SPCX · Software & SaaS · Industrials

Space Exploration Technologies Corp.

$139.94+0.1%Close 11/12

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Growing?: Yes: revenue up 161% on a year earlier (quarter ended Sep 2026).
Expensive?: P/E (trailing) 608×. Priced 2735% above the peer median of 21.5x.
Analysts?: 80% of 40 say buy; average 12-month target $255, 82% above today's price.

Market cap$1.90T

Revenue (TTM)$32.0B

Net income (TTM)−$2.8B

P/E (trailing)608x

Forward P/E34.5x

Space Exploration Technologies Corp. (SpaceX) develops and operates space launch and in-space transportation systems (e.g., Falcon 9, Falcon Heavy, Dragon) and a global satellite broadband network under Starlink, generating revenue from launch services, government/commercial mission contracts, and recurring connectivity subscriptions.

More about Space Exploration Technologies

Market Position

SpaceX is a leading U.S. commercial space company with differentiated capabilities in reusable launch vehicles and a scaled LEO satellite constellation supporting Starlink, positioning it competitively across launch and satellite communications markets.

Key Segments

Reported operations commonly include a Connectivity business centered on Starlink and a Launch/Space Systems business supporting orbital transport and mission services.

How has the stock done?

Over the past month SPCX fell 14.4%; the aerospace & defense ETF (ITA) rose 4.4% and the S&P 500 fell 2.7%.

SPCX −14.4%Aerospace & defense ETF (ITA) +4.4%Earnings released

Show the earnings releases

Released	Quarter	Revenue	EPS vs estimate	Stock, day after	5 days after
Oct 20, 2026	ended Sep 2026	$14.6B (+161% vs a year earlier)	$0.35 vs $0.16 (beat)	+7.7%	+0.4%

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

Revenue was $14.6B in the quarter ended Sep 2026, up 161% from a year earlier.

Revenue by quarter

Change from the same quarter a year earlier

Show the data

Quarter ended	Revenue	vs a year earlier
Mar 2025	$4.1B	—
Jun 2025	$4.1B	—
Sep 2025	$5.6B	—
Mar 2026	$4.7B	+15%
Jun 2026	$7.8B	+92%
Sep 2026	$14.6B	+161%

Fiscal year	Revenue	Net income
FY23	$10.4B	−$4.6B
FY24	$14.0B	$791M
FY25	$18.7B	−$4.9B

Quarters: Space Exploration Technologies Corp.'s SEC filings, named by the month they end. Fiscal years: Yahoo Finance.

How it makes money

The company loses $26.4 for every $100 of revenue. Operating expenses exceed all of gross profit.

Where each $1 of revenue goesFiscal year ended 2025-12-31

Revenue

Total sales

$18.7B100%

Gross profit

Revenue minus direct costs

$9.2B49.4% of revenue

Cost of revenue

Direct cost of making or buying goods

$9.5B50.6% of revenue

Operating loss

Expenses above gross profit

−$2.1B−11.1% of revenue

Net loss

The bottom-line loss

−$4.9B−26.4% of revenue

Margins by quarter

Gross 62.4%Operating 19.1%Net 30.2%

Show the data

Quarter ended	Gross	Operating	Net
Jun 2025	43.9%	−23.8%	−24.8%
Sep 2025	51.5%	−4.9%	−18.9%
Jun 2026	55.3%	−1.8%	−6.9%
Sep 2026	62.4%	19.1%	30.2%

Gross margin, fiscal year

49.4%

+8.2 pts over 2 years

Operating margin, fiscal year

−11.1%

−15.9 pts over 2 years

Net margin, fiscal year

−26.4%

+18.1 pts over 2 years

Each margin is that line of the income statement divided by revenue. Fiscal year: Yahoo Finance, operating income as filed with the SEC where its quarters cover the year; quarters: SEC filings.

How much work is already signed?

Customers had signed $63.0B of work Space Exploration Technologies has not yet delivered at the end of Sep 2026. New orders in that quarter were about 2.1× revenue, so the backlog grew.

Backlog

$63.0B

At the end of Sep 2026

Book-to-bill, latest quarter

2.1×Growing

New orders over revenue: above 1, more work comes in than goes out

BacklogAt each quarter end

Show the data

Quarter ended	Backlog	Years of revenue	Book-to-bill
Jun 2026	$47.5B	—	—
Sep 2026	$63.0B	—	2.1×

Backlog: remaining performance obligations in Space Exploration Technologies Corp.'s SEC filings, revenue under contract not yet delivered. Book-to-bill: the quarter's revenue plus the change in backlog, over the quarter's revenue.

Customers and suppliers

In its prospectus Space Exploration Technologies buys from EchoStar, Tesla, Valor; sells to Cursor, Anthropic, Carnival and 12 more; one customer it does not name accounts for 20.9% of its revenue.

