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Space Exploration Technologies Corporation Class A(SPCX US)

$139.11-0.830.59%Ext:$137.30-1.811.30%(After Hours · 23:35:16 UTC)
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Space Exploration Technologies Corporation Class A(SPCX US)

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SPCX US​
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SPCX US​
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Space Exploration Technologies Corporation Class A — Company Profile

Space Exploration Technologies Corp. designs, manufactures, and launches rockets and spacecraft, and provides satellite-based broadband services in the United States, Ireland, and Canada. The company offers launch services for satellites, cargo, and crew to destinations such as low Earth orbit, the International Space Station, the Moon, and Mars, using vehicles, including Falcon 9, Falcon Heavy, and Starship. It provides dedicated rideshare missions for small satellites, manufactures reusable rockets and spacecraft, such as Dragon and Starship, and conducts suborbital and orbital flight tests. The company supplies broadband internet connectivity through the Starlink satellite network for consumer and commercial use, and offers Starshield, a satellite-based solution for government users focused on sensing, communications, and satellite bus services. It supports scientific research opportunities and provides on-orbit research and travel services for private and government customers, and collaborates with government agencies for national security space launch missions. The company serves government agencies, national security organizations, commercial satellite operators, research institutions, and private spaceflight clients, supporting scientific research and commercial payload missions for professional and industrial clients in the aerospace and telecommunications sectors. The company was founded in 2002 and is based in Starbase, Texas.

Sector
Health Care
Industry
Biotechnology
Exchange
UQ
CEO
Elon Reeve Musk
Headquarters
Starbase, CA, US
IPO Date
Jun 12, 2026
Employees
22,000
Website
www.spacex.com

Key Metrics

Price
$158.96
Market Cap
$1.22T
Revenue (TTM)
$4.69B
Net Income (TTM)
$-4276000000.00
EPS (TTM)
-1.27
P/E (TTM)
0.00
P/B (TTM)
29.60
Dividend Yield
16.56%
ROE (TTM)
-10.28%
ROA (TTM)
-4.19%
Operating Margin
-41.39%
Beta
1.75

Dividends

Last Dividend
$0.49

Space Exploration Technologies Corporation Class A — Company Profile

Space Exploration Technologies Corp. designs, manufactures, and launches rockets and spacecraft, and provides satellite-based broadband services in the United States, Ireland, and Canada. The company offers launch services for satellites, cargo, and crew to destinations such as low Earth orbit, the International Space Station, the Moon, and Mars, using vehicles, including Falcon 9, Falcon Heavy, and Starship. It provides dedicated rideshare missions for small satellites, manufactures reusable rockets and spacecraft, such as Dragon and Starship, and conducts suborbital and orbital flight tests. The company supplies broadband internet connectivity through the Starlink satellite network for consumer and commercial use, and offers Starshield, a satellite-based solution for government users focused on sensing, communications, and satellite bus services. It supports scientific research opportunities and provides on-orbit research and travel services for private and government customers, and collaborates with government agencies for national security space launch missions. The company serves government agencies, national security organizations, commercial satellite operators, research institutions, and private spaceflight clients, supporting scientific research and commercial payload missions for professional and industrial clients in the aerospace and telecommunications sectors. The company was founded in 2002 and is based in Starbase, Texas.

Sector
Health Care
Industry
Biotechnology
Exchange
UQ
CEO
Elon Reeve Musk
Headquarters
Starbase, CA, US
IPO Date
Jun 12, 2026
Employees
22,000
Website
www.spacex.com

Key Metrics

Price
$158.96
Market Cap
$1.22T
Revenue (TTM)
$4.69B
Net Income (TTM)
$-4276000000.00
EPS (TTM)
-1.27
P/E (TTM)
0.00
P/B (TTM)
29.60
Dividend Yield
16.56%
ROE (TTM)
-10.28%
ROA (TTM)
-4.19%
Operating Margin
-41.39%
Beta
1.75

Dividends

Last Dividend
$0.49
Last Yield
0.17%

Summary

Space Exploration Technologies Corp. designs, manufactures, and launches rockets and spacecraft, and provides satellite-based broadband services in the United States, Ireland, and Canada. The company offers launch services for satellites, cargo, and crew to destinations such as low Earth orbit, the International Space Station, the Moon, and Mars, using vehicles, including Falcon 9, Falcon Heavy, and Starship. It provides dedicated rideshare missions for small satellites, manufactures reusable rockets and spacecraft, such as Dragon and Starship, and conducts suborbital and orbital flight tests. The company supplies broadband internet connectivity through the Starlink satellite network for consumer and commercial use, and offers Starshield, a satellite-based solution for government users focused on sensing, communications, and satellite bus services. It supports scientific research opportunities and provides on-orbit research and travel services for private and government customers, and collaborates with government agencies for national security space launch missions. The company serves government agencies, national security organizations, commercial satellite operators, research institutions, and private spaceflight clients, supporting scientific research and commercial payload missions for professional and industrial clients in the aerospace and telecommunications sectors. The company was founded in 2002 and is based in Starbase, Texas.

Website
www.spacex.com
Location
Starbase, CA, US
Phone(310) 363-6000
Employees22,000
CEOElon Reeve Musk
Sector
Health Care
Industry
Biotechnology
IPO DateJun 12, 2026

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Latest Documents

SEC Filings(86)

