I wrote a post a few months ago (What will it take for Spacex to send humans to mars in 2024?) which did rather well. However I focused only on Starship itself, not on any of the other pieces that are just as important to achieve Spacex’s mars-sized ambitions, so let’s take a look at everything but the big shiny rocket. To be clear (like before), this is less me predicting the future and more me looking to start a discussion based on the data we have and a whole bunch of assumptions, speculations and wishes.
Let's start off by making the mother of all Big Falcon assumptions:
Starship works as intended
This is a MASSIVE leap of faith to take. While SN5’s (and now SN6’s) flight(s) did alleviate some concerns regarding Starship’s ascent, and Superheavy doesn’t really worry me with all the falcon 9 first stages Spacex has to draw experience from, there’s no guarantee that Spacex’s re-entry, descent and landing systems will work as well as they want and expect them to, since those all fall somewhere between unusual and revolutionary. Nor is the rapid and reliable reuse guaranteed to work as well as we all want it to.
Although I will say people need to cool it with claiming Starship is years and years away from orbit; the raptor works and the tanks, plumbing and command & control system are up to standards, as SN5&6 showed. If Spacex wanted to (and had enough engines) they could bolt together a Superheavy booster, stick a Starship on it and fly both expendable to put 100-200 tons in orbit right now if they had a launch pad and a humongous crane. Big waste of money and engines but they could do it. Once Superheavy hops (successfully) you can seriously argue that Starship is closer to reaching orbit than SLS, despite the latter’s development being started a decade earlier. It’s just that reaching orbit isn’t Starships main goal; getting to orbit and back down cheaply and reliably is, which is another thing entirely. To me, SN8’s 20 km flight will be the big thing to watch: if that works, Starship is ready for orbit. If not, Spacex has a nasty problem or two to solve. For the record, I will say that I think the launch, ascent and descent of SN8 will go fine, but that the flip-down has a high chance of going very, very wrong the first few times.
Just to reiterate: this is not me saying what will happen, this is me speculating what Elon plans/wants to make happen in order to put humans on the red planet basically 4 years from now, to give people something to ponder on and give their own take. Personally I doubt that humans will really depart for mars in 2024, but given Elon’s repeated statements that 2024 is still the goal, and the fact that at least at tesla his timelines are getting a little more accurate recently, I have crammed the insane amount of progress needed into the next 3-4 years to make it fit. My timeline should not be taken as a prediction but as my best guess to somehow get all the needed pieces into place given the insane objectives.
So, if we make the admittedly stomach-churning assumption that Starship works and is flying reliably and reusable sometime (early) next year, what else should SpaceX be working on? To me, it seems they need four other pieces to realize their mars ambitions:
getting Starship to mars -> orbital refueling
getting Starship back from mars -> fuel production on mars
getting the humans inside Starship to mars -> life support in space
keeping the humans inside Starship alive on the surface of mars -> life support on mars
I will go through them in order from what I consider to be least to most difficult (no part is “easy” if you ask me):
Orbital refueling:
This one I’ve made a U-turn on. I used to think it was a major obstacle but recently have concluded that it won’t slow down Spacex at all. Why? Because in their Artemis bid, Spacex announced that they plan to use not just tankers, but fuel depots. This simplifies the whole operation massively. Spacex can launch a few custom Starships that consist of nothing but a giant empty fuel tank, something which they can probably build today. No heat shield, no fins, no payload bay, no life support, to maximize the fuel capacity. Only some batteries, a solar panel, rcs and a way to dock. Heck with the recent raptor improvements they might be able to stretch this type of Starship to have even more internal volume for fuel.
Now these most likely will have to be painted pitch black to prevent an angry mob of astronomers marching on boca chica with pitchforks, but that’s probably not a bad idea regardless. The fuel boil off in LEO will be a lot less than Starship will have to deal with on its way to mars due to a noticeable lack of shade during the transfer, so subjecting the LEO fuelers to as high a temperature as possible seems like a useful safety margin when designing for that.
The current Starship can hold 1200 tons of propellant with a large amount of its volume turned over for cargo. Given that a Superheavy can hold 3300 tons of propellant, let’s say that a fuel depot Starship can hold between 2000 and 3000 tons depending on how much it’s stretched, with the lower estimate being more likely. Edit: elon recently stated that they are pushing for Starship being able to hold up to 2000 tons of fuel, supporting my hunch that Starship’s length will increase.
Some back-of-the-envelope calculations show that a 250 ton Starship (100 ton dry mass, 150 ton payload) with 750 tons of fuel and an isp of 380 will have just over 5 km/s of delta V. Going from earth to mars using a hohmann transfer takes just over 4 km/s, while a much faster 3-month transfer takes around 4.8 km/s. This fits well with Elon’s step-by-step strategy. For the first flights having an extra 1000 m/s will most likely be invaluable, allowing on-route course corrections, meaningful maneuvers in martian orbit, as well as an easier landing, both due to being able to start the landing burn higher up and the fact that more fuel means more mass at the bottom of the Starship making it more stable during the flip and upon touching down. Later flights, after Spacex has a high enough confidence in their navigation, aerodynamic controls and landing system, can then start to burn more fuel to incrementally shorten that transfer time until they reach Elon’s goal of a three month transfer for humans.
Now what would this mean? If Spacex launches say three of these fuel depot Starships early next year (and they totally will have the means to build and launch these by then, all they need is a working Superheavy), they now have something to use their insane launch cadence for that is both useful and dirt-cheap. Each one of these fully fueled will provide the propellant for three mars-bound or two lunar-surface-bound Starships to reach their destinations.
Since the tankers will be able to carry between 100 and 150 tons to LEO depending on how far along the vacuum raptor engine is, this is 60 to 90 flights right here for Starship. If I’m Elon/SpaceX, all I’m doing in 2021 is flying Starship tankers DOZENS of times to bring fuel up to these depots for use in 2022. Now I know people are excited about a Starship launch putting 400 Starlink satellites into orbit in one go, but let’s remember that those still cost $300.000 a piece to make, and that’s after achieving an impressive economy of scale (120 a month). One failure on ascent and there goes over a hundred million dollars. At least for the first dozen launches, Spacex would be wise to start with fuel only imho, and move to include Starlink launches after a few months of successful fuel flights. It will give Starship a simple cheap payload to fly over and over again with minimal impact if it suffers a catastrophic failure on ascent. Simply learn and move on; nothing of significant value was lost.
While the engineers focus on decreasing the turn-around time and fixing whatever unexpected problems arise due to Starships re-entering multiple times (which there definitely will be, don’t tell yourself otherwise), the designers can spend 2021 seriously working on life support and ISRU systems, with both available to support the other should they need to. As an additional bonus, all these launches will greatly boost the confidence in Starship from both nasa and the commercial sector, paving the way for Starship’s utter domination of the commercial launch market from 2022 onward. Finally, maybe the realization that voting for Artemis meant voting for orbital fuel depots will give Shelby a well-earned heart attack (one can dream). /s
If Spacex can get 10 to 20 Starship tankers to orbit in 2021 (they can all be the same ship, they can be 3 different ships or they can be 10 different ships depending on how successful they are in their re-use objectives by then), it will give them a much easier time in 2022; “simply” fly the mars-bound or moon-bound Starship to LEO, dock with the depot and perform a single large fuel transfer. This way Spacex won’t have to worry about keeping a dozen Starship tankers in orbit at a time.
As for orbital refueling itself (wow, went a little bit of topic there), I don't see any major hurdles: if Starship’s fuel lines can handle the pressures of being fueled on the pad through the Superheavy booster as is currently the plan, than all Spacex needs to do is not exceed those pressures during on-orbit fuel transfers, which really should not be hard so long as they take their time with them.
Life support on mars
This might surprise some, but I actually think keeping humans alive on the martian surface will be much easier than keeping them alive in space due to the zero-g and radiation concerns that the latter will have to deal with. Consequently, if I were to suggest only one thing to Spacex from my very comfortable armchair, it would be to split the two: one type of Starship designed to act as a permanently inhabitable martian base that is basically an office tower with a big empty drained fuel tank and some engines at the bottom, and one designed for crewed use in zero-g as well as ascent and descent on both mars and earth. Trying to make a Starship do both is asking for trouble if you ask me, as well as greatly complicating the design (“the best part is no part”). Yes this would mean that these “base” Starships will not return to earth, but that is not that big a loss given the production rates Spacex is already achieving, plus having a few extra raptors on mars that can be cannibalised for parts or simply swapped with a malfunctioning raptor of another Starship sounds to me like good redundancy. Furthermore this split would have three enormous upsides:
1: The base ones are easier to design and build due to only being operated and inhabited under gravity after landing.
Let’s remind ourselves that if Spacex wants to send people to mars in 2024, it will be much easier to find support from nasa and the like if there already is a habitable structure waiting on the martian surface for them, which will have to be sent there in 2022. The easier base ones can be the focus of design in 2021 before being built and launched in 2022. Meanwhile the manned zero-g Starship will be granted another year to prove itself as now it won’t be needed until 2023, which is probably a good thing anyway. Even if Spacex can build these next year there is no guarantee that any agency would have enough confidence in Starship by then to provide them with astronauts. Taking another year to really prove Starship’s reliability as a launch and landing system might be enough (remember this means dozens of launches since we’re assuming Starship works) for a Starship to take on crew in LEO at the end of 2022/early 2023, probably at first using a dragon capsule to go to and from orbit as Tim Dodd and others have suggested.
2: It’s simply much safer.
Living and working in a separate Starship from the one that you land and launch in will probably be a whole lot more comfortable for the crew on mars. Sleeping well might be a bit harder if every morning the giant fuel tank a few dozen meters below you is a little bit fuller with highly combustible propellant than the day before. Compared to if the tank beneath you is completely drained while the Starship you will return in sits a few miles away being steadily refueled with you only returning to it a few hours/days before launch. Good back-up in terms of life support systems too; if something is really vitally needed you can take it with you from the landelauncher upon arrival or from the base/habitat upon leaving, as only one at a time will be housing crew. I’m sure nasa would be much more comfortable with this system too.
3: This base/habitat Starship would be perfect for nasa’s Artemis program:
While I don’t agree with Zubrin on a lot of things (seriously, he needs to stop with the whole mini-starship idea, it’s not gonna happen), he is right when he says that starship as a lunar ascent vehicle makes very little sense imo. It would be a huge investment of fuel and time for no real gain besides funding and nasa support, the latter of which is all but assured if Starship works. If instead Spacex offered Starship as a lunar base and suggested that nasa use the landers from the other two companies to go to and from the lunar surface, there’s no way nasa would say no. Imagine the offer:
“So here’s the deal: we will build a Starship interior to your specifications and wishes. Once built we will launch it, refuel it in orbit and fly it out to whatever lunar crater you want us to. Once landed, we fill drain every drop of fuel out of the tanks, lower the staircase/elevator and wait for your crew to arrive on one of those landers. It will have a thousand cubic meters of interior volume, aka more than the ISS, and you can have it on the moon in 2023 since we want to send one or two to mars in 2022 anyway. We’d like you to give us a billion dollars and a promise for martian astronauts in 2024 once we’ve landed it in exchange. Deal?”. Obviously Spacex won’t be that blunt, but I don’t believe that nasa wouldn’t fall over themselves to take an offer like that.
So what would this designed-for-gravity Starship need? Honestly, nothing fancy, which is why I suggested splitting them. Starship will have the unique luxury to simply, as musk has stated, throw mass at a problem until it is solved. As an example, let us say that a mars crew would number an impressive 12 people (one mission commandetest pilot, 4 scientists, 3 engineers, 2 botanists and 2 doctors). We know that they will be staying on mars for at least two years, but for safety let’s design it for 4 years. If they all eat like the most wasteful people on earth (cough, americans, cough...) they will consume 10 tons of food per year, with half of that being the recommended healthy amount. So.... let’s just put 40 tons of food on board. Done. 4 to 8 years of food just like that.
This is what using mass as a solution looks like. All Spacex needs is a way to store and preserve that food by either drying or freezing it for up to 5+ years, at which point that problem is solved. I’m no food expert but surely that technology exists?
Same story with water. 12 people will drink less than 10 tons of water a year, but here recycling is a well-understood and “easy” thing to implement. We’re able to reach 90+% efficiency on the ISS I think (if I’m wrong feel free to correct me), so if Spacex gets anywhere close to that (anything over 50% will do) they can put 20 or 30 tons of water on board Starship and for all intents and purposes have an unlimited supply. Recycling CO2 back into O2 is a solved problem that basically only requires power which Starship will have plenty of.