Along the supply chainTwo steps either way, as each company’s latest annual report names the others

Their suppliers

AT&T Tto EchoStar

T-Mobile US TMUSto EchoStar

Disney DISto EchoStar

CATL CYATYto Tesla

Panasonic 6752.Tto Tesla

Samsung 005930.KSto Tesla

Suppliers

EchoStar SATS

Tesla TSLA

Valor

SPCXSpace Exploration Technologies

Customers

Unnamed customer 21%

Anthropic ANT

Carnival CCL

Deere DE

EchoStar SATS

Hawaiian Airlines ALK

Norwegian Cruise Line Holdings NCLH

Royal Caribbean Group RCL

Axiom Space

Brightline

Cursor

Eutelsat

Italo Treno

Maersk

MSC Cruises

Oneweb

SES

Their customers

AT&T Tfrom EchoStar

Largest customersShare of revenue by quarter, as each filing labels them

Space Exploration Technologies's 10-Q for the quarter to Sep 2026 gives two customers' shares of its revenue: Customer B (34.5%) and Customer A (16.6%).

Customer B 34.5%Customer A 16.6%

Show the filings' numbers

Period	Customer	Share of revenue	Filing
Quarter ended Jun 2025	Customer A	16.7%	10-Q filed Aug 4, 2026
Quarter ended Sep 2025	Customer A	23.9%	10-Q filed Oct 22, 2026
Quarter ended Jun 2026	Customer B	19.5%	10-Q filed Aug 4, 2026
Quarter ended Jun 2026	Customer A	18.3%	10-Q filed Aug 4, 2026
Quarter ended Sep 2026	Customer B	34.5%	10-Q filed Oct 22, 2026
Quarter ended Sep 2026	Customer A	16.6%	10-Q filed Oct 22, 2026

From Space Exploration Technologies Corp.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's.

Partners

SolarisCo-owner of off-grid power joint venture50.1% equity interest in Stateline; $86 million contributed at formation in April 2025

StatelineOff-grid power for data center campus$80 million investment as of March 31, 2026

CursorImprove and jointly develop AI models

Tesla TSLATerafab chip design and manufacturing collaboration Intel INTCTerafab chip design and manufacturing collaboration T-Mobile US TMUSOffer Starlink satellite-to-mobile connectivity

One NZOffer Starlink satellite-to-mobile connectivity

OptusOffer Starlink satellite-to-mobile connectivity

TelstraOffer Starlink satellite-to-mobile connectivity

Rogers RCIOffer Starlink satellite-to-mobile connectivity

KDDI KDDIFOffer Starlink satellite-to-mobile connectivity

SaltOffer Starlink satellite-to-mobile connectivity

EntelOffer Starlink satellite-to-mobile connectivity

Kyivstar KYIVOffer Starlink satellite-to-mobile connectivity

VMO2Offer Starlink satellite-to-mobile connectivity

Named in other companies’ filings

EchoStar SATSinvested in Space Exploration Technologies · Provides equity consideration under spectrum commercial agreementUp to $8.5 billion in Class A Common Stock, valued at $212 per share, under Initial SpaceX Transactions

