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SpaceX’s Mr. Steven preparing for first Falcon 9 fairing catch attempt in months
SpaceX recovery vessel Mr. Steven has spent the last several weeks undergoing major refits – including a new net and arms – and testing the upgraded hardware in anticipation of the vessel’s first fairing catch attempt in more than four months.
Required after a mysterious anomaly saw Mr. Steven return to Port in February sans two arms and a net, the appearance of a new net and arms guarantees that SpaceX is still pursuing its current method of fairing recovery. Above all else, successfully closing the loop and catching fairings could help SpaceX dramatically ramp its launch cadence and lower costs, especially critical for the affordable launch of the company’s own Starlink satellite constellation.
The Saga of Steven
For a few months of 2019, it was entirely conceivable that SpaceX had all but given up on catching Falcon fairings, having spent the better part of 2018 without a single success during both post-launch and experimentally controlled catch attempts. Admittedly, a year may feel like a huge amount of time, but SpaceX has demonstrated just how hard the reliably successful recovery of orbital-class rocket hardware really is.
Depending on how one examines the history of Falcon 9, it took SpaceX anywhere from ~30 and ~70 months and either 7 or 9 failed recovery attempts before the first Falcon 9 booster successfully landed in December 2015. Excluding helicopter-based fairing drop tests, Mr. Steven and SpaceX’s fairing recovery team have made five attempts to catch fairings in the vessel’s net after Falcon 9 launches. All have been unsuccessful, with the closest miss reportedly landing in the Pacific Ocean just 50 meters away from Mr. Steven’s massive net.
In January 2019, Mr. Steven sailed ~8000 km (5000 mi) from Port of Los Angeles to Port Canaveral, passing through the Panama Canal. For unknown reasons, during a trip out to sea to catch a Falcon 9 fairing in February, Mr. Steven abruptly turned around early and arrived in port missing two of four arms, four of eight booms, and the entirety of its custom net. The remaining arms/booms were removed and the vessel spent roughly three months docked with just a handful of excursions.
In late May, technicians rapidly installed new arms and booms, as well as a new (and blue) net, bringing about the end of months of inactivity. Mr. Steven has yet to venture beyond the safety of Port Canaveral since its new ‘catcher’s mitt’ was installed, but SpaceX has been testing the new setup by repeatedly lowering a Falcon fairing half into the net. It’s too early to raise expectations but it seems plausible that the iconic recovery vessel will be ready to attempt its first fairing catch in ~4 months as part of Falcon Heavy’s next scheduled launch, currently NET June 22.
A challenger approaches…
Although Mr. Steven’s prospects look better than they have in months, SpaceX’s fairing recovery engineers and technicians have not been sitting on their hands. Begun as a check against the growing possibility that reliably catching fairings in a (relatively) small net is just too difficult to be worth it, SpaceX has been analyzing methods of reusing fairings without Mr. Steven. Most notably, despite the failure to catch fairings out of the air, the fairing halves themselves – relying on GPS-guided parafoils – have proven to be capable of reliably performing gentle landings on the ocean surface.
This consistently leaves the fairings intact and floating on the ocean but at the cost of partial saltwater immersion and exposure to surface-level sea spray and waves. At least in today’s era of highly complex large satellites, customers typically demand that payload fairings (like Falcon 9’s) offer a clean room-quality environment once the satellite is encapsulated inside. Sea water is full of salt, organic molecules, and water, all three of which do not get along well with extremely sensitive electronics. The whole purpose of recovering and reusing fairings is to make their reuse more efficient and less expensive than simply building a new fairing. The task of cleaning composite structures to clean room-standards after salt water exposure and immersion tends to be less than friendly to both aspirations.
