For more than a decade, NASA has been building a new mega-rocket, the Space Launch System or SLS, a $2 billion-plus, bright orange rocket ship that can carry 70 tons of cargo to space. NASA wants to return American astronauts to the moon and then send them to Mars. Everyone who is in space is a part of this project.

It could fly in two months.

Profile view of a future Space Launch System at liftoff.

The image came from the same source as the one above.

Better late than never

NASA set an ambitious schedule for development that assumed a first flight as early as 2016 but that didn't happen. NASA confirmed that SLS is nearing the finish line after repeated delays pushed the project way behind schedule.

NASA Associate Administrator for Exploration Systems Development Jim Free said the space agency is targeting a first launch date in late August or early September. This is not a deadline.

This SLS launch, dubbed Artemis I, will send the rocket on a three-week-long looping path out past the moon and then back to Earth. SLS will be confirmed as the most powerful operational space rocket on Earth if the Artemis I mission goes well.

Maybe it isn't.

America's next space race

The battle for the title of world's biggest rocket is being fought by a new rocket ship from space titan SpaceX and a new rocket from the same company.

Last month, the FAA signed off on an environmental impact assessment that will allow SpaceX to use its Boca Chica launch site in Texas. With its "Super Heavy" booster, Starship will be able to carry up to 100 tons of cargo, more than the SLS can carry.

The world's biggest operational rocket will be called Starship.

Will Starship be able to stop SLS from taking the title of world's biggest spaceship? The race seems to be going down to the wire. The FAA has given the go-ahead for a launch from Texas, but there are 75 separate actions that need to be completed before a launch can happen. If it can get the work done in time for a July launch, it will beat SLS.

One might even say wily, as Musk was exceedingly coy in how he phrased the ambitions of his company in a couple of twits.

Starship will be ready to fly next month. I was in the high bay & mega bay late last night reviewing progress.

-- Elon Musk (@elonmusk) June 14, 2022

And later, as well.

We will have a second Starship stack ready to fly in August and then monthly thereafter

-- Elon Musk (@elonmusk) June 14, 2022

But pay attention to what's happening. In July, it will be ready to fly. It doesn't mean that the spaceport will be ready for those flights. It will be the FAA's fault if the launch doesn't happen until August or September. Many space pundits are suggesting that an August or September launch is more likely because of all the environmental hoops that have to be jumped through.

What it means for investors

It seems there's a good chance SLS will beat Starship to the moon, since that's where Artemis I is heading. The good news for investors is that taxpayer funds are still flowing through the SLS project.

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NASA's Space Launch System will claim the title of "Biggest rocket ship on Earth" for a short time. I think NASA will be vindicated on the cost of developing SLS.

SLS is doomed to be replaced by the cheaper Starship because of its cheaper cost per flight. Even a temporary victory for SLS will allow NASA to argue that SLS should be continued. Billions of taxpayer dollars earmarked for Artemis should continue to flow through SLS into the bank accounts of several companies.