

News
SpaceX Super Heavy booster survives first major test
A SpaceX Super Heavy booster prototype has survived its first major test seemingly without issue, potentially opening the door for a static fire test with several Raptor engines as early as this week.
Not long after the latest line of propellant storage implements was transported from SpaceX’s Boca Chica, Texas factory to Starship’s first orbital launch pad, the company officially closed the one highway to the pad and nearby beach. By ~4:30pm CDT (UTC-5), the first major test of an integrated Starship booster was under way and clouds of cryogenic vapors were pouring off of Super Heavy B3’s thrust (aft) dome as the humid air came in contact with steel cooled to around –330°F (–200°C).
While technically known as a cryogenic proof test, Booster 3’s first major challenge looked more like a basic pressure test. Curiously, only small amount of frost – the telltale sign of a ‘cryo proof’ – formed on the outside of Super Heavy’s ~65m (~215 ft) tall propellant tanks in two hours of activity, indicating that SpaceX likely chose a more cautious approach to Booster 3’s first cryo proof.
In short, Booster 3 was likely filled with a few hundred tons of liquid nitrogen relative to the more than 3000 tons its tanks could easily hold and the fraction of that total capacity SpaceX’s suborbital launch site can actually supply. Teams have been working around the clock for months to outfit Starship’s first orbital launch site with enough propellant storage for at least one or two back to back orbital launches – on the order of 10,000 tons (~22M lb) – but the nascent tank farm is far from even partially operational. That’s left SpaceX with its ground testing and suborbital Starship launch facilities, which appear to be able to store around 1200 tons of propellant.
Assuming the suborbital pad’s main liquid oxygen and methane tanks can also both store and distribute liquid nitrogen, which isn’t guaranteed, SpaceX thus has the ability to fill approximately 30-40% of Super Heavy B3’s usable volume. Frost lines aren’t always a guaranteed sign of fill level but if they’re close, SpaceX likely filled Booster 3’s tanks just 5-10% of the way during the rocket’s first cryoproof.
Based on loud, visible venting that occurred throughout the process, it’s likely that Super Heavy’s first cryo proof was more focused on pressure testing with just a small taste of the true thermal shock, loads, and general mechanical stress Starship boosters will have to withstand when loaded with thousands of tons of propellant and generating thousands of tons of thrust with dozens of Raptor engines.
Following July 12th’s test, Super Heavy B3’s next steps could either be one or several additional cryo proofs or a static fire test with an unknown number of Raptor engines installed. The booster completed Monday’s testing with one Raptor installed, while the most engines ever tested simultaneously is three. SpaceX has yet to update backup test windows scheduled from noon to 10pm CDT on July 13th, 14th, and 15th, any of which could be used for additional cryo proof or static fire testing.
Investor's Corner
Barclays lifts Tesla price target ahead of Q3 earnings amid AI momentum
Analyst Dan Levy adjusted his price target for TSLA stock from $275 to $350, while maintaining an “Equal Weight” rating for the EV maker.

Barclays has raised its price target for Tesla stock (NASDAQ: TSLA), with the firm’s analysts stating that the electric vehicle maker is approaching its Q3 earnings with two contrasting “stories.”
Analyst Dan Levy adjusted his price target for TSLA stock from $275 to $350, while maintaining an “Equal Weight” rating for the EV maker.
Tesla’s AI and autonomy narrative
Levy told investors that Tesla’s “accelerating autonomous and AI narrative,” amplified by CEO Elon Musk’s proposed compensation package, is energizing market sentiment. The analyst stated that expectations for a Q3 earnings-per-share beat are supported by improved vehicle delivery volumes and stronger-than-expected gross margins, as noted in a TipRanks report.
Tesla has been increasingly positioning itself as an AI-driven company, with Elon Musk frequently emphasizing the long-term potential of its Full Self-Driving (FSD) software and products like Optimus, both of which are heavily driven by AI. The company’s AI focus has also drawn the support of key companies like Nvidia, one of the world’s largest companies today.
Still cautious on TSLA
Despite bullish AI sentiments, Barclays maintained its caution on Tesla’s underlying business metrics. Levy described the firm’s stance as “leaning neutral to slightly negative” heading into the Q3 earnings call, citing concerns about near-term fundamentals of the electric vehicle maker.
Barclays is not the only firm that has expressed its concerns about TSLA stock recently. As per previous reports, BNP Paribas Exane also shared an “Underperform” rating on the company due to its two biggest products, the Robotaxi and Optimus, still generating “zero sales today, yet inform ~75% of our ~$1.02 trillion price target.” BNP Paribas, however, also estimated that Tesla will have an estimated 525,000 active Robotaxis by 2030, 17 million cumulative Optimus robot deliveries by 2040, and more than 11 million FSD subscriptions by 2030.
Investor's Corner
BNP Paribas Exane initiates Tesla coverage with “Underperform” rating
The firm’s projections for Tesla still include an estimated 525,000 active Robotaxis by 2030.

