Space
SpaceX is already preparing for operational astronaut missions
While the world’s attention is focused on the return of orbital human spaceflight from US soil after a nearly decade long absence with the upcoming May 27th Crew Dragon Demo-2 mission, SpaceX is simultaneously preparing for the first Crew Dragon operational mission certified by NASA, dubbed Crew-1, slated to occur later this year.
On Friday, April 24th, SpaceX treated its Twitter followers to some rare imagery of static fire testing completed at the company’s development facility in McGregor, Texas. The company spotlighted a fresh-from-the-factory Falcon 9 booster and Falcon 9 second stage Merlin Vaccum (MVac) engine intended for the Crew-1 mission. Crew-1, the follow-up mission to May’s Demo-2 mission and SpaceX’s first operational human spaceflight mission for NASA, will propel a crew of three NASA astronauts and one JAXA astronaut in a Crew Dragon capsule to the International Space Station.
SpaceX also provided its followers with a view of the pristine second stage MVac engine of the Crew-1 mission before it was sent to Texas for testing. The one-hundredth production MVac engine is seen inside of SpaceX’s manufacturing facility located in Hawthorne, CA before being prepared for shipment. The second stage MVac engine is the only piece of Falcon 9 hardware that SpaceX does not actively recover and reuse, unlike the first-stage booster and protective payload fairing nosecone.
Part of the process
A static fire test is a typical occurrence before shipping the booster and second stage to Florida for payload integration and launch. The static fire process involves holding down the booster and igniting the engines to run for a full-duration firing. A similar test is also performed on with the second stage MVac engine. These test-fires are performed at the Mcgregor facility to proof the vehicle and check for any inconsistencies or off-nominal test readings that may occur before shipping to the vehicle to the launch site. Following the test-fire, the entire vehicle is inspected, cleaned, and prepared for shipment.
A test-fire in Mcgregor is not the last time the engines will be put through the paces before launch. Typically a week or so before the scheduled launch date, the Falcon 9 booster is transported to the launch pad. There, the booster is fully fueled with propellant while securely held to the launch mount. All nine Merlin-1D engines are once again ignited briefly (anywhere between 6 – 12 seconds) to test the propellant load process and collect engine-firing measurements such as temperature and pressure.
Certification before operation
Although the Crew-1 mission is tentatively on the books for later this year, SpaceX and the Crew Dragon capsule have yet to achieve NASA certification to begin operational missions to and from the International Space Station. The second orbital demonstration flight of the Crew Dragon capsule (Demo-2) will serve as the final end-to-end test of SpaceX’s crew transportation system.
However, SpaceX still faces a few obstacles before achieving a full go-ahead by NASA for the launch of Demo-2. As reported by SpaceNews.com NASA’s Aerospace Safety Advisory Panel (ASAP) met via teleconference on Thursday, April 23rd for a routine quarterly briefing. In that meeting, it was briefly discussed that there are still a few “technical items” that remain to be cleared by NASA before the launch of the Demo-2 mission.
Although not specified in the briefing – and likely to be followed up on during “part 2” of the ASAP meeting to be held in early May – those items likely refer to wrapping up the joint investigation of a recent in-flight engine failure of a Falcon 9 Merlin-1D engine and one more qualifying drop-test of the Crew Dragon Mark 3 parachutes. SpaceX, however, shows no plans letting formalities stop the preparation to support future astronaut missions.
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Elon Musk
ARK’s SpaceX IPO Guide makes a compelling case on why $1.75T may not be the ceiling
ARK Invest breaks down six reasons SpaceX’s $1.75 trillion IPO valuation may be justified.
ARK Invest, which holds SpaceX as its largest Venture Fund position at 17% of net assets, has published a detailed investor guide to why a SpaceX IPO may be grounded in a $1.75 trillion target valuation.
The financial case starts with Starlink, SpaceX’s satellite internet constellation, which has surpassed 10 million active subscribers globally as of early 2026, with 2026 revenue projected to exceed $20 billion. ARK’s research puts the total satellite connectivity market opportunity at roughly $160 billion annually at scale, and Starlink is adding customers faster than any telecom network in history. That growth alone would justify a substantial valuation.
Additionally, ARK notes that SpaceX has reduced the cost per kilogram to orbit from roughly $15,600 in 2008 to under $1,000 today through reusable Falcon 9 hardware. A fully operational Starship targeting sub-$100 per kilogram would represent a significant cost decline and open markets that do not currently exist. SpaceX executed a staggering 165 missions in 2025 and now accounts for approximately 85% of all global orbital launches. That infrastructure position took decades to build and would be nearly impossible to replicate at comparable cost.
SpaceX officially acquires xAI, merging rockets with AI expertise
The February 2026 merger with xAI added a layer to the valuation that straightforward financial models struggle to capture. ARK argues that at sub-$100 launch costs, orbital data centers could deliver compute roughly 25% cheaper than ground-based alternatives, without power grid delays, permitting friction, or land constraints. Musk has stated a goal of deploying 100 gigawatts of AI computing capacity per year from orbit.
The $1.75 trillion figure itself is not a conventional earnings multiple. At roughly 95x trailing revenue, it prices in Starlink’s adoption curve, Starship’s cost trajectory, and the orbital compute thesis together. The public S-1 prospectus, due at least 15 days before the June roadshow, will give investors their first complete look at the financials to test those assumptions. ARK’s position is that the track record earns the benefit of the doubt. Fully reusable rockets were considered unrealistic for years. Starlink was considered financially unviable. Both happened on timelines that surprised skeptics.
