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SpaceX restores a Falcon 1 rocket for 10th anniversary of first launch success
With plans to give the historic rocket its own place on display inside the company’s Hawthorne factory, SpaceX has refurbished the last remaining Falcon 1 rocket booster and an old Merlin 1C engine to create a model representative of the same Falcon 1 that saved SpaceX and made history on September 28th, 2008, becoming the first privately-developed liquid-fuel rocket to reach Earth orbit.
In the process of celebrating the tenth anniversary of that crowning achievement, one is reminded just how meteoric SpaceX’s rise has been over the course of that decade, marked by relentless progress with Falcon 1, Falcon 9, Falcon Heavy, Cargo Dragon, Crew Dragon, and even the early phases of BFR construction.
https://twitter.com/SpaceXJobs/status/1045832573471969281
On that September afternoon ten years ago, SpaceX may well have saved itself from extinction. Running on funding fumes, CEO and founder Elon Musk has long held that the company would have been forced to effectively cease activity and disband after six years of work and three consecutive Falcon 1 failures had drained almost all of the $100 million he had dedicated in 2002.
Reaching orbit is undoubtedly one of the most technologically challenging feats there is and SpaceX’s merciless failures drove that reality home, ranging from a burst propellant line on the first stage Merlin, liquid propellant sloshing problems on the second stage, and overperformance on the first stage engine causing the two stages to impact after separation, among myriad other problems faced outside of actual launch attempts. Thankfully, thanks to the extraordinary group of several hundred early employees that fixed those problems and pushed onwards, Falcon 1’s fourth attempt was almost flawless and successfully placed a boilerplate mass simulator into a roughly circular ~650km orbit.
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- Falcon 1 Flight 4 seen shortly after liftoff from SpaceX’s Kwaj Atoll island pad. (SpaceX)
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- Earlier this summer, /r/SpaceX member MarsOrBust101 was lucky enough to spot an old Falcon 1 – long sat at one of SpaceX’s several junkyards – being transferred to its Hawthorne factory. (Reddit /u/MarsOrBust101)
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- It’s impossible to know for sure, but that hardware was almost certainly SpaceX’s first Falcon 1 recovery test article in a previous life. (SpaceX)
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- SpaceX has restored the last remaining Falcon 1 structures into a display model. The small, unassuming rocket was showcased in front of the company’s Hawthorne factory on September 28th. (Pauline Acalin)
A bit more than nine months later, SpaceX completed the first and last operational launch of Falcon 1, retired to allow the company to focus fully on Falcon 5 (cancelled a few years later), Falcon 9, and Cargo Dragon. Eleven months after that July 2009 mission, SpaceX successfully launched Falcon 9 for the first time and followed it up with the first launch of a functioning Cargo Dragon spacecraft, which spent several hours testing systems in orbit before reentering Earth’s atmosphere and landing in the Pacific Ocean. Two years later in 2012, SpaceX’s Cargo Dragon became the first commercial spacecraft in history to dock with the International Space Station, with operational NASA Commercial Resupply Services launches beginning just six months after.
With three years and five successful launches under its belt, Falcon 9 v1.0 was retired and made way for the first of many upgraded Falcon 9 variants, known as Falcon 9 v1.1, featuring 60% greater thrust and mass at liftoff, a new octaweb layout for its nine new Merlin 1D engines, and a range of structural changes that set the stage for future attempts at booster recovery. Two and a half years after Falcon 9 v1.1’s debut and a little over five years since the first successful launch of Falcon 1, SpaceX accomplished the first successful landing of a Falcon 9’s first stage, and that booster now stands proudly outside of the company’s Hawthorne, CA headquarters.
To mark that 10th anniversary, SpaceX apparently decided to salvage a mothballed Falcon 1 stored in a junkyard, refurbishing it into something closer to its former self. Although just the first stage and a Merlin 1C engine were present, the company stationed the refurbished Falcon 1 in front the first recovered Falcon 9 booster and gave all employees an opportunity to see the duo over the course of September 28th.