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  • 8-KDeparture of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers6 Nov
  • 8-KOther Events26 Oct
  • S-8Registration statement (employee benefit plan)22 Oct
  • 10-QQ3ended 30 Sept 202622 Oct
  • 8-KResults of Operations and Financial Condition20 Oct
  • Form 4/AGracias Antonio J.30 Sep
  • Form 4Shotwell Gwynne24 Sep
  • Form 144Shotwell Gwynne22 Sep
  • Form 4Gracias Antonio J.15 Sep
  • SC 13GSPACE EXPLORATION TECHNOLOGIES CORP14 Aug
  • SC 13GSPACE EXPLORATION TECHNOLOGIES CORP14 Aug
  • 8-KCompletion of Acquisition or Disposition of Assets14 Aug
  • SC 13GSPACE EXPLORATION TECHNOLOGIES CORP13 Aug
  • SC 13GSPACE EXPLORATION TECHNOLOGIES CORP11 Aug
  • S-8Registration statement (employee benefit plan)4 Aug
  • S-8Registration statement (employee benefit plan)4 Aug
  • 10-QQ2ended 30 Jun 20264 Aug
  • 8-KSpaceX Reports Second Quarter 2026 Results • Demonstrated the power of extreme vertical integration, delivering revenue growth of 92% year-over-year across Space, Connectivity and AI • Completed two successful Starship V3 flight tests in the past 90 days, advancing towards full and rapid reusability • Closed multiple industry-leading Cloud Services Agreements resulting in $14.1 billion of contracted sales • Announced agreement to acquire Cursor for $60 billion to accelerate the AI enterprise opportunity • Released our most powerful AI model yet with Grok 4.5 in July • Delivered 66% revenue and 79% income from operations growth year-over-year for the Connectivity segment, driven by a doubling of Starlink Subscribers and continued momentum in Enterprise & Government • Awarded over $6 billion in multi-year U.S. government contracts for Starshield SpaceX (Nasdaq: SPCX) announced the following financial results for the quarter ended June 30, 2026, as compared to the prior year quarter: • Revenues of $7.8 billion, up 92% from $4.1 billion • Net loss of $541 million, an improvement of $467 million from net loss of $1.0 billion • Adjusted EBITDA of $3.5 billion, up 191% from $1.2 billion CFO Commentary: 2026 has been a momentous year so far, and the second quarter demonstrated the true power of SpaceX. Revenue growth accelerated across all our business segments and we delivered strong operating leverage, with significant margin expansion led by our new AI compute agreements. Our unparalleled leadership in launch, Starlink subscriber growth, new enterprise and government partnerships, and best-in-class AI infrastructure underscore our ability to drive meaningful scale and deliver attractive returns. As a newly public company, we are delighted to welcome our broad base of shareholders and bondholders. We ended the second quarter with $100 billion of cash, cash equivalents, and marketable securities, and $47.5 billion in backlog. This financial strength gives us substantial capacity to invest in Starship, Starlink Broadband and Mobile satellites, and our AI platform, while maintaining a disciplined long-term capital allocation framework. Note: Adjusted EBITDA is a non-GAAP financial measure. See Note 1 for additional information regarding Adjusted EBITDA. A reconciliation to the most comparable GAAP financial measure is provided under “Reconciliation of Net Loss to Adjusted EBITDA.” 12Second Quarter Financial Highlights $, in millions Three Months Ended Six Months Ended June 30, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Revenue Space $962 $619 $746 $1,581 $1,611 Connectivity 4,291 3,257 2,588 7,548 5,062 AI 2,561 818 737 3,379 1,465 Total $7,814 $4,694 $4,071 $12,508 $8,138 Income (Loss) from Operations Space $(542) $(662) $(369) $(1,204) $(439) Connectivity 1,656 1,188 923 2,844 1,956 AI (1,257) (2,469) (1,524) (3,726) (2,460) Total $(143) $(1,943) $(970) $(2,086) $(943) Segment Adjusted EBITDA Space $(205) $(351) $(93) $(556) $131 Connectivity 2,597 2,087 1,583 4,684 3,200 AI 1,146 (609) (276) 537 (387) Total $3,538 $1,127 $1,214 $4,665 $2,944 Capex Space $1,174 $1,052 $946 $2,226 $1,705 Connectivity 1,367 1,332 1,130 2,699 1,944 AI 15,828 7,723 749 23,551 3,316 Total $18,369 $10,107 $2,825 $28,476 $6,965 Note: Segment Adjusted EBITDA is a non-GAAP financial measure. A reconciliation to the most comparable GAAP financial measure is provided elsewhere in this release. 3Space Segment Operating and Financial Data $, in millions (except where noted) Three Months Ended Six Months Ended June 30, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Customer launches (#) 10 7 9 17 21 Internal launches (#) 28 33 37 61 63 Total launches (#) 38 40 46 78 84 Customer payloads (in metric tons) 87 45 88 132 163 Internal payloads (in metric tons) 397 511 563 908 938 Mass to orbit (in metric tons) 485 556 652 1,041 1,102 Launch services revenues $648 $330 $490 $978 $1,056 Launch & development revenues 314 289 256 603 555 Space revenues $962 $619 $746 $1,581 $1,611 Less: Cost of revenue $329 $281 $330 $610 $627 Research and development 1,076 930 693 2,006 1,219 Selling, general, and administrative 99 70 87 169 175 Impairment — — 5 — 29 Loss from operations $(542) $(662) $(369) $(1,204) $(439) Segment Adjusted EBITDA reconciliation Loss from operations $(542) $(662) $(369) $(1,204) $(439) Depreciation & amortization 158 166 146 324 308 Share-based compensation 179 145 125 324 233 Impairment — — 5 — 29 Space Adjusted EBITDA $(205) $(351) $(93) $(556) $131 Space Capex $1,174 $1,052 $946 $2,226 $1,705 Space Business Highlights • Space revenues grew 55% sequentially and 29% year-over-year to $962 million, driven by a higher number of large customer launches and a favorable customer shift compared to the prior year • Total costs and expenses for the Space segment were up by $389 million year-over-year, as we continued to accelerate R&D investments in our Starship program, which we believe will reduce the cost to orbit by 99% or more relative to the historical average, and unlock significant revenue potential across all business segments • Leading launch provider for the world with 78 launches and 1,041 metric tons of mass to orbit deployed over the six months ended June 30, 2026, primarily allocated to Connectivity for the deployment of our Starlink constellation • Starship V3 development continued to advance towards full and rapid reusability: • Completed Starship V3’s first suborbital mission in May, Flight 12, which achieved a successful lift off from our new Starbase pad, a precision landing of Starship’s upper stage, and deployment of modified V2 Starlink satellites • Subsequent to the second quarter, completed Starship Flight 13 in July, which achieved all flight objectives including deploying 20 production V3 satellites, demonstrating in-space relight of a Raptor engine, and executing the softest ever splashdown of Starship, providing critical views of an intact heatshield 4Connectivity Segment Operating and Financial Data $, in millions (except where noted) Three Months Ended Six Months Ended June 30, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Starlink Subscribers (#, in millions, as of period end) 12.0 10.3 6.0 12.0 6.0 Starlink ARPU ($ per month) $66 $66 $85 $66 $85 Consumer revenues $2,485 $2,148 $1,721 $4,633 $3,213 Enterprise & government revenues 1,806 1,109 867 2,915 1,849 Connectivity revenues $4,291 $3,257 $2,588 $7,548 $5,062 Less: Cost of revenue $2,060 $1,651 $1,401 $3,711 $2,615 Research and development 294 205 143 499 266 Selling, general, and administrative 281 213 121 494 225 Income from operations $1,656 $1,188 $923 $2,844 $1,956 Segment Adjusted EBITDA reconciliation Income from operations $1,656 $1,188 $923 $2,844 $1,956 Depreciation & amortization 805 783 569 1,588 1,078 Share-based compensation 136 116 91 252 166 Connectivity Adjusted EBITDA $2,597 $2,087 $1,583 $4,684 $3,200 Connectivity Capex $1,367 $1,332 $1,130 $2,699 $1,944 Connectivity Business Highlights • Connectivity revenues were up 32% sequentially and 66% year-over-year to $4.3 billion, driven by strong Starlink subscriber growth, with Consumer revenues up 16% sequentially and 44% year-over-year, and an increase in Enterprise & Government revenues, up 63% sequentially and 108% year-over-year • Total costs and expenses for the Connectivity segment were up $970 million year-over-year, driven primarily by increased spend to support revenue growth, as well as higher R&D expenses for our next-generation V3 satellites, which we expect to deliver meaningful increases in broadband capacity and data density • Drove income from operations for the Connectivity segment up 79% year-over-year to $1.7 billion, and improved Connectivity Adjusted EBITDA by 64% year-over-year to $2.6 billion • Reached 12.0 million Starlink Subscribers as of the end of Q2 2026, doubling year-over-year and up 1.7 million sequentially, while maintaining ARPU at $66, in line with Q1 2026 • Demonstrated traction across our enterprise business: signed a major agreement with American Airlines; activated our service on a number of new airlines including Southwest, Virgin Atlantic, Iberia and Aer Lingus; and launched new Starlink Mobile partnerships with international carriers, including SoftBank, NTT Docomo and Spark NZ • Awarded over $6 billion in multi-year U.S. government contracts for Starshield, our secure satellite network designed specifically for government customers and national security applications, primarily from two major Space Force contracts for LEO-based communications and sensing constellations • Received FCC approval of the EchoStar license transfer for 65 MHz of spectrum in the U.S. and certain global Mobile Satellite Service spectrum licenses 5AI Segment Operating and Financial Data $, in millions (except where noted) Three Months Ended Six Months Ended June 30, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Nameplate compute (in GW) 1.4 1.0 0.4 1.4 0.4 Advertising revenues $367 $343 $426 $710 $870 AI solutions & infrastructure revenues 2,194 475 311 2,669 595 AI revenues $2,561 $818 $737 $3,379 $1,465 Less: Cost of revenue $1,106 $456 $551 $1,562 $1,002 Research and development 2,178 2,379 1,122 4,557 2,030 Selling, general, and administrative 532 463 398 995 699 Restructuring charges (credits) 2 (11) 190 (9) 194 Loss from operations $(1,257) $(2,469) $(1,524) $(3,726) $(2,460) Segment Adjusted EBITDA reconciliation Loss from operations $(1,257) $(2,469) $(1,524) $(3,726) $(2,460) Depreciation & amortization 1,885 1,493 811 3,378 1,584 Share-based compensation 516 378 247 894 295 Restructuring charges (credits) 2 (11) 190 (9) 194 AI Adjusted EBITDA $1,146 $(609) $(276) $537 $(387) AI Capex $15,828 $7,723 $749 $23,551 $3,316 AI Business Highlights • AI revenues were up 213% sequentially and 247% year-over-year to $2.6 billion, primarily driven by an increase in AI solutions and infrastructure revenues from new Cloud Service Agreements, as well as an increase in Grok and X subscription revenues • Total costs and expenses for the AI segment were up $1.6 billion year-over-year, driven by increased R&D investment, primarily due to higher infrastructure spend as we accelerated compute deployment • Cut operating loss by 49% compared to Q1 2026 to a loss of $1.3 billion and achieved positive AI Adjusted EBITDA of $1.1 billion • Expanded compute capacity to 1.4 GW, up from 1.0 GW in Q1 2026 and 0.4 GW in Q2 2026, with the continued build-out of Colossus II and with significant incremental capacity under construction • Entered into several Cloud Services Agreements totaling $14.1 billion in contracted sales to provide customers with access to compute capacity, which resulted in $1.6 billion in incremental AI infrastructure revenues for the second quarter • Announced an agreement to acquire Cursor for $60 billion to accelerate our AI enterprise offerings with one of the most advanced AI coding tools available. We expect to close the deal in the third quarter of 2026 • Subsequent to the second quarter, released Grok 4.5 in July, our largest and smartest model yet, built to excel at coding, agentic tasks, and knowledge work. The model was trained alongside Cursor and incorporates our 1.5 trillion-parameter V9 foundation model 6Other Key Business Developments On June 15, 2026, SpaceX announced the closing of our historic initial public offering of an aggregate 638,888,888 shares of Class A common stock, bringing net proceeds of approximately $85.7 billion. The shares of Class A common stock began trading on the Nasdaq Global Select Market and Nasdaq Texas on June 12, 2026, under the ticker symbol “SPCX.” On June 26, 2026, SpaceX closed a $25 billion inaugural bond issuance of investment-grade senior notes, strengthening the balance sheet and funding long-term growth initiatives. The notes have five tranches maturing on July 15, 2031, July 15, 2033, July 15, 2036, July 15, 2046, and July 15, 2056, with annual interest rates between 5.35% and 6.65% with a weighted average interest rate of 5.855%. Conference Call and Livestream Information SpaceX will discuss its financial and operational results in a live audio-only webcast beginning at 3:30 p.m. CT / 4:30 p.m. ET on August 4, 2026. The webcast and replay can be accessed at ir.spacex.com. The event will also be livestreamed on X @SpaceX. The day after the call, a transcript will also be available at ir.spacex.com. Notes Note 1. Non-GAAP Financial Measures Management believes that certain financial measures that are not presented in accordance with GAAP provide management and investors with useful supplemental information that provides a meaningful view of our financial condition and results of operations across periods by removing the impact of items that management believes do not directly reflect our ongoing operating performance. Adjusted EBITDA and Segment Adjusted EBITDA are supplemental measures that are not required by or presented in accordance with GAAP. In evaluating our performance as measured by Adjusted EBITDA and Segment Adjusted EBITDA, management recognizes and considers the limitations of these measures. Other companies in our industry may calculate Adjusted EBITDA and Segment Adjusted EBITDA differently than we do or may not calculate them at all, limiting their usefulness as comparative measures. Because of these limitations, Adjusted EBITDA and Segment Adjusted EBITDA should not be considered in isolation or as a substitute for net income (loss), income (loss) from operations, or any other measure calculated in accordance with GAAP, and should be considered together with our GAAP financial measures and the reconciliations to the corresponding most directly comparable GAAP financial measures set forth under “Reconciliation of Net Loss to Adjusted EBITDA” and elsewhere in this release. Adjusted EBITDA is defined as net income (loss) excluding (i) depreciation and amortization, (ii) share-based compensation, (iii) restructuring charges, (iv) impairments, (v) interest expense, (vi) interest income, (vii) other income (expense), net and (viii) provision for (benefit from) income taxes. Segment Adjusted EBITDA is defined as segment income (loss) from operations excluding (i) depreciation and amortization, (ii) share-based compensation, (iii) restructuring charges, and (iv) impairments. Adjusted EBITDA and Segment Adjusted EBITDA are key performance measures that our management uses to assess our financial performance as well as for internal planning and forecasting purposes. We consider Adjusted EBITDA and Segment Adjusted EBITDA to be meaningful performance measures for investors to evaluate our operating performance and to compare the financial results between periods. Note 2. Other Definitions Contracted sales refers to the total value of the contracts signed for the non-cancellable, enforceable period, which includes the revenue recognized in the period as well as any deferred revenue related to these contracts. It does not include any estimated revenue amounts for the future periods that are cancellable either by us or the customer. 