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SpaceX's first astronaut-ready spaceship wraps up final factory tests before heading to Florida
Set to become the first commercial spacecraft ever to launch NASA astronauts, SpaceX has revealed that its newest Crew Dragon spaceship is in the midst of its final major factory tests, meaning that it could be just a matter of days before it ships to Florida.
Originally built to support SpaceX’s first operational NASA astronaut launch (PCM-1), an explosion that destroyed capsule C201 forced the company to shuffle its fleet and reassign that spacecraft (capsule C206) to an inaugural crewed test flight known as Demo-2. Thankfully, although C201 did explode during post-recovery static fire testing, the spacecraft had flawlessly completed an uncrewed test flight (Demo-1) the month prior, demonstrating a nominal Falcon 9 launch, space station rendezvous, docking, orbital reentry, and splashdown without a single visible hiccup. In short, Crew Dragon’s Demo-1 launch debut could not have gone better.
Around nine months later, having overcome the biggest hurdles posed by capsule C201’s explosion and unrelated parachute failures, SpaceX successfully launched its second finished Crew Dragon capsule – C205 – on a Falcon 9 rocket. That January 19th In-Flight Abort (IFA) test proved that SpaceX’s first human-rated spacecraft can safely whisk astronauts away from Falcon 9 even if it were to fail at the most stressful point of launch. Now, less than a month later, SpaceX’s third finished Crew Dragon spacecraft is nearly ready to head to Florida to begin preparing for the company’s historic astronaut launch debut.
On February 11th, SpaceX released a video showing a 360-degree view of the Demo-2 Crew Dragon spacecraft (C206) inside its Hawthorne, CA factory’s built-in anechoic chamber – used to perform routine electromagnetic interference (EMI) tests. Meant to verify that Crew Dragon is protected from interference that can be caused by internal and external sources of electromagnetic radiation, EMI testing implies that all of the spacecraft’s systems are installed and operational.
Positive EMI test results should mean that Crew Dragon C206 is (more or less) ready to be transported to SpaceX’s Florida processing facilities.
Comprised of a recoverable, reusable crew capsule and an expendable trunk section, the latter part of the Demo-2 Crew Dragon spacecraft is somewhat conspicuously absent in C206’s EMI test video. This seems to imply that its trunk was either tested independently and shipped to Florida beforehand or still needs to be completed, given that EMI testing is generally more effective when performed with a truly complete vehicle.
Crew Dragon’s Demo-2 trunk did appear to be well on its way to completion more than four months ago, so the former explanation is arguably more plausible.
Ultimately, Crew Dragon C206, its Demo-2 trunk section, and Falcon 9’s booster and upper stage are all expected to be at SpaceX’s Florida processing and launch facilities by the end of the month. According to Ars Technica reporter Eric Berger, NASA and SpaceX are working towards a Crew Dragon astronaut launch debut sometime in late-April to late-May and are maintaining a tentative placeholder date on May 7th, 2020.
Looking at past trends, the Crew Dragon spacecraft assigned to SpaceX’s In-Flight Abort test arrived in Florida around the start of October 2019 and was vertical on Falcon 9 and ready for launch by mid-January 2020 — a delta of about 15 weeks. In the interim, SpaceX had to prepare Crew Dragon capsule C205 for an unusual abort thruster static fire test to verify that the fault that destroyed capsule C201 was solved. That test was completed by mid-November. In other words, all things considered equal, SpaceX could technically be ready to launch its first astronauts as few as 6-9 weeks from now – early to late April – if Crew Dragon C206 ships to Cape Canaveral within a week or two.
At the same time, compared to Crew Dragon’s Demo-1 and IFA test flights, Demo-2 will have many more moving parts and much higher consequences at stake. Still, barring any unforeseen problems, it’s starting to look all but certain that Crew Dragon will perform its inaugural astronaut launch before the first half of 2020 is out.
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Elon Musk
SpaceX’s next trillion dollar bet has nothing to do with rockets, Musk tells staff
Elon Musk told SpaceX staff AI revenue will soon dwarf rockets and Starlink combined entirely.
Elon Musk told SpaceX employees this week that artificial intelligence, not rockets, will soon carry the company’s revenue. In a roughly 29 minute internal address posted on SpaceX’s X account on Tuesday, Musk said AI revenue will pass every other line of business at SpaceX “probably in September” and pull further ahead by the fourth quarter.
The numbers he gave are specific. SpaceX currently runs 1.4 gigawatts of AI compute capacity. Musk wants that at 10 gigawatts by the end of 2027, a jump he tied directly to revenue: “if we bring 10GW of AI online by the end of next year, it will be $300 billion to $500 billion a year in revenue.” He called those “big numbers,” which undersells a projection larger than what most countries produce in a year.
We made rockets reusable and are rebuilding the internet in space. The next challenge: making life multiplanetary and understanding the true nature of the universe
Watch @ElonMusk deliver a company update to @SpaceX employees pic.twitter.com/5c8rxoCQfu
— SpaceX (@SpaceX) August 11, 2026
Musk went further on where AI fits into SpaceX’s future. “Probably in four or five years, AI will be 99% of the value of SpaceX,” he told staff, adding that digital intelligence would eventually run “a trillion times” ahead of biological intelligence as computing scales. He tied that growth to the company’s founding mission, telling employees “we must win on AI, because the future is overwhelmingly AI and robots,” with the payoff meant to help fund Starship and a Mars program that increasingly runs through Terafab, the joint Tesla, SpaceX and xAI chip plant.
