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TheTechno Optimist.

DragonSpaceX—Falcon 9 & Falcon HeavySpaceX—SpaceX—DragonSpaceX—Starship HLSSpaceX—SpaceX—StarshipSpaceX—StarshipSpaceX—StarshipSpaceX—Starship HLSSpaceX—Starship HLSSpaceX—StarshipSpaceX—

SpaceX

Starship, Falcon 9, Dragon, Starlink, xAI

US$2T market capest. 2002spacex.com (opens spacex.com)Checked 25 Sep

The brief

Analyst view
  • Falcon 9 flew about 165 missions in 2025, most of them Starlink, on boosters now reflown 30+ times.
  • Starship V3 (Raptor 3, Pad 2) debuted in May 2026; Flight 14 in late September 2026 is planned as the first orbital Starship flight.
  • Starlink passed 12 million subscribers by mid-2026 and funds Starship; the June 2026 IPO raised about $86B.

Technical approach

As reported
Reuse

Propulsive landing of boosters

Falcon 9 boosters fly back and land on ships or pads, so the costliest part flies again. Starship aims to reuse both stages; the tower catches the booster.

Engines

Methane-oxygen Raptor engines

Raptor burns methane and liquid oxygen at very high pressure. Methane burns clean, which helps reuse; Raptor 3 drops much outside plumbing to cut weight.

Vertical integration

In-house everything

SpaceX builds engines, electronics, satellites and dishes itself, changes designs fast and treats test failures as a way to learn.

Constellation

Starlink as anchor customer

Starlink needs thousands of satellites, which keeps Falcon 9 busy and brings in the cash that pays for Starship.

Programs

SpaceX, five programs

Updated 29 Aug 2026
StarshipThe biggest rocket ever: a Super Heavy booster (33 engines) and a Starship on top (6 engines). Both are meant to be reused. It aims to lift 100+ tonnes, refuel in orbit and land on the Moon.ProtoNextFlight 14: first orbital Starship flight (B21/S41) · Sep 2026Updated 24 Jul 2026View program →Starship HLSA Starship built for the Moon: no heat shield or flaps, extra solar power and an elevator to lower astronauts. Refuelled in Earth orbit, it flies crews between lunar orbit and the surface.ProtoNextRefuelling test in orbitUpdated 15 Jul 2026View program →Falcon 9 & Falcon HeavyA two-stage rocket whose first stage (nine engines) lands on a ship or pad and flies again. Falcon Heavy straps three together. The nose cone halves are caught and reused too.ScalingUpdated 30 Mar 2026View program →StarlinkThousands of flat satellites in low orbit, linked by lasers, beam internet to homes, ships, planes and the military. Some also connect straight to normal phones.ScalingNextFirst Starlink V3 satellites deployed to orbit by StarshipUpdated 1 Sep 2025View program →DragonA reusable capsule with built-in escape engines and a heat shield. It carries up to four people or cargo to orbit and splashes down under parachutes.ScalingUpdated 29 Aug 2026View program →
Research · Proto · Pilot · Deploy · Scaling

Research & demos

4 items

Open technical problems

Open · Active · Partial
  • Reusing a whole rocket, top stage tooActive research

    No one has reflown an orbital upper stage. Starship's heat shield must survive re-entry without repairs, then it must land or be caught.

  • Refuelling ships in orbitActive research

    Moon and Mars trips need hundreds of tonnes of super-cold fuel moved between ships in orbit. So far it's only been moved inside one ship.

  • Launching often enoughOpen

    Flying like an airline needs more pads, fast pad repairs, and FAA approvals and crash reviews that keep up with frequent tests.

Upcoming catalysts

Company-wide
  • Jan2027Ax-5 private astronaut mission to the ISS (no earlier than)Dragonby ~4 mo
  • 2027Artemis III: Orion rendezvous and docking test with commercial lander(s) in Earth orbitStarshipby ~15 mo
  • 2028Artemis IV: first crewed Moon landing of the Artemis programStarship HLSby ~27 mo

Peers

Launch · 6

Company & funding

2 rounds · as reported
Valuation
$2Tmarket cap
Raised
$1Bdisclosed private rounds
Last round
IPO (Nasdaq)12 Jun 2026
HQ
US
Founded
2002
DateRoundAmountPost-moneyLead
12 Jun 2026IPO (Nasdaq)$86B—Goldman Sachs, Morgan Stanley
Jan 2015Strategic (Google, Fidelity)$1B—Google, Fidelity

Partners & customers

3 customers · 2 partners · 1 supplier

People

Key people
Primer