News
SpaceX ships Starship’s 200th upgraded Raptor engine
A day after revealing the completion of the 200th Falcon upper stage and Merlin Vacuum engine, SpaceX has announced that it also recently finished building Starship’s 200th upgraded Raptor engine.
Starship – and Raptor, by extension – has yet to reach orbit and is likely years away from scratching the surface of the established success and reliability of the Falcon upper stage and MVac. But compared to MVac, Raptor is more complex, more efficient, more than twice as powerful, experiences far more stress, and is three times younger.
And Raptor 2 isn’t the first version of the engine. Before SpaceX shipped its first Raptor 2 prototype, it manufactured 100 Raptor 1 engines between the start of full-scale testing in February 2018 and July 2021. By late 2021 or early 2022, when Raptor 2 took over, the total number of Raptor 1 engines produced likely reached somewhere between 125 and 150 – impressive but pale in comparison to SpaceX’s Raptor 2 ambitions.
From the start, Raptor 2’s purpose was to make future Raptors easier, faster, and cheaper to manufacture. The ultimate goal is to eventually reduce the cost of Raptor 2 production to $1000 per ton of thrust, or $230,000 at Raptor 2’s current target of 230 tons (~510,000 lbf) of thrust. As of mid-2019, Musk reported that each early Raptor 1 prototype cost “more” than $2 million for what would turn out to be 185 tons of thrust (~$11,000 per ton). It’s not clear if that ever appreciably changed.
In response, SpaceX strived to make Raptor 2 simpler wherever possible, removing a large part of the maze of primary, secondary, and tertiary plumbing. In 2022, CEO Elon Musk confirmed that SpaceX had even removed a complex torch igniter system for Raptor 2’s main combustion chamber. All that simplification made Raptor 2 much easier to build in theory, and SpaceX’s production figures have more than confirmed that theory. Despite those simplifications, SpaceX was also able to boost Raptor 2’s thrust by 25% by sacrificing just 1% of Raptor 1’s efficiency.
Beginning with its first delivery in February 2018, SpaceX produced the first 100 Raptor 1 engines in about 36 months. In the first 11 to 12 months of Raptor 2 production, SpaceX has delivered 200 engines. That translates to at least six times the average throughput, but the true figure is even higher. In June 2019, Musk stated that SpaceX was “aiming [to build a Raptor] engine every 12 hours by end of year.” As is usually the case, that progress took far longer to realize. But in October 2022, a senior NASA Artemis Program official revealed that SpaceX recently achieved sustained production of one Raptor 2 engine per day for a full week.
Such a high rate – likely making Raptor one of the fastest-produced orbital-class rocket engines in history – is required because SpaceX’s next-generation Starship rocket needs a huge amount of engines. The Starship upper stage currently requires three sea-level-optimized Raptors and three vacuum-optimized Raptors, and SpaceX has plans to increase that to nine engines total. Starship’s Super Heavy booster is powered by 33 sea-level Raptors.
Orbital-class versions of Starship and Super Heavy have never flown, let alone demonstrated successful recovery or reuse, so SpaceX has to operate under the assumption that every orbital test flight will consume 39 Raptors. Even after the reuse of Super Heavy boosters or Starships becomes viable, taking significant strain off of Raptor demand, SpaceX wants to manufacture a fleet of hundreds or even thousands of Starships and a similarly massive number of boosters. To outfit that massive fleet, SpaceX would have to mass-produce orbital-class Raptor engines at a scale that’s never been attempted.
But it will likely be years – if not a decade or longer – before SpaceX is in a position to attempt to create that mega-fleet. If the Raptor 2 engines SpaceX is already building are modestly reliable and reusable, and it doesn’t take more than 5-10 orbital test flights to begin reusing Starships and Super Heavy boosters, a production rate of one engine per day is arguably good enough to support the next few years of realistic engine demand.
SpaceX’s first orbital Starship launch attempt could occur as early as December 2022, although Q1 2023 is more likely. SpaceX currently has permission for up to five orbital Starship launches per year out of its Starbase, Texas facilities and will likely try to take full advantage of that with several back-to-back test flights in a period of 6-12 months.
Elon Musk
ARK’s SpaceX IPO Guide makes a compelling case on why $1.75T may not be the ceiling
ARK Invest breaks down six reasons SpaceX’s $1.75 trillion IPO valuation may be justified.
ARK Invest, which holds SpaceX as its largest Venture Fund position at 17% of net assets, has published a detailed investor guide to why a SpaceX IPO may be grounded in a $1.75 trillion target valuation.
The financial case starts with Starlink, SpaceX’s satellite internet constellation, which has surpassed 10 million active subscribers globally as of early 2026, with 2026 revenue projected to exceed $20 billion. ARK’s research puts the total satellite connectivity market opportunity at roughly $160 billion annually at scale, and Starlink is adding customers faster than any telecom network in history. That growth alone would justify a substantial valuation.
Additionally, ARK notes that SpaceX has reduced the cost per kilogram to orbit from roughly $15,600 in 2008 to under $1,000 today through reusable Falcon 9 hardware. A fully operational Starship targeting sub-$100 per kilogram would represent a significant cost decline and open markets that do not currently exist. SpaceX executed a staggering 165 missions in 2025 and now accounts for approximately 85% of all global orbital launches. That infrastructure position took decades to build and would be nearly impossible to replicate at comparable cost.
SpaceX officially acquires xAI, merging rockets with AI expertise
The February 2026 merger with xAI added a layer to the valuation that straightforward financial models struggle to capture. ARK argues that at sub-$100 launch costs, orbital data centers could deliver compute roughly 25% cheaper than ground-based alternatives, without power grid delays, permitting friction, or land constraints. Musk has stated a goal of deploying 100 gigawatts of AI computing capacity per year from orbit.