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- Roughly a third of the SpaceX employees present for the company’s Falcon 1 Flight 4 success still remain. (SpaceX)
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- Falcon 9 and Falcon 1. (Pauline Acalin)
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- SpaceX’s first successful Falcon 9 landing. Booster B1019 now stands in front of SpaceX’s Hawthorne factory. (SpaceX)
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- Falcon Heavy successfully clears the tower after its maiden launch, February 6, 2018. (Tom Cross)
The sheer size differential is undeniably impressive. However, a more gobsmacking statistic can be found still. Falcon 1 stands roughly 22 meters tall and would weigh around 39,000 kilograms with a full load of liquid oxygen and kerosene. While the Falcon family’s current payload fairing isn’t nearly tall enough to squeeze in a full Falcon 1 first stage, Falcon Heavy could easily place a fully-loaded Falcon 1 into Low Earth Orbit and still recovery all three of its first stage boosters.
In other words, SpaceX went from launching the first commercial liquid-fuel rocket to reach orbit to launching a super-heavy rocket that could put that entire first rocket into orbit in less than ten years. Not too shabby.
For prompt updates, on-the-ground perspectives, and unique glimpses of SpaceX’s rocket recovery fleet check out our brand new LaunchPad and LandingZone newsletters!
Tesla has finally clarified the situation regarding the viral crash in Texas where a Model 3 slammed into a home.
CEO Elon Musk replied to reports on Monday that stated the crash was due to the company’s Full Self-Driving or Autopilot suite, which seemed unlikely to those who are familiar with it. Video showed the car slamming into a house at an excessive rate of speed, making it highly unlikely the crash was due to the suite’s operation, as it does not travel at those speeds in residential areas.
Musk said:
“This makes no sense. FSD drives slowly through neighborhood streets, and this was a high-speed crash!”
Tesla’s Head of AI, Ashok Elluswamy, added context, revealing that the company’s data shows the driver “manually overrode self-driving by pressing the accelerator all the way to 100%.”
He revealed the speed reached by the car was 73 MPH, and the accelerator was still pressed “even after the crash.”
Yup. In this case, the driver manually overrode self-driving by pressing the accelerator all the way to 100% of the accel pedal in this residential area. They reached a speed of 73 mph during the crash, and had the accelerator pressed even after the crash.
— Ashok Elluswamy (@aelluswamy) June 22, 2026
Authorities are reportedly investigating “whether Tesla’s Autopilot system played a role after a Model 3 left the roadway…slammed through a brick house at high speed and fatally struck Matha Avila as she sat inside,” the New York Post reported.
The National Highway Traffic Safety Administration (NHTSA) is now investigating the crash. Tesla will work with the agency to provide them with whatever information they need in order to clarify the cause of the crash.
Similarly, Tesla had claims of a fatal accident in Harris County, Texas, a few years ago. Early reports indicated that Full Self-Driving was the cause of the crash. After the National Transportation Safety Board (NTSB) worked with Tesla, the agency proved there was “no use of the Autopilot system at any time during this ownership period of the vehicle, including the time frame up to the last transmitted timestamp on April 17, 2021.”
Tesla alleged “driverless” crash in Texas: What is known so far
“Application of the accelerator pedal was found to be as high as 98.8 percent,” the NTSB said in their findings. The highest recorded speed in the five seconds leading up to the impact was 67 miles per hour. The area where the crash occurred is residential, and Texas State laws have default speed limits of 30 MPH in residential streets.
This appears to be a similar situation. However, an investigation will prove what happened for sure.
SpaceX announced today that it commenced its first-ever public bond offering, marking a significant step in the newly public company’s capital markets strategy.
The company announced an offering of senior unsecured notes expected to raise at least $20 billion.
The move comes just a short time after SpaceX completed one of the largest initial public offerings in history. In mid-June, the company priced shares at $135 and raised more than $85 billion, propelling founder Elon Musk’s net worth past the trillion-dollar mark and giving the firm substantial liquidity.
🚨 SpaceX has announced its inaugural offering of senior unsecured notes.
The net proceeds will be used to repay outstanding loans under its bridge loan facility in full.
This inaugural debt offering represents a financing milestone for SpaceX, which previously depended… pic.twitter.com/pcOZuVbTRv
— TESLARATI (@Teslarati) June 22, 2026
According to the company’s SEC filing, the net proceeds from the notes will be used primarily to repay in full the outstanding borrowings under its existing bridge loan facility, cover related fees and expenses, and fund general corporate purposes. The offering is being conducted under Rule 144A, as well as Regulation S, targeting qualified institutional buyers and non-U.S. investors. Notes will be unsecured obligations ranking equally with other unsubordinated debt.
