SpaceX
SpaceX’s Mr Steven preps for “claw” upgrade for football field-sized net
Photos from Teslarati photographer Pauline Acalin show that SpaceX’s Mr. Steven fairing recovery vessel is undergoing extensive upgrades to the arms that secure the catch net, likely in support of what CEO Elon Musk described as a factor-of-four extension of the net’s catching area.
In order to accomplish that fourfold increase in usable area, SpaceX will have to effectively double the reach of Mr Steven’s four ‘limbs’, a significant change that explains why the vessel appears to have had all four arms amputated. Intriguingly, the vessel’s upgrades are taking place at SpaceX’s recently-leased Berth 240, the company’s preferred location for berthing its fleet of rocket recovery vessels, conducting Falcon 9 booster recovery ops, and -eventually – the first Mars rocket factory in 2019.
As of now, it’s unclear what approach SpaceX will take for upgrading Mr Steven’s arms – with only one detached example visible at Berth 240, it appears that the company will either add on to the hardware already built for the boat or start from scratch in order to optimally extend their reach. A new net, of course, will also be needed to span the fourfold increase in area – in other words, up to roughly 6000 square meters, 65,000 square feet, or 1.5 acres. I have little doubt that SpaceX will be able to reliably catch Falcon 9 payload fairings with a net as large or larger than American and European football fields (~1.3 acres vs. ~1.7 acres).
An artist rendering of a Falcon 9 fairing parasailing towards Mr Steven’s net. Original photos by Chuck Bennett (Instagram @chuckbennett) and SpaceX. (Chuck Bennet/SpaceX/Eric Ralph)
SpaceX’s has roughly four weeks until their next West coast launch and thus another opportunity to attempt to catch a Falcon 9 payload fairing. That mission is currently scheduled for early July 20th from Space Launch Complex 4E (SLC-4E) in Vandenberg Air Force Base. Teslarati’s West coast photographer will continue to check up on Mr Steven to judge whether the vessel will be ready in time for launch.
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- One of Mr Steven’s four amputated arms, removed in preparation for upgrades. (Pauline Acalin)
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- A sad Mr Steven sits beside Berth 240, sans arms. (Pauline Acalin)
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- Berth 240 demolition begins! (Pauline Acalin)
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- A Falcon 9 fairing overlooks SpaceX’s Berth 240 construction progress, June 20th. (Pauline Acalin)
BFR factory construction
Meanwhile, serious demolition has begun at Berth 240, likely preparing a number of basic necessities before any major building begins. A giant pile of broken concrete lays witness to that process, likely involving the appraisal, repair, and replacement of utilities and pipe systems currently buried under the facility. Forlorn Falcon 9 payload fairings – pulled intact out of the Pacific Ocean – can be seen stoically looking on while construction crews begin the first steps of a process that will, at least eventually, culminate in the completion of a factory for the rocket that will obsolete Falcon 9, Falcon Heavy, and their fairings.
Based on land use approvals published in March 2018, the construction will be cut into two phases, with phase one focusing on a smaller, intermediary building capable of support limited Falcon recovery work and potentially initial BFR prototype construction, allowing that process to be moved from the temporary tent it currently is housed in. Phase 2 would see a larger build constructed around the preceding facility, necessitating the demolition of one of Berth 240’s historic buildings. Per the filings, Phase 1 is expected to be finished within 16-18 months of approval, placing its completion sometime in mid to late 2019.
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- Note the fencing around the actual foundation site for SpaceX’s proposed BFR factory. (Pauline Acalin)
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- Renders of the proposed BFR factory at Berth 240. (SpaceX)
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- Blueprints of the proposed BFR factory at Berth 240. (SpaceX)
Elon Musk
SpaceX just filed for the IPO everyone was waiting for
SpaceX filed its public S-1, revealing $18.7 billion in revenue and billions in losses.
SpaceX publicly filed its S-1 registration statement with the Securities and Exchange Commission on May 20, 2026, making its financial details available to the public for the first time ahead of what could be the largest IPO in history.
An S-1 is the formal document a company must submit to the SEC before going public. It includes audited financials, risk factors, business descriptions, and how the company plans to use the money it raises. Companies are required to file one before selling shares to the public, and it must be published at least 15 days before the investor roadshow begins. SpaceX had already submitted a confidential draft to the SEC in April, which allowed regulators to review the filing privately before it went public.
The S-1 reveals that SpaceX generated $18.7 billion in consolidated revenue in 2025, driven largely by its Starlink satellite internet division, which posted $11.4 billion in revenue, growing nearly 50% year over year. Despite that growth, the company lost about $4.9 billion in 2025 and has burned through more than $37 billion since its founding.
SpaceX just forced Verizon, AT&T and T-Mobile to team up for the first time in history
A significant portion of those losses trace back to xAI, Elon Musk’s artificial intelligence company, which was recently merged into SpaceX. SpaceX directed roughly 60% of its capital spending in 2025 to its AI division, totaling around $20 billion, yet that division lost billions and grew revenue by only about 22%.
SpaceX plans to list its Class A common stock on Nasdaq under the ticker SPCX, with Goldman Sachs, Morgan Stanley, and Bank of America leading the offering. The dual-class share structure means going public will not meaningfully reduce Musk’s control, as Class B shares he holds carry 10 votes per share compared to one vote for public Class A shares.
