

News
SpaceX fairing catcher Mr. Steven to attempt first Falcon fairing catch in months
Currently stationkeeping in the Pacific Ocean 220 miles (350 km) south of SpaceX’s Vandenberg launch pad, it’s starting to look like SpaceX fairing catcher Mr. Steven will soon attempt its first operational Falcon 9 fairing recovery in more than four months.
On the tail of the SpaceX’s fourth or fifth controlled fairing drop test, a series of tests that coincided with Mr. Steven attempting no recovery during the last West Coast launch, it’s possible that SpaceX engineers now believe the company is ready to successfully catch a fairing after an actual Falcon 9 launch. If so, the twice-flown Falcon 9’s third launch – with Spaceflight’s SSO-A satellite rideshare mission in tow – is the best chance yet for SpaceX to take its last critical step towards fairing reusability.
Good News and Bad News! Firstly, launch is pushed back a day till the 3rd. The good news is that Mr Steven's destination is set to SSO-A and might make a catch attempt! pic.twitter.com/3FNvifyRPX
— Gav Cornwell (@SpaceOffshore) December 2, 2018
Over the last four months, Mr. Steven’s crew of SpaceX and GO engineers and technicians have gradually introduced significant modifications to the vessel’s fairing recovery hardware, including major changes to the net’s motorized rigging, the installation of a curious lone arm on his bow, and – most recently – an odd mini-net that appears to be able to move around the gap between Mr. Steven’s main net and deck.
Aside from extensive (albeit subtle) hardware modifications, SpaceX workers conducted no less than four dedicated fairing drop tests, in which a helicopter would lift a specially-modified Falcon fairing half, releasing it around 10,000 feet so that it could deploy its parafoil and glide towards attempted soft landings in Mr. Steven’s net. While it’s almost impossible to know without official confirmation whether any drop test actually occurred, the fairing half involved clearly survived each trip out to sea and is currently stationed out of the way at SpaceX’s Berth 240 facilities.
At one point, the recognizable test-specific fairing half did return to port in Mr. Steven’s net and remained there overnight, perhaps indicating that SpaceX saw some success with its experimental drop-and-catch tests. A step further, while it’s fairly easy to literally discern the changes made to Mr. Steven over the last several months, it’s impossible to know just how much the fairing’s own guidance and navigation computers (GNC) and aerodynamic control surfaces (a steerable parafoil) factored into several failed recovery attempts after launches.
More likely than not, Mr. Steven is no more responsible for ensuring fairings are caught than SpaceX’s drone ships are for Falcon 9 booster landings – the most they can typically do is be in the right spot at the right time, although Mr. Steven does admittedly have a bit more flexibility to adjust his net’s position at the last second. Given that SpaceX intentionally avoided a fairing recovery attempt during October 7’s West Coast Falcon 9 launch, choosing instead to travel to the vicinity of Catalina Island for controlled experiments, it seems improbable that SpaceX would attempt another post-launch fairing recovery unless if the program’s engineers hadn’t gained some level of additional confidence.
- A very sooty B1046 is – fingers crossed – at long last ready for its third flight after almost three weeks of delays. (Pauline Acalin)
- Soot, o’ glorious soot. (Pauline Acalin)
- Mr. Steven’s main net has sprouting a forest of additional rigging over the last month or two. (Pauline Acalin)
- Main net, meet bby net. (Pauline Acalin)
- What dat net do?
As such, the launch of SSO-A – already a milestone by thanks to its twice-flown Falcon 9 booster – may also be SpaceX’s best chance yet at successfully catching a Falcon 9 payload fairing in Mr. Steven’s net. Questions remain, of course. What does his cabled unicorn horn accomplish? Why the recent installation of a tiny secondary net? What exactly has Mr. Steven been up to lately in the Pacific Ocean? Who knows, but make sure to watch SpaceX’s launch attempt – NET 10:32 am PST (17:32 UTC) December 3rd – live tomorrow.
Investor's Corner
Barclays lifts Tesla price target ahead of Q3 earnings amid AI momentum
Analyst Dan Levy adjusted his price target for TSLA stock from $275 to $350, while maintaining an “Equal Weight” rating for the EV maker.