Show the filing's words

Company	Role	In the filing's words
Cursor	customer	“In April 2026, we entered into a compute and option agreement with Anysphere, Inc., doing business as Cursor, a San Francisco-based private software company (“Cursor”), which we view as a compelling extension of our strategy to vertically integrate compute infrastructure, models, and applications. Under the compute agreement, we will provide Cursor with certain GPU cluster compute capacity and collaborate to improve existing models, including Grok, and potentially to jointly develop AI models and related model-specific deliverables or products.”
Cursor	partner · co-develops with it	“On April 19, 2026, the Company entered into a compute agreement with Anysphere, Inc., doing business as Cursor, a San Francisco-based private software company (“Cursor”). Pursuant to the compute agreement, the Company will collaborate with Cursor to improve the Company’s existing models, including Grok, and potentially to jointly develop AI models and related model-specific deliverables.”
EchoStar	supplier	“In September 2025, we announced a definitive agreement with EchoStar to purchase its AWS-4 and H-block spectrum licenses. The Spectrum Transaction was approved by the FCC on May 12, 2026 and is subject to other closing conditions prior to completion.”
Tesla	supplier	“During the three months ended March 31, 2026, the Company purchased $34 million of Megapack products from Tesla, Inc. (“Tesla”) recorded in Property, plant, and equipment, net in the consolidated balance sheets.”
Tesla	partner · co-develops with it	“Leveraging shared engineering resources, intellectual property, and infrastructure across Tesla and SpaceX, as well as Intel’s proposed contribution of its expertise in designing, fabricating and packaging ultra-high-performance chips at scale, Terafab creates powerful ecosystem synergies that accelerate innovation cycles and reduce costs.”
Intel	partner · co-develops with it	“Leveraging shared engineering resources, intellectual property, and infrastructure across Tesla and SpaceX, as well as Intel’s proposed contribution of its expertise in designing, fabricating and packaging ultra-high-performance chips at scale, Terafab creates powerful ecosystem synergies that accelerate innovation cycles and reduce costs.”
Anthropic	customer	“(such as through our partnership with Cursor) and monetization of unused compute capacity (such as through our cloud compute services agreements with Anthropic), while simultaneously continuing to invest heavily in expanding datacenter and compute capacity for our own internal AI initiatives and products.”
Carnival	customer	“We have also partnered with premier cruise operators, such as Carnival Corporation, Royal Caribbean Group, MSC Cruises, and Norwegian Cruise Line Holdings, for full- fleet deployments that deliver reliable high-speed internet across thousands of vessels worldwide.”
Maersk	customer	“Airlines, Carnival, Maersk, and John Deere, among others. We also serve a broad fixed‐site customer base across industries such as retail and financial services that require high availability for critical operations as well as reliable connectivity in remote or hard-to-serve locations.”
Deere	customer	“In addition, we have partnered with land mobility operators, including John Deere and the California Fire Department, as well as passenger rail operators such as Brightline (Florida), and Italo Treno, to provide remote monitoring and management of their fleets.”
T-Mobile US	partner · distribution deal with it	“We partner with MNOs including major wireless carriers like T-Mobile in the United States, and other international operators including One NZ, Optus, Telstra, Rogers, KDDI, Salt, Entel, Kyivstar, and VMO2. Through these partnerships, we enable consumers, businesses, and public-sector customers to use their existing phones in more places, support critical connectivity during disasters and power outages, and open new applications for low-bandwidth mobile and IoT devices.”
One NZ	partner · distribution deal with it	“We partner with MNOs including major wireless carriers like T-Mobile in the United States, and other international operators including One NZ, Optus, Telstra, Rogers, KDDI, Salt, Entel, Kyivstar, and VMO2. Through these partnerships, we enable consumers, businesses, and public-sector customers to use their existing phones in more places, support critical connectivity during disasters and power outages, and open new applications for low-bandwidth mobile and IoT devices.”
Optus	partner · distribution deal with it	“We partner with MNOs including major wireless carriers like T-Mobile in the United States, and other international operators including One NZ, Optus, Telstra, Rogers, KDDI, Salt, Entel, Kyivstar, and VMO2. Through these partnerships, we enable consumers, businesses, and public-sector customers to use their existing phones in more places, support critical connectivity during disasters and power outages, and open new applications for low-bandwidth mobile and IoT devices.”
Telstra	partner · distribution deal with it	“We partner with MNOs including major wireless carriers like T-Mobile in the United States, and other international operators including One NZ, Optus, Telstra, Rogers, KDDI, Salt, Entel, Kyivstar, and VMO2. Through these partnerships, we enable consumers, businesses, and public-sector customers to use their existing phones in more places, support critical connectivity during disasters and power outages, and open new applications for low-bandwidth mobile and IoT devices.”
Rogers	partner · distribution deal with it	“We partner with MNOs including major wireless carriers like T-Mobile in the United States, and other international operators including One NZ, Optus, Telstra, Rogers, KDDI, Salt, Entel, Kyivstar, and VMO2. Through these partnerships, we enable consumers, businesses, and public-sector customers to use their existing phones in more places, support critical connectivity during disasters and power outages, and open new applications for low-bandwidth mobile and IoT devices.”
KDDI	partner · distribution deal with it	“We partner with MNOs including major wireless carriers like T-Mobile in the United States, and other international operators including One NZ, Optus, Telstra, Rogers, KDDI, Salt, Entel, Kyivstar, and VMO2. Through these partnerships, we enable consumers, businesses, and public-sector customers to use their existing phones in more places, support critical connectivity during disasters and power outages, and open new applications for low-bandwidth mobile and IoT devices.”
Salt	partner · distribution deal with it	“We partner with MNOs including major wireless carriers like T-Mobile in the United States, and other international operators including One NZ, Optus, Telstra, Rogers, KDDI, Salt, Entel, Kyivstar, and VMO2. Through these partnerships, we enable consumers, businesses, and public-sector customers to use their existing phones in more places, support critical connectivity during disasters and power outages, and open new applications for low-bandwidth mobile and IoT devices.”