7Consolidated Financial Statements Space Exploration Technologies Corp. Consolidated Statements of Operations (in millions, except per share data) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue ............................................................................................................................... $ 7,814 $ 4,071 $ 12,508 $ 8,138 Costs and expenses Cost of revenue .............................................................................................................. 3,495 2,282 5,883 4,244 Research and development ........................................................................................... 3,548 1,958 7,062 3,515 Selling, general, and administrative .............................................................................. 912 606 1,658 1,099 Restructuring charges (credits) ..................................................................................... 2 190 (9) 194 Impairment ..................................................................................................................... — 5 — 29 Total costs and expenses ......................................................................................... 7,957 5,041 14,594 9,081 Loss from operations ........................................................................................................... (143) (970) (2,086) (943) Interest expense (related party of $327 and $- for the three months ended June 30, 2026 and 2025, respectively, and $513 and $- for the six months ended June 30, 2026 and 2025, respectively) .................................................................................................... (629) (411) (1,293) (858) Interest income .................................................................................................................... 340 98 553 215 Other income (expense), net ................................................................................................ (86) 413 (1,962) 202 Loss before income taxes ................................................................................................... (518) (870) (4,788) (1,384) Provision for income taxes ................................................................................................... 23 138 29 152 Net loss ................................................................................................................................ $ (541) $ (1,008) $ (4,817) $ (1,536) Net loss attributable to shareholders - basic and diluted ............................................ $ (541) $ (1,008) $ (5,488) $ (1,536) Net loss per share of common stock attributable to common shareholders Basic and Diluted ................................................................................................................. $ (0.09) $ (0.34) $ (1.12) $ (0.53) Weighted average shares used in computing net loss per share of common stock Basic and Diluted ................................................................................................................. 5,864 2,929 4,879 2,902 Reconciliation of Net Loss to Adjusted EBITDA (in millions) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net loss $ (541) $ (1,008) $ (4,817) $ (1,536) Add (deduct): Depreciation and amortization 2,848 1,526 5,290 2,970 Share-based compensation 831 463 1,470 694 Restructuring charges 2 190 (9) 194 Impairments — 5 — 29 Interest expense 629 411 1,293 858 Interest income (340) (98) (553) (215) Other income (expense), net 86 (413) 1,962 (202) Provision for income taxes 23 138 29 152 Adjusted EBITDA $ 3,538 $ 1,214 $ 4,665 $ 2,944 8Space Exploration Technologies Corp. Consolidated Balance Sheets (in millions, except per share data) (unaudited) June 30, 2026 December 31, 2025 Assets Current assets Cash and cash equivalents ................................................................................................................................................ $ 93,522 $ 24,747 Marketable securities ........................................................................................................................................................ 6,487 — Accounts receivable, net of allowance for credit losses of $50 and $39 at June 30, 2026 and December 31, 2025, respectively .................................................................................................................................................................. 3,596 1,579 Inventory ............................................................................................................................................................................. 2,718 2,416 Prepaid expenses and other current assets ...................................................................................................................... 1,724 2,210 Total current assets .................................................................................................................................................... 108,047 30,952 Property, plant, and equipment, net ........................................................................................................................................ 65,736 42,602 Finance lease right-of-use assets .......................................................................................................................................... 1,118 1,260 Intangible assets, net ............................................................................................................................................................... 1,318 1,548 Digital assets ............................................................................................................................................................................ 1,098 1,637 Goodwill .................................................................................................................................................................................... 11,645 11,809 Deferred tax assets .................................................................................................................................................................. 354 141 Other assets ............................................................................................................................................................................. 3,454 2,130 Total assets ................................................................................................................................................................. $ 192,770 $ 92,079 Liabilities, Redeemable Convertible Preferred Stock, and Shareholders’ Equity Current liabilities Accounts payable ..................................................................................................................................................................... 8,243 11,792 Deferred revenue, current ....................................................................................................................................................... 7,977 6,111 Debt and finance leases, current (related party of $2,039 and $455 at June 30, 2026 and December 31, 2025, respectively) ........................................................................................................................................................................ 2,525 928 Accrued expenses and other current liabilities ...................................................................................................................... 2,377 2,569 Total current liabilities ............................................................................................................................................................ 21,122 21,400 Long-term liabilities Deferred revenue, net of current ............................................................................................................................................ 6,309 6,005 Debt and finance leases, net of current (related party of $11,290 and $4,052 at June 30, 2026 and December 31, 2025, respectively) ........................................................................................................................................................................ 36,839 21,968 Other liabilities ......................................................................................................................................................................... 1,276 1,381 Total liabilities ........................................................................................................................................................................ 65,546 50,754 Commitments and contingencies (Note 16) Redeemable convertible preferred stock Redeemable convertible preferred stock, par value $0.001; - and 2,351 shares issued; - and 2,046 shares outstanding as of June 30, 2026 and December 31, 2025, respectively ........................................................................................................ — 38,752 Shareholders’ equity Preferred stock, par value $0.001; - shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively — — Class A common stock, par value $0.001; 7,607 and 2,036 shares issued; 7,607 and 1,952 shares outstanding as of June 30, 2026 and December 31, 2025, respectively .................................................................................................................... 7 3 Class B common stock, par value $0.001; 5,569 and 644 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively ......................................................................................................................................... 6 1 Class C common stock, par value $0.001; - and 482 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively ........................................................................................................................................................... — 0 Additional paid-in capital ......................................................................................................................................................... 167,344 37,706 Accumulated deficit ................................................................................................................................................................ (41,852) (37,035) Accumulated other comprehensive income ........................................................................................................................... 1,719 1,898 Total shareholders’ equity ...................................................................................................................................................... 127,224 2,573 Total liabilities, redeemable convertible preferred stock, and shareholders’ equity ........................................................ $ 192,770 $ 92,079 9Space Exploration Technologies Corp. Selected Cash Flow Information (in millions) (unaudited) Six Months Ended June 30, 2026 2025 Net cash provided by (used in) ................................................................................................................................................. Operating activities ............................................................................................................................................................ $ 3,466 $ 351 Investing activities ............................................................................................................................................................. (34,487) (6,032) Financing activities ............................................................................................................................................................ 100,291 9,199 Net change in cash and cash equivalents and restricted cash ......................................................................................... 69,228 3,593 Cash and cash equivalents and restricted cash, beginning of the period ............................................................................. 25,124 11,501 Cash and cash equivalents and restricted cash, end of the period ..................................................................................... $ 94,352 $ 15,094 About SpaceX Founded in 2002, SpaceX is the only company building the integrated hardware and software infrastructure of the future across space, connectivity, and AI. At our core, we are builders. We design, manufacture, launch, and operate products and services built on cutting-edge technologies, including the world’s most advanced rockets and spacecraft. Forward Looking Statements This release contains certain “forward-looking” statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements involve risks, contingencies and uncertainties, which are difficult to predict and many of which are beyond our control. These risks, contingencies, and uncertainties and other important factors are described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 and the final prospectus filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended. The forward- looking statements in this release speak only as of the date of this release. We undertake no obligation to update these statements unless required by law, and we caution you not to place undue reliance on them. Contacts Investors [email protected] 104 Aug
  • 8-KOther Events26 Jun
  • 8-KOther Events23 Jun

