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SpaceX Starship passed “cryo proof” test for the first time and here’s what’s next
Elon Musk says a SpaceX Starship prototype has passed a critical “cryo proof” test for the first time, opening the door for the rocket to move on to even bigger tests.
Late on April 26th, SpaceX’s South Texas team (and possibly a console team in California) readied the fourth full-scale Starship prototype (SN4) for its second major test. Known as a cryogenic proof test, it began less than 24 hours after the rocket completed a room-temperature gas pressure test to check for leaks and verify that the pressure vessel was sound. Musk quickly confirmed that Starship SN4 passed through that “ambient proof test” without issue.
For the cryo proof test, room-temperature nitrogen gas was replaced with ultra-cold liquid nitrogen, serving as a chemically neutral (i.e. non-explosive) simulant for Starship’s liquid oxygen and methane propellant. After a few hours of partial loading and offloading cycles meant to ensure that Starship’s valves and propellant supply hardware was working as intended, SpaceX controllers fully filled the rocket with some ~1000 metric tons (2.2 million lb) of liquid nitrogen. Once full, a hydraulic ram setup was activated to exert forces akin to Raptor engines operating at full thrust. After several prior failures, Starship SN4 thus became the first to survive the ordeal and graduate into the next stage of testing.
According to CEO Elon Musk, that next step will be a static fire test with a lone Raptor engine installed. Able to produce at least 200 metric tons of thrust (~450,000 lbf) at full throttle, Raptor is an exceptionally efficient methalox (methane/oxygen) rocket engine designed by SpaceX to power Starship and its Super Heavy booster. Methane and oxygen was chosen in large part because of the relative potential ease of its extraction and refinement on Mars.
Per Musk, that static fire could occur within the next six or so days, meaning that SpaceX will likely install a functional Raptor engine on a full-scale Starship for the first time ever within the next day or two. Before a static fire can be performed, though, another significant test or two will have to be completed.
Known as a wet dress rehearsal (WDR), the first of those tests will be similar to April 26th’s cryo proof but with the neutral liquid nitrogen placed by real liquid oxygen and methane propellant. This is much riskier than the cryo proof in the sense that if a tank failure were to occur or a fire to accidentally start, 1000+ tons of highly-pressurized propellant could easily create a massive explosion and fireball, destroying or damaging much of the surrounding pad equipment. The WDR could potentially be rolled into another Raptor engine test that would verify its preburner performance.
To operate, Raptors first take liquid oxygen and liquid methane into separate parts of the engine and rapidly heat them to turn them into high temperature gas. Those preburners then send that hot gas to separate turbopumps that spin up and allow the engines to keep supplying themselves with large quantities of propellant, followed by the process of actually igniting the engine itself with a complex series of blowtorches.
If the preburner and turbopump spin-up test is successful, SpaceX can then move on to the actual static fire. Featuring a single Raptor engine, Starship SN4 will hopefully become the first full-scale rocket to safely operate a flight-grade engine since SpaceX began full-scale tests in November 2019. If successful, that static fire could pave the way for Starship SN4 to perform a Starhopper-style 150m (500 ft) hop test as early as May 2020 – a hop that would be powered by a single Raptor engine according to Musk.
Starship SN5 will reportedly be the first ship to both have a nosecone installed and three Raptor engines installed if SN4 has a very successful few weeks and that new ship is perhaps just 5-10 days from being fully assembled. In short, things are about to get very busy and very exciting at SpaceX’s South Texas Starship factory and launch pad.
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.
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Wall Street analysts rapidly raised price targets on SpaceX (NASDAQ: SPCX) after the company reported a bullish third quarter for 2026 following the market close on October 20. Shares were sent sharply higher in after-hours and premarket trading.
SpaceX posted revenue of $14.6 billion, a 161 percent year-over-year increase that comfortably topped consensus estimates, which fell near $12.7 billion. The company also posted a net profit of $4.4 billion from a prior-year loss, with adjusted EBITDA reaching $8.8 billion.
More price target movement:
🚀 Cantor Fitzgerald lifted its target to $345 from $246 (Overweight).
🚀 Barclays raised its target to $300 from $254 (Overweight).
🚀 Citi increased its target to $240 from $200 (Buy),
🚀 UBS moved to $230 from $210 (Buy)
🚀TD Cowen raised its target to $224 from $200 (Buy).
🚀Morgan Stanley held an Overweight rating with a $300 target.
🚀Other firms also adjusted higher, including Wells Fargo (to $274 from $214) and Clear Street (to $248 from $217). Analysts broadly cited the strong quarterly print, accelerating AI compute expansion, Starlink progress, and Starship milestones as drivers of higher long-term growth and earnings power.— TESLARATI (@Teslarati) October 21, 2026
Its Super Intelligence (AI) division generated roughly $7.6 billion and became the largest revenue contributor, growing nearly 830 percent year-over-year, while the Connectivity segment delivered $5.2 billion on strong subscriber additions that lifted the consumer base to 13.6 million for Starlink.
The Earnings Call proved especially catalytic, as CEO Elon Musk and CFO Bret Johnsen outlined Q1 2027 revenue guidance of $33 billion to $37 billion, which was far above the roughly $22 billion analysts had modeled, alongside fourth-quarter capital-expenditure plans of $35 billion to $40 billion focused on AI compute infrastructure at sites including Memphis and Southaven.
SpaceX delivers blockbuster Q3 results as Super Intelligence segment booms
Management targets 2.5 to 3 gigawatts of nameplate compute capacity by year-end and discussed pathways to 13 gigawatts or more by the end of 2027. Musk described relentless demand from hyperscalers and other customers, with compute pricing supporting payback periods of less than a year and potentially as short as six months.
Additional highlights included Starship’s recent orbital success and V3 satellite deployment, Starlink pricing and enterprise momentum, rapid Grok Bot adoption, spectrum expansion plans, and the formation of special committees to explore a possible combination with Tesla.
These elements prompted a wave of price-target increases:
- JPMorgan more than doubled its target to $500 from $240 while maintaining an Overweight rating.
- Cantor Fitzgerald lifted its target to $345 from $246 (Overweight).
- Barclays raised its target to $300 from $254 (Overweight).
- Citi increased its target to $240 from $200 (Buy),
- UBS moved to $230 from $210 (Buy), and
- TD Cowen raised its target to $224 from $200 (Buy).
- Morgan Stanley held an Overweight rating with a $300 target.
- Other firms also adjusted higher, including Wells Fargo (to $274 from $214) and Clear Street (to $248 from $217). Analysts broadly cited the strong quarterly print, accelerating AI compute expansion, Starlink progress, and Starship milestones as drivers of higher long-term growth and earnings power.
Shares, which closed at $147.79 on October 20, jumped roughly 8 percent in early premarket trading on October 21 as investors digested the results and the newly elevated Street targets.
The average analyst price target has moved higher, which reflects greater conviction in SpaceX’s trajectory across launch, connectivity, and the Super Intelligence business, even as elevated spending remains a point of focus.
Tesla reports Q3 Earnings today: here’s what to expect
SpaceX confirms Starship 15 launch window with massive ambitions
