News
SpaceX is about to have a fleet of Starship rockets
SpaceX has finished the last major stacking event for the business half of its fifth full-scale Starship prototype, meaning that the company may be a week or less from having a fleet of Starships for the first time ever.
As of now, Starship serial number 5 (SN5) is on track to be completed in under a month, continuing a trend that SpaceX has managed over the entirety of 2020. Beginning in mid-January, SpaceX has completed several nosecone pathfinders, three test tanks, and three full-scale Starship prototypes – soon to be four once SN5 is finished. Once it is, however, SpaceX will be entering a new era of operations – fleet operations.
Up to this point, every full-scale Starship prototype and test tank SpaceX has built – excluding the tank SN2 was turned into in March – has been quickly destroyed over the course of one or two tests. For better or for worse, this has meant that SpaceX’s test and launch pad has always been more or less self-clearing, making way for the next prototype to roll out and begin testing after the scraps of its predecessor were removed. This time around, barring Starship SN4’s imminent demise, SpaceX will now have to deal with multiple completed Starship prototypes at the same time – a tiny taste of things to come.
For unknown reasons, SpaceX decided to swap out Starship SN4’s lone Raptor engine (likely SN18) after multiple wet dress rehearsals, partial engine tests, and two static fire tests – at least one of which was confirmed a success by CEO Elon Musk. Most recently, SpaceX removed Raptor SN18 to perform a more ambitious cryogenic pressure test, pushing Starship SN4’s propellant tanks all the way to 7.5 bar (~110 psi) at the same time as hydraulic rams simulated the thrust of three Raptor engines at the rocket’s base.
Instead of reinstalling Raptor SN18, SpaceX transported Raptor SN20 to the launch pad and installed it on Starship SN4 on May 10th, less than 24 hours after the prototype passed an orbital-class pressure test.
Aside from installing Raptor SN20, SpaceX teams have spent the last few days adding new COPVs (composite overwrapped pressure vessels) and plumbing to Starship SN4’s exterior – purpose largely unknown. While the new hardware is mostly a mystery, it is known that SpaceX is in the process of preparing SN4 and its new Raptor engine for a third wet dress rehearsal (WDR) and static fire test, necessary to ensure that Raptor SN20 is properly installed and functioning as expected.
Assuming that third static fire is successful, SpaceX’s will prepare Starship SN4 for its first flight, a ~150m (500 ft) hop test that will also be the first intentional flight of any full-scale Starship prototype since the program’s birth. For that hop test, SN4 will need some kind of attitude control system (ACS) thrusters to control its rotation and provide fine trajectory tuning to assist the ship’s lone Raptor engine. This is the likeliest explanation for the new hardware being installed on Starship SN4, as the ship does not currently appear to have ACS thrusters installed.
Starship Troopers
Of course, the first flight of a full-scale Starship prototype will probably be the riskiest test yet for the program and there’s a good chance that SN4 will meet its demise at some point during that flight. Enter Starship SN5.
As of May 12th, Starship SN5’s final two tank sections were stacked, effectively completing the most important half of the rocket (minus one final circumferential ring weld). SN5’s final outfitting of avionics and plumbing is still pending and will take at least a few days to a week or more, but that work can and has been completed after prototypes are transferred by road to the launch pad. Currently, Starship SN4 is occupying SpaceX’s one and only pad test stand, however, meaning that it wouldn’t make much sense to immediately move SN5 to the launch pad – at least until SN4 is done testing.
SN5 will also need a nose section and, perhaps, flaps installed, meaning that the full ship is likely still at least a week or two away from being finished, but that likely wont stop SpaceX from proof testing the rocket’s tanks if or when SN4 makes space at the launch pad.
According to comments made by Elon Musk, SN5 will likely become the first Starship prototype to have three Raptor engines installed and the first to attempt a truly high-altitude flight test if Starship SN4 is met with success in the coming weeks. As absurd as it feels to say, if SN5 completes triple-Raptor testing and a 20 km (~12 mi) flight test without issue, Musk has stated that the next step would be orbital flight tests. Starship SN6’s steel rings, meanwhile, are already being formed and stacked as SN5 nears completion.
Investor's Corner
SpaceX’s biggest earnings test yet lands Tuesday, and Tesla shareholders should be watching
SpaceX reports earnings Tuesday as Wall Street watches AI spending, Starlink growth and Tesla merger
SpaceX reports third quarter results after the market closes Tuesday, with a webcast at 4:30 p.m. ET streamed on X, and Tesla follows a day later. Bloomberg consensus, cited by Pepperstone, calls for revenue of $12.89 billion, adjusted EBITDA of $6.62 billion and adjusted EPS near $0.15. That would be about 65% growth from the second quarter and SpaceX’s first profitable quarter since its IPO. Analysts expect roughly $6.4 billion from AI and $4.9 billion from Starlink, which is projected to reach 14.3 million consumer subscribers. Capital spending is forecast at $19.6 billion, leaving free cash flow near negative $11.6 billion.
The numbers matter because SpaceX has spent months trying to win over a skeptical market. It priced its record IPO at $135, spiked to $225.64, then sank near $105 in early August. Friday’s close of $146.03 sits about 28% below the June high. The Q2 report beat on revenue at $7.8 billion and put Starlink at 12 million subscribers, but $18.4 billion of capex hurt the stock. Since then SpaceX reached orbit on Starship Flight 14 with 26 Starlink V3 satellites, agreed to buy 800 MHz spectrum for about $8 billion as part of its Starlink Mobile push, and signed a fourth compute hosting deal in four months worth roughly $13 billion a year from December. Management is targeting more than 2 gigawatts of compute by year end and a $100 billion annualized revenue run rate. Evercore ISI, which raised its target to $275, said the quarter may be judged more on those targets than the reported figures
All of this sits under the Tesla merger question. Barclays analyst Dan Levy expects an all stock deal in which SpaceX buys Tesla at a premium, using reference values of $2.1 trillion and $1.5 trillion, and said an announcement would need to come by late October or early November to be voted on at Tesla’s December 6 annual meeting. Barclays estimates Musk would hold about 37% of the combined company and 56% of the votes. Musk said in July that combining companies cannot be discussed on an earnings call, but an investor question asking when SpaceX will merge with Tesla is sitting on SpaceX’s Q&A platform, and Teslarati has tracked how the Roadster demo revived the talk.
If a deal happens, Tuesday’s result would effectively set the price Tesla holders would receive. Their shares would convert into SpaceX stock, along with exposure to a company with a heavy investment on AI, while Tesla itself expects 2026 capex above $25 billion. A strong quarter and calmer spending would make that exchange easier to sell. Another round of heavy capex and a falling stock would make it harder.
News
SpaceX’s Gwynne Shotwell just made a quiet gesture toward Tesla
SpaceX president Gwynne Shotwell quietly followed Tesla on X, and merger watchers noticed right away.
SpaceX President and COO Gwynne Shotwell has started following Tesla’s official account on X, a small change that landed in the middle of a very loud merger conversation. Whole Mars Catalog joked about it on Sunday.
A follow is not an announcement, and neither company has said anything about a deal. What gives the moment weight is the timing. Barclays analyst Dan Levy has told clients that an agreement could come before Tesla’s annual meeting, which must be held by December 6, with SpaceX as the buyer in an all stock deal, as we reported after the Roadster unveiling. Wedbush’s Dan Ives has stuck with a 2027 timeline.
“Shit, I better start following their X account if i’m gonna be helping run the company”
— Whole Mars Catalog (@wholemars) October 18, 2026
Shotwell is the executive most worth watching if the two companies do move closer. When Musk was asked at the All In Summit why Tesla and SpaceX remain separate, Shotwell sat next to him and said SpaceX personnel had already moved into xAI to fill leadership and engineering gaps. The businesses were integrating “faster than I thought,” she said, though “not fully integrated yet.” Her responsibilities have also grown since SpaceX absorbed xAI, and she now oversees operations that include Grok and the company’s AI compute buildout.
The financial links are already there. Tesla’s $2 billion xAI investment turned into a stake of less than one percent in SpaceX, the two share the Terafab chip project in Austin, and Musk exercised his 2018 Tesla options a week after SpaceX began trading, a sequence analysts flagged as giving SpaceX public shares to use in a deal. Musk holds about 20 percent of Tesla and controls 85.1 percent of SpaceX’s voting power, according to our earlier breakdown.
The next test is close at hand. SpaceX reports its second earnings as a public company on Tuesday after the close, and Tesla follows on Wednesday. Musk told analysts in July that “we can’t talk about combining companies and that kind of thing on an earnings call,” so a direct answer is unlikely from either stage. Tesla shareholders can still submit and vote on questions through the Say portal until 4 p.m. EDT on Monday, and the merger is a recurring theme in the queue.
Elon Musk
Tesla Roadster owners to get “Flying Stunt Mode” and looping track access
Musk says Roadster owners can command the unveiling stunts autonomously, with a Texas looping track.
Elon Musk says owners of the new Tesla Roadster will be able to ask the car to perform the stunts Tesla showed at its unveiling, with the car doing the driving itself. Musk made the comment Saturday in a reply on X to tech blogger Robert Scoble, and he added a promise of a looping track at Tesla’s Texas headquarters.
Scoble had argued that the person in the Roadster is not really driving it. In his description, the driver operates a computer that tells another computer what to do, with steering, braking and acceleration all handled by wire. Musk answered, “True. You will be able to ask the Roadster to perform any of the tricks shown autonomously, as it will be sentient. Also, we will have a wild looping track (crazier even than Hot Wheels) at our Texas HQ where you can test out your Roadster.”
@Scobleizer True.
You will be able to ask the Roadster to perform any of the tricks shown autonomously, as it will be sentient.
Also, we will have a wild looping track (crazier even than Hot Wheels) at our Texas HQ where you can test out your Roadster.
— Elon Musk (@elonmusk) October 17, 2026
At the October 15 event outside Waco, the car drove up a curved ramp until it was upside down, flew off on cold gas thrusters, flipped and landed. It also hovered over a Cybercab, Cybertruck, Semi, Model Y and Model 3 while moving. As we noted in our breakdown of the three Roadster configurations, Musk said at the event that the car “literally is just going to puff itself up” to perform the maneuvers whenever an owner wants. Saturday’s reply adds that the car would run them on its own.
Tesla has described some of the hardware that would make that possible. The Roadster uses steer by wire with a yoke, and its cold gas thrusters rely on electric actuators for small adjustments in flight. A fan system under the car creates suction, which Tesla says is strong enough to hold it upside down, a setup we covered in our look at the Roadster’s fan system and thrusters.
Musk did not say when an autonomous stunt feature might arrive, how it would work, or what he means by sentient. He also gave no size, location or opening date for the Texas track. Production is planned for Giga Texas in 2027 or 2028, and Tesla says the car is not approved for public road use. The Rocket version, the one built to fly, is invite only.
The comment follows a week of Musk teasing the event, including his claim that the demo would be a banger, which we covered before the stream. Tesla reports third quarter earnings on October 21, and shareholders can submit and vote on questions through the Say portal until 4 p.m. EDT on October 20, according to our earnings Q&A preview. A question about autonomous Roadster stunts and the Texas track would be a quick way to get specifics from management.
SpaceX’s biggest earnings test yet lands Tuesday, and Tesla shareholders should be watching
SpaceX’s Gwynne Shotwell just made a quiet gesture toward Tesla
Tesla Roadster owners to get “Flying Stunt Mode” and looping track access
SpaceX reveals how its 1 Million AI satellite network will work and prevent space collisions
Tesla Roadster: Three configs, one can fly, 0-60 in 0.8 seconds
