SpaceX
SpaceX’s Mr. Steven highlights ambiguity of Falcon fairing catches with port return
SpaceX’s fairing recovery vessel Mr. Steven highlighted the maddening and exhilarating uncertainty of unpublicized fairing recovery attempts with a return to Port of San Pedro on October 18th, the morning after spending a day at sea for the second Falcon fairing drop-and-catch test.
Teslarati photographer Pauline Acalin was on site to watch Mr. Steven’s 1AM Pacific port return and was able to capture the arrival, showing a familiar test fairing resting on the vessel’s deck, perfectly intact, with the recovery net fully retracted.
Schrödinger’s Fairing
Beginning with a dry run on October 8th, SpaceX technicians and engineers have spent the last 10 days testing Mr. Steven more intensely than ever previously observed, centering around a campaign of apparent Falcon fairing drop tests. Although it’s possible that these tests are more captive-carry trials than true drop tests, it seems more likely – judging by the fact that NOTAMs, notices to airmen, were only filed for 2 of the 3 attempts – that the helicopter is actually releasing a fairing half around 11,000 feet (3300 m) and letting it glide towards Mr. Steven.
Previously, SpaceX executive Hans Koenigsmann and CEO Elon Musk have mentioned a probable drop test campaign if operational (post-launch) fairing recovery attempts were unsuccessful. Mr. Steven has yet to successfully snag a fairing out of the air over the course of four post-launch catch attempts, evidence that – just like landing Falcon 9 boosters intact – recovering orbital-class rocket hardware in a state that allows for future reuse is extraordinarily difficult, regardless of the subsystem. However, SpaceX has managed to successfully recover fairing halves intact and in a condition good enough to make Koenigsmann, Vice President of Reliability, visibly excited during an IAC 2018 presentation.
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- Hans Koenigsmann was extremely excited about the condition of this particular fairing half, and included this photo in his IAC 2018 keynote. (SpaceX)
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- One half of SpaceX’s Iridium-6/GRACE-FO just moments before touchdown on the Pacific Ocean. (SpaceX)
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- Close. (SpaceX)
The problem with those intact halves is that they have been recovered only after soft landings in the ocean – once immersed in saltwater, the sheer expense of cleaning a fairing to the point that it would be able to host another sensitive satellite payload is apparently too high to be worthwhile, at least from a perspective of economical reusability. The (quite literally) miniscule line that thus appears to be separating failed fairing recovery attempts from successes also means that it’s extraordinarily difficult to know whether the fairing half that returned on Mr. Steven yesterday morning is indicative of a breakthrough success or another successful failure.
Clearly, the fairing is perfectly intact from a purely structural perspective, meaning that its recovery hardware – cold gas thrusters and a parafoil – worked nominally. What is impossible to tell is whether its autonomous guidance systems were able to successfully direct it to Mr. Steven’s net, or whether Mr. Steven himself was able to maneuver beneath the falling fairing in time to catch it. And yet, a fairing half still sits visibly intact on Mr. Steven’s deck, story and fate unknown. With any luck, SpaceX will offer an official confirmation of some sort once success is in hand. For now, we wait.
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Elon Musk
SpaceX just filed for the IPO everyone was waiting for
SpaceX filed its public S-1, revealing $18.7 billion in revenue and billions in losses.
SpaceX publicly filed its S-1 registration statement with the Securities and Exchange Commission on May 20, 2026, making its financial details available to the public for the first time ahead of what could be the largest IPO in history.
An S-1 is the formal document a company must submit to the SEC before going public. It includes audited financials, risk factors, business descriptions, and how the company plans to use the money it raises. Companies are required to file one before selling shares to the public, and it must be published at least 15 days before the investor roadshow begins. SpaceX had already submitted a confidential draft to the SEC in April, which allowed regulators to review the filing privately before it went public.
The S-1 reveals that SpaceX generated $18.7 billion in consolidated revenue in 2025, driven largely by its Starlink satellite internet division, which posted $11.4 billion in revenue, growing nearly 50% year over year. Despite that growth, the company lost about $4.9 billion in 2025 and has burned through more than $37 billion since its founding.
SpaceX just forced Verizon, AT&T and T-Mobile to team up for the first time in history
A significant portion of those losses trace back to xAI, Elon Musk’s artificial intelligence company, which was recently merged into SpaceX. SpaceX directed roughly 60% of its capital spending in 2025 to its AI division, totaling around $20 billion, yet that division lost billions and grew revenue by only about 22%.
SpaceX plans to list its Class A common stock on Nasdaq under the ticker SPCX, with Goldman Sachs, Morgan Stanley, and Bank of America leading the offering. The dual-class share structure means going public will not meaningfully reduce Musk’s control, as Class B shares he holds carry 10 votes per share compared to one vote for public Class A shares.
The company is targeting a raise of around $75 billion at a valuation of roughly $1.75 trillion, which would make it the largest IPO ever. The investor roadshow is reportedly planned for June 5.
SpaceX has revealed the date for the maiden voyage of Starship v3, its newest and most advanced version of the rocket yet.
