Loading…
Builds and launches reusable rockets (Falcon 9, Falcon Heavy, Starship) and operates the Starlink satellite internet constellation.
Builds and launches reusable rockets (Falcon 9, Falcon Heavy, Starship) and operates the Starlink satellite internet constellation.
Earns in two ways: launches sold per mission to NASA, the military and satellite operators, and Starlink internet service sold by subscription, with hardware terminals, to consumers, businesses and governments. Reusing rocket boosters lets it launch its own satellites cheaply, so Starlink grows on top of the launch business.
Moat: wide (scale, IP / patents, cost advantage). Reusable-rocket cost advantage and launch cadence far exceed rivals; Starlink's satellite scale is also unmatched.
Headquarters: Hawthorne, California, United States · Founded: 2002
Size Space Exploration Technologies (SPCX) is a United States Communication Services company (Specialty Telecommunications) with a market value of $1.82T, the 7th largest of 3,117 United States companies the cockpit tracks. Shares closed at $134.27 on 6 Nov 2026.
Growth Revenue grew 33.2% over the last twelve months (peer median +3.5%); the operating margin is -11.1% (peer median 12.2%).
Valuation It trades at 38.4× forward earnings against a peer median of 18.5× (4th most expensive of 18).
Capital Return on invested capital runs 20.9 points below its cost of capital (19.6% WACC).
Backlog Backlog (remaining performance obligations) was $63.0B at 30 Sep 2026. Backlog detail →
Credit Space Exploration Technologies has 10 bonds outstanding ($50.2B), rated BBB by the agencies and trading like BB at a weighted spread of 272 bp.
Short interest Short interest is 2.1% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Revenue | n/a | $18.7B | $14.0B | $10.4B |
| Revenue growth | — | +33% | +35% | — |
| Gross profit | n/a | $9.22B | $6.02B | $4.28B |
| EBITDA | n/a | $4.64B | $4.57B | $3.14B |
| Net income | n/a | -$4.94B | $98.0M | -$4.63B |
| Free cash flow | n/a | -$14.1B | -$5.39B | $105M |
| Capital expenditure | n/a | $20.7B | $11.2B | $4.42B |
| Total debt | $39.2B | $24.5B | $15.4B | n/a |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Space Exploration Technologies SPCX | $1.82T | n/a | +33% | -11% | 38.4× | n/a |
| Rocket Lab RKLB | $31.8B | -50% | +53% | -29% | n/a | n/a |
| EchoStar ECHO | $27.5B | -26% | -20% | 11% | 25.5× | n/a |
| Eutelsat Communications ETL.PA | $2.40B | -40% | -1% | -6% | n/a | n/a |
| ViaSat VSAT | $8.81B | -9% | +1% | 2% | n/a | 42.8% |
| AST SpaceMobile ASTS | $12.6B | -57% | +2,257% | -410% | n/a | n/a |
| Firefly Aerospace FLY | $3.48B | -48% | +179% | -116% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SPCX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -16.4% | +0.9% | 3rd lowest of 21 |
| Distance from 52-week high | -40.5% | -21.4% | 5th lowest of 21 |
| Revenue growth (TTM) | +33.2% | +3.5% | 2nd highest of 21 |
| Operating margin | -11.1% | 12.2% | 2nd lowest of 21 |
| Forward P/E | 38.4× | 18.5× | 4th most expensive of 18 |
| ROIC minus cost of capital | -20.9 pp | -0.5 pp | 2nd lowest of 21 |
| Net debt / EBITDA | -11.0× | 2.7× | least indebted of 17 |
| Bond spread | 272 bp | 109 bp | 2nd widest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Space Exploration Technologies SPCX | United States | $1.82T | n/a | +33% | -11% | 38.4× | n/a | n/a |
| China Mobile 600941.SS | China | $230B | +7% | -1% | 19% | 17.1× | -12.6% | +6.5% |
| Softbank 9984.T | Japan | $128B | -32% | +9% | -5% | 18.5× | n/a | n/a |
| Ntt 9432.T | Japan | $86.6B | +5% | +8% | 12% | 12.7× | n/a | n/a |
| EchoStar ECHO | United States | $27.5B | -26% | -20% | 11% | 25.5× | n/a | n/a |
| Telefonica TEF.MC | Spain | $21.4B | -16% | -11% | 5% | 10.8× | 11.7% | -4.0% |
| China Tower 0788.HK | Hong Kong | $20.2B | -18% | +4% | 20% | 9.7× | -1.0% | +3.6% |
| Telia TELIA.ST | Sweden | $19.2B | 0% | 0% | 18% | 21.1× | -1.1% | -1.9% |
| China Satellite Communications 601698.SS | China | $13.9B | -40% | -2% | 10% | n/a | 40.0% | -0.3% |
| AST SpaceMobile ASTS | United States | $12.6B | -57% | +2,257% | -410% | n/a | n/a | n/a |
| Infrastrutture Wireless Italiane INW.MI | Italy | $7.39B | +1% | +1% | 53% | 19.4× | 8.2% | +10.2% |
| ASR Microelectronics 688220.SS | China | $6.56B | +6% | +28% | 1% | 170.1× | n/a | n/a |
| 1&1 1U1.DE | Germany | $5.79B | +7% | +8% | 3% | 34.4× | 12.5% | +1.8% |
| Iridium Communications IRDM | United States | $4.68B | +6% | +4% | 19% | 64.8× | 21.0% | +8.4% |
| PLDT, Inc. Sponsored ADR PHI | United States | $3.88B | -11% | -2% | 22% | 8.7× | -2.9% | +0.8% |
| freenet FNTN.DE | Germany | $3.06B | -7% | +10% | 14% | 11.4× | -11.3% | -1.1% |
| Helios Towers HTWS.L | United Kingdom | $3.05B | -8% | +6% | 36% | 30.1× | 13.4% | +15.0% |
| U-NEXT 9418.T | Japan | $2.04B | +17% | +20% | 6% | 17.6× | 0.4% | +17.7% |
| StarHub CC3.SI | Singapore | $1.41B | +4% | -8% | 5% | 48.0× | 7.2% | +3.0% |
| CITIC Telecom International 1883.HK | Hong Kong | $1.14B | -14% | 0% | 12% | 9.2× | -10.5% | +1.4% |
| Guomai Technologies 002093.SZ | China | $1.08B | -14% | +3% | 24% | n/a | 11.7% | +6.5% |
Space Exploration Technologies has 10 bonds outstanding with $50.2B face value. The agencies rate it BBB; its bonds trade like BB. Weighted yield 7.56%, a spread of 272 bp over government bonds.
Space Exploration Technologies reported $63.0B of remaining performance obligations at 30 Sep 2026 and up 33% from the previous quarter. Book-to-bill last quarter: 2.06.