SpaceX (SPCX) financials, KPIs and SEC-sourced facts

SpaceX

No 10-K in SEC EDGAR: this company files an S-1 prospectus and 10-Qs instead, so the text sections (description, thesis, risks) stay empty. Numbers below come from its SEC filings.

10-K, not in profile data

Voices · third-party opinions, not SEC data

Not investment advice. They could be wrong or outdated. See the original source and date; the view may have changed.

What do investors say about SpaceX?

Kevin SimpsonInvestorOct 14, 2026Invests

Our summary: Simpson, who first bought SpaceX at $121, is adding after the pullback, citing Starlink recurring revenue, wireless expansion and AI, while naming capital spending as his biggest concern.

“the pullback hasn't changed my conviction in SpaceX's long-term potential”

CNBC op-ed ›

Details ⓘ

Speaker: Kevin Simpson, Capital Wealth Planning
Role: Investor
Source: CNBC
Format: Op-ed
Date: Oct 14, 2026
Checked: Oct 15, 2026

Voice details · not SEC data. As stated on Oct 14, 2026; the view may have changed.

Gavin BakerInvestorJun 15, 2026

Our summary: Speaking after the SpaceX IPO, Baker argued SpaceX could become the most important company of his lifetime, and possibly ever, if it succeeds in building settlements on the Moon and Mars.

“the most important company of certainly my lifetime”

TBPN podcast ›

Details ⓘ

He stressed that a lot of hard engineering still has to happen.

Speaker: Gavin Baker, Atreides Management
Role: Investor
Source: TBPN Live: Gavin Baker, SpaceX Might Be the Greatest Company of All Time (at 00:29:15)
Format: Podcast
Date: Jun 15, 2026
Checked: Oct 15, 2026

Voice details · not SEC data. As stated on Jun 15, 2026; the view may have changed.

Ron BaronInvestorJun 15, 2026

Our summary: Baron said Baron Capital bought about $1 billion more SpaceX stock in the IPO to avoid dilution, taking the position to roughly $25 billion.

“he's at least 10 years ahead of everyone else”

CNBC interview ›

Details ⓘ

He argued SpaceX is years ahead of anyone in satellites, rockets and networks and could be worth many times its IPO valuation in ten years.

Speaker: Ron Baron, Baron Capital
Role: Investor
Source: CNBC: Ron Baron bought $1 billion of SpaceX shares in IPO
Format: Interview
Date: Jun 15, 2026
Checked: Oct 15, 2026

Voice details · not SEC data. As stated on Jun 15, 2026; the view may have changed.

All 7 Voices on SpaceX ›

Metric	FY2023	FY2024	FY2025
Cost of revenue

D&A

Gross profit calc.

Income taxes

Net income

Operating income

Research and development

Revenue

SG&A

Metric	FY2023	FY2024
Cash and equivalents

Current liabilities	not reported

Current portion of long-term debt	not reported	not reported

Equity

Equity incl. NCI

Long-term debt	not reported	not reported

Total assets	not reported

Total debt calc.	not reported	not reported

Total liabilities & equity	not reported

Metric	FY2023	FY2024	FY2025
Buybacks

Capex

Free cash flow calc.

Operating cash flow

Stock-based compensation

Metric	FY2023	FY2024
EPS basic

EPS diluted

Pro forma share count (weighted, basic = diluted) (pro forma)	not reported	not reported

Wtd. shares basic

Wtd. shares diluted

Metric	FY2023	FY2024	FY2025
Revenue Connectivity Consumer

Revenue Connectivity Enterprise & Government

Revenue Launch Services

Metric	FY2023	FY2024
Cash flow from financing activities (SpaceX)

Interest expense (SpaceX)

KI-Rechenleistung (Nameplate compute draw)

Other income (incl. interest) calc.

Other income excl. interest (SpaceX)

Pretax income

Pro forma EPS (basic = diluted) (pro forma)	not reported	not reported

Pro forma net loss to common shareholders (pro forma)	not reported	not reported

Starlink subscribers

Total debt (SpaceX)	not reported

Total debt kurzfristig (SpaceX)	not reported

Total debt langfristig (SpaceX)	not reported

Total launches

Total liabilities	not reported

Zinsertrag (SpaceX)

SpaceX

Source and method

What do investors say about SpaceX?

Business

Connectivity is 61.0% of revenue. i

Source and method

Of every $100 in revenue, −$26 is net income. i

Source and method

No revenue-by-region breakdown in the latest annual report's XBRL data.

Connectivity drove 91% of SpaceX’s growth.

Thesis

No 10-K yet: this company files an S-1 prospectus and 10-Qs, so this text section is empty.

KPIs

Revenue grew 33% to $18.7B.

Revenue grew 92% YoY to $7.8B.

Per share, revenue grew 69.5%.

−13.9% operating margin, down from 3.3%.

49.4% gross margin, up from 42.9%.

Operating income: −$2.6B in FY2025.

Net income: −$4.9B in FY2025.

R&D grew 150% to $8.6B.

SG&A grew 46% to $2.6B.

EPS diluted: −$1.69 in FY2025.

−1.8% operating margin, up from −23.8%.

55.3% gross margin, up from 43.9%.

Operating income: −$143M in FY2026 Q2.

Net income: −$541M in FY2026 Q2.

R&D grew 81% YoY to $3.5B.

SG&A grew 50% YoY to $912M.

EPS diluted: −$0.09 in FY2026 Q2.

Free cash flow was negative: −$14.0B in FY2025.

Operating cash flow grew 17% to $6.8B.

Capex grew 86% to $20.7B.

Buybacks grew 10% to $1.1B.

Stock-based compensation grew 148% to $1.9B.

Free cash flow: −$15.9B in FY2026 Q2.

Operating cash flow: $2.4B in FY2026 Q2.

Capex grew 550% YoY to $18.4B.

Buybacks grew 567% YoY to $80.0M.

Stock-based compensation grew 79% YoY to $831M.

$24.7B cash vs $22.9B debt.

Total assets grew 61% to $92.1B.

Equity fell 47% to $2.6B.

Cash and equivalents: $93.5B in FY2026 Q2.

Total debt: $39.4B in FY2026 Q2.

Interest expense grew 53% YoY to $629M.

Total assets: $192.8B in FY2026 Q2.

Equity grew 2339% YoY to $127.2B.

Starlink subscribers grew 102% in FY2025.

Launches per fiscal year grew 23% in FY2025.

Starlink subscribers grew 100% YoY in FY2026 Q2.

Launches per fiscal year fell 17% YoY.

Dependencies

One customer: 18% of revenue.

Risks

No 10-K yet: this company files an S-1 prospectus and 10-Qs, so this text section is empty.

Who’s invested

Musk Elon holds 48.4%. i

Source and method

All metrics

Method

Connectivity is 61.0% of revenue.

Of every $100 in revenue, −$26 is net income.

Musk Elon holds 48.4%.