A SpaceX Dragon capsule carrying astronauts Butch Wilmore and Suni Williams, as well as NASA’s Nick Hague and Russian cosmonaut Aleksandr Gorbuno, landed off the Florida coast at 5:57 p.m. EDT on Tuesday (March 18).
This marked the end of a nine month saga for the two astronauts that began last June, when they departed to the International Space Station (ISS) for an eight day mission to test Boeing’s (NYSE:BA) Starliner for future crewed missions.
The astronauts’ prolonged stay and their eventual rescue by SpaceX has undeniably propelled discussions about the reliability and expanded role of commercial entities in space travel.
Boeing Starliner issues and SpaceX rescue mission
Wilmore and Williams’ mission was the Starliner’s first crewed flight, and they were supposed to return after eight days. After they landed on the ISS on June 6, 2024, NASA delayed their return due to technical issues with the Starliner.
NASA had detected a helium leak shortly before launching the Starliner, but proceeded with the mission. However, the spacecraft experienced additional helium leaks and thruster failures during docking. Due to uncertainty about thruster reliability during reentry, NASA opted for an uncrewed return to Earth.
NASA then turned to SpaceX, Elon Musk’s space exploration startup, and began preparations for the crew to return on a SpaceX Dragon capsule. At that time, NASA expected the astronauts to return to Earth in February 2025, but subsequent technical delays led to a revised launch date from earth on March 11.
Wilmore and Williams made the most of their prolonged stay on the ISS, conducting 150 experiments, the CBC reports. Williams also broke the record for total spacewalking time by a female astronaut.
NASA and SpaceX postponed the flight again until March 14 due to an issue with the ground equipment used to support the flight. In the end, SpaceX’s Falcon 9 rocket carrying its Dragon craft left Earth from Florida’s Kennedy Space Center at 7:03 p.m. EDT on Friday, March 14, arriving at the ISS roughly 29 hours later on Sunday, March 16. The Dragon undocked from the ISS to bring the mission home a few days later on Tuesday at 1:05 a.m., landing back on Earth later that day.
“On behalf of Crew-9, I’d like to say it was a privilege to call the station home, to live and work and to be a part of a mission and a team that spans the globe, working together in cooperation for the benefit of humanity,” Hague said as the capsule undocked. “Crew-9 going home.”
Private companies’ growing role in space travel
The successful return of Wilmore and Williams highlights the growing role of private companies in space travel. The aging ISS, slated for decommissioning due to escalating maintenance, helped provide the impetus for this new era.
In June 2023, the US Biden administration awarded SpaceX a contract valued at US$843 million to build a spacecraft that will guide the ISS out of orbit, allowing it to break up upon re-entry into Earth’s atmosphere.
While the mission is slated for 2030, Musk advocated in February for completion within two years. ‘It has served its purpose,’ he posted on X, formerly known as Twitter. ‘There is very little incremental utility. Let’s go to Mars.’
His push for speed comes as competition in the commercial space sector rises. Multiple delays and technical challenges faced by Boeing’s Starliner program have created opportunities for private companies like SpaceX and Jeff Bezos’ Blue Origin to expand their presence and capabilities in the commercial space sector. SpaceX is also developing its Starship reusable launch vehicle, intended for a range of purposes, including travel to the Moon and Mars.
2025 has seen numerous high-profile launches and tests, with each launch representing a strategic step in the broader space race. Blue Origin successfully completed the inaugural launch of its New Glenn rocket in January. SpaceX has also conducted two test flights of its Starship rocket so far this year, although both exploded after launch. Four of eight Starship tests have been successful since its first test in 2023, with the next slated for April.
US-China space race and Musk-Trump conflict of interest
Competition between the US and China for strategic dominance in space has intensified since China’s Chang’e-4 mission achieved the first-ever soft landing on the far side of the Moon in January 2019.
This was a significant technological achievement that demonstrated the capabilities of China’s space program, which benefits from consistent investment by the government.
Conversely, while NASA remains a substantial recipient of government funding, the amount has fluctuated over the decades, leading to periods of constrained budgets. Recognizing the potential for innovation and efficiency, NASA has progressively incorporated commercial partnerships into its programs.
The Artemis program — NASA’s lunar exploration program that directly competes with China’s Chang’e — demonstrates this strategic shift through its collaboration with SpaceX for the Human Landing System. SpaceX has also taken a more active role in providing crew and cargo transportation to the ISS, as well as launch services for various NASA missions.
Musk’s financial support to US President Donald Trump’s campaign sparked concerns over the potential influence the billionaire would have over NASA-related decisions, including funding allocation. Trump’s actions since taking office in January fueled these concerns further — Trump chose Jared Isaacman, a close friend of Musk and a billionaire with no government experience, to head NASA. His appointment not been confirmed by the US Senate at this time.
Subsequent decisions, such as the closure of two NASA offices and NASA laying off significant portions of its workforce to comply with the administration, have intensified concerns about the agency’s future direction and the extent to which private interests may be shaping its priorities. These actions have collectively stoked apprehension about a potential conflict of interest due to Musk’s involvement and the consequences for the agency’s independence and public trust.
Since the November US election results, Musk’s private companies have increased in value significantly. SpaceX’s value alone rose by 67 percent to US$350 billion after a secondary share sale in December 2024.
While purchasing shares of privately held SpaceX is not an option for many investors, those who qualify as accredited investors can invest in a SpaceX funding round. Additionally, accredited investors can access shares through secondary markets, which are platforms where existing shareholders of a private company can buy and sell their shares.
Caplight analysis shows the secondary market has increased the collective value of Musk’s private companies — including SpaceX, xAI, the Boring Company and Neuralink — by 45 percent since the US election.
Javier Avalos, CEO of the trading platform, told Bloomberg that investors are willing to pay more than the latest offer price to acquire shares of SpaceX. Caplight states in its reporting that special purpose vehicles (SPVs), which are legal entities often created to pool investments from multiple contributors, accounted for 43 percent of the total secondary transaction volume in Q4 2024. That’s compared to just 12 percent in 2023.
A March 8 Financial Times article states that three anonymous Chinese asset managers shared they had sold over US$30 million in shares of Musk’s private companies over the past two years to Chinese investors using SPVs.
The sources alleged that Chinese asset managers are promoting Musk’s relationship with Trump “as an enticement to raise capital,’ adding that the asset managers tell their clients that SPVs “are specifically designed to avoid disclosure.”
However, the sources said the investments are primarily profit-driven has little connection with technology transfer or influencing public policy. Rather, Chinese investors have utilized SPVs to mitigate public disclosure risks. “Risks do exist because we are not sure how bad US-China relations will become in the next few years,” one source told the outlet.
Investor takeaway
The successful return of the Crew-9 astronauts aboard a SpaceX Dragon capsule highlights the increasing role of private companies in space travel. This event, coupled with the growing competition in the commercial space sector and strategic shifts in NASA’s approach, signifies a new era in space exploration.
Moreover, the high valuation and investor interest in companies like SpaceX, despite the challenges and competition, further underscores the dynamism and potential of this evolving industry.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.