SpaceX files first IPO documents with SEC

Starship/Superheavy (version 3) on launchpad
Starship/Superheavy (version 3) on launchpad for launch
later today.

After months of speculation and behind the scenes planning, SpaceX yesterday finally filed the initial public offering (IPO) documents with the Securities and Exchange Commission (SEC) outlining the company’s financial standing, in order to give potential stock purchasers an idea of what they are buying.

The filing shows SpaceX’s Connectivity segment, driven primarily by Starlink, has become the company’s financial engine. The segment generated $11.4 billion in revenue during 2025, along with $4.4 billion in operating income and $7.2 billion in adjusted earnings before interest, taxes, depreciation and amortization. The company said the business benefited from subscriber growth [now 10.3 million], wider enterprise adoption and improved network efficiency, with operating income rising more than 120% year over year.

By contrast, the company’s newly acquired AI segment is consuming cash at a remarkable pace. The AI business generated $3.2 billion in revenue during 2025 but posted an operating loss of $6.4 billion as SpaceX ramped investment in AI applications and compute infrastructure. Capital expenditures tied to the AI segment reached $12.7 billion during the year, far exceeding spending in the Space and Connectivity businesses.

…SpaceX’s Space segment generated $4.1 billion in revenue in 2025 and posted a $657 million operating loss. The company spent more than $3 billion on research and development tied to Starship during the year alone. The filing described Starship as the “key enabler” of SpaceX’s long-term growth strategy, saying the vehicle is designed to dramatically improve payload capacity, reusability and launch frequency while opening entirely new categories of missions.

Capital expenditures in the Space segment totaled $3.8 billion in 2025, reflecting the enormous infrastructure demands tied to developing and scaling the Starship program. On a consolidated basis, SpaceX reported $18.7 billion in revenue during 2025, alongside an operating loss of $2.6 billion and adjusted EBITDA of $6.6 billion. For the first quarter of 2026, the company reported revenue of $4.7 billion and an operating loss of nearly $1.9 billion.

In other words, Starlink and rocket sales are paying for the development of Starship and AI.

It appears the company is targeting an early to mid June date for the actual IPO, which some on Wall Street predict could bring in $75 billion in cash. This will be in addition to the $12 billion SpaceX has already raised in private investment capital as well as the more than $12 billion in revenue it earns each year from its Starlink subscribers. Note also that this Starlink annual revenue is presently about half that of NASA’s annual budget, with no upper limit in sight.

In other words, if all goes as planned, the company will have about $100 billion on hand to develop all its business models, with Starship/Superheavy likely leading the way.

I repeat: SpaceX is America’s space program. NASA is merely a sideshow that will become increasingly irrelevant as SpaceX gears up to full speed. And if things go as I believe they will, SpaceX’s success will act to fuel the rest of the American space industry, making the government even less important.

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Vast unveils new high powered satellite bus to support the expected boom in satellite construction

Haven-1 with docked Dragon capsule
Artist rendering of Vast’s Haven-1 station, with a docked
Dragon capsule. Like Have Demo, it is being built using
company funds with no government support.

The space station startup Vast yesterday unveiled a new product line of high powered satellite buses, dubbed Vast Satellite, designed to support the expected boom in satellite construction.

With the launch of Vast Satellite, Vast is expanding beyond commercial space stations into high-volume spacecraft platforms designed for high-performance orbital missions. The first offering is a 15 kW-class satellite bus designed to support a wide array of power-intensive missions through flexible configurations.

Built around common in-house subsystems—including avionics, power, communications, propulsion, and flight software—Vast Satellite leverages technologies already developed for its Haven-1 space station, and validated through the successful Haven Demo mission in 2025. This shared architecture combined with Vast’s vertically integrated manufacturing model and advanced production capabilities is designed to support faster development timelines, lower costs, and increased mission reliability.

The company says it has already sold four buses to a confidential customer, with an option for 200 more. This sale occurred because Vast has proved itself with its policy of committing its own investment capital in designing, building, and flying demo missions. The Haven Demo was initially launched to test the subsystems to be used on the Haven-1 single module station the company hopes to fly next year on a three-year mission, during which four two-week manned crews will occupy it. That success allowed Vast to now diversify, using what it learned and proved on that demo to sell new products to other customers.

