SpaceX
SpaceX’s Starship hopper steps towards first hop with several cautious tests
SpaceX’s team of South Texas engineers and technicians have dived into a program of critical pre-hop tests of the first assembled Starship prototype, a partial-fidelity vehicle – known as (Star)Hopper – meant to soon perform low-altitude, low-velocity hop tests powered by Raptor.
Despite a lack of official information is known and SpaceX’s general silence – even to local residents – about Starhopper’s testing, some barebones insight can be derived from what has and hasn’t been done or seen over the past seven days of testing, as well as five apparent wet dress rehearsals (WDRs). To verify the operational integrity of Starhopper and iron out best practices for what is effectively a one-off mobile test stand for Raptor, these WDRs (and one more active test) have seen the unusual prototype filled with some amount of liquid oxygen and methane propellant, taken to flight (hop?) pressures, and generally monitored closely to gather valuable telemetry and judge Starhopper’s condition and hop-readiness. Aside from Hopper, these tests also serve as a shakedown for complex pad and support facilities sprung up from a dirt pile in barely three months.
Fueling the beast
Starhopper’s five (ish) wet dress rehearsal tests have demonstrated an intriguing level of caution relative to the last few months of BFR program development. Depending on how much propellant SpaceX has been filled the vehicle with and how much of that propellant they are able to recycle after each attempt, each dress rehearsal could cost upwards of six figures (USD), while also putting the unusual steel structure through multiple stress cycles.
No official info has been provided beyond a brief indication that SpaceX means to static-fire Starhopper before transitioning to tethered hops, meaning that it’s quite difficult to determine what exactly the testing plan and schedule are. In other words, these ~5 WDR tests could have been the plan all along, or each test could be producing data that has lead launch engineers to scrub Raptor ignition attempts nominally planned at the end of each rehearsal. For an entirely new and unfamiliar design like Starhopper, it seems likely that at least one or two WDRs were planned before any attempt to static fire the hopper’s lone Raptor, although it could also be the case that – much like most SpaceX static fire attempts – the WDR was simply built in as a precursor to ignition, barring off-nominal telemetry.
The third and most visibly active test yet (above) occurred on March 25th and saw Starhopper briefly vent a cloud of gas from Raptor, with some viewers guessing that a Raptor preburner (partial ignition) test had been observed. It’s unclear whether this Raptor (SN02, the second produced) completed acceptance testing in McGregor, Texas on the way from California to Boca Chica. If not, then the caution on display in these WDR tests (i.e. no visible Raptor ignitions) could also be a side-effect of
The fidelity of Starhopper relative to its orbit-facing successors is also unclear. If the prototype’s structures, avionics, and plumbing are actually more indicative of the finished product than they appear, it’s possible that SpaceX tendency towards accepting the destruction of test hardware is in a bit more of a cautious state than usual, with a total loss of vehicle amounting to a significant technical setback and schedule delay. Based on the vehicle’s appearance and the apparent decision to entirely set aside the idea of installing a new fairing on Starhopper, it seems far more plausible that the prototype is more of a glorified mobile test stand for Raptor engines and Starship avionics (software) than anything else.
If Starhopper really can’t function as something more than a marginally mobile test stand for Raptor(s), then the value of actually hopping the craft could be quite minimal, perhaps offering useful data on Raptor’s control loop and behavior during flight operations. Still, CEO Elon Musk has stated several times that SpaceX has gotten good enough at the actual task of landing rockets vertically that it’s effectively a known quantity for Raptor and BFR, whereas the exotic atmospheric operations planned for Starship are the main uncertainty for successful recoveries.
Simultaneously, SpaceX is building the first orbital-class Starship prototype just a few thousand feet away from Starhopper’s new roost, utilizing stainless steel sheets almost three times thinner than the quarter-inch-thick steel the first prototype was built out of. It’s likely that Starhopper’s career will thus end up being rather short, given that the completion of the first near-final Starship would further minimize the low-fidelity hopper’s utility. If it’s actually meant to reach orbit, the newest Starship prototype will require the tripod fins and canard wings shown in SpaceX’s latest renders in order to safely land for future test flights, while Starhopper appears to be far too heavy and simplistic to warrant the expensive and time-consuming task of outfitting it with aerodynamic control surfaces and a new nose cone capable of surviving the associated forces.
While additional testing may be done on Friday, March 29th, it appears that the next attempts for the first static fire (and hop tests) will begin next week (likely Monday) – SpaceX is unlikely to test on weekends due to the potential disruption it could cause for beach-going locals.
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Investor's Corner
SpaceX IPO is coming, CEO Elon Musk confirms
However, it appears Musk is ready for SpaceX to go public, as Ars Technica Senior Space Editor Eric Berger wrote an op-ed that indicated he thought SpaceX would go public soon. Musk replied, basically confirming it.
Elon Musk confirmed through a post on X that a SpaceX initial public offering (IPO) is on the way after hinting at it several times earlier this year.
It also comes one day after Bloomberg reported that SpaceX was aiming for a valuation of $1.5 trillion, adding that it wanted to raise $30 billion.
Musk has been transparent for most of the year that he wanted to try to figure out a way to get Tesla shareholders to invest in SpaceX, giving them access to the stock.
He has also recognized the issues of having a public stock, like litigation exposure, quarterly reporting pressures, and other inconveniences.
However, it appears Musk is ready for SpaceX to go public, as Ars Technica Senior Space Editor Eric Berger wrote an op-ed that indicated he thought SpaceX would go public soon.
Musk replied, basically confirming it:
As usual, Eric is accurate
— Elon Musk (@elonmusk) December 10, 2025
Berger believes the IPO would help support the need for $30 billion or more in capital needed to fund AI integration projects, such as space-based data centers and lunar satellite factories. Musk confirmed recently that SpaceX “will be doing” data centers in orbit.
