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SpaceX’s orbital Starship gains a nose as East Coast prototype makes progress
On May 20th, SpaceX technicians successfully stacked a nosecone on top of the company’s Boca Chica orbital Starship prototype. Simultaneously, a separate team of technicians and engineers have been hard at work building a second similar-but-different Starship prototype near Cape Canaveral, Florida.
Officially confirmed last week by Elon Musk, the SpaceX CEO revealed that the company was not only building two orbital Starship prototypes simultaneously – not news in itself – but that those prototypes were being built as a sort of internal competition between different teams and ideas. The competition is not cutthroat – knowledge is shared between Texas and Florida – but the strategy is fairly similar. In lieu of actual commercial competitors, SpaceX is attempting to compete with itself to more rapidly and effectively develop a brand new launch vehicle – the stainless steel Starship/Super Heavy.
A Starship rises in the East
In just the last week, both SpaceX groups have made major progress. On the East Coast, the general public saw the first photo of SpaceX’s Florida Starship build precisely seven days ago. It appears that SpaceX has more or less taken over a Cocoa, Florida facility known to be the prior home of Coastal Steel, a repeat NASA contractor known for steelwork.
It’s unclear if SpaceX has fully acquired Coastal Steel or is simply partnering with the small company in the early stages of its Florida Starship buildup. Regardless, even from perspectives quite a bit more distant than those available in Texas, it’s clear that the metal workmanship is at least on par with Boca Chica, if not giving them a run for their money.
Admittedly, the playing field is not exactly level. SpaceX’s South Texas team has been working just a few thousand feet away from the unobstructed Gulf of Mexico in conditions that would make for an excellent traditional-aerospace horror show. Aside from a lone tent, all welding, assembly, integration, and testing has been done while fully exposed to the elements. SpaceX’s Florida team appears to have the luxury of an established warehouse – previously used for steelwork – to use as a covered and partially insulated work and staging area. The Florida team effectively had everything they needed (give or take) on hand from the moment work began, while Texas had to quite literally build all of its facilities from nothing.
Be it the facility luxuries or Cape Canaveral’s far larger pool of local aerospace talent, it’s clear that SpaceX’s Florida team will be a competitive force to be reckoned with despite Texas’ apparent head start. In the seven days since the first photos of the Florida Starship were published, SpaceX technicians have almost doubled the height of the largest welded section, raising it from ~5.5m to ~9m (18-30 ft).
Meanwhile, those working inside the staging warehouse continue to crank out 2x9m subsections, already making way for what appears to be the first tapered nose section of the Florida Starship. At this rate, Florida could very well catch up to SpaceX’s Texas Starship just a month or two from now. It’s worth noting that the Florida team does not appear to be involved in any Starhopper activities. SpaceX Boca Chica, on the other hand, has spent a major portion of the last several months building out Starhopper and preparing the odd prototype for untethered hop tests.
The (slightly) Old(er) Guard
Despite Starship Florida’s rapid progress, Starship Texas has not exactly been standing around. In the last week or so, SpaceX technicians and engineers have been simultaneously working on major new integration, assembly, and test campaigns with both Starhopper and the first orbital Starship prototype. A dedicated Starhopper article will come later this week as SpaceX’s South Texas team nears Raptor reinstallation and an untethered hop test campaign, scheduled to begin as early as the end of May.
On the orbital Starship side of things, Boca Chica took a major symbolic step towards aeroshell completion by capping off the upper half of the prototype with a stainless steel nose section. Altogether, the Starship assembly now stands about 25m (80 ft) tall from tip to tail, roughly 60% as tall as a Falcon 9 booster (first stage). With the installation of the craft’s nose, SpaceX has also implicitly confirmed that most – if not all – of the Starship prototype’s tankage still needs to be built, unless a great deal of hardware is hiding inside Boca Chica’s on-site tent.
What could either be the orbital Starship’s seven-Raptor engine section or the start of its liquid oxygen or methane tank is also being built a few hundred feet distant. That mystery segment was recently lifted onto a second concrete jig for easier access, while SpaceX has also been hard at work building a dedicated integration facility similar to the warehouse being used in Florida.
