SpaceX (Space Exploration Technologies Corp.) builds and launches reusable rockets, runs the Starlink satellite internet network, and runs AI businesses: AI infrastructure, the Grok AI model, the Cursor software-engineering platform and the social network X. It reports three segments: Space, Connectivity and Super Intelligence.

How does SpaceX make money?

In FY2025 SpaceX earned 61.0% of its $18,674 million revenue from Starlink internet, 21.9% from launches and development contracts, and 17.1% from AI services and X advertising. In Q3 FY2026 the Super Intelligence (AI) segment brought in 51.9% of SpaceX's $14,575 million revenue.

Who are SpaceX's customers?

SpaceX sells Starlink internet to households, businesses and governments, launches for customers such as NASA, and AI infrastructure to enterprises. One customer, not named in the filings, paid 20.9% of SpaceX's FY2025 revenue; in Q3 FY2026 a different unnamed customer paid 34.5% of revenue.

SpaceX had revenue of $18,674 million and a net loss of $4,937 million in FY2025, restated to include xAI and X. In Q3 FY2026 SpaceX's revenue was $14,575 million and its net income $4,404 million. It employed over 22,000 full-time staff at Mar 31, 2026.

Who owns and controls SpaceX?

Elon Musk, SpaceX's CEO, chief technical officer and chairman, held about 82.3% of SpaceX's votes after the June 2026 IPO, mainly through Class B shares with 10 votes each. Alphabet (7.2%), Valor entities linked to director Antonio Gracias (6.5%) and Founders Fund (5.5%) each reported more than 5% of SpaceX's Class A shares at Jun 30, 2026.

Why do SpaceX's FY2023 to FY2025 results include xAI and X?

SpaceX bought xAI on Feb 2, 2026, and xAI had bought X on Mar 28, 2025. Because Elon Musk controlled all three companies, SpaceX restated FY2023 to FY2025 as if they had been combined, so those years are not rocket and Starlink figures alone.

When did SpaceX list its shares?

SpaceX Class A shares began trading on Nasdaq under the ticker SPCX on Jun 12, 2026. The IPO sold 638.9 million Class A shares at $135.00 each, priced on Jun 11, 2026, and raised $85,675 million for SpaceX after costs.

How much cash and debt does SpaceX have?

At Sep 30, 2026 SpaceX held $89,855 million in cash and marketable securities and owed $38,844 million in debt and finance leases. Of that debt, $12,897 million was lease financing from entities linked to Valor Equity Partners, a related party.

How many Starlink subscribers does SpaceX have?

SpaceX had 13.6 million Starlink consumer subscribers at Sep 30, 2026, up from 7.2 million at Sep 30, 2025. In Q3 FY2026 SpaceX renamed the measure "Starlink consumer subscribers" (previously "Starlink Subscribers"); it counts personal and business plans, not managed enterprise or government accounts. Consumer revenue was $3,121 million in Q3 FY2026.

Industrials · NASDAQ: SPCX

SpaceX: how the business works

SpaceX launches rockets, sells Starlink satellite internet and runs AI businesses including Grok, Cursor and X; revenue was $18.7 billion in FY2025 and $14.6 billion in Q3 FY2026 alone.

Space Exploration Technologies Corp. · Starbase, Texas · Founded 2002

Last updated Oct 27, 2026 · Reviewed by Cityfort Research on Oct 27, 2026

Revenue, FY2025 (includes xAI and X): $18.7B
Net loss, FY2025: −$4.9B
Revenue, Q3 FY2026: $14.6B
Net income, Q3 FY2026: $4.4B
Elon Musk's share of votes after the IPO: 82.3%

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

01 · The business in one line

What does SpaceX do?

Households, businesses, governments and AI customers pay SpaceX for internet, rocket launches and computing; in FY2025 delivery costs and research took $94.4 of every $100 that came in, and with all costs it spent $125.8 per $100, a loss of $25.8.

