SpaceX
SpaceX will build and launch Starship/Super Heavy in Texas and Florida, says Musk
According to SpaceX CEO Elon Musk, the company has plans to both build and launch BFR’s Starship upper stages and Super Heavy boosters at facilities located in Boca Chica, Texas and Cape Canaveral, Florida.
Indicative of SpaceX and Musk’s rapidly evolving plans for the next-generation, ultra-reusable launch system, the to stainless steel over carbon composites appears to continue to have a range of trickle-down consequences (or benefits) throughout the rocket’s design, production, launch, and operations. Given the 3+ radical, clean-sheet design changes the BFR program has undergone in about as many years, it’s hard to definitively conclude much about the latest iteration. Nevertheless, Musk’s indication that stainless steel BFRs may now be built simultaneously at multiple locations suggests that the construction of steel Starships and Super Heavies could be radically easier (and cheaper) than their composite predecessors.
Over the last several months, SpaceX’s manufacturing plans for the massive Starship and Super Heavy vehicles have effectively been up in the air from a public perspective. Official statements provided in January suggested that the first prototypes would be built in-situ after word broke that SpaceX had prematurely terminated a lease with the Port of Los Angeles, where the company had – throughout 2018 – been planning to construct a dedicated seaside BFR factory.
Likely for a variety of reasons, all of which are unknown, SpaceX apparently no longer has a pressing need for dedicated traditional manufacturing facilities at this point in time. Instead, the company is relying extensively on the largely unprecedented practice of building its first suborbital and orbital Starship and Super Heavy vehicles outdoors, much to the visible discomfort of aerospace industry practitioners, followers, and fans alike.
At a bare minimum, SpaceX’s decision to fabricate and assemble large-scale methalox rocket stages with quite literally zero protection from the elements may be one of the most ‘nontraditional’ things the habitually disruptive company has ever done. At the opposite end of the spectrum, building rockets outside could be perceived as an unfathomably foolish endeavor, radically increasing the risk of dangerous manufacturing defects, foreign objects debris (FOD) mitigation, and – ultimately – major vehicle failures. From such an external perspective, wholly lacking any insight from SpaceX itself, it’s difficult to conclude much of anything.
On the one hand, a highly-disciplined adherence to the tenets of best aerospace industry practices and responsible engineering could probably mitigate the risks of en 
Given that the production of orbital-class, super-heavy lift rockets has really only been attempted twice (Saturn V and Russia’s N1), both times with custom-built, environmentally-controlled factories, it’s likely that SpaceX is already suffering from the inherent uncertainty of the tasks at hand; forging new ground – especially in highly technical fields – is rarely easy or forgiving. Given the aforementioned challenges of building large and reliable rockets at all, challenges that regularly topple vehicles built in traditional factories, it will likely remain an open question if SpaceX can consistently build reliable, technologically-advanced rockets and spacecraft outside until those vehicles have quite literally proven themselves in orbit.
Toot Toot! Hopper is chomping at the bit today!
?@BocaChicaGal https://t.co/0ZEXcKOWwH pic.twitter.com/PEm7c12KTi— Chris B – NSF (@NASASpaceflight) March 18, 2019
Difficulties aside, it’s easy to understand why SpaceX (or maybe just Elon) is willing to at least attempt something that has never been done before. If the company could find a way to reliably build complex, high-performance rockets without the need for expensive factories, it could radically change the paradigm of rocketry by reducing the often eye-watering upfront costs of building giant launch vehicles. The ability to build rockets almost independently of dedicated factories or assembly facilities would also allow SpaceX to – as Musk said – build their vehicles where they launch, further minimizing the significant challenges and costs of transporting extremely large structures more than a couple of miles.
Regardless of the major challenges standing between SpaceX and its stainless steel Starship/Super Heavy aspirations, Elon Musk appears to be as confident as ever, frankly stating that Starship’s rate of progress “far exceeds” that of Falcon and Dragon. In other words, the apparent instability of the BFR program may actually end up being to its benefit, potentially resulting in a finished product that simultaneously takes less time to come to fruition and is ultimately much closer to its original design intent. At risk of putting the wrong words into Musk’s mouth, it seems that he believes that SpaceX might be able to arrive at a Starship/Super Heavy combo much closer to Falcon 9 Block 5 than Falcon 9 V1.0 and do so far sooner than most believe is possible.