Similarly, its Haven-1 station, built on its own dime with no NASA funds, is intended to prove its capability as a space station provider. If successful, it is certain at that point to attract customers, including NASA.

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SpaceX launches 24 Starlink satellites

SpaceX in the early morning hours today successfully placed another 24 Starlink satellites into orbit, its Falcon 9 rocket lifting off from Vandenberg Space Force Base in California.

The first stage completed its second flight, landing on a drone ship in the Pacific.

The leaders in the 2026 launch race:

58 SpaceX
28 China
8 Russia
6 Rocket Lab

For the third straight year SpaceX leads the entire world combined in total launches, 58 to 50.

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Contractor dies at Boca Chica falling eight feet from scaffold

A worker at SpaceX’s Boca Chica facility died on May 15, 2026 after falling eight feet from a scaffold.

A 25-year-old man died after falling 8 feet from a scaffold at a SpaceX facility, according to Justice of the Peace Mary Esther Sorola.

The Cameron County Sheriff’s Office first confirmed the death and said it happened on Friday, May 15. The man has been identified as Jose Bautista from Donna. Sorola said Bautista was taken to Valley Regional Medical Center by a SpaceX ambulance. A preliminary autopsy report says he suffered blunt force trauma from the fall; he died at the hospital.

The Wall Street Journal calls the victim a “contractor”, not a SpaceX employee.

As is routine for such incidents, the Occupational Safety and Health Administration (OSHA) has begun an investigation.

This incident is likely unrelated to the more recent short delays in the 12th Starship/Superheavy test flight, as it occurred prior to those delays. It is also puzzling for someone to die from so short a fall. Either the height is incorrect, or some other factors must have been at play.

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BUMPED: 12th Starship/Superheavy test delayed another day to May 21, 2026

UPDATE: One day after its announcement below, SpaceX announced another one day delay. The 12th Starship/Superheavy launch is now targeting May 21, 2026, with a launch window beginning at 5:30 pm (Central).

Original post:
———————
SpaceX earlier today announced a revised launch date for the 12th Starship/Superheavy orbital test flight, delayed one day from May 19, 2026 to May 20, 2026, with a launch window opening at 5:30 pm (Central).

No reason was given. I suspect weather might have played a factor, but it is also possible that some technical issues required a short delay.

Either way, the link to the X live feed will be posted here once it goes live. I will also embed it on Behind the Black once it goes live.

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Several major American satellite companies release a joint guide on “orbital safety”

Working with the American Institute of Aeronautics and Astronautics (AIAA), the American satellite companies building large orbital constellations — SpaceX, Amazon, Iridium, and Eutelsat — have now released a joint reference guide for building and operating their satellites, dubbed “Satellite Orbital Safety Best Practices 3.0.”

  • Emphasizes the design phase for improved orbital safety
  • Stresses pre-launch coordination and collision avoidance analysis, especially near crewed vehicles, mitigating hazards during post-launch identification and cataloging of new orbital objects
  • Provides guidance on data sharing across design and operations emphasizing the critical importance of sharing and screening high quality ephemeris with covariance from deployment through disposal
  • Includes an Appendix with data exchange recommendations to mitigate conjunctions

The companies have apparently decided they needed to get together to make sure they were not stepping on each other’s toes. I would expect other companies to soon join this cooperative effort, as it is in no one’s interest to have satellites colliding in orbit.

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Louisiana passes legislation favorable to aerospace rocket companies

Pecan Island SpaceX facility?

In what appears to be a direct response to the rumors that SpaceX might be considering buying a gigantic swath of land near Pecan Island on the Louisiana coast for future launch operations, the Louisiana state legislature this week passed several laws providing tax breaks and protection from frivolous lawsuits to “aerospace flight entities”.

The tax breaks relate to the sales and property taxes. As for the lawsuit protection:

The bill would protect aerospace companies from temporary restraining orders for claims of noise pollution and similar public nuisance lawsuits by creating what’s called a “special motion to strike,” which would require a plaintiff to show the court early on that they’re likely to win their lawsuit.

Apparently the legislature has been negotiating with at least one or two big aerospace companies on these matters, and has taken these actions in response to these negotiations. Non-disclosure agreements prevent the legislators from revealing the companies involved, but it does appear based on all the local rumors that SpaceX is a likely candidate to buy that 200+ square mile plot near Pecan Island. It also appears it wants some legal protections before it commits, based on its experience at Boca Chica.