In FY2025 Starlink internet brought in 61.0% of revenue, launches 21.9% and the AI business, including X, 17.1%. In Q3 FY2026 the AI business, now called Super Intelligence, was 51.9%.
Figures for FY2023 to FY2025 include xAI and X, which SpaceX bought in February 2026. Elon Musk controlled all three, so the accounts were restated as if they had been combined.

02 · What it sells

What does SpaceX sell?

SpaceX does three things. It launches satellites, cargo and astronauts on reusable rockets. It sells Starlink, internet beamed from about 9,600 satellites in low orbit. And it sells AI computing and AI products, and runs the social network X.

Launch services (Space segment)
Rides to orbit on reusable Falcon 9 and Falcon Heavy rockets for satellites, cargo and crew. Customers include NASA, the National Reconnaissance Office, SES and Eutelsat. Launch services brought in $2,576 million in FY2025.
Launch and development (Space segment)
Contracts with government space agencies to develop spacecraft and provide launch and mission services on Falcon 9, Falcon Heavy, Starship and Dragon: $1,510 million in FY2025. Starship's first orbital flight was in Q3 FY2026.
Starlink for homes and small businesses
Internet by monthly subscription, received through a dish kit the customer buys. Consumer revenue was $7,208 million in FY2025. Average revenue per consumer user was $69 a month in Q3 FY2026.
Starlink for enterprises and governments
Internet for aircraft, ships, companies and governments, plus Starlink Mobile, which links phones to satellites. It brought in $4,179 million in FY2025. Over 3,800 aircraft were equipped with Starlink at Sep 30, 2026.
Super Intelligence (called the AI segment until Q3 FY2026)
AI infrastructure for enterprise customers, the Grok AI model, the Cursor software-engineering platform and X. AI solutions and infrastructure brought in $7,022 million and X advertising $538 million in Q3 FY2026.

Think of it like this

Starlink works like a home internet subscription, except the signal comes from satellites instead of a cable.

What it does

Does: Launches its own Starlink satellites on its own rockets: 23 of its 35 launches in Q3 FY2026 were for itself
Does: Sells internet directly to households in 164 countries and markets
Does: Sells AI computing capacity and AI products to businesses
Does: Earns advertising money from the social network X

What it does not do

Does not: It is not part of Tesla. Tesla is a separate company that sells SpaceX batteries and vehicles in related-party deals
Does not: Its FY2023 to FY2025 figures are not rockets and Starlink alone; they include xAI and X
Does not: Starlink money does not come only from homes: enterprises and governments paid 36.7% of FY2025 Connectivity revenue

Source: Final prospectus (Form 424(b)(4)) for the Class A common stock IPO, incl. audited FY2023-FY2025 and unaudited Q1 2026 financial statements; SpaceX Reports Third Quarter 2026 Results (Form 8-K, Exhibit 99.1); Form 10-Q for the quarter ended September 30, 2026

03 · Who pays it

Who pays SpaceX?

Starlink households and small businesses
39%
of revenue
Monthly internet subscriptions and dish kits.
Enterprises and governments using Starlink
22%
of revenue
Internet for aircraft, ships, companies and government users, and Starlink Mobile.
Launch customers
14%
of revenue
Satellite operators, NASA and other government agencies paying for rides to orbit.
Launch and development contracts
8%
of revenue
Government space agencies paying SpaceX to develop spacecraft and provide launch and mission services on Falcon 9, Falcon Heavy, Starship and Dragon.
Advertisers on X
10%
of revenue
Advertising on the social network X.
AI solutions and infrastructure buyers
7%
of revenue
Businesses buying AI computing and AI products. This group grew to $7,022 million in Q3 FY2026 alone.

Starlink households and small businesses39%
Enterprises and governments using Starlink22%
Launch customers14%
Launch and development contracts8%
Advertisers on X10%
AI solutions and infrastructure buyers7%

Customer concentration

One customer the filings call Customer A, not named, paid 20.9% of FY2025 revenue across all three segments. In Q3 FY2026 Customer B, also not named, paid 34.5% of revenue, all in Super Intelligence, and Customer A paid 16.6%. One customer owed 27.7% of receivables at Sep 30, 2026.

Largest customer: 21%

04 · How the money flows · FY2025

How does money flow through SpaceX?