Only time will tell. In the meantime, there will be plenty of fireworks, beginning as early as this week with the first static fire test – and potential hops – of SpaceX’s massive Starship Hopper. Stay tuned for updates!
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Elon Musk
SpaceX’s amended S-1 is sparking a major Tesla merger conversation
A single line in SpaceX’s amended S-1 just sent Tesla stock down 5% in one day.
A single line buried in SpaceX’s amended S-1 filing is doing more to move Tesla’s stock price than anything Tesla itself has announced in months. The clause, disclosed as SpaceX prepares for what could be the largest IPO in Wall Street history, states that the company “may issue a significant amount of equity in connection with future transactions.” While this may be seen as boilerplate language in S-1 filings, the historical ties between SpaceX and Tesla, and with Elon Musk reportedly discussing a possible merger with close colleagues, investors are interpreting it as something closer to a signal.
The concern among institutional investors like Gary Black, managing director of The Future Fund, pointed directly to the amended filing on X, saying it “strongly suggests more SPCX equity will be issued,” which could potentially be used to acquire Tesla. He estimated such a deal could be 28% dilutive to Tesla shareholders since SpaceX would likely command a significantly higher valuation multiple. Black added that institutional investors he knows hate the idea of a combination because they prefer pure plays over conglomerates, which he said “nearly always gravitate to the lowest common multiple.”
The Tesla and SpaceX merger everyone is talking about is quietly building
The bull case runs the math differently. Tesla influencer and retail shareholder advocate AleXandra Merz pushed back on what she called a widespread misunderstanding of how merger-of-equals deals actually work. Rather than simply splitting the difference between two market caps, a merger exchange ratio is negotiated based on relative fair market values, meaning the lower valued company typically sees its stock reprice upward toward the deal value.
Under her model, SpaceX enters at a $2.5 trillion valuation and Tesla at $1.6 trillion, producing a combined entity worth $4.1 trillion split evenly between both shareholder groups. That implies Tesla’s side of the deal would be valued at $2.05 trillion, a gain of roughly $450 billion from its current market cap. She cited Dow-DuPont and CBS-Viacom as historical examples of how markets reprice both companies toward the announced exchange ratio after a deal is unveiled.
What does a Merger of Equals mean to Elon’s compensation packages?
Well, it changes everything.
Enjoy https://t.co/uekCldyITw pic.twitter.com/kolq1C9qTu
— AleXandra Merz 🇺🇲 (@TeslaBoomerMama) June 1, 2026
The SpaceX S-1 amendments also revealed just how much financial infrastructure already binds the two companies together. As Teslarati has reported, SpaceX purchased $697 million in Tesla Megapacks, $131 million in Cybertrucks, and the two companies have shared supply chain resources, and semiconductor fabrication plans since well before any merger conversation became public. A retail poll by Tesla influencer Sawyer Merritt is finding that 36% of respondents do not plan to buy SpaceX shares at IPO and 15.3% saying their decision depends on the valuation.
Do you plan on buying @SpaceX stock at its IPO?
— Sawyer Merritt (@SawyerMerritt) June 1, 2026
Whether the merger happens or not, the amended filing is seemingly moving markets and sharpened a debate that is no longer theoretical. SpaceX is weeks away from trading publicly, and Tesla shareholders are now watching every word of every filing for clues about what Musk plans to do next.
Elon Musk has firmly denied recent media reports suggesting that SpaceX has reduced its target valuation for an upcoming initial public offering.
The denial came directly from the SpaceX and Tesla frontman on his social media platform X, where he responded with a single word, “False,” to a post from ZeroHedge that cited Bloomberg sources.
This swift rebuttal underscores Musk’s ongoing effort to manage speculation surrounding one of the most anticipated market debuts in recent history.
False
— Elon Musk (@elonmusk) May 29, 2026
According to the disputed reports, SpaceX had lowered its IPO valuation goal to at least $1.8 trillion from previous ambitions exceeding $2 trillion.
The claims emerged amid growing anticipation for the company’s confidential S-1 filing, which positions it for a potential public listing as early as June.
Some had pointed to strong revenue growth, particularly from the Starlink satellite internet service, which contributed heavily to the firm’s 2025 figures of $18.7 billion. Yet challenges persist in other areas, including substantial investments and losses tied to ambitious projects like Starship development and artificial intelligence initiatives, which plan to make life multiplanetary eventually.