Elon Musk launches TERAFAB: The $25B Tesla-SpaceXAI chip factory that will rewire the AI industry
None of this is entirely new territory. SpaceX told investors much the same story during its first earnings call as a public company on August 4, where Musk moved the company’s $1 trillion revenue target up a year to 2030 and said Starlink could someday carry a majority of the world’s internet. What the all hands video adds is a hard deadline and a specific power figure Musk had not given publicly before, along with a franker pitch to his own workforce that AI, not launch cadence, is now the thing SpaceX is betting its future on.
The AI revenue itself is not coming from SpaceX training its own models. It is largely Starlink acting as the network layer for xAI’s workloads, plus SpaceX renting out compute capacity directly, the same approach behind the roughly $16 billion the company spent on AI infrastructure in a single quarter.
Musk closed the video with a pitch aimed at recruiting and retention rather than investors, telling employees that anyone who helps SpaceX win the AI race will eventually get the chance to go to the moon or Mars themselves. Whether SpaceX can turn 1.4 gigawatts into 10 in seventeen months is the more immediate question, and one that will show up in quarterly numbers well before anyone leaves Earth.
In a new note to investors on Tuesday, Morgan Stanley analyst Andrew Percoco said that Tesla has one big financial question to answer for investors regarding its Robotaxi rollout, Full Self-Driving software, and Optimus.
Percoco said in the note that, for the most part, investors are still very positive about the direction the company is headed. However, there are some things the firm would like to see, and they have to do with financials.
Tesla (TSLA) Q2 2026 earnings results: miss on EPS, beat on revenue
Tesla bulls are more than convinced that the company’s Full Self-Driving software is proof it can develop physical AI. Financially, however, there are still some questions, especially on elevated spending, which CEO Elon Musk said would occur as the company works to roll out Robotaxi faster and continue developing its Optimus robot.
The latter two are where Tesla will have to prove progress to investors, as Percoco writes that both projects “will require clearer evidence that Robotaxi is scaling and more tangible Optimus proof points to support the ROI on elevated capex.”
Percoco said the second quarter earnings call did not change his long-term thesis of where Tesla is positioned in the AI race, which is out in front. However, there are concerns that weaker gross margins and higher R&D spend will stress financials, and that has “sharpened our (and investors’) focus on measurable progress across Robotaxi and Optimus.”
Additionally, Robotaxi still needs to be proven with more operation in existing cities while maintaining safety but improving how many rides it gives in any given time, he said. For Optimus, Percoco wrote that he is “still looking for evidence beyond commentary around SOP.”
Morgan Stanley put Percoco in charge of covering Tesla after long-time analyst Adam Jonas transitioned to the automotive side.
Currently, Morgan Stanley has a $415 price target on Tesla and a ‘Hold’ rating on the stock. It is trading at around $330 at the time of publication, which was 2:30 P.M. on the East Coast.
SpaceX’s massive investment in AI will make it a big winner, Argus Research said after the company’s successful earnings call last week.
The firm also upgraded shares to a Buy from Hold and set a $160 price target.
SpaceX (NASDAQ: SPCX) is currently recovering from its heavy AI infrastructure investments, as it spent nearly $16 billion in Q2 alone. The company did this primarily by monetizing high-demand GPU compute capacity at a much faster pace than traditional data center economics would suggest.
Company CFO Bret Johnsen said that SpaceX would be able to pay back anything on new deployments within a year.
There are plenty of ways the company can do this:
Leasing excess compute capacity through contracts
SpaceX has already built Colossus and Colossus II, largely for its own model training. However, much of that capacity is already rented out to third parties. It already has major deals with Anthropic, Google, and Reflection AI. These partnerships are adding billions per month to SpaceX’s spreadsheet.
High utilization driven by industry-wide scarcity
The demand for advanced AI training and inference capacity continues to exceed what is available for use. SpaceX can fill new racks quickly after they come online, so the capital deployed converts into revenue with minimal idle time.
Additionally, management and outside observers have described the new compute capital as behaving more like a cost-of-goods-sold than traditional multi-year capex, especially because of this rapid monetization pattern.
Capacity has already scaled from ~0.4 GW a year to 1.4 GW annually by the end of Q2. There are targets of more than 2 GW by year-end.
High incremental margins on the rental business once capacity is online
GPU cloud providers often operate at strong gross margins. SpaceX can monetize capacity that was already partially built or can be added efficiently. This means that incremental EBITDA margins on the rental revenue are usually high. This accelerates cash recovery relative to the gross capital outlay.
Parallel monetization of its own AI software and applications
Beyond pure infrastructure rental, SpaceX also generates revenue from Grok through subscriptions and usage, from X through ads, data, and other related services, enterprise APIs, and the planned integration of the Cursor coding tools acquisition.
These application layers ride on the same compute infrastructure and provide additional high-margin streams that could offset build-out costs. AI-segment revenue overall rose sharply to about $2.6 billion in Q2, according to Motley Fool. This was driven primarily by the infrastructure contracts, but the software side is also partially responsible.
Efficient, large-scale deployment and vertical integration advantages
SpaceX has emphasized the rapid construction of power and cooling infrastructure and favorable cost-per-megawatt economics relative to industry benchmarks in some disclosures.
Combined with its ability to scale capacity aggressively and the fact that many contracts start generating revenue within months of capacity coming online, the effective payback compresses dramatically compared with more conventional multi-year data-center projects.
SpaceX’s dominant near-term recovery path will turn the AI clusters into a hyperscale-style compute rental business for other leading AI companies while still using a portion for internal models.
SpaceX’s next trillion dollar bet has nothing to do with rockets, Musk tells staff
Tesla has one big financial question to answer for investors: Morgan Stanley