Elon Musk
SpaceX wins its first MARS contract but it comes with a catch
NASA awarded SpaceX a $175 million Mars rover contract while the White House proposes cutting the mission.
NASA just signed a $175.7 million contract with SpaceX to launch a Mars rover that the White House is simultaneously trying to defund. The contract, awarded on April 16, 2026, tasks SpaceX’s Falcon Heavy with launching the European Space Agency’s (ESA) Rosalind Franklin rover from Kennedy Space Center in Florida, no earlier than late 2028. It would mark the first time SpaceX has ever sent a payload to Mars.
Under NASA’s Rosalind Franklin Support and Augmentation project, known as ROSA, the agency is providing braking engines for the rover’s descent stage, radioisotope heater units that use decaying plutonium to keep the rover warm on the Martian surface, additional electronics, and a mass spectrometer instrument, as noted by SpaceNews.
Those nuclear heating units are the reason an American rocket was required at all. U.S. export controls on radioisotope technology mean any payload carrying them must launch on a domestic vehicle, which narrowed the field to SpaceX and United Launch Alliance. Falcon Heavy’s pricing made it the practical choice.
SpaceX is quietly becoming the U.S. Military’s only reliable rocket
Falcon Heavy debuted in February 2018 and has 11 launches to its record. The rocket has not flown since October 2024, when it sent NASA’s Europa Clipper toward Jupiter. The three-core design, built from modified Falcon 9 first stages, gives it the lift capacity needed for deep space planetary missions that a single Falcon 9 cannot reach.
The Rosalind Franklin rover has been sitting in storage in Europe for years. It was originally due to launch in 2022 as a joint mission with Russia, but Russia’s invasion of Ukraine ended that partnership, leaving the rover built but stranded without a launch vehicle or landing hardware. NASA stepped back in through a 2024 agreement with ESA to rescue the mission. The rover is designed to drill up to two meters below the Martian surface in search of evidence of past life, a science objective no previous mission has attempted at that depth.
The contradiction at the center of this story is hard to ignore. The White House’s fiscal year 2027 budget proposal included no funding for ROSA and did not mention the mission at all in the detailed congressional justification document released April 3.
Musk has long argued that reaching Mars is not optional. “We don’t want to be one of those single planet species, we want to be a multi-planet species.” Whether this particular mission survives Washington’s budget fight, the Falcon Heavy contract means SpaceX is now formally on record as the rocket that could get humanity’s next Mars science mission off the ground.
The timing of this contract carries extra weight given that SpaceX filed confidentially with the SEC in early April and is targeting an IPO roadshow in the week of June 8. It would be the largest public offering in history.
Elon Musk
The Starship V3 static fire everyone was waiting for just happened
SpaceX completed a full duration of Starship V3 today clearing the path for Flight 12.
SpaceX is that much closer to launching their next-gen Starship after completing today’s full duration static fire out of Starbase, Texas. This marks a direct signal that Flight 12, the maiden voyage of Starship V3, is imminent. SpaceX confirmed the test on X, posting that the full duration firing was completed ahead of the vehicle’s next flight test.
The road to today started on March 16, when Booster 19 completed a shorter 10-engine static fire, also at the newly constructed Pad 2. That test ended early due to a ground systems issue but confirmed all installed Raptor 3 engines started cleanly. Booster 19 returned to the Mega Bay, received its remaining 23 engines for a full complement of 33, and rolled back out this week for the complete test campaign. Musk confirmed earlier this month that Flight 12 is now 4 to 6 weeks away.
Countdown: America is going back to the Moon and SpaceX holds the key to what comes after
The numbers behind the world’s most powerful rocket are genuinely hard to put in context. Each Raptor 3 engine produces roughly 280 tons of thrust, and with all 33 firing simultaneously from the super heavy booster, this generates approximately 9,240 tons of combined thrust, more than any rocket in history. For context, that’s enough thrust to lift the entire Empire State Building, and then some. V3 stands 408 feet tall and can carry over 100 tons to low Earth orbit in a fully reusable configuration. The V2 generation topped out at around 35 tons.
Historically, a successful full-duration static fire is the last major ground milestone before launch. SpaceX has followed this pattern with every Starship iteration since the program began in 2023. Musk has been direct about the ambition behind all of it. “I am highly confident that the V3 design will achieve full reusability,” he wrote on X earlier this year. Full reusability of both stages is the foundation of SpaceX’s plan to make regular flights to the Moon and Mars economically viable. Today’s test brings that goal one significant step closer.
Starship V3 delivers on two most critical promises of full reusability and in-orbit refueling. The reusability case is straightforward, and one we have seen with Falcon 9 wherein the rocket can fly again within a day rather than building a new one for every mission. It’s the only economic model that makes frequent lunar cargo runs viable. The in-orbit refueling piece is less obvious but equally essential. To reach the Moon with enough payload, Starship requires roughly ten dedicated tanker flights to fuel up a propellant depot in low Earth orbit before it can even begin its journey to the lunar surface. That capability has never been demonstrated at scale, and Flight 12 is the first step toward proving it works. As Teslarati reported, NASA’s Artemis II crew completed a historic lunar flyby earlier this month, the first humans to travel beyond low Earth orbit since 1972, but getting astronauts to actually land and eventually supply a permanent Moon base requires a cargo pipeline that only a fully reusable, refuelable Starship V3 can deliver at the volume and cost NASA’s plans demand.
SpaceX Starship full duration static fire on April 14, 2026 from Starbase, Texas (Credit: SpaceX)
ARK’s SpaceX IPO Guide makes a compelling case on why $1.75T may not be the ceiling
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