SpaceX — SpaceX raised $75B in its IPO (555.6M shares at $135; ~$1.75T valuation), trading on Nasdaq as SPCX from 12 Jun 2026 — the largest IPO in history, dwarfing Saudi Aramco's $29.4B (2019); the book ran >2× oversubscribed (~$150B in orders).
165 launches and a 32-flight booster put SpaceX years ahead, but Blue Origin's New Glenn reuse and Rocket Lab's Neutron are finally real. Our read on how durable the lead is. (Our opinion, not investment advice.)
Blue Origin — A New Glenn first stage exploded during a static-fire test at LC-36, Cape Canaveral (28 May 2026) — destroying the booster and damaging Blue Origin's only New Glenn pad. Reported as the most powerful rocket explosion since the Soviet N1 (1969); no injuries. Blue Origin targets return to flight before end-2026, accelerating a vertical-integration redesign.
SpaceX — SpaceX flew Starship V3 for the first time (Flight 12, 22 May 2026) — its most powerful version, built for high-rate Starlink launches and future Moon missions. The suborbital test deployed 20 mock + 2 real Starlinks and was called a success despite engine glitches and a missed booster splashdown; full orbital flight is still to come.
Dollars per kilogram to orbit is the single figure that decides what becomes possible in space — and it has fallen ~20× since the Shuttle. We explain the number and why headline prices need caveats.
Landing a booster is the photo; flying the same booster again — and again — is the economics. We explain why reflights, not landings, are the metric that lowers the cost of space.
Blue Origin — New Glenn reflew a recovered first stage for the first time, ending Falcon's solo run on orbital reuse.
SpaceX — Booster B1067 reached 32 launches and landings, far past Falcon 9's original 10-flight design life.
Blue Origin — New Glenn's first stage landed at sea — the first reusable orbital rocket besides Falcon.
SpaceX — Booster B1021 flew a second time (SES-10) — proving an orbital rocket can be reused, not just recovered.
SpaceX — Falcon 9 became the first rocket to land its first stage after an orbital launch (Dec 21, 2015).
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