Musk’s response highlights a pattern in which he actively counters what he views as inaccurate portrayals of his companies’ trajectories.
SpaceX, already valued privately at extraordinary levels, stands as a cornerstone of Musk’s empire alongside Tesla and xAI. The entrepreneur has long emphasized the transformative potential of reusable rockets and global broadband access, factors that fuel investor enthusiasm despite operational hurdles.
By rejecting the valuation downgrade narrative, Musk signals confidence in SpaceX’s fundamentals and its readiness for public markets on terms favorable to its long-term vision. People have been waiting a very long time to invest in SpaceX, and the valuation, as well as the introductory share price, is not going to need adjusting.
They’ll have plenty of suitors.
This episode reflects broader dynamics in the technology sector, where rumors often swirl around high-profile entities. Musk’s direct engagement with media narratives serves to maintain transparency and control the narrative around his ventures.
As SpaceX prepares for greater scrutiny in public markets, the founder’s denial reinforces optimism about its prospects. Supporters argue that the company’s innovative edge positions it for enduring success, far beyond short-term valuation debates. With the denial now public, attention turns to forthcoming regulatory filings that could provide clearer insights into SpaceX’s strategy and financial health.
The coming weeks promise to reveal more about how SpaceX will transition into a publicly traded powerhouse.
Elon Musk
The Tesla and SpaceX merger everyone is talking about is quietly building
Tesla and SpaceX may be closer to merging than Wall Street or either company is admitting.
Elon Musk has reportedly discussed merging Tesla and SpaceX with people close to him, according to CNBC, which cited sources familiar with the conversation. Tesla employees have long expected such a transaction and the topic is openly discussed internally, according to internal sources. With SpaceX is days away from kicking off its Wall Street roadshow for what could be the largest IPO in market history, this would be the first time the company will have public market currency to execute a stock-for-stock deal with Tesla.
The financial logic for a merger would make sense. A combined SpaceX and Tesla would create a conglomerate spanning rockets, satellites, electric vehicles, AI infrastructure, and energy storage valued at roughly $3.35 trillion to $3.6 trillion based on SpaceX’s IPO target range and Tesla’s current market capitalization. The two companies are already more intertwined than most people realize. SpaceX bought $697 million worth of Tesla Megapack systems for xAI data centers and $131 million worth of Cybertrucks. Tesla invested $2 billion in xAI, which subsequently merged with SpaceX. Past transactions also include Tesla selling solar equipment and parts to SpaceX, and SpaceX helping with Cybertruck materials.
Will Tesla join the fold? Predicting a triple merger with SpaceX and xAI
Musk himself signaled where this was heading in November 2025 when he posted on X, “My companies are, surprisingly in some ways, trending towards convergence.” Tesla and SpaceX announced a joint semiconductor fabrication facility in Austin called Terafab on the Gigafactory Texas campus, covering two advanced chip factories, with one serving Tesla’s AI needs for vehicles and Optimus robots, the other targeting space-based data centers under SpaceX’s infrastructure vision.
Wedbush analyst Dan Ives places the probability of a merger at 80% to 90% with a target completion in the first half of 2027. The mechanics of a deal became possible the moment SpaceX filed its S-1. Legal experts said a merger likely would not spark antitrust issues but would raise concerns among shareholders in each company, with questions around which company would be the parent, how a stock swap would take place, and who determines the appropriate price. Musk holds about 20% of Tesla’s equity but controls 85.1% of SpaceX’s voting power through a super-voting share class, meaning he would largely be negotiating the terms with himself.
Not everyone is convinced the timing is imminent. Traders on Kalshi place only 33% odds that a merger will happen before May 2027. The more immediate concern for Tesla shareholders is whether the SpaceX IPO pulls capital and Musk’s attention away from Tesla before any merger consolidates the upside for both.
What is clear is that the structural groundwork is already being laid. The Terafab announcement, the xAI merger, the shared supply chain, the cross-company balance sheet transactions, and now the IPO all point in the same direction. Whether the merger follows in 2027 or later, the two companies are already operating more like divisions of a single entity than independent competitors.
SpaceX’s amended S-1 is sparking a major Tesla merger conversation
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