SpaceX's upgraded Starship launch on Friday delivered enough progress to keep momentum intact behind Elon Musk's $1.75 trillion IPO, while warning that full reusability remains a work in progress.
Starship is critical to lowering SpaceX's launch costs, expanding its Starlink satellite business, and supporting future undertakings such as orbital AI data centers and human missions to the moon and Mars.
Mark Vena, CEO at SmartTech Research, said: 'SpaceX did not need perfection from this Starship flight. It needed proof that the upgraded vehicle is moving in the right direction, and that is largely what investors saw.'
The company has spent over $15 billion developing a fully reusable rocket. The 12th test flight since 2023 was largely successful, deploying mock satellites and executing a controlled splashdown, but the Super Heavy booster failed to land.
Analysts say 'lukewarm success' is a good outcome for the IPO. Total failure would have been problematic, while total success would have triggered excessive excitement.
A roadshow for the IPO is set for June 4, potentially raising up to $80 billion.