The $1.75 trillion figure itself is not a conventional earnings multiple. At roughly 95x trailing revenue, it prices in Starlink’s adoption curve, Starship’s cost trajectory, and the orbital compute thesis together. The public S-1 prospectus, due at least 15 days before the June roadshow, will give investors their first complete look at the financials to test those assumptions. ARK’s position is that the track record earns the benefit of the doubt. Fully reusable rockets were considered unrealistic for years. Starlink was considered financially unviable. Both happened on timelines that surprised skeptics.
Elon Musk
Ford CEO Farley says Tesla is not who to look at for EV expertise
Interestingly, Farley has been one of the most hellbent CEOs in terms of a legacy automaker standpoint to push the EV effort. It did not go according to plan, as Ford took a $19.5 billion charge and retreated from its EV push in late 2025.
Ford CEO Jim Farley said in a recent podcast interview that Tesla is not who Americans should look at to beat Chinese carmakers.
The comments have sparked quite a bit of outrage from Tesla fans on X, the social media platform owned by Elon Musk.
Farley said that Chinese automakers are better examples of how to beat competitors. He said (via the Rapid Response Podcast):
“If you’re an American and you want us to beat the Chinese in the car business, you’re all going to want to pay attention, not necessarily to Tesla. Nothing against Tesla—they’ve been doing great—but they really don’t have an updated vehicle. The best in the business for us, cost-wise and competition-wise, supply chain, manufacturing expertise, and the I.P. in the vehicle, was really BYD. In this next cycle of EV customers in the U.S., they want pickups and utilities and all these different body styles. But they want them at $30,000, not $50,000. Like the first inning, they want them affordably.”
Despite Farley’s synopsis, it is worth mentioning that Tesla had the best-selling passenger vehicle in the world last year, and in China in March, as the Model Y continued its global dominance over other vehicles.
Musk responded to Farley’s comments by stating:
“This is before Supervised FSD is approved in China. Limiting factor is production output in Shanghai.”
This is before supervised FSD is approved in China. Limiting factor is production output in Shanghai.
— Elon Musk (@elonmusk) April 19, 2026
Interestingly, Farley has been one of the most hellbent CEOs in terms of a legacy automaker standpoint to push the EV effort. It did not go according to plan, as Ford took a $19.5 billion charge and retreated from its EV push in late 2025.
Ford cancels all-electric F-150 Lightning, announces $19.5 billion in charges
Instead, Ford is “doubling down on its affordable” EVs and said it would pivot from its previous plans.
Reaction from Tesla fans was pretty much how you would expect. Many said they have lost a lot of respect for Farley after his comments; others believe he is the last CEO anyone should be taking advice on EVs from.
Nevertheless, Farley’s plans are bold and brash; many consider Tesla the most ideal company to replicate EV efforts from. It will be interesting to see if Ford can rebound from this big adjustment, and hopefully, Farley’s plans to replicate efforts from BYD work out the way he hopes.
Elon Musk
SpaceX wins its first MARS contract but it comes with a catch
NASA awarded SpaceX a $175 million Mars rover contract while the White House proposes cutting the mission.
NASA just signed a $175.7 million contract with SpaceX to launch a Mars rover that the White House is simultaneously trying to defund. The contract, awarded on April 16, 2026, tasks SpaceX’s Falcon Heavy with launching the European Space Agency’s (ESA) Rosalind Franklin rover from Kennedy Space Center in Florida, no earlier than late 2028. It would mark the first time SpaceX has ever sent a payload to Mars.
Under NASA’s Rosalind Franklin Support and Augmentation project, known as ROSA, the agency is providing braking engines for the rover’s descent stage, radioisotope heater units that use decaying plutonium to keep the rover warm on the Martian surface, additional electronics, and a mass spectrometer instrument, as noted by SpaceNews.
Those nuclear heating units are the reason an American rocket was required at all. U.S. export controls on radioisotope technology mean any payload carrying them must launch on a domestic vehicle, which narrowed the field to SpaceX and United Launch Alliance. Falcon Heavy’s pricing made it the practical choice.
SpaceX is quietly becoming the U.S. Military’s only reliable rocket
Falcon Heavy debuted in February 2018 and has 11 launches to its record. The rocket has not flown since October 2024, when it sent NASA’s Europa Clipper toward Jupiter. The three-core design, built from modified Falcon 9 first stages, gives it the lift capacity needed for deep space planetary missions that a single Falcon 9 cannot reach.
The Rosalind Franklin rover has been sitting in storage in Europe for years. It was originally due to launch in 2022 as a joint mission with Russia, but Russia’s invasion of Ukraine ended that partnership, leaving the rover built but stranded without a launch vehicle or landing hardware. NASA stepped back in through a 2024 agreement with ESA to rescue the mission. The rover is designed to drill up to two meters below the Martian surface in search of evidence of past life, a science objective no previous mission has attempted at that depth.
The contradiction at the center of this story is hard to ignore. The White House’s fiscal year 2027 budget proposal included no funding for ROSA and did not mention the mission at all in the detailed congressional justification document released April 3.
Musk has long argued that reaching Mars is not optional. “We don’t want to be one of those single planet species, we want to be a multi-planet species.” Whether this particular mission survives Washington’s budget fight, the Falcon Heavy contract means SpaceX is now formally on record as the rocket that could get humanity’s next Mars science mission off the ground.
The timing of this contract carries extra weight given that SpaceX filed confidentially with the SEC in early April and is targeting an IPO roadshow in the week of June 8. It would be the largest public offering in history.
ARK’s SpaceX IPO Guide makes a compelling case on why $1.75T may not be the ceiling
Ford CEO Farley says Tesla is not who to look at for EV expertise
