Falcon rockets are no longer taking orders! As SpaceX's stock price comes under pressure, Musk is fully betting on the yet-to-be-commercialized Starship.

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SpaceX is making an unprecedented strategic gamble, as the rocket giant has begun refusing exclusive Falcon 9 launch orders for 2028 and beyond, halted production of some non-reusable components, and is fully betting on the Starship rocket, which has yet to enter commercial operations.

On Friday, Bloomberg, citing sources familiar with the matter, reported that SpaceX has stopped accepting future bookings for Falcon 9 rideshare launches and has ceased production of certain non-reusable components, including the rocket's upper stage. This strategic shift coincides with a deep correction of SpaceX's stock—currently down about 24% from last month's historic IPO price of $135, closing at $118.24 on Thursday, which is more than 12% below the IPO price.

This move means that if Starship fails to achieve commercial launch capability by the end of 2028, numerous space companies around the world relying on SpaceX for orbital access will face a severe capacity shortfall. Given that global demand for heavy-lift rockets already exceeds supply, this risk cannot be ignored.

Refusing orders, strategic shift has substantially begun

According to sources reported by Bloomberg, SpaceX has begun rejecting satellite operators' requests for exclusive Falcon 9 launches after 2028 and has suspended acceptance of future rideshare launch reservations. More crucially, the company has stopped producing certain non-reusable components of the Falcon series rockets, including the large upper stage.

SpaceX previously publicly stated that it plans to gradually replace the Falcon 9 with Starship but never disclosed a specific timetable. The exposure of these substantial actions marks that the strategic transformation has moved from verbal statements to execution, considered one of the most significant strategic shifts in the company’s decades-long launch business.

Sources also pointed out that SpaceX's plans involve uncertainties; if Starship encounters major setbacks in development, the company may adjust its strategy. In addition, Falcon 9 is still expected to continue serving launch missions for the US Department of Defense and NASA.

Starship faces repeated setbacks, lagging commercialization

Starship is at the core of Musk’s space ambitions, carrying grand visions such as deploying data centers in space, expanding the Starlink communication network, and eventually sending humans to the Moon and Mars. However, this rocket has not yet entered service, with repeated explosions, system failures, and delays during its test phase.

Just this Thursday, SpaceX postponed the scheduled Starship test flight again, marking the second delay in about a week. The ongoing delays in Starship’s development are seen as one of the key factors pressuring SpaceX’s stock price recently.

To leap from the test phase to commercial launches in about a year and a half, SpaceX needs to overcome multiple key technical bottlenecks and bring this long-delayed vehicle to the market, an extremely challenging task.

Falcon exits, global orbital capacity faces gap

For years, the Falcon 9 has virtually monopolized the global commercial space launch market, making it the most frequently launched carrier rocket in history. It significantly lowered the cost of accessing space and directly drove the booming development of large-scale satellite constellations, including Starlink.

If Falcon 9 withdraws from the commercial launch market and Starship fails to take over as scheduled, numerous space companies globally relying on SpaceX's capacity will be in trouble. Given the severe shortage of heavy-lift rockets worldwide, SpaceX’s move may further exacerbate the tight situation of orbital access and impact the entire commercial space industry chain.

Last month, SpaceX completed its historic first public offering, with an issue price set at $135. However, the uncertainty caused by Starship development delays quickly eroded market confidence, and the company’s stock price has fallen about 24% over the past month.

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