Barclays has raised its price target for Tesla stock (NASDAQ: TSLA), with the firm’s analysts stating that the electric vehicle maker is approaching its Q3 earnings with two contrasting “stories.”
Analyst Dan Levy adjusted his price target for TSLA stock from $275 to $350, while maintaining an “Equal Weight” rating for the EV maker.
Tesla’s AI and autonomy narrative
Levy told investors that Tesla’s “accelerating autonomous and AI narrative,” amplified by CEO Elon Musk’s proposed compensation package, is energizing market sentiment. The analyst stated that expectations for a Q3 earnings-per-share beat are supported by improved vehicle delivery volumes and stronger-than-expected gross margins, as noted in a TipRanks report.
Tesla has been increasingly positioning itself as an AI-driven company, with Elon Musk frequently emphasizing the long-term potential of its Full Self-Driving (FSD) software and products like Optimus, both of which are heavily driven by AI. The company’s AI focus has also drawn the support of key companies like Nvidia, one of the world’s largest companies today.
Still cautious on TSLA
Despite bullish AI sentiments, Barclays maintained its caution on Tesla’s underlying business metrics. Levy described the firm’s stance as “leaning neutral to slightly negative” heading into the Q3 earnings call, citing concerns about near-term fundamentals of the electric vehicle maker.
Barclays is not the only firm that has expressed its concerns about TSLA stock recently. As per previous reports, BNP Paribas Exane also shared an “Underperform” rating on the company due to its two biggest products, the Robotaxi and Optimus, still generating “zero sales today, yet inform ~75% of our ~$1.02 trillion price target.” BNP Paribas, however, also estimated that Tesla will have an estimated 525,000 active Robotaxis by 2030, 17 million cumulative Optimus robot deliveries by 2040, and more than 11 million FSD subscriptions by 2030.
Investor's Corner
BNP Paribas Exane initiates Tesla coverage with “Underperform” rating
The firm’s projections for Tesla still include an estimated 525,000 active Robotaxis by 2030.

Tesla (NASDAQ: TSLA) has received a bearish call from BNP Paribas Exane, which initiated coverage on the stock with an Underperform rating and a $307 price target, about 30% below current levels.
The firm’s analysts argued that Tesla’s valuation is driven heavily by artificial intelligence ventures such as the Robotaxi and Optimus, which are both still not producing any sales today.
Tesla’s valuation
In its note, BNP Paribas Exane stated that Tesla’s two AI-led programs, the Robotaxi and Optimus robots, generate “zero sales today, yet inform ~75% of our ~$1.02 trillion price target.” The research firm’s model projected a maximum bull-case valuation of $2.7 trillion through 2040, but after discounting milestone probabilities, its base-case valuation remained at $1.02 trillion.
The analysts described their outlook as optimistic toward Tesla’s AI ventures but cautioned that the stock’s “unfavorable risk/reward is clear,” adding that consensus earnings expectations for 2026 remain too high. Tesla’s market cap currently stands around $1.44 trillion with a trailing twelve-month revenue of $92.7 billion, which BNP Paribas argued does not justify Tesla’s P/E ratio of 258.59, as noted in an Investing.com report.
Tesla and its peers
BNP Paribas Exane’s report also included a comparative study of the “Magnificent Seven,” finding Tesla’s current market valuation as rather aggressive. “Our unique comparative analysis of the ‘Mag 7’ reveals the extreme nature of TSLA’s valuation, as the market implicitly says TSLA’s 2035 earnings (~55% of which will be driven by Robotaxi & Optimus, w/ zero sales now) have the same level of risk & value-appropriation as the ‘Mag 6’s’ 2026 earnings,” the firm noted.
The firm’s projections for Tesla include an estimated 525,000 active Robotaxis by 2030, 17 million cumulative Optimus robot deliveries by 2040 priced above $20,000 each, and more than 11 million Full Self-Driving subscriptions by 2030. Interestingly enough, these seem to be rather optimistic projections for one of the electric vehicle maker’s more bearish estimates today.
News
Tesla FSD’s new Mad Max mode is getting rave reviews from users
It does appear that Mad Max mode is destined to be one of the system’s biggest steps forward to date.

Tesla’s release notes for the newly released Mad Max mode for FSD (Supervised) V14.1.2 simply stated that the feature “comes with higher speeds and more frequent lane changes than Hurry.” But as per videos that have been posted online by FSD users who have tested the system, it does appear that Mad Max mode is destined to be one of the system’s biggest steps forward to date.
It is then no surprise that the new capability is getting rave reviews from Tesla owners.
Impressive tests
A look at posts on social media platform X would show that, similar to past FSD releases, numerous Tesla content creators immediately tested Mad Max mode on real-world streets after it was downloaded onto their vehicle. Considering that the update was released rather late, the first tests of Mad Max mode were done at night. Despite this, it was evident that Tesla worked very hard to make Mad Max mode into something that is very useful in real-world scenarios.
This could be seen in videos from longtime Tesla owner @BLKMDL3, who observed that Max Max mode was “amazing” and like “perfect for LA traffic” due to its cautious but assertive nature. Later on, the Tesla owner noted that after eight drives, it was evident that FSD (Supervised) V14.1.2 was impressive.
Assertive but safe
Other testers such as Model Y owner Sawyer Merritt noted that Mad Max mode drives very quickly and confidently, with smoother acceleration that is still very safe. These were echoed by another longtime FSD tester, Dirty Tesla, who noted that Mad Max mode seems to be designed for heavy, aggressive traffic so users could fit in better. The FSD user did, however, observe that Mad Max mode does speed up a lot on open roads.
Recent comments from Tesla AI Head Ashok Elluswamy have indicated that Mad Max mode was created to be a solution for daytime congested traffic, which is arguably one of the most soul-crushing experiences that drivers deal with on a daily basis. With this in mind, it does appear that FSD (Supervised) V14.1.2 could prove to be a notable step forward in Tesla’s push towards true autonomous driving.
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