Citi认为投资者将更关注SpaceX Starship技术里程碑而非财报

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Investors are likely to focus on SpaceX’s Starship tech milestones, not results

AuthorPranav Kashyap

Stock Markets

Published Oct 11, 2026, 04:28 PM

Investors are likely to focus on SpaceX’s Starship tech milestones, not results

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Investors are likely to focus on SpaceX’s Starship tech milestones, not results

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Image 1: © Reuters.

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SPCX+1.25%

Investing.com - SpaceX’s successful Starship Flight 14 test has reinforced its unrivaled launch lead and unlocked its broader space infrastructure expansion, Citi Research said in a report, reiterating a Buy rating on the company.

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While quarterly financial results for the space segment remain a secondary driver, analysts emphasized that demonstrating major Starship technical milestones is the primary catalyst required to establish dominant positions across multiple high-value space markets.

"We believe that SPCX’s unrivaled launch capabilities represent the foundational competitive advantage that enables all other parts of its business," Citi written in the report.

First revenue-generating flight achieves orbit

Flight 14 marked a significant operational turning point, representing Starship’s first-ever orbital entry and its inaugural revenue-generating mission by successfully deploying 26 next-generation Starlink V3 satellites into orbit.

Citi noted key technical takeaways from the Flight 14 test:

Engine Resiliency: During ascent, a single Raptor vacuum engine shut down prematurely; however, Starship’s control systems successfully compensated by burning the remaining five engines longer to achieve its intended passively safe suborbital trajectory.
Simulated Tower Catch: The Super Heavy booster completed a soft splashdown in the Gulf off Starbase, mimicking the profile of a "chopstick" catch burn despite not making physical contact with the launch tower.
De-Orbit Execution: In addition to satellite deployment, Starship successfully completed its first-ever de-orbit burn to initiate controlled atmospheric re-entry.

Year-end flight 15 focuses on ’Chopstick’ catch

Citi expects SpaceX to execute at least one additional launch before the end of the year (Flight 15), viewing a second launch in that timeframe as statistically unlikely based on historical cadence.

The key upcoming milestone for investors and engineers remains the second-stage "chopstick" test- catching the Starship upper stage (the ship) with the launch tower arms for the first time. Citi expects SpaceX to attempt this capability on Flight 15, describing it as the crucial step toward achieving full and rapid vehicle reusability.

Investors are likely to focus on SpaceX’s Starship tech milestones, not results

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