With the passage of this legislation, we should find out relatively soon what companies are involved.

Hat tip BtB’s stringer Jay.

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Cargo Dragon docks with ISS

Spacecraft presently docked to ISS
The spacecraft presently docked to ISS.

The unmanned Dragon capsule that SpaceX launched on May 15, 2026 successfully docked with ISS early this morning, bringing with it almost 6,500 pounds of cargo to the station.

In addition to cargo for the crew aboard the space station, Dragon will deliver several new experiments, including a project to determine how well Earth-based simulators mimic microgravity conditions, a bone scaffold made from wood that could produce new treatments for fragile bone conditions like osteoporosis, and equipment to help researchers evaluate how red blood cells and the spleen change in space. The Dragon spacecraft also will carry a new instrument to study charged particles around the Earth that can impact power grids and satellites, an investigation that could provide a fundamental understanding of how planets form, and a instrument designed to take highly accurate measurements of sunlight reflected by Earth and the Moon.

It also delivered a French-made spacesuit prototype to be tested by French astronaut Sophie Adenot to see if its design will allow her to get in and out of the suit in under two minutes. Based on what Adenot reports, engineers will use this prototype to develop “a new prototype” for further ground testing. (I wonder if this project is like most European space projects: After this second prototype is tested, they will build a third prototype, followed by a fourth and fifth, with the real article not actually going into operation for decades hence.)

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SpaceX prepares for the biggest IPO in history

SpaceX logo

As SpaceX and numerous banks get ready for the company’s initial public offering of stock (IPO), several tidbits about the structure of the stock and the company post-IPO have been dribbling out.

First, prior to the sale the company split its stock, converting each existing private share from one to five. It appears this action served to protect the value of that previously issued stock, much of which had either been issued to employees or purchased by major investors, including Musk. This split maintains their control over the company.

It also lowered the expected price of the stock in the IPO, ranging from present estimates of $100 to $160.

The absolute level of a stock doesn’t typically matter all that much, but a lower price might help smaller retail investors build positions. Retail shareholders are expected to be important for SpaceX. They hold a lot of Tesla shares.

Second, these preliminary stock arrangements appear designed to guarantee Elon Musk will remain in control of the company, even after it goes public. His shares, numbering 260 million (which could be more than a billion if prior to the stock split), will be given supervoting powers, ensuring his mastery of the company.

When the IPO happens remains uncertain. The Wall Street Journal says June 12, 2026, while Bloomberg says it could be as soon as May 20th.

Either way, it will be a major financial event, and should shake up the entire global launch industry in ways that cannot be predicted. It will certainly give SpaceX the funds it needs to develop Starship/Superheavy fully, making access to space cheap and affordable. It will also allow the company to pursue its goals in space, establishing data centers constellations in orbit and on the Moon (for profit) as well as colonies on Mars.

Whether the IPO will suck all the investment capital out of the rest of the industry remains uncertain, though some are claiming this. In reality, it could just as easily end up doing the opposite, as the market is never zero-sum game. Success in one place usually ends up fueling success all around.

Either way, this IPO is going to change things for sure. It will establish without question what I have been saying for more than a year, that the real American space program is being run by SpaceX, and that NASA’s Artemis program is merely a long term ineffective sideshow that is simply aiding the company achieve its goals.

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SpaceX launches cargo Dragon to ISS

SpaceX today launched an unmanned Dragon freighter to ISS, its Falcon 9 rocket lifting off from Cape Canaveral Space Force Station in Florida.

The first stage completed its 6th flight, landing back at Cape Canaveral. The capsule is also making its sixth flight to ISS, and will dock with the station at 7 am (Eastern) on May 17, 2026.

57 SpaceX
27 China
8 Russia
6 Rocket Lab

For the third straight year SpaceX leads the entire world combined in total launches, 57 to 48.

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The 12th Starship/Superheavy test orbital flight now scheduled for May 19, 2026

Starship/Superheavy (version 3) on launchpad
Starship/Superheavy (version 3) on launchpad

SpaceX yesterday announced that the 12th orbital test flight of its Starship/Superheavy rocket is now scheduled for May 19, 2026, with a launch window opening at 5:30 pm (Central).

