News
SpaceX’s Starship prototype is looking increasingly rocket-like as hop test pad expands
As SpaceX’s South Texas operations continue full steam ahead in pursuit of the first integrated hop tests of a full-scale Starship prototype, the company’s Starhopper and its complementary launch/hop pad are dramatically and visibly evolving on a daily basis.
This week’s progress has been signified by the installation of familiar rocket hardware on the Ship and a burst of construction – centered around pipelaying, plumbing, foundation work, and berm-building – at its pad. Just a few hundred miles north of Boca Chica, SpaceX’s team of propulsion engineers and technicians reached their own dramatic milestone, conducting the first static fire of a finalized version of the Raptor engine set to power Starship and Super Heavy (formerly BFR).
2-4-2019#SpaceX #TheFuture pic.twitter.com/0YBxk5QXD3
— Austin Barnard🚀 (@austinbarnard45) February 5, 2019
A pad fit for a Starhopper
In the last ~10 days alone (Jan 24-Feb 4), SpaceX pad construction workers and contractors transformed the former dirt mound from a generally flat, planed surface with a spattering of shipping containers and building materials into a hive of welding rigs, propellant and water tanks, major plumbing progress, shaped earth, and the beginnings of new concrete foundations. Thanks to local student Austin Barnard’s reliable drone photography, that pad-specific progress can be more properly visualized.
Taken on January 24th and February 4th respectively, the devil is definitely in the details when it comes to SpaceX’s prospective Starhopper pad development. Most notable is the progress made with the rapidly developing propellant plant and ground systems infrastructure in the left half of the images, marked by hundreds of feet of freshly-installed piping meant to support the process of fueling Starhopper with liquid methane and oxygen. For a rocket as powerful as Starhopper (even with just three Raptor engines), cooling both the propellant and the concrete launch and landing pad is no less important, visible in the shape of three large water tanks (lefthand foreground) and a smaller radiator stack (just to the right of two taller, skinnier white tanks.
Aside from the rapid rise of the first BFR propellant farm and its supporting equipment, SpaceX has progressed into the installation of a trio of concrete foundations just to the right of the dirt berm and propellant tank area. Standing as close as it is to said propellant tanks, it seems unlikely that the new foundation-laying is related to the pad (or a stand) meant to support early Starhopper hop tests, although SpaceX’s Falcon 9-era Grasshopper and F9R hop test vehicles operated about the same distance from its propellant infrastructure. SpaceX’s South Texas site also features a sort of satellite pad at its east end (the right side in attached photos) that could have a future as an integration hangar or a secondary landing zone to allow for Starhopper to perform divert tests.
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- Rockets are perhaps even more capital intensive. (SpaceX)
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- BFR’s booster is at least three times more powerful still than BFS at liftoff. (SpaceX)
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- BFR (2018) breaks through a cloud layer shortly after launch. (SpaceX)
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- (SpaceX)
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- BFR’s booster, now known as Super Heavy. (SpaceX)
Depending on whether SpaceX actually intends to develop the land shown above into an actual full-scale launch facility for BFR (Super Heavy and Starship), it could also remain generally unchanged until Starhopper’s hop test program has been run to completion, at which point everything seen above would likely be rebuilt from scratch to accommodate for any drastic changes in function. SpaceX’s Boca Chica might simply be too small to support a pad capable of launching Super Heavy (nearly twice as powerful as Saturn V at full thrust), measuring in at considerably less than ~10 acres of usable area compared to LC-40’s ~20 acres and Pad 39A’s ~50+ acres. CEO Elon Musk has also hinted at using a giant floating platform for early orbital BFR launches, although that might prove even harder (and more costly) than building a traditional land-based pad.
Becoming a rocket
Meanwhile, the aft engine/fin/tank section of SpaceX’s Starship prototype (unofficially nicknamed Starhopper) has experienced a stream of hardware additions and improvements, modifying its relatively awkward and unfinished steel base with what appear to be Falcon 9-sized quick-disconnect umbilical panels, a functional propellant tank header, and mounting hardware for carbon-overwrapped pressure vessels (COPVs). By using hardware that is proven and easy to manufacture, SpaceX can save a huge amount of time that would otherwise need to be spent engineering subassemblies that (at risk of undervaluing the challenge) are generally known-quantities – more a matter of time and effort than an actual technical hurdle.
