SpaceX Nears a Major Milestone Within 15 Days, and Investors Should Pay Attention

SpaceX is approaching its 13th Starship flight test within mid-July, a key milestone for its next-generation fully reusable rocket. While successful tests could strengthen the bull case, investors should remain cautious due to declining profitability ($4.9B net loss in 2025), falling Starlink ARPU ($66 in Q1 2026 vs. $86 in Q1 2025), and regulatory risks tied to U.S. government contracts. The analyst recommends waiting for a major pullback before investing.