The mission will be also be the first flight of what SpaceX calls Version 3 of both the booster and the spaceship, will include the first use of the Raptor-3 engine, and the first use of a completely redesigned launchpad.

The flight test’s primary goal will be to demonstrate each of these new pieces in the flight environment for the first time, with each element of the Starship architecture featuring significant redesigns to enable full and rapid reuse that incorporate learnings from years of development and test.

The booster’s primary test objective will be executing a successful launch, ascent, stage separation, boostback burn, and landing burn at an offshore landing point in the Gulf of America. As this is the first flight test of a significantly redesigned vehicle, the booster will not attempt a return to the launch site for catch.

The Starship upper stage will target multiple in-space and reentry objectives, including the deployment of 22 Starlink simulators, similar in size to next-generation Starlink satellites. The last two satellites deployed will scan Starship’s heat shield and transmit imagery down to operators to test methods of analyzing Starship’s heat shield readiness for return to launch site on future missions. Several tiles on Starship have been painted white to simulate missing tiles and serve as imaging targets in the test. The Starlink simulators will be on the same suborbital trajectory as Starship. A relight of a single Raptor engine while in space is also planned.

As an added potential test-to-failure, the company has also removed a single heat shield tile to test how Starship performs under this failure scenerio. The flight plan will be the same as the previous flights, designed to come down in the Indian Ocean.

A detailed description about the upgrades to Starship, Superheavy, and the ground systems can be found here.

The company will broadcast the launch live, which I will embed on Behind the Black once available.

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SpaceX kind of confirms rumor it is considering purchasing 136,000 acres in Louisiana

Pecan Island SpaceX facility?

In a tweet yesterday SpaceX sort of confirmed the rumor reported here last week that it is considering purchasing a giant 200-plus square mile plot (about 136,000 acres) on the south coast of Louisiana near the unincorporated town of Pecan Island.

It’s no secret that we intend to launch Starship a lot, targeting thousands of flights per year. That cadence will require the ability to launch from many different locations, so we are constantly exploring to find viable sites to expand Starship operations in the future, both domestically and internationally

This comment was in response to a tweet touting this rumor. Note that SpaceX’s comment is somewhat vague. It says the company is searching for additional launch locations for Starship, but does not say specifically if this Louisiana plot is one of them.

I suspect it is, based on all the known facts. The company is just being coy, likely because negotiations are still on-going. If so, the tweet tells us that if purchased SpaceX intends to use the site as a future spaceport. And because of its size, it will likely also install Raptor-3 engine test stands as well as its planned data-center satellite manufacturing, consolidating some operations in one location.

Hat tip BtB’s stringer Jay.

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SpaceX and Google negotiating deal to launch data centers into space

Though few details have been confirmed, according to the Wall Street Journal SpaceX and Google are in advanced negotiations to launch data centers into space.

We don’t know if these data centers will be part of a SpaceX/Google partnership, or whether Google is merely negotiating a SpaceX launch deal to place its own data centers in orbit. Nor do we know if this deal will use SpaceX’s Falcon rockets, or is aimed at using Starship when operational. Neither would surprise me. Nor would it be surprising if both occur.

The story is in linked to SpaceX’s impending initial public stock offering (IPO), expected to the biggest in history.

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Louisiana state senator: Two unnamed aerospace companies are bidding for major land purchase

Pecan Island SpaceX facility?

In response to the story earlier this week that SpaceX might be acquiring a 200-plus square mile patch of land near Pecan Island on the southern coast of Louisiana, a state senator has now confirmed that two unnamed aerospace companies have been talking with landowners about a possible purchase.

State Sen. Bob Hensgens, R-Abbeville, said he knows of two companies — he did not reveal if it is Elon Musk-owned SpaceX or Jeff Bezos’ Blue Origin — that have reached out to landowners in coastal Vermilion and Cameron parishes about a possible acquisition. “I know both companies are trying to find property in southwest Louisiana,” Hensgens said. “I know from people in the parishes that the companies have made outreach in the area.”

If so, we might actually have a bidding war for this property. Note however that nothing has yet been confirmed, including the names of the companies involved. The article at the link however provides some background into the 136K acre plot owned by Exxon, and how it might now be for sale. It also reports that a number of legislators (not Hensgens) have signed non-disclosure agreements about the negotiations.