Money in

Revenue (launches, Starlink, AI and X)$18.7B
Interest income on cash$492M

The company

SpaceX

$19.2B came in

Money out

Cost of revenue: running launches, Starlink and AI services$9.5B
Research and development$8.6B
Sales, general and administrative costs$2.6B
Restructuring and impairment charges$525M
Interest and other expenses, net$2.1B
Income tax$718M
Net loss−$4.9B

Customers paid $18,674 million in FY2025, and interest on cash added $492 million.
Running launches, Starlink and AI services cost $9,451 million. Research took $8,643 million, of which $3,004 million was in Space, mostly Starship.
Sales and administration took $2,644 million, and restructuring and impairment charges $525 million.
Interest on debt ($1,945 million) and other net expenses ($177 million) took $2,122 million; income tax took $718 million.
Costs were $4,937 million more than the money that came in: the FY2025 net loss, restated to include xAI and X.

Source: Final prospectus (Form 424(b)(4)) for the Class A common stock IPO, incl. audited FY2023-FY2025 and unaudited Q1 2026 financial statements

05 · Where the money goes · FY2025

Where does $100 of SpaceX's money go?

Of every $100 that came in (revenue plus other income), this is where it went.

SpaceX · FY2025

Receipt for every $100

Where $100 of SpaceX's money went in FY2025
Cost of revenue	$49.3
Research and development	$45.1
Sales and administration	$13.8
Restructuring and impairment	$2.7
Interest and other expenses	$11.1
Income tax	$3.7
Net loss (costs above money in)	$-25.8
Total	$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

Source: Final prospectus (Form 424(b)(4)) for the Class A common stock IPO, incl. audited FY2023-FY2025 and unaudited Q1 2026 financial statements

06 · What it needs to run

What does SpaceX need to run?

Launch and spectrum licences
Launches need Federal Aviation Administration (FAA) licences. Starlink needs radio spectrum licences from the FCC and other countries. The prospectus lists delays in both as risks.
Rockets and satellites
About 9,600 Starlink satellites in low orbit, launched on SpaceX's own rockets. The next satellite generation (V3) needs Starship.
Power, chips and water for AI
AI data centers need electricity, water and graphics chips (GPUs). SpaceX's rated computing power draw reached 1.7 gigawatts in Q3 FY2026.
Capital
Purchases of property and equipment were $48,069 million in 9M FY2026. The money came from operations, the IPO and borrowing.
People
Over 22,000 full-time employees at Mar 31, 2026.

07 · Why it makes money

Why does SpaceX make money?

Starlink earns monthly fees from satellites SpaceX launches itself; the AI business has needed large spending

SpaceX launches its own Starlink satellites, so each new subscriber adds revenue to a network already built. Connectivity operating income rose from $12.1 to $38.8 per $100 of segment revenue between FY2023 and FY2025. The AI segment lost $6,355 million on operations in FY2025, then earned $431 million in Q3 FY2026.

Connectivity (Starlink) operating income per $100 of its revenue

$12.1$38.8

FY2023 to FY2025

Build Starlink satellites and launch them on its own rockets
Sign up households, businesses, aircraft and governments
Collect monthly fees on a network already built
Operating income per $100 of Starlink revenue rises
Cash and new capital pay for more satellites, rockets and AI data centers

↺ Step 5 feeds back into step 1.

Source: Final prospectus (Form 424(b)(4)) for the Class A common stock IPO, incl. audited FY2023-FY2025 and unaudited Q1 2026 financial statements

08 · Business segments · FY2025

Which businesses make up SpaceX?

Space
22%
Launches for customers and development contracts; also carries SpaceX's own satellites. Starship research ($3,004 million in FY2025) sits here. Q3 FY2026: $1,767 million, 12.1% of revenue.
Revenue $4.1B · Operating profit −$657M
Connectivity
61%
Starlink internet for consumers, enterprises and governments, and Starlink Mobile. Q3 FY2026: $5,248 million, 36.0% of revenue.
Revenue $11.4B · Operating profit $4.4B
Super Intelligence
17%
Called the AI segment until Q3 FY2026: AI infrastructure, Grok and X, plus Cursor from Aug 14, 2026. Q3 FY2026: $7,560 million, 51.9% of revenue, including $608 million from Cursor.
Revenue $3.2B · Operating profit −$6.4B

How the mix changed

Space
Connectivity
Super Intelligence

Revenue by segment, FY2023 to FY2025.