Entel	partner · distribution deal with it	“We partner with MNOs including major wireless carriers like T-Mobile in the United States, and other international operators including One NZ, Optus, Telstra, Rogers, KDDI, Salt, Entel, Kyivstar, and VMO2. Through these partnerships, we enable consumers, businesses, and public-sector customers to use their existing phones in more places, support critical connectivity during disasters and power outages, and open new applications for low-bandwidth mobile and IoT devices.”
Kyivstar	partner · distribution deal with it	“We partner with MNOs including major wireless carriers like T-Mobile in the United States, and other international operators including One NZ, Optus, Telstra, Rogers, KDDI, Salt, Entel, Kyivstar, and VMO2. Through these partnerships, we enable consumers, businesses, and public-sector customers to use their existing phones in more places, support critical connectivity during disasters and power outages, and open new applications for low-bandwidth mobile and IoT devices.”
VMO2	partner · distribution deal with it	“We partner with MNOs including major wireless carriers like T-Mobile in the United States, and other international operators including One NZ, Optus, Telstra, Rogers, KDDI, Salt, Entel, Kyivstar, and VMO2. Through these partnerships, we enable consumers, businesses, and public-sector customers to use their existing phones in more places, support critical connectivity during disasters and power outages, and open new applications for low-bandwidth mobile and IoT devices.”
Axiom Space	customer	“We serve commercial and government customers—including NASA, the National Reconnaissance Office (“NRO”), Axiom Space, SES, Eutelsat, and Oneweb. We charge our customers based on the type of rocket, mass to orbit, size of payload, and type of service, such as whether the launch is dedicated to a single customer or part of a “rideshare” with other customers.”
SES	customer	“We serve commercial and government customers—including NASA, the National Reconnaissance Office (“NRO”), Axiom Space, SES, Eutelsat, and Oneweb. We charge our customers based on the type of rocket, mass to orbit, size of payload, and type of service, such as whether the launch is dedicated to a single customer or part of a “rideshare” with other customers.”
Eutelsat	customer	“We serve commercial and government customers—including NASA, the National Reconnaissance Office (“NRO”), Axiom Space, SES, Eutelsat, and Oneweb. We charge our customers based on the type of rocket, mass to orbit, size of payload, and type of service, such as whether the launch is dedicated to a single customer or part of a “rideshare” with other customers.”
Oneweb	customer	“We serve commercial and government customers—including NASA, the National Reconnaissance Office (“NRO”), Axiom Space, SES, Eutelsat, and Oneweb. We charge our customers based on the type of rocket, mass to orbit, size of payload, and type of service, such as whether the launch is dedicated to a single customer or part of a “rideshare” with other customers.”
Hawaiian Airlines	customer	“Airlines, and Hawaiian Airlines, many of which have implemented or committed to fleet-wide Starlink installations for seamless in-flight connectivity.”
Royal Caribbean Group	customer	“We have also partnered with premier cruise operators, such as Carnival Corporation, Royal Caribbean Group, MSC Cruises, and Norwegian Cruise Line Holdings, for full- fleet deployments that deliver reliable high-speed internet across thousands of vessels worldwide.”
MSC Cruises	customer	“We have also partnered with premier cruise operators, such as Carnival Corporation, Royal Caribbean Group, MSC Cruises, and Norwegian Cruise Line Holdings, for full- fleet deployments that deliver reliable high-speed internet across thousands of vessels worldwide.”
Norwegian Cruise Line Holdings	customer	“We have also partnered with premier cruise operators, such as Carnival Corporation, Royal Caribbean Group, MSC Cruises, and Norwegian Cruise Line Holdings, for full- fleet deployments that deliver reliable high-speed internet across thousands of vessels worldwide.”
Brightline	customer	“In addition, we have partnered with land mobility operators, including John Deere and the California Fire Department, as well as passenger rail operators such as Brightline (Florida), and Italo Treno, to provide remote monitoring and management of their fleets.”
Italo Treno	customer	“In addition, we have partnered with land mobility operators, including John Deere and the California Fire Department, as well as passenger rail operators such as Brightline (Florida), and Italo Treno, to provide remote monitoring and management of their fleets.”
Valor	supplier	“In January 2026, and as further amended on February 18, 2026, CTC entered into an equipment lease agreement with Valor Equity Partners (“Valor”) for certain AI infrastructure hardware (“Valor transaction II”).”
Customer A (unnamed)	customer	“Customer A .................................................................................... 20.9% 24.2%”
Stateline	partner · joint venture with it	“As of March 31, 2026 and December 31, 2025, the Company held an investment in Stateline Power, LLC, which is accounted for as an equity method investment, of $80 million and $86 million, respectively.”
Solaris	partner · joint venture with it	“In April 2025, the Company, through its wholly-owned subsidiary CTC Property LLC (“CTC”), entered into a joint venture Stateline Power, LLC (“Stateline”), with Solaris Power Solutions Stateline, LLC (“Stateline Power...In connection with the formation of Stateline, Solaris contributed non-cash assets valued at $86 million, consisting primarily of progress payments on power generation equipment now owned by Stateline and pre- funded expenses, in exchange for a 50.1% equity interest in Stateline.”
EchoStar (10-K filed Mar 2, 2026)	calls it a customer	“The consideration for the Initial SpaceX Transactions payable at the Spectrum Acquisition Closing is $17 billion (the “Total Consideration Amount”)....The SpaceX License Purchase Agreement also provides for future long-term commercial agreements that will enable us to offer our Wireless subscribers access to SpaceX’s next-generation Starlink Direct to Cell text and voice and broadband services utilizing certain rights and licenses related to the Spectrum that are to be conveyed by us to SpaceX at the Spectrum Acquisition Closing.”
EchoStar (10-K filed Mar 2, 2026)	invested in Space Exploration Technologies	“The remaining amount after paying off the Seller Notes (the “Purchase Price”) will be paid by SpaceX to us as follows: (i) up to $8.5 billion will be paid in SpaceX’s Class A Common Stock, valued at $212 per share (the “Equity Amount”); and (ii) any amount of the Purchase Price exceeding $8.5 billion will be paid in cash.”
EchoStar (10-K filed Mar 2, 2026)	calls it a supplier	“During the third quarter of 2025, we entered into an agreement with SpaceX for launch services for this satellite, which is expected to be launched during 2028.”