The $20 billion bridge loan was used to refinance approximately $17.5 billion in higher-cost “junk” debt tied to X and xAI. SpaceX had merged with xAI in February 2026 in an all-stock deal. The bridge facility, which matures in September 2027, had represented the bulk of SpaceX’s long-term debt.
SpaceX officially acquires xAI, merging rockets with AI expertise
In connection with the bond launch, SpaceX disclosed it held approximately $100.8 billion in cash and cash equivalents as of June 19. Investor calls began on the announcement date, with pricing and launch expected shortly thereafter. Rating agencies have assigned investment-grade ratings to the proposed bonds, reflecting confidence in SpaceX’s dominant position in commercial launches and the growth trajectory of its Starlink internet offering.
The debt raise also allows SpaceX to optimize its balance sheet by replacing short-term, higher-cost bridge financing with longer-date, lower-cost fixed-income securities. This provides greater financial flexibility to support capital-intensive initiatives, including the development of Starship, the expansion of the Starlink constellation, and the integration of AI capabilities following the xAI combination.
SpaceX shares (NASDAQ: SPCX) fell sharply on the news, dropping over 16 percent overall on the market on Monday. The stock had surged initially after debuting but pulled back amid profit-taking and broader market dynamics.
Overall, the bond offering underscores SpaceX’s transition to a mature public company with access to diverse funding sources. It positions the firm to pursue its long-term vision of multiplanetary expansion and AI infrastructure, while maintaining a disciplined approach to its capital structure in a high-growth but capital-heavy industry.
SpaceX confirmed today that it has officially signed its third massive compute deal, providing compute at its Colossus data center in Southaven, Mississippi.
Reflection AI will gain immediate access to NVIDIA GB300 chips at SpaceX’s Colossus 2 data center. In return, Reflection will pay SpaceX $150 million per month starting on July 1, with total payments reaching approximately $6.3 billion if the contract runs through its duration, which is until 2029. Either party can terminate the agreement with 90 days’ notice after the initial three-month period.
CNBC first reported the deal.
🚨 SpaceXAI has agreed to a new compute deal with Reflection AI.
Reflection gets access to NIVIDIA GB300s, and will pay $150M per month to SpaceXAI for the compute. pic.twitter.com/bNPare8U5u
— TESLARATI (@Teslarati) June 22, 2026
This latest partnership highlights SpaceX’s strategy of commercializing its massive Colossus supercomputing infrastructure, originally developed to power Elon Musk’s Grok AI models. The company has rapidly expanded its customer base in the AI sector following its February 2026 merger with xAI, a transaction that valued the combined entity at $1.25 trillion.
SpaceX has previously signed significant compute deals with other major players.
It granted Anthropic exclusive access to the full capacity of its Colossus 1 data center, which exceeds 300 megawatts and includes over 220,000 NVIDIA GPUs. Details from SpaceX’s IPO filings indicate Anthropic will pay $1.25 billion per month through May 2029, potentially generating around $45 billion over the term of the deal.
Additionally, Google agreed to pay SpaceX $920 million per month for compute capacity from October 2026 through June 2029. This 32-month period will provide Google access to roughly 110,000 NVIDIA GPUs, along with supporting processors and memory. Capacity ramps up through September at a reduced fee, with termination options after the first year.
SpaceXA also established arrangements for computing power with Cursor, an AI coding startup. SpaceX acquired them in a $60 billion all-stock deal.
These arrangements position SpaceX’s collective position as an AI infrastructure powerhouse with high-margin revenue potential. The Google deal alone could generate nearly $29.5 billion over its term, while the Reflection contract adds another $6.3 billion.
Combined with the Anthropic arrangement, SpaceX stands to realize tens of billions in revenue from compute leasing in the coming years, which diversifies beyond SpaceX’s traditional rocket launches and Starlink operation.
The deals underscore growing demand for advanced AI training and inference capacity amid chip shortages and surging model development needs. Reflection, valued at $25 billion and focused on “American open intelligence” with government and national security ties, cited recent restrictions on closed models as validation for open-source approaches.
For SpaceX, the partnerships transform capital-intensive data centers into flexible revenue sources while supporting its broader AI ambitions after the company has gone public.
Tesla finally clarifies fatal Texas crash, confirms driver manually overrode acceleration
SpaceX makes $20 billion move to optimize its balance sheet