US$ · Source: Final prospectus (Form 424(b)(4)) for the Class A common stock IPO, incl. audited FY2023-FY2025 and unaudited Q1 2026 financial statements

See the numbers

How the mix changed (US$)
Year	Space	Connectivity	Super Intelligence
FY2023	$3.6B	$3.9B	$3.0B
FY2024	$3.8B	$7.6B	$2.6B
FY2025	$4.1B	$11.4B	$3.2B

09 · Where it sells · FY2025

Where does SpaceX sell?

United States69%
Ireland (by country where the sale originated)10%
Canada4%
All other countries17%

Source: Final prospectus (Form 424(b)(4)) for the Class A common stock IPO, incl. audited FY2023-FY2025 and unaudited Q1 2026 financial statements

10 · Competitors and what protects it

Who does SpaceX compete with?

SpaceX's prospectus names different rivals in each segment. In 2025 SpaceX launched 11 of 12 US national-security medium and heavy missions and all five US crew and cargo missions to the space station for NASA.

United Launch Alliance
A Boeing and Lockheed Martin joint venture that launches government and commercial payloads; the prospectus names it as an established launch competitor.
Blue Origin
Has developed rockets meant to compete with Falcon 9, and plans the TeraWave satellite network, which the prospectus lists as a Starlink competitor.
Amazon LEO
Amazon's low-orbit satellite internet network, named in the prospectus as a Starlink broadband competitor.
AST SpaceMobile
A satellite-to-phone operator the prospectus names as a competitor to Starlink Mobile.
OpenAI
An AI model developer the prospectus names, with Google, Meta and Microsoft among others, as a competitor to the Super Intelligence segment.

What protects the business

Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.

Launch scale4 of 5
SpaceX made 170 launches carrying 2,213 metric tons to orbit in FY2025, up from 98 launches in FY2023.
Satellite network size4 of 5
About 9,600 Starlink satellites in low orbit and service in 164 countries and markets, per the prospectus.
Launching its own satellites4 of 5
23 of SpaceX's 35 launches in Q3 FY2026 were internal (its own Starlink satellites and test flights) rather than for customers.
Position in AI2 of 5
The segment lost $6,355 million on operations in FY2025 and competes with OpenAI, Google, Meta and Microsoft, among others; it earned $431 million in Q3 FY2026, when one customer paid 34.5% of company revenue.

Weak spot

Starship and the spending behind it

The prospectus lists Starship delays first among its risks: V3 satellites, Starlink Mobile and orbital-compute plans depend on it. Purchases of property and equipment were $48,069 million in 9M FY2026.

11 · Where growth could come from

Where could SpaceX's growth come from?

CFO Bret Johnsen said on the Q3 FY2026 webcast (Oct 20, 2026) that SpaceX is on track for its stated goal of $100 billion in annual revenue run rate by the end of 2026, which he defined as December revenue × 12. He said the company expects Q4 FY2026 capital spending of $35–40 billion and Q1 FY2027 revenue of $33–37 billion.

Management statement, Oct 20, 2026. Reported as a statement, not our forecast.

