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SpaceX, NASA hold press conference, historic astronaut launch clears final hurdles before readiness
With less than a month to go before the historic first crewed flight – and final human rating certification test – of the SpaceX Crew Dragon Demonstration 2 mission, NASA and SpaceX jointly held a full day of pre-mission press conferences on Friday, May 1st. Throughout the day many minor, but crucial, details were revealed.
Two primary technical concerns remained prior to Crew Dragon’s debut astronaut mission- the final drop test of the Crew Dragon Mark III parachutes and NASA’s clearance of SpaceX’s resolution of an in-flight engine-out anomaly suffered during the ascent phase of a previous Starlink mission.
Falcon 9 Merlin 1D engine-out anomaly
During the March 18th Starlink launch of a four-time flown Falcon 9 first-stage booster, a brief anomalous engine flare was witnessed during the ascent. Although ultimately successful in the deployment of the stack of 60 satellites, the first-stage booster failed to stick the landing aboard the autonomous spaceport drone ship “Of Course I Still Love You” resulting in a total loss. SpaceX CEO, Elon Musk, responded to comments posted to Twitter confirming the in-flight, early shutdown anomaly of one of the nine Merlin 1D engines.
Musk provided assurance that a thorough investigation would be conducted by SpaceX prior to any return to flight. Musk also noted that the first-ever engine failure of a Merlin 1D engine proved its robustness and the importance of redundancy provided by the other eight engines.
Just prior to the next Starlink mission on April 22nd marking a recycled Falcon 9 booster’s return to flight, Musk once again took to Twitter to provide insight into the early shutdown, in-flight anomaly. Musk stated that a small amount of isopropyl alcohol, used for cleaning the Merlin 1D engines, had been trapped in a sensor dead leg – later clarified as “an area it couldn’t float through” by SpaceX webcast host Lauren Lyons – and was ignited during flight causing the early shutdown of one Merlin 1D engine.
As identified during the April 22nd launch broadcast, out of an abundance of caution SpaceX decided to forgo that cleaning process for the April 22nd mission. However, no information was divulged regarding NASA’s response to either the anomaly or the resolution. Ultimately, the first stage Falcon 9 booster of the Starlink-6 performed flawlessly and even managed to stick the landing aboard the awaiting drone ship.
During Friday’s Commercial Crew and International Space Station overview news conference, a question regarding NASA’s response to the anomaly posed by Jeff Foust – reporter for SpaceNews.com – was directed to NASA’s Commercial Crew Program program manager, Kathy Lueders. She was asked to expand on the final technical constraints remaining prior to the launch of the Crew Dragon DM-2. Lueders responded positively stating that NASA had “reviewed the anomaly resolution…and cleared the engines on our launch vehicle” referring to the Falcon 9 booster slated to support DM-2, noting that the engine-out issue had been satisfactorily resolved and is now behind them.
One more drop test
Early in Friday’s Commercial Crew and International Space Station overview news conference – and later confirmed during remarks made by Lueders – SpaceX Chief Operating Officer, Gwynne Shotwell noted that a final 27th drop test of the Crew Dragon Mk III parachutes was scheduled to be completed later in the day. During a later Q&A interview with the crew of DM-2 – NASA astronauts Bob Behnken and Doug Hurley – Hurley commented that the final drop test had begun, however, he wasn’t quite sure if it had been completed successfully or not.
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Just after the closing remarks of the crew Q&A interview, SpaceX announced via social media the successful completion of the 27th and final drop test of the all-important Mk III parachutes.
The May 1st final parachute drop test followed a worrisome stumble of the parachute program on March 24th. SpaceX announced that a Crew Dragon test article had become unstable forcing the helicopter pilot to prematurely release the test article out of an abundance of caution to maintain the safety of the helicopter crew. SpaceX noted that “while the test article was lost, this was not a failure of the parachute system and most importantly no one was injured.”
The confirmation of the successful May 1st drop test and the resolution of the Merlin 1D engine anomaly close out one of the final chapters of prerequisites prior to returning human spaceflight to American soil.
