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SpaceX fires up redesigned Crew Dragon as NASA reveals SuperDraco thruster “flaps”
On November 13th, SpaceX revealed that a planned static fire test of a Crew Dragon’s powerful abort thrusters was completed without issue, a strong sign that the company has successfully redesigned the spacecraft to prevent a catastrophic April 2019 explosion from reoccurring.
Pending a far more extensive analysis, Wednesday’s static fire should leave SpaceX on track to perform Crew Dragon’s next major flight test before the end of 2019.
In an unexpected flourish of transparency, SpaceX and NASA published photos of the Crew Dragon capsule’s static fire test just a few hours after it was completed, an excellent sign that the ‘quick-look’ data analysis immediately following the test was extremely positive. Spaceflight Now was first to visually confirm that the test had occurred, publishing a photo that revealed a whitish cloud of smoke produced by the static fire around 3:15 pm EST (20:15 UTC).
Had a failure similar to the April 2019 explosion occurred, that cloud would have likely been tinged red by unburnt dinitrogen tetroxide (NTO) oxidizer, and the different appearance of November 13th’s exhaust cloud was seen as the first tentative sign that this static fire had gone more successfully.
Alongside photos of the SuperDraco thruster test published by NASA and SpaceX shortly after its conclusion, SpaceX confirmed that the test was completed without issue. Regardless of whether everything performed exactly as intended, this means that factory-fresh Crew Dragon capsule C205 made it through the test unscathed, likely securing SpaceX and NASA a large volume of uninterrupted telemetry data, as well as the hardware itself.
Just hours after C205’s static fire was completed, NASA published a detailed update, confirming that the tests were finished without any immediately apparent issues.
NASA described the test in much more detail than SpaceX, noting that it began with the ignition of two of Crew Dragon’s 16 Draco maneuvering thrusters, each performing two one-second burns. C205’s eight SuperDraco abort thrusters subsequently ignited and burned for a total of ~9 seconds to simulate required abort performance, followed by the reignition of two Draco thrusters immediately after SuperDraco cutoff.
Each capable of producing several dozen pounds of thrust, both Crew and Cargo Dragon use Draco thrusters to orient themselves in orbit, rendezvous with the International Space Station, and lower their orbits to reenter Earth’s atmosphere. Crew Dragon’s Draco thrusters are also designed to control its attitude during abort scenarios, stabilizing and flipping the spacecraft to prevent a loss of control and ensure proper orientation during emergency parachute deployment. The Draco firings during Crew Dragon’s November 13th static fire were meant to simulate that additional use-case.
Aside from verifying that SpaceX has successfully redesigned Crew Dragon to mitigate the failure mode that caused capsule C201’s catastrophic explosion in April 2019, the Draco static fires specifically mirrored the burns Crew Dragon C205 will need to perform to successfully complete its In-Flight Abort (IFA) test. As noted by NASA and SpaceX, with the static fire complete, both teams will now comb through the data produced, inspect Crew Dragon to verify its health and the performance of its redesigned high-flow pressurization system, and perform any necessary refurbishment.
SuperDraco’s mystery “flaps”
NASA’s post on Crew Dragon’s static fire revealed another thoroughly intriguing detail: the SpaceX spacecraft’s SuperDraco thrusters apparently have flaps! A bit of retroactive speculation suggests that SuperDracos are closed out with plugs of some sort to create a seal against the environment before Crew Dragon is rolled out to the launch pad. Perhaps, in the event of a SuperDraco ignition, SpaceX included actuating flaps as a method of resealing those thrusters prior to splashdown in the Atlantic Ocean.
“Immediately after the SuperDracos shut down, two Dracos thrusters fired and all eight SuperDraco flaps closed, mimicking the sequence required to reorient the spacecraft in-flight to a parachute deploy attitude and close the flaps prior to reentry. The full sequence, from SuperDraco startup to flap closure, spanned approximately 70 seconds.”
NASA, November 13th, 2019
Given that the obvious utility of those flaps appears to be extremely limited and their associated actuators have to survive the 9+ consecutive seconds of hellish conditions in the event of an actual abort, it seems like an excessively complicated system to include on Crew Dragon. Nevertheless, the ability to guarantee that SuperDracos are water-sealed before splashdown would almost without a doubt make Crew Dragon far easier to refurbish and reuse.
The SuperDraco flaps may also be a holdover from before propulsive Crew Dragon landings were canceled, although the use-cases for such a system still remain unclear. The flaps’ raison d’etre could even be as simple as preventing water intrusion that might otherwise cause Dragon to sink after splashdown.
Regardless of why they exist, NASA indicates that SpaceX’s November 13th static fire proved that they worked exactly as expected, closing soon after the simulated abort burn to seal Crew Dragon against water intrusion. If NASA and SpaceX’s deep-dive inspections and data analysis uncover no red flags, it’s extremely likely that SpaceX will able to launch C205 for its In-Flight Abort test some 4-8 weeks from now.
