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SpaceX President talks BFR and Mars exploration in laid-back Madrid Q&A session

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Speaking at a Q&A session hosted for a Madrid university’s Master’s of Business Administration students, SpaceX President and COO Gwynne Shotwell talked for nearly an hour about the launch company’s next-generation BFR rocket, the reality of long-term life on Mars, and more, revealing a number of interesting tidbits in the process.

BFR spaceship hop tests looking very similar to this render (albeit on Earth…) could begin as early as late 2019 according to SpaceX COO/President Gwynne Shotwell. (SpaceX)

Almost entirely led by questions from the unusually well-informed audience, the graduate students and professors predominately kept the famous SpaceX exec more or less focused on the company’s future, delving into the reasoning behind BFR. Shotwell had only praise for the next-generation launch vehicle, which is targeting initial hop tests in late 2019 and its first full launches as early as 2021, a delay of several months from previous schedule estimates targeting hops in early 2019 and orbit by 2020.

Aside from schedule updates, Shotwell had more still to say about the rocket:

  • “The flexibility that [BFR] offers will change how we do everything in space.”
  • “BFR has the capability to open its payload bay, bring [a] satellite back in, close it, pressurize it, work on it (repair, upgrade, etc), and redeploy it”
  • “BFR will basically allow people to work and live in space”

Although she offered some self-deprecating humor on SpaceX’s often-optimistic schedules for future projects, she was for the most part positive about the company’s ultimate aspirations of completing and perfecting BFR, stating without hesitation that “something terrible [would] have to happen at SpaceX for us to not be on our way to Mars and back in 10 years.”

 

Shotwell acknowledged that some of the hurdles in the way of those goals could become headaches, particularly the decision to build the rocket’s propellant tanks solely out of carbon fiber composites, but also expressed her belief that most of the difficulty of designing and building BFR’s advanced Raptor engine was already behind SpaceX. Roughly two times as powerful as Merlin 1D and dramatically more efficient, SpaceX’s Raptor development team has conducted extensive hot-fire testing (at least 1200 seconds) of the engine, optimizing it to the point that the company is already building (and maybe already hot-fire testing) flight-grade hardware.

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Other miscellaneous comments showed Shotwell at her best, ad-libbing one-liners that were lucid, accurate, and entertaining.

  • “We’ll be going to Mars … with NASA and with ESA. It’s gonna be like extreme camping… for 100 years. And then it might be okay.”
  • “[Space] tourism is inevitable but [SpaceX] doesn’t want to do it too soon”, the goal is to launch “test pilots before families”
  • “The first cars on Mars will be Teslas.”

Watch the full Shotwell Q&A – graciously recorded by the business student and SpaceX subreddit member LordsofDecay – at the link below.


For prompt updates, on-the-ground perspectives, and unique glimpses of SpaceX’s rocket recovery fleet check out our brand new LaunchPad and LandingZone newsletters!

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Eric Ralph is Teslarati's senior spaceflight reporter and has been covering the industry in some capacity for almost half a decade, largely spurred in 2016 by a trip to Mexico to watch Elon Musk reveal SpaceX's plans for Mars in person. Aside from spreading interest and excitement about spaceflight far and wide, his primary goal is to cover humanity's ongoing efforts to expand beyond Earth to the Moon, Mars, and elsewhere.

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SpaceX soars with its first launch as a public company, marking a new era

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Credit: SpaceX

SpaceX executed its first Falcon 9 launch since going public on June 15, a routine yet symbolically powerful Starlink mission from Vandenberg Space Force Base in California.

Liftoff of the Falcon 9 booster B1093, on its 14th flight, occurred at approximately 8:34 a.m. PDT from Space Launch Complex 4E (SLC-4E), deploying 24 Starlink V2 Mini Optimized satellites into low-Earth orbit.

The first stage successfully landed on the droneship “Of Course I Still Love You” in the Pacific Ocean, underscoring the company’s unmatched reusability track record.

This mission comes just three days after SpaceX’s historic IPO on June 12, which shattered records as the largest ever. The company raised $75 billion by pricing shares at $135, with trading under ticker SPCX on Nasdaq opening at $150 and closing at $160.95—a 19 percent gain—valuing SpaceX at over $2.1 trillion.

The launch highlights the seamless transition from private innovator to public powerhouse. SpaceX, founded in 2002, has revolutionized access to space with over 650 Falcon 9 flights and a massive Starlink constellation now serving millions globally.

As a public company, it faces new pressures: quarterly earnings, shareholder scrutiny, and expectations to accelerate Starship development for Mars ambitions and deeper NASA partnerships. Yet the market response signals strong confidence in its dominance, as launch costs are slashed by 95 percent, rapid satellite deployment, and a backlog of government and commercial contracts.

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SpaceX maintains bold advertising push for Starlink, contrasting Tesla’s minimalistic approach

Analysts view today’s flight as business as usual, but it carries extra weight. With shares volatile in early trading days, successful operations reassure investors that core capabilities remain unaffected by public status.

SpaceX now operates under heightened transparency, potentially unlocking capital for ambitious goals like Starship orbital tests and global broadband expansion.

Challenges loom, including regulatory hurdles for megaconstellations, competition in reusable rockets, and orbital debris concerns. Nevertheless, this morning’s flawless execution reinforces SpaceX’s trajectory.

