpaceX delivers blockbuster Q3 results as Super Intelligence segment booms
The most major development of the call was SpaceX’s intention to catch Ship alongside catching the Super Heavy Booster, something that has happened in the past. SpaceX showed an animation of the Ship catch, which will be done on the launch tower’s chopsticks:
SpaceX has released a new Starship tower catch animation for the upcoming Flight 15! https://t.co/kStn01Da8u
— Truthful🛰️ (@Truthful_ast) October 20, 2026
This monumental goal is to catch both the Ship and Booster in a dual-catch scenario, an incredible feat since SpaceX has never been able to reuse a Ship after launch. Musk said it would be “the first time that an orbital launch vehicle has been fully recovered,” and said it would be a “profound technology milestone.”
Musk said the odds of success on this first Ship catch attempt are “more likely than not,” but SpaceX is ultimately prepared for more tries moving forward. The SpaceX frontman said that, starting next year, Starship would have a “steady stream” of flights through the end of the year.
The cadence will accelerate in 2027, with Musk stating the company plans to target weekly flights in the first half of 2027 and twice-weekly by year-end.
The Flight 15 attempt follows that of Flight 14, which took off in late September and was Starship’s first orbital mission. It deployed 26 Starlink V3 satellites, accomplished a controlled ocean splashdown of both stages, and shed more light on potential challenges for the program moving forward.
As of now, the Starship program is firing on all cylinders.
Interested in ordering a Tesla? Use my referral code for three free months of Full Self-Driving (Supervised) here.
Tesla Q3 2026 Earnings results: in-line revenues, slight beat on EPS
Tesla reports Q3 Earnings today: here’s what to expect