If the IFA also goes as planned, Crew Dragon could be ready for its inaugural NASA astronaut launch as early as February or March 2020.
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Elon Musk
Elon Musk just confirmed the Tesla and SpaceX merger step everyone was waiting for
Tesla and SpaceX formed special committees to weigh a merger, and Elon Musk supports it.
Elon Musk confirmed Tuesday that Tesla and SpaceX have each formed special committees of independent directors to study a possible merger, the first formal step toward combining the two companies after months of speculation.
Musk made the disclosure during SpaceX’s third quarter earnings call. “Both SpaceX and Tesla have formed special committees to discuss this idea at the request of shareholders,” he said. “Because I’m a conflicted party, I can’t actually be in the discussions of the special committees.” He described the setup as “an odd kabuki dance where two groups of people are talking and I can’t be in the conversation.”
Musk did not hide where he stands. “Do I think it would be a good idea? Yes,” he said, pointing to shared work on super intelligence software, chip design, the Terafab facility in Austin, robotics, mass to orbit and connectivity. “I do think there’s a lot of merit to combining the companies as we are pretty much in the super intelligence singularity.”
He also tried to cool expectations. The committees have not agreed on terms for any transaction, and Musk said assuming a merger is a certainty “would be overstating it.” Any deal would go to shareholders, and on the Tesla side it would need approval from 50 percent of all outstanding shares, not just the shares that are voted. Musk called that “quite a high hurdle.”
That bar has tripped Tesla up before. The company’s 2025 attempt to declassify its board won support from only 39.4 percent of outstanding shares and failed. Musk’s own voting stake sits near 20 percent after he exercised his 2018 options in June, so a deal would need broad backing from institutions and a retail base that often leaves votes uncast.
Timing is another open question. Tesla filed its proxy statement Monday for its December 3 annual meeting, and the ballot has only three items: director elections for Musk, Robyn Denholm and JB Straubel, a say on pay vote and auditor ratification. Barclays analyst Dan Levy had argued that an announcement would need to land by late October or early November to make the annual meeting, as Teslarati noted in its SpaceX earnings preview. With no terms agreed, any vote would likely require its own special meeting.
Elon Musk gives his most telling Tesla-SpaceX merger conversation yet
Musk has been edging toward this for weeks. At the All-In Summit in September, he asked “who can imagine what action one might take when there’s so much close collaboration,” Teslarati reported. Last week’s Roadster unveil, built around SpaceX derived cold gas thrusters, pushed the talk further. The two companies already share the Terafab chip project, and Tesla holds a small SpaceX stake that came from its earlier investment in xAI.
SpaceX brought strong numbers to the conversation. It reported Q3 revenue of $14.58 billion, up 161 percent year over year, with its Super Intelligence segment now its largest at $7.56 billion. A higher SpaceX valuation would shape any exchange ratio Tesla holders are offered.
Tesla reports its own third quarter results after the close on Wednesday, October 21. Investors had already ranked merger timing among the top retail questions for SpaceX’s call, and the committees will almost certainly come up again on Tesla’s.
SpaceX reported its third-quarter 2026 financial results on October 20, posting the company’s first solidly profitable quarter since going public earlier in the year under the ticker $SPCX.
Revenue reached $14.58 billion, up 161 percent year-over-year from $5.6 billion, and well ahead of consensus estimates in the $12.7 to $12.9 billion range. The results highlight a rapid shift in SpaceX’s center of gravity toward artificial intelligence/super intelligence, while Starlink and traditional space operations continue to show robust progress.
Here are the key financial results for the quarter:
- Revenue of $14.58 billion (+161% YoY)
- Adjusted EBITDA of $8.8 billion (+306% YoY)
- GAAP net income of $4.4 billion (versus a $1.1 billion net loss in the prior-year quarter)
- Adjusted EPS of approximately $0.35 (versus roughly $0.13–0.16 expected)
- Income from operations of $2.8 billion
The AI/SI segment generated $7.56 billion in revenue, an 830 percent year-over-year increase, making it the company’s largest segment for the first time. Growth was primarily driven by the activation of major cloud services agreements, the integration of Cursor (acquired earlier in 2026), and rising usage of Grok models and the newly introduced Grok Bot personal agent.
🚨 SpaceX just reported earnings! Here are some highlights:
Financial:
Revenue $14.58B (+161% YoY) vs. consensus ~$12.7–12.9B
Adjusted EBITDA $8.8B (+306% YoY)
GAAP net income $4.4B (vs. prior-year loss; first solidly profitable quarter post-IPO)
Adjusted EPS ~$0.35 vs. ~$0.13–0.16 expectedSegments:
Super Intelligence (SI, formerly AI): $7.56B (+830% YoY) — now the largest segment, driven by cloud contracts, Cursor, and Grok.
Connectivity (Starlink): $5.25B (+69% YoY).
Space: $1.77B.Other highlights:
Starlink subscribers: 13.6M (+89% YoY).