EDINET Filings(10)

Expand
  • IRSemi-Annual Report (2026.01.01-2026.12.31)30 Sep
  • IRExtraordinary Report16 Jul
  • IRExtraordinary Report30 Jun
  • IRCorrection Extraordinary Report11 Jun
  • PRSAmended Securities Registration Statement11 Jun
  • IRCorrection Extraordinary Report8 Jun
  • PRSAmended Securities Registration Statement8 Jun
  • PRSAmended Securities Registration Statement4 Jun
  • IRExtraordinary Report4 Jun
  • PRSSecurities registration statement27 May

News

  • Prediction: This Will Be SpaceX's Stock Price in 5 Years12 Nov
  • Is SpaceX Stock a Buy Before Its First Try at Catching a Starship Upper Stage?12 Nov
  • Prediction: $1,000 Invested in SpaceX Today Will Be Worth This Much by 202912 Nov
  • From SpaceX to Anthropic, markets have a new playbook for mega-share debuts12 Nov
  • If SpaceX and Tesla Merge, Here's What a $10,000 Investment in the Combined Company Could Be Worth by 203011 Nov
  • Stock Market Today, Nov. 11: SpaceX Shares Slip Amid Upcoming Starship Test Flight Jitters11 Nov
  • Nov 13 Could Be A Huge Day For SpaceX Stock11 Nov
  • Is SpaceX a Millionaire-Maker Stock?11 Nov
  • Is SpaceX Stock a Buy Right Now?11 Nov
  • Rocket Lab and AST SpaceMobile Rally 8% as Space Stocks Rebound; SpaceX Holds Steady11 Nov
  • AI predicts SpaceX stock price for Q1 202711 Nov
  • Musk’s Companies Will Face Intense Democrat Scrutiny, But One is Under More Heat11 Nov
  • Did the Midterms Just Put the AI Data Center Boom at Risk?11 Nov
  • SpaceX Supplier Applied Aerospace & Defense Is Doing Just Fine. The Stock Isn't.11 Nov
  • Here's What $1,000 Invested in SpaceX Could Be Worth by the End of 202711 Nov
  • Is SpaceX Stock a Bargain at Today's Prices?11 Nov
  • Bad News: There's a New Red Flag Ahead of the Anthropic IPO11 Nov
  • Can Cathie Wood's Ark Invest ETF Make a Comeback With Its Large SpaceX Position?11 Nov
  • SpaceX $SPCX Shares Bought by AlphaCore Capital LLC11 Nov
  • Elon Musk Just Warned SpaceX Revenue ‘Will Drop’ If Compute Gets Cheap. Deutsche Bank Raised Its 2028 Forecast $18 Billion Two Days Later10 Nov

Mentions in Filings

  • … enue opportunities. During this interim consolidated accounting period, through our U.S. subsidiary BTCJPN US LLC, we made investments in investment funds aimed at acquiring economic benefits from shares in <strong>Space Exploration Technologies Corp.</strong> (hereinafter referred to as "SpaceX") and Figure AI. Through these investments, our group aims to connect the growth of AI-related fields to the enhancement of corporate value in the medium to long term. …
    MARUSHOHOTTA CO., LTDSpace Exploration Technologies Corporation Class A·Interim Report - Semi-Annual Report (2026.04.01-2027.03.31)·12 Nov·12 Nov
  • … nificent Seven Plus.” The Fund will seek to invest in the following: (i) a group of seven companies commonly recognized for their market dominance in technological innovation (the “Magnificent Seven”); (ii) <strong>Space Exploration Technologies Corp.</strong> (“SpaceX”) and Broadcom Inc. (“Broadcom”); and (iii) financial instruments (i.e., swap agreements) that provide investment exposure to Anthropic PBC (“Anthropic” or a “Pre-IPO Company”) and OpenAI Global, L …
    Roundhill ETF TrustSpace Exploration Technologies Corporation Class A·497K - Form 497K - Summary prospectus·Q4 26·10 Nov
  • … nificent Seven Plus.” The Fund will seek to invest in the following: (i) a group of seven companies commonly recognized for their market dominance in technological innovation (the “Magnificent Seven”); (ii) <strong>Space Exploration Technologies Corp.</strong> (“SpaceX”) and Broadcom Inc. (“Broadcom”); and (iii) financial instruments (i.e., swap agreements) that provide investment exposure to Anthropic PBC (“Anthropic” or a “Pre-IPO Company”) and OpenAI Global, L …
    Roundhill ETF TrustSpace Exploration Technologies Corporation Class A·497 - Form 497 - Definitive materials (investment companies)·Q4 26·10 Nov
  • UBS AG Phoenix Autocallable Buffer Notes with Memory Interest (the “Notes”) are unsubordinated, unsecured debt obligations issued by UBS AG (“UBS” or the “issuer”) linked to the common stock of <strong>Space Exploration Technologies Corp.</strong> (the “underlying asset”). UBS will pay for each Note a contingent interest payment on the related interest payment date, plus any previously unpaid contingent interest payments, if the closing price of the underlying as …
    UBS AGSpace Exploration Technologies Corporation Class A·424B3 - Prospectus filing (Rule 424(b)(3))·Q4 26·10 Nov
  • … t of Amazon’s uncured material breach. Between May and October 2026, we entered into and amended several agreements with SpaceX.AI LLC (formerly known as X.AI LLC) (“SpaceXAI”), a wholly owned subsidiary of <strong>Space Exploration Technologies</strong> Corp. (collectively, the “SpaceXAI Arrangements”), to access compute powered by NVIDIA GPUs. Under the SpaceXAI Arrangements, we agreed to spend an aggregate of up to $120.5 billion over terms extending into …
    Anthropic, PBCSpace Exploration Technologies Corporation Class A·S-1/A - Registration statement (general form, amendment)·Q4 26·10 Nov
  • On June 29, 2026, we announced our intention to opportunistically acquire shares of <strong>Space Exploration Technologies Corp.</strong> (“SpaceX”) to be held as a long-term strategic treasury asset. We expect the initial allocation, and any future additions, to represent a modest portion of our cash on hand and not to interfere with our operating priorities, planned capital expenditures, or ability to fund our core operations and strategic plan. As of September …
    Solidion Technology Inc.Space Exploration Technologies Corporation Class A·10-Q - QUARTERLY REPORT Q3·Q3 26·9 Nov

Key Stats

Trading

Px/Chg 1D$158.96 / +7.35%
Avg Volume23.24M
Beta1.75
Mkt Cap1.22T
FD Mkt Cap1.06T

Float

Shrs Out/Float7.70B / 883.59M
Short Float0.02%
Days to Cover1.00
Stock Repurchased$4.35B

Current Valuation

EV1.26T
EV/EBITDA0.00
EV/Sales0.00
P/B29.60
P/S0.00
FCF Yield-1.14%
ROE-10.28%
ROA-4.19%
Current Ratio1.22

