SpaceX Balances Starship Test Milestones Against an Unsettled $40 Billion Hardware Lease
Published on 10/30/2026 at 15:41 | Editorial boerse-global.de
SpaceX wrapped up the final ground tests on its Starship upper stage this week, clearing another hurdle before the planned Flight 15 — even as the company's shares slipped 2.5% on the day amid a broader tech selloff and a major hardware-financing deal still lacked its defining interest rate.
The stock move came without any company-specific trigger, according to market coverage. Instead, the backdrop was a weak session for technology names after the Associated Press reported declining tech stocks and mounting doubts over whether heavy AI spending will generate adequate returns, pressure on the Nasdaq that frames — but does not explain — SpaceX's decline.
Six Engines, One Deorbit Burn, and a Booster Test
Ship 42 completed a full-duration burn with six engines along with a simulated deorbit maneuver using a single engine, SpaceX confirmed on Wednesday. The tests ran Monday and Tuesday. A Super Heavy booster also logged a full-duration engine test, reported Monday, and SpaceX has said it intends to catch both Starship stages on return — an ambition that remains an attempt rather than an achieved result.
Successful pad tests are not proof that the subsequent flight will go as planned, and the company's catch objective should not be confused with a completed milestone.
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A $40 Billion Lease With a Missing Number
Separately, SpaceX on Monday agreed to a financing arrangement worth roughly $40 billion with a vehicle managed by Apollo Global Management. Reuters reported that the entity will purchase AI chips and server hardware and lease it to SpaceX. The final fixed interest rate had not yet been set, leaving the framework for the hardware buildout in place while a key input to its financing cost stays open.
The deal was expected to close before year-end. That distinction matters: the commitment provides a foundation for procurement but is not the same as a completed transaction. Under the structure, the Apollo-managed company buys the equipment and SpaceX leases it, so the arrangement is not a direct purchase. The volume alone says nothing about the ongoing burden on SpaceX — the final fixed rate is the figure that will.
Earnings Momentum Sets the Backdrop
The financing follows a sharp business expansion. On October 20, SpaceX reported third-quarter 2026 revenue of $14.58 billion, a 161% increase year over year according to Reuters. Net income reached $4.4 billion, reversing a $1.1 billion loss in the year-earlier quarter.
AP reported the same day that SpaceX had turned a profit, while putting capital expenditure at $19.6 billion and citing a spending forecast of $35 billion to $40 billion. Strong operating news therefore sits alongside an ambitious outlay plan. Higher revenue cannot by itself establish the viability of the leasing terms, and a finished test demonstrates program progress without answering the question of return on investment.
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An Analyst Turns Bullish
Phillip Securities analyst Glenn Thum upgraded SpaceX from Sell to Buy on October 23, lifting his price target to $250 from $75. He cited demand for computing capacity running ahead of supply and higher contract prices.
That view shifts the focus toward demand and contract terms rather than test milestones. Taken together, the threads point to the two yardsticks investors must apply to SpaceX: technical execution and the economic soundness of its heavy spending. Tuesday's share decline answers neither.
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