Only the companies Space Exploration Technologies names in its prospectus (424B4) filed Jun 12, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names Space Exploration Technologies. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

P/E of 608x, above the peer median of 21.5x, so it needs earnings to keep growing to hold up.

608×P/E (trailing)

Priced 2735% above the peer median of 21.5x.

Vs. peersP/E, trailing (x)

SPCXPeersPeer median 21.5x

Show the data

Company	P/E (trailing)
SPCX · Space Exploration Technologies Corp.	608×
GE · GE Aerospace	38.2×
RTX · RTX Corporation	32.2×
LMT · Lockheed Martin Corporation	21.5×
GD · General Dynamics Corporation	21.4×
BA · The Boeing Company	17.7×

What analysts expect

The average analyst price target is $255, 82% above the current price; 80% of 40 analysts rate it a buy; earnings beat estimates in all of the last 2 quarters.

12-month price targetsCurrent price $139.94

12 mo agoTodayIn 12 mo

High target

$800+472%

Average target

$255+82%

Low target

$70.00−50%

Ratings40 analysts

Strong Buy 8Buy 24Hold 6Sell 2Strong Sell 0

Buy or Strong Buy: 32 analysts (80%). Sell or Strong Sell: 2.

Targets and ratings over the past year71 changes by 35 firms

Since Jun 23, 2026 the average of the analysts' latest price targets went from $178.33 to $249.10 (+40%), while SPCX went from $156.11 to $139.94 (−10%). In the past three months targets were raised 15 times and cut once. 1 upgrade and no downgrades over the year; the latest: Argus Research moved it to Buy from Hold on Aug 7, 2026.