AI appears to be a “key part” of SpaceX getting to Musk, Berger also wrote. When writing about whether or not Optimus is a viable project and product for the company, he says that none of that matters. Musk thinks it is, and that’s all that matters.
It seems like Musk has certainly mulled something this big for a very long time, and the idea of taking SpaceX public is not just likely; it is necessary for the company to get to Mars.
The details of when SpaceX will finally hit that public status are not known. Many of the reports that came out over the past few days indicate it would happen in 2026, so sooner rather than later.
But there are a lot of things on Musk’s plate early next year, especially with Cybercab production, the potential launch of Unsupervised Full Self-Driving, and the Roadster unveiling, all planned for Q1.
News
SpaceX reportedly mulling IPO, eyeing largest of all time: report
“I do want to try to figure out some way for Tesla shareholders to participate in SpaceX. I’ve been giving a lot of thought to how to give people access to SpaceX stock,” Musk said.
SpaceX is reportedly mulling an initial public offering, eyeing what would be the largest valuation at the time of availability of all time, a new report from Bloomberg said on Tuesday.
It is one of many reports involving one of Elon Musk’s companies and a massive market move, as this is not the first time we have seen reports of an IPO by SpaceX. Musk himself has also dispelled other reports in the past of a similar nature, including an xAI funding round.
SpaceX and Musk have yet to comment on the report. In the past, untrue reports were promptly replied to by the CEO; this has not yet gained any response, which is a good sign in terms of credibility.
However, he said just a few days ago that stories of this nature are inaccurate:
“There has been a lot of press claiming SpaceX is raising money at $800B, which is not accurate. SpaceX has been cash flow positive for many years and does periodic stock buybacks twice a year to provide liquidity for employees and investors. Valuation increments are a function of progress with Starship and Starlink and securing global direct-to-cell spectrum that greatly increases our addressable market. And one other thing that is arguably most significant by far.”
There has been a lot of press claiming @SpaceX is raising money at $800B, which is not accurate.
SpaceX has been cash flow positive for many years and does periodic stock buybacks twice a year to provide liquidity for employees and investors.
Valuation increments are a…
— Elon Musk (@elonmusk) December 6, 2025
Musk has discussed a potential IPO for SpaceX in recent months, as the November 6 shareholder meeting, as he commented on the “downsides” of having a public company, like litigation exposure, quarterly reporting pressures, and other inconveniences.
Nevertheless, Musk has also said he wants there to be a way for Tesla shareholders to get in on the action. At the meeting in early November, he said:
“I do want to try to figure out some way for Tesla shareholders to participate in SpaceX. I’ve been giving a lot of thought to how to give people access to SpaceX stock.”
Additionally, he added:
“Maybe at some point., SpaceX should become a public company despite all the downsides of being public.”
Musk has been historically reluctant to take SpaceX public, at times stating it could become a barrier to colonizing Mars. That does not mean it will not happen.
Bloomberg’s report cites multiple unidentified sources who are familiar with the matter. They indicate to the publication that SpaceX wants to go public in mid-to-late 2026, and it wants to raise $30 billion at a valuation of around $1.5 trillion.
This is not the first time SpaceX has discussed an IPO; we reported on it nine years ago. We hope it is true, as the community has spoken for a long time about having access to SpaceX stock. Legendary investor Ron Baron is one of the lucky few to be a SpaceX investor, and said it, along with Tesla, is a “lifetime investment.”
Tesla bull Ron Baron reveals $100M SpaceX investment, sees 3-5x return on TSLA
The primary driver of SpaceX’s value is Starlink, the company’s satellite internet service. Starlink contributes 60-70 percent of SpaceX’s revenue, meaning it is the primary value engine. Launch services, like Falcon 9 contracts, and the development of Starship, also play supporting roles.
SpaceX reached an incredible milestone with its Starlink program with a launch last night, as the 3,000th satellite of the year was launched into low Earth orbit.
On Monday, SpaceX also achieved its 32nd flight with a single Falcon 9 rocket from NASA’s Kennedy Space Center.
The mission was Starlink 6-92, and it utilized the Falcon 9 B1067 for the 32nd time this year, the most-used Falcon booster. The flight delivered SpaceX’s 3000th Starlink satellite of the year, a massive achievement.
There were 29 Starlink satellites launched and deployed into LEO during this particular mission:
Falcon 9 launches 29 @Starlink satellites from Florida pic.twitter.com/utKrXjHzPN
— SpaceX (@SpaceX) December 9, 2025
SpaceX has a current goal of certifying its Falcon boosters for 40 missions apiece, according to Spaceflight Now.
The flight was the 350th orbital launch from the nearby SLC-40, and the 3,000 satellites that have been successfully launched this year continue to contribute to the company’s goal of having 12,000 satellites contributing to global internet coverage.
There are over five million users of Starlink, the latest data shows.
Following the launch and stage separation, the Falcon 9 booster completed its mission with a perfect landing on the ‘Just Read the Instructions’ droneship.
The mission was the 575th overall Falcon 9 launch, highlighting SpaceX’s operational tempo, which continues to be accelerated. The company averages two missions per week, and underscores CEO Elon Musk’s vision of a multi-planetary future, where reliable connectivity is crucial for remote work, education, and emergency response.
As Starlink expands and works toward that elusive and crucial 12,000 satellite goal, missions like 6-92 pave the way for innovations in telecommunications and enable more internet access to people across the globe.
With regulatory approvals in over 100 countries and millions of current subscribers, SpaceX continues to democratize space, proving that reusability is not just feasible, but it’s also revolutionary.
SpaceX IPO is coming, CEO Elon Musk confirms
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