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SpaceX fully stacks Starship rocket for the first time in six months
For the first time in more than six months, SpaceX has stacked both stages of its next-generation Starship rocket, creating the largest and most powerful launch vehicle ever fully assembled.
It’s not the first time. SpaceX has conducted three other ‘full-stack’ Starship demonstrations: once in August 2021 and again in February and March 2022. But earlier this year, SpaceX (or at least CEO Elon Musk) decided to give up on the Starship upper stage and Super Heavy booster prototypes that had supported all three of those prior tests and, at one point, been considered a candidate for the rocket’s first orbital launch attempt. Booster 4 and Ship 20 were consigned to a retirement yard by June 2022.
By then, SpaceX had already begun testing the new favorites for Starship’s orbital launch debut: Super Heavy Booster 7 (B7) and Starship 24 (S24). Almost exactly six months after the start of that busy period of testing, both prototypes recently reached the point where SpaceX was confident enough in their progress to combine the two for the most challenging phase of Starship testing yet.
After an aborted predawn attempt on October 11th, SpaceX technicians worked out some mystery kinks in crucial infrastructure located at Starship’s first (nearly) finished orbital launch pad in Boca Chica, Texas. As part of a cart-before-horse gamble made by CEO Elon Musk that has seen SpaceX entirely remove legs from all recent Starship and Super Heavy prototypes in the hope that it will one day be able to catch the building-sized rocket stages out of mid-air, the company has built a launch tower ~145 meters (~475 ft) tall and outfitted it with three giant robotic arms. Two of those arms are identical and linked together, forming a sort of claw that could one day close around hovering rockets to preclude the need for landing legs. A simpler third arm swings in and out to connect Starship’s upper stage to the launch pad’s power, propellant, and gas supplies.
The ‘chopsticks,’ as they’re known, have another even more important purpose: assembling Starship rockets at the launch pad. Thanks to their sturdy connection to a tower with a foundation sunk deep into the Boca Chica wetlands and a design that forgoes a hanging hook or jig for giant arms, they are far less sensitive to winds than the immense crane otherwise required to stack Starship on top of Super Heavy. Sitting a stone’s throw from the Gulf of Mexico, storms and high winds are not exactly uncommon.
Around sunset on October 11th, SpaceX had better luck on its third attempt and was able to move the arms into place under Ship 24. Weighing 100 tons or more (~220,000+ lb) and measuring nine meters (~30 ft) wide and ~50 meters (~165 ft) tall, the Starship was then slowly lifted about 80 meters (~250 ft) off the ground, translated over to Booster 7, and lowered on top of the 69-meter-tall (~225 ft) first stage. After about two more hours of robotically tweaking their positions, the two Starship stages were finally secured together. With the arms still attached to Ship 24, SpaceX workers were able to approach the rocket and prepare to connect the swing arm’s quick-disconnect umbilical to Starship.
Since they began qualification testing in April and May 2022, Booster 7 and Ship 24 have each completed several cryogenic proof tests, eight ‘spin-primes’ of some or all of their Raptor engines, and several static fires of those same engines. Most recently, Ship 24 ignited all six of its Raptors, but the seemingly successful September 8th test was followed by more than a month of apparent repairs. Booster 7 last completed a static fire that ignited a record seven of its 33 Raptor engines – offering an idea of how much further SpaceX still has to go to finish testing the Super Heavy.
According to CEO Elon Musk, Booster 7 and Ship 24 will attempt Starship’s first full-stack wet dress rehearsal (WDR) once all is in order. The prototypes will be simultaneously loaded with around 5000 tons (~11M lb) of liquid oxygen and methane propellant and then run through a launch countdown. Diverging just before ignition and liftoff, a WDR is meant to be more or less identical to a launch attempt.
If the wet dress rehearsal goes to plan, SpaceX will then attempt to simultaneously ignite all 33 of the Raptor engines installed on Super Heavy B7, almost certainly making it the most powerful liquid rocket ever tested. Even if all 33 engines never reach more than 60% of their maximum thrust of 230 tons (~510,000 lbf), they will likely break the Soviet N-1 rocket’s record of 4500 tons of thrust (~10M lbf) at sea level. It would also be the most rocket engines ever simultaneously ignited on one vehicle. SpaceX will be pushing the envelope by several measures, and success is far from guaranteed.
It’s unclear if SpaceX will immediately attempt a full wet dress rehearsal or 33-engine static fire. Based on the history of Ship 24 and Booster 7 testing, it would be a departure from the norm if the company doesn’t slowly build up to both major milestones with smaller tests in the interim. At minimum, assuming WDR testing is completed without major issue, SpaceX will likely attempt at least one or more interim static fires with fewer than 33 engines before attempting the first full test.
If both milestones (a full WDR and 33-engine static fire) are completed without significant issue, there’s a chance that SpaceX could move directly into preparations for Starship’s first orbital launch attempt without unstacking the rocket. In the likelier scenario that some issues arise and some repairs are required, the path will be more circuitous but should still end in an orbital launch attempt late this year or early next.
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
