SpaceX July 27

Rating Company Date 27 July 2026 Buy SpaceX Company Update North America United States Reuters Bloomberg Exchange Ticker Price at 24 Jul 2026 (USD) 115.07 SPCX.OQ SPCX US NSM SPCX Price Target 255.00 Industrials 201.80 - Space Technology 52-week range 115.07

Starship Flight 13 Debrief Valuation & Risks

Edison Yu Starship Test Flight 13 illustrated solid progress for the program, in our view. For Research Analyst context, this was the second time the upgraded V3 iteration of Starship was flown. Interestingly, the rocket’s second stage (Ship) executed all primary objectives Bryan Kraft whereas the first-stage booster (Super Heavy) performed well for most of the Research Analyst mission until an incomplete engine relight led to a harder splashdown than planned which was also an issue observed on Flight 12. As such, it does appear SpaceX may attempt a catch recovery of the second stage on the next test flight; if successful, Christophe Menard Research Analyst this would represent a key milestone given the very high technical difficulty. Additionally, Flight 13 saw the successful deployment of 20 functional Starlink next-gen V3 satellites. Overall, while the initial abort was optically not ideal, we Laura Li think Starship continues to progress in line with our base-case expectations. Research Associate

What caused the initial abort? During the first launch attempt on July 16th, Starship reached T-0 and began the engine start sequence. However, 4 of Super Heavy’s 33 Raptor engines failed to ignite. Therefore, the flight computer automatically aborted because the launch commit criteria permits a maximum of 2 engines out at liftoff. The company identified the cause to be off-nominal spin response in the liquid oxygen (LOX) turbopumps of 6 engines (4 failed to light plus 2 that displayed off-nominal behavior). The most likely cause of this dynamic was residual moisture that had collected inside the turbopumps from earlier operations. When the extremely cold cryogenic propellant was loaded, that moisture appeared to have frozen. As a result, the ice either slowed the turbopumps dramatically or stopped them from spinning up properly, so those engines never reached the required conditions to ignite. To address this, SpaceX removed and replaced 6 Raptor engines, performed verification testing including spin checks after chill. Then the attempt on July 23rd was postponed due to weather conditions in order to preserve visual coverage of the heat shield tiles during ascent. For background, the heat shield is still being iterated upon and considered one of the higher risk + less mature parts of Starship; therefore, gathering optical data is often the fastest way to assess its performance.

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27 July 2026 Space Technology SpaceX

Mission assessment What went well?

n Ascent & staging: All 33 booster engines and all 6 Ship engines performed well through their powered phases. Hot-staging was clean - rocket separation where the upper stage ignites its engines while still attached to the lower stage booster, which is also still firing. n Boostback: First successful completion of the high-thrust portion of the boostback burn with all 33 engines running on V3 boosters. This is the maneuver that reverses first-stage booster's horizontal forward momentum and steers it back toward the ocean. n Starlink V3 deployment: First flight of functional (not simulator) next-gen V3 satellites. All 20 sats deployed, extended solar arrays and antennas, established RF and laser links, and returned telemetry before burning up on reentry after ~20 minutes. n In-Space Raptor relight: Successful single-engine restart in space; the longest demonstrated to date. Important capability for future orbital missions and controlled de-orbit. n Ship reentry &…