Elon Musk prepares to spend $2 billion on spacecraft after launch explosion

  • Elon Musk plans to spend around $2 billion on the SpaceX Starship rocket in 2023, CNBC reported.
  • In a Twitter space, Musk said the April 20 launch that ended with an explosion “slightly” exceeded expectations.
  • According to the tech billionaire, there is an 80% chance that Starship will arrive in orbit in 2023.

Elon Musk still has big plans for SpaceX and his Starship rocket this year, despite the mega rocket exploding shortly after rolling off the launch pad earlier this month.

In a subscriber-only Twitter space on Saturday, the tech billionaire opened up about the shortcomings and successes of the April 20 launch. Musk said he expects SpaceX will spend around $2 billion on the Starship rocket in 2023 without raising additional funds, according to CNBC.

CNBC space reporter Michael Sheetz live-tweeted the discussion moderated by the Twitter CEO.

“We don’t anticipate needing to raise funds…we don’t anticipate needing to raise funds,” said the The SpaceX founder said, according to Sheetz.

Musk praised the SpaceX team for a “exciting test launch” after the explosion of the mega-rocket, write in a Tweeter that he “learned a lot for the next launch test in a few months”.

“The result was pretty much what I expected, and maybe slightly exceeded my expectations, but pretty much what I expected, which was we would get clear of the pad,” said Musk told listeners on Saturday, per Sheetz.

As for the timeline, Musk said there’s an 80% chance the craft will reach orbit in 2023, and the odds are even higher for next year.

“I think almost 100% change in orbital achievement within 12 months,” he said.

Upon liftoff on April 20, the 40-stage mega-rocket’s engines sent debris flying through the air that even made its way in a town about five miles away. Then, about 24 miles above the ground, the propellant failed to separate, causing the rocket to fall and leaving the SpaceX team no choice but to destroy it in an explosion.

An unexpected “rock tornado” left a crater and damaged the launch pad. Musk explained on Twitter that the damage to the launch pad “was actually quite small” and assured that it would be repaired quickly, according to CNBC.

Since launch, Musk has remained optimistic that he can try again in six to eight weeks as SpaceX is working on several Starship prototypes. He also congratulated his team for their hard work during the Twitter space.

“I think the SpaceX team did an incredible job,” he said. “It is certainly a candidate for the most difficult technical problem made by humans.”

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