SpaceX 12th Starship Test Flight
CNBC reported Thursday that SpaceX launched the 12th test flight of its Starship rocket, debuting a brand-new vehicle variant. The mission arrives just days after the company published its IPO prospectus, setting up what analysts expect to be a record-breaking public offering.
Starship V3 Makes Its Debut
The SpaceX Starship test flight introduced the third-generation version of the giant rocket. Standing 408 feet tall when fully stacked, Starship V3 features upgraded engines producing roughly 18 million pounds of thrust. SpaceX designed the new variant to carry 100 metric tons to Earth orbit in a fully reusable configuration, with turnaround times the company likens to commercial aviation. The rocket lifted off from a newly built launch pad at Starbase, the official company town in South Texas formerly called Boca Chica. No crew or live payload was aboard, though mock Starlink satellites were carried during the test.
The IPO Stakes Could Not Be Higher
SpaceX filed its IPO prospectus Wednesday, targeting a raise of approximately $75 billion. That figure would rank among the largest public offerings in U.S. history. The company has poured more than $15 billion into the Starship program, framing the vehicle as central to its broader commercial ambitions. Thursday’s launch was widely viewed as the company’s final opportunity to showcase the rocket to prospective investors before shares debut next month.
Starlink Carries the Business
A look back at SpaceX’s finances reveals a stark reliance on its Starlink internet division. The connectivity unit generated $11.4 billion in revenue and $4.4 billion in operating income in 2025, representing 61% of total company sales. Its space segment, by contrast, brought in $4.1 billion in revenue but posted a $657 million operating loss. Starship is intended to accelerate Starlink’s satellite deployment well beyond what the workhorse Falcon 9 can manage, making the rocket’s development critical to the company’s long-term profitability.
Ambitions Beyond Earth Orbit
Elon Musk has long cited Mars colonization as the ultimate purpose behind Starship, envisioning the rocket ferrying up to 100 passengers per mission. More immediately, NASA is counting on Starship to serve as the lunar lander for its Artemis IV mission, currently scheduled for early 2028. A successful landing would mark the first time U.S. astronauts have walked on the moon in more than half a century. Thursday’s test result will likely sharpen investor sentiment heading into what promises to be one of the most closely watched IPOs in a generation.
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