News
SpaceX isn’t giving up on catching rocket fairings, boat spotted with new net
SpaceX fairing recovery vessel Mr. Steven was spotted in Port of San Pedro on January 22nd performing tests with two fairings in its net, hinting at the challenging logistics of safely recovering both Falcon 9 fairing halves with one ship.
Although SpaceX engineers and technicians have yet to catch a parasailing Falcon 9 fairing (let alone two) after an actual operational launch, a series of controlled fairing drop tests – using a barge and a helicopter – have brought Mr. Steven agonizingly close to success, evidenced by an official video published by SpaceX earlier this month.
Two fairing halves, each in a separate net aboard Mr Steven this morning. #spacex pic.twitter.com/beYSFQwcYr
— Pauline Acalin (@w00ki33) January 23, 2019
Teslarati photographer Pauline Acalin managed to make it to Berth 240 in time to capture one section of SpaceX’s fairing recovery testing, in which Mr. Steven was loaded with two fairings, one on the large main net (the passive half) and one (the active half) atop a much smaller net slack on the vessel’s deck. By asymmetrically actuating each net’s separate electric motors, recovery technicians appear to be able to control fairing half orientation and shift their position in the net. It’s unclear how exactly Mr. Steven’s main (top) and secondary (bottom) nets are meant to interface insofar as it does not appear physically possible for a fairing half in the top net to make its way to the bottom net without the intervention of dockside cranes.
Perhaps more importantly, local photographer Jack Beyer was able to observe additional activities just prior to Pauline’s arrival, capturing what looked like a weighted parachute drop test onto either Mr. Steven’s net or the concrete docks beside the vessel.
So far they’ve placed one fairing half in the top net with another in the bottom, and done at least one drop test of a weight with a parachute. ? pic.twitter.com/MkWb9l9lqz
— Jack Beyer (@thejackbeyer) January 22, 2019
The goal of that parachute/weight drop test is entirely opaque. Regardless, Tuesday’s tests do seem to indicate that SpaceX is thinking about recovering both post-launch Falcon fairing halves with a single Mr. Steven, a capability upgrade that would make the incomplete challenge of catching fairings even more difficult. Assuming both fairing halves deploy their parafoils at roughly the same time, it might be possible for the autonomous parafoils to modify trajectories in such a way that a gap of seconds or even minutes could be created between both planned splashdowns, offering Mr. Steven a minute or two to free its net of the first captured half before gently catching the second.
Despite the fact that SpaceX has not yet had operational success in the ~12 months recovery engineers and technicians have been working with Mr. Steven, tests like those performed on Tuesday have continued to reliably occur. If anything, the fact that experiments with dual-fairing recovery operations are still on the table is an encouraging indication that fairing recovery and reuse – particularly with Mr. Steven in the loop – are still a priority at SpaceX, while also suggesting that the company’s engineers and technicians are extremely confident that repeatable success is just a matter of refinement.
This should not come as a much of a surprise given that Falcon 9 began propulsive soft landing attempts in September 2013, 27 months before the company’s first successful Falcon 9 booster recovery. Nevertheless, SpaceX attempted its first actual landing aboard a drone ship in January 2015, separating the first attempt from the first successful landing by just less than 12 months. Fairing recovery is clearly an entirely different beast but the gist of this analogy remains true regardless – SpaceX’s brilliant engineers and technicians are unlikely to give up until a given problem is solved or their efforts are redirected elsewhere as company priorities shift.
Recent fairing recovery test with Mr. Steven. So close! pic.twitter.com/DFSCfBnM0Y
— SpaceX (@SpaceX) January 8, 2019
Berth 240’s uncertain future
In the meantime, SpaceX may soon have to move Mr. Steven’s Port of San Pedro operations elsewhere according to a report from the LA Times that the company plans to “terminate [its] Terminal Island lease agreement.” SpaceX was unable to offer further insight beyond a statement provided about the future of BFR’s manufacturing, initially planned to occur at a dedicated factory that would have been built at Berth 240, which has also acted as Mr. Steven’s home for the last eight months.
Given the lack of official insight into the proceedings, it’s ambiguous if the terminated lease will be modified to allow for Mr. Steven to continue operating out of Berth 240. Prior to moving to Berth 240, SpaceX stationed Mr. Steven at Berth 52, home of drone ship Just Read The Instructions (JRTI) and support vessel NRC Quest. Space is already tight at that site, however, making it a suboptimal replacement for Berth 240.
While I feel crushed about #SpaceX pulling the #SuperHeavy out of the @PortofLA, I feel confident that other innovators will see the huge value they get in San Pedro. (1/2)
— Joe Buscaino (@JoeBuscaino) January 16, 2019
SpaceX signed its Berth 240 lease near the end of March 2018 and would have reached the first anniversary of its prospective BFR factory around two months from now. For now, only SpaceX seems to know where Mr. Steven’s operations and the first BFR (Starship/Super Heavy) production will ultimately be located.
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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News
SpaceX just launched its secret Starfall saucer again
SpaceX launched its Starfall capsule again on Bandwagon-5, this time listed openly beside rideshare customers.
SpaceX launched its Starfall reentry capsule for the second time on Tuesday morning, flying it as the payload of the Bandwagon-5 rideshare mission. Falcon 9 lifted off from Space Launch Complex 40 in Florida at 7:04 a.m. ET with 32 payloads, and the first stage booster, on its 19th flight, landed on the droneship A Shortfall of Gravitas about nine minutes later.
Starfall was scheduled to separate last, 2 hours and 48 minutes after liftoff. The final customer satellite on SpaceX’s mission timeline comes off the upper stage about an hour and nine minutes in, which left a long gap before the capsule was due to be released alone. SpaceX later posted that the payload deployment sequence is complete. At liftoff, the company said Starfall “enables affordable, routine access to a microgravity environment, providing unique opportunities for on-orbit manufacturing, scientific research, and testing.”
Starfall enables affordable, routine access to a microgravity environment, providing unique opportunities for on-orbit manufacturing, scientific research, and testing https://t.co/y8kJg3QDor
— SpaceX (@SpaceX) October 20, 2026
As Teslarati reported before the first Starfall flight, SpaceX made no public announcement about the vehicle then, and nearly everything known came from FAA and FCC filings. This time Starfall is an item name on the official mission page, listed beside paying rideshare customers. SpaceX has still not said what, if anything, is aboard this Starfall, Spaceflight Now noted.
The FAA’s environmental assessment from May describes a disk about 10.2 feet wide and 2.5 feet tall that weighs roughly 4,600 pounds and can bring 2,200 pounds of payload back to Earth.
Interestingly, the same rocket also carries a competitor’s hardware. Varda Space Industries launched its W-Series 7 capsule on Bandwagon-5, a spacecraft about three times smaller than Starfall that will test whether microgravity can improve the solubility of a cancer drug called Protac. It is Varda’s ninth reentry capsule, and W-8 and W-9 launched earlier this month on Transporter-18. SpaceX has been Varda’s launch provider since the company’s first Falcon 9 rideshare contract in 2021.
SpaceX has not published where or how this Starfall will come down. The preview we ran in June described a recovery from the Pacific Ocean, and the company has not said whether this flight follows the same plan. The launch also arrives hours before SpaceX posts its third quarter results after the market closes, a report we previewed earlier this week.
SpaceX delivers blockbuster Q3 results as Super Intelligence segment booms
SpaceX reports its second earnings today: here’s what to expect
SpaceX just launched its secret Starfall saucer again
SpaceX reveals how its 1 Million AI satellite network will work and prevent space collisions
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