Also keep in mind that the above figures don’t assume food production or recycling, higher efficiency or using martian resources like water ice, any one of which would make surviving on mars for a few years a non-issue.
So… is that it? Well... yeah, pretty much. Spacex will need to design some ways to control temperature, humidity and (human) waste disposal as well as provide communication and spacesuits for the astronauts, but these are by no means show stoppers, especially with help from nasa and all the lessons learned from dragon. As for spare parts they can either take a 3D-printer or simply a literal ton worth of the more important components, or both if they want to.
None of the above is easy, but none of it is something that Spacex cannot obtain or build in a year (that year being 2021).
I have a design in my head for how this thing would look like on the inside but I’m a pretty bad programmemodeller. If someone who is good at that wants to model and render it and read my far too detailed description feel free to ask. Just be prepared for a very long response comment.
Life support in space
This is where things start to get “actually” difficult even if Starship works. Keeping astronauts alive during the 6+ month trip to mars will be easy. Keeping them healthy and in good condition will be very hard. Like I said with the mars base Starship, food, water and air won’t be a problem. Even basic water recycling and CO2 scrubbers will keep the crew alive just fine. Put 10 tons of food and 10 tons of water on board and there’s your problem solved. Even if they have to abort the martian landing on-route for some reason and slingshot back to earth they will be fine as they will have 1 to 2 years or more of food, water and air. No, the two big problems will be radiation and weightlessness. On mars neither of these factors are a show stopper: The gravity most likely will be fine and mars and its atmosphere will shield you from some/much of the cosmic rays, while putting the radiation shelter right below your 40 tons of food with your 20-30 tons of water surrounding it will protect you reasonably well from solar storms. None of these “easy fixes” is available in interplanetary space, as there is no planet to create gravity or block radiation (shocking I know), nor will these ones be as full of food and water to use as shielding since they will be carrying much more cargo and scientific instruments. No reason not to if there is already a base Starship full of food and water waiting on mars.
The simplest way to solve the radiation problem is some sort of physical shielding material in the walls (maybe hydrogen-rich foam?) and a solar storm shelter which is surrounded by all of the food and water on board. Whatever Spacex comes up with, this is something that I hope they work very closely with nasa on. The main problem is that they will not have much time to test this theoretical solution with humans on board until probably 2023. At the earliest Starship will be flying with crew on board in 2022, and even that’s jaw-droppingly aggressive. It would probably require Starship to reach falcon 9’s current amount of launches (a 100 basically) in less than two years (aka, one orbital launch every week on average) with little to no failures before nasa would trust Starship to launch and land safely, since I don’t see any sign of Spacex adding a launch abort system or changing the landing sequence. For the first few flights they can use a dragon to shuttle between a Starship in LEO and earth’s surface, but they can only do that a few times before the costs in both money and disposed falcon 9 second stages start adding up. No humans have ever gone beyond the earth-moon system, and no human has gone beyond earth’s magnetic shield since 1972, so this part very much has a possibility of providing some unwelcome unknown unknowns.
There is another big thing though that I think too many people ignore: weightlessness. The first flights to mars will take at least 6 months. Even with exercise, I think it’s fair to say that astronauts currently do not have the muscle and bone strength to stand up and walk by themselves after returning from a 6 month mission on the ISS without help. Mars’ lower gravity might help them recuperate faster, but this too is a complete unknown that neither nasa nor Spacex will or should count on imho. So far I’ve seen only two solutions suggested: lots of exercise on-route combined with simply letting the crew recover slowly once they land on mars, or tethering two starships together and spinning them. I don’t think either one will be an option. The first one is probably not enough, and the second one is too risky. Nasa would almost certainly go pale with that amount of inhabited mass under constant loads and stresses from circular acceleration, even if Spacex can make it work mechanically.
The only alternative I can come up with is this (and since I don’t believe for a second that I’m smarter than the teams at Spacex I’d very much appreciate someone more knowledgeable to explain to me where my thinking is flawed): You place a ring inside the pressurised part of Starship 8 meters in diameter and 3 meters in height, connected to a central pole that is bolted to the floors above and below but is free to spin. You put the sleeping accommodations on the inside of this ring with your head facing towards the centre. At the start of the sleeping shift, you spin the ring up to a lateral speed where you feel your back being pushed into the wall at a force of one g. Since your entire body is experiencing the same acceleration at every part, as the radius between your head and the pole and your feet and the pole is constant, it shouldn’t be nauseating. If there are walls on all sides of you (and one door) so that you don’t see the rotation, and your “bed” is slanted slightly to account for the coriolis effect, would it not feel just like regular gravity? Big bonus: you can start at one g and slowly move to 0.38 g over the course of several months to acclimate to mars. Small bonus: if you’re willing to pay the power cost, putting some big scoops or buckets on the outside of this ring might help with circulating the air around the ship since it will be spinning quite fast. Finally you could also spin it faster to do exercises like push-ups (basically any effort where your body remains more or less fixed to the floor could work), meaning you could compensate for being in zero g most of the day by sleeping under gravity and performing some exercises while under higher gravity [insert goku joke here].
I’m sure I have overlooked something, but it seems to me like this would work and be a reasonably effective and practical solution. Feel free to explain to me why I’m wrong.
In short, Spacex needs to find a solution to the zero-g and radiation problems by the end of 2022 at the latest. Firstly because dearmoon is scheduled for 2023 and I can’t see nasa (much less the US congress) stomach letting private civilians being the first humans to return to the moon’s vicinity since Apollo instead of nasa astronauts. If a Starship capable of sustaining humans is flying successfully in 2022 and dearmoon is set for mid-to-late 2023, I’d bet on there being effectively an order from congress for Spacex and nasa to fly american astronauts on Starship around the moon before dearmoon takes place, regardless of the state of either SLS or Artemis. And before you say that that would be massive hypocrisy, remember that these are US politicians we’re talking about.
Secondly because they really need to perform a 6 month trial run at the L2 earth-moon lagrange point to confirm that their life support, radiation protection and zero-g mitigation solutions work as intended. (This is why my money is still on humans to mars in 2026 because I can’t make myself believe that everything will work right the first time they try it). If they want to send people to mars in 2024 they will need to have this test done to satisfy nasa (or whomever is providing them with astronauts) by the end of 2023.
So my reasoning/guess is that Spacex will want the design of this version of Starship finished in early 2022, build and launch one that summer, and maybe bring some crew on board with a dragon to prove out its life support systems by the end of the year. The big year for this piece of the puzzle will be 2023, as this is the Starship type that they will most likely use for dearmoon as well as perform any major test runs in the earth-moon system, before the big launch of the first crew to mars in 2024.
Refueling starships on mars
So why do I think this is the biggest hurdle? Isn’t the sabatier process a well-understood and quite simple chemical reaction? Yes it is, and the problem as I see it isn’t with the chemistry, but with the scale, the schedule and the industrial processes that are needed.
Spacex will have to design, test and build a full-on fuel production system… and have it ready for launch roughly 18 months from now. Why so soon? Because there is no way, repeat NO WAY that Spacex will be allowed to send astronauts to mars, on a rocket that cannot get back to earth without being refueled, if there is no fuel production on mars at the time of launch. I know Elon has often said that there is a real chance that the first crew sent to mars will die, but I can’t imagine he actually believes that he can get professional astronauts and nasa support if he doesn’t take every precaution possible to ensure that they can get back home safely.
Just to be clear: I don’t mean that there needs to be a fully fuelled Starship sitting on mars when the first crew lands, but there absolutely, 100% needs to be a Starship on mars producing fuel by the time the first crew leaves earth. And this is not as easy to pull off as it might seem.
Getting the CO2 is a non-issue: mars’ atmosphere is so rich with it that you might not even need to filter the incoming air. Also as long as the crane/elevator on Starship works, setting up a large solar field won’t be that difficult provided Spacex has made the panels reasonably easy to unload and deploy (safe assumption if you ask me), and if the surrounding surface is flat. Given that Spacex has chosen a landing/base site in the northern plains (IIRC) this should also not give any major problems.
The main difficulty will be getting enough water to produce enough fuel. If Elon is serious with his recent comment about “~2 tons/day” of fuel, which I have to assume he is, that means many tons of water ice have to be excavated, moved, filtered of other materials, melted and separated into H2 and O2, per day, for over two years, with no one around to fix something if it breaks. This is orders of magnitude more intense than what we’ve done on mars before. To be blunt, we are talking nothing less than autonomous bulldozers, that weigh several tons and make Perseverance look like a toy. Scooping up and gathering a truckload of ice and rocks daily and dumping them into whatever device Spacex comes up with to separate out the ice, melt it and split it into hydrogen and oxygen (of which the former probably must be combined with CO2 and turned into methane immediately given its habit of not liking being stored and subsequently floating away), and not break down thanks to the martian dust getting anywhere crucial.
Even setting aside the fact that this operation will make the planetary protection crowd pull their hair out, the chances of it working as designed the first time are not high if you ask me. There is every chance that something wears out faster than expected, stops working due to some unknown unknown, or gets wrecked by a malfunctioning autonomous vehicle glitching out and driving into/over it. Once there are actual humans on mars, keeping these machines operational won’t be all that hard, but basic safety standards (and nasa) are going to require that the fuel farm works reliably on its own, for as long as it takes to make enough propellant for the first crew to return home safely in case of an emergency, before the go-ahead is given for that first crewed mars mission to leave earth.
I would not be shocked if Spacex manages to design, test and build a system that they think will work in 2021 and launch, refuel, transfer to and land it on mars in 2022, only to find out that some crucial part doesn’t work as designed under the martian conditions, leaving a fully habitable base Starship and an empty propellant plant Starship sitting on mars with all the accompanying parts needed to start a base (pressurised cybertruck rover, unpressurised cybertruck rover, water ice gatherebulldozer, fuel transporter, solar farm and guidance & landing beacon) present, but no way to make fuel. It will be the most infuriating and cathartic thing ever at the same time. Such a situation will almost certainly set the Spacex timetable back the full two years, as I just can’t see nasa allowing astronauts to get in a Starship and blasting off to mars if there is no way for them to get back yet. I don’t think the argument “Well once they are there they can fix the fuel farm instantly!” will hold much weight, since if something important has broken, what’s to say that something else will not go wrong unexpectedly that the crew can’t fix, leaving them stranded?
My basic reasoning is this: the other three parts can be tested in LEO or on earth with the results being representative of their supposed tasks, but this one cannot. The environment on mars is simply too different from the one on earth (especially the atmosphere), and the scale and ambition of Spacex’s plan means that the rovers currently on mars are not much of a reference either. There is no way for us to know outside computer models what a five-ton vehicle driving around on mars for years hauling several tons of regolith and ice around daily would go through in terms of wear and tear, creating a massive potential for unknown unknowns to appear where we don’t expect them. To put Spacex’s project in perspective: the first fully loaded Starship upon touchdown will probably consist of 99% of all the mass humanity has ever landed on the surface of mars. Let that sink in...
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So that’s my take on Spacex’s mars ambitions. If Starship works (big if, but it seems to be getting more believable by the day), I am reasonably confident about orbital refueling and a martian habitat being ready on time, but have reservations about the human-rated Starships and am outright concerned regarding the autonomous propellant plant working as designed. As I’ve mentioned, my money if SN8’s 20 km flight goes well is on Spacex getting a Starship to mars in 2022, but not sending humans until 2026, either due to the 2022 starships not performing as well as intended (or not performing at all if they crash) or due to Starship not yet being declared safe for human flight in 2024.
Now before I go ahead and request the longest-reddit-thread-of-the-year award (I genuinely think this post is twice as long as my previous one), I’m curious as to your response to the three questions that in my opinion sum up the whole thing:
1, Did I miss something important besides the four areas I covered?
2, If you agree that these are the major roadblocks for Spacex and Starship, do you agree with my take on them? Did I badly underestimate something that is much harder than I gave it credit for? Or are certain things that I considered difficult much easier than I made them out to be?
3, Regardless of whether or not you agree with my list, ranking and reasoning, what do you think Spacex’s biggest obstacle will be to sending humans to mars in 2024, assuming Starship itself works?
Looking forward to your responses, opinions and rebuttals.

