News
SpaceX Dragon spacecraft returns to California port for the last time
SpaceX has returned one of its reusable Dragon spacecraft to the Port of Los Angeles for the last time, wrapping up almost a decade of West Coast recovery operations as the company prepares to move East.
Marking the fully successful completion of Cargo Dragon’s CRS-20 space station resupply mission for NASA, the spacecraft’s arrival in port aboard recovery vessel NRC Quest is SpaceX’s 21st since December 2010. CRS-20 was the original Cargo Dragon spacecraft’s very last mission, meaning that the historic vehicle will have effectively entered retirement once SpaceX has finished capsule C112’s post-flight processing. More likely than not, it and its siblings may soon find themselves displayed in SpaceX facilities and aerospace museums across the US, a fitting end for an orbital spacecraft that effectively launched SpaceX onto the world’s spaceflight stage.
Cargo Dragon is by no means the last of its kind, however. SpaceX has already launched Crew Dragon – also known as Dragon 2 – on a flawless March 2019 orbital debut. An uncrewed variant of the same upgraded spacecraft will soon replace Cargo Dragon for uncrewed space station resupply missions under a second NASA Commercial Resupply Services contract (CRS2). For a variety of reasons, SpaceX has decided to move all Dragon 2 recovery operations to its Port Canaveral, Florida hub, now also the sole home of Falcon booster drone ship recoveries and payload fairing catch attempts. This means that April 9th’s Cargo Dragon homecoming is the last time a SpaceX spacecraft will return to the West Coast — a bittersweet end of an era.
Upon its safe return to shore, Cargo Dragon C112 is now the third Dragon spacecraft to successfully complete three separate orbital resupply missions, as well as the ninth Dragon reuse overall. While the recovered spacecraft may look like a very well-toasted marshmallow, all that visible wear and tear comes from a single orbital-velocity reentry, as SpaceX extensively refurbishes each Dragon before they are reused.
Before Cargo Dragon C112 lifted off on a Falcon 9 rocket for the third time on March 7th, it looked about as pristine as it did the first time it departed SpaceX’s Hawthorne, California factory in 2016. Aside from a duo of International Space Station badges added to the spacecraft’s exterior, it is functionally and visually identical, although parts of the capsule – like landing parachutes and its ablative heat shield – must be replaced after each mission.
Still, despite having to clean and resurface the spacecraft’s white thermal protection, replace heat shields, fabricate new disposable trunk sections, and much more for every launch, SpaceX CEO Elon Musk has stated that even the first Dragon reuse (likely the most expensive) was at least 50% cheaper than building a new spacecraft. Additionally, SpaceX clearly began to find its stride on Dragon capsule C112’s CRS-20 refurbishment, completing the process with record-breaking speed.
As previously discussed on Teslarati, “measured from splashdown to the capsule’s shipment to the launch pad, SpaceX may have spent less than a year refurbishing Cargo Dragon C112, potentially more than a 50% faster than all prior Dragon refurbishment operations.” Cargo Dragon’s Dragon 2 replacement is expected to be far easier to refurbish, while also potentially allowing for up to five orbital missions per spacecraft, while Dragon 1’s design was capped at three missions.
CRS-21 – SpaceX’s first NASA CRS2 mission and the first planned Cargo Dragon 2 launch – is scheduled for no earlier than (NET) October 2020. Meanwhile, Crew Dragon’s “Demo-2” astronaut debut is set to launch as early as late May. If successful, NASA says Crew Dragon’s first operational astronaut launch could happen as early as a month or two after splashdown (~Q4 2020).
After completing their orbital duties, all of those upgraded Dragon spacecraft are scheduled to reenter and splash down in the Atlantic Ocean, where they will be brought back to Cape Canaveral for processing and refurbishment. In the event that weather in the Atlantic Ocean is unacceptable for recovery operations, SpaceX has developed a backup recovery zone in the Gulf of Mexico. In short, it’s possible that Cargo Dragon’s April 7th Port of Los Angeles return will be the last time ever that the US West Coast supports orbital spacecraft recovery operations.
Tesla (NASDAQ: TSLA) reported its earnings for the third quarter of 2026, marking a reasonable performance on the various financial metrics. Tesla still plans to hold a call that will field investor questions at 5:30 p.m. ET, 4:30 p.m. CT.
Here’s where Earnings came in:
- Total Revenues: $28.046 reported vs. $28.34B expected
- Non-GAAP EPS: $0.48 reported vs. $0.45 expected
- Operating Margin: 2.6 % reported vs. 2.5% expected
- Operating Income: $718M reported vs. $721M expected
- Free Cash Flow: $1.531B reported vs. ~-$4.51B expected
Tesla $TSLA Earnings Results:
Revenues: $28.046B
Non-GAAP EPS: $0.48
Operating Margin: 2.6%
Operating Income: $718M
FCF: $1.531B— TESLARATI (@Teslarati) October 21, 2026
Major Takeaways
Full Self-Driving (Supervised)
“FSD (Supervised)⁴ attach rate continued to grow, reaching over 75% of new vehicle deliveries in North America – our most mature market – a nearly twenty percentage point sequential increase. We believe that FSD is driving demand in markets where it is available, and we continue to work with regulators to get it approved in other markets.”
Tesla Semi
“We began volume production of Tesla Semi, our Class 8 heavy-duty truck. The top variant can go 500 miles at full 82,000 lbs gross combination weight while achieving an efficiency of 1.7 kWh/mile. That efficiency allows the Tesla Semi to use a third of the energy used by a comparable diesel truck to haul the same payload. In a transportation market where energy is one of the largest components of total cost per mile, this will provide a meaningful advantage to Tesla Semi operators.”
