M Stanley issued a research report stating that Space Exploration Technologies Corp. (SPCX.US) received an overall B+ rating for its 14th launch. The first orbital flight and deployment of operational Starlink satellites marked a major achievement, although the V3 propulsion system still showed some recurring issues that may require deeper investigation. The broker believes Starship launches should no longer be described as “test launches” at this stage, as each Starship launch deploying Starlink already carries a workload equivalent to multiple Falcon 9 launches, depending on partial or full payloads, at roughly 10x to 25x.

The broker noted that Flight 14 received an A+ for countdown and launch preparations, an A+ for hot-stage separation, an A for orbital insertion, an A+ for Starlink payload deployment, and an A- for ship re-entry, heat shield and splashdown. However, liftoff and orbital ascent only received a C, while booster return and landing burn received a B. One Raptor Vacuum engine was lost shortly after stage separation during flight, while two sea-level engines failed to ignite during booster landing. Although this did not materially affect the overall mission, the current design still requires improvements before rapid reusability can be achieved. A similar Raptor Vacuum failure also occurred during Flight 12, representing a recurring issue for the V3 Starship.

The broker said the share price impact will largely depend on plans for Flight 15, with more details expected in the coming days. A successful ship catch could become the most important catalyst since the IPO, while a delay to Flight 16 or later would give bears more grounds to question Space Exploration Technologies Corp. (SPCX.US) 's timeline. The broker maintained its Overweight rating and USD300 target price. (ad/da)(Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)