SpaceX's Starship Rocket Passes Its 12th Test as Company Plans Major Stock Offering

SpaceX successfully landed its Starship rocket in the Indian Ocean on May 22, 2026, completing the 12th test flight of the vehicle. This was the first flight of the upgraded V3 version, which includes improvements made over the previous eleven test attempts. During this mission, SpaceX also tested the ability to release mock satellites during flight — a key capability the company will need for future commercial work.

The successful test comes as SpaceX prepares to sell stock to the public for the first time. The company is seeking a valuation of $1.75 trillion, which would make it one of the most valuable publicly traded companies in the world.

How the Rocket Performed

The V3 version of Starship carries design improvements from all the previous test flights. During the May 22 mission, the rocket launched from SpaceX's facility in Texas and successfully deployed the mock satellites it was carrying.

Earlier test flights had mixed results. During the third test flight, for example, the rocket's lower section (called the booster) started all 33 of its engines successfully and ran them for the full duration of the upward flight. However, when it tried to land itself by firing engines in reverse, it experienced what SpaceX calls a "rapid unscheduled disassembly" — a polite term for an explosion.

The upper stage of the rocket performed better on that same flight. All six of its engines started successfully and burned for the complete ascent. The flight lasted about 49 minutes before the rocket re-entered Earth's atmosphere.

Learning From Each Test

SpaceX uses a development method that relies on testing, learning from failures, and quickly making improvements. Each test flight has identified problems that the next version addresses. The V3 version, for instance, incorporates fixes to the landing burn sequence and improvements to the heat-resistant materials that protect the rocket during re-entry.

The mock satellite release that SpaceX tested on May 22 shows that Starship can deliver cargo to space. This is its main purpose: carrying very large payloads to orbit much more cheaply than existing rockets can. Starship is designed to carry up to 100 tons of cargo to low Earth orbit — think of it as the equivalent of a heavy-duty delivery truck for space — and to be fully reusable, like an airplane that can be flown again and again.

SpaceX used this same approach years ago with its Falcon 9 rocket, accepting many early test failures while rapidly iterating improvements. Eventually, Falcon 9 became the world's most frequently used commercial rocket. The Starship development campaign follows similar principles, though at much larger scale.

What This Costs and Why It Matters

SpaceX has spent more than $15 billion developing Starship. This includes building the rocket itself, constructing the ground facilities in Texas where it launches, manufacturing the engines, and conducting all the test flights.

The planned stock offering at a $1.75 trillion valuation is a big number. To put it in perspective, it would rank SpaceX among the world's largest companies by market value. This valuation reflects not just Starship's potential but also SpaceX's current profitable business — its Falcon 9 rocket, which launches most of the world's commercial satellites, and Starlink, its satellite internet service.

The timing of this successful test flight just as the company prepares to go public is worth noting. The test provides concrete evidence that Starship is progressing toward becoming an operational vehicle, which supports the company's financial ambitions.

What Comes Next

NASA has chosen Starship to land astronauts on the Moon as part of its Artemis program. SpaceX is also in discussions with satellite companies that want to launch many satellites at once — something Starship's large payload capacity makes possible.

One key capability still to be demonstrated is the ability to transfer fuel between rockets while in orbit. This is necessary for Starship to eventually reach Mars, but it was not tested on May 22. Upcoming test flights are expected to attempt this and other more complex maneuvers.

SpaceX will need approval from the Federal Aviation Administration before it can begin regular commercial launches. The successful May 22 test is the kind of evidence that supports that approval process.

The convergence of technical progress and financial positioning creates conditions for SpaceX to accelerate Starship operations once regulatory approval is obtained. The valuation that SpaceX is seeking reflects expectations that Starship will significantly lower the cost of reaching space and enable new applications that are currently too expensive to attempt.