Recent V3 Starship test flights, including Flight 13's successful Starlink V3 deployment, in-space Raptor relight, and intact upper-stage splashdown, have advanced heatshield and propulsion data while confirming Super Heavy booster catches. These milestones sustain trader optimism for tower recovery of both stages by late 2027, yet the 53% implied probability reflects unresolved challenges like ship catch attempts, landing-burn reliability, rapid turnaround cycles, and FAA licensing for higher flight rates. Upcoming Flight 14 revenue missions, planned upper-stage reflight demonstrations, and 2027 cadence targets could shift sentiment if they validate full rapid reusability without major delays.