Elon Musk Expects Starship To Make Orbit On Next Launch, Forecasts $2B SpaceX Expense On Mega Rocket This Year

SpaceX CEO Elon Musk on Saturday said that he expects the company to spend about $2 billion to develop the Starship rocket- expected to reach orbit on its next flight- this year.

What Happened: Musk said that he expects Starship’s next launch to reach orbit, reported CNBC. Starship’s first launch exceeded his expectations, Musk said on a Twitter Spaces discussion live-tweeted by CNBC space reporter Michael Sheetz.

SpaceX will not need to raise any additional funding for the purpose, Musk said, as reported by CNBC. While Musk pegs the chances for Starship reaching orbit at 80% this year, he is confident that the rocket will reach orbit within 12 months.

About The First Flight: SpaceX conducted the first test launch of Starship in April. The rocket exploded in less than four minutes after take-off, damaging the launch pad at Starbase and raining down dust on the residents of Port Isabel, Texas.

Musk said that the damage at the launchpad is “quite small” and that Starship would be ready to relaunch in 6-8 weeks “from a pad and rocket standpoint.” The debris is not toxic and the company is not aware of any "meaningful damage" to the environment due to the launch, Musk said.

Why It Matters: The FAA has commenced a mishap investigation of Starship after its explosion. Until the FAA ascertains that the rocket does not affect public safety, Starship cannot fly again. It may be completed in a few weeks or take several months depending on the circumstances, the Federal agency says on its website.

Touted as “the biggest rocket ever“, Starship is a major part of Musk's dreams of making life “multi-planetary.” In 2020, Musk said that he would send a million people to Mars by 2050 aboard Starship.

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