Average target $249.10SPCXMiddle half of targetsUpgrade

Targets raised, by monthTargets cut

Show every change

Date	Firm	Change	Rating	Target
Nov 5, 2026	China Renaissance	Began coverage	Buy	$194.20
Oct 22, 2026	B of A Securities	Target raised	Buy	$275.00, was $235.00
Oct 22, 2026	Pivotal Research	Target raised	Buy	$260.00, was $230.00
Oct 21, 2026	Macquarie	Target kept	Outperform	$250.00
Oct 21, 2026	UBS	Target raised	Buy	$230.00, was $210.00
Oct 21, 2026	Citigroup	Target raised	Buy	$240.00, was $200.00
Oct 21, 2026	Barclays	Target raised	Overweight	$300.00, was $254.00
Oct 21, 2026	JP Morgan	Target raised	Overweight	$500.00, was $240.00
Oct 21, 2026	Evercore ISI Group	Target raised	Outperform	$300.00, was $275.00
Oct 21, 2026	Wells Fargo	Target raised	Overweight	$274.00, was $214.00
Oct 21, 2026	Keybanc	Rating kept	Sector Weight	—
Oct 21, 2026	Susquehanna	Target raised	Neutral	$176.00, was $173.00
Oct 21, 2026	TD Cowen	Target raised	Buy	$224.00, was $200.00
Oct 21, 2026	Cantor Fitzgerald	Target raised	Overweight	$345.00, was $246.00
Oct 21, 2026	Needham	Target kept	Buy	$250.00
Oct 20, 2026	Macquarie	Target kept	Outperform	$250.00
Oct 16, 2026	Evercore ISI Group	Target raised	Outperform	$275.00, was $230.00
Oct 9, 2026	Barclays	Began coverage	Overweight	$254.00
Oct 9, 2026	TD Cowen	Target kept	Buy	$200.00
Oct 7, 2026	Susquehanna	Target raised	Neutral	$173.00, was $144.00
Sep 30, 2026	Macquarie	Target kept	Outperform	$250.00
Sep 29, 2026	TD Cowen	Began coverage	Buy	$200.00
Sep 28, 2026	Deutsche Bank	Target kept	Buy	$235.00
Sep 28, 2026	CLSA	Began coverage	Outperform	$250.00
Sep 14, 2026	MoffettNathanson	Target raised	Neutral	$142.00, was $131.00
Sep 8, 2026	Wells Fargo	Target cut	Overweight	$212.00, was $215.00
Sep 8, 2026	Pivotal Research	Began coverage	Buy	$220.00
Sep 2, 2026	Oppenheimer	Target raised	Outperform	$280.00, was $250.00
Aug 26, 2026	Wolfe Research	Target kept	Outperform	$175.00
Aug 17, 2026	UBS	Target kept	Buy	$210.00
Aug 7, 2026	Argus Research	Upgrade	Buy, was Hold	$160.00
Aug 5, 2026	Macquarie	Target kept	Outperform	$250.00
Aug 5, 2026	Wells Fargo	Target cut	Overweight	$215.00, was $230.00
Aug 5, 2026	Cantor Fitzgerald	Target kept	Overweight	$246.00
Aug 5, 2026	Piper Sandler	Target cut	Neutral	$140.00, was $156.00
Aug 5, 2026	Needham	Target kept	Buy	$250.00
Aug 3, 2026	RBC Capital	Target kept	Outperform	$225.00
Aug 3, 2026	Macquarie	Target kept	Outperform	$250.00
Jul 31, 2026	Macquarie	Target kept	Outperform	$250.00
Jul 24, 2026	HSBC	Began coverage	Hold	$115.00
Jul 21, 2026	Macquarie	Target kept	Outperform	$250.00
Jul 16, 2026	Piper Sandler	Began coverage	Neutral	$156.00
Jul 15, 2026	Needham	Target raised	Buy	$250.00, was $200.00
Jul 14, 2026	Evercore ISI Group	Began coverage	Outperform	$230.00
Jul 7, 2026	Deutsche Bank	Began coverage	Buy	$255.00
Jul 7, 2026	Cantor Fitzgerald	Began coverage	Overweight	$246.00
Jul 7, 2026	Macquarie	Began coverage	Outperform	$250.00
Jul 7, 2026	Clear Street	Began coverage	Buy	$217.00
Jul 7, 2026	RBC Capital	Began coverage	Outperform	$225.00
Jul 7, 2026	Bernstein	Began coverage	Outperform	$239.00
Jul 7, 2026	William Blair	Began coverage	Outperform	—
Jul 7, 2026	Raymond James	Began coverage	Strong Buy	$800.00
Jul 7, 2026	B of A Securities	Began coverage	Buy	$235.00
Jul 7, 2026	JP Morgan	Began coverage	Overweight	$225.00
Jul 7, 2026	MoffettNathanson	Began coverage	Neutral	$131.00
Jul 7, 2026	Stifel	Began coverage	Buy	$190.00
Jul 7, 2026	Needham	Began coverage	Buy	$200.00
Jul 7, 2026	UBS	Began coverage	Buy	$210.00
Jul 7, 2026	Morgan Stanley	Began coverage	Overweight	$300.00
Jul 7, 2026	Citigroup	Began coverage	Buy	$200.00
Jul 7, 2026	Wells Fargo	Began coverage	Overweight	$230.00
Jul 7, 2026	Goldman Sachs	Began coverage	Buy	$205.00
Jul 2, 2026	Daiwa Capital	Began coverage	Neutral	$175.00
Jul 1, 2026	Wedbush	Began coverage	Outperform	$190.00
Jun 26, 2026	Argus Research	Began coverage	Hold	—
Jun 23, 2026	Susquehanna	Began coverage	Neutral	$170.00
Jun 22, 2026	Keybanc	Began coverage	Sector Weight	—
Jun 18, 2026	Oppenheimer	Target raised	Outperform	$250.00, was $190.00
Jun 12, 2026	CFRA	Began coverage	Sell	$115.00
Jun 11, 2026	Oppenheimer	Began coverage	Outperform	$190.00
Jun 11, 2026	KGI Securities	Began coverage	Outperform	—

Earnings against estimatesLast 2 quarters, per share

Average estimateReported, beat

Show the data

Quarter	Estimate	Reported	Surprise
Jun ’26	−$0.29	−$0.09	+69.0%
Sep ’26	$0.16	$0.35	+118.7%

The day after each of these reports the stock moved −5.5% (Jun 2026, beat); +7.7% (Sep 2026, beat).

Expected nextConsensus of Nov 10, 2026

For the quarter ending Dec 2026, analysts expect adjusted earnings of $0.39 a share and revenue of $23.0B. For the fiscal year ending Dec 2027, they expect adjusted earnings of $4.06 a share, and revenue of $180.7B, up 269% on the year before's estimate.