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- B1048’s second umbilical panel (blue for oxygen). (Pauline Acalin)
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- Falcon 9 B1048 displays one of two umbilical panels (red for kerosene) after its first launch. (Pauline Acalin)
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- Starhopper’s partially completed umbilical panel as of Feb. 4th. (NASASpaceflight – bocachicagal)
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- A SpaceX technician or contractor is pictured here cutting out sections of Starhopper’s steel hull to route umbilical panel piping. (NASASpaceflight – bocachicagal, 02/03/19)
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- Starhopper also had a tank header installed on February 5th, complete with pressure regulation and propellant feeding hardware. (NASASpaceflight – bocachicagal)
While they are clearly still in a rough, unfinished form, Starhopper’s umbilical panels are already easy to recognize when compared alongside Falcon 9’s iconic red and blue panel pairs. In essence, whereas Starhopper has been a largely unknown quantity with no familiar aspects since it began to come together late last year, the Starship prototype has recently had hardware installed that is finally revealing subtle SpaceX signatures in its design and assembly.
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Investor's Corner
SpaceX and Nvidia team up on Musk’s orbital AI bet
SpaceX revealed a new Nvidia satellite partnership, then Musk pledged an exclusive Nvidia hardware commitment.
SpaceX and Nvidia are now working together on the hardware that will power Musk’s orbital data center ambitions. SpaceX announced on X on Tuesday that it is partnering with Nvidia to design the compute payload for Starmind AI1, the first satellite in a planned constellation built to run AI workloads directly in orbit. Each Starmind satellite will carry Nvidia’s Rubin GPUs and Vera CPUs, according to the post, which included renderings of the payload design.
The announcement landed hours before SpaceX’s first earnings call as a public company, where Musk went further, saying the company has committed to building its AI infrastructure exclusively on Nvidia hardware. “We think the Vera Rubin architecture is the best architecture. We think it’s the best AI computer, and we greatly value our close cooperation and partnership on many levels with Nvidia,” Musk told investors on the call,. “So we’re exclusive to Nvidia.”
Musk said SpaceX plans to deploy Nvidia’s Vera Rubin NVL72 rackscale system, codenamed Kyber, both on the ground and in space. He set a target of 2 gigawatts of compute capacity online by the end of this year, scaling to roughly 10 gigawatts by the end of 2027.
SpaceX’s newest Starmind will make earth data centers obsolete
Starmind has been in development since Musk confirmed the name in June, following an xAI trademark filing that tipped off the project before SpaceX made it official. The idea is massive in scope and instead of moving data down to ground based servers, satellites equipped with onboard processors and large solar arrays would compute AI workloads in orbit and beam results back to Earth. SpaceX has already filed with the FCC for a constellation of up to one million satellites to support the effort, citing constant solar power and the absence of zoning restrictions as advantages over terrestrial data centers.
The Nvidia exclusivity marks a shift in tone from just two weeks ago, when Musk was busy knocking down a report that SpaceX had ordered $52 billion worth of Nvidia GPUs through Foxconn, calling it fake news at the time. The dollar figure in that rumor may have been wrong, but the underlying direction seems correct. SpaceX’s AI division already leases Colossus compute capacity to Anthropic and Google, and Tuesday’s earnings report showed AI revenue climbing sharply as those deals ramp up.
Nvidia shares rose roughly 3% in Tuesday trading on the news, while SpaceX stock climbed nearly 9% during the day before giving back gains after hours as investors digested the earnings report’s capital spending figures.
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SpaceX (NASDAQ: SPCX) reported a beat in revenues and EBITDA in its first earnings call report while also minimizing losses as its business continues to gain momentum.
After its IPO in July, SpaceX saw some tough losses on Wall Street due to a major selloff after a delay in its 13th Starship test flight. The ship launched later that week and completed what was arguably the most successful IFT operation in the Starship program’s history.
Nevertheless, the company is continuing on and reported some encouraging financials while also promoting what appears to be a robust outlook moving forward in its Space, AI, and Connectivity divisions.