The only hurdles that remain to be cleared are various agency-level readiness reviews. According to Lueders, a SpaceX Flight Readiness Review is tentatively scheduled for Friday, May 8th followed by a NASA Flight Readiness Review on May 11th. Just one week ahead of launch, the final joint Launch Readiness Review is tentatively scheduled to be completed Wednesday, May 20th at which point DM-2 will bring crewed astronaut spaceflight back to American soil for the first time in nearly a decade.
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SpaceX stock did the opposite of what most of Wall Street expected this week, when the day designed to be its most dangerous turned into a rally, and the rally kept going.
Thursday marked the first major lockup expiration since SpaceX’s June IPO, making roughly 911.5 million insider held shares eligible to trade for the first time, more than doubling the company’s public float. Analysts and short sellers had spent weeks bracing for a flood of selling, especially after the stock fell 13 percent following its first earnings report as a public company on Tuesday. Instead, shares rose 6.1 percent Thursday to close at $114.92, and by Friday they were trading near $129, up more than another 12 percent on the day.
SpaceX shorts get warned by Musk ally, echoing Tesla’s early struggles
The setup made the outcome notable. Short interest had climbed to roughly 34 percent of the float heading into earnings, among the highest of any large cap stock, with about 95 percent of available shares to borrow already on loan. CEO Elon Musk warned short sellers twice in the weeks before the lockup, writing on X that “the survival probability of firms who maintain a significant short position in SpaceX over time is very low,” then following up on the morning of earnings with “I try to warn them, but they just double down.”
When the newly unlocked shares hit the market and the selloff never showed up, some of that short position appears to have started unwinding. TipRanks reported that options activity shifted toward bullish strategies like put selling and risk reversals following the rally, with roughly $600 million in options premium trading Thursday alone. Retail buyers also stepped in during the earnings dip, according to Vanda Research.
The fundamentals behind the stock have not changed much in a week. SpaceX’s revenue nearly doubled year over year to $7.8 billion, with Starlink subscribers doubling to 12 million and the company’s AI segment growing 247 percent. What spooked investors on Tuesday was the spending side. Capital expenditures jumped to more than $18 billion for the quarter, up from $2.8 billion a year earlier, with AI investment alone rising from $749 million to $15.8 billion. Wall Street remains split on whether that spending is building infrastructure SpaceX needs or outrunning what the business can currently support, a debate Teslarati has tracked since shares first came under pressure.
None of that resolves the bigger question hanging over the stock. Thursday’s release was only the first of nine staggered lockup tranches, with roughly $800 billion worth of additional shares scheduled to become eligible through October, and Musk’s own stake stays locked until next June. If this week is any indication, the market is treating that supply as something it can absorb rather than something to fear, at least for now.
News
The Boring Company’s newest Vegas Station has a permit quietly waiting behind it
Sahara Las Vegas opened a new Vegas Loop station, joining an exclusive two resort transit club.
Sahara Las Vegas opened a new Vegas Loop station Thursday, giving The Boring Company’s underground transit system its northernmost stop yet on the Strip. The station sits at Sahara’s Paradise Road entrance, on the southeast corner of Las Vegas Boulevard and Sahara Avenue, and connects riders to the Las Vegas Convention Center, other Strip resorts on the network and, eventually, Harry Reid International Airport.
The addition makes Sahara the second resort, after Fontainebleau opened its own station in January, to get a stop built at street level rather than tucked into the property itself. Sahara now joins Westgate as the only two Strip resorts offering both a Vegas Loop station and a stop on the Las Vegas Monorail, giving guests two separate ways to get around without leaving the property.
The Boring Company just doubled its tunneling power in Nashville
The bigger news buried in Thursday’s announcement is what comes next. Boring Company has already secured its first permit to tunnel north of Sahara Avenue, extending the network beyond where it currently ends, even though permits to push the Loop toward downtown Las Vegas still haven’t been granted. Crews are also working on a two mile dual tunnel line running from Westgate to a planned station at 4744 Paradise Road, just north of Tropicana Avenue, that Las Vegas Convention and Visitors Authority CEO Steve Hill has said the company hopes to open in time for November’s Las Vegas Grand Prix.
Ridership has grown alongside the buildout. The Loop moved roughly 82,000 passengers during CONEXPO in early March, a total the company highlighted on its own X account at the time, and the system has now carried more than 4 million passengers through 11 open stations since it began running in 2021. The airport connector tunnels, meant to give the Loop a direct link to Harry Reid, have slipped past their original first quarter target and remain under construction, with Boring Company director Mike Baier saying that a full opening is still a few months out.