Dividend

Cash$0.49
Yield16.56%
Yield (TTM)16.56%

Estimates

P/E0.00
Est P/E0.00
Est EPS-0.33
Est PEG0.00

Valuation

Metric5Yr AvgOct '26
PRICE-BASED RATIOS
Price / Earnings-247.80-247.80
Price / Sales65.5165.51
Price / Book Value29.6029.60
Price / Free Cash Flow-87.69-87.69
ENTERPRISE VALUE METRICS
Enterprise Value1,260,303.81,260,303.8
Enterprise Value / Sales67.4967.49
Enterprise Value / EBITDA293.85293.85
Enterprise Value / EBIT-522.51-522.51

Financials

Full Financials
Millions USD5Yr CAGR (%)Dec '25
INCOME STATEMENT
Revenue—18,674.0
Gross Income—9,223.0
EBITDA—4,289.0
EBIT—-2,412.0
Net Income—-4,937.0
EPS (Diluted)—-1.69
BALANCE SHEET
Cash & ST Inv—24,747.0
Total Assets—92,079.0
Total Liabilities—50,754.0
Total Shareholder Equity—41,325.0
CASH FLOW
Net Operating Cash Flow—6,785.0
Cap Ex—-20,737.0
Free Cash Flow—-13,952.0

Enterprise Value Bridge

Millions USD11 Nov '26
Price (As of 11 Nov '26)139.82
Basic Shares7,696.29
Market Cap1,076,095.8
Diluted Shares12,475.00
Fully Diluted Shares Outstanding12,475.00
Fully Diluted Market Cap1,744,254.5
+Consolidated Debt38,844.0
−In-the-Money Convertible Debt—
+Capital Leases-
+Operating Leases—
−Cash & Equivalents-51,294.0
−Short-term Investments-38,561.0
+Total Preferred-
−In-the-Money Convertible Preferred—
−Investments in Unconsolidated Subs—
+Non-Controlling Interest-
+Pension Liabilities—
Enterprise Value1,063,645.8

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Last Yield
0.17%

Summary

Space Exploration Technologies Corp. designs, manufactures, and launches rockets and spacecraft, and provides satellite-based broadband services in the United States, Ireland, and Canada. The company offers launch services for satellites, cargo, and crew to destinations such as low Earth orbit, the International Space Station, the Moon, and Mars, using vehicles, including Falcon 9, Falcon Heavy, and Starship. It provides dedicated rideshare missions for small satellites, manufactures reusable rockets and spacecraft, such as Dragon and Starship, and conducts suborbital and orbital flight tests. The company supplies broadband internet connectivity through the Starlink satellite network for consumer and commercial use, and offers Starshield, a satellite-based solution for government users focused on sensing, communications, and satellite bus services. It supports scientific research opportunities and provides on-orbit research and travel services for private and government customers, and collaborates with government agencies for national security space launch missions. The company serves government agencies, national security organizations, commercial satellite operators, research institutions, and private spaceflight clients, supporting scientific research and commercial payload missions for professional and industrial clients in the aerospace and telecommunications sectors. The company was founded in 2002 and is based in Starbase, Texas.

Website
www.spacex.com
Location
Starbase, CA, US
Phone(310) 363-6000
Employees22,000
CEOElon Reeve Musk
Sector
Health Care
Industry
Biotechnology
IPO DateJun 12, 2026

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Latest Documents

SEC Filings(86)

