NASA says SpaceX has finished encapsulating its DART asteroid redirection spacecraft inside Falcon 9’s fairing and opened up its West Coast launch pad hangar to give VIPs and mission team members a tour of their rocket.
Measuring 70m (230ft) tall, 550 metric tons (1.2M lb) fully fueled, and capable of producing more than 775 tons (1.71M lbf) of thrust at liftoff, Falcon 9 remains on track to launch NASA’s Double Asteroid Redirection Test mission no earlier than 10:21 pm PST, Wednesday, November 23rd (06:21 UTC 24 Nov). While there are multiple conflicting reports of the spacecraft’s launch mass, it will likely weigh between 600 and 650 kg (1300-1450 lb) – a minuscule 0.1% of the rocket’s total mass at liftoff. In simpler terms, Falcon 9 launching DART is a bit like a semi-truck carrying a single piece of wood.
Nevertheless, just like that semi-truck scenario, it might not be the most efficient choice of vehicle but sometimes a one-size-fits-all rocket like Falcon 9 can make a lot of sense.
Notably, despite being outsized by at least a factor of 2-3, Falcon 9’s DART launch will ultimately cost NASA about $73M – about a quarter of the mission’s total ~$250M cost. Nominally headed to interplanetary space, there isn’t a smallsat launcher (i.e. Firefly Alpha, Relativity Terran-1, Virgin Orbit LauncherOne, ABL Space RS-1, etc.) currently in development that’s expected to be able to launch a ~600 kg payload onto the interplanetary trajectory Falcon 9 will send DART on. If there were, it might theoretically cost NASA just ~$20M to launch DART but it will also take years for any of the new small to midsize rockets that might have enough performance to establish a track record of reliability, meaning that NASA would have to accept significant risk for that potential discount.
It’s worth noting that based on several comments from executives indicating that a flight-proven Falcon 9 costs about $15-25M to launch, SpaceX could almost certainly charge NASA half as much to launch DART while still breaking even, with its routine reusability making the potential economic advantage of smaller rockets much murkier. Additionally, despite the potential to save another $30-50M, NASA is still likely saving at least $80-100 million by launching on a $73M Falcon 9 rocket rather than the United Launch Alliance’s (ULA) cheapest Atlas V offering, which NASA has paid around $150-175M for in recent years.
While SpaceX has technically launched two similarly tiny NASA payloads to very high orbits ~300,000 and ~900,000 km (150,000-600,000 mi) away from Earth in 2015 and 2018, as well as CEO Elon Musk’s Tesla Roadster on an Earth escape trajectory with Falcon Heavy, data from JPL recently confirmed that DART will be Falcon 9’s first truly interplanetary launch. After reaching a normal low Earth parking orbit, Falcon 9’s expendable upper stage will ultimately boost the small spacecraft free of Earth’s gravity, sending it into a heliocentric orbit that will eventually intersect with the binary Didymos-Dimorphos asteroid system.
As early as September 2022, DART will slam into asteroid moon Dimorphos while traveling a staggering 6.6 kilometers per second (4.1 mi/s) in an attempt to shift its orbit around the larger Didymos asteroid. In effect, NASA is using the asteroid system a bit like an isolated sandbox to (hopefully) exaggerate any effects. If successful, DART will prove that kinetic impactors offer a viable way to change the course of asteroids and comets, potentially paving the way for the creation of a true planetary defense program.
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.Â
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.Â
Tesla’s Q4 and FY 2025 results were posted on Friday, January 2, 2026.Â
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.Â
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.Â
Tesla Q4 delivery numbers are better than they initially look: analyst
Tesla analyst breaks down delivery report: ‘A step in the right direction’
