SpaceX is set to launch its Starship V3 from Starbase on Thursday, a critical test ahead of a $1.75tn IPO. The 35‑story rocket will carry two modified Starlink satellites and 20 dummies, aiming for a sub‑orbital flight and a booster landing on a Gulf of Mexico drone ship.

Investors focus on Starship because it underpins SpaceX’s $11.4bn 2025 Starlink revenue stream. The IPO filing warned that Starship’s success is vital to launching satellites, delivering AI data centers, and eventually colonising Mars. A miss could dent the company’s valuation and delay its growth targets.

Earlier Starship flights saw 11 attempts, with two grounding incidents and a June launch pad explosion. The most recent setbacks raised doubts about the program’s viability. Regulators grounded the vehicle after a May failure that spun the upper stage out of control, underscoring the risks of rapid re‑use ambitions.

Starship’s performance will directly influence the IPO’s pricing and investor confidence. A successful flight could validate SpaceX’s reusable launch model and cement its satellite network dominance, while a failure might force a reevaluation of its $1.75tn valuation and delay the company’s broader ambitions for future plans.