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SpaceX launches 24 more Starlink satellites

SpaceX tonight successfully launched another 24 Starlink satellites, its Falcon 9 rocket lifting off from Vandenberg Space Force Base in California.

The first stage completed its 24th flight, landing on a drone ship in the Pacific.

The leaders in the 2026 launch race:

55 SpaceX
23 China
8 Russia
6 Rocket Lab

For the third straight year SpaceX leads the entire world combined in total launches, 55 to 44.

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Two lawsuits against SpaceX, claiming company operations damage local homes

Starship and Superheavy during ascent
Starship and Superheavy ascending during October test flight.

SEE UPDATE BELOW for info on 2nd lawsuit.
—————————-
In what appears to be another frivolous lawsuit aimed at SpaceX, about 80 homeowners located from five to ten miles away from SpaceX’s Starbase launch site at Boca Chica have now sued the company, claiming Starship launches have damaged their homes.

The 53 homes are in small towns between 5 and 10 miles from SpaceX’s launch complex near Boca Chica Beach outside Brownsville with 43 in Port Isabel and the others in Laguna Vista, Laguna Heights and South Padre Island.

The lawsuit doesn’t describe the specific damage incurred by each homeowner, but there have been reports of houses shaking, items falling off shelves and broken windows after previous launches and landings of Starship, the world’s largest and most powerful rocket.

“SpaceX has repeatedly subjected the surrounding areas to extraordinary amounts of acoustic energy including noise, vibrations, and sonic booms,” it said of the flights, which can produce multiple sonic booms in addition to the sustained noise of launch, depending on the mission. Starship operations have subjected the plaintiffs’ homes “to repeated intense and damaging acoustic events,” the lawsuit said. [emphasis mine]

In other words, the launches are noisy, and might have caused some things to fall off shelves and might have broken windows. Note too that in Florida the safety zone around launches is three miles, and comparable rockets to Superheavy/Starship (Saturn-1B, Saturn-5, the Space Shuttle and SLS) have repeatedly launched there without causing any noticeable damage. I myself watched a shuttle launch from five miles away and found the sound of the launch actually disappointing. It certainly wasn’t going to cause damage to anything at that distance.

This lawsuit therefore appears simply to be a case of some lawyer trying to blackmail a big company for some ready cash. Its origin might also stem from the insane leftwing hate of Musk because he had to gall to support the election of Donald Trump in 2024. Note too that the author of the article at the link, Brandon Lingle, seems to be one of those insane anti-Musk haters, as he never has anything good to say about SpaceX, and treats all environmentalists like saints.

UPDATE: It appears the same law firm behind the lawsuit above has filed a second lawsuit for 80 other landowners in the vicinity of SpaceX’s MacGregor test site near Waco, claiming the static fire engine tests there are causing them unspecified problems as well. As with the lawsuit above, it appears the claims are mostly an attempt to squeeze money from SpaceX, with some of that effort fueled by anti-Musk hatred.

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Is SpaceX buying a 200-plus square mile patch of Louisiana?

Pecan Island SpaceX facility?

According to a real estate agent in Louisiana, there is credible but unconfirmed evidence that SpaceX is in the process of buying a 136,000 acre plot of land owned by Exxon on the coast of Louisiana west of New Orleans, near the unincorporated town of Pecan Island.

The rumor — repeated in private group chats, in coffee shops in Abbeville, and in hunting camps from Forked Island to Grand Chenier — is that SpaceX has acquired or is in the process of acquiring approximately 136,000 acres of coastal Louisiana marshland straddling Pecan Island and Freshwater City in Vermilion Parish. The footprint reportedly stretches from south of Highway 82 down to the Gulf of America, encompassing some of the most ecologically rich and economically untouched wetlands in North America.

If true, this would be the single largest private land acquisition in the modern history of Vermilion Parish. To put it in perspective: 136,000 acres is roughly 212 square miles — bigger than the entire city of New Orleans. SpaceX’s existing Boca Chica/Starbase facility in South Texas, which has reshaped Brownsville’s economy and real estate market in just five years, is built on a footprint of less than 100 acres. A 136,000-acre Louisiana site would not be a launch pad. It would be an industrial campus on a scale never before seen in American aerospace.

