{"asOf":"2026-09-30","reviewed":"2026-10-21","currency":"USD","unit":"million unless stated","source":"https://www.sec.gov/Archives/edgar/data/1181412/000162828026066482/spaceexplorationtechnologi.htm","periods":{"quarterly":[{"label":"Q1 2025","periodEnd":"2025-03-31","sourceId":"ipo","spaceRevenue":865,"connectivityRevenue":2475,"aiRevenue":727,"spaceOperatingIncome":-70,"connectivityOperatingIncome":1033,"aiOperatingIncome":-936,"spaceCapex":759,"connectivityCapex":814,"aiCapex":2567,"spaceRD":526,"connectivityRD":123,"aiRD":908,"subscribersMillion":5,"consumerArpu":86,"launches":38,"massToOrbitTonnes":450,"computeGW":0.3,"operatingCashFlow":727},{"label":"Q2 2025","periodEnd":"2025-06-30","sourceId":"q2","spaceRevenue":746,"connectivityRevenue":2588,"aiRevenue":737,"spaceOperatingIncome":-369,"connectivityOperatingIncome":923,"aiOperatingIncome":-1524,"spaceCapex":946,"connectivityCapex":1130,"aiCapex":749,"spaceRD":693,"connectivityRD":143,"aiRD":1122,"consumerArpu":85},{"label":"Q3 2025","periodEnd":"2025-09-30","sourceId":"q3","spaceRevenue":1666,"connectivityRevenue":3097,"aiRevenue":813,"spaceOperatingIncome":259,"connectivityOperatingIncome":1190,"aiOperatingIncome":-1722,"spaceCapex":1113,"connectivityCapex":1007,"aiCapex":4760,"spaceRD":849,"connectivityRD":141,"aiRD":1301,"subscribersMillion":7.2,"consumerArpu":83,"launches":44,"computeGW":0.6,"consumerRevenue":1986,"enterpriseGovernmentRevenue":1111,"advertisingRevenue":454,"aiSolutionsRevenue":359},{"label":"Q1 2026","periodEnd":"2026-03-31","sourceId":"ipo","spaceRevenue":619,"connectivityRevenue":3257,"aiRevenue":818,"spaceOperatingIncome":-662,"connectivityOperatingIncome":1188,"aiOperatingIncome":-2469,"spaceCapex":1052,"connectivityCapex":1332,"aiCapex":7723,"spaceRD":930,"connectivityRD":205,"aiRD":2379,"subscribersMillion":10.3,"consumerArpu":66,"launches":40,"massToOrbitTonnes":556,"computeGW":1,"operatingCashFlow":1047},{"label":"Q2 2026","periodEnd":"2026-06-30","spaceRevenue":962,"connectivityRevenue":4291,"aiRevenue":2561,"spaceOperatingIncome":-542,"connectivityOperatingIncome":1656,"aiOperatingIncome":-1257,"spaceCapex":1174,"connectivityCapex":1367,"aiCapex":15828,"subscribersMillion":12,"consumerArpu":66,"sourceId":"q2","spaceRD":1076,"connectivityRD":294,"aiRD":2178},{"label":"Q3 2026","periodEnd":"2026-09-30","spaceRevenue":1767,"connectivityRevenue":5248,"aiRevenue":7560,"spaceOperatingIncome":-7,"connectivityOperatingIncome":2367,"aiOperatingIncome":431,"spaceCapex":1606,"connectivityCapex":1543,"aiCapex":16444,"spaceRD":1225,"connectivityRD":188,"aiRD":3183,"subscribersMillion":13.6,"consumerArpu":69,"sourceId":"q3","consumerRevenue":3121,"enterpriseGovernmentRevenue":2127,"advertisingRevenue":538,"aiSolutionsRevenue":7022,"computeGW":1.7,"launches":35,"massToOrbitTonnes":476,"netIncome":4404}],"nineMonths":[{"label":"9M 2025","periodEnd":"2025-09-30","sourceId":"q3","operatingCashFlow":4120,"ppePurchases":13846,"spaceRevenue":3277,"connectivityRevenue":8159,"aiRevenue":2278,"consolidatedSBC":1044,"deferredRevenueCash":404},{"label":"9M 2026","periodEnd":"2026-09-30","spaceCapex":3832,"connectivityCapex":4242,"aiCapex":39995,"operatingCashFlow":13097,"ppePurchases":48069,"spaceRD":3231,"connectivityRD":687,"aiRD":7740,"sourceId":"q3","spaceRevenue":3348,"connectivityRevenue":12796,"aiRevenue":10939,"spaceOperatingIncome":-1211,"connectivityOperatingIncome":5211,"aiOperatingIncome":-3295,"consolidatedSBC":3833,"deferredRevenueCash":4922}],"annual":[{"label":"2023","periodEnd":"2023-12-31","sourceId":"ipo","financialBasis":"Audited; 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retrospectively combined","spaceRevenue":4086,"spaceOperatingIncome":-657,"spaceCapex":3832,"spaceRD":3004,"spaceCostRevenue":1352,"spaceSGA":349,"spaceDA":757,"spaceSBC":515,"spaceAdjustedEbitda":653,"connectivityRevenue":11387,"connectivityOperatingIncome":4423,"connectivityCapex":4178,"connectivityRD":575,"connectivityCostRevenue":5921,"connectivitySGA":468,"connectivityDA":2376,"connectivitySBC":369,"connectivityAdjustedEbitda":7168,"aiRevenue":3201,"aiOperatingIncome":-6355,"aiCapex":12727,"aiRD":5064,"aiCostRevenue":2178,"aiSGA":1827,"aiDA":3568,"aiSBC":1063,"aiAdjustedEbitda":-1237,"operatingCashFlow":6785,"ppePurchases":20737,"netIncome":-4937,"subscribersMillion":8.9,"consumerArpu":81,"launches":170,"massToOrbitTonnes":2213,"computeGW":0.8,"launchServicesRevenue":2576,"launchDevelopmentRevenue":1510,"consumerRevenue":7208,"enterpriseGovernmentRevenue":4179,"advertisingRevenue":1844,"aiSolutionsRevenue":1357,"consolidatedSBC":1947,"deferredRevenueCash":1929}],"balances":[{"label":"30 Jun 2026","periodEnd":"2026-06-30","sourceId":"q2","cash":93522,"marketableSecurities":6487,"debtFinanceLeases":39364,"commonSharesMillion":13176,"classASharesMillion":7607,"classBSharesMillion":5569,"note":"Post-IPO period-end common shares, rounded to millions; no Class C outstanding."