On September 18, 2026, the Wall Street Journal reported that NASA is in talks with The Boeing Company (NYSE:BA) to use the Starliner spacecraft for 10 or more new missions to low-Earth orbit in the coming years, despite the capsule’s troubled 2024 crewed test flight and the fact that it has not flown since. Boeing said it remains “committed to NASA’s commercial crew efforts.” It looks forward to launching the next Starliner mission according to NASA’s requirements.
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Bull Case
A potential order for 10 or more Starliner missions could transform the program from a troubled development project into a long-term revenue opportunity for The Boeing Company (NYSE:BA). NASA originally selected Starliner for up to six operational missions and later reduced that commitment to four. Hence, the discussions contemplate a substantially larger workload than Boeing currently holds. If NASA finalizes an expanded agreement, Boeing could rebuild its crewed-space business and generate revenue from technology that has already required years of investment.
NASA’s commitment to maintaining two independent American crew systems gives Boeing a structural reason to remain in the program. The agency wants Starliner to operate alongside SpaceX’s Crew Dragon so that an accident or technical failure involving one vehicle does not halt U.S. astronaut access to orbit. SpaceX currently handles NASA’s operational crew flights. However, NASA does not want to depend permanently on one supplier. That redundancy requirement gives Boeing strategic value even after Starliner’s technical and organizational failures.
These proposed missions give Starliner a clear role in NASA’s future low-Earth-orbit strategy. NASA is building plans to keep an American presence in low-Earth orbit as the International Space Station nears its retirement around 2030. If NASA adapts Starliner for missions to future commercial space stations, Boeing can keep earning crew-transport revenue well past the ISS program. That path extends Starliner’s operational lifespan and positions Boeing to compete directly in the expanding commercial-station market.
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Bear Case
Starliner’s 2024 crewed test exposed serious engineering and management failures that The Boeing Company (NYSE:BA) must resolve before NASA can trust it with a larger mission schedule. Five maneuvering thrusters failed as the capsule approached the ISS, and NASA ultimately returned Starliner without its astronauts after determining that SpaceX offered a safer route home. NASA later classified the flight as a Type A mishap, its most severe failure category. The agency’s investigation also identified poor decision-making, communication breakdowns, and an unhealthy relationship between NASA and Boeing teams.
Boeing still faces a narrow and uncertain schedule for proving Starliner’s reliability before the ISS retires. Starliner has not flown since returning empty in September 2024. SpaceX continues operating Crew Dragon and recently received three additional NASA missions through 2030. NASA previously cut Boeing’s planned operational flights from six to four as Starliner’s engineering delays moved closer to the station’s retirement date. Further delays could leave Boeing with too little time to complete even its existing missions, let alone 10 or more new ones.
Starliner has already produced severe losses, so additional missions would not automatically improve Boeing’s profitability. Boeing has recorded roughly $2 billion in program charges since 2016, while NASA reduced the existing contract’s total value to approximately $3.7 billion. The fixed-price structure has forced Boeing to absorb much of the cost of delays, repairs, and repeat testing. Unless Boeing negotiates more favorable economics and controls execution costs, a larger mission order could increase revenue while generating weak margins or more losses.
Hedge Fund Sentiment
The Boeing Company (NYSE:BA)’s hedge fund count fell to 90 in the second quarter from 99 in the first, with position value rising to $7.00 billion from $6.13 billion, according to Insider Monkey’s database. SpaceX, whose Crew Dragon has become NASA’s default crew provider amid Starliner’s grounding, held 119 hedge fund positions worth $116.45 billion in the same period.
Conclusion
NASA’s willingness to discuss 10 or more missions gives The Boeing Company (NYSE:BA) an important opportunity to rescue Starliner and restore its position in American crewed spaceflight. NASA’s preference for two independent providers makes genuine strategic demand for Boeing’s system, while future commercial stations could extend that opportunity beyond the ISS. But the discussions do not represent a contract, certification, or successful return to flight. Boeing must first correct Starliner’s engineering and organizational problems, demonstrate reliability, and prove that additional missions can generate acceptable returns after roughly $2 billion in charges.
Investors should look at the news as a valuable long-term optionality rather than a confirmed financial turnaround. A successful test flight and favorable contract terms would provide much stronger evidence for the Bull Case.
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