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SpaceX's "Christmas tree" is a Raptor engine for the holidays
SpaceX CEO Elon Musk showed off a holiday-themed Raptor engine “Christmas tree” with its very own star on top. Musk noted via a tweet that the company’s Starship propulsion team is “making great progress” building, testing, and refining the Raptor engines that will one day propel the next-generation rocket to Earth orbit and beyond.
On December 13th, Musk revealed that SpaceX is preparing to ship the 17th completed Raptor engine to the company’s McGregor, Texas rocket test and development facilities, the site of several dedicated test stands for the Starship engine. Likely one of the most complex rocket engines ever designed, built, or tested, Raptor relies on an exotic combustion cycle, referring to the specifics of how engines turn their propellant into meaningful thrust.
Raptor uses what is known as full-flow staged combustion (FFSC) and is the first FFSC engine to graduate beyond ground testing and actually fly, thus far having completed two flight tests in July and August 2019 as part of SpaceX’s Starhopper test campaign. In simple terms, the FFSC cycle aims to extract as much energy from a rocket’s propellant as efficiently as possible, resulting in what is theoretically the most efficient possible chemical propulsion from a given fuel and oxidizer combination.
Due to the sheer complexity required to achieve full-flow staged combustion, the engine type is incredibly rare and only two other (once) functional examples exist – one developed by Soviet engineers in the 20th century and the other built, tested, and inexplicably scrapped by NASA in the 2000s. In fact, the Soviet RD-270 engine’s thrust-to-weight ratio is likely second only to SpaceX’s own Merlin 1D engine, an absolutely spectacular achievement for a propulsion bureau operating in the late 1960s.
RD-270 had major development challenges and would likely have taken years of additional hardware-rich (i.e. destructive trial and error) testing to produce an engine actually capable of reliable flight. Before the program was cancelled in 1970, 22 engines were tested and no single RD-270 survived to perform a fourth static fire, a testament to the immense challenge of FFSC engines.
SpaceX appears to have had a much better go of it with Raptor, although many, many engines have definitely been destroyed or irreparably damaged since the full-scale engine’s February 2019 static fire debut. SpaceX CEO Elon Musk says that the 17th completed Raptor engine is almost ready to head to McGregor, Texas to kick off development and acceptance testing.
It remains to be seen when exactly Raptor engines will be mature and reliable enough to perform the 3-10 minute burns needed to send a Starship to orbit, let alone the Moon or Mars, but Musk appears confident that SpaceX is making great progress along those lines.
Per photos and info posted by NASASpaceflight.com earlier today, Raptor engine SN15 is already installed on a recently-reactivated McGregor test stand ahead of its first rocket-related test in almost half a decade.
Formerly used to test Falcon 9 first stages before SpaceX built a new stand for Falcon 9 and Heavy, that tripod stand has been reactivated for the sole purpose of supporting vertical Raptor engine static fire testing, which Musk says will simplify and expedite development by making test conditions much more flight-like. As of now, all subscale and full-scale Raptor engine static fire testing has been performed at horizontal test stands in McGregor, apparently resulting in wear and behavior that would not likely appear if engines were tested vertically.
SpaceX has gone through the same process with its Merlin engine programs, beginning with horizontal testing (far easier and simpler) but ultimately building a number of dedicated vertical test bays to ensure that engine acceptance and development tests can be performed under more flight-like conditions.
According to NASASpaceflight, SpaceX may have already fired up Raptor SN15 on its reactivated tripod test stand earlier this week, kicking off Raptor’s first Starhopper-free vertical static fire testing. It’s now unclear where the twin horizontal Raptor test bays will fit into future engine testing given Musk’s comments. More importantly, every completed Starship and Super Heavy rocket will require several dozen new Raptor engines and every one of those engines will likely need to pass acceptance testing (including static fires) in McGregor before they can be installed on a launch vehicle.
SpaceX’s Falcon 9 rocket already requires 10 engines per new booster and upper stage, a test burden SpaceX has only managed with the help of two Merlin 1D stands and one Merlin Vacuum stand, all vertical. In other words, it’s safe to say that the reactivated tripod stand is likely just the first of several vertical Raptor test stands to come.
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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.
Elon Musk
SpaceX showcases exactly how it plans to catch Starship next month
SpaceX played a new Starship Flight 15 simulation showing the ship caught by tower chopsticks.
SpaceX gave its clearest look yet at how it plans to catch a Starship upper stage, playing a roughly 80 second animation of the maneuver during its third quarter earnings webcast on Tuesday. The clip ran under an “Up Next: Ship Catch” banner moments after Elon Musk confirmed that Flight 15, expected next month, will try to catch both the Super Heavy booster and the ship with the launch tower.
The animation opens at ground level, looking up through the launch mount at a tower with its chopstick arms spread wide. It then cuts to the ship gliding back through the atmosphere in its horizontal belly flop position, with its forward and aft flaps steering the descent. A wide shot from the Starbase shoreline follows, where the ship is a small dot in the sky before it swings vertical and drops toward the launch towers. The final shots show the ship sliding down past the top of the tower, a close view of the hardware along its side meeting the arms, and the vehicle hanging in the 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
Musk called the catch the step that closes Starship’s reuse loop. “If we succeed, it will be the first time that an orbital launch vehicle has been fully recovered,” he said. He put the odds of success on the first attempt at “more likely than not,” and said SpaceX has “a steady stream of Starship flight attempts through the end of this year” if Flight 15 falls short.
The sequence mirrors work SpaceX has already done with real hardware. In September, Ship 42, the vehicle assigned to Flight 15, was lifted by the Pad 2 chopsticks into a simulated catch position, where crews cycled the arms and connected the ship quick disconnect arm while it hung from the tower. NASASpaceflight has since reported that SpaceX removed Ship 42’s engines before its static fire and sent it back for another cryogenic test.
Gwynne Shotwell covered the regulatory side on the same call. After what she called “significant constructive engagement with the FAA,” SpaceX expects the Flight 15 license “to include return to launch site and tower catch for both stages.” Bringing the ship home means reentering toward land instead of the open ocean, which Musk said in February would only happen once the chance of the ship breaking up over land was very low, after two perfect soft landings at sea.
SpaceX has caught Super Heavy with the tower three times, on Flights 5, 7 and 8, but the ship returns from orbit at far higher speed and has never been caught. Flight 14 on September 28 was the first Starship to reach orbit, and it deployed 26 Starlink V3 satellites before splashing down, a mission SpaceX counted as its first revenue flight in the Q3 results it reported Tuesday.
The timing lines up with what Musk told the crowd at Giga Texas earlier this month, when he said Flight 15 would probably launch a little before Thanksgiving and that Flight 16 could refly both stages. On Tuesday’s call he went further, saying Starship should fly weekly at some point in the first half of 2027 and twice weekly or more by the end of next year as SpaceX works toward landing a rocket and launching it again with no refurbishment.
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