Altogether, SpaceX’s South Texas team appears to be 30-40% away from completing a Starship-sized steel aeroshell. A huge amount of work remains to be done on the inside of the theoretically orbit-capable vehicle, including propellant tanks, a thrust structure capable of supporting seven Raptor engines, landing legs/fins, and a jungle of plumbing and avionics installation. Still, the amount of progress already visible is undeniably impressive, made even more intriguing by the existence of a separate Starship build effort to the east.
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Elon Musk
SpaceX (SPCX) IPO is live today at $135: Here’s exactly what you need to know
SpaceX priced its historic IPO at $135 per share today, raising a record $75 billion.
SpaceX officially priced its initial public offering at $135 per share, offering 555,555,555 shares of Class A common stock and raising $75 billion in what is the largest IPO in stock market history. Shares are set to begin trading on the Nasdaq Global Select Market on Friday, June 12, under the ticker symbol SPCX. The previous record holder was Saudi Aramco’s 2019 offering at $29 billion, followed by Alibaba’s $22 billion offering in 2014.
At $135 per share and roughly 555.6 million shares, the implied valuation sits near $1.75 trillion, which would make SpaceX roughly the seventh largest company in the United States, just above Tesla’s current market cap. Regular investors can request shares at the IPO price through Robinhood, Fidelity, Charles Schwab, SoFi, and E*TRADE, though the deal is heavily oversubscribed and most retail allocations will be partial or unfilled. Once trading opens June 12, anyone with a brokerage account can buy SPCX on the open market.
SpaceX’s amended S-1 is sparking a major Tesla merger conversation
The valuation is anchored primarily by Starlink. Starlink crossed 10 million subscribers as of February 2026 and is adding 750,000 to 1.5 million new users per month, with the connectivity segment already posting a $1.19 billion profit last quarter. The offering also bundles in xAI following SpaceX’s all-stock merger earlier this year, adding Grok and the Colossus supercomputer to the investment thesis. As Teslarati reported, Starlink ended 2025 with $10 billion in revenue, a figure analysts project could reach $24 billion by end of 2026.
Wedbush analyst Dan Ives has been vocal in his support. “I think the time is right,” Ives said, adding that the offering expands the Elon Musk ecosystem rather than competing with Tesla. An average 12-month price target of $165 per share represents roughly 22% upside from the IPO price. Not everyone agrees – Motley Fool noted xAI is spending $1 billion per month playing catch-up to OpenAI and Anthropic.
Musk founded SpaceX in 2002 with a single stated purpose. “Elon founded SpaceX with a goal to change humanity, to make us a multi-planet species,” CFO Bret Johnsen said in the company’s retail roadshow video this week. Musk himself has been more direct: “We are building the systems and technologies necessary to provide global connectivity on Earth and beyond, to understand the true nature of the universe, and to extend the light of consciousness to the stars.”
Investor's Corner
Tesla unfolded its first European “folding Supercharger”
Tesla’s folding Supercharger just arrived in Europe and it changes how fast charging expands.
Tesla’s Folding Unit Supercharger has officially landed in Europe, with the company teasing a new installation in its effort for a broader rollout targeting major motorway rest stops across the European continent in Q3 2026. The arrival marks a notable shift in how Tesla is thinking about network expansion, moving from hardware performance alone to engineering the logistics chain itself.
While Tesla did not reveal the exact location for the new folding Supercharger in Europe, the photo shared on X heavily suggests that this maybe somewhere in Norway. Historically, whenever Tesla rolls out an entirely new infrastructure architecture in Europe, whether it was the original Supercharger stalls years ago or these brand-new modular V4 “Folding Units”, Norway is almost always the designated launch pad because of its unmatched EV adoption rate and supportive infrastructure
The Folding Unit, introduced in March 2026, is a factory pre-assembled V4 charging station built on an industrial hinge system mounted to a heavy-duty concrete base. The entire assembly arrives on site ready to unfold and connect. Tesla confirmed the units feature telescopic light poles specifically designed for easy transportation and fast on-site deployment, a detail that signals how carefully the logistics chain has been engineered alongside the hardware itself. The design allows 33% more stalls per delivery truck, cuts installation time roughly in half, and reduces overall deployment costs by more than 20% compared to traditional installations.