Starlink subscribers
Working
2.3M (end FY2023) → 13.6M consumer (Sep 30, 2026)
Subscribers grew while average revenue per user fell from $99 a month in FY2023 to $81 in FY2025. In Q3 FY2026 the measure was renamed "Starlink consumer subscribers"; it counts personal and business plans.
Status: Working, on track against what the company said.
AI infrastructure and products (Super Intelligence)
Working
$818M (Q1 FY2026) → $7,560M (Q3 FY2026)
Q3 FY2026 includes $608 million from Cursor, bought on Aug 14, 2026. One unnamed customer paid 34.5% of company revenue that quarter, all in this segment.
Status: Working, on track against what the company said.
AI computing capacity
Working
1.0 GW (Q1 FY2026) → 1.7 GW (Q3 FY2026)
On Oct 24, 2026 SpaceX committed to a GPU finance lease of about $40 billion with an Apollo-managed lessor. Musk said on Oct 20, 2026 he was "fairly confident" of adding 10 GW in 2027.
Status: Working, on track against what the company said.
Starship
Early
First orbital flight in Q3 FY2026
Flight 14 carried 26 V3 Starlink satellites. Musk said on Oct 20, 2026 he expects weekly Starship flights in the first half of 2027.
Status: Early, too early to judge.
Starlink Mobile and new spectrum
Early
About 7.4M monthly devices (Mar 31, 2026)
Starlink Mobile links phones to about 650 satellites in about 30 countries. SpaceX agreed on Oct 8, 2026 to buy 800 MHz spectrum, expected to close in the first half of 2027.
Status: Early, too early to judge.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Source: SpaceX Third Quarter 2026 Webcast transcript; Final prospectus (Form 424(b)(4)) for the Class A common stock IPO, incl. audited FY2023-FY2025 and unaudited Q1 2026 financial statements; SpaceX Reports Third Quarter 2026 Results (Form 8-K, Exhibit 99.1) and 2 more

12 · The numbers · Consolidated · US$

How has SpaceX done?

Revenue

$18.7BFY2025

Revenue rose from $10,387 million in FY2023 to $18,674 million in FY2025, then reached $14,575 million in Q3 FY2026 alone; all periods include xAI and X, and Q4 FY2025 is derived (FY2025 minus 9M 2025).

US$ · Source: Final prospectus (Form 424(b)(4)) for the Class A common stock IPO, incl. audited FY2023-FY2025 and unaudited Q1 2026 financial statements; SpaceX Reports Second Quarter 2026 Results (Form 8-K, Exhibit 99.1); SpaceX Reports Third Quarter 2026 Results (Form 8-K, Exhibit 99.1) and 2 more

See the numbers

Revenue (US$)
Period	Revenue (US$)
FY2023	$10.4B
FY2024	$14.0B
FY2025	$18.7B
Q1 FY2025	$4.1B
Q2 FY2025	$4.1B
Q3 FY2025	$5.6B
Q4 FY2025	$5.0B
Q1 FY2026	$4.7B
Q2 FY2026	$7.8B
Q3 FY2026	$14.6B

Net profit

−$4.9BFY2025

Net income for common shareholders was a loss in FY2023, FY2025 and every quarter until Q3 FY2026 ($4,404 million); Q1 FY2026 shows the $4,276 million net loss plus preferred-stock deemed dividends.

US$ · Source: Final prospectus (Form 424(b)(4)) for the Class A common stock IPO, incl. audited FY2023-FY2025 and unaudited Q1 2026 financial statements

See the numbers

Net profit (US$)
Period	Net profit (US$)	EPS ($)
FY2023	−$4.6B	−$1.68
FY2024	$18M	$0.00
FY2025	−$4.9B	−$1.69
Q1 FY2025	−$528M	−$0.18
Q2 FY2025	−$1.0B	−$0.34
Q3 FY2025	−$1.1B	−$0.36
Q4 FY2025	−$2.3B	–
Q1 FY2026	−$4.9B	−$1.27
Q2 FY2026	−$541M	−$0.09
Q3 FY2026	$4.4B	$0.35

Profit kept per $100 of revenue

$-26.4FY2025

Net income for common shareholders per $100 of revenue was −$44.6 in FY2023, $0.1 in FY2024 and −$26.4 in FY2025; stock-based pay was $10.4 per $100 of revenue in FY2025.

$ of profit per $100 of revenue (net margin) · Source: Final prospectus (Form 424(b)(4)) for the Class A common stock IPO, incl. audited FY2023-FY2025 and unaudited Q1 2026 financial statements

See the numbers

Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
Year	Net margin	EBITDA margin
FY2023	−44.6%	−8.4%
FY2024	0.1%	30.6%
FY2025	−26.4%	22.0%

Free cash flow

−$14.0BFY2025

Purchases of property and equipment were larger than cash from operations in FY2024 and FY2025, and in 9M FY2026 they were $48,069 million against $13,097 million from operations.