Tesla (NASDAQ: TSLA) has received a bearish call from BNP Paribas Exane, which initiated coverage on the stock with an Underperform rating and a $307 price target, about 30% below current levels.
The firm’s analysts argued that Tesla’s valuation is driven heavily by artificial intelligence ventures such as the Robotaxi and Optimus, which are both still not producing any sales today.
Tesla’s valuation
In its note, BNP Paribas Exane stated that Tesla’s two AI-led programs, the Robotaxi and Optimus robots, generate “zero sales today, yet inform ~75% of our ~$1.02 trillion price target.” The research firm’s model projected a maximum bull-case valuation of $2.7 trillion through 2040, but after discounting milestone probabilities, its base-case valuation remained at $1.02 trillion.
The analysts described their outlook as optimistic toward Tesla’s AI ventures but cautioned that the stock’s “unfavorable risk/reward is clear,” adding that consensus earnings expectations for 2026 remain too high. Tesla’s market cap currently stands around $1.44 trillion with a trailing twelve-month revenue of $92.7 billion, which BNP Paribas argued does not justify Tesla’s P/E ratio of 258.59, as noted in an Investing.com report.
Tesla and its peers
BNP Paribas Exane’s report also included a comparative study of the “Magnificent Seven,” finding Tesla’s current market valuation as rather aggressive. “Our unique comparative analysis of the ‘Mag 7’ reveals the extreme nature of TSLA’s valuation, as the market implicitly says TSLA’s 2035 earnings (~55% of which will be driven by Robotaxi & Optimus, w/ zero sales now) have the same level of risk & value-appropriation as the ‘Mag 6’s’ 2026 earnings,” the firm noted.
The firm’s projections for Tesla include an estimated 525,000 active Robotaxis by 2030, 17 million cumulative Optimus robot deliveries by 2040 priced above $20,000 each, and more than 11 million Full Self-Driving subscriptions by 2030. Interestingly enough, these seem to be rather optimistic projections for one of the electric vehicle maker’s more bearish estimates today.
News
Tesla FSD’s new Mad Max mode is getting rave reviews from users
It does appear that Mad Max mode is destined to be one of the system’s biggest steps forward to date.

Tesla’s release notes for the newly released Mad Max mode for FSD (Supervised) V14.1.2 simply stated that the feature “comes with higher speeds and more frequent lane changes than Hurry.” But as per videos that have been posted online by FSD users who have tested the system, it does appear that Mad Max mode is destined to be one of the system’s biggest steps forward to date.
It is then no surprise that the new capability is getting rave reviews from Tesla owners.
Impressive tests
A look at posts on social media platform X would show that, similar to past FSD releases, numerous Tesla content creators immediately tested Mad Max mode on real-world streets after it was downloaded onto their vehicle. Considering that the update was released rather late, the first tests of Mad Max mode were done at night. Despite this, it was evident that Tesla worked very hard to make Mad Max mode into something that is very useful in real-world scenarios.
This could be seen in videos from longtime Tesla owner @BLKMDL3, who observed that Max Max mode was “amazing” and like “perfect for LA traffic” due to its cautious but assertive nature. Later on, the Tesla owner noted that after eight drives, it was evident that FSD (Supervised) V14.1.2 was impressive.
Assertive but safe
Other testers such as Model Y owner Sawyer Merritt noted that Mad Max mode drives very quickly and confidently, with smoother acceleration that is still very safe. These were echoed by another longtime FSD tester, Dirty Tesla, who noted that Mad Max mode seems to be designed for heavy, aggressive traffic so users could fit in better. The FSD user did, however, observe that Mad Max mode does speed up a lot on open roads.
Recent comments from Tesla AI Head Ashok Elluswamy have indicated that Mad Max mode was created to be a solution for daytime congested traffic, which is arguably one of the most soul-crushing experiences that drivers deal with on a daily basis. With this in mind, it does appear that FSD (Supervised) V14.1.2 could prove to be a notable step forward in Tesla’s push towards true autonomous driving.
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