SpaceX
SpaceX’s Starship prototype moved to launch pad on new rocket transporter
Over the last two or so weeks, SpaceX engineers and technicians have continued to make progress on the company’s first full-scale Starship prototype, intended to support experimental suborbital hop tests as early as March or April.
That work reached a peak on March 8th when the massive Starhopper was transported from build site to launch pad on a brand new transporter that was delivered and assembled barely 48 hours prior. Ahead of the suborbital prototype’s move, work has been ongoing to construct a replacement fairing for the partial-fidelity vehicle, although there is a chance that the new BFR-related stainless steel sections being assembled could be the start of the first orbital Starship prototype.
Required after improper planning destroyed Starship’s original nosecone (or fairing) when it broke free from its insufficient moorings during high coastal winds, the replacement has sprouted from sheets of metal into a far more substantial structure in barely two weeks. Designed as two integral parts of a suborbital Starship prototype, the upper section (i.e. fairing, nosecone, etc.) is predominately a passive aerodynamic structure with no major active functions, thankfully meaning that the first article’s accidental destruction was a relatively minor loss.
In fact, it’s entirely possible that the fairing’s demise has had a minimal impact on the commencement of hop tests, and may have even been a net-good for the program given some visible differences between Starship fairings #1 and #2. Despite the fact that the first fairing was destroyed in late January and a comment from CEO Elon Musk indicating that it would trigger a delay of a few weeks, SpaceX did not begin to assemble its replacement until February 21st, a full month later. Over the course of those 30 or so days, the company’s propulsion team simultaneously began hot-fire tests of the first full-scale Raptor engine, ramped thrust and chamber pressure from roughly 40 to 100 percent, and ultimately pushed the engine to the point of damage around the second week of February.
Work on the primary structure of the Starship prototype also proceeded apace, fleshing out the brute-force steel vehicle with the beginnings of serious avionics and plumbing and more or less completing the structure of its liquid oxygen and methane propellant tanks. SpaceX workers also rapidly expanded and built-out Starship’s prospective hop test launch pad just a few thousand feet distant, installing tank farms, piping, water deluge hardware, and building an actual concrete ‘pad’ with umbilical connection ports and attachment points for the ship’s three fin-legs.

Welding and assembly of the replacement nosecone began around February 21st, rapidly growing from a few sheets of steel to a nearly-complete barrel section measuring about 9m tall and 9m in diameter (30ft x 30ft). Intriguingly, the new fairing appears to be a significant departure from the structural composition of its predecessor, utilizing far thicker sheets of stainless steel joined by uninterrupted width and lengthwise welds. Compared to the first fairing’s dependence on extremely thin (nearly foil-like) steel sheets and a separate internal framework of metal bars, Starship fairing V2 appears to be easily capable of standing under its own weight and then some. While largely passive, it’s likely that once the structure is complete, some level of additional avionics (and perhaps cold or hot-gas maneuvering thrusters) will be installed inside.
Heres a close up of the launch site. pic.twitter.com/Q32SHjUH8F— RGVAerialPhotography (@RGVaerialphotos) March 4, 2019
U-Crawl
Keeping in the practice of dramatically lowering costs by prioritizing consumer off-the-shelf (COTS) hardware solutions wherever possible, SpaceX has purchased or leased a quartet of (likely used) crawlers for the purpose of transporting Starship between the company’s South Texas build, launch, and landing sites. Built by a European conglomerate known TII Group and owned by US-based Roll Group, SpaceX’s four crawlers – coupled to form a duo of larger crawlers – should be more than capable of transporting anywhere from 500t to 1000t or more, easily supporting Starhopper and/or Starships and Super Heavy boosters.

Rather than spending huge amounts of money to develop or contract out a custom-designed crawler or transporter solution for BFR, SpaceX appears to have simply purchased off-the-shelf hardware and affixed them with heavy steel structures capable of securing and supporting Starhopper during transport. Within 24 hours of the crawler arrivals, those beams were installed and the transporter had been moved underneath Starhopper and attached to it before quite literally jacking the massive ship off the ground, allowing technicians to weld additional structures to the tips of its three legs.