Nameplate compute: 1.7 GW.
Capex: $19.6B (majority AI infrastructure).
Cash & marketable securities: ~$90B.
First revenue-generating Starship mission (26 V3 Starlink satellites, ~10× Falcon 9 downlink capacity per launch).— TESLARATI (@Teslarati) October 20, 2026
SI adjusted EBITDA reached $5 billion, and nameplate compute capacity stood at 1.7 GW at quarter-end, up from 1.4 GW in June and 0.6 GW a year earlier. Capital expenditures totaled $19.6 billion, with the majority allocated to AI infrastructure, including continued expansion of the Colossus facilities.
The Connectivity segment, which primarily surrounds Starlink, produced $5.25 billion in revenue, a 69 percent year-over-year and 22 percent sequentially. These are pleasant results to see and expected, considering how many airlines have adopted Starlink over the past year.
Starlink consumer subscribers reached 13.6 million, an 89 percent increase from the prior year, and a sequential gain of 1.6 million. Consumer average revenue per user improved to $69. Meanwhile, Enterprise and Government revenue also grew strongly, and Starlink is now installed on more than 3,800 aircraft, making internet more accessible and better performing than previous options.
The Space segment also performed well and contributed $1.77 billion in revenue, up 6 percent year-over-year and 84 percent sequentially. A major milestone was the successful first revenue-generating Starship mission (Flight 14), which deployed 26 V3 Starlink satellites. Those satellites added roughly 10 times the downlink capacity of a typical Falcon 9 Starlink launch.
SpaceX completed 12 customer launches during the quarter, including NASA’s Nancy Grace Roman Space Telescope mission, and continued to grow its backlog of crewed, national security, and commercial flights.
CFO commentary noted that the combination of launch leadership, recurring Starlink revenue, and rapid SI expansion is producing meaningful operating leverage.
The company ended the quarter with roughly $90 billion in cash and marketable securities, providing substantial resources for ongoing investment while targeting an investment-grade balance sheet. Sequential revenue nearly doubled from the $7.81 billion reported in the second quarter, illustrating the pace of the AI-driven acceleration. Things are looking strong for SpaceX.
What’s incredibly striking is the fact that SI has grown to be larger than the rest of the company in such a short amount of time. CEO Elon Musk said on the earnings call that Grok Bot is the “fastest-growing product I’ve ever seen,” so it seems that it could be a true keystone of SpaceXSI over the next few years.
SpaceX (NASDAQ: SPCX) will report its second public earnings call today since its IPO earlier this year, and there are a few things we expect to hear about, as well as Wall Street analysts, who have already outlined their expectations for the call.
Wall Street analysts have a consensus of $12.72 billion in revenue and an earnings per share (EPS) of $0.13. These are broken down into three sectors: Space, Connectivity, and AI/SI, which are perceived in this way:
- Space: $1.41 billion
- Connectivity: $4.84 billion
- AI/SI: $6.47 billion
Other outlets cluster near $12.8 or $12.9 billion in revenue and $0.14 – $0.15 EPS. This implies a roughly 65 percent sequential growth from Q2’s $7.81 billion, driven mostly by AI/SI, with the first post-IPO positive EPS expected.
Here are the three things to watch for on the call:
AI Revenue Ramp and the $100B+ ARR target
AI is truly the swing factor for SpaceX, and analysts expect it to roughly double from Q2’s $2.56 billion and become about half of total revenue. Management previously guided to a $100 billion+ annualized run rate by December, including the Cursor acquisition, which was $60 billion, to close the quarter.
Listen for updates on SpaceX’s compute capacity, especially pertaining to its contracts with Google, Anthropic, and others, revenue per watt, any new deals, and Cursor’s early contribution.
Starlink/Connectivity Metrics and Mobile Expansion
Connectivity remains a main profit engine for SpaceX. Subscriber additions will be something to pay attention to, as Q2 ended at 12 million and previews are looking at 14 million for this quarter. Additionally, ARPU trends, enterprise and government growth, and any commentary on Starlink Mobile will be something to pay attention to, especially following the recent low-band spectrum deal and FCC-related constellation approvals.
Capex Trajectory, Cash Burn/FCF, and Starship/Operational Updates
Q2 capex of roughly $18.4 billion weighed on the stock. Investors will look to scrutinize Q3 spending levels, any guidance on the pace into Q4/2027, free cash flow, backlog, and liquidity. Operational color on Starship (Flight 14 milestones and Flight 15 timing/reusability progress), Falcon cadence, and government/NASA contracts are also in focus.
Of course, there will also be some speculation on the potential Tesla-SpaceX merger, but there was nothing mentioned in the company’s proxy it sent earlier this week.
SpaceX will report earnings after market close today and will stream the call on X.
Watch live as SpaceX discusses our Q3 2026 earnings at 3:30pm CT today → https://t.co/Qrb0qeVG15
— SpaceX (@SpaceX) October 20, 2026
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