SpaceX's rapid iteration on Starship V3 hardware, including successful tower catches of Super Heavy boosters and multiple controlled reentries, underpins the 73.5% market-implied odds for full reusability by end-2027. Recent flights through July 2026 have validated Raptor engine relights and hot-staging, while Elon Musk's statements target both booster and ship recovery plus orbital propellant transfer demonstrations in 2026. These steps align with the company's proven Falcon 9 reuse cadence and address key technical barriers like engine reliability and thermal protection. Upcoming test flights and regulatory milestones for higher flight rates remain the primary near-term catalysts traders are monitoring.