SpaceX’s Starship reached orbit for the first time on its 14th test flight and deployed 26 next-generation Starlink V3 satellites before an engine failure shortened the mission and led to a controlled Pacific splashdown. The milestone advances plans for larger Starlink launches, routine Starship service later this year and future NASA lunar missions. UBS analyst John Hodulik reiterated a Buy rating and $210 price target, forecasting third-quarter 2026 revenue of $13.8 billion and adjusted EBITDA of $7.5 billion, above Wall Street expectations of $12.9 billion and $6.9 billion. He expects AI revenue of $7.6 billion, supported by Anthropic and early contributions from Google, while connectivity revenue rises 59% to $4.9 billion with 2.3 million subscriber additions. Hodulik estimates third-quarter capital expenditure of $19.3 billion and cash burn of $13.2 billion as SpaceX expands its computing, connectivity and launch businesses. He expects 35 launches to lift space-business revenue to $1.3 billion, following 113 launches so far this year, including 33 Falcon 9 missions in the third quarter. Wall Street maintains a Moderate Buy consensus based on 27 Buys, five Holds and two Sells, with an average $233.10 target indicating 56.2% upside potential.