Tesla’s newest “Folding V4 Superchargers” are key to its most aggressive expansion yet
Tesla also noted telescopic light poles which provide benefits over traditional Supercharger installations that require fixed-height poles that are awkward to ship, slow to position on site, and often require separate crews and equipment to erect before charging hardware can even be staged. By engineering poles that compress for transit and extend on arrival, Tesla has removed one of the quieter bottlenecks in the physical deployment process. Every hour saved on a light pole installation is an hour redirected toward getting stalls energized. At scale, across dozens of new sites per quarter, those hours add up to a meaningful acceleration in how quickly a location goes from approved permit to serving its first customer.
Each Folding Unit pairs a single V4 power cabinet with eight charging posts. The V4 cabinet delivers up to 500 kW per stall for passenger vehicles and up to 1.2 MW for the Tesla Semi, supporting twice the stalls per cabinet at three times the power density of its predecessor. Longer cables make every new station immediately usable by non-Tesla vehicles, a priority as Tesla continues opening its network to Ford, GM, Rivian, Hyundai, Stellantis, and others.
As Teslarati reported when the Folding Unit was first unveiled, Tesla’s Gigafactory New York produced its final V3 Supercharger cabinet in March 2026 after more than seven years and 15,000 units, completing a full pivot to V4 production. The European arrival of the folding design is the next chapter in that transition.
Faster and cheaper deployment means Tesla can justify building in markets and corridors that were previously too expensive to serve, filling the coverage gaps that have slowed EV adoption outside major urban centers.
First Folding Unit Superchargers in Europe 🇪🇺 https://t.co/KNfYWJukkL pic.twitter.com/YR1udIpH1i
— Tesla Charging (@TeslaCharging) June 10, 2026
Tesla has stunned by gaining yet another approval for its Full Self-Driving suite in Europe, its second in two days and its fifth overall.
Belgium will be the latest country to allow Tesla owners to utilize FSD on public roads in Europe, joining a quickly growing list that started with the Netherlands, Lithuania, and Estonia.
On Tuesday, Denmark announced its approval of the FSD suite, which has now been followed by Belgium just one day later.
The country’s Minister of Mobility, Annick De Ridder, announced the approval on her X account, stating that she had just signed the approval of Tesla FSD. It now goes to the country’s homologation department for the last step of the approval process.
De @Tesla community houdt hier al geruime tijd de vinger aan de pols over de toelating voor de FSD-technologie op onze Vlaamse en Belgische wegen.
Uit waardering voor jullie niet-aflatende interesse (en aanmoediging 😉), krijgen jullie hierbij de primeur: ik heb net de toelating… pic.twitter.com/Yrps4OHTj8— Annick De Ridder (@AnnickDeRidder) June 10, 2026
The Belgian approval is one of mighty importance because it truly shows how quickly countries in Europe could greenlight the FSD suite consecutively. Approvals are already coming in relatively quickly, which is a great sign.
Perhaps the next big development that could come from FSD approvals in Europe is an approval from a country like England, Italy, France, Spain, or Germany. It would be something to see how FSD would perform in a major European metro, such as London, Barcelona, Madrid, Paris, Rome, or Berlin.
Getting Full Self-Driving in Spain and England will be such huge milestones for Tesla. I am so excited to see how FSD performs in Madrid, Barcelona, and London, specifically.
The ultimate test will always be Mumbai or New Delhi. Excited for India’s eventual approval! https://t.co/paw9Ch1qmL pic.twitter.com/9RdDERVSSJ
— TESLARATI (@Teslarati) June 9, 2026
Full Self-Driving does an excellent job of roaming around major U.S. cities like New York and Los Angeles, but other high-profile international cities of significance would truly mark a line in the sand for Tesla, which can simply enable any vehicle in its customer-owned fleet to run FSD with the correct approvals.
SpaceX (SPCX) IPO is live today at $135: Here’s exactly what you need to know
Tesla unfolded its first European “folding Supercharger”