US$ · cash from operations minus spending on plants and equipment · Source: Final prospectus (Form 424(b)(4)) for the Class A common stock IPO, incl. audited FY2023-FY2025 and unaudited Q1 2026 financial statements

See the numbers

Free cash flow (US$ · cash from operations minus spending on plants and equipment)
Year	Cash from operations	Capital spending	Free cash flow
FY2023	$4.5B	$4.4B	$105M
FY2024	$5.8B	$11.2B	−$5.4B
FY2025	$6.8B	$20.7B	−$14.0B

See all yearly numbers

SpaceX annual financials, FY2023–FY2025, US$
Year	Revenue	EBITDA	Net profit	EPS ($)	Net income, total (US$)	Operating cash	Capex	Free cash
FY2023 (restated)	$10.4B	−$870M	−$4.6B	−$1.68	–	$4.5B	$4.4B	$105M
FY2024 (restated)	$14.0B	$4.3B	$18M	$0.00	$791M	$5.8B	$11.2B	−$5.4B
FY2025 (restated)	$18.7B	$4.1B	−$4.9B	−$1.69	–	$6.8B	$20.7B	−$14.0B

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Fiscal year ends on Dec 31 (calendar year). FY2023 to FY2025 are restated to include xAI and X.). Net profit is the share belonging to the company's owners. Total net income differs from net profit to the company's owners: Net income was $791 million. After an $80 million deemed dividend on repurchased preferred stock and $693 million allocated to preferred holders, $18 million was left for common shareholders.

13 · The company's own measures · Q3 FY2026

What do SpaceX's own measures show?

Adjusted EBITDA and the operating counts are SpaceX's own measures. Each is shown on its own; the official (GAAP) figure is beside it where one exists.

Official (GAAP): Net income, Q3 FY2026
$4.4B
Company's own measure: Adjusted EBITDA
$8.8B
Net income before interest, tax, depreciation and amortization, stock-based pay, restructuring and other income. From Q3 FY2026 it also leaves out $1,217 million of acquisition-related stock pay and $8 million of acquisition costs, so it is not comparable with earlier periods.
Official (GAAP): Starlink consumer revenue, Q3 FY2026 (US$ million)
$3.1B
Company's own measure: Starlink consumer subscribers
13.6 million
Personal and business plans at Sep 30, 2026; leaves out managed enterprise and government accounts. Renamed from "Starlink Subscribers" in Q3 FY2026.
Official (GAAP): Starlink consumer revenue, Q3 FY2026 (US$ million)
$3.1B
Company's own measure: Average revenue per Starlink consumer user
69 dollars a month
Company measure for Q3 FY2026.
Official (GAAP): Super Intelligence solutions and infrastructure revenue, Q3 FY2026 (US$ million)
$7.0B
Company's own measure: Nameplate compute capacity
1.7 GW
The power SpaceX's AI computers are rated to draw, at the end of Q3 FY2026.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Source: SpaceX Reports Third Quarter 2026 Results (Form 8-K, Exhibit 99.1)

14 · Financial strength · Sep 30, 2026

How much debt does SpaceX have?

Cash and marketable securities of $89,855 million were larger than debt and finance leases of $38,844 million at Sep 30, 2026.

Total debt$38.8B
Cash and investments$89.9B
Net cash (cash minus debt)$51.0B
Net worth (shareholders' money)$176.8B

Debt to equity: 0.22×; $ of debt for every $1 of shareholders' money

Debt includes $25,000 million of senior notes issued on Jun 26, 2026, due 2031 to 2056 with coupons of 5.350% to 6.650%. They repaid a $20,000 million bridge loan.
$12,897 million of the debt is lease financing on AI hardware from entities linked to Valor Equity Partners, whose founder Antonio Gracias is a SpaceX director. The sale-and-leasebacks are accounted for as borrowing.
Cash and investments = cash $51,294 million + marketable securities $38,561 million. They were $100,009 million at Jun 30, 2026, after the IPO.
A $5,000 million revolving credit line, maturing in May 2031, was undrawn.

