News
SpaceX’s Falcon 9 and Heavy manifest grows lopsided as launches align for Q4
For a variety of reasons both clear or otherwise, a significant number of SpaceX’s Falcon 9 and Falcon Heavy launches initially scheduled near the beginning or middle of the second half of 2018 are all slipping right into October, November, and December.
While communications satellite Telstar 18V’s two-week slip to NET September 8 and SAOCOM-1A’s own several-week tumble to October 7th appear to have their own respective and discernible reasons, namely some sort of range or payload issue (Telstar) and difficulties with the Falcon 9 rocket (SAOCOM), it’s much harder to know why multiple other payloads have slipped into late 2018.
Although the multiple slips and slides of several payloads and much of SpaceX’s H2 2018 launch manifest may be hard to parse alongside the year’s milestone first half, at least two reliable launch manifest sources (SpaceflightNow and one other) more or less independently corroborate the apparent realignment. Explanations, however, are far harder to find – to be expected in the business of space launch. Still, multiple launch delays can be traced to either payload or rocket issues.
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- SpaceX technicians wrench on Merlin 1D and Merlin Vacuum engines. Raptor was apparently dramatically larger in person. (SpaceX)
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- SpaceX technicians wrench on Merlin 1D and Merlin Vacuum engines. (SpaceX)
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- SpaceX technicians wrench on Merlin 1D and Merlin Vacuum engines. (SpaceX)
Payload-side delays aplenty but rocket-slips, too
Iridium CEO Matt Desch, for example, noted that his company’s Iridium NEXT-8 launch of the constellation’s final 10 satellites is slipping from its original launch date target because of delays preparing the satellites for launch, rather than any issue with SpaceX rocket availability. While not official, the Falcon 9 launch of communications satellite Es’hail-2 has also rapidly jumped from the end of August or early September into Q4 2018 (likely NET October or November), hinting heavily at payload processing delays or technical issues with the complex satellite, as multi-month rocket-side delays would likely preclude interim September and October launches.
Still trying to nail the date down (satellite completion is gating, not rocket availability), but definitely won't be in September.
— Matt Desch (@IridiumBoss) August 13, 2018
Meanwhile, at least two of those prospective Q4 2018 SpaceX launches happen to be rideshare-dedicated, meaning that the payload consists of dozens of smaller satellites manifested and organized by a middleman company or agency. These two launches are Spaceflight’s SSO-A launch (~70 satellites) – currently NET November 2018 – and the US Air Force-led STP-2 mission, designed primarily to help SpaceX certify Falcon Heavy for Air Force launches while also placing roughly two dozen smaller satellites into orbit. STP-2 was delayed for multiple years as SpaceX gradually paced towards Falcon Heavy’s first real launch debut (February 2018), but launch delays (currently NET November 30 2018, probably 2019) will likely be caused by some combination of rocket, payload, and pad delays as SpaceX readies for what is essentially the second debut of much different Falcon Heavy.
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While likely less a payload-side delay than a mountain-of-tedious-paperwork-and-bureaucracy delay, SpaceX’s NET November 2018 inaugural (uncrewed) demonstration launch of Crew Dragon, NASA scheduling documents published alongside an August 27 Advisory Council presentation suggest that the spacecraft will be ready for launch as early as September, whereas independent sources and visual observations have confirmed that the new Falcon 9 Block 5 booster (B1051) is either near the end or fully done with its McGregor, Texas acceptance testing. One certainly cannot blame SpaceX or NASA for caution at this stage, but the consequently uncertain launch debut of Crew Dragon almost certainly precludes any Falcon Heavy launches from Pad 39A in the interim, including STP-2’s theoretical NET November 30 launch date, which is literally inside Crew Dragon’s “November 2018” launch target.
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- Falcon Heavy explodes off of Pad 39A, February 2018. (SpaceX)
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- Falcon Heavy’s side boosters seconds away from near-simultaneous landings at Landing Zones 1 and 2. (SpaceX)
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- SpaceX technicians wrench on Merlin 1D and Merlin Vacuum engines. Raptor was apparently dramatically larger in person. (SpaceX)
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- It’s currently unclear whether B1046 or B1048 will become the first SpaceX rocket to fly three times. (Tom Cross)
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- Falcon 9 B1048 stands proud after its West Coast launch debut, August 2nd. (Pauline Acalin)
On the other hand, several recent delays of SpaceX’s imminent (-ish) launch of Argentinian Earth observation satellite SAOCOM-1A have been suggested by several employees of the country’s CONAE space agency to be rocket-related, as they understand that the satellite itself is effectively ready to head to orbit at any time. It has yet to be officially confirmed, but it’s understood that Falcon 9 B1048 – previously flown on the launch of Iridium-7 – is being refurbished for SAOCOM-1A, potentially contributing to launch delays as SpaceX cautiously works through the inaugural reuses of some of its very first serial Falcon 9 Block 5 boosters.
Time will soon tell, as launching the roughly 8 to 10 launches tentatively remaining on SpaceX’s 2018 manifest will require extensive reuse of Block 5 boosters if multiple slips into 2019 are to be prevented. Regardless, best of luck to SpaceX’s technicians and engineers as they beat back rocket demons, grapple with uncooperative satellite payloads, and navigate the winding paths of Department of Defense and NASA rocket launch certifications.
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!
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Investor's Corner
SpaceX and Nvidia team up on Musk’s orbital AI bet
SpaceX revealed a new Nvidia satellite partnership, then Musk pledged an exclusive Nvidia hardware commitment.
SpaceX and Nvidia are now working together on the hardware that will power Musk’s orbital data center ambitions. SpaceX announced on X on Tuesday that it is partnering with Nvidia to design the compute payload for Starmind AI1, the first satellite in a planned constellation built to run AI workloads directly in orbit. Each Starmind satellite will carry Nvidia’s Rubin GPUs and Vera CPUs, according to the post, which included renderings of the payload design.
The announcement landed hours before SpaceX’s first earnings call as a public company, where Musk went further, saying the company has committed to building its AI infrastructure exclusively on Nvidia hardware. “We think the Vera Rubin architecture is the best architecture. We think it’s the best AI computer, and we greatly value our close cooperation and partnership on many levels with Nvidia,” Musk told investors on the call,. “So we’re exclusive to Nvidia.”
Musk said SpaceX plans to deploy Nvidia’s Vera Rubin NVL72 rackscale system, codenamed Kyber, both on the ground and in space. He set a target of 2 gigawatts of compute capacity online by the end of this year, scaling to roughly 10 gigawatts by the end of 2027.
SpaceX’s newest Starmind will make earth data centers obsolete
Starmind has been in development since Musk confirmed the name in June, following an xAI trademark filing that tipped off the project before SpaceX made it official. The idea is massive in scope and instead of moving data down to ground based servers, satellites equipped with onboard processors and large solar arrays would compute AI workloads in orbit and beam results back to Earth. SpaceX has already filed with the FCC for a constellation of up to one million satellites to support the effort, citing constant solar power and the absence of zoning restrictions as advantages over terrestrial data centers.
The Nvidia exclusivity marks a shift in tone from just two weeks ago, when Musk was busy knocking down a report that SpaceX had ordered $52 billion worth of Nvidia GPUs through Foxconn, calling it fake news at the time. The dollar figure in that rumor may have been wrong, but the underlying direction seems correct. SpaceX’s AI division already leases Colossus compute capacity to Anthropic and Google, and Tuesday’s earnings report showed AI revenue climbing sharply as those deals ramp up.
Nvidia shares rose roughly 3% in Tuesday trading on the news, while SpaceX stock climbed nearly 9% during the day before giving back gains after hours as investors digested the earnings report’s capital spending figures.
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SpaceX (NASDAQ: SPCX) reported a beat in revenues and EBITDA in its first earnings call report while also minimizing losses as its business continues to gain momentum.
After its IPO in July, SpaceX saw some tough losses on Wall Street due to a major selloff after a delay in its 13th Starship test flight. The ship launched later that week and completed what was arguably the most successful IFT operation in the Starship program’s history.
Nevertheless, the company is continuing on and reported some encouraging financials while also promoting what appears to be a robust outlook moving forward in its Space, AI, and Connectivity divisions.
SpaceX to report first-ever earnings today: here’s what to expect
Earnings Results
- Revenues: $7.8 billion reported vs. $6.7 billion expected
- Adjusted EBITDA: $3.5 billion vs. $2 billion expected
- Net loss of $541 million, an improvement of $467 million from net loss of $1.0 billion
Additionally, CFO Bret Johnsen had these comments:
“2026 has been a momentous year so far, and the second quarter demonstrated the true power of SpaceX. Revenue growth accelerated across all our business segments and we delivered strong operating leverage, with significant margin expansion led by our new AI compute agreements. Our unparalleled leadership in launch, Starlink subscriber growth, new enterprise and government partnerships, and best-in-class AI infrastructure underscore our ability to drive meaningful scale and deliver attractive returns. As a newly public company, we are delighted to welcome our broad base of shareholders and bondholders. We ended the second quarter with $100 billion of cash, cash equivalents, and marketable securities, and $47.5 billion in backlog. This financial strength gives us substantial capacity to invest in Starship, Starlink Broadband and Mobile satellites, and our AI platform, while maintaining a disciplined long-term capital allocation framework.”
Space Business Highlights
SpaceX shared some of its biggest Space Business Highlights for Q2:
- Space revenues grew 55% sequentially and 29% year-over-year to $962 million, driven by a higher number of large customer launches and a favorable customer shift compared to the prior year
- Total costs and expenses for the Space segment were up by $389 million year-over-year, as we continued to accelerate R&D investments in our Starship program, which we believe will reduce the cost to orbit by 99% or more relative to the historical average, and unlock significant revenue potential across all business segments
- Leading launch provider for the world with 78 launches and 1,041 metric tons of mass to orbit deployed over the six months ended June 30, 2026, primarily allocated to Connectivity for the deployment of our Starlink constellation
- Starship V3 development continued to advance towards full and rapid reusability:
- Completed Starship V3’s first suborbital mission in May, Flight 12, which achieved a successful lift off from our new Starbase pad, a precision landing of Starship’s upper stage, and deployment of modified V2 Starlink satellites
- Subsequent to the second quarter, completed Starship Flight 13 in July, which achieved all flight objectives including deploying 20 production V3 satellites, demonstrating in-space relight of a Raptor engine, and executing the softest ever splashdown of Starship, providing critical views of an intact heatshield
SpaceX will report its earnings today at 4:30 P.M. EDT.
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Elon Musk issued a second pointed warning to SpaceX short sellers on Tuesday, just hours before the company was set to release its first quarterly earnings as a publicly traded firm. Responding to a report highlighting elevated short interest, Musk wrote on X: “I try to warn them, but they just double down …”
The comment came as data from S3 Partners showed roughly 95 percent of available SPCX shares to borrow were on loan, translating to about 34 percent short interest as a percentage of the float. The stock has traded under pressure since its record-breaking IPO in June 2026, declining significantly from early peaks.
I try to warn them, but they just double down … 🤷♂️
— Elon Musk (@elonmusk) August 4, 2026
This marks the second such message from Musk in under three weeks.
On July 17, amid post-IPO volatility, he stated: “The survival probability of firms who maintain a significant short position in SpaceX over time is very low.” At that time, SPCX had fallen roughly 30 percent from its peak above a $2.6 trillion valuation, with short sellers reportedly realizing gains of about $8.7 billion.
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Musk’s warning aligned with optimistic analyses projecting that Starship-driven cost reductions could enable a multi-trillion-dollar space economy through applications such as orbital solar power, asteroid mining, data centers, and Mars-related projects, positioning SpaceX as critical infrastructure.
SpaceX is scheduled to report second-quarter results after the market close later today, followed by a webcast. Analysts anticipate revenue near $6.9 billion, reflecting growth in Starlink, launch services, and AI-related segments. The earnings release precedes a major lockup expiration on August 6 that could free hundreds of millions of insider shares.
Musk has a long track record of confronting short sellers, particularly regarding Tesla, where he has argued that persistent bearish positions underestimate transformative technologies. Critics view his optimism as overly ambitious given near-term stock fluctuations, while supporters see temporary dips as opportunities in a longer-term expansion of the space economy.
As SpaceX opens its books to public scrutiny for the first time, the high short interest and Musk’s repeated cautions set the stage for heightened market attention on the results and management’s commentary.
SpaceX and Nvidia team up on Musk’s orbital AI bet
SpaceX reports beat in first earnings while minimizing losses