SpaceX to report first-ever earnings today: here’s what to expect
Earnings Results
- Revenues: $7.8 billion reported vs. $6.7 billion expected
- Adjusted EBITDA: $3.5 billion vs. $2 billion expected
- Net loss of $541 million, an improvement of $467 million from net loss of $1.0 billion
Additionally, CFO Bret Johnsen had these comments:
“2026 has been a momentous year so far, and the second quarter demonstrated the true power of SpaceX. Revenue growth accelerated across all our business segments and we delivered strong operating leverage, with significant margin expansion led by our new AI compute agreements. Our unparalleled leadership in launch, Starlink subscriber growth, new enterprise and government partnerships, and best-in-class AI infrastructure underscore our ability to drive meaningful scale and deliver attractive returns. As a newly public company, we are delighted to welcome our broad base of shareholders and bondholders. We ended the second quarter with $100 billion of cash, cash equivalents, and marketable securities, and $47.5 billion in backlog. This financial strength gives us substantial capacity to invest in Starship, Starlink Broadband and Mobile satellites, and our AI platform, while maintaining a disciplined long-term capital allocation framework.”
Space Business Highlights
SpaceX shared some of its biggest Space Business Highlights for Q2:
- Space revenues grew 55% sequentially and 29% year-over-year to $962 million, driven by a higher number of large customer launches and a favorable customer shift compared to the prior year
- Total costs and expenses for the Space segment were up by $389 million year-over-year, as we continued to accelerate R&D investments in our Starship program, which we believe will reduce the cost to orbit by 99% or more relative to the historical average, and unlock significant revenue potential across all business segments
- Leading launch provider for the world with 78 launches and 1,041 metric tons of mass to orbit deployed over the six months ended June 30, 2026, primarily allocated to Connectivity for the deployment of our Starlink constellation
- Starship V3 development continued to advance towards full and rapid reusability:
- Completed Starship V3’s first suborbital mission in May, Flight 12, which achieved a successful lift off from our new Starbase pad, a precision landing of Starship’s upper stage, and deployment of modified V2 Starlink satellites
- Subsequent to the second quarter, completed Starship Flight 13 in July, which achieved all flight objectives including deploying 20 production V3 satellites, demonstrating in-space relight of a Raptor engine, and executing the softest ever splashdown of Starship, providing critical views of an intact heatshield
SpaceX will report its earnings today at 4:30 P.M. EDT.
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Elon Musk issued a second pointed warning to SpaceX short sellers on Tuesday, just hours before the company was set to release its first quarterly earnings as a publicly traded firm. Responding to a report highlighting elevated short interest, Musk wrote on X: “I try to warn them, but they just double down …”
The comment came as data from S3 Partners showed roughly 95 percent of available SPCX shares to borrow were on loan, translating to about 34 percent short interest as a percentage of the float. The stock has traded under pressure since its record-breaking IPO in June 2026, declining significantly from early peaks.
I try to warn them, but they just double down … 🤷♂️
— Elon Musk (@elonmusk) August 4, 2026
This marks the second such message from Musk in under three weeks.
On July 17, amid post-IPO volatility, he stated: “The survival probability of firms who maintain a significant short position in SpaceX over time is very low.” At that time, SPCX had fallen roughly 30 percent from its peak above a $2.6 trillion valuation, with short sellers reportedly realizing gains of about $8.7 billion.
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Musk’s warning aligned with optimistic analyses projecting that Starship-driven cost reductions could enable a multi-trillion-dollar space economy through applications such as orbital solar power, asteroid mining, data centers, and Mars-related projects, positioning SpaceX as critical infrastructure.
SpaceX is scheduled to report second-quarter results after the market close later today, followed by a webcast. Analysts anticipate revenue near $6.9 billion, reflecting growth in Starlink, launch services, and AI-related segments. The earnings release precedes a major lockup expiration on August 6 that could free hundreds of millions of insider shares.
Musk has a long track record of confronting short sellers, particularly regarding Tesla, where he has argued that persistent bearish positions underestimate transformative technologies. Critics view his optimism as overly ambitious given near-term stock fluctuations, while supporters see temporary dips as opportunities in a longer-term expansion of the space economy.
As SpaceX opens its books to public scrutiny for the first time, the high short interest and Musk’s repeated cautions set the stage for heightened market attention on the results and management’s commentary.
SpaceX and Nvidia team up on Musk’s orbital AI bet
SpaceX reports beat in first earnings while minimizing losses
