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SpaceX kicks off 2023 with second largest rideshare launch
After rounding out 2022 with the world’s last orbital launch, SpaceX has kicked off 2023 with the new year’s first orbital launch – also the second-largest rideshare mission in history.
At 9:56 am EST (14:56 UTC), a SpaceX Falcon 9 rocket lifted off on Transporter-6, the sixth dedicated launch under the company’s Smallsat Rideshare Program. SpaceX says Transporter-6 deployed 114 payloads for dozens of paying customers, making it the second-largest rideshare mission ever launched. In addition, marking the latest apogee of a growing cottage industry largely enabled by SpaceX’s affordable and regular rideshare launch services, Transporter-6 carried an unprecedented number of ‘space tugs’ developed by five separate companies.
The update that's rolling out to the fleet makes full use of the front and rear steering travel to minimize turning circle. In this case a reduction of 1.6 feet just over the air— Wes (@wmorrill3) April 16, 2024
At a minimum, Transporter-6’s expansive payload roster included Launcher’s first Orbiter space tug, Epic Aerospace’s first CHIMERA space tug, Momentus Space’s second Vigoride space tug, and two D-Orbit ION space tugs. While their capabilities vary significantly, all of the space tags or transfer vehicles manifested on the mission have a similar purpose: transporting satellites launched as rideshare payloads from their rocket’s one-size-fits-all parking orbit to an orbit more optimized for each spacecraft’s mission.
In theory, that concept could eventually take the shape of a service that lets operators send their satellites to a wide variety of orbits and still take advantage of the savings enabled by rideshare launches – particularly from SpaceX. But that time has not quite come. At the moment, only a few providers have successfully demonstrated space tugs with propulsion systems, and most of those proven options only allow for small orbit tweaks. One tug built by Spaceflight has partially demonstrated the ability to climb from ~300 kilometers to more than 1000 kilometers. Rocket Lab’s Electron kick stage is arguably the most successful in low Earth orbit, and the company has also shown that Photon – an upgraded version of that kick stage – can send payloads to high Earth orbits or even the Moon.
Future tugs could enable routine changes on the order of hundreds or even thousands of kilometers for multiple payloads per flight. Many prospective providers – including Momentus and Epic – hope to follow up their simpler prototypes (and follow in Rocket Lab’s footsteps) with tugs capable of carrying satellites to high Earth orbits, the Moon, and deep space.
SpaceX’s Transporter missions and the space tugs that frequent them all serve the same purpose: getting satellites where they need to go for a diverse range of customers. And Transporter-6 deployed a number of interesting payloads. In partnership with Nanoavionics, French startup Gama launched its first solar sail prototype in the hopes of one day lowering the cost of deep space propulsion and exploration. Momentus will get a second opportunity to demonstrate its Vigoride tug, which is powered by an exotic water plasma propulsion system. Spire launched the first prototypes of an upgraded satellite bus. Orbital Sidekick launched its first Earth observation satellite. Lynk Global launched an in-space cell tower to test the ability to broadcast 5G from space to the ground. Australian startup Skykraft launched its first batch of Block 2 air traffic management satellites and will deploy them with its own free-flying “Deployer 1” – essentially a space tug without propulsion. Planet launched dozens of new SuperDove Earth-imaging satellites. And Ukrainian startup EOS launched Agrisat-1, the country’s first commercial satellite.
Following Transporter-6, SpaceX’s Smallsat Rideshare Program has launched approximately 566 payloads in less than two years. In addition, SpaceX has launched more than 3600 of its own Starlink satellites since November 2019 for a total of well over 4000 satellites launched in a little over three years.
Prior to the end of 2022, SpaceX had never launched a rocket later than December 23rd or earlier than January 6th. That odd gap finally fell at the end of SpaceX’s record-breaking 2022 performance, which saw the company ace 61 Falcon launches in a single calendar year. Transporter-6 will be SpaceX and the world’s first launch of 2023. Never one to stand still, CEO Elon Musk has set SpaceX a target of “up to 100 launches” in the new year.
Rewatch SpaceX and the world’s first orbital launch (and rocket landing) of 2023 below.
Investor's Corner
Tesla Q4 delivery numbers are better than they initially look: analyst
The Deepwater Asset Management Managing Partner shared his thoughts in a post on his website.
Longtime Tesla analyst and Deepwater Asset Management Managing Partner Gene Munster has shared his insights on Tesla’s Q4 2025 deliveries. As per the analyst, Tesla’s numbers are actually better than they first appear.
Munster shared his thoughts in a post on his website.
Normalized December Deliveries
Munster noted that Tesla delivered 418k vehicles in the fourth quarter of 2025, slightly below Street expectations of 420k but above the whisper number of 415k. Tesla’s reported 16% year-over-year decline, compared to +7% in September, is largely distorted by the timing of the tax credit expiration, which pulled forward demand.
“Taking a step back, we believe September deliveries pulled forward approximately 55k units that would have otherwise occurred in December or March. For simplicity, we assume the entire pull-forward impacted the December quarter. Under this assumption, September growth would have been down ~5% absent the 55k pull-forward, a Deepwater estimate tied to the credit’s expiration.
“For December deliveries to have declined ~5% year over year would imply total deliveries of roughly 470k. Subtracting the 55k units pulled into September results in an implied December delivery figure of approximately 415k. The reported 418k suggests that, when normalizing for the tax credit timing, quarter-over-quarter growth has been consistently down ~5%. Importantly, this ~5% decline represents an improvement from the ~13% declines seen in both the March and June 2025 quarters.“
Tesla’s United States market share
Munster also estimated that Q4 as a whole might very well show a notable improvement in Tesla’s market share in the United States.