Expand
  • 8-KDeparture of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers6 Nov
  • 8-KOther Events26 Oct
  • S-8Registration statement (employee benefit plan)22 Oct
  • 10-QQ3ended 30 Sept 202622 Oct
  • 8-KResults of Operations and Financial Condition20 Oct
  • Form 4/AGracias Antonio J.30 Sep
  • Form 4Shotwell Gwynne24 Sep
  • Form 144Shotwell Gwynne22 Sep
  • Form 4Gracias Antonio J.15 Sep
  • SC 13GSPACE EXPLORATION TECHNOLOGIES CORP14 Aug
  • SC 13GSPACE EXPLORATION TECHNOLOGIES CORP14 Aug
  • 8-KCompletion of Acquisition or Disposition of Assets14 Aug
  • SC 13GSPACE EXPLORATION TECHNOLOGIES CORP13 Aug
  • SC 13GSPACE EXPLORATION TECHNOLOGIES CORP11 Aug
  • S-8Registration statement (employee benefit plan)4 Aug
  • S-8Registration statement (employee benefit plan)4 Aug
  • 10-QQ2ended 30 Jun 20264 Aug
  • 8-KSpaceX Reports Second Quarter 2026 Results • Demonstrated the power of extreme vertical integration, delivering revenue growth of 92% year-over-year across Space, Connectivity and AI • Completed two successful Starship V3 flight tests in the past 90 days, advancing towards full and rapid reusability • Closed multiple industry-leading Cloud Services Agreements resulting in $14.1 billion of contracted sales • Announced agreement to acquire Cursor for $60 billion to accelerate the AI enterprise opportunity • Released our most powerful AI model yet with Grok 4.5 in July • Delivered 66% revenue and 79% income from operations growth year-over-year for the Connectivity segment, driven by a doubling of Starlink Subscribers and continued momentum in Enterprise & Government • Awarded over $6 billion in multi-year U.S. government contracts for Starshield SpaceX (Nasdaq: SPCX) announced the following financial results for the quarter ended June 30, 2026, as compared to the prior year quarter: • Revenues of $7.8 billion, up 92% from $4.1 billion • Net loss of $541 million, an improvement of $467 million from net loss of $1.0 billion • Adjusted EBITDA of $3.5 billion, up 191% from $1.2 billion CFO Commentary: 2026 has been a momentous year so far, and the second quarter demonstrated the true power of SpaceX. Revenue growth accelerated across all our business segments and we delivered strong operating leverage, with significant margin expansion led by our new AI compute agreements. Our unparalleled leadership in launch, Starlink subscriber growth, new enterprise and government partnerships, and best-in-class AI infrastructure underscore our ability to drive meaningful scale and deliver attractive returns. As a newly public company, we are delighted to welcome our broad base of shareholders and bondholders. We ended the second quarter with $100 billion of cash, cash equivalents, and marketable securities, and $47.5 billion in backlog. This financial strength gives us substantial capacity to invest in Starship, Starlink Broadband and Mobile satellites, and our AI platform, while maintaining a disciplined long-term capital allocation framework. Note: Adjusted EBITDA is a non-GAAP financial measure. See Note 1 for additional information regarding Adjusted EBITDA. A reconciliation to the most comparable GAAP financial measure is provided under “Reconciliation of Net Loss to Adjusted EBITDA.” 12Second Quarter Financial Highlights $, in millions Three Months Ended Six Months Ended June 30, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Revenue Space $962 $619 $746 $1,581 $1,611 Connectivity 4,291 3,257 2,588 7,548 5,062 AI 2,561 818 737 3,379 1,465 Total $7,814 $4,694 $4,071 $12,508 $8,138 Income (Loss) from Operations Space $(542) $(662) $(369) $(1,204) $(439) Connectivity 1,656 1,188 923 2,844 1,956 AI (1,257) (2,469) (1,524) (3,726) (2,460) Total $(143) $(1,943) $(970) $(2,086) $(943) Segment Adjusted EBITDA Space $(205) $(351) $(93) $(556) $131 Connectivity 2,597 2,087 1,583 4,684 3,200 AI 1,146 (609) (276) 537 (387) Total $3,538 $1,127 $1,214 $4,665 $2,944 Capex Space $1,174 $1,052 $946 $2,226 $1,705 Connectivity 1,367 1,332 1,130 2,699 1,944 AI 15,828 7,723 749 23,551 3,316 Total $18,369 $10,107 $2,825 $28,476 $6,965 Note: Segment Adjusted EBITDA is a non-GAAP financial measure. A reconciliation to the most comparable GAAP financial measure is provided elsewhere in this release. 3Space Segment Operating and Financial Data $, in millions (except where noted) Three Months Ended Six Months Ended June 30, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Customer launches (#) 10 7 9 17 21 Internal launches (#) 28 33 37 61 63 Total launches (#) 38 40 46 78 84 Customer payloads (in metric tons) 87 45 88 132 163 Internal payloads (in metric tons) 397 511 563 908 938 Mass to orbit (in metric tons) 485 556 652 1,041 1,102 Launch services revenues $648 $330 $490 $978 $1,056 Launch & development revenues 314 289 256 603 555 Space revenues $962 $619 $746 $1,581 $1,611 Less: Cost of revenue $329 $281 $330 $610 $627 Research and development 1,076 930 693 2,006 1,219 Selling, general, and administrative 99 70 87 169 175 Impairment — — 5 — 29 Loss from operations $(542) $(662) $(369) $(1,204) $(439) Segment Adjusted EBITDA reconciliation Loss from operations $(542) $(662) $(369) $(1,204) $(439) Depreciation & amortization 158 166 146 324 308 Share-based compensation 179 145 125 324 233 Impairment — — 5 — 29 Space Adjusted EBITDA $(205) $(351) $(93) $(556) $131 Space Capex $1,174 $1,052 $946 $2,226 $1,705 Space Business Highlights • Space revenues grew 55% sequentially and 29% year-over-year to $962 million, driven by a higher number of large customer launches and a favorable customer shift compared to the prior year • Total costs and expenses for the Space segment were up by $389 million year-over-year, as we continued to accelerate R&D investments in our Starship program, which we believe will reduce the cost to orbit by 99% or more relative to the historical average, and unlock significant revenue potential across all business segments • Leading launch provider for the world with 78 launches and 1,041 metric tons of mass to orbit deployed over the six months ended June 30, 2026, primarily allocated to Connectivity for the deployment of our Starlink constellation • Starship V3 development continued to advance towards full and rapid reusability: • Completed Starship V3’s first suborbital mission in May, Flight 12, which achieved a successful lift off from our new Starbase pad, a precision landing of Starship’s upper stage, and deployment of modified V2 Starlink satellites • Subsequent to the second quarter, completed Starship Flight 13 in July, which achieved all flight objectives including deploying 20 production V3 satellites, demonstrating in-space relight of a Raptor engine, and executing the softest ever splashdown of Starship, providing critical views of an intact heatshield 4Connectivity Segment Operating and Financial Data $, in millions (except where noted) Three Months Ended Six Months Ended June 30, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Starlink Subscribers (#, in millions, as of period end) 12.0 10.3 6.0 12.0 6.0 Starlink ARPU ($ per month) $66 $66 $85 $66 $85 Consumer revenues $2,485 $2,148 $1,721 $4,633 $3,213 Enterprise & government revenues 1,806 1,109 867 2,915 1,849 Connectivity revenues $4,291 $3,257 $2,588 $7,548 $5,062 Less: Cost of revenue $2,060 $1,651 $1,401 $3,711 $2,615 Research and development 294 205 143 499 266 Selling, general, and administrative 281 213 121 494 225 Income from operations $1,656 $1,188 $923 $2,844 $1,956 Segment Adjusted EBITDA reconciliation Income from operations $1,656 $1,188 $923 $2,844 $1,956 Depreciation & amortization 805 783 569 1,588 1,078 Share-based compensation 136 116 91 252 166 Connectivity Adjusted EBITDA $2,597 $2,087 $1,583 $4,684 $3,200 Connectivity Capex $1,367 $1,332 $1,130 $2,699 $1,944 Connectivity Business Highlights • Connectivity revenues were up 32% sequentially and 66% year-over-year to $4.3 billion, driven by strong Starlink subscriber growth, with Consumer revenues up 16% sequentially and 44% year-over-year, and an increase in Enterprise & Government revenues, up 63% sequentially and 108% year-over-year • Total costs and expenses for the Connectivity segment were up $970 million year-over-year, driven primarily by increased spend to support revenue growth, as well as higher R&D expenses for our next-generation V3 satellites, which we expect to deliver meaningful increases in broadband capacity and data density • Drove income from operations for the Connectivity segment up 79% year-over-year to $1.7 billion, and improved Connectivity Adjusted EBITDA by 64% year-over-year to $2.6 billion • Reached 12.0 million Starlink Subscribers as of the end of Q2 2026, doubling year-over-year and up 1.7 million sequentially, while maintaining ARPU at $66, in line with Q1 2026 • Demonstrated traction across our enterprise business: signed a major agreement with American Airlines; activated our service on a number of new airlines including Southwest, Virgin Atlantic, Iberia and Aer Lingus; and launched new Starlink Mobile partnerships with international carriers, including SoftBank, NTT Docomo and Spark NZ • Awarded over $6 billion in multi-year U.S. government contracts for Starshield, our secure satellite network designed specifically for government customers and national security applications, primarily from two major Space Force contracts for LEO-based communications and sensing constellations • Received FCC approval of the EchoStar license transfer for 65 MHz of spectrum in the U.S. and certain global Mobile Satellite Service spectrum licenses 5AI Segment Operating and Financial Data $, in millions (except where noted) Three Months Ended Six Months Ended June 30, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Nameplate compute (in GW) 1.4 1.0 0.4 1.4 0.4 Advertising revenues $367 $343 $426 $710 $870 AI solutions & infrastructure revenues 2,194 475 311 2,669 595 AI revenues $2,561 $818 $737 $3,379 $1,465 Less: Cost of revenue $1,106 $456 $551 $1,562 $1,002 Research and development 2,178 2,379 1,122 4,557 2,030 Selling, general, and administrative 532 463 398 995 699 Restructuring charges (credits) 2 (11) 190 (9) 194 Loss from operations $(1,257) $(2,469) $(1,524) $(3,726) $(2,460) Segment Adjusted EBITDA reconciliation Loss from operations $(1,257) $(2,469) $(1,524) $(3,726) $(2,460) Depreciation & amortization 1,885 1,493 811 3,378 1,584 Share-based compensation 516 378 247 894 295 Restructuring charges (credits) 2 (11) 190 (9) 194 AI Adjusted EBITDA $1,146 $(609) $(276) $537 $(387) AI Capex $15,828 $7,723 $749 $23,551 $3,316 AI Business Highlights • AI revenues were up 213% sequentially and 247% year-over-year to $2.6 billion, primarily driven by an increase in AI solutions and infrastructure revenues from new Cloud Service Agreements, as well as an increase in Grok and X subscription revenues • Total costs and expenses for the AI segment were up $1.6 billion year-over-year, driven by increased R&D investment, primarily due to higher infrastructure spend as we accelerated compute deployment • Cut operating loss by 49% compared to Q1 2026 to a loss of $1.3 billion and achieved positive AI Adjusted EBITDA of $1.1 billion • Expanded compute capacity to 1.4 GW, up from 1.0 GW in Q1 2026 and 0.4 GW in Q2 2026, with the continued build-out of Colossus II and with significant incremental capacity under construction • Entered into several Cloud Services Agreements totaling $14.1 billion in contracted sales to provide customers with access to compute capacity, which resulted in $1.6 billion in incremental AI infrastructure revenues for the second quarter • Announced an agreement to acquire Cursor for $60 billion to accelerate our AI enterprise offerings with one of the most advanced AI coding tools available. We expect to close the deal in the third quarter of 2026 • Subsequent to the second quarter, released Grok 4.5 in July, our largest and smartest model yet, built to excel at coding, agentic tasks, and knowledge work. The model was trained alongside Cursor and incorporates our 1.5 trillion-parameter V9 foundation model 6Other Key Business Developments On June 15, 2026, SpaceX announced the closing of our historic initial public offering of an aggregate 638,888,888 shares of Class A common stock, bringing net proceeds of approximately $85.7 billion. The shares of Class A common stock began trading on the Nasdaq Global Select Market and Nasdaq Texas on June 12, 2026, under the ticker symbol “SPCX.” On June 26, 2026, SpaceX closed a $25 billion inaugural bond issuance of investment-grade senior notes, strengthening the balance sheet and funding long-term growth initiatives. The notes have five tranches maturing on July 15, 2031, July 15, 2033, July 15, 2036, July 15, 2046, and July 15, 2056, with annual interest rates between 5.35% and 6.65% with a weighted average interest rate of 5.855%. Conference Call and Livestream Information SpaceX will discuss its financial and operational results in a live audio-only webcast beginning at 3:30 p.m. CT / 4:30 p.m. ET on August 4, 2026. The webcast and replay can be accessed at ir.spacex.com. The event will also be livestreamed on X @SpaceX. The day after the call, a transcript will also be available at ir.spacex.com. Notes Note 1. Non-GAAP Financial Measures Management believes that certain financial measures that are not presented in accordance with GAAP provide management and investors with useful supplemental information that provides a meaningful view of our financial condition and results of operations across periods by removing the impact of items that management believes do not directly reflect our ongoing operating performance. Adjusted EBITDA and Segment Adjusted EBITDA are supplemental measures that are not required by or presented in accordance with GAAP. In evaluating our performance as measured by Adjusted EBITDA and Segment Adjusted EBITDA, management recognizes and considers the limitations of these measures. Other companies in our industry may calculate Adjusted EBITDA and Segment Adjusted EBITDA differently than we do or may not calculate them at all, limiting their usefulness as comparative measures. Because of these limitations, Adjusted EBITDA and Segment Adjusted EBITDA should not be considered in isolation or as a substitute for net income (loss), income (loss) from operations, or any other measure calculated in accordance with GAAP, and should be considered together with our GAAP financial measures and the reconciliations to the corresponding most directly comparable GAAP financial measures set forth under “Reconciliation of Net Loss to Adjusted EBITDA” and elsewhere in this release. Adjusted EBITDA is defined as net income (loss) excluding (i) depreciation and amortization, (ii) share-based compensation, (iii) restructuring charges, (iv) impairments, (v) interest expense, (vi) interest income, (vii) other income (expense), net and (viii) provision for (benefit from) income taxes. Segment Adjusted EBITDA is defined as segment income (loss) from operations excluding (i) depreciation and amortization, (ii) share-based compensation, (iii) restructuring charges, and (iv) impairments. Adjusted EBITDA and Segment Adjusted EBITDA are key performance measures that our management uses to assess our financial performance as well as for internal planning and forecasting purposes. We consider Adjusted EBITDA and Segment Adjusted EBITDA to be meaningful performance measures for investors to evaluate our operating performance and to compare the financial results between periods. Note 2. Other Definitions Contracted sales refers to the total value of the contracts signed for the non-cancellable, enforceable period, which includes the revenue recognized in the period as well as any deferred revenue related to these contracts. It does not include any estimated revenue amounts for the future periods that are cancellable either by us or the customer. 