EPS, quarter ending Dec 2026

$0.39

Adjusted. Range $0.02 to $0.68; 24 analysts

Revenue, quarter ending Dec 2026

$23.0B

Range $19.1B to $27.4B; 25 analysts

EPS, year ending Dec 2027

$4.06

Adjusted. The year to Dec 2026: $0.23 expected, with a quarter far from its estimate; range $0.34 to $13.49; 34 analysts

Revenue, year ending Dec 2027

$180.7B+269% on the year before's estimate

The year to Dec 2026: $48.9B expected; range $71.7B to $290.1B; 38 analysts

Show the data

Period	Figure	Expected	Low to high	Analysts	A year earlier	Change
Quarter ending Dec 2026	EPS (adjusted)	$0.39	$0.02 to $0.68	24	—	—
Quarter ending Dec 2026	Revenue	$23.0B	$19.1B to $27.4B	25	—	—
Quarter ending Mar 2027	EPS (adjusted)	$0.82	$0.15 to $1.29	14	—	—
Quarter ending Mar 2027	Revenue	$33.3B	$23.9B to $36.9B	14	—	—
Year ending Dec 2026	EPS (adjusted)	$0.23	−$1.29 to $0.95	33	—	—
Year ending Dec 2026	Revenue	$48.9B	$40.8B to $54.5B	36	—	—
Year ending Dec 2027	EPS (adjusted)	$4.06	$0.34 to $13.49	34	$0.23 (expected, year to Dec 2026)	—
Year ending Dec 2027	Revenue	$180.7B	$71.7B to $290.1B	38	$48.9B (expected, year to Dec 2026)	+269%

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Capex of $56.0B exceeds operating cash flow of $15.8B, leaving free cash flow of −$40.2B. It still paid $5.0B to shareholders (dividends plus buybacks), so $45.2B had to come from cash on hand or borrowing.

Where a year of cash went4 quarters to Sep 2026

Show the data

Line	Amount
Op. cash flow	$15.8B
Capex	−$56.0B
Free cash flow	−$40.2B
Dividends	—
Buybacks	−$5.0B
Cash retained	−$45.2B

Free cash flow yield

−2.1%

Free cash flow is negative, so the company is burning cash.

Dividend yield

No dividend

No dividend today; cash goes to growth and share buybacks.

Shareholder yield

0.3%

Dividends plus buybacks over the last four quarters: for every $100 of market cap, about $0.3 went back to shareholders.

Free cash flow: operating cash flow minus capital spending. Last 4 quarters: Yahoo Finance, buybacks from SEC filings where they have the quarter.

Financial health

Current ratio 1.4, short-term debt is manageable; debt-to-equity 0.6, debt is moderate.

Current ratio

1.4Fair liquidity

Assets that can be turned into cash soon are 1.4x what is owed within a year. 1.5 or higher is comfortable; below 1 needs watching.

Debt-to-equity

0.6Moderate debt

For every $1 of shareholder funds, there is $0.6 of debt (leases not counted). The higher the number, the more pressure when the economy weakens.

Net cash

$1.9BMore cash than debt

Cash and short-term investments of $24.7B against debt of $22.9B. Lease obligations of $422M are not counted: they are rent owed, not money borrowed.

AssetsTotal ~$92.1B

Cash

$24.7B26.9%

Receivables

$1.6B1.7%

Inventory

$2.4B2.6%

Property & equipment

$43.9B47.6%

Goodwill

$11.8B12.8%

Intangibles

$3.2B3.5%

Other

$4.5B4.9%

Liabilities & equityTotal ~$92.1B

Current

$21.4B23.2%

Long-term

$29.4B31.9%

Equity

$41.3B44.9%

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

9 portfolios Hunch tracks hold SPCX: 9 funds. It is 62.9% of Harvard Management's portfolio (51.8% as filed).

3 more portfolios hold SPCX

Coatue ManagementFund · 13.5% (6.5% as filed)
Temasek Holdings (Private)Fund · 11.7% (3.2% as filed)
Altimeter Capital ManagementFund · 6.2% (3.1% as filed)

SPCX's weight in each portfolio is its target weight in the copy Hunch follows: the stocks of the latest filing that the app can trade, their weights scaled up to add to 100%. “As filed” is its weight in the filing itself: a fund’s latest 13F, or a member of Congress’s holdings from the last annual report and the trades disclosed since, each at the low end of its range. Returns are backtests based on public filings, not actual trading results. Photo credits

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 27 held SPCX at the end of their latest quarter (for most, Q2 2026). Over that quarter 5 added shares, 2 cut and 20 bought new. The largest of them is Nvidia, 122.76M shares worth $21.0B at Jun 30, 2026.

