Gemini shares slump to record low, 89% below IPO price
Gemini shares hit a record-low $3.215 close, about 89% below the $28 IPO price; H1 2026 revenue rose and the loss narrowed.
Elon Musk unveiled a flying Tesla Roadster at SpaceX's Texas site and called it 'not necessarily a safety-optimized car.'
At SpaceX's McGregor test site in Texas on Thursday, Elon Musk demonstrated a flying Tesla Roadster. "Turns out the future does have flying cars," the Tesla chief executive wrote on X later.
The airborne system, however, is reserved for the invite-only Rocket trim. Even the Thrust version, which does not fly, asks for $250,000 upfront before Tesla sets a sticker price.
A suction system driven by fans kept the car upside down during the livestream. SpaceX-sourced thrusters then flipped it in the air before it landed.
Turns out the future does have flying cars
— Elon Musk (@elonmusk), October 16, 2026
Tesla's crew said two tanks contain roughly 250 kilograms of air supplying 10 nozzles. The car refills those tanks on its own, Musk explained, eliminating the need for a special propellant.
Musk went on to say the vehicle can top 230 mph. A live test also saw Tesla record a 0 to 60 mph time of 0.81 seconds.
Even so, Musk conceded the Roadster is "not necessarily a safety-optimized car." He was also unsure whether it would be allowed in every jurisdiction.
The car's appearance takes further inspiration from aviation. The design, Tesla says, references the SR-71 spy plane and the F-35 fighter jet.
Our design language has evolved since the last reveal: from S3XY to Cybertruck, Cybercab & Optimus
— Tesla (@Tesla), October 16, 2026
Roadster is inspired by the SR-71 & F-35
A base Roadster reservation begins with a fully refundable $5,000 deposit. Within 10 days, Tesla requires another $45,000 payment, or the reservation is cancelled.
For the Thrust version, which bolts on acceleration thrusters without any flight capability, the second payment jumps to $245,000. Tesla also restricts Thrust to one order per customer, pointing to limited availability.
Nevertheless, Tesla has yet to confirm a sticker price for any variant. Production, according to Musk, starts in 2028 — eight years after the original 2020 delivery target.
Ahead of the event, traders questioned whether the unveiling could set off another stock crash. Musk also hinted at a Tesla-SpaceX merger before the demo.
Still, the Roadster is far from the center of Tesla's valuation. Wedbush analyst Dan Ives instead connects Tesla's golden year in 2027 to robotaxis and Optimus robots.
Musk notably called the Roadster the only manually driven car Tesla will produce over the long term. Following the third-quarter delivery beat, investors are likely to focus on the Oct. 21 earnings release. In that report, autonomy determines whether Tesla is priced like a carmaker or an AI company.
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