7Consolidated Financial Statements Space Exploration Technologies Corp. Consolidated Statements of Operations (in millions, except per share data) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue ............................................................................................................................... $ 7,814 $ 4,071 $ 12,508 $ 8,138 Costs and expenses Cost of revenue .............................................................................................................. 3,495 2,282 5,883 4,244 Research and development ........................................................................................... 3,548 1,958 7,062 3,515 Selling, general, and administrative .............................................................................. 912 606 1,658 1,099 Restructuring charges (credits) ..................................................................................... 2 190 (9) 194 Impairment ..................................................................................................................... — 5 — 29 Total costs and expenses ......................................................................................... 7,957 5,041 14,594 9,081 Loss from operations ........................................................................................................... (143) (970) (2,086) (943) Interest expense (related party of $327 and $- for the three months ended June 30, 2026 and 2025, respectively, and $513 and $- for the six months ended June 30, 2026 and 2025, respectively) .................................................................................................... (629) (411) (1,293) (858) Interest income .................................................................................................................... 340 98 553 215 Other income (expense), net ................................................................................................ (86) 413 (1,962) 202 Loss before income taxes ................................................................................................... (518) (870) (4,788) (1,384) Provision for income taxes ................................................................................................... 23 138 29 152 Net loss ................................................................................................................................ $ (541) $ (1,008) $ (4,817) $ (1,536) Net loss attributable to shareholders - basic and diluted ............................................ $ (541) $ (1,008) $ (5,488) $ (1,536) Net loss per share of common stock attributable to common shareholders Basic and Diluted ................................................................................................................. $ (0.09) $ (0.34) $ (1.12) $ (0.53) Weighted average shares used in computing net loss per share of common stock Basic and Diluted ................................................................................................................. 5,864 2,929 4,879 2,902 Reconciliation of Net Loss to Adjusted EBITDA (in millions) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net loss $ (541) $ (1,008) $ (4,817) $ (1,536) Add (deduct): Depreciation and amortization 2,848 1,526 5,290 2,970 Share-based compensation 831 463 1,470 694 Restructuring charges 2 190 (9) 194 Impairments — 5 — 29 Interest expense 629 411 1,293 858 Interest income (340) (98) (553) (215) Other income (expense), net 86 (413) 1,962 (202) Provision for income taxes 23 138 29 152 Adjusted EBITDA $ 3,538 $ 1,214 $ 4,665 $ 2,944 8Space Exploration Technologies Corp. Consolidated Balance Sheets (in millions, except per share data) (unaudited) June 30, 2026 December 31, 2025 Assets Current assets Cash and cash equivalents ................................................................................................................................................ $ 93,522 $ 24,747 Marketable securities ........................................................................................................................................................ 6,487 — Accounts receivable, net of allowance for credit losses of $50 and $39 at June 30, 2026 and December 31, 2025, respectively .................................................................................................................................................................. 3,596 1,579 Inventory ............................................................................................................................................................................. 2,718 2,416 Prepaid expenses and other current assets ...................................................................................................................... 1,724 2,210 Total current assets .................................................................................................................................................... 108,047 30,952 Property, plant, and equipment, net ........................................................................................................................................ 65,736 42,602 Finance lease right-of-use assets .......................................................................................................................................... 1,118 1,260 Intangible assets, net ............................................................................................................................................................... 1,318 1,548 Digital assets ............................................................................................................................................................................ 1,098 1,637 Goodwill .................................................................................................................................................................................... 11,645 11,809 Deferred tax assets .................................................................................................................................................................. 354 141 Other assets ............................................................................................................................................................................. 3,454 2,130 Total assets ................................................................................................................................................................. $ 192,770 $ 92,079 Liabilities, Redeemable Convertible Preferred Stock, and Shareholders’ Equity Current liabilities Accounts payable ..................................................................................................................................................................... 8,243 11,792 Deferred revenue, current ....................................................................................................................................................... 7,977 6,111 Debt and finance leases, current (related party of $2,039 and $455 at June 30, 2026 and December 31, 2025, respectively) ........................................................................................................................................................................ 2,525 928 Accrued expenses and other current liabilities ...................................................................................................................... 2,377 2,569 Total current liabilities ............................................................................................................................................................ 21,122 21,400 Long-term liabilities Deferred revenue, net of current ............................................................................................................................................ 6,309 6,005 Debt and finance leases, net of current (related party of $11,290 and $4,052 at June 30, 2026 and December 31, 2025, respectively) ........................................................................................................................................................................ 36,839 21,968 Other liabilities ......................................................................................................................................................................... 1,276 1,381 Total liabilities ........................................................................................................................................................................ 65,546 50,754 Commitments and contingencies (Note 16) Redeemable convertible preferred stock Redeemable convertible preferred stock, par value $0.001; - and 2,351 shares issued; - and 2,046 shares outstanding as of June 30, 2026 and December 31, 2025, respectively ........................................................................................................ — 38,752 Shareholders’ equity Preferred stock, par value $0.001; - shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively — — Class A common stock, par value $0.001; 7,607 and 2,036 shares issued; 7,607 and 1,952 shares outstanding as of June 30, 2026 and December 31, 2025, respectively .................................................................................................................... 7 3 Class B common stock, par value $0.001; 5,569 and 644 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively ......................................................................................................................................... 6 1 Class C common stock, par value $0.001; - and 482 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively ........................................................................................................................................................... — 0 Additional paid-in capital ......................................................................................................................................................... 167,344 37,706 Accumulated deficit ................................................................................................................................................................ (41,852) (37,035) Accumulated other comprehensive income ........................................................................................................................... 1,719 1,898 Total shareholders’ equity ...................................................................................................................................................... 127,224 2,573 Total liabilities, redeemable convertible preferred stock, and shareholders’ equity ........................................................ $ 192,770 $ 92,079 9Space Exploration Technologies Corp. Selected Cash Flow Information (in millions) (unaudited) Six Months Ended June 30, 2026 2025 Net cash provided by (used in) ................................................................................................................................................. Operating activities ............................................................................................................................................................ $ 3,466 $ 351 Investing activities ............................................................................................................................................................. (34,487) (6,032) Financing activities ............................................................................................................................................................ 100,291 9,199 Net change in cash and cash equivalents and restricted cash ......................................................................................... 69,228 3,593 Cash and cash equivalents and restricted cash, beginning of the period ............................................................................. 25,124 11,501 Cash and cash equivalents and restricted cash, end of the period ..................................................................................... $ 94,352 $ 15,094 About SpaceX Founded in 2002, SpaceX is the only company building the integrated hardware and software infrastructure of the future across space, connectivity, and AI. At our core, we are builders. We design, manufacture, launch, and operate products and services built on cutting-edge technologies, including the world’s most advanced rockets and spacecraft. Forward Looking Statements This release contains certain “forward-looking” statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements involve risks, contingencies and uncertainties, which are difficult to predict and many of which are beyond our control. These risks, contingencies, and uncertainties and other important factors are described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 and the final prospectus filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended. The forward- looking statements in this release speak only as of the date of this release. We undertake no obligation to update these statements unless required by law, and we caution you not to place undue reliance on them. Contacts Investors [email protected] 104 Aug
  • 8-KOther Events26 Jun
  • 8-KOther Events23 Jun