For Sahara, the calculation is straightforward. Convention traffic drives a large share of Loop ridership, and a station at the property’s front door gives conventiongoers one more reason to book rooms on the Strip’s north end instead of closer to the convention center itself.
Elon Musk
Tesla’s mysterious Robovan makes a sneak peek with Optimus in Terafab video
Elon Musk shared a new Terafab video showing Optimus, Robovans, and a stunningly futuristic campus.
Elon Musk posted a new video of Terafab on X Thursday morning, and the most eye-catching details in it were not the building itself, but two products still awaiting production: Optimus and the Robovan.
The concept render, credited to SpaceX, shows Optimus robots working the grounds of the roughly 2.5-mile-long facility planned for the Gibbons Creek site in Grimes County, while a Robovan glides along an elevated roadway cutting through the building itself, sharing the frame with a Tesla Semi and a Cybercab.
Robovan is the boxy, driverless people and cargo mover Musk unveiled alongside Cybercab at Tesla’s “We, Robot” event in October 2024. He pitched it as a way to move up to 20 passengers at once, or handle freight instead, at a target cost he claimed could fall under a dollar a mile, with no steering wheel or pedals, the same layout as Cybercab. Nearly two years later, Robovan still has no confirmed production timeline and has not shown up in any factory footage, which makes Thursday’s render one of the only recent looks at the vehicle in any form.
Terafab Texas will be the largest and most valuable building on Earth by far.
And it will be stunningly beautiful. pic.twitter.com/4NweOqTL7y
— Elon Musk (@elonmusk) August 6, 2026
Optimus has moved further along. Tesla began converting Fremont’s old Model S and Model X assembly line into a Gen 3 Optimus production line earlier this year, and Musk visited the site on July 1 to mark the changeover. A second, larger Optimus plant is under construction at Giga Texas, targeting volume production in summer 2027 and eventual capacity of 10 million units a year. Tesla AI lead Ashok Elluswamy said this month the robot has “big shoes to fill” in replacing the S and X line, while Musk has repeatedly called Optimus the company’s biggest product of any kind, with a long-term price he has pegged between $20,000 and $30,000.
Check out the “Robovan” from @Tesla
📸: @Teslarati pic.twitter.com/D4es2i9NUe
— TESLARATI (@Teslarati) October 11, 2024
“Terafab Texas will be the largest and most valuable building on Earth by far,” Musk wrote alongside the clip. “And it will be stunningly beautiful.”
One quote post summed up the reaction: “Futuristic scene with RoboVan + Cybercab + Tesla Semi + Optimus.”
Beyond the vehicles, the architecture wrapped around them stands out too. The building’s facade is canted at sharp angles, with illuminated horizontal bands running through what appears to be a multi level interior visible from outside. Below the elevated roadway, pedestrians walk along a plaza next to a reflecting pool, and the skyline behind the campus is dotted with angular spires that read more like sculpture than infrastructure, a departure from the strictly utilitarian look of Gigafactory Texas or Starbase.
The timing tracks with what Terafab representative Riley Trennell told Grimes County residents on Wednesday, when he said renderings of the facility would be released “within days.” Musk’s post followed less than 24 hours later, and Texas Governor Greg Abbott’s office sent out its own release Thursday confirming the project. As Teslarati reported this morning, Terafab’s tax abatement agreements with Grimes County are now signed and active, and SpaceX has sent the county its first $10 million payment under that deal. The dollar figure tied to this phase of construction, per Reuters, is $16.8 billion, one of the first hard capital expenditure numbers attached to Terafab since Musk unveiled the joint Tesla-SpaceX-xAI venture in March.Reaction on X ranged from enthusiastic to skeptical. “God Bless Texas! Everything is bigger and better in Texas!” one reply read. Another was more measured: “Terafab in a decade…..”
Whether the finished building matches the render is a separate question from whether Musk wanted people talking about the render itself. Less than a day after posting, the video had already crossed 5.5 million views.
Elon Musk and SpaceX shrugs off the trading day Wall Street feared most
The Boring Company’s newest Vegas Station has a permit quietly waiting behind it
