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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 CEO Elon Musk posted a photo of himself standing with the Optimus production team inside Tesla’s Fremont factory, arms crossed amid workers in hard hats and safety vests. The image captures a pivotal industrial shift: the same facility space once dedicated to building Tesla’s flagship Model S sedan and Model X SUV is now home to the company’s humanoid robot manufacturing line.
Walking the Optimus production line in Fremont pic.twitter.com/ABS0tuRibW
— Elon Musk (@elonmusk) July 1, 2026
Tesla’s Fremont Factory, acquired in 2010 from the former NUMMI joint venture between Toyota and GM, has been the company’s original U.S. manufacturing hub since Model S production began in 2012.
The Model X followed soon thereafter. These premium vehicles offered lower annual volumes, recently around 30,000 combined, compared to the high-volume Model 3 and Model Y lines that continue around the site. Over their combined run, the S and X accounted for roughly 610,000 units.
In late January 2026, during Tesla’s Q4 2025 earnings call, Elon Musk announced the end of Model S and Model X production in Q2 2026. The final vehicles rolled off the line in early May. Rather than retooling for another vehicle, Tesla chose to convert the dedicated S/X assembly area into a dedicated Optimus Gen 3 production line.
Model 3 and Y manufacturing remains unaffected. Tesla’s official Fremont Factory page now lists Optimus alongside the 3 and Y as core products.
The conversion was executed with remarkable speed. After production stopped, crews dismantled the existing vehicle line and installed entirely new modular equipment—including lines sourced from Germany and dozens of sub-lines for actuators, batteries, and other components—in roughly four months.
Musk described the timeline as “insanely fast,” noting it would be unprecedented for any other manufacturer. Initial Optimus output is expected to ramp slowly due to the robot’s roughly 10,000 unique parts and the brand-new production processes involved. The Fremont line targets an eventual capacity of 1 million Optimus units per year.
Tesla isn’t joking about building Optimus at an industrial scale: Here we go
Optimus Development Timeline
- August 19, 2021: Optimus (then called Tesla Bot) formally announced at Tesla’s first AI Day. A concept video showed a person in a suit demonstrating the vision for a general-purpose humanoid capable of dangerous, repetitive, or boring tasks using the same AI architecture as Full Self-Driving.
- 2022: Early prototypes displayed. At the second AI Day in September, semi-functional units demonstrated walking across a stage and basic arm movements
- 2023: September videos showed improved capabilities, including sorting colored blocks, precise limb awareness, and holding a Yoda pose.
- 2024-early 2025: Factory integration videos showed Optimus navigating workspaces and handling objects like battery cells.
- January 2026: Gen 3 mass-production activities began at Fremont, with reports of over 1,000 Gen 3 units already operating inside the factory for real-world learning and AI training
- April 2026: Musk confirms Optimus production on converted Fremont line would begin in late July or August 2026. The Gen 3 reveal, originally eyed for Q1, was pushed closer to production start. A second, much larger Optimus factory at Giga Texas is under construction, with volume production targeted for Summer 2027 and long-term capacity of 10 million units annually
- July 1, 2026: Musk’s on-site visit and team photo confirm the Optimus line is operational and the transition is actively progressing
Tesla positions Optimus as potentially its largest project ever, leveraging vertical integration, AI expertise, and car-like manufacturing know-how to scale humanoid robots first for its own factories and later for broader industrial and consumer use.
The Fremont conversion serves as a critical proving ground for this ambitious new chapter in Tesla’s already-rich history.
Investor's Corner
Tesla gets its latest short from Michael Burry: ‘Happy it jumped back to this level’
Tesla short seller Michael Burry, the subject of the film “The Big Short,” where he was portrayed by Steve Carell, has revealed he has opened a new bet against the stock.
In a new update to his Substack newsletter in a post titled “Trading Post June 30, 2026,” Burry revealed a new set of bets against Tesla, Caterpillar, NVIDIA, Applied Materials Inc., and the iShares Semiconductor ETF.
In regard to Tesla, Burry wrote:
“And finally I shorted Tesla at 416.22. Happy it jumped back to this level.”
This means Burry likely opened his new short position after the company’s recent rally on Wall Street, which saw Tesla shares sink in mid-May, only to recover to well over the $400 mark. Currently, shares trade at around $427.
The company saw a big Tuesday as shares climbed considerably, over 10 percent. The size of the Tesla short was not provided, nor did Burry give any information on the position’s structure, the number of shares, dollar value, or whether options were used in the short.
The Tesla and SpaceX merger everyone is talking about is quietly building
Over the years, Burry has been one of the more vocal critics of Tesla, calling its share price “media inflated,” and saying it was “ridiculously overvalued” as recently as December.
The company has largely transitioned away from being known as an automotive company and instead is much more widely regarded as an AI play, mostly due to its Full Self-Driving efforts, Optimus robot development, and data collection related to both.
This has not pulled those skeptics away from being vocal about their distaste for how Tesla is valued, but there’s no denying that the company is a global force in many things, including sustainable energy, automotive, and AI.
Wedbush Securities is initiating stock coverage on SpaceX (NASDAQ: SPCX), marking the first comments on the company since it went public several weeks ago. Wedbush and its analyst handling coverage, Dan Ives, are widely bullish on fellow Musk company Tesla (NASDAQ: TSLA).
Ives wrote his first note initiating coverage of SpaceX shares on Wednesday with a $190 price target and an ‘Outperform’ rating. The firm believes the company is well positioned off of its IPO because of its wide array of projects, including AI compute power and infrastructure, connectivity projects, and launches.
“We view SpaceX as one of the most differentiated assets within the tech market with a strong footprint across its three core markets, with Starlink driving success with connectivity,” Ives wrote, “Starship launches leading to a demand flywheel and increasing deal flow for its Colossus clusters.”
Elon Musk called it Epic: The full story of SpaceX’s Starship Flight 12
Wedbush leans heavily on Starlink, which they say is the “profitability driver given the strength of its recurring revenue base of ~12 million subscribers as of June 5th.” Ives believes Starlink is still in the “early innings” of penetrating the global telecommunications and broadband market, as it only holds less than a 1 percent share. However, this number is sure to increase over time.
It also highlights the importance of Starship, which it says is an “essential layer” of SpaceX’s overall success. SpaceX developing and displaying the ability to reuse rockets is a major cost and reliability advantage “as it reduces the necessary hardware launch costs while generating a feedback loop for future flights to improve their launch flight rate without accelerating capex spend.”
Finally, SpaceX’s recent AI/Compute projects are also very elementary, Ives writes. It is worth mentioning Wedbush said its $190 price target is derived from a valuation forecast that sees the company yielding roughly $2.48 trillion of implied enterprise value.
There are also some factors that Wedbush did not take into account with its initial coverage. The firm wrote in the note:
“We note that there is optional value coming from Starship’s accelerating scale towards sub-$200/kg unit economics, orbital data centers, and enterprise AI monetization as these factors could drive meaningful upside but these face major hurdles, so we do not take that into account with our valuation.”
SpaceX shares are down just over 2 percent today, trading at around $167 at the time of publication.
Tesla Optimus project fires up as Musk sees production line progress
Tesla gets its latest short from Michael Burry: ‘Happy it jumped back to this level’