EDINET Filings(10)

Expand
  • IRSemi-Annual Report (2026.01.01-2026.12.31)30 Sep
  • IRExtraordinary Report16 Jul
  • IRExtraordinary Report30 Jun
  • IRCorrection Extraordinary Report11 Jun
  • PRSAmended Securities Registration Statement11 Jun
  • IRCorrection Extraordinary Report8 Jun
  • PRSAmended Securities Registration Statement8 Jun
  • PRSAmended Securities Registration Statement4 Jun
  • IRExtraordinary Report4 Jun
  • PRSSecurities registration statement27 May

News

  • Prediction: This Will Be SpaceX's Stock Price in 5 Years12 Nov
  • Is SpaceX Stock a Buy Before Its First Try at Catching a Starship Upper Stage?12 Nov
  • Prediction: $1,000 Invested in SpaceX Today Will Be Worth This Much by 202912 Nov
  • From SpaceX to Anthropic, markets have a new playbook for mega-share debuts12 Nov
  • If SpaceX and Tesla Merge, Here's What a $10,000 Investment in the Combined Company Could Be Worth by 203011 Nov
  • Stock Market Today, Nov. 11: SpaceX Shares Slip Amid Upcoming Starship Test Flight Jitters11 Nov
  • Nov 13 Could Be A Huge Day For SpaceX Stock11 Nov
  • Is SpaceX a Millionaire-Maker Stock?11 Nov
  • Is SpaceX Stock a Buy Right Now?11 Nov
  • Rocket Lab and AST SpaceMobile Rally 8% as Space Stocks Rebound; SpaceX Holds Steady11 Nov
  • AI predicts SpaceX stock price for Q1 202711 Nov
  • Musk’s Companies Will Face Intense Democrat Scrutiny, But One is Under More Heat11 Nov
  • Did the Midterms Just Put the AI Data Center Boom at Risk?11 Nov
  • SpaceX Supplier Applied Aerospace & Defense Is Doing Just Fine. The Stock Isn't.11 Nov
  • Here's What $1,000 Invested in SpaceX Could Be Worth by the End of 202711 Nov
  • Is SpaceX Stock a Bargain at Today's Prices?11 Nov
  • Bad News: There's a New Red Flag Ahead of the Anthropic IPO11 Nov
  • Can Cathie Wood's Ark Invest ETF Make a Comeback With Its Large SpaceX Position?11 Nov
  • SpaceX $SPCX Shares Bought by AlphaCore Capital LLC11 Nov
  • Elon Musk Just Warned SpaceX Revenue ‘Will Drop’ If Compute Gets Cheap. Deutsche Bank Raised Its 2028 Forecast $18 Billion Two Days Later10 Nov

Mentions in Filings

  • … enue opportunities. During this interim consolidated accounting period, through our U.S. subsidiary BTCJPN US LLC, we made investments in investment funds aimed at acquiring economic benefits from shares in <strong>Space Exploration Technologies Corp.</strong> (hereinafter referred to as "SpaceX") and Figure AI. Through these investments, our group aims to connect the growth of AI-related fields to the enhancement of corporate value in the medium to long term. …
    MARUSHOHOTTA CO., LTDSpace Exploration Technologies Corporation Class A·Interim Report - Semi-Annual Report (2026.04.01-2027.03.31)·12 Nov·12 Nov
  • … nificent Seven Plus.” The Fund will seek to invest in the following: (i) a group of seven companies commonly recognized for their market dominance in technological innovation (the “Magnificent Seven”); (ii) <strong>Space Exploration Technologies Corp.</strong> (“SpaceX”) and Broadcom Inc. (“Broadcom”); and (iii) financial instruments (i.e., swap agreements) that provide investment exposure to Anthropic PBC (“Anthropic” or a “Pre-IPO Company”) and OpenAI Global, L …
    Roundhill ETF TrustSpace Exploration Technologies Corporation Class A·497K - Form 497K - Summary prospectus·Q4 26·10 Nov
  • … nificent Seven Plus.” The Fund will seek to invest in the following: (i) a group of seven companies commonly recognized for their market dominance in technological innovation (the “Magnificent Seven”); (ii) <strong>Space Exploration Technologies Corp.</strong> (“SpaceX”) and Broadcom Inc. (“Broadcom”); and (iii) financial instruments (i.e., swap agreements) that provide investment exposure to Anthropic PBC (“Anthropic” or a “Pre-IPO Company”) and OpenAI Global, L …
    Roundhill ETF TrustSpace Exploration Technologies Corporation Class A·497 - Form 497 - Definitive materials (investment companies)·Q4 26·10 Nov
  • UBS AG Phoenix Autocallable Buffer Notes with Memory Interest (the “Notes”) are unsubordinated, unsecured debt obligations issued by UBS AG (“UBS” or the “issuer”) linked to the common stock of <strong>Space Exploration Technologies Corp.</strong> (the “underlying asset”). UBS will pay for each Note a contingent interest payment on the related interest payment date, plus any previously unpaid contingent interest payments, if the closing price of the underlying as …
    UBS AGSpace Exploration Technologies Corporation Class A·424B3 - Prospectus filing (Rule 424(b)(3))·Q4 26·10 Nov
  • … t of Amazon’s uncured material breach. Between May and October 2026, we entered into and amended several agreements with SpaceX.AI LLC (formerly known as X.AI LLC) (“SpaceXAI”), a wholly owned subsidiary of <strong>Space Exploration Technologies</strong> Corp. (collectively, the “SpaceXAI Arrangements”), to access compute powered by NVIDIA GPUs. Under the SpaceXAI Arrangements, we agreed to spend an aggregate of up to $120.5 billion over terms extending into …
    Anthropic, PBCSpace Exploration Technologies Corporation Class A·S-1/A - Registration statement (general form, amendment)·Q4 26·10 Nov
  • On June 29, 2026, we announced our intention to opportunistically acquire shares of <strong>Space Exploration Technologies Corp.</strong> (“SpaceX”) to be held as a long-term strategic treasury asset. We expect the initial allocation, and any future additions, to represent a modest portion of our cash on hand and not to interfere with our operating priorities, planned capital expenditures, or ability to fund our core operations and strategic plan. As of September …
    Solidion Technology Inc.Space Exploration Technologies Corporation Class A·10-Q - QUARTERLY REPORT Q3·Q3 26·9 Nov

Key Stats

Trading

Px/Chg 1D$158.96 / +7.35%
Avg Volume23.24M
Beta1.75
Mkt Cap1.22T
FD Mkt Cap1.06T

Float

Shrs Out/Float7.70B / 883.59M
Short Float0.02%
Days to Cover1.00
Stock Repurchased$4.35B

Current Valuation

EV1.26T
EV/EBITDA0.00
EV/Sales0.00
P/B29.60
P/S0.00
FCF Yield-1.14%
ROE-10.28%
ROA-4.19%
Current Ratio1.22

Dividend

Cash$0.49
Yield16.56%
Yield (TTM)16.56%

Estimates

P/E0.00
Est P/E0.00
Est EPS-0.33
Est PEG0.00

Valuation

Metric5Yr AvgOct '26
PRICE-BASED RATIOS
Price / Earnings-247.80-247.80
Price / Sales65.5165.51
Price / Book Value29.6029.60
Price / Free Cash Flow-87.69-87.69
ENTERPRISE VALUE METRICS
Enterprise Value1,260,303.81,260,303.8
Enterprise Value / Sales67.4967.49
Enterprise Value / EBITDA293.85293.85
Enterprise Value / EBIT-522.51-522.51

Financials

Full Financials
Millions USD5Yr CAGR (%)Dec '25
INCOME STATEMENT
Revenue—18,674.0
Gross Income—9,223.0
EBITDA—4,289.0
EBIT—-2,412.0
Net Income—-4,937.0
EPS (Diluted)—-1.69
BALANCE SHEET
Cash & ST Inv—24,747.0
Total Assets—92,079.0
Total Liabilities—50,754.0
Total Shareholder Equity—41,325.0
CASH FLOW
Net Operating Cash Flow—6,785.0
Cap Ex—-20,737.0
Free Cash Flow—-13,952.0

Enterprise Value Bridge

Millions USD11 Nov '26
Price (As of 11 Nov '26)139.82
Basic Shares7,696.29
Market Cap1,076,095.8
Diluted Shares12,475.00
Fully Diluted Shares Outstanding12,475.00
Fully Diluted Market Cap1,744,254.5
+Consolidated Debt38,844.0
−In-the-Money Convertible Debt—
+Capital Leases-
+Operating Leases—
−Cash & Equivalents-51,294.0
−Short-term Investments-38,561.0
+Total Preferred-
−In-the-Money Convertible Preferred—
−Investments in Unconsolidated Subs—
+Non-Controlling Interest-
+Pension Liabilities—
Enterprise Value1,063,645.8

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