},{"label":"30 Sep 2026","periodEnd":"2026-09-30","sourceId":"q3","cash":51294,"marketableSecurities":38561,"debtFinanceLeases":38844,"commonSharesMillion":13579,"classASharesMillion":8240,"classBSharesMillion":5339,"note":"Post-IPO period-end common shares, rounded to millions. Changes include transactions and compensation; not a normalised dilution rate."}]},"gaps":["Share of subscribers in congested service areas","Maintenance versus growth capex","Starship-only spending","Consistent fully allocated cost per launch","Cost per unit of usable network capacity"],"sources":{"ipo":{"url":"https://www.sec.gov/Archives/edgar/data/1181412/000162828026042639/spaceexplorationtechnologi.htm","label":"IPO final prospectus · 12 June 2026","locators":["Summary historical consolidated financial data","Key operating metrics","MD&A — Capital expenditures","Note 3 — Revenue recognition","Note 19 — Segment information","Consolidated statements of cash flows","Business — Satellite Life","Description of capital stock — Voting rights"]},"q2":{"url":"https://www.sec.gov/Archives/edgar/data/1181412/000162828026052535/spcx-20260630.htm","label":"Q2 2026 Form 10-Q","locators":["Note 19 — Segment information","MD&A — Starlink ARPU"]},"q3":{"url":"https://www.sec.gov/Archives/edgar/data/1181412/000162828026066482/spaceexplorationtechnologi.htm","label":"Q3 2026 earnings release","locators":["Financial highlights","Segment operating and financial data","Consolidated cash flows","Consolidated balance sheets — all common share classes; debt and finance leases","Consolidated cash flows — stock compensation and deferred revenue movements"]}},"historyBasis":"2023–2025 audited financial statements retrospectively combine SpaceX, xAI and X Holdings under common-control accounting. These are not standalone pre-merger SpaceX accounts. Q1 and later interim financial statements are unaudited. The prospectus supplies no comparable full financial series before 2023.","trackerEvidence":{"reviewed":"2026-10-21","scope":"Reported historical observations and defined arithmetic only. No valuation targets or forward return hurdles.","cashDefinition":"Operating cash flow less gross PPE purchases is a limited cash subtotal, not cash distributable to owners.","shareDefinition":"Post-IPO point-in-time common shares across all outstanding classes; weighted-average diluted EPS shares are not substituted for period-end shares.","gaps":[{"metric":"Customers affected by congestion","reason":"The sources reviewed do not quantify the percentage of subscribers in congested service areas.","watch":"Regional peak-hour performance, availability and any disclosed congestion/customer cohort measures."},{"metric":"Maintenance versus growth capex","reason":"Segment capex does not reliably isolate spending required to maintain existing service.","watch":"Replacement satellites, equipment lives and explicitly disclosed maintenance spending."},{"metric":"Starship-only cost and cost per usable capacity","reason":"The Space budget is broader than Starship and no consistent fully allocated capacity-cost series is supplied.","watch":"Proven reuse/turnaround and like-for-like deployment cost evidence."},{"metric":"AI utilisation and realised return on invested capital","reason":"Nameplate compute does not measure utilisation, cash payback or realised lifetime returns.","watch":"Paid utilisation, operating costs, replacement requirements and realised project cash flows."},{"metric":"Organic versus acquired growth","reason":"Group revenue growth includes acquired operations; the sources do not provide a complete comparable organic-growth series.","watch":"Disclosed acquired revenue, pro-forma comparisons and segment/customer mix."},{"metric":"Churn and cohort profitability","reason":"A consistent public churn and cohort cash-return series is not supplied here.","watch":"Retention, acquisition cost and customer lifetime cash generation where disclosed."}]}}