SI Compute
“We plan to reach 400 MW of SI training compute by the end of the year, supporting the development of both vehicle and humanoid robot autonomy software. Additionally, we continued construction for the Austin Fab, where we plan to start commissioning equipment in 2027.”
Robotaxi
“We began deployment of Cybercab into our Robotaxi fleet in Austin. We reached nearly two million cumulative unsupervised miles for our Robotaxi service as of the end of the quarter. Operating hours in Austin are now 6am to midnight, and we expect to reduce wait times via increased fleet supply and improvement of Robotaxi orchestration algorithms. Grok is available in Cybercab with access to Grok Bot and Connectors, which allows users to manage their inbox, calendars, files, chats and tasks – all hands free via voice command – making Cybercab a mode of transport, a productivity space and, with our entertainment options, a second living room.”
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Tesla (NASDAQ: TSLA) reports its earnings for Q3 today. Here’s what to expect, as the company will reveal its balance sheet after the market closes on Wednesday.
Tesla already reported deliveries just after Q3 ended, and it demolished Wall Street consensus estimates of roughly 462,000 vehicles. Tesla delivered 486,532 cars in the third quarter, which was a big beat, but was down 2.1 percent from the same quarter last year. Energy storage deployments were 13.7 GWh, up year-over-year.
Tesla showrooms picked clean ahead of Q3 end as demand looks strong
For the quarter, analysts have already compiled their predictions for what Tesla will report this afternoon:
- Total Revenues: $28.34B
- Non-GAAP EPS: $0.43
- Operating Margin: 2.5%
- Operating Income: $721M
- Free Cash Flow: ~-$4.51B
Here are a few things we are looking forward to hearing about on the call:
Automotive Gross Margin and Overall Profitability
This was 16.3 percent in Q2, down from 19.2 percent in Q1, and was impacted by warranty charges and some fading regulatory credits. Consensus implies overall gross margin near 18 percent, but a miss here would potentially reinforce concerns about pricing pressure on its vehicles.
Pay attention to energy storage margins as well, especially since Tesla missed GWh expectations, although it was still a strong quarter.
Robotaxi/Cybercab, Unsupervised FSD, and Optimus Progress
The Say questions from retail investors usually focus on these types of projects, and this quarter is no different. Scaling the Cybercab fleet beyond Austin amid the open NHTSA safety review, timeline for Unsupervised FSD in customer cars, Robotaxi unit economics, and Optimus cost per unit plus when it could start generating revenue, are all things to be looking for.
Any concrete timelines or regulatory path details will likely move the stock more than the near-term numbers. SpaceX merger speculation, which was detailed during SpaceX’s earnings call last night, may also surface, although the key details were shared last night.
Elon Musk just confirmed the Tesla and SpaceX merger step everyone was waiting for
Say Investor Questions
- How does the Cybercab fleet scale past Austin, and what’s the regulatory path outside Texas given NHTSA’s open safety review?
- When can we anticipate FSD unsupervised in customer cars?
- When will the CyberCab be available for customer purchase/ownership?
- What’s the unit economics per paid robotaxi mile, and how does it compare to the thirty-cent target?
- Tesla has acknowledged that HW3 vehicles cannot support unsupervised FSD. When will owners know whether they can upgrade their hardware for free, and when will Tesla provide a clear plan?
The full Earnings Call will be streamed this evening after market close around 5 p.m. this evening.
SpaceX confirmed the date of Starship’s 15th launch window with some massive ambitions for the mission, as it will attempt to catch Ship for the first time.
CEO Elon Musk confirmed during SpaceX’s Earnings Call last night on October 20 that it would launch Starship for its 15th test flight in November, and there are some incredible things the company wants to try, making it perhaps the most groundbreaking launch in the program’s history.
SpaceX delivers blockbuster Q3 results as Super Intelligence segment booms
The most major development of the call was SpaceX’s intention to catch Ship alongside catching the Super Heavy Booster, something that has happened in the past. SpaceX showed an animation of the Ship catch, which will be done on the launch tower’s chopsticks:
SpaceX has released a new Starship tower catch animation for the upcoming Flight 15! https://t.co/kStn01Da8u
— Truthful🛰️ (@Truthful_ast) October 20, 2026
This monumental goal is to catch both the Ship and Booster in a dual-catch scenario, an incredible feat since SpaceX has never been able to reuse a Ship after launch. Musk said it would be “the first time that an orbital launch vehicle has been fully recovered,” and said it would be a “profound technology milestone.”
Musk said the odds of success on this first Ship catch attempt are “more likely than not,” but SpaceX is ultimately prepared for more tries moving forward. The SpaceX frontman said that, starting next year, Starship would have a “steady stream” of flights through the end of the year.
The cadence will accelerate in 2027, with Musk stating the company plans to target weekly flights in the first half of 2027 and twice-weekly by year-end.
The Flight 15 attempt follows that of Flight 14, which took off in late September and was Starship’s first orbital mission. It deployed 26 Starlink V3 satellites, accomplished a controlled ocean splashdown of both stages, and shed more light on potential challenges for the program moving forward.
As of now, the Starship program is firing on all cylinders.
Interested in ordering a Tesla? Use my referral code for three free months of Full Self-Driving (Supervised) here.
Tesla Q3 2026 Earnings results: in-line revenues, slight beat on EPS
Tesla reports Q3 Earnings today: here’s what to expect