Last but not least…
Perhaps most curious of all, Starhopper’s replacement fairing was recently joined by the start of work on a separate barrel section that appears to be nearly identical. Assuming the presumed fairing is, in fact, a fairing-to-be, the combined height of the two barrel sections would already make it significantly taller than the original nosecone, and the beginning of the conical taper has yet to appear on either assembly. This could generally mean one of two things. First, the new fairing could make Starhopper much taller than its short-lived predecessor. Second, SpaceX could be planning to begin (or even complete) hop tests without a fairing, in which case the presumed fairing and its slightly younger twin could actually be the beginning of a higher-fidelity Starhopper or even the orbital Starship prototype hinted at by Musk earlier this year.
While far less likely than the first option, the latter alternative is further supported by the fact that visible work has begun on some sort of tapered or curved steel complements to the new sections in work. While they certainly could be the beginning of the fairing’s tapered cone, the latest segments only loosely resemble the start of a gradual curve. Instead, they look similar to the steel segments of several giant tank domes that were assembled, welded, and installed inside Starhopper last month.


On March 8th, SpaceX began the transport of its first full-scale Starship prototype at the same time as CEO Elon Musk indicated that the first flightworthy Raptor(s) would be delivered to South Texas and installed on the hop test article as early as next week (March 11-17). It’s now looking increasingly likely that any replacement fairing that may or may not be under construction might not be ready for installation on Starhopper before SpaceX begins integrated static-fire tests and maybe even low-altitude tethered hop tests.
“SpaceX will conduct checkouts of the newly installed ground systems and perform a short static fire test in the days ahead,” he said. “Although the prototype is designed to perform sub-orbital flights, or hops, powered by the SpaceX Raptor engine, the vehicle will be tethered during initial testing and hops will not be visible from offsite. SpaceX will establish a safety zone perimeter in coordination with local enforcement and signage will be in place to alert the community prior to the testing.” – James Gleeson, March 8th, SpaceX
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Investor's Corner
SpaceX gets initial stock coverage from Tesla’s biggest bull
Wedbush Securities is initiating stock coverage on SpaceX (NASDAQ: SPCX), marking the first comments on the company since it went public several weeks ago. Wedbush and its analyst handling coverage, Dan Ives, are widely bullish on fellow Musk company Tesla (NASDAQ: TSLA).
Ives wrote his first note initiating coverage of SpaceX shares on Wednesday with a $190 price target and an ‘Outperform’ rating. The firm believes the company is well positioned off of its IPO because of its wide array of projects, including AI compute power and infrastructure, connectivity projects, and launches.
“We view SpaceX as one of the most differentiated assets within the tech market with a strong footprint across its three core markets, with Starlink driving success with connectivity,” Ives wrote, “Starship launches leading to a demand flywheel and increasing deal flow for its Colossus clusters.”
Elon Musk called it Epic: The full story of SpaceX’s Starship Flight 12
Wedbush leans heavily on Starlink, which they say is the “profitability driver given the strength of its recurring revenue base of ~12 million subscribers as of June 5th.” Ives believes Starlink is still in the “early innings” of penetrating the global telecommunications and broadband market, as it only holds less than a 1 percent share. However, this number is sure to increase over time.
It also highlights the importance of Starship, which it says is an “essential layer” of SpaceX’s overall success. SpaceX developing and displaying the ability to reuse rockets is a major cost and reliability advantage “as it reduces the necessary hardware launch costs while generating a feedback loop for future flights to improve their launch flight rate without accelerating capex spend.”
Finally, SpaceX’s recent AI/Compute projects are also very elementary, Ives writes. It is worth mentioning Wedbush said its $190 price target is derived from a valuation forecast that sees the company yielding roughly $2.48 trillion of implied enterprise value.
There are also some factors that Wedbush did not take into account with its initial coverage. The firm wrote in the note:
“We note that there is optional value coming from Starship’s accelerating scale towards sub-$200/kg unit economics, orbital data centers, and enterprise AI monetization as these factors could drive meaningful upside but these face major hurdles, so we do not take that into account with our valuation.”
SpaceX shares are down just over 2 percent today, trading at around $167 at the time of publication.
Elon Musk
Tesla Phone? Not quite, but close: analyst
For years, there have been images and videos across social media platforms that have reminded me of when I was a 15-year-old kid teased by “Xbox 720” videos on YouTube. These videos are of the supposed “Tesla Phone” that Elon Musk was secretly developing in between leading Tesla with its electric cars and SpaceX with its reusable rockets.