According to SpaceX CEO Elon Musk, however, that challenge may be distinctly solvable and could even be easier than the Mr. Steven approach. After Falcon Heavy’s commercial Arabsat 6A launch debut in April 2019, Musk again confirmed that SpaceX would be ready to test that alternate method of fairing reuse very soon and plans to do so on an “internal” (i.e. Starlink) launch later this year. As noted below, this is helped by the fact that SpaceX’s internally-developed Starlink satellites apparently have no need for the acoustic insulation panels that normally protect sensitive spacecraft from the brutal acoustic environment produced by rockets while still in Earth’s atmosphere.
For fairing reusability, the lack of those panels is just one less thing to have to worry about cleaning or replacing. Intriguingly, it’s easy to imagine that – much like SpaceX has apparently designed Starlink satellites to be resistant to intense acoustic environments – the company could have also required that they be tough enough to tolerate a less-than-pristine fairing environment. With that approach, SpaceX could continue to build new fairings for every customer launch, entirely amortizing their production cost before transferring the ‘dirty’, flight-proven fairings to internal Starlink launches.
In essence, SpaceX’s customers would quite literally be paying the company to build the very Falcon 9 boosters and fairings it will ultimately use to launch its massive Starlink constellation, requiring hundreds of launches over the next decade. The faster and more efficiently SpaceX can build and launch Starlink, the faster it can develop Starship/Super Heavy and entirely transcend any concerns of salty fairings (let alone expendable upper stages). But in the meantime, Mr. Steven will return to his catching duties and SpaceX will continue to attempt to reuse payload fairings.
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Tesla stock (NASDAQ: TSLA) endured one of its sharpest single-day declines in years on July 23, tumbling approximately 14.5 percent and closing near $320 after opening the session around $374. The drop erased more than $140 billion in market value amid heavy trading volume and left the shares at multi-week lows.
The sell-off followed the company’s second-quarter 2026 results, released the previous evening. Tesla reported record revenue of $28.2 billion, up 26 percent year over year, driven by a Q2-record 480,126 vehicle deliveries. Energy storage deployments also rose strongly.
Tesla (TSLA) Q2 2026 earnings results: miss on EPS, beat on revenue
Yet profitability disappointed sharply. Operating income fell 57 percent to $398 million, compressing the operating margin to just 1.4 percent. Non-GAAP earnings per share came in at $0.33, well below the roughly $0.53 analysts had expected. Free cash flow turned negative by $1.1 billion as capital expenditures surged 142 percent to $5.8 billion, largely tied to accelerated spending on artificial intelligence, robotics, and autonomous systems.
The losses on capex were expected, as Tesla said it would be spending heavily in 2026.
Investors also reacted to lingering uncertainty surrounding key product timelines. During the Earnings Call, management reiterated ambitions for Robotaxi deployment and the Optimus humanoid robot, but offered limited new concrete milestones, renewing questions about execution pace that have long accompanied Tesla’s ambitious roadmap.
The magnitude of the decline places it among Tesla’s more severe one-day percentage losses since its 2010 initial public offering. Historically, the two largest single-day drops (split-adjusted) remain September 8, 2020, when shares fell 21.1 percent amid broader market volatility and valuation concerns, and January 13, 2012, with a 19.3 percent plunge during the company’s early growth struggles.
Other notable declines include an 18.6 percent drop on March 16, 2020, at the onset of pandemic-related market turmoil. Thursday’s move ranks roughly ninth on the all-time list but stands out as the steepest in more than a year.
Despite the short-term pain, Tesla’s long-term trajectory has repeatedly recovered from such volatility. The latest results underscore both the strength of its core automotive and energy businesses and the near-term costs of heavy investment in next-generation technologies.
Elon Musk clapped back at France’s decision to withhold the approval for Tesla’s Full Self-Driving (FSD) Supervised system, projecting a clear and blunt message to French Transport Minister Phillippe Tabarot, after he publicly rejected the technology in its current form.
Tabarot outlines several concerns with Tesla Full Self-Driving in a detailed video statement, where he said, “The safety trade-offs are not yet sufficient to authorize it as it currently stands,” he said. He emphasized that FSD is not a true self-driving system and that the driver remains fully responsible.
Key issues Tabarot also brought up included allowing speeding when surrounding traffic exceeds limits and what he believes are insufficient guarantees of driver attention during complex urban maneuvers such as lane changes, intersections, and roundabouts.
Delaying the approval of FSD in France will cost lives
— Elon Musk (@elonmusk) July 22, 2026
While acknowledging technological progress and France’s support for autonomous innovation, Tabarot stressed that deployment must prioritize road safety. He noted ongoing technical discussions with Tesla, the Netherlands, and other European partners, with further ecosystem meetings planned for the fall.
Musk’s rebuke highlights the human cost of regulatory caution. Tesla’s latest safety reports provide compelling data supporting accelerated adoption. In the most recent 12-month period, vehicles using FSD (Supervised) recorded one major collision per approximately 5.1 million miles driven, dramatically better than the U.S. national average of one crash per 698,000 miles.
Even Tesla vehicles driven manually with active safety features outperform the average by a wide margin. These figures come from billions of real-world miles of telemetry, showing FSD vehicles involved in far fewer incidents than both manual Teslas and the broader U.S. fleet.
Critics argue Tesla’s comparisons require careful scrutiny regarding reporting thresholds and fleet demographics, yet the data consistently positions FSD as a potential lifesaver. With road fatalities remaining a leading cause of death worldwide, Musk contends that proven safer technology should not face prolonged bureaucratic hurdles.
France’s measured approach reflects the broader European regulatory caution, which many, especially Musk, have been critical of in the past. However, as autonomous systems from Tesla and competitors like Waymo demonstrate superior safety in independent studies, pressure is mounting for harmonized approvals.
Musk’s warning carries the belief that every month of delay may equate to avoidable tragedies on European roads.
In a striking revelation that underscores the lucrative crossover between Big Tech and space exploration, Alphabet Inc., Google’s parent company, disclosed a massive $94.1 billion equity stake in SpaceX following the rocket company’s blockbuster initial public offering earlier this year.
The disclosure came in Alphabet’s quarterly filing, marking the first time the long-held private investment has been publicly valued at market prices. Google was an early backer, investing alongside Fidelity in 2015 with roughly $500-900 million at a time when SpaceX was valued around $12 billion.
That bet has delivered extraordinary returns, roughly a hundredfold, transforming a strategic play on satellite internet and launch capabilities into one of Alphabet’s largest assets.
Google, $GOOGL, has said they hold $94 billion in SpaceX, $SPCX, shares after IPO.
— unusual_whales (@unusual_whales) July 23, 2026
Of the total holding, approximately $80 billion remains subject to short-term post-IPO lockup restrictions, preventing near-term sales. An additional $14.1 billion faces longer-term restrictions, extending into the third quarter of 2027. This structure limits immediate liquidity but protects against market volatility as SpaceX transitions into public trading.
The SpaceX position contributed significantly to gains in Alphabet’s broader investment portfolio, which also includes a major stake in AI leader Anthropic. Combined, these holdings helped drive nearly $100 billion in investment gains during the second quarter, providing a substantial boost to net income amid ongoing AI spending pressures.
Analysts view the disclosure as validation of Alphabet’s venture strategy beyond its core search and cloud businesses. The investment aligns with deeper ties, including reported multi-billion-dollar deals for AI computing capacity on SpaceX infrastructure. As SpaceX advances Starship flights, Starlink expansion, and ambitious Mars goals under Elon Musk, Google’s stake positions it to benefit from the commercialization of space.
For Alphabet, the windfall highlights how patient, forward-looking bets in transformative sectors can yield outsized rewards. While lockups temper short-term impact, the holding cements SpaceX as a cornerstone of Alphabet’s diversified portfolio in an era where aerospace, AI, and connectivity increasingly intersect. Investors will watch closely as restrictions lift and SpaceX’s public performance unfolds.
Tesla stock tumbles after earnings, one of its sharpest single-day declines
Elon Musk is not happy about this Tesla Full Self-Driving approval delay