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As Musk often notes, the company’s mission—to make humanity multiplanetary—now aligns with Wall Street’s growth demands. The stars, it seems, are aligning for both.

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Investor's Corner

Tesla and SpaceX’s biggest bull just placed a massive $1B bet on the stock

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Ron Baron on Tesla stock

Renowned investor Ron Baron, founder and CEO of Baron Capital, has once again demonstrated his unwavering faith in Elon Musk’s ventures.

Just after SpaceX’s record-breaking IPO, Baron announced he purchased an additional $1 billion in SpaceX (NASDAQ: SPCX) shares. This move pushes Baron Capital’s total holdings in the company to a staggering $25 billion in market value, underscoring one of the most successful private-to-public investment stories in recent history.

Baron’s relationship with SpaceX dates back to 2017, when his firm began investing approximately $1.75–2 billion through secondary markets and employee tender offers at valuations around $20–22 billion.

By the time of the IPO, which valued SpaceX at over $2 trillion with shares closing near $161, those early stakes had generated more than $13 billion in unrealized gains. Post-IPO, Baron’s position ballooned further, reflecting the company’s meteoric rise driven by reusable rocketry, Starlink’s global satellite internet constellation, Starshield defense applications, and ambitious plans for orbital infrastructure.

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In a recent interview, Baron articulated his bullish outlook with characteristic enthusiasm.

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“I think we’re going to make hundreds of billions of dollars,” he stated, emphasizing that SpaceX’s achievements in rocketry and satellite technology are “not possible for anyone else to accomplish.” He envisions the company as a cornerstone of humanity’s multi-planetary future, potentially reaching valuations of $10–30 trillion within 10–15 years.

Baron has repeatedly affirmed he has no plans to sell, viewing SpaceX as a “lifetime investment” alongside Tesla.

Tesla bull Ron Baron reveals $100M SpaceX investment, sees 3-5x return on TSLA

This conviction stems from SpaceX’s unparalleled execution. The company has revolutionized access to space with Falcon 9 reusability, deployed thousands of Starlink satellites, and is advancing Starship for Mars missions and point-to-point Earth transport.

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Baron highlights emerging opportunities like space-based AI data centers and direct-to-cell satellite connectivity, positioning SpaceX at the forefront of a new space economy projected to generate trillions in value.

Critics may question the lofty projections amid high valuations and execution risks, but Baron’s track record speaks volumes. His Tesla holdings, initiated in the mid-2010s, have also delivered outsized returns. As one of the largest institutional holders of SpaceX pre-IPO, Baron Capital’s funds, such as Baron Partners, benefited immensely from valuation markups.

Baron’s $1 billion IPO purchase signals deep confidence in SpaceX’s post-IPO trajectory. In an era of short-term market noise, his strategy exemplifies patient capital: backing visionary leadership and transformative technology.

For investors watching the space sector, it serves as a powerful endorsement that the final frontier may indeed yield the next great wealth-creation engine. As Baron puts it, SpaceX isn’t just building rockets—it’s trying to “save humanity” by expanding our horizons beyond Earth.

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Elon Musk

Elon Musk just put a $1 Trillion revenue number on SpaceX

SpaceX surged 19% on its first trading day as Musk projected $1 trillion revenue by 2030.

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Rendering of a colonized Mars by way of SpaceX

Just days after SpaceX stock pushed its market cap past $2 trillion on its first trading session, closing at $160.95, a 19% gain on the $135 IPO price, Elon Musk posted his own revenue projection on X that went well beyond anything Wall Street modeled. “I think SpaceX might be able to reach approximately $1T revenue in 2030,” Musk wrote, then followed up: “And I would be surprised if revenue is not greater than $1T in 2031.” That forecast sits roughly three times above the most bullish institutional estimate on the table.

Morgan Stanley, one of the lead underwriters, projects SpaceX revenue of $160 billion in 2028, $330 billion in 2030, and $3.4 trillion by 2040, with adjusted EBITDA projected to exceed $2.7 trillion at that point. Reaching those numbers from SpaceX’s $18.7 billion in 2025 revenue requires a compound annual growth rate of roughly 42%, which would outpace even Amazon’s fastest growth era. Morgan Stanley’s model places AI infrastructure as the heaviest revenue driver, projecting $190 billion from SpaceX’s AI business alone by 2030. That figure is anchored to xAI’s Grok platform and the Colossus supercomputer following the earlier merger.

Elon Musk launches TERAFAB: The $25B Tesla-SpaceXAI chip factory that will rewire the AI industry

The government revenue pipeline provides a more predictable foundation under those projections. As we have previously reported, SpaceX holds at least $22 billion in cumulative federal contracts across NASA, the Space Force, the NRO, and the Space Development Agency, with 52 active contracts carrying $11.8 billion in remaining value. The NASA Artemis Human Landing System contract alone is valued at $4.04 billion, covering a second crewed lunar landing demonstration targeted for the Artemis IV mission. SpaceX is also a frontrunner for the Golden Dome missile defense shield, and the FAA has approved up to 44 Starship launches from LC-39A in 2026, setting the stage for Starship to become the backbone of both commercial and government heavy lift. Whether Musk’s $1 trillion number proves visionary or simply optimistic, the infrastructure to get there is already being funded.

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