Would you buy a Tesla phone ? pic.twitter.com/aaTwvvIJit
— Tesla Owners Silicon Valley (@teslaownersSV) October 6, 2023
Although Musk has put those rumors to bed several times, it was never completely out of the realm that he could get involved in cell phones in some capacity. Think outside the box and more macro-level, though. Instead of reinventing the computer, Musk reinvented connectivity by developing Starlink with SpaceX.
It could be something similar, TD Cowen analyst Gregory Williams said in a note last week, where he hinted SpaceX could be gathering some steam to acquire T-Mobile.
Williams said it would be the “clear choice” for SpaceX if it decided to go through with a network acquisition. He also suggested AT&T.
The move would be possible through selling more of its own stock, which would help SpaceX raise the money to purchase T-Mobile, which would cost roughly $300 billion. It could be one of the moves SpaceX makes post-IPO in terms of an acquisition: it already acquired Cursor AI for $60 billion.
Other analysts, like Dan Ives of Wedbush, believe SpaceX and Tesla will eventually merge into one anyway, and that conglomeration could come as soon as this year, some have said.
The implications of SpaceX purchasing T-Mobile are massive. A combined entity would create a truly ubiquitous network: T-Mobile’s terrestrial 5G towers and Starlink’s growing constellation of Direct-to-Cell satellites. This would essentially eliminate dead zones across the U.S. and potentially globally.
SpaceX would instantly become a full-scale facilities-based carrier with satellite differentiation; a huge advantage. This would pressure AT&T and Verizon heavily.
There are also concerns like a potential reduction in long-term competition, and of course, a deal of that size would face intense scrutiny from government agencies.
The strategic fit is compelling due to the existing Starlink–T-Mobile partnership and complementary technologies (space + terrestrial). It could create a dominant integrated communications player. However, the regulatory, financial, and execution hurdles are enormous — this remains highly speculative with no indication SpaceX is actively pursuing it right now.
Elon Musk
SpaceX’s newest Starmind will make earth data centers obsolete
Elon Musk confirmed Starmind as SpaceX’s AI satellite constellation name, targeting one million orbital compute nodes.
Elon Musk confirmed that Starmind will be the official name of SpaceX’s planned AI satellite constellation, following a trademark filing by xAI that surfaced earlier this week. Starmind is what’s being described to the FCC as a constellation of up to one million AI satellites
It’s worth noting that SpaceX’s Starlink communication satellite and Starmind are built on the same orbital infrastructure concept but serve entirely different purposes. Starlink is a connectivity network, with satellites receiving and relaying data between points on Earth, and functioning as a high-speed internet backbone in space. The satellites themselves do not process or think, and move information from one place to another, the same function a fiber cable performs underground.
SpaceX just forced Verizon, AT&T and T-Mobile to team up for the first time in history
Starmind, on the other hand, is something completely different, and tather than moving data, its satellites would compute data through artificial intelligence and directly in orbit using onboard processors powered by large solar arrays. Where a Starlink satellite is essentially a very fast pipe, a Starmind satellite is a server. The practical implication is that Starmind would allow AI models to run inference, process queries, and generate outputs from space, then beam results down to users anywhere on Earth within milliseconds, and without the data ever needing to travel to a terrestrial data center.
Starship will be able to carry 30 to 50 AI1 satellites per launch, delivering the equivalent of dozens of server racks per flight, with no land acquisition, no power grid approval, and no cooling infrastructure required on the ground.
SpaceX is pursuing this new technology as terrestrial data centers are running into hard limits such as lack of physical space, community opposition, and power and water consumption at a scale that is increasingly difficult to permit. Space has unlimited solar power, natural vacuum cooling, and no zoning boards. Musk said in a June 8 video presentation that he expects space to become the lowest-cost location to deploy AI compute within two to three years. Two AI1 prototypes are scheduled to launch in early 2027, with volume production targeted for the end of that year at a new facility called Gigasat.
The real world applications Starmind enables extend well beyond powering Grok. A constellation of orbiting AI processors could run inference workloads for any paying customer, anywhere on Earth, with latency measured in milliseconds rather than the seconds associated with ground-based cloud routing across continents. Starmind, if it scales as described, would make SpaceX the landlord of AI compute the same way Starlink made it the landlord of satellite internet.