Starship v3 represents a significant leap forward. At 124 meters tall when fully stacked, it stands taller than previous versions and boasts substantial upgrades.
The vehicle incorporates next-generation Raptor 3 engines, which deliver higher thrust, improved reliability, and simplified designs with fewer parts. Both the Super Heavy booster (Booster 19) and the Starship upper stage (Ship 39) feature these enhancements, along with structural improvements for greater payload capacity—exceeding 100 metric tons to low Earth orbit in reusable configuration.
SpaceX and its CEO Elon Musk have announced that the company aims to push the first launch of Starship v3 this Thursday. Musk included some clips of past Starship launches with the announcement.
Now targeting launch as early as Thursday, May 21 → https://t.co/2gZQUxS6mm
— SpaceX (@SpaceX) May 19, 2026
First Starship V3 launch later this week! pic.twitter.com/JFX4CrSfnY
— Elon Musk (@elonmusk) May 19, 2026
There are a lot of improvements to Starship v3 from past builds. Key hardware changes include a more robust heat shield, upgraded avionics, and modifications optimized for orbital refueling, a critical technology for future missions to the Moon and Mars. This flight marks the first launch from Starbase’s second orbital pad, allowing parallel operations and accelerating the cadence of tests.
This will be the 12th Starship launch for SpaceX. Flight 12 objectives include a full ascent profile, hot-staging separation, in-space engine relights, and reentry testing. The booster is expected to perform a controlled splashdown in the Gulf of Mexico, while the ship will deploy 20 Starlink simulator satellites and a pair of modified Starlink V3 units before attempting reentry.
Success would validate V3’s design for operational use, paving the way for rapid reusability and higher flight rates.
The rapid evolution from V2 to V3 underscores SpaceX’s iterative approach. Previous flights demonstrated booster catches, ship landings, and heat shield advancements. V3 builds on these with nearly every component refined, supported by an expanding production line at Starbase that churns out vehicles at an unprecedented pace.
Starship V3 is here putting SpaceX closer to Mars than it has ever been
This launch comes amid growing momentum for SpaceX’s ambitious goals. Starship is central to NASA’s Artemis program for lunar landings and Elon Musk’s vision of making humanity multiplanetary. A successful V3 debut would boost confidence in achieving orbital refueling and crewed missions in the coming years.
As excitement builds, enthusiasts and engineers alike await liftoff. Weather and technical readiness will determine the exact timing, but the community is optimistic. Starship V3 is poised to push the boundaries of spaceflight once again, bringing reusable interplanetary transport closer to reality.
Elon Musk
Starship V3 is here putting SpaceX closer to Mars than it has ever been
Starship V3 launches May 20 carrying the hardware upgrades that make Moon and Mars possible.
SpaceX is preparing to fly the most significant version of Starship yet. Flight 12, the debut of Starship V3, is targeted for Wednesday, May 20, lifting off from Starbase in South Texas at 6:30 p.m. ET. It will also mark the first launch from the newly built Pad 2, adding another layer of firsts to an already milestone-heavy mission.
Starship V3 is a meaningful step up from what came before, and a next-gen design that improves on raw power and payload capacity. V3 can carry more than 100 metric tons to orbit in reusable configuration, which is roughly three times what the previous version could handle. Additionally, the new design is lighter and simpler than before, thereby reducing risk of component failure, while also reducing flight costs. The launch pad itself is also brand new, meaning SpaceX can now prepare two rockets at the same time instead of one. What makes all of this matter beyond the hardware is what it unlocks. NASA needs V3 to be reliable enough to land astronauts on the Moon, and Musk needs it to eventually carry people and cargo to Mars at a scale that makes a permanent settlement financially possible. Every previous Starship was essentially a prototype. V3 is the version SpaceX actually intends to put to work.
On May 7, SpaceX completed the first full-duration, full-thrust 33-engine static fire with the V3 Super Heavy, following two earlier attempts that ended early due to ground equipment issues. The Ship stage had already cleared its own static fire in April, making Flight 12 the first time both V3 vehicles have been cleared to fly together.
The stakes extend well beyond this single test. As Teslarati reported, NASA needs Starship to work as the Human Landing System for its Artemis program, with a crewed lunar landing now targeted for 2028 under Artemis IV. Before that can happen, SpaceX must demonstrate in-orbit propellant transfer at scale, a process requiring more than ten tanker launches to fuel a single Moon mission. V3 is the vehicle designed to make that economically viable.
Elon Musk has stated that Starship V3 should be capable enough for initial Mars missions, a detail that connects directly to his January 2026 compensation package, which awards him 200 million shares if SpaceX reaches a $7.5 trillion valuation and helps establish a permanent Mars colony of one million people. With SpaceX targeting a Nasdaq IPO as early as June 12 at a valuation of $1.75 trillion, and holding more than $22 billion in active government contracts spanning defense, NASA, and broadband, every successful Starship test adds tangible weight to that number.
SpaceX just filed for the IPO everyone was waiting for
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