The morning alarm woke up Ghen. With an annoyed sigh, he stretched out his arm and silenced the foul-sounding chirps. Slowly sitting up in bed, he let out a deep yawn and got to his feet.
Running a couple of chitinous fingers along his antennae to stimulate them to life, he made his bed and then went to his closet. Today was a work day, so he needed his suit. Once the pants were on, he stretched out his wings so that he could button up the shirt, then relaxing them once all the buttons were secured.
Dressing for the day was done, now for the morning meal. Entering his kitchen, he took out the chilled leftovers of the evening meal last night and popped it into the radiator, first defrosting and then slightly cooking it.
During that process, he also fished out a ceramic cup and placed it in his brewer, serving himself some synthesized caffeine. His idle thought led him to being amused that, when eaten directly off a plant, it has a concentration that could kill him three times over. But after going through some refinement and roasting, all it does is make him hyper.
Once the meal was put together, his plate of heated leftovers and a cup of almost-piping-hot cup of Xia's, he took his time to enjoy it. His communicator vibrated. When he looked, he found it was from his boss.
"Hello?" Ghen answered.
"Ghen, the meeting's been moved up to a few minutes from now." His boss, Xkik, announced. "Apparently higher up has something important they want to say. We have a terminal ready for you, I'll message the login details."
"Wha-, what's so important?" Ghen asked in bewilderment. "Did a water line rupture or something?"
"No, nothing like that." Xkik replied with a slight chuckle. "It's actually about the rumors we've been hearing. That human corporation wanting to acquire us? That's what they're talking about."
Ghen could feel everything inside his thorax drop to the floor. "That must mean it's true then, right? Did we get sold off by the Queen to this company then?"
"Show up to the meeting and you'll get your answer." Xkik said simply. When he finished, Ghen got the notification on his communicator. There's the login details, allowing him to remotely attend the meeting. "They're about to start, hurry up."
Once Xkik disconnected, Ghen worked fast to login and set up the remote viewing. Once everything was done, his screen started transmitting the meeting room. It was already packed. And off by the main board, he saw his answer. There was a human, resting against the wall on his two legs. Standing right in the center of everyone's view was the coordinator, Tizx, watching the clock periodically.
As soon as the meeting's start time was reached, the coordinator began. "Alright everyone. I realize that this was rather short notice, so I want to say how appreciative I am that you made it. Now then, let's just get right to it. For some time now, many of you have been hearing rumors that a human corporation has been interested in us. Why? We never really knew. We're just an organization responsible for finding, extracting and providing water to the colony here all under the direction of the Queen herself. Well, as of now, I have the answer for you. Why don't I let Ryan say that?"
Stepping back, Tizx motioned for the human, Ryan, to take over. With a nod, Ryan practically bounced over and then took the position. "Good morning to you all. I hope my Zazk is passable, heh. Anyways, the answer to those rumors, is yes. Terran Galactic Company is indeed interested in you all. Which now leads to me. I'm here to announce that, effective yesterday evening, this water company is now a subsidiary of Terran Galactic Company, under the name of Zilia Water Delivery."
Many other sub-coordinators broke into hushed conversation, no doubt speaking their thoughts with each other about this move. Ghen could only wonder if this was even a good thing. What will the humans do? Will he still have his job? Will he have to learn how to deal with the ruthless humans?
"Now, I am well aware this is quite the...uh, change." Ryan continued. "That's why I'm happy to inform you that, no, nothing negative or detrimental will happen to you. You just have new people to answer to. Operations will continue as normal, everybody here will still keep their jobs. The only real change any of you will personally experience is that Coordinator Tizx here will now report to someone else. On behalf of the Terran Galactic Company, we are extremely excited and are looking forward to working with you all. Thank you for your time."
A week later.
At least Ryan wasn't lying. After the initial shock wore off, things went back as they normally did. There were no terminations, no reductions in annual pay or anything. Nothing really changed. At least until this new meeting was called. Ghen was at the worksite this time, so he took his seat and watched as, once again, Ryan led the meeting.
"Hello again, everyone!" He said cheerfully, his Zazk noticeably improved. "I hope I didn't end up looking like a liar, right? Everything's still normal, all that?"
All the zazk in the room confirmed, providing comments to their pleasant surprise as well as lingering thoughts.
"Awesome! Awesome." Ryan said jubilantly, his fleshy mouth revealing his bone-white teeth. "Now then, you're probably wondering why I'm here again, right? Well, I got another fantastic piece of news for you all! Two, actually. I'll start with the first: Zilia Water Delivery has just completed its IPO. The company is now publicly traded!"
Ghen and the others voiced their confusion, having no idea what in the name of the Queen Ryan was talking about. What was Ryan talking about? What's an IPO? And why exactly is being publicly traded such a significant thing?
"Oh, you guys don't know any of that?" Ryan asked in surprised confusion. After everybody confirmed, he let out a quick huff as he began his explanation. "Well, to begin, IPO is short for Initial Public Offering. Basically what that means is that, before today, Zilia was privately held. Only certain individuals could buy and sell shares here. But now that we're public? Literally anyone can buy and sell shares in the company, hence us being publicly traded."
"Uh, what's a share?" Ghen asked, still completely lost.
"Oh, boy..." Ryan muttered under his breath before returning to his peppy image. "To simply put it, a share is short for having a share of ownership in a company. When you buy a share, you're buying a piece of ownership, and when you sell, you're selling that amount."
"So wait...if someone buys a share, they're a co-owner then?" One of the other team coordinators asked.
"If they get enough, yeah." Ryan nodded. "You need a lot though, and that really depends on the company. If I had to give an answer though? I'd say usually you need to have a lot more shares than a lot of people combined to be officially a co-owner, but we call that being a majority shareholder."
"And how do we do that?" Ghen asked, now growing curious but still not understanding why such a concept exists.
"Simple. Buy shares." Ryan said simply. "And that leads into the second piece of awesome news. Zilia's corporate has a product in mind, a premium-package of water delivery. Instead of the usual water that you pump out, filter and ensure its potable before delivery, with the premium package, not only will you get that, but you'll also get all of the required nutrients and vitamins the zazk body requires! And they feel you guys have the best expertise and understanding to pull it off! So, here's what we're offering as a good-faith bonus: A 25% increase to your annual salary as well as being given stock options."
Ghen wasn't sure about the second part, but the salary definitely got his attention, as well as everyone else's. Although his job was considered to have a good pay, Ghen isn't going to say no to a higher salary. In fact, he's been focusing his work on getting a promotion so he can come home with even more credits in pocket.
"What do you mean by stock options?" Ghen asked after some time.
Ryan let out that smile again, the one that revealed his teeth. "If you choose to transfer over to the new group, you'll be provided 50,000 shares in Zilia itself. Why's that awesome? Let me walk you through it. Right now, our last closing price per share was 3.02 credits. And if you have 50,000 shares during that time, you're sitting on 151,000 credits, if you cash it out immediately."
"And why shouldn't we?" One of the coordinators demanded in an ambiguous tone.
"Because the price per share changes a lot." Ryan explained promptly. "When we got done with the IPO? It closed at 2.73 a share. Right now? My money's on the closing price being 2.99 a share. However, we are extremely confident in this premium package being successful. If it does? Well, my bet is that the share price will skyrocket to 3.12 a share. If you hold those shares and the price gets to what my bet was? You'll instead get 156,000 credits. Just by holding onto them, you just made an additional 5,000 credits!"
"And what if we have more shares?" Ghen questioned, now getting excited at the prospect of free money.
"Even more money!" Ryan laughed a bit. "And don't forget about dividends, but that's for another time. The premium group is gearing up right now, we just need the workforce. If any of you wants in, I'll be back tomorrow with all the forms needed to make it official. Take the day and tonight to think it over, yeah?"
Everything else melted into a blur. Ghen was practically on autopilot that whole day. Was this the secret to the humans' incredibly massive economy? How so many of them have amassed so much money out of nowhere? All you had to do was just buy this share out of a company and you get more money without even working?
As soon as he got home, Ghen knew what he was going to do during the night. After feverishly looking through the galnet, now having the human race connected to it, he looked and gathered up as many books that were translated into zazk as he could find, all talking about the human economic system. The last time he undertook such an intensive study was during his primary education phase.
And during his search, he even found forums on the galnet that were completely dedicated to the human's economy. All of them talking about strategies on what company, or stock, to pick. How to analyze a company's performance to determine if it was worth the money, or it had potential to grow over time. And that was when he discovered the humans found another method to the extremely simple buying and selling process. There were humans and some other immigrated aliens who made five times what Ghen could receive over a simple month just by watching the share prices during trading hours, and then buying and selling them at the proper times.
Ghen's mind was just absolutely flabbergasted. He thought it was just some strange concept only aliens could make, but no, not with the humans. They've practically made their economy into an art or a science. No, not even their economy. Everything. If humans can see a way to make money off of it, they'll do it. And if there isn't, they'll look for a way.
Healthcare was monetized. Galnet services, transportation, shopping at the store, they even made all of their utilities into profit-oriented companies.
And it was there that Ghen paused, the realization slamming into him. Everything was monetized. Which means, if you don't have the money for it, you're not getting it. Right? Are the humans truly that ruthless? So obsessed with making money? To the point that they're willing to deprive their own people of the absolute necessities if it's a source of credits?
Ghen let out a scoff. There's no way. Nobody is that cruel and callous. He's never been to the United Nations. He can't rely on what a bunch of random people on the galnet says. He decided that from here on out, he'll only go as far as saying that humans are a little obsessed with credits, nothing more.
...
There he was. Ryan, sitting in the office provided to him. And there was a rather large line leading to him. Looks like word got around. Although, the line wasn't as large as he expected it to be. Maybe the others thought it was just a ruse? That there's no such thing as making free money by spending it on such a made-up concept?
Ghen only knows that, if it is a ruse, it's an extremely elaborate one, where all of the humans are in on it. And he believes that's just extremely ridiculous. At the end, if he's unsure, he'll just take the transfer for the very real increase in his very real salary. And although he spent a very good chunk of the night reading up on how humans do things, he's still going to play it smart. He'll leave his 50,000 shares alone and see where it goes from there.
"Good morning sir." Ryan greeted warmly once Ghen took his seat. "Now, name please?"
"Ghen." He answered, barely keeping his nerves down.
"Alright...and what's your position at this location?" Ryan questioned after scribbling on his form.
"I monitor the pumping stations near the extraction sites." Ghen explained, staying on point. "To be more specific, I check to see if they're in need of maintenance, as well as reading the flow rate that's determined by the calculators installed there. If there's too little for what's needed, I pump out more. And if there's too much, I pull it back a little."
"Nice...and how long have you been doing it for?" Ryan complimented with a nod.
"As of tomorrow, ten years." Ghen replied, voice quickly changing to minor awe once he realized that fact.
"Excellent. Do you have anyone in mind you'd like to replace you here?" Ryan questioned after another scribble. "If you don't have anyone, you're free to say so."
Ghen took a moment to think it over. A bunch of names went through his mind, but one stuck with him. "Tilik. He's just been accepted here, but he's learned quickly. Very attentive and he always catches something subtle. I think he'll do really well in my position, even better actually."
"Tilik, really?" Ryan questioned with a little shock, going through his completed forms. Ghen felt a short sense of panic in him. Did something happen, or was Tilik actually transferring? His answer didn't take long to reveal itself. "Right, Tilik was actually one of the first people to want to transfer here. He's actually requested to be part of the testing teams specifically. Do you have a second choice?"
"Um...no, actually." Ghen replied, feeling a little ashamed. "Tilik was my only choice, to be honest."
"Hey, don't worry." Ryan said assuringly with his hands raised. "Nothing wrong with that. Sometimes, there's just nobody up to snuff, right? 'Kay, so, last question. Is there anything specific you'd like to do when given the transfer?"
"If you need someone monitoring new pumps, I'd be happy to do that." Ghen stated.
"So basically same job but with better payoff, am I right?" Ryan grinned. "I hear you. Sometimes, we're just not paid enough for what we're doing. I know I think that sometimes. Uh, our secret, yeah?"
"Yeah, our secret." Ghen nodded, thinking it'd be better to have friendly relations with the human, just in case.
"Awesome. Back on topic, that's it." Ryan announced, placing the form on his pile. "We'll give you a call when you're accepted."
"Oh, uh, that's it?" Ghen questioned with a shrug in shocked surprise.
"What, expecting a question like, why do you want to transfer?" Ryan chuckled a bit as he leaned in his seat. "You can bullshit all you want, but we both know the answer. Sweet money and stock options. Not saying that's a bad answer of course, just that it's pretty obvious."
"I suppose it is." Ghen commented, realizing the point. "Also, you mentioned this...dividend? Is that for Zilia shares?"
Ryan laughed a little bit before nodding. "Yep, announced before I came here. About 0.43 per share. Want to know why that's awesome? Instead of waiting for the proper price to cash out your shares, now? The company pays you for each share you hold."
"A...Are you serious?" Ghen demanded, flabbergasted.
Ryan nodded with his now-trademark grin. "Dead serious. If you get the transfer, and get those 50,000 shares? A little head math...right, if you hold onto those, in addition to your salary, you'll now annually be paid 21,500 credits, if you keep it at 50,000 shares. Only you can decide to sell or buy shares."
Ghen just stood there silent and motionless, no idea of whether to believe it or not, to which Ryan just laughed. Once he walked out of the room, he managed to snap back to reality. Again, just focus on the very real pay-raise. He'll deal with the other parts later.
After he returned to his spot, he spotted Tizx approaching by his desk. The coordinator seems to be as casual as always.
"I saw you in that line a bit ago, Ghen." He said as he leaned on the desk. "Guess you're really taking that human's word?"
"I mean, I don't know about all this share business or what not." Ghen began with a shrug, his tone sounding a little defensive. "But I mean, having a bigger salary? Course I'm going for it when I can. And if all this magic credits turn out to be real? You realize we can live like the royal servants, right? Get the best cars, the nicest food and all that?"
"I'd be very careful, Ghen." Tizx warned in a sudden shift in tone. "Don't trust those humans. The way they just...obsess over money? Come up with more and more insane ways of getting credits? I don't know, it just makes my wings twitch."
"You think this is a bad idea?" Ghen asked with a little surprise at the change-in-demeanor.
"I think you should be careful, with the humans, and with what you're saying." Tizx replied, straightening his posture. "I wouldn't put it past those Earthmen to backstab you if it gets them a few more credits. And we all know how the royal servants get if any of us lowly commoners start thinking we can break into their circle."
