News
SpaceX to launch one of its last old-gen Falcon 9s in upcoming launch
One of SpaceX’s rapidly shrinking fleet of older Falcon 9 launch vehicles has rolled out to the company’s California launch pad ahead of an expendable launch and fairing recovery attempt scheduled for no earlier than Tuesday (NET) 12:47 pm PST/19:47 UTC May 22.
Although SpaceX may have inaugurated a new era of truly reusable rocketry with the debut of Falcon 9 Block 5 earlier this month, there are still a number of older Falcon 9 boosters (all flight-proven) awaiting their second and final flights. At the moment, a minimum of four cores remain, including the sooty Falcon 9 first stage captured earlier this evening by Teslarati photographer Pauline Acalin.
Foreshadowing its imminent watery demise with a lack of landing legs, this particular booster (B1043) previously launched the mysterious and controversial Zuma mission in January 2018, a classified payload claimed (sans convincing evidence) to have failed and reentered Earth’s atmosphere mere hours after reaching orbit. While it’s possible that the mission was a failure, at the moment unsteadily blamed on the failure of a Northrop Grumman-designed payload adapter and deployment mechanism, it’s far more probable that the apparently wildly-expensive satellite is still in orbit.
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- Falcon 9 B1043 lifts off for the first time with Zuma on January 7. (Tom Cross/Teslarati)
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- After landing at LZ-1, B1043 was refurbished in approximately four months. (SpaceX)
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- On May 21, the rocket was rolled out to SLC-4E on the opposite coast of its first launch, ready for one final flight. (Pauline Acalin)
Checking the pulse of Earth’s gravity
Regardless, the same SpaceX rocket booster responsible for lifting Zuma and the Falcon 9 upper stage out of the atmosphere is now ready to launch a new payload at SLC-4E, a launch pad stationed in Vandenberg Air Force Base. B1043’s second orbit-destined payload is a compliment of seven satellites: five are of the Iridium NEXT variety and the remaining satellites make up a scientific mission and technology demonstrator known as GRACE-FO (FO for Follow-On).
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- The two GRACE-FO satellites are stacked atop five Iridium NEXT communications satellites. (NASA)
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- SpaceX is already fairly experienced with launching multi-satellite missions and building custom payload adapters. (NASA)
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- A combination of scientific satellites and five Iridium NEXT communications satellites preparing for launch in May 2018. (NASA)
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- During a normal Iridium NEXT launch, two groups of five satellites are stacked on top of each other. Here, the top stack was replaced by NASA/DLR’s GRACE-FO spacecraft. (NASA)
Following in the footsteps of the original GRACE’s (Gravity Recovery and Climate Experiment) 15 year orbital tenure, GRACE-FO is effectively the same mission with significantly upgraded hardware – the biggest experimental component is actually an advanced laser interferometer designed to measure the distance between the two satellites (roughly equivalent to the distance between LA and San Diego) with the precision of a single micrometer (10-100x smaller than the width of a human hair). At that level of precision, the pair of satellites can detect minute changes in Earth’s gravity, to the extent that they can actually observe droughts, floods, and ice melt through the change in gravity caused by the movement of large (i.e. heavy) quantities of water. If the experimental laser ranging technology works as intended, it will be at least ten times more accurate than the microwave-ranging technology also installed on the follow-on satellites.
SpaceX’s rocket fleet makes way for Block 5
On the SpaceX side of things, Falcon 9 B1043 will be expended after dutifully completing the launch of Iridium-6/GRACE-FO, although the presence of grid fins on the rocket indicates that SpaceX will likely continue a regime of soft-landing recovery tests to optimize and flesh out the limits of Falcon 9’s capabilities. At first glance, the tradeoff of expending entire rocket boosters able to be (relatively inefficiently) refurbished for considerably more than two flights seems extreme and inadvisable. However, SpaceX is presumably ravenous for data on the survivable envelope of Falcon 9 performance – particularly reuse – in advance of the complete transition to the rocket’s Block 5 iteration, a significant upgrade likely to come hand in hand with a more pronounced aversion to expendable missions given each booster’s design lifespan of 10 to 100 missions. At that level of reusability, expending Falcon 9 Block 5s would truly become comparable with the absurdity of trashing an airliner after one or a handful of flights, an (in)famous talking point used by Elon Musk over his years of public SpaceX discussions.