The company is targeting a raise of around $75 billion at a valuation of roughly $1.75 trillion, which would make it the largest IPO ever. The investor roadshow is reportedly planned for June 5.
SpaceX has revealed the date for the maiden voyage of Starship v3, its newest and most advanced version of the rocket yet.
Starship v3 represents a significant leap forward. At 124 meters tall when fully stacked, it stands taller than previous versions and boasts substantial upgrades.
The vehicle incorporates next-generation Raptor 3 engines, which deliver higher thrust, improved reliability, and simplified designs with fewer parts. Both the Super Heavy booster (Booster 19) and the Starship upper stage (Ship 39) feature these enhancements, along with structural improvements for greater payload capacity—exceeding 100 metric tons to low Earth orbit in reusable configuration.
SpaceX and its CEO Elon Musk have announced that the company aims to push the first launch of Starship v3 this Thursday. Musk included some clips of past Starship launches with the announcement.
Now targeting launch as early as Thursday, May 21 → https://t.co/2gZQUxS6mm
— SpaceX (@SpaceX) May 19, 2026
First Starship V3 launch later this week! pic.twitter.com/JFX4CrSfnY
— Elon Musk (@elonmusk) May 19, 2026
There are a lot of improvements to Starship v3 from past builds. Key hardware changes include a more robust heat shield, upgraded avionics, and modifications optimized for orbital refueling, a critical technology for future missions to the Moon and Mars. This flight marks the first launch from Starbase’s second orbital pad, allowing parallel operations and accelerating the cadence of tests.
This will be the 12th Starship launch for SpaceX. Flight 12 objectives include a full ascent profile, hot-staging separation, in-space engine relights, and reentry testing. The booster is expected to perform a controlled splashdown in the Gulf of Mexico, while the ship will deploy 20 Starlink simulator satellites and a pair of modified Starlink V3 units before attempting reentry.
Success would validate V3’s design for operational use, paving the way for rapid reusability and higher flight rates.
The rapid evolution from V2 to V3 underscores SpaceX’s iterative approach. Previous flights demonstrated booster catches, ship landings, and heat shield advancements. V3 builds on these with nearly every component refined, supported by an expanding production line at Starbase that churns out vehicles at an unprecedented pace.
Starship V3 is here putting SpaceX closer to Mars than it has ever been
This launch comes amid growing momentum for SpaceX’s ambitious goals. Starship is central to NASA’s Artemis program for lunar landings and Elon Musk’s vision of making humanity multiplanetary. A successful V3 debut would boost confidence in achieving orbital refueling and crewed missions in the coming years.
As excitement builds, enthusiasts and engineers alike await liftoff. Weather and technical readiness will determine the exact timing, but the community is optimistic. Starship V3 is poised to push the boundaries of spaceflight once again, bringing reusable interplanetary transport closer to reality.
Elon Musk
Starship V3 is here putting SpaceX closer to Mars than it has ever been
Starship V3 launches May 20 carrying the hardware upgrades that make Moon and Mars possible.
SpaceX is preparing to fly the most significant version of Starship yet. Flight 12, the debut of Starship V3, is targeted for Wednesday, May 20, lifting off from Starbase in South Texas at 6:30 p.m. ET. It will also mark the first launch from the newly built Pad 2, adding another layer of firsts to an already milestone-heavy mission.
Starship V3 is a meaningful step up from what came before, and a next-gen design that improves on raw power and payload capacity. V3 can carry more than 100 metric tons to orbit in reusable configuration, which is roughly three times what the previous version could handle. Additionally, the new design is lighter and simpler than before, thereby reducing risk of component failure, while also reducing flight costs. The launch pad itself is also brand new, meaning SpaceX can now prepare two rockets at the same time instead of one. What makes all of this matter beyond the hardware is what it unlocks. NASA needs V3 to be reliable enough to land astronauts on the Moon, and Musk needs it to eventually carry people and cargo to Mars at a scale that makes a permanent settlement financially possible. Every previous Starship was essentially a prototype. V3 is the version SpaceX actually intends to put to work.
On May 7, SpaceX completed the first full-duration, full-thrust 33-engine static fire with the V3 Super Heavy, following two earlier attempts that ended early due to ground equipment issues. The Ship stage had already cleared its own static fire in April, making Flight 12 the first time both V3 vehicles have been cleared to fly together.
The stakes extend well beyond this single test. As Teslarati reported, NASA needs Starship to work as the Human Landing System for its Artemis program, with a crewed lunar landing now targeted for 2028 under Artemis IV. Before that can happen, SpaceX must demonstrate in-orbit propellant transfer at scale, a process requiring more than ten tanker launches to fuel a single Moon mission. V3 is the vehicle designed to make that economically viable.
Elon Musk has stated that Starship V3 should be capable enough for initial Mars missions, a detail that connects directly to his January 2026 compensation package, which awards him 200 million shares if SpaceX reaches a $7.5 trillion valuation and helps establish a permanent Mars colony of one million people. With SpaceX targeting a Nasdaq IPO as early as June 12 at a valuation of $1.75 trillion, and holding more than $22 billion in active government contracts spanning defense, NASA, and broadband, every successful Starship test adds tangible weight to that number.
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