"I hear you, I'll be on my guard, promise." Ghen stated with a nod. With a confirming nod of his own, Tizx returned back to his duty, walking past Ghen's desk.
Several weeks later.
Everything became so much better. Ghen got the transfer. He didn't need to relocate to a new residence either. And after he was walked through into learning how to manage his stock account, and seeing that new form of payment in his hands, he already felt as though he made the best decision. But it was only when he decided to take those shares more seriously that he became privy to what he was given. After receiving the dividend payment, and actually seeing it was real, valid credits after transferring it to his main bank account, all he could describe was the most powerful high he ever felt.
While his first thoughts were to buy himself a royalty-class car, some nicer furnishings for his home, or even a better home entirely, he ended up going the smarter route.
After going back to his stock account, he discovered that Zilia's shares rose to about 3.22 credits in price. Knowing that this was the easiest money he could ever make, he took all of his dividend earnings and bought more shares in Zilia, bringing him to owning 56,891.
And from his new regional coordinator, a human named Dylan, tomorrow is the grand release of the premium package. For just a monthly rate of 14.99 credits, the tap water will now include a sizeable portion of all nutrients and vitamins required in the zazk physiology. Still, Ghen has to admit. He's not entirely sure why anybody would want such a thing, if they'd even go for it. But, as long as he's practically swimming in easy credits, he won't pay much attention to it.
And just like when he was intensively studying the basics of how the human economy worked, he barely got any sleep. His mind was constantly thinking about the things he would buy. Or rather, what other stocks to put his credits into. Even now he can still hardly believe it. Just spend your money on some, make-believe thing and, if you wait long enough and picked the right stock, you'll get more than you spent back?
His mind even wandered onto what human colonies, or even their homeworld, Earth, was like. If everybody was making so much money, what kind of things would they offer? What kind of ridiculous service or product or item can you get? He's even debating on joining some forum and just asking around. Explain how he's new to how humans do things and was wondering what he should expect if he's successful.
By the time he felt like he can go to sleep, the binary-stars of the system were rising from the horizon. After getting out of his bed and changing to clean clothes, his mind returned onto what-ifs.
What if he bought better clothes? He's had his eye on that human brand of luxury clothes, Tessuti di Venezia, that's been all the rage amongst the royal servants. Or maybe he can go on vacation and just check out Earth for real?
It was a short ride to his workplace from his home. After getting stuff his stuff and preparing to walk through the doors, he heard the roar of a car grow louder. When he looked, he saw the sleekest and quite possibly the coolest looking car he's ever seen. Each time the engine revved it would startle him, both from how harsh it sounded as well as just how intense it sounded. And after it parked, he saw the doors pop out and then slide along the body back. And there, he saw Tilik, the seat literally turning and extending out a bit before he got off.
As soon as he saw Ghen staring, he struck a rather prideful pose after putting on his lab coat and then sauntered over to Ghen.
"What do you think?" Tilik said, without any doubt inviting praise or compliments.
"D...Did you actually buy that?" Ghen asked, unable to tear his eyes away from the car.
"You're Queens-damn right I did!" Tilik laughed happily. "Thing takes off like a starship, has temperature-controlled seating, all-in-one center console, barely any bouncing on rough roads. Hoof, best decision I've ever made!"
"How much did that thing cost?" Ghen asked after letting out an incredulous laugh.
"Five million credits." Tilik replied, earning an absolutely shocked stare from Ghen. "And thanks to the incredible salary I have, in addition to all these shares and dividends, I'll pay back the credits I borrowed in no time!"
Ghen needed a few moments before he could speak again. "All I've been doing is buying more shares."
Tilik laughed and then patted the now-envious monitor's back. "Smart man. I got a little carried away, yeah, but not anymore. Any spending credits I got, going right back to investing. That's what it's called right, investing?"
"Yeah, it is." Ghen nodded, feeling a fire light up in his thorax. "And also? Today's the day that the premium water thing is being released. Here's hoping it starts out well, right?"
"Oh it will, trust me." Tilik chuckled as they both began making their way inside the workplace. "Lots of research, lots of study. By the Queen, so much of it...it'll make your head spin."
And after hearing that, Ghen had a moment of realization. "Hey, Tilik? How did you get such a nice position anyways? Weren't you just studying under me before the humans came along?"
Tilik let out a sigh after opening the door. "I'll be honest, I never wanted your job. Not because it's boring or terrible, just...I didn't suffer so many sleepless nights in the science academy just to be a glorified button pusher. This is what I've always wanted. Doing science, solving problems rather than just applying the solution, you know?"
"Wait, you got an academic certificate?" Ghen questioned, completely floored. "How did you end up beneath me then? I should've been answering to you!"
"Simple." Tilik gave a heavier sigh. "A royal servant was asking for the same job I was. Take a guess at who got it."
"Ouch. Good thing the humans came along when they did, yeah?" Ghen was taken aback. He never heard anything about a servant taking a job at his place. "Looks like you're proving yourself to be well suited."
"By the Queen, of course I am." Tilik nodded. "Like I said, I nearly broke my wings through so many nights, got certified top of my class, all just to get pushed to the dirt because someone who was born into a particular family wanted the same thing I did? I know I'm smarter than any of those empty-skull servants back in the Center. I know that, whatever, uh...corporate? Yeah, whatever corporate wants out of science, I will xeek give it to them."
"Well, let me know how things go in the lab." Ghen said, admiring his drive as they neared the main office floor. "Because this is where the button pusher needs to go."
Tilik let out a laugh as he nodded. "Hey, how about we meet up at Queen's Fine Eatery tonight. I'll pay, yeah?"
Ghen, at first, wanted to admonish him for choosing such an outrageously expensive place to go. But he quickly realized that, he truly is good for it, thanks to the humans. "Well, hey, if you're paying for it."
...
It was a fantastic opening. After being told what news sites to keep in mind for stocks, he first heard it from Dylan, and then got more detail on Business Today. There was such a massive demand right from the start that Zilia needs to increase extraction just to meet it. But what really got his attention was the effect it had. Zilia Water Delivery's share price just blasted off. After seemingly holding steady at about 3.15, by the time he got home and logged onto his account, it already reached 7.04 a share. The calculator on his account told him that he got a value-gain of 54.26%.
Never in his entire life had he felt such...joy. With all of the shares he currently has? He's sitting at 400,512.64 credits. He knows that it is woefully pathetic compared to what the royal servants have just in their pockets, but the fact that he has such money, just by owning some intangible concept? Why even work at Zilia? Why doesn't he just sit at home, figure out what companies to invest in and make his money that way?
What's even the point in working a real job, getting a pathetic pay when you can just take the money you have, determine where to spend it, and get triple back? All just sitting on your wings at home, researching?
He was so wrapped up in his excited high that he completely forgot he was going to meet Tilik at Queen's. After quickly and haphazardly putting on his nicer clothes, he got to the place only a few minutes late.
Tilik was there by the guide, no doubt having been waiting for him. As soon as he strode up, Tilik's wings stiffned out some. No doubt he must've seen the numbers as well.
"I can see your wings, Ghen." Tilik began with an excited chuckle. "Made some serious credits?"
Ghen let out an incredulous scoff, struggling to find the words for a moment. "Incredible. All I'm going to say."
"Likewise." Tilik chortled some before nodding to the table guide. "All here. Table please?"
"Right this way, sir." The guide said politely. It was a short walk, travelling between round tables. The vast majority were populated by zazk, but Ghen was surprised at seeing a few humans here as well. No doubt corporate workers checking out the local food. He did spot them having bowls filled with some kind of mass. Some were brown, others white with what looks to be black specks on them.
They arrived at their table. A rather nice one, affording a view out the windows into the busy colony streets. Once Tilik and Ghen settled in, the guide handed out the menus.
"May I suggest our rather popular option for tonight?" The guide began. "Human ice-cream. Ingredients sourced from Earth itself. Very cold, but incredibly sweet, and coming in many flavors. The most popular amongst us is called vanilla-bean. The vanilla itself soaks in the cream for much of the process, and then the innards sprinkled on top of it near the end. Rumor has it that the Queen herself has demanded personal shipments of such a treat straight from the home of vanilla, an island on Earth named Madagascar."
Ghen didn't even spare a single thought. "Vanilla bean ice cream then, please."
"Same." Tilik seconded when the guide glanced to him. With a slight bow, the guide proceeded to ferry their orders to the kitchen. Thankfully it was just a short wait before the guide returned, carrying a large plate containing bowls of ice cream. Ghen could feel the saliva on his mandibles as the bowl was placed before them. He could just feel the cold air around that glistening mass of sugary goodness. The white snow decorated with the black dots of vanilla bean.
Once the guide left them, Tilik and Ghen both dived in at the same time. As soon as the ice cream entered his mouth, touched his tongue, he exploded in incomprehensible bliss. The sweetness, the smooth and creamy mass, even the taste of vanilla he wasn't sure about was just absolutely delightful. It was so overwhelming that his entire body limped, slumping in his seat as he was forced to ride on the surging tide of joy and happiness sweeping over him.
Tilik was no different. He too was taken completely by the effects of the ice cream, his wings fluttering some against the seat. Ghen could hear some noise. It was the humans they passed by. They were chuckling, grinning, and glancing over at them discreetly. Unlike the two zazk, the humans seemingly just enjoyed the ice cream as if it was just another nice dessert to them. Or perhaps they couldn't allow themselves to succumb to the high?
And as soon as the wave of indescribable bliss and happiness subsided, Ghen knew. He just knew. This was the life. He wanted this. The ice cream was just the beginning. So many things denied because he didn't have the credits, or worse, not the blood. Because he was just a drone in the great Collective, even if he had the credits, he wasn't allowed because of what caste he was born in. That fire that sparked in him when he saw Tilik's new car? It exploded into a raging firestorm.
And when looking into Tilik's eyes, Ghen could see the same. He was on the same page as Ghen was. Both of them were sold. They have the credits. And the humans? If you can pay for it, they'll never discriminate. All they cared about is if you have the money.
And by the Queen, Ghen and Tilik will endeavor to amass as much credits as physically possible.
The rest of the night faded into a blur. A blur that evokes only one thing. Bliss. It was only when he walked through the door of his pathetic hut that Ghen's mind snapped back to focus. His mandibles felt sticky. And he felt a weight in his stomach. How much ice cream did he eat? Whatever it was, he ate such volume that the lower-section of his throax extended and rounded out, visible even under his shirt. He felt something odd in his pocket. It was a receipt. 43,000 credits for ten bowls of vanilla bean ice cream. Was that ten bowls for both of them? Or individually? Ghen didn't care. He's good for it.
Returning back to his calculator, he acted upon the decision that he had made at that eatery. He's acquiring as many books about investing and stock trading as he could find, frequent and study all the discussions and arguments presented by other like-minded individuals such as he, all to ensure he can live the good life. And he had a very good feeling Tilik was doing the exact same thing.
Well, first, the gurgling in his stomach, as well as the feeling of something rising demanded his attention. Looks like he'll need to take the night off to let his stomach get back to normal.
Three Years Later.
Ghen looked out beyond the horizon, seeing the colony that he grew up in. On the far side was where his old house was. With only a simple robe on, made from the finest silk from Earth's nation-state of China, he relaxed in his seat.
It was a long road. Stockpiling credits from pre-existing investments and from subsequent pays, he and Tilik made it. From having only half a million in assets and cash, now transformed to over eight-hundred million. And now, his call contracts on American Interstellar? They've just announced a breakthrough in their next generation of warp drives, reducing the speed coefficient even further, resulting in far faster travel. And with that, their stock price climbed sharply.
Another hundred million credits in the bank. Soon, very soon, he and Tilik are about to become the galaxy's first zazk billionares. But that's not enough. There are many humans who are billionares. Only those he can count on one hand are considered trillionares. He's going to break into that circle. He and Tilik.
Looking beyond the colony, he saw the abandoned building of the workplace he transferred to when the humans arrived. Turns out, the reason for such a high demand was that the humans also slipped in sugar to the tap water. As soon as that broke, many influential royal servants demanded investigations and outright banning of Terran Galactic Company's influence over the former government division. Zilia's stock price plummeted. But thanks to an advance tip from his human coordinator, Dylan, he and Tilik made a put contract. And that's where they struck gold, as the human saying goes.
Dylan warned that if they were citizens of the United Nations, they'd be investigated and convicted for insider trading. But, since they weren't, and the Collective were only just introduced to capitalism, there's no risk at all. Now the colony is going through a withdrawal phase, Zilia has been dissolved and reformed back as a government division and are currently at work re-establishing the standard, plain water delivery.
"Well, shit." Tilik muttered as he walked up to Ghen's side, taking well to human speech. "Looks like you win. American Interstellar's announcement really was a good thing. There goes a million credits. Ah well, the Royal Shipyards will make it back for me soon."
"Oh? Did they just go corporate?" Ghen asked curiously, glancing to Tilik.
"Hell yeah they did." Tilik chuckled, sitting down. "Queen and her retard servants fought it hard, but Royal Shipyards is now officially a human-style corporation. And, to a surprise to all the xenophobes in the galaxy, they're already being offered contracts for ship production. That'll raise the stock price pretty good."
"What's that human word...?" Ghen muttered, already having a reply in mind. "Dick? Yeah, calls or suck my dick, Tilik."
Tilik roared in laughter. "Already made them. Forty credits a share by this day next month."
"I have half a mind to go thirty." Ghen chuckled. "Either way, until then, I heard from Dylan that he knows a guy who knows several prime human women who happen to be into zazk."
"You're interested in women?" Tilik said as his wings fluttered. "With how often you tell me to suck you off, I'd have thought differently."
"Oh, I always thought it was you who was into men." Ghen responded dryly. "Just wanted to be a good friend, you know? Considering how you never seem to make it past, Hey sweet thing, I'm rich you know."
"Oh, go fuck yourself." Tilik countered with a little laugh. After he stopped, wings stiffened, he looked to Ghen. "So, know any royal servants we can put the squeeze on for more revenue streams?"
"I got just the one." Ghen nodded, sitting up. "Fzik. He's been fighting to control the ice cream trade. Worried it's a corrupting influence. Got done talking with the human CEO of Nestle earlier. If we clear the way, he'll know how to squeeze a little more gains in stock price when he makes the announcement."
Tilik's wings stiffened even more, signaling his approval. "Alright, time to throw some credits around, yeah?"
AN: Sorry for the period of no updates. College is starting up, lots of stuff to clear and work out. Not sure why but I just got a bug up my butt about incorporating money and the stock market into a short. Here it is. Sorry if it seems abrupt, character limit fast approaching. Let me know how you guys think about it!

I wrote a post a few months ago (What will it take for Spacex to send humans to mars in 2024?) which did rather well. However I focused only on Starship itself, not on any of the other pieces that are just as important to achieve Spacex’s mars-sized ambitions, so let’s take a look at everything but the big shiny rocket. To be clear (like before), this is less me predicting the future and more me looking to start a discussion based on the data we have and a whole bunch of assumptions, speculations and wishes.
Let's start off by making the mother of all Big Falcon assumptions:
Starship works as intended
This is a MASSIVE leap of faith to take. While SN5’s (and now SN6’s) flight(s) did alleviate some concerns regarding Starship’s ascent, and Superheavy doesn’t really worry me with all the falcon 9 first stages Spacex has to draw experience from, there’s no guarantee that Spacex’s re-entry, descent and landing systems will work as well as they want and expect them to, since those all fall somewhere between unusual and revolutionary. Nor is the rapid and reliable reuse guaranteed to work as well as we all want it to.
Although I will say people need to cool it with claiming Starship is years and years away from orbit; the raptor works and the tanks, plumbing and command & control system are up to standards, as SN5&6 showed. If Spacex wanted to (and had enough engines) they could bolt together a Superheavy booster, stick a Starship on it and fly both expendable to put 100-200 tons in orbit right now if they had a launch pad and a humongous crane. Big waste of money and engines but they could do it. Once Superheavy hops (successfully) you can seriously argue that Starship is closer to reaching orbit than SLS, despite the latter’s development being started a decade earlier. It’s just that reaching orbit isn’t Starships main goal; getting to orbit and back down cheaply and reliably is, which is another thing entirely. To me, SN8’s 20 km flight will be the big thing to watch: if that works, Starship is ready for orbit. If not, Spacex has a nasty problem or two to solve. For the record, I will say that I think the launch, ascent and descent of SN8 will go fine, but that the flip-down has a high chance of going very, very wrong the first few times.
Just to reiterate: this is not me saying what will happen, this is me speculating what Elon plans/wants to make happen in order to put humans on the red planet basically 4 years from now, to give people something to ponder on and give their own take. Personally I doubt that humans will really depart for mars in 2024, but given Elon’s repeated statements that 2024 is still the goal, and the fact that at least at tesla his timelines are getting a little more accurate recently, I have crammed the insane amount of progress needed into the next 3-4 years to make it fit. My timeline should not be taken as a prediction but as my best guess to somehow get all the needed pieces into place given the insane objectives.
So, if we make the admittedly stomach-churning assumption that Starship works and is flying reliably and reusable sometime (early) next year, what else should SpaceX be working on? To me, it seems they need four other pieces to realize their mars ambitions:
getting Starship to mars -> orbital refueling
getting Starship back from mars -> fuel production on mars
getting the humans inside Starship to mars -> life support in space
keeping the humans inside Starship alive on the surface of mars -> life support on mars
I will go through them in order from what I consider to be least to most difficult (no part is “easy” if you ask me):
Orbital refueling:
This one I’ve made a U-turn on. I used to think it was a major obstacle but recently have concluded that it won’t slow down Spacex at all. Why? Because in their Artemis bid, Spacex announced that they plan to use not just tankers, but fuel depots. This simplifies the whole operation massively. Spacex can launch a few custom Starships that consist of nothing but a giant empty fuel tank, something which they can probably build today. No heat shield, no fins, no payload bay, no life support, to maximize the fuel capacity. Only some batteries, a solar panel, rcs and a way to dock. Heck with the recent raptor improvements they might be able to stretch this type of Starship to have even more internal volume for fuel.
Now these most likely will have to be painted pitch black to prevent an angry mob of astronomers marching on boca chica with pitchforks, but that’s probably not a bad idea regardless. The fuel boil off in LEO will be a lot less than Starship will have to deal with on its way to mars due to a noticeable lack of shade during the transfer, so subjecting the LEO fuelers to as high a temperature as possible seems like a useful safety margin when designing for that.
The current Starship can hold 1200 tons of propellant with a large amount of its volume turned over for cargo. Given that a Superheavy can hold 3300 tons of propellant, let’s say that a fuel depot Starship can hold between 2000 and 3000 tons depending on how much it’s stretched, with the lower estimate being more likely. Edit: elon recently stated that they are pushing for Starship being able to hold up to 2000 tons of fuel, supporting my hunch that Starship’s length will increase.
Some back-of-the-envelope calculations show that a 250 ton Starship (100 ton dry mass, 150 ton payload) with 750 tons of fuel and an isp of 380 will have just over 5 km/s of delta V. Going from earth to mars using a hohmann transfer takes just over 4 km/s, while a much faster 3-month transfer takes around 4.8 km/s. This fits well with Elon’s step-by-step strategy. For the first flights having an extra 1000 m/s will most likely be invaluable, allowing on-route course corrections, meaningful maneuvers in martian orbit, as well as an easier landing, both due to being able to start the landing burn higher up and the fact that more fuel means more mass at the bottom of the Starship making it more stable during the flip and upon touching down. Later flights, after Spacex has a high enough confidence in their navigation, aerodynamic controls and landing system, can then start to burn more fuel to incrementally shorten that transfer time until they reach Elon’s goal of a three month transfer for humans.
Now what would this mean? If Spacex launches say three of these fuel depot Starships early next year (and they totally will have the means to build and launch these by then, all they need is a working Superheavy), they now have something to use their insane launch cadence for that is both useful and dirt-cheap. Each one of these fully fueled will provide the propellant for three mars-bound or two lunar-surface-bound Starships to reach their destinations.
Since the tankers will be able to carry between 100 and 150 tons to LEO depending on how far along the vacuum raptor engine is, this is 60 to 90 flights right here for Starship. If I’m Elon/SpaceX, all I’m doing in 2021 is flying Starship tankers DOZENS of times to bring fuel up to these depots for use in 2022. Now I know people are excited about a Starship launch putting 400 Starlink satellites into orbit in one go, but let’s remember that those still cost $300.000 a piece to make, and that’s after achieving an impressive economy of scale (120 a month). One failure on ascent and there goes over a hundred million dollars. At least for the first dozen launches, Spacex would be wise to start with fuel only imho, and move to include Starlink launches after a few months of successful fuel flights. It will give Starship a simple cheap payload to fly over and over again with minimal impact if it suffers a catastrophic failure on ascent. Simply learn and move on; nothing of significant value was lost.
While the engineers focus on decreasing the turn-around time and fixing whatever unexpected problems arise due to Starships re-entering multiple times (which there definitely will be, don’t tell yourself otherwise), the designers can spend 2021 seriously working on life support and ISRU systems, with both available to support the other should they need to. As an additional bonus, all these launches will greatly boost the confidence in Starship from both nasa and the commercial sector, paving the way for Starship’s utter domination of the commercial launch market from 2022 onward. Finally, maybe the realization that voting for Artemis meant voting for orbital fuel depots will give Shelby a well-earned heart attack (one can dream). /s
If Spacex can get 10 to 20 Starship tankers to orbit in 2021 (they can all be the same ship, they can be 3 different ships or they can be 10 different ships depending on how successful they are in their re-use objectives by then), it will give them a much easier time in 2022; “simply” fly the mars-bound or moon-bound Starship to LEO, dock with the depot and perform a single large fuel transfer. This way Spacex won’t have to worry about keeping a dozen Starship tankers in orbit at a time.
As for orbital refueling itself (wow, went a little bit of topic there), I don't see any major hurdles: if Starship’s fuel lines can handle the pressures of being fueled on the pad through the Superheavy booster as is currently the plan, than all Spacex needs to do is not exceed those pressures during on-orbit fuel transfers, which really should not be hard so long as they take their time with them.
Life support on mars
This might surprise some, but I actually think keeping humans alive on the martian surface will be much easier than keeping them alive in space due to the zero-g and radiation concerns that the latter will have to deal with. Consequently, if I were to suggest only one thing to Spacex from my very comfortable armchair, it would be to split the two: one type of Starship designed to act as a permanently inhabitable martian base that is basically an office tower with a big empty drained fuel tank and some engines at the bottom, and one designed for crewed use in zero-g as well as ascent and descent on both mars and earth. Trying to make a Starship do both is asking for trouble if you ask me, as well as greatly complicating the design (“the best part is no part”). Yes this would mean that these “base” Starships will not return to earth, but that is not that big a loss given the production rates Spacex is already achieving, plus having a few extra raptors on mars that can be cannibalised for parts or simply swapped with a malfunctioning raptor of another Starship sounds to me like good redundancy. Furthermore this split would have three enormous upsides:
1: The base ones are easier to design and build due to only being operated and inhabited under gravity after landing.
Let’s remind ourselves that if Spacex wants to send people to mars in 2024, it will be much easier to find support from nasa and the like if there already is a habitable structure waiting on the martian surface for them, which will have to be sent there in 2022. The easier base ones can be the focus of design in 2021 before being built and launched in 2022. Meanwhile the manned zero-g Starship will be granted another year to prove itself as now it won’t be needed until 2023, which is probably a good thing anyway. Even if Spacex can build these next year there is no guarantee that any agency would have enough confidence in Starship by then to provide them with astronauts. Taking another year to really prove Starship’s reliability as a launch and landing system might be enough (remember this means dozens of launches since we’re assuming Starship works) for a Starship to take on crew in LEO at the end of 2022/early 2023, probably at first using a dragon capsule to go to and from orbit as Tim Dodd and others have suggested.
2: It’s simply much safer.
Living and working in a separate Starship from the one that you land and launch in will probably be a whole lot more comfortable for the crew on mars. Sleeping well might be a bit harder if every morning the giant fuel tank a few dozen meters below you is a little bit fuller with highly combustible propellant than the day before. Compared to if the tank beneath you is completely drained while the Starship you will return in sits a few miles away being steadily refueled with you only returning to it a few hours/days before launch. Good back-up in terms of life support systems too; if something is really vitally needed you can take it with you from the landelauncher upon arrival or from the base/habitat upon leaving, as only one at a time will be housing crew. I’m sure nasa would be much more comfortable with this system too.
3: This base/habitat Starship would be perfect for nasa’s Artemis program:
While I don’t agree with Zubrin on a lot of things (seriously, he needs to stop with the whole mini-starship idea, it’s not gonna happen), he is right when he says that starship as a lunar ascent vehicle makes very little sense imo. It would be a huge investment of fuel and time for no real gain besides funding and nasa support, the latter of which is all but assured if Starship works. If instead Spacex offered Starship as a lunar base and suggested that nasa use the landers from the other two companies to go to and from the lunar surface, there’s no way nasa would say no. Imagine the offer:
“So here’s the deal: we will build a Starship interior to your specifications and wishes. Once built we will launch it, refuel it in orbit and fly it out to whatever lunar crater you want us to. Once landed, we fill drain every drop of fuel out of the tanks, lower the staircase/elevator and wait for your crew to arrive on one of those landers. It will have a thousand cubic meters of interior volume, aka more than the ISS, and you can have it on the moon in 2023 since we want to send one or two to mars in 2022 anyway. We’d like you to give us a billion dollars and a promise for martian astronauts in 2024 once we’ve landed it in exchange. Deal?”. Obviously Spacex won’t be that blunt, but I don’t believe that nasa wouldn’t fall over themselves to take an offer like that.
So what would this designed-for-gravity Starship need? Honestly, nothing fancy, which is why I suggested splitting them. Starship will have the unique luxury to simply, as musk has stated, throw mass at a problem until it is solved. As an example, let us say that a mars crew would number an impressive 12 people (one mission commandetest pilot, 4 scientists, 3 engineers, 2 botanists and 2 doctors). We know that they will be staying on mars for at least two years, but for safety let’s design it for 4 years. If they all eat like the most wasteful people on earth (cough, americans, cough...) they will consume 10 tons of food per year, with half of that being the recommended healthy amount. So.... let’s just put 40 tons of food on board. Done. 4 to 8 years of food just like that.
This is what using mass as a solution looks like. All Spacex needs is a way to store and preserve that food by either drying or freezing it for up to 5+ years, at which point that problem is solved. I’m no food expert but surely that technology exists?
Same story with water. 12 people will drink less than 10 tons of water a year, but here recycling is a well-understood and “easy” thing to implement. We’re able to reach 90+% efficiency on the ISS I think (if I’m wrong feel free to correct me), so if Spacex gets anywhere close to that (anything over 50% will do) they can put 20 or 30 tons of water on board Starship and for all intents and purposes have an unlimited supply. Recycling CO2 back into O2 is a solved problem that basically only requires power which Starship will have plenty of.
Also keep in mind that the above figures don’t assume food production or recycling, higher efficiency or using martian resources like water ice, any one of which would make surviving on mars for a few years a non-issue.
So… is that it? Well... yeah, pretty much. Spacex will need to design some ways to control temperature, humidity and (human) waste disposal as well as provide communication and spacesuits for the astronauts, but these are by no means show stoppers, especially with help from nasa and all the lessons learned from dragon. As for spare parts they can either take a 3D-printer or simply a literal ton worth of the more important components, or both if they want to.
None of the above is easy, but none of it is something that Spacex cannot obtain or build in a year (that year being 2021).
I have a design in my head for how this thing would look like on the inside but I’m a pretty bad programmemodeller. If someone who is good at that wants to model and render it and read my far too detailed description feel free to ask. Just be prepared for a very long response comment.
Life support in space
This is where things start to get “actually” difficult even if Starship works. Keeping astronauts alive during the 6+ month trip to mars will be easy. Keeping them healthy and in good condition will be very hard. Like I said with the mars base Starship, food, water and air won’t be a problem. Even basic water recycling and CO2 scrubbers will keep the crew alive just fine. Put 10 tons of food and 10 tons of water on board and there’s your problem solved. Even if they have to abort the martian landing on-route for some reason and slingshot back to earth they will be fine as they will have 1 to 2 years or more of food, water and air. No, the two big problems will be radiation and weightlessness. On mars neither of these factors are a show stopper: The gravity most likely will be fine and mars and its atmosphere will shield you from some/much of the cosmic rays, while putting the radiation shelter right below your 40 tons of food with your 20-30 tons of water surrounding it will protect you reasonably well from solar storms. None of these “easy fixes” is available in interplanetary space, as there is no planet to create gravity or block radiation (shocking I know), nor will these ones be as full of food and water to use as shielding since they will be carrying much more cargo and scientific instruments. No reason not to if there is already a base Starship full of food and water waiting on mars.
The simplest way to solve the radiation problem is some sort of physical shielding material in the walls (maybe hydrogen-rich foam?) and a solar storm shelter which is surrounded by all of the food and water on board. Whatever Spacex comes up with, this is something that I hope they work very closely with nasa on. The main problem is that they will not have much time to test this theoretical solution with humans on board until probably 2023. At the earliest Starship will be flying with crew on board in 2022, and even that’s jaw-droppingly aggressive. It would probably require Starship to reach falcon 9’s current amount of launches (a 100 basically) in less than two years (aka, one orbital launch every week on average) with little to no failures before nasa would trust Starship to launch and land safely, since I don’t see any sign of Spacex adding a launch abort system or changing the landing sequence. For the first few flights they can use a dragon to shuttle between a Starship in LEO and earth’s surface, but they can only do that a few times before the costs in both money and disposed falcon 9 second stages start adding up. No humans have ever gone beyond the earth-moon system, and no human has gone beyond earth’s magnetic shield since 1972, so this part very much has a possibility of providing some unwelcome unknown unknowns.
There is another big thing though that I think too many people ignore: weightlessness. The first flights to mars will take at least 6 months. Even with exercise, I think it’s fair to say that astronauts currently do not have the muscle and bone strength to stand up and walk by themselves after returning from a 6 month mission on the ISS without help. Mars’ lower gravity might help them recuperate faster, but this too is a complete unknown that neither nasa nor Spacex will or should count on imho. So far I’ve seen only two solutions suggested: lots of exercise on-route combined with simply letting the crew recover slowly once they land on mars, or tethering two starships together and spinning them. I don’t think either one will be an option. The first one is probably not enough, and the second one is too risky. Nasa would almost certainly go pale with that amount of inhabited mass under constant loads and stresses from circular acceleration, even if Spacex can make it work mechanically.
The only alternative I can come up with is this (and since I don’t believe for a second that I’m smarter than the teams at Spacex I’d very much appreciate someone more knowledgeable to explain to me where my thinking is flawed): You place a ring inside the pressurised part of Starship 8 meters in diameter and 3 meters in height, connected to a central pole that is bolted to the floors above and below but is free to spin. You put the sleeping accommodations on the inside of this ring with your head facing towards the centre. At the start of the sleeping shift, you spin the ring up to a lateral speed where you feel your back being pushed into the wall at a force of one g. Since your entire body is experiencing the same acceleration at every part, as the radius between your head and the pole and your feet and the pole is constant, it shouldn’t be nauseating. If there are walls on all sides of you (and one door) so that you don’t see the rotation, and your “bed” is slanted slightly to account for the coriolis effect, would it not feel just like regular gravity? Big bonus: you can start at one g and slowly move to 0.38 g over the course of several months to acclimate to mars. Small bonus: if you’re willing to pay the power cost, putting some big scoops or buckets on the outside of this ring might help with circulating the air around the ship since it will be spinning quite fast. Finally you could also spin it faster to do exercises like push-ups (basically any effort where your body remains more or less fixed to the floor could work), meaning you could compensate for being in zero g most of the day by sleeping under gravity and performing some exercises while under higher gravity [insert goku joke here].
I’m sure I have overlooked something, but it seems to me like this would work and be a reasonably effective and practical solution. Feel free to explain to me why I’m wrong.
In short, Spacex needs to find a solution to the zero-g and radiation problems by the end of 2022 at the latest. Firstly because dearmoon is scheduled for 2023 and I can’t see nasa (much less the US congress) stomach letting private civilians being the first humans to return to the moon’s vicinity since Apollo instead of nasa astronauts. If a Starship capable of sustaining humans is flying successfully in 2022 and dearmoon is set for mid-to-late 2023, I’d bet on there being effectively an order from congress for Spacex and nasa to fly american astronauts on Starship around the moon before dearmoon takes place, regardless of the state of either SLS or Artemis. And before you say that that would be massive hypocrisy, remember that these are US politicians we’re talking about.
Secondly because they really need to perform a 6 month trial run at the L2 earth-moon lagrange point to confirm that their life support, radiation protection and zero-g mitigation solutions work as intended. (This is why my money is still on humans to mars in 2026 because I can’t make myself believe that everything will work right the first time they try it). If they want to send people to mars in 2024 they will need to have this test done to satisfy nasa (or whomever is providing them with astronauts) by the end of 2023.
So my reasoning/guess is that Spacex will want the design of this version of Starship finished in early 2022, build and launch one that summer, and maybe bring some crew on board with a dragon to prove out its life support systems by the end of the year. The big year for this piece of the puzzle will be 2023, as this is the Starship type that they will most likely use for dearmoon as well as perform any major test runs in the earth-moon system, before the big launch of the first crew to mars in 2024.
Refueling starships on mars
So why do I think this is the biggest hurdle? Isn’t the sabatier process a well-understood and quite simple chemical reaction? Yes it is, and the problem as I see it isn’t with the chemistry, but with the scale, the schedule and the industrial processes that are needed.
Spacex will have to design, test and build a full-on fuel production system… and have it ready for launch roughly 18 months from now. Why so soon? Because there is no way, repeat NO WAY that Spacex will be allowed to send astronauts to mars, on a rocket that cannot get back to earth without being refueled, if there is no fuel production on mars at the time of launch. I know Elon has often said that there is a real chance that the first crew sent to mars will die, but I can’t imagine he actually believes that he can get professional astronauts and nasa support if he doesn’t take every precaution possible to ensure that they can get back home safely.
Just to be clear: I don’t mean that there needs to be a fully fuelled Starship sitting on mars when the first crew lands, but there absolutely, 100% needs to be a Starship on mars producing fuel by the time the first crew leaves earth. And this is not as easy to pull off as it might seem.
Getting the CO2 is a non-issue: mars’ atmosphere is so rich with it that you might not even need to filter the incoming air. Also as long as the crane/elevator on Starship works, setting up a large solar field won’t be that difficult provided Spacex has made the panels reasonably easy to unload and deploy (safe assumption if you ask me), and if the surrounding surface is flat. Given that Spacex has chosen a landing/base site in the northern plains (IIRC) this should also not give any major problems.
The main difficulty will be getting enough water to produce enough fuel. If Elon is serious with his recent comment about “~2 tons/day” of fuel, which I have to assume he is, that means many tons of water ice have to be excavated, moved, filtered of other materials, melted and separated into H2 and O2, per day, for over two years, with no one around to fix something if it breaks. This is orders of magnitude more intense than what we’ve done on mars before. To be blunt, we are talking nothing less than autonomous bulldozers, that weigh several tons and make Perseverance look like a toy. Scooping up and gathering a truckload of ice and rocks daily and dumping them into whatever device Spacex comes up with to separate out the ice, melt it and split it into hydrogen and oxygen (of which the former probably must be combined with CO2 and turned into methane immediately given its habit of not liking being stored and subsequently floating away), and not break down thanks to the martian dust getting anywhere crucial.
Even setting aside the fact that this operation will make the planetary protection crowd pull their hair out, the chances of it working as designed the first time are not high if you ask me. There is every chance that something wears out faster than expected, stops working due to some unknown unknown, or gets wrecked by a malfunctioning autonomous vehicle glitching out and driving into/over it. Once there are actual humans on mars, keeping these machines operational won’t be all that hard, but basic safety standards (and nasa) are going to require that the fuel farm works reliably on its own, for as long as it takes to make enough propellant for the first crew to return home safely in case of an emergency, before the go-ahead is given for that first crewed mars mission to leave earth.
I would not be shocked if Spacex manages to design, test and build a system that they think will work in 2021 and launch, refuel, transfer to and land it on mars in 2022, only to find out that some crucial part doesn’t work as designed under the martian conditions, leaving a fully habitable base Starship and an empty propellant plant Starship sitting on mars with all the accompanying parts needed to start a base (pressurised cybertruck rover, unpressurised cybertruck rover, water ice gatherebulldozer, fuel transporter, solar farm and guidance & landing beacon) present, but no way to make fuel. It will be the most infuriating and cathartic thing ever at the same time. Such a situation will almost certainly set the Spacex timetable back the full two years, as I just can’t see nasa allowing astronauts to get in a Starship and blasting off to mars if there is no way for them to get back yet. I don’t think the argument “Well once they are there they can fix the fuel farm instantly!” will hold much weight, since if something important has broken, what’s to say that something else will not go wrong unexpectedly that the crew can’t fix, leaving them stranded?
My basic reasoning is this: the other three parts can be tested in LEO or on earth with the results being representative of their supposed tasks, but this one cannot. The environment on mars is simply too different from the one on earth (especially the atmosphere), and the scale and ambition of Spacex’s plan means that the rovers currently on mars are not much of a reference either. There is no way for us to know outside computer models what a five-ton vehicle driving around on mars for years hauling several tons of regolith and ice around daily would go through in terms of wear and tear, creating a massive potential for unknown unknowns to appear where we don’t expect them. To put Spacex’s project in perspective: the first fully loaded Starship upon touchdown will probably consist of 99% of all the mass humanity has ever landed on the surface of mars. Let that sink in...
So that’s my take on Spacex’s mars ambitions. If Starship works (big if, but it seems to be getting more believable by the day), I am reasonably confident about orbital refueling and a martian habitat being ready on time, but have reservations about the human-rated Starships and am outright concerned regarding the autonomous propellant plant working as designed. As I’ve mentioned, my money if SN8’s 20 km flight goes well is on Spacex getting a Starship to mars in 2022, but not sending humans until 2026, either due to the 2022 starships not performing as well as intended (or not performing at all if they crash) or due to Starship not yet being declared safe for human flight in 2024.
Now before I go ahead and request the longest-reddit-thread-of-the-year award (I genuinely think this post is twice as long as my previous one), I’m curious as to your response to the three questions that in my opinion sum up the whole thing:
1, Did I miss something important besides the four areas I covered?
2, If you agree that these are the major roadblocks for Spacex and Starship, do you agree with my take on them? Did I badly underestimate something that is much harder than I gave it credit for? Or are certain things that I considered difficult much easier than I made them out to be?
3, Regardless of whether or not you agree with my list, ranking and reasoning, what do you think Spacex’s biggest obstacle will be to sending humans to mars in 2024, assuming Starship itself works?
Looking forward to your responses, opinions and rebuttals.

EDIT: Wiki now exists

Overview

What is this place? What is theta gang?

/thetagang is a sub for traders who are interested in selling options.

An option? What's that?

Options are derivative financial instruments, which means they derive their value from an underlying, such a stock or commodity. Options are a contract in which the buyer has the right but not the obligation to buy or sell the underlying at an agreed upon price on or by a certain date.
All options have an expiration date after which they stop trading. Because they eventually expire they are also wasting assets, which means they lose extrinsic value as time passes. This is where theta gang comes in.

Uh huh... I don't really understand anything you just said, but I'm curious, why would anyone want to trade options?

There are two main reason why someone would want to trade options: hedging and speculation.
Consider an investor who buys a stock but is worried about a price decline. They can purchase options (put contracts) to protect themselves if the stock's price were to fall. And if they think a stock is overvalued and want to short it, they can purchase options (call contracts) to protect them should the price rise. In both cases the investor is hedging their trade because they are trying to profit from the stock and not the options.
The other reason is speculation. Options allow someone to make a directional bet on a stock without buying or selling the actual stock (the underlying).

Why would someone bother with trading options when they can just trade the underlying?

Leverage. Equity option contracts are standardized and each contract (also called a "lot") is for 100 shares of the underlying. It's a way to have exposure to the underlying without needing the capital to buy or sell 100 shares for each contract. In other words a smaller amount of money controls a higher valued asset.
Options allow a buyer to make amazing profits. If a trade goes incredibly well, they could see profits anywhere from 100% to 10,000% (a few are even lucky enough to get 100,000%). And despite being leveraged the most amount of money they can lose is what they paid to buy the options. This is known as the premium and is paid to the seller.
The option buyer's losses are limited to the premium and their profits are potentially unlimited, whereas for the seller the losses are potentially unlimited and the profits are limited to the premium.

WHAT?!? Why on Earth would anyone sell options with a payout like that? Especially when you could become rich so easily?

If only it were that simple.
The reality is most options expire worthless. If you buy options not only do you have to get the directional bet right, but you have to get the timing right as well.
If you buy a stock and it goes nowhere for a while and then suddenly takes off in price, you make money from this trade. Not necessarily for options. They eventually expire and if the stock soars after the option expires, tough luck. You get nothing and lose all your money.
All of the incredible gains you see with options happen because the underlying made a huge move in a relatively short period. In other words, you have to take an immense amount of risk to make a boatload of money. It's far more likely that the options expire worthless and you lose everything.
And if getting the direction and timing right wasn't hard enough, it gets even worse. Options are priced to lose. Recall that options are a wasting asset. An option slowly loses extrinsic value as time passes. This is referred to as theta decay. If the underlying doesn't move in price fast enough (in the right direction, of course) to offset the loss in theta, you lose money.
This leads to an interesting outcome: an options buyer can be right and still lose money, and an options seller can be wrong and still make money.

WHAT?!?! How can someone be wrong in a trade and still make money?

The value an option has can be split into two parts: intrinsic and extrinsic.
Remember how options have an agreed upon price to trade the underlying at? That's called the strike price. As an example, if a call option has a strike of $10, and the stock is trading at $10.50, the option has $0.50 of intrinsic value.
The extrinsic value is also known as the time value of an option. It's the risk premium the seller receives for taking on the risk of selling options. Using the same example as earlier, if the option is trading for $1.10, the extrinsic value is $0.60.
The intrinsic and extrinsic value combined are the option's premium, and the seller receives this premium in full. So if at the date of the option's expiration the stock is trading at $10.70, the option is worth $0.70. The seller's $0.40 profit is the buyer's loss. And if the underlying is at $10 or less on expiration? It expires worthless and the buyer loses 100%.

This sounds too good to be true. If most options expire worthless why doesn't everyone sell options and get rich?

If only it were that simple.
It's true options are priced to lose and that most expire worthless. What is a wasting asset for the buyer is a wasting liability for the seller. However, it's still a liability and sometimes that liability can end up being a real loser.
It's not just a matter of a win/loss ratio. The magnitude of the wins vs. losses must be considered. The most an option seller can make is the premium, but they can lose far more than that if the underlying moves against them. It's possible for a seller's loss to be multiples of the premium they received for selling an option. If an option seller is really unfortunate, they can experience a loss on a single trade that wipes out months of profits.
There's no easy money to be made trading options.

The Greeks

Let's pretend that I know what options are. How do the Greeks apply to option sellers?

Delta

Delta has multiple meanings:

1. How much the option's price changes relative to a change in the underlying's price.
   
2. The option's equivalent of a position in the underlying (a directional bet).
   
3. The probability the option expires in-the-money.
   

Definition #2 is important to understand when making delta neutral bets (discussed later). These profit from a decrease in volatility along with collecting theta. It's possible to construct a trade where a movement in the underlying does not change the position's value (or by much).
Definition #3 is an approximation. Many option sellers like to sell out-of-the-money options with a delta of 0.30, which means they have an approximately 30% chance of expiring ITM.

Gamma

Delta is not a constant. An option's delta changes as the underlying's price changes. Gamma measures how much delta changes relative to a change in the underlying's price. Option buyers have positive gamma, whereas sellers have negative gamma.
Long (positive) gamma works in favor of the buyer. As the underlying moves further ITM, gamma increases delta and profits accelerate. As the underlying moves further out-of-the-money, gamma decreases delta and losses decelerate.
Short (negative) gamma works against the seller. As the underlying moves further ITM, gamma increases delta and losses accelerate. As the underlying moves further OTM, gamma decreases delta and profits decelerate.
Gamma is bad news for sellers. Theta gang has always been at war with gamma gang. Gamma is also the reason that delta hedging is so difficult when it comes to being delta neutral.

Theta

Beloved theta. The namesake of /thetagang. It's why we're here all here and why you're reading this.
Theta represents the time value of an option. It's the extrinsic value of an option, and as each day ticks away the time value decreases a little. That amount is determined by theta. Theta decay is nonlinear and accelerates as expiration approaches.
The goal of an option seller is to profit from collecting theta. One could sell an option that's ITM and profit from the underlying moving OTM, but that's not a theta bet, that's a directional bet. ITM options also have less time value than at-the-money options. ATM options have the most time value and so the most theta to collect, but are at a greater risk of expiring ITM compared to OTM options.
The more days to expiration an option has the slower the theta decay. 30-45 DTE is a very popular period to sell. Others prefer weeklies.

Vega

Vega measures how much an option's price changes relative to a change in implied volatility.
The IV of an option is the market's estimate of how volatile the underlying will be in the future. The higher the IV the greater the time value of an option, which means options with higher IVs are more expensive.
Option buyers want to buy when volatility is low because options are cheaper. Sellers want to sell when volatility is high because options are more expensive.
The best time to sell options is during the gut-wrenching periods when no one wants to sell because volatility is so high (such as the March 2020 crash). Options become extremely expensive and there are juicy premiums to collect. Look for large spikes in IV.

Vomma

Vomma (or volga) is a much lesser known Greek. It measures how much an option's vega changes as the implied volatility changes.
Out-of-the-money options have the most vomma. This detail will be discussed later in a horror story of option selling gone wrong.

Rho

Rho measures how much an option's price changes as interest rate changes.
No one cares about rho anymore thanks to interest rates being stuck at rock bottom for over a decade.

Volatility

What are some basic details about volatility that are important to know?

Both option buyers and sellers care about volatility (at least they should). Buyers want to purchase when IV is low and sellers want to sell when IV is high.
An option's IV in isolation does not actually tell you if IV is high or low. It must be compared to the historical IV for that option. Two popular methods are IV rank and IV percentile.
For example, if options on XYZ have an IV of 35% and options on ABC have an IV of 45%, on the surface ABC has higher IV. But if XYZ has an IV rank of 75% and ABC only 40%, XYZ's IV is actually higher relative to its historical IV and may be better suited for selling.
There are different ways of measuring volatility and it's important to not mix them up:

• Historical volatility: This is how volatile the underlying actually was. It doesn't tell you anything about the future volatility of the underlying. This is also called realized volatility.
  
• Implied volatility: This is the market's prediction of how volatile the underlying will be in the future. It could be greater than, less than, or about the same as the historical volatility. It's only an estimate and can easily be wrong.
  
• Historical implied volatility: This is simply the IV of an option over time. When you're looking at historical data and overlay HV with HIV, you can see how right or wrong the market was estimating future volatility.
  
• Implied volatility rank: IV rank is calculated over a period of 52 weeks. The formula is 100 * (current IV - 52 week low IV) / (52 week high IV - 52 week low IV).
  
• Implied volatility percentile: This tells you the percentage of time HIV has been lower than current IV. The formula is # of days with lower IV than today / # of trading days in a year (252 is normally used).
  

What is volatility skew?

To understand what volatility skew is we have to go back to the 1970s.
You may have heard of a theoretical options pricing model called the Black-Scholes or Black-Scholes-Merton model. This model was published in 1973 and became very popular. It was widely adopted in the options market.
The original Black-Scholes model predicts that the IV curve is flat among the various strike prices with the same expiration. It didn't matter if the strike price was OTM, ATM, or ITM, they all had the same IV.
IV stayed this way until the stock market crash of 1987, where the DJIA dropped 22.6% in a single day. This single event changed the options market forever. The IV curve was no longer flat but instead demonstrated a volatility smile (conceptual graph). Strike prices further from ATM started trading at higher IVs.
The crash was a gut punch to investors that taught them extreme moves in markets were more common than you would expect, and options started being priced accordingly. But the volatility smile is not symmetrical, it's actually skewed.
OTM puts have a higher IV than OTM calls. This is due to markets falling much faster than they rise (they take the escalator up and the elevator down). This causes more demand for OTM puts to protect long portfolio positions. Most investors are long the market, and some will sell covered calls which increases the supply for OTM calls.
Note that this is true for equity markets. Commodity markets behave differently. Normally there is a floor in commodity prices (although for commodities with storage or delivery constraints, as we learned in April 2020 they can dip below zero) and IV is higher for OTM calls compared to puts, because commodities can suddenly spike in price due to supply side shocks.
In equity markets IV is inversely correlated with price, that is, IV rises when prices fall (reverse or negative skew). This isn't necessarily true for commodities where rising prices can mean an increase in IV (forward or positive skew).

The story of James "Rogue Wave" Cordier of OptionSellers.com: A tragic lesson in how not to sell options

James Cordier is a former money manager who has the dubious honor of not only losing all the money of his clients by selling options, but even leaving them with a debt because the losses were so staggering.
James was a proponent of selling options and had even written a book about it. He had a now defunct website, OptionSellers.com, which targeted individuals with a high net worth. His strategy was simple: he was selling naked options on crude oil and natural gas. For years he made he made his clients plenty of money. Things were great. Until they weren't... and the results were catastrophic. His clients lost everything and even owed money to their broker, INTL FCStone. Where did James go so wrong?
James was selling naked strangles on natural gas and crude oil. In November 2018, both markets moved against him, but the real losses came from his naked natgas calls. He sent an email with the subject line "Catastrophic Loss Event" to his clients on November 15th, dropping the bombshell that not only was all their money gone, but they may be facing a negative balance.
If you look at a chart of natgas you can see why his accounts blew up. Natgas experienced a huge spike in November and his broker liquidated their positions at an absolutely massive loss.
What mistakes did he make and what can we learn from them?
1. Picking up pennies in front of a steamroller
Part of his strategy involved selling deep OTM naked calls on natgas (call leg of short strangles). Deep OTM options typically don't sell for very much, so in order to collect more money you sell a bunch of them to make it worth the trade.
This is a terrible idea and no one should ever sell a bunch of deep OTM naked options. It can work great for years, until one day it blows up your account. In order to collect a decent premium you have to overleverage yourself. This is extremely risky and you will eventually experience a major loss one day. The odds are not in your favor.
The underlying does not even need to cross the strike price for you to lose money. The underlying's price simply needs to move significantly closer to the strike price and you'll be deep in the red. This is made even worse if volatility spikes, which increases the option's price and your losses (discussed in detail in the next point).
Notice what happened the following months: natgas prices crashed back to what they were before the spike. Had James not overleveraged his positions, he could've ridden the losses out to a profit. In fact, all those options probably would've expired worthless.
There is another reason not to sell deep OTM naked options. Imagine you're a speculator with a small account (e.g., /wallstreetbets). They want to trade but they can't afford to buy ATM or slightly OTM options, so what do they do? Buy deep OTM options, bidding the price up. When a market moves big and the small-time speculators want to trade it, all they can afford are the cheap options, which are deep OTM. This is bad news when you're short them.
2. Not understanding the relationship between price and volatility
Remember how for commodities volatility can be positively correlated with price? Natgas is one of them, and when the price spiked so did volatility. James did not understand the consequences of this.
When you are short options, you have negative vega. As the price spiked so did volatility, and the short vega position piled up his losses in addition to being short delta.
But vega is not a constant. We finally get to discuss vomma now. Vomma measures how much an option's vega changes as IV changes. In other words, as IV increases, so does vega thanks to vomma. When you're short vega and vomma, this is bad news.
Remember which options have the highest vomma? That's right, OTM. So as IV increased, not only did his losses increase due to rising IV, but vega itself started increasing thanks to vomma, further accelerating his losses.
He got wrecked four different ways: being on the wrong side of delta, gamma adding to delta, being on the wrong side of vega, and vomma adding to vega.
3. A total absence of risk management
Risk management is essential when it comes to trading, and selling options is no exception. Selling naked options can expose you to extreme risks, and to ignore it is simply reckless. It's more important to avoid a huge loss than to make a huge profit, because all it takes is one big loss on a trade to make recovering from it impossible, ending your career in theta gang.
Tail risk is a very real concern in trading, and those "rare" events actually happen more frequently than traders expect (fat tails). Look at a price chart of natgas over the past twenty years. You can see random spikes sprinkled throughout the chart. James never stopped to think, what would happen to the value of my positions if natgas were to suddenly spike in price, which I know has happened in the past, and will happen again someday? How could I protect myself against this scenario?
It's pretty obvious that if a one-day or even few weeks move manages to blow up your account and completely undo years of profits, you have zero risk management in place. This stems from not understanding how the natgas market works, and trading it with no regard to risk.
Selling naked calls on natgas is a terrible strategy because natgas can have sudden price spikes, and IV will spike with it. A much better strategy would've been selling a call backspread. You sell an ATM or OTM call, and you buy two or more calls that are further OTM. That way if natgas did spike your losses are limited, and you might even turn a profit on the spike.
Spend the time necessary to learn about the underlying. And don't neglect risk management. If you're going to sell options, you absolutely must understand how the underlying behaves and its relationship with volatility, otherwise you cannot have proper risk controls in place.

Miscellaneous

What are some popular option selling strategies?

The most popular would be covered calls and cash secured puts.
CCs involve selling OTM calls on a stock you own. The short call position is covered by owning the underlying, hence the name (opposite of naked). A single equity options contract is for 100 shares, so an investor sells one call for every 100 shares they own. If the stock price rises beyond the strike price, the seller keeps the premium, but the options will get exercised and the shares called away. They sell them at the strike price, missing out on the extra gains beyond the strike. The seller still makes money on the sale, just not as much as they would have if they sold them at market price. If the stock grinds sideways, the options expire worthless. And if the stock falls in price, the options will also expire worthless, but the seller will lose money on their long stock position. Chances are they will lose more money than the premium they collected from selling the CCs.
A CSP is a naked put that's sold either ATM or OTM with enough money in the account to cover the stock purchase if the option gets exercised. If the stock grinds sideways or rises in price, the puts expire worthless. However, if the stock falls in price the options will get exercised, and the seller will be forced to buy the stock from the options buyer at the strike price, most likely suffering a loss greater than the premium they received.
A CC has the same downside risk as a naked put. If the stock declines in either scenario the investor risks losing far more money than the premium received. If you are comfortable with the risk of selling CCs you should also be comfortable with the risk of selling CSPs. However, you can lose more money in the CSP scenario if you buy back the put before expiration if IV rises enough, vs. holding it to expiration.
Selling a CSP always means selling a naked put. It is not a covered put because you have cash to buy the stock. Whether or not you have enough money in the account to buy the shares at the strike price is irrelevant. A CP means you are also short the underlying, hence it is covered. It's the same idea as a CC, except it has unlimited risk due to there being no theoretical limit the price the stock could increase to, whereas a long stock position can't go below zero (not a guarantee for certain commodities).
Other common strategies are wheeling and volatility crush.
The wheel is similar to selling a strangle but not quite the same. You sell CSPs on a stock you wouldn't be opposed to owning, and in the unfortunate case of being assigned, you then sell CCs to recoup your losses. If you've been selling CSPs for a while you may still be net up when assigned, but if the stock craters you're looking at a significant loss. You hope the stock slowly climbs while selling CCs, but if the stock suddenly spikes your shares may get called away and you miss out on recovering your losses on the upside.
There are variations to the wheel before being assigned. A jade lizard is selling an OTM call spread where the max loss on it is less than the premium collected from selling the CSP. Ideally the stock will trade in between the short put and call strikes and all options expire worthless. You can also trade a ratio put spread instead of just a put.
The volatility crush trade is a delta neutral strategy. It profits not from a change in the underlying's price, but from IV decreasing. It's very popular right before earnings. IV on a stock can spike just before an earnings report is released due to uncertainty (vol rush). Unless you have insider information, you can only guess what the results will be. After the report is released, IV crashes because the uncertainty is gone (vol crush). Everyone knows the results.
You find a company who's about to report earnings and the IV on their options has spiked. You then sell expensive ATM calls, and because ATM options have a delta of about 0.5 you buy 50 shares for every call sold. Your net delta is zero (delta neutral) because you've offset the negative delta from the short call position by buying shares which gives you positive delta. By hedging your delta you've eliminated directional risk. After earnings are released, IV craters and you buy back the options at a cheaper price and sell your shares.
In theory this sounds like an easy way to profit. In reality it's not due to our archnemesis gamma gang. Delta is not a constant and as the underlying's price changes so does delta. If the stock soars after earnings, the call option's delta will increase and your delta exposure will become increasingly negative as the stock rises in price. If the stock tanks, your delta exposure will become increasing positive as the stock falls in price. In either scenario you start losing money from your changing delta position, and the amount you make from IV decreasing must be greater, otherwise you lose money overall on the trade.
You can try to nudge your delta in a direction to hedge against this. If you're bullish on the stock you can overweight your exposure and buy more shares so that you have a positive delta. If you're bearish you can underweight your exposure and buy fewer shares so that you have a negative delta. If you're correct, good news for you. But if you're wrong, you lose more money than if you were delta neutral.
Then you have a plethora of spread trades, such as vertical, horizontal, diagonal, and ratio, some with creative names. There are far too many to cover in this guide in detail. All of them have at least two legs (each leg is a component of the options trade) to the trade where you are both long and short options.

How does assignment work?

There are two main types of option styles: European and American. European options can be exercised only on the expiration date. American options can be exercised at any time before (and of course on) the expiration date.
When an option is exercised, the Options Clearing Corporation randomly selects a member firm that is short the option, and the firm uses an exchange-approved method to select a customer that is short the option. The OCC processes all assignments after market close, and because it processes closing buys before assignments, there is no possibility of assignment if you buy back your short position during the day's trading hours.
An option buyer can exercise their option even if it makes no sense financially and they would lose money. It's their right to do so and you are obligated to fulfill it if assigned. Even if an option expires worthless it can still be exercised. The buyer may be speculating that major news gets released after hours (some options trade until 4:15 PM ET) and when the market opens again the underlying has moved favorably and their gamble paid off. To avoid risking this scenario simply close out the day of expiration.
Only about 7% of options get exercised and the majority occur close to expiration. This is because options still have extrinsic value before they expire, and once exercised the buyer loses the extrinsic value. It makes more sense for them to sell it.
Be aware that if you are assigned you may see a large negative balance or buying power in your account. This may be because the underlying stock trade has not settled yet. It normally takes T + 2 (trade date plus two business days) to settle. Settlement means an exchange of money and securities. Payment is made from the buyer's account to the seller's, and the seller's securities are transferred to the buyer's account. The other reason would be the value of the new stock position. If you have a small account and are now long or short hundreds or thousands of shares, the market value could far exceed the cash value of your account. You'll be forced to close out by your broker. Once either the trade settles or you close out the large negative balance disappears.

What are some scenarios I can expect assignment, especially early assignment?

If an option expires ITM you can expect it to be exercised. Unless instructed otherwise, the OCC will automatically exercise any option that expires at least $0.01 ITM.
Deep ITM options about to expire are candidates for being exercised. They start behaving like the stock itself since there's zero real chance of them not expiring ITM. They have no extrinsic value and in fact may trade slightly below their intrinsic value (at a discount to parity, parity being the intrinsic value). This is because no one really has any incentive to trade the option anymore, especially when they could trade the stock instead, which has more liquidity. A market maker would agree to buy it at a discount and at the same time open a position on the stock and exercise the option, profiting from the discount arbitrage. For example, XYZ is trading at $50, and a 45 call is trading at $4.95. A MM buys the call while simultaneously shorting 100 shares, exercises the option and collects the risk-free profit of $0.05:
(50 - 45) - 4.95 = 0.05
Selling spreads is a very common theta gang strategy, so let's examine the case of early assignment and assignment after expiration.
You sold a 50/55 vertical call spread for $1.40 on XYZ that's trading at $53. It expires in a few days but for whatever reason the buyer decided to exercise early and you were assigned. You're now short 100 shares at $50 while still long the 55 call. Because vertical spreads are risk defined trades, this isn't a big deal. You're still long the 55 call, so you have upside protection which will cap your losses at $360 (500-140) should the stock move past $55. You could take the risk of riding it out and hoping the stock falls or you can close out the trade, accept your losses and move on.
The other scenario is assignment at expiration. This is actually the more dangerous case of the two. Imagine the same circumstances except it's expiration day (Friday). The stock closes at $53, the short call expires ITM, and the long call expires worthless. The short call is exercised and you're assigned. Because you no longer have upside protection anymore, this is not a defined risk trade but instead undefined. You're short the stock over the weekend and no one knows what the opening price will be Monday. If major news gets published Sunday the stock could soar. Or it could crater. This is not the kind of risk theta gang likes to take. You should always close out of your short options on the day of expiration if there's a real chance of them expiring ITM, especially when your long options will expire OTM. Otherwise at that point you're now delta gang.
If both the short and long options are ITM at expiration, the most you can lose is the spread minus the premium received. You might as well close out to avoid the hassle of being assigned and exercising your long options.
The specter of early assignment gets raised quite a bit around the time dividends are paid. The scenarios are different for calls and puts.
You may have read that if the time value of an ITM call is less than the dividend, the call is at risk of being exercised early. This is not because the investor will make money from exercising. Let's illustrate with an example. To be paid a dividend you must own the stock before the ex-dividend date. Call owners do not receive dividends. If you buy the shares on or after the ex-date you won't be paid the dividend, so the call owner will exercise it the day before the ex-date.
XYZ is trading at $50, and a 45 call is trading for $5.25. It's paying a $1 dividend and the ex-date is tomorrow so the buyer exercises the call. They're now long XYZ at $45. The ex-date arrives, the dividend is paid, and the stock is discounted by the amount of the dividend, and is trading at $49. They sell and wind up losing $0.25. What happened? Simply add up the numbers:
(49 - 45) + 1 - 5.25 = -0.25
Whenever you exercise an option you throw away the extrinsic value. It doesn't matter how large the dividend is, since the stock's price is discounted by it on the ex-date. This is a losing trade. The only way the trade could make money is if the stock isn't discounted by the full amount. Sometimes this happens (other news gets published) but this is nothing more than a gamble if attempted. It's not an arbitrage opportunity.
In fact, as the ex-date approaches you may see ITM call options trading at parity. This occurs because the stock's price will be discounted by the dividend, and so the option's intrinsic value will decrease as well. Buyers don't want to be left holding it going into the ex-date because they're going to lose money, so the selling pressure drives down the option's price to parity. It may even trade at a discount, presenting the earlier discount arbitrage opportunity.
If the corresponding put with the same strike price as the call is trading for a price less than the dividend minus interest, then the call would be exercised and you would be assigned early. The trader long the call would exercise their call and buy the put, since this has the effect of recreating the same trade, except they receive the dividend.
It's actually puts that offer a dividend arbitrage opportunity if the time value is less than the dividend. Using the example from earlier, a 55 put is trading at $5.25. You buy 100 shares of the stock at $50. Ex-date arrives, the stock is discounted to $49. You exercise the put, selling the stock for $55, collect the $1 dividend and profit a risk-free $0.75. Add up the numbers again:
(55 - 50) + 1 - 5.25 = 0.75
You may already be guessing what happens to ITM puts as the ex-date approaches. Their price increases due to buying pressure, since the option's intrinsic value is about to increase by the dividend's amount. Once the time value at least matches the dividend the arbitrage opportunity no longer exists.
One other scenario where you may be assigned is when the underlying is trading close to the option's strike price on expiration day. You don't know if it will expire ITM or not. This is called pin risk. What should you do if you're short? Close out. It's not worth the risk if the underlying moves adversely after market close and the options are now ITM. Just close out.

Should I close out of a position after collecting most of the premium earlier than expected?

This is a good idea. A lot of people follow a rule where if they've collected at least 50-80% of the premium they close out of the trade and move on to the next. They especially follow the rule when it happens much sooner than expected.
Collecting the last tiny bit of premium isn't worth what you're risking (a relatively large amount of money to make a small amount). You're picking up pennies in front of a steamroller. What will happen one day is the underlying will make a dramatic adverse move, eliminating all of your profit and even putting you at a loss. You'll be cursing yourself for being greedy and not closing out earlier.
A lot of brokers will even let you close out of a short options trade for no commission if you can buy it back for only five or ten cents.

My position moved against me. What can I do about it?

You have a few choices.
1. Close out
Close the trade. Accept your losses and move on. How do you decide if it's a good idea to close? Ask yourself, if you didn't already have this position would you do it now? Would you open the position now given the current price and market circumstances? If not, close out.
You're going to end up on the wrong side of trades sometimes. It happens to everyone. Sometimes closing out is the right idea. Other times it's not. You can't predict the future, so don't beat yourself up when you make the wrong decision. But always be mindful of risk management and keep your losses small.
2. Ride it out
It's not unusual for option prices to spike only to collapse in price later on. If you haven't overleveraged yourself you have the funds available to ride out the trade. If the answer to the earlier question about opening the trade now is yes, it's reasonable to ride it out. You might even consider selling more contracts, but remember to never overleverage.
Just make sure the HAPI (hope and pray index) isn't high, otherwise it's a sign you should close out.
3. Roll
Rolling is a good idea when you think the trade in the short term is a bad idea, but long term will make money. You close out of your existing position and open a new one. This is ideally done simultaneously so you don't trade into the position one leg at a time, risking a poorer fill on price (slippage) or only getting only a partial execution and your positions are now wrong.
Rolling up is rolling to a higher strike price. Rolling down is rolling to a lower strike price. And rolling out or forward is rolling to a later expiration date. Typically you roll out, and possibly up or down. Whatever you decide, the goal is to roll to a new position that you can sell for more than the loss on the old position. That way you can at least recover your losses, and if you're fortunate, still turn a profit.

I'm doing great! I'm winning on all my trades collecting that sweet, sweet, theta. I want to sell even MOAR!

Slow down there, speed racer.
The second worst thing that happens to new traders is they have a series of winning trades (the worst being they lose all their money). They become overconfident, think they have it all figured out, and place a trade that's way too big for their account. They of course don't realize how clueless they are, discover to their horror the trade was completely wrong, and end up digging through the remains of their now smoldering account.
You've made a bunch of winning trades. Great. Don't let it go to your head. Don't start scaling up massively simply because you've been winning lately. A better strategy is to risk a fixed percentage (e.g., 1-2%) of your account on each trade. As you make more money the dollar value of each trade increases but the percentage stays the same. That way when a trade ends up being a loser, which will happen, the damage is minor and you can still recover.
Theta gang is not a get-rich-quick scheme. If you're going to commit to this you're going to be doing it long-term, which means slowly making money.

I like to sell options on stock indexes like the S&P 500. Anything I should know?

SPY is extremely popular for trading options but there is a much better alternative: SPX. Why?

• Contract size: Both SPY and SPX options are for 100 shares, but SPX trades the full price of the S&P, so ten SPY contracts equal the notional value of one SPX contract. This cuts down commission costs by a factor of ten.
  
• Cash settlement: SPX is cash settled so your account is either credited or debited and you never have to deal with any shares of the underlying.
  
• No risk of assignment: Because SPX is cash settled there's no possibility of assignment. You'll never have to worry about early assignment.
  
• Favorable tax treatment: SPX options are 1256 contracts, which means they have different tax treatment. It does not matter how long you hold 1256 contracts for, whether less than a minute or over a year, all trades are taxed the same: 60% of gains are treated as long-term and 40% short-term. Theta gang trades are almost always short term (one year or less), so this is the biggest reason why you should trade SPX over SPY. You'll get to keep more of your profits.
  
• Minis are available: If you want to trade SPX options but don't have enough money, fear not. XSP is 1/10th the size of SPX, so it's the same size as SPY but has all of the benefits of SPX. The only downside is it's not as liquid.
  

If you like to trade options on other indexes (or commodities), you should consider futures options. Both futures and futures options are 1256 contracts and receive favorable tax treatment.
EDIT: Hit character limit, rest of post here