“Over the past couple of years, based on data from Cox Automotive, Tesla has been losing U.S. EV market share, declining to just under 50%. Based on data for October and November, Cox estimates that total U.S. EV sales were down approximately 35%, compared to Tesla’s just reported down 16% for the full quarter. For the first two months of the quarter, Cox reported Tesla market share of roughly a 65% share, up from under 50% in the September quarter.
“While this data excludes December, the quarter as a whole is likely to show a material improvement in Tesla’s U.S. EV market share.“
Elon Musk
Tesla analyst breaks down delivery report: ‘A step in the right direction’
“This will be viewed as better than feared deliveries and a step in the right direction for the Tesla story heading into 2026,” Ives wrote.
Tesla analyst Dan Ives of Wedbush released a new note on Friday morning just after the company released production and delivery figures for Q4 and the full year of 2025, stating that the numbers, while slightly underwhelming, are “better than feared” and as “a step in the right direction.”
Tesla reported production of 434,358 and deliveries of 418,227 for the fourth quarter, while 1,654,667 vehicles were produced and 1,636,129 cars were delivered for the full year.
Tesla releases Q4 and FY 2025 vehicle delivery and production report
Interestingly, the company posted its own consensus figures that were compiled from various firms on its website a few days ago, where expectations were set at 1,640,752 cars for the year. Tesla fell about 4,000 units short of that. One of the areas where Tesla excelled was energy deployments, which totaled 46.7 GWh for the year.
🚨 Wedbush’s Dan Ives has released a new note on Tesla $TSLA:
“Tesla announced its FY4Q25 delivery numbers this morning coming in at 418.2k vehicles slightly below the company’s consensus delivery estimate of 422.9k but much better than the whisper numbers of ~410k as the…
— TESLARATI (@Teslarati) January 2, 2026
In terms of vehicle deliveries, Ives writes that Tesla certainly has some things to work through if it wants to return to growth in that aspect, especially with the loss of the $7,500 tax credit in the U.S. and “continuous headwinds” for the company in Europe.
However, Ives also believes that, given the delivery numbers, which were on par with expectations, Tesla is positioned well for a strong 2026, especially with its AI focus, Robotaxi and Cybercab development, and energy:
“This will be viewed as better than feared deliveries and a step in the right direction for the Tesla story heading into 2026. We look forward to hearing more at the company’s 4Q25 call on January 28th. AI Valuation – The Focus Throughout 2026. We believe Tesla could reach a $2 trillion market cap over the coming year and, in a bull case scenario, $3 trillion by the end of 2026…as full-scale volume production begins with the autonomous and robotics roadmap…The company has started to test the all-important Cybercab in Austin over the past few weeks, which is an incremental step towards launching in 2026 with important volume production of Cybercabs starting in April/May, which remains the golden goose in unlocking TSLA’s AI valuation.”
It’s no secret that for the past several years, Tesla’s vehicle delivery numbers have been the main focus of investors and analysts have looked at them as an indicator of company health to a certain extent. The problem with that narrative in 2025 and 2026 is that Tesla is now focusing more on the deployment of Full Self-Driving, its Optimus project, AI development, and Cybercab.
While vehicle deliveries still hold importance, it is more crucial to note that Tesla’s overall environment as a business relies on much more than just how many cars are purchased. That metric, to a certain extent, is fading in importance in the grand scheme of things, but it will never totally disappear.
Ives and Wedbush maintained their $600 price target and an ‘Outperform’ rating on the stock.
Investor's Corner
Tesla releases Q4 and FY 2025 vehicle delivery and production report
Deliveries stood at 406,585 Model 3/Y and 11,642 other models, for a total of 418,227 vehicles.
Tesla (NASDAQ:TSLA) has reported its Q4 2025 production and deliveries, with 418,227 vehicles delivered and 434,358 produced worldwide. Energy storage deployments hit a quarterly record at 14.2 GWh.
Tesla’s Q4 and FY 2025 results were posted on Friday, January 2, 2026.
Q4 2025 production and deliveries
In Q4 2025, Tesla produced 422,652 Model 3/Y units and 11,706 other models, which are comprised of the Model S, Model X, and the Cybertruck, for a total of 434,358 vehicles. Deliveries stood at 406,585 Model 3/Y and 11,642 other models, for a total of 418,227 vehicles.
Energy deployments reached 14.2 GWh, a new record. Similar to other reports, Tesla posted a company thanked customers, employees, suppliers, shareholders, and supporters for its fourth quarter results.
In comparison, analysts included in Tesla’s company-compiled consensus estimate that Tesla would deliver 422,850 vehicles and deploy 13.4 GWh of battery storage systems in Q4 2025.
Tesla’s Full Year 2025 results
For the full year, Tesla produced a total of 1,654,667 vehicles, comprised of 1,600,767 Model Y/3 and 53,900 other models. Tesla also delivered 1,636,129 vehicles in FY 2025, comprised of 1,585,279 Model Y/3 and 50,850 other models. Energy deployments totaled 46.7 GWh over the year.
In comparison, analysts included in Tesla’s company-compiled consensus expected the company to deliver a total of 1,640,752 vehicles for full year 2025. Analysts also expected Tesla’s energy division to deploy a total of 45.9 GWh during the year.
Tesla will post its financial results for the fourth quarter of 2025 after market close on Wednesday, January 28, 2026. The company’s Q4 and FY 2025 earnings call is expected to be held on the same day at 4:30 p.m. Central Time.
Tesla Q4 delivery numbers are better than they initially look: analyst
Tesla analyst breaks down delivery report: ‘A step in the right direction’