I must emphasize that this agent is speculating, and that there is no confirmed evidence that SpaceX is the rumored buyer. At the same time, the agent has done his homework. This purchase by SpaceX would make sense on multiple levels. It would give it a very large facility smack dab between Boca Chica and Florida, on the Gulf, so that if Starships are manufactured here they could be easily shipped both east and west to those launch sites. This facility would also give SpaceX to option of shifting more of its operations out of unfriendly California and to a more friendly state, something Elon Musk has been doing since the Covid panic.

It would allow for the construction of larger data centers and satellite manufacturing factories, without much opposition from local communities.

Finally, there is the possibility this location could also serve as a spaceport, though it would only work well for polar orbits.

Stay tuned. If this speculation is true we should find out momentarily.

Hat tip reader Steve Golson.

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SpaceX launches South Korean Earth imaging satellite plus 44 other smallsats

SpaceX at about midnight tonight successfully launched a South Korean Earth imaging satellite as well as 44 other smallsats, its Falcon 9 rocket lifting off from Vandenberg Space Force Base in California. As of posting the satellites had not yet been deployed.

The first stage (B1071) completed its 33rd flight, landing back at Vandenberg, 50 days after its previous flight. With this flight, the booster moves into a third place tie with the Atlantis shuttle shuttle in the rankings of the most reused launch vehicles:

39 Discovery space shuttle
34 Falcon 9 booster B1067
33 Atlantis space shuttle
33 Falcon 9 booster B1071
32 Falcon 9 booster B1063
31 Falcon 9 booster B1069
28 Columbia space shuttle
27 Falcon 9 booster B1077
27 Falcon 9 booster B1078

Sources here and here.

The leaders in the 2026 launch race:

54 SpaceX
23 China
8 Russia
6 Rocket Lab

For the third straight year SpaceX leads the entire world combined in total launches, 54 to 44.

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SpaceX launches 29 more Starlink satellites

SpaceX today successfully placed another 29 Starlink satellites into orbit, its Falcon 9 rocket lifting off from Cape Canaveral Space Force Station in Florida.

The first stage (B1069) completed its 31st flight, landing on a drone ship in the Atlantic, 63 days after its previous flight. It remains in 6th place in the rankings of the most reused launch vehicles:

39 Discovery space shuttle
34 Falcon 9 booster B1067
33 Atlantis space shuttle
32 Falcon 9 booster B1071
32 Falcon 9 booster B1063
31 Falcon 9 booster B1069
28 Columbia space shuttle
27 Falcon 9 booster B1077
27 Falcon 9 booster B1078

Sources here and here.

The leaders in the 2026 launch race:

53 SpaceX
23 China
8 Russia
6 Rocket Lab

For the third straight year SpaceX continues to lead the entire world combined in total launches, 53 to 44.

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FCC approves new spectrum rules to give new constellations more capacity

The Federal Communications Commission (FCC) yesterday approved new spectrum rules proposed by SpaceX that will increase the capacity of all the new low-Earth-orbit constellations by as much as seven times.

The commission introduced the new rules earlier this month before approving them at a Thursday meeting. The revamp targets the Equivalent Power Flux Density (EPFD) rules, which were developed in the late 1990s and limited the amount of energy satellite systems could transmit to and from ground equipment. The regulations were also designed to prevent radio signal interference between higher-orbiting geostationary satellites and lower-orbiting systems. But during the vote, Carr said the decades-old existing rules were “holding back” newer satellite internet offerings.

“Modern satellite designs make it far easier to share spectrum than what yesterday’s regulations assumed. We can do a lot better,” he said. Carr touted the 7x increase when the commission found the revamped rules could enable “eight satellites to provide service simultaneously in a given geographic area and frequency band, instead of being effectively limited to one satellite under current EPFD limits.”

The FCC was sold on this change after SpaceX conducted its own tests in orbit, using Starlink satellites, to demonstrate it could work. The rule change will benefit all the new constellations, which is why Amazon’s Leo constellation supported the change as well.

The speed in which the FCC acted on this matter must also be noted. It did not bother with long studies of its own. It quickly reviews SpaceX’s work, realized it made sense, and scheduled the vote at its very next meeting. This constrasts starkly with the FCC during the Biden administration, which routinely slow-walked or even opposed such suggestions.

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