Source: SpaceX Reports Third Quarter 2026 Results (Form 8-K, Exhibit 99.1); Form 10-Q for the quarter ended September 30, 2026; SpaceX Reports Second Quarter 2026 Results (Form 8-K, Exhibit 99.1) and 1 more

15 · Who owns it · ownership as of Jun 30, 2026

Who owns SpaceX?

Elon Musk held about 82.3% of the votes after the IPO, through Class B shares with 10 votes each. SpaceX has filed no proxy statement yet: holders come from Schedule 13G filings (Jun 30, 2026), officers and directors from the prospectus (May 1, 2026, adjusted for the IPO), and share counts from the Q3 FY2026 10-Q.

Officers and directors (as a group), shares: 51.9%
Officers and directors (as a group), votes: 85.3%

Shares vs votes by class

SpaceX has more than one class of shares, and the classes carry different votes. The share of votes a class holds can differ a lot from its share of the shares.

Class A common stock: share of all votes13.4%
Class B common stock: share of all votes86.6%

Each class's part of all votes = its shares outstanding × votes per share ÷ the total for all classes.

Share classes

SpaceX share classes: shares outstanding (millions) and votes per share
Class	Shares (millions)	Votes per share	Held by	% of shares	% of votes	Traded
Class A common stock (at Oct 15, 2026; traded on Nasdaq)	8,246.5	1	Public investors, early investors, officers and directors	60.7%	13.4%	Yes
Class B common stock (at Oct 15, 2026; becomes Class A on most transfers)	5,334.5	10	Mostly Elon Musk	39.3%	86.6%	No

Holders of 5% or more

SpaceX holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
Holder	Shares	Votes	As of	Source	Note
Elon Musk	48.4%	82.3%	Jun 30, 2026	S13, S1	6,418.5 million shares, counting his Class B shares, restricted Class B shares and options as if converted to Class A (Schedule 13G, Jun 30, 2026). Votes: prospectus, after the IPO.
Alphabet Inc. (Google LLC)	7.2%	–	Jun 30, 2026	S14	551.2 million Class A shares (Schedule 13G, Jun 30, 2026).
Antonio J. Gracias (Valor entities)	6.5%	–	Jun 30, 2026	S16, S19	503.4 million Class A shares held by Valor entities; he disclaims ownership beyond his financial interest. Valor funds handed 42.8 million shares to their own investors on Sep 11, 2026.
Founders Fund entities and Peter Thiel	5.5%	–	Jun 30, 2026	S15	427.3 million Class A shares (Schedule 13G, Jun 30, 2026).

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Source: Form 10-Q for the quarter ended September 30, 2026; Final prospectus (Form 424(b)(4)) for the Class A common stock IPO, incl. audited FY2023-FY2025 and unaudited Q1 2026 financial statements; Schedule 13G filed by Elon R. Musk (holdings as of June 30, 2026) and 4 more

16 · What it does with profit

What does SpaceX do with its profit?

SpaceX repurchased $4,426 million of stock in 9M FY2026: $2,013 million bought from existing shareholders at fair market value, plus $2,413 million from current and former xAI employees as part of the xAI merger.

Money raised · Jun 15, 2026
IPO closed: 638.9 million Class A shares sold at $135.00, including the underwriters' option in full; net proceeds after $575 million of costs.
$85.7B
Money raised · Jun 26, 2026
Senior unsecured notes in five tranches due 2031 to 2056, used to repay the bridge loan in full.
$25.0B

Source: Final prospectus (Form 424(b)(4)) for the Class A common stock IPO, incl. audited FY2023-FY2025 and unaudited Q1 2026 financial statements; Form 10-Q for the quarter ended September 30, 2026; Form 8-K: completion of IPO, charter and bylaws, A&R 2024 Equity Incentive Plan and 1 more

17 · Who runs it

Who runs SpaceX, and did they deliver?

Elon Musