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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.
Elon Musk
Trump’s invite for Elon just reshuffled Tesla’s big Signature Delivery Event
Tesla rescheduled its final Model S farewell to May 20 after Musk joined Trump in China.
Tesla has rescheduled its Model S and Model X Signature Edition delivery event to Wednesday, May 20, 2026, after abruptly calling off the original May 12 celebration. The event will take place at Tesla’s factory at 45500 Fremont Boulevard in Fremont, California, the same location where the Model S first rolled off the line in 2012. Invitees received a follow-up email asking them to reconfirm attendance and download a new QR code ticket, with Tesla noting that all travel and accommodation expenses remain the buyer’s responsibility.
The reason behind the original cancellation came into focus the same day it was announced. President Trump invited Elon Musk, Apple’s Tim Cook, BlackRock’s Larry Fink, Boeing’s Kelly Ortberg, and executives from Goldman Sachs, Blackstone, Citigroup, and Meta to join his trip to China this week for a summit with President Xi Jinping. The agenda covers trade, artificial intelligence, export controls, Taiwan, and the Iran war, following weeks of escalating friction between Washington and Beijing over AI technology, sanctions, and rare earth exports. Trump wrote on Truth Social, “I am very much looking forward to my trip to China, an amazing Country, with a Leader, President Xi, respected by all.”
Tesla launches 200mph Model S “Gold” Signature in invite-only purchase
The vehicles at the center of all this are the last Model S and Model X units Tesla will ever build. Priced at $159,420 each, the 250 Model S and 100 Model X Signature Edition units come finished in Garnet Red with a one-year no-resale agreement, giving Tesla right of first refusal if the owner decides to sell. As Teslarati reported, the Model S defined Tesla’s early identity as a serious luxury automaker, and the Fremont factory line that built it is now being converted to manufacture Optimus humanoid robots.
Musk’s inclusion in the China delegation drew attention given his very public relationship with Trump, and the invitation signals the two have moved past and past grievances. Trump originally brought Musk on to lead the Department of Government Efficiency following his inauguration, and despite a sharp public dispute in mid-2025, the two have appeared together repeatedly in recent months. A seat on the China trip, the most diplomatically consequential visit of Trump’s current term, puts Musk back at the table on U.S. economic policy at a moment when Tesla’s China revenue remains one of the company’s most important financial pillars.
Tesla has launched a new solution to a rare but relevant Supercharger problem with a new Virtual Waitlist, a remedy that will solve sequencing confusion when there is a line to charge at one of the company’s locations.
Teslarati reported on what we called the Virtual Queue last month. In rare occurrences, there were physical altercations at Superchargers when someone might have cut in line to charge. Tesla started to develop some sort of system that would resolve this issue, and now it is finally rolling it out.
Tesla launches solution to end Supercharger fights once and for all
It will start with a Pilot Program, and Tesla is calling it the ‘Waitlist.’
Announced on May 11 on the official TeslaCharging X account, the pilot program is currently active at sites in Los Gatos, Mountain View, and San Francisco in California, as well as San Jose, CA, and the Bronx, NY (East Gun Hill Road). Drivers are encouraged to share feedback directly through the Tesla app to refine the system before a potential broader rollout.
We’re now testing a new waitlist feature at 5 Supercharger sites. Share feedback through the Tesla app to help us make it better.
– Los Gatos, CA – Los Gatos Boulevard
– Mountain View, CA – El Monte Avenue
– San Francisco, CA – Lombard Street
– San Jose, CA – Saratoga Avenue
-… pic.twitter.com/epTVzpJxgW— Tesla Charging (@TeslaCharging) May 11, 2026
Tesla released the video above to showcase the feature, which automatically joins the waitlist when your vehicle has the Supercharger with the wait as the destination in the navigation. There is also a notification that lets you know your place in line.
In this specific example, the video shows that the wait is less than five minutes, and that there are two cars ahead of the one in the video:
Credit: Tesla
Having a wait at a Supercharger is relatively rare, but it does happen. It is even more frequent now that there are more EVs allowed to use the Supercharger Network. Those non-Tesla EVs can also join the queue, as Tesla added in its social media release of the pilot program that they can join the waitlist using the Tesla app.
The release of this program should help alleviate the rare risk of incidents at Superchargers. Tesla will expand this program as it sees fit, and it gathers valuable data and reviews from users.
Investor's Corner
Tesla Optimus is already benefiting investors, top Wall Street firm says
Piper Sandler has updated its detailed valuation model for Tesla (NASDAQ: TSLA), concluding that at recent share prices around $400–$420, investors are essentially acquiring the company’s ambitious Optimus humanoid robot project at no extra cost.
Tesla Optimus is already benefiting investors from a fiscal standpoint, at least that is what Alexander Potter at Piper Sandler, a top Wall Street firm covering the company, says.
Piper Sandler has updated its detailed valuation model for Tesla (NASDAQ: TSLA), concluding that at recent share prices around $400–$420, investors are essentially acquiring the company’s ambitious Optimus humanoid robot project at no extra cost.
Analyst Alexander Potter, in the firm’s latest “Definitive Guide to Investing in Tesla,” built a comprehensive framework covering 17 separate product lines.
This granular approach values Tesla’s core businesses—including electric vehicles, energy storage, Full Self-Driving (FSD) software, in-house insurance, Supercharging network, and a standalone robotaxi operation—at approximately $400 per share, without assigning any value to Optimus or related inference-as-a-service opportunities.
“At $400/share, we think investors can buy Optimus for ‘free,’” Potter stated in the note. Piper Sandler maintained its Overweight rating on Tesla shares and a $500 price target, which implicitly attributes roughly $100 per share to the robot-related businesses— a figure the analyst views as potentially conservative.
The updated model incorporates elements often overlooked by other sell-side analysts, such as detailed forecasts for Tesla’s insurance operations, Supercharger revenue, and a distinct valuation for the robotaxi business separate from FSD software licensing. It also accounts for Tesla’s 2025 CEO compensation plan for the first time.
Potter acknowledged that his estimates for 2026 and 2027 fall below Wall Street consensus, citing factors like declining deliveries from certain discontinued models and reduced regulatory credit income.
However, he expressed limited concern, noting that traditional vehicle delivery metrics are expected to matter less over time as FSD subscriber growth and robotaxi deployment metrics gain prominence. On Optimus specifically, Potter suggested the humanoid robot program, combined with inference services, “arguably will be worth more than Tesla’s other businesses combined,” though the firm has not yet produced formal long-term forecasts for these segments.
Tesla shares have traded near the $400 range in recent sessions, reflecting ongoing investor focus on the company’s autonomous driving progress and expansion into robotics and AI. The Optimus project remains in early development stages, with Tesla aiming to deploy the robots initially for internal factory tasks before broader commercial applications.
This Piper Sandler analysis highlights the growing emphasis among some investors and analysts on Tesla’s long-term technology platform potential beyond its current automotive and energy businesses.
As with any forward-looking valuation, outcomes will depend on execution timelines, technological breakthroughs, regulatory approvals for autonomous systems, and market adoption of humanoid robotics—areas that carry significant uncertainty and execution risk.
The note underscores a common theme in Tesla coverage: differing views on how to quantify emerging high-growth opportunities like robotics within the company’s overall enterprise value. Investors are advised to consider their own risk tolerance and conduct thorough due diligence regarding these speculative elements.
Trump’s invite for Elon just reshuffled Tesla’s big Signature Delivery Event
Tesla launches its solution to rare but relevant Supercharger problem
