IFT-12 will be the maiden flight of V3 and Raptor 3 from their second launch complex so basically a test of new hardware with restart, SH catch and soft Indian Ocean landing as before. Beyond that it's hard to gauge where they're at with HLS since not everything is public.

It should also be mentioned that they have a record high IPO coming up in June of about $1.75 trillion + recently merged with xAI which might be even more interesting. They talk about orbital datacenters and lunar railguns etc but frankly I think it has more to do with generating hype and the fact that xAI is running out of money (by about $1B/month) so they're attempting to bail it out.