Funds that added shares

20 of them new holders

Funds that cut

Over their latest quarter

Change in shares over the latest quarterThe 12 largest holdings

Added or newCut or sold all

Show every fund

Fund	Quarter	Shares	Value	Change in shares	Change	Filed
Nvidia	Q2 2026	122.76M	$21.0B	+122.76M	New	Aug 14, 2026
Baillie Gifford &	Q3 2026	39.01M	$5.9B	−12.39M	−24%	Nov 9, 2026
Mirae Asset Global Investments	Q3 2026	28.00M	$4.2B	+1.94M	+7.5%	Nov 3, 2026
Coatue Management	Q2 2026	18.56M	$3.2B	+18.56M	New	Aug 14, 2026
Harvard Management	Q2 2026	12.94M	$2.2B	+12.94M	New	Aug 14, 2026
Dragoneer Investment Group	Q2 2026	8.00M	$1.4B	+8.00M	New	Aug 14, 2026
Norges Bank	Q2 2026 vs Q4 2025	7.28M	$1.2B	+7.28M	New	Aug 12, 2026
Temasek Holdings (Private)	Q3 2026	7.69M	$1.2B	−2.15M	−22%	Oct 28, 2026
ARK Investment Management	Q2 2026	4.48M	$765M	+4.48M	New	Aug 14, 2026
Renaissance Technologies	Q3 2026	4.11M	$621M	+4.11M	New	Nov 12, 2026
National Pension Service	Q3 2026	3.50M	$528M	+2,886	+0.1%	Nov 12, 2026
Altimeter Capital Management	Q2 2026	1.78M	$304M	+1.78M	New	Aug 14, 2026
Hyperion Asset Management	Q3 2026	1.80M	$271M	+621,716	+53%	Oct 20, 2026
Swiss National Bank	Q3 2026	1.66M	$250M	+174,900	+12%	Nov 12, 2026
Viking Global Investors	Q2 2026	1.20M	$205M	+1.20M	New	Aug 14, 2026
Tudor Investment Corp Et Al	Q2 2026	1.17M	$199M	+1.17M	New	Aug 14, 2026
CloudAlpha Capital Management Limited/Hong Kong	Q3 2026	1.04M	$157M	+1.04M	New	Nov 9, 2026
Korea Investment	Q2 2026	802,182	$137M	+802,182	New	Aug 12, 2026
Tiger Global Management	Q2 2026	375,000	$64.1M	+375,000	New	Aug 14, 2026
Appaloosa	Q2 2026	225,000	$38.4M	+225,000	New	Aug 14, 2026
Third Point	Q2 2026	180,415	$30.8M	+180,415	New	Aug 14, 2026
Whale Rock Capital Management	Q2 2026	152,517	$26.1M	+152,517	New	Aug 14, 2026
Oriental Harbor Investment Master Fund	Q3 2026	105,488	$15.9M	+105,488	New	Oct 22, 2026
Nomura Holdings	Q2 2026	47,890	$8.2M	+47,890	New	Aug 14, 2026
Fisher Asset Management	Q3 2026	33,278	$5.0M	+31,970	+2444%	Nov 6, 2026
Bridgewater Associates	Q2 2026	11,597	$2.0M	+11,597	New	Aug 14, 2026
Polen Capital Management	Q2 2026	6,705	$1.1M	+6,705	New	Aug 4, 2026

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of SPCX at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $53.7M of SPCX on the open market in the 12 months to Nov 12, 2026; none bought. 98% of the sales were made under 10b5-1 plans, set up in advance. The largest was Gwynne Shotwell (President and COO; director), who sold $52.5M in 5 sales.

Sold

$53.7M

6 sales

Bought

None

0 purchases

Under 10b5-1 plans

98%

Share of the sales' value

Trades on the priceA dot a day, sized by value

SPCXSaleSale under a 10b5-1 plan

Who tradedOpen-market trades, last 12 months

Gwynne Shotwell

President and COO; director · 100% under a 10b5-1 plan

−$52.5M5 trades

Elon Musk

CEO, CTO & Chairman; director

−$1.2M1 trade

Show every trade

Date	Insider	Role	Trade	Shares	Price	Value	Filed
Sep 22, 2026	Gwynne Shotwell	President and COO; director	Sale (10b5-1 plan)	12,500	$151.15	$1.9M	Sep 24, 2026
Sep 22, 2026	Gwynne Shotwell	President and COO; director	Sale (10b5-1 plan)	7,600	$151.93	$1.2M	Sep 24, 2026
Sep 22, 2026	Gwynne Shotwell	President and COO; director	Sale (10b5-1 plan)	145,809	$153.27	$22.3M	Sep 24, 2026
Sep 22, 2026	Gwynne Shotwell	President and COO; director	Sale (10b5-1 plan)	151,844	$153.95	$23.4M	Sep 24, 2026
Sep 22, 2026	Gwynne Shotwell	President and COO; director	Sale (10b5-1 plan)	24,417	$154.72	$3.8M	Sep 24, 2026
Apr 2, 2026	Elon Musk	CEO, CTO & Chairman; director	Sale	11,390	$105.32	$1.2M	Jun 17, 2026

From the Form 4s filed with the SEC about Space Exploration Technologies Corp. (4 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 14 other transactions (grants, option exercises, gifts and other transfers).