The rocket displays its gritty, beautiful suit of soot ahead of its final launch. (Pauline Acalin)
Thus, if SpaceX can gather data that might enable future Falcon 9 Block 5 recoveries by expending much less valuable Block 3 and 4 boosters, the payoff would be irresistible once examined with a long-term outlook. In the sense that Block 5 may be capable of magnitudes more flights with considerably cheaper refurbishment, the literal elemental value of the hardware – in the likely event that Block 5 production is more capital-intensive than Block 3/4 – is more or less irrelevant for an aversion to expending Block 5 boosters.
Rather, what is lost alongside an expendable Block 5 mission is instead the comparatively vast amount of revenue locked within dozens of additional highly-profitable launches each expended booster could have supported. From that perspective, expending Block 3s and 4s to gather data might be accurately compared to destroying single-pilot Cessnas to improve the utility of a 747 airliner.
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After B1043 is expended, only three obvious flightworthy cores will remain outside of the gradually growing Falcon 9 Block 5 fleet (just two boosters, currently). In order of anticipated launch, these three missions are SES-12 (NET May 31), CRS-15 (NET June 28), and the Crew Dragon in-flight abort test (NET Q4 2018). Barring the unexpected refurbishment of an older flight-proven core for a third mission, these final three missions will bring to a close the inherently temporary era of partially-reusable SpaceX rockets – in the words of Elon Musk, Block 5 would thus signify that SpaceX has moved from “the dog that caught the bus” to, perhaps, the dog that caught the bus and then learned how to drive and maintain it. Somewhere in the middle of those final throes of old-guard Falcons will be an ever-increasing cadence of Block 5 launches and re-launches, likely including the first manifest-necessitated reuse of a Block 5 booster sometime this summer.
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- Falcon 9 B1045 shows off its own Fairing 2.0 ahead of the launch of TESS. (NASA)
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- Chuck Bennett captured Mr Steven conducting high-speed maneuvers with its new, yellow net installed, May 17. (Charles Bennett/@chuckbennett)
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- Not nearly enough net, as it turned out. (Pauline Acalin, May 2018)
Meanwhile, despite the sealed fate of the rocket’s booster, tomorrow’s launch will debut fairing-catcher Mr Steven’s new and improved net. With the introduction of an upgraded net and what can only be described as back-to-back days of relentless ocean-going practice over the last two weeks, it’s entirely possible that Iridium-6/GRACE-FO will be able to lay claim to the first successful catch of a payload fairing following an orbital rocket launch. Fingers crossed.
Follow the mission live on SpaceX’s webcast at 12:30 pm PST on Tuesday, May 22, and make sure to check back at Teslarati over the course of the week as photographer Pauline Acalin covers Mr Steven’s return to Port of San Pedro.
Follow us for live updates, behind-the-scenes sneak peeks, and a sea of beautiful photos from our East and West coast photographers.
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Tom Cross – Twitter
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Pauline Acalin – Twitter
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Venture capitalist Chamath Palihapitiya has cautioned investors shorting SpaceX shares, drawing a direct parallel to the intense short-selling pressure Tesla faced in its early public years.
Responding to reports of elevated short interest in the newly public rocket, satellite, and AI company, Palihapitiya noted that similar dynamics played out with Tesla, where aggressive short sellers ultimately “went broke.”
SpaceX (NASDAQ: SPCX) went public on June 12, 2026, in the largest IPO on record, pricing at $135 per share. Shares quickly surged to an all-time high of $225.64 just days later, briefly implying a valuation exceeding $2 trillion. The stock has since retreated sharply amid valuation concerns, lockup expiration fears, and broader market dynamics.
By early August, it traded near $108–$125, representing a roughly 50 percent decline from the peak and bringing the market capitalization closer to the $1.5–1.7 trillion range. On August 4, shares closed up more than 9 percent at $125.33 ahead of earnings before facing pressure in after-hours and premarket trading.
Short interest has climbed dramatically. According to S3 Partners data widely cited in market reports, short positions reached approximately 219.3 million shares by late July, about 34 percent of the limited public float of roughly 640 million shares, and represented a notional value of around $24.6 billion.
Utilization of shares available to borrow hit 95 percent, with borrow fees rising. This level of shorting exceeded the dollar value of short bets against Tesla at the time and built rapidly ahead of two catalysts: the company’s first post-IPO earnings and an August 6 lockup expiration that could free up to 911.5 million additional shares.
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CEO Elon Musk has issued warnings of his own. In mid-July, as short interest approached one-third of the float, he posted that “the survival probability of firms who maintain a significant short position in SpaceX over time is very low,” reiterating his view that the company could ultimately be worth more than Earth if it achieves its goals.
On August 4, just before earnings, Musk responded to the latest short-interest data by saying, “I try to warn them, but they just double down.”
SpaceX delivered its first quarterly results as a public company after the close on August 4. Second-quarter revenue rose 92 percent year-over-year to $7.8 billion, beating consensus estimates near $6.8–6.9 billion.
The net loss narrowed to $541 million, or 9 cents per share, better than the roughly 23–24 cent loss expected. Starlink/connectivity contributed about $4.3 billion (up 66 percent), while the AI business generated $2.6 billion (up roughly 250 percent). Capital expenditures were heavy at $18.4 billion, largely tied to AI infrastructure. Management projected a $100 billion annualized revenue run rate by year-end 2026 and outlined a path toward $1 trillion in annual revenue by 2030.
The combination of Chamath’s historical reminder, Musk’s repeated alerts, and the company’s ambitious growth targets underscores the high-stakes debate surrounding SPCX. Short sellers are positioned for near-term supply pressure from the lockup, while long-term bulls point to Starlink scale, Starship progress, and AI compute expansion as reasons the bears may ultimately face the same fate as many early Tesla skeptics.
Investor's Corner
SpaceX and Nvidia team up on Musk’s orbital AI bet
SpaceX revealed a new Nvidia satellite partnership, then Musk pledged an exclusive Nvidia hardware commitment.
SpaceX and Nvidia are now working together on the hardware that will power Musk’s orbital data center ambitions. SpaceX announced on X on Tuesday that it is partnering with Nvidia to design the compute payload for Starmind AI1, the first satellite in a planned constellation built to run AI workloads directly in orbit. Each Starmind satellite will carry Nvidia’s Rubin GPUs and Vera CPUs, according to the post, which included renderings of the payload design.
The announcement landed hours before SpaceX’s first earnings call as a public company, where Musk went further, saying the company has committed to building its AI infrastructure exclusively on Nvidia hardware. “We think the Vera Rubin architecture is the best architecture. We think it’s the best AI computer, and we greatly value our close cooperation and partnership on many levels with Nvidia,” Musk told investors on the call,. “So we’re exclusive to Nvidia.”
Musk said SpaceX plans to deploy Nvidia’s Vera Rubin NVL72 rackscale system, codenamed Kyber, both on the ground and in space. He set a target of 2 gigawatts of compute capacity online by the end of this year, scaling to roughly 10 gigawatts by the end of 2027.
SpaceX’s newest Starmind will make earth data centers obsolete
Starmind has been in development since Musk confirmed the name in June, following an xAI trademark filing that tipped off the project before SpaceX made it official. The idea is massive in scope and instead of moving data down to ground based servers, satellites equipped with onboard processors and large solar arrays would compute AI workloads in orbit and beam results back to Earth. SpaceX has already filed with the FCC for a constellation of up to one million satellites to support the effort, citing constant solar power and the absence of zoning restrictions as advantages over terrestrial data centers.
The Nvidia exclusivity marks a shift in tone from just two weeks ago, when Musk was busy knocking down a report that SpaceX had ordered $52 billion worth of Nvidia GPUs through Foxconn, calling it fake news at the time. The dollar figure in that rumor may have been wrong, but the underlying direction seems correct. SpaceX’s AI division already leases Colossus compute capacity to Anthropic and Google, and Tuesday’s earnings report showed AI revenue climbing sharply as those deals ramp up.
Nvidia shares rose roughly 3% in Tuesday trading on the news, while SpaceX stock climbed nearly 9% during the day before giving back gains after hours as investors digested the earnings report’s capital spending figures.
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SpaceX (NASDAQ: SPCX) reported a beat in revenues and EBITDA in its first earnings call report while also minimizing losses as its business continues to gain momentum.
After its IPO in July, SpaceX saw some tough losses on Wall Street due to a major selloff after a delay in its 13th Starship test flight. The ship launched later that week and completed what was arguably the most successful IFT operation in the Starship program’s history.
Nevertheless, the company is continuing on and reported some encouraging financials while also promoting what appears to be a robust outlook moving forward in its Space, AI, and Connectivity divisions.
SpaceX to report first-ever earnings today: here’s what to expect
Earnings Results
- Revenues: $7.8 billion reported vs. $6.7 billion expected
- Adjusted EBITDA: $3.5 billion vs. $2 billion expected
- Net loss of $541 million, an improvement of $467 million from net loss of $1.0 billion
Additionally, CFO Bret Johnsen had these comments:
“2026 has been a momentous year so far, and the second quarter demonstrated the true power of SpaceX. Revenue growth accelerated across all our business segments and we delivered strong operating leverage, with significant margin expansion led by our new AI compute agreements. Our unparalleled leadership in launch, Starlink subscriber growth, new enterprise and government partnerships, and best-in-class AI infrastructure underscore our ability to drive meaningful scale and deliver attractive returns. As a newly public company, we are delighted to welcome our broad base of shareholders and bondholders. We ended the second quarter with $100 billion of cash, cash equivalents, and marketable securities, and $47.5 billion in backlog. This financial strength gives us substantial capacity to invest in Starship, Starlink Broadband and Mobile satellites, and our AI platform, while maintaining a disciplined long-term capital allocation framework.”
Space Business Highlights
SpaceX shared some of its biggest Space Business Highlights for Q2:
- Space revenues grew 55% sequentially and 29% year-over-year to $962 million, driven by a higher number of large customer launches and a favorable customer shift compared to the prior year
- Total costs and expenses for the Space segment were up by $389 million year-over-year, as we continued to accelerate R&D investments in our Starship program, which we believe will reduce the cost to orbit by 99% or more relative to the historical average, and unlock significant revenue potential across all business segments
- Leading launch provider for the world with 78 launches and 1,041 metric tons of mass to orbit deployed over the six months ended June 30, 2026, primarily allocated to Connectivity for the deployment of our Starlink constellation
- Starship V3 development continued to advance towards full and rapid reusability:
- Completed Starship V3’s first suborbital mission in May, Flight 12, which achieved a successful lift off from our new Starbase pad, a precision landing of Starship’s upper stage, and deployment of modified V2 Starlink satellites
- Subsequent to the second quarter, completed Starship Flight 13 in July, which achieved all flight objectives including deploying 20 production V3 satellites, demonstrating in-space relight of a Raptor engine, and executing the softest ever splashdown of Starship, providing critical views of an intact heatshield
SpaceX will report its earnings today at 4:30 P.M. EDT.
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SpaceX shorts get warned by Musk ally, echoing Tesla’s early struggles
SpaceX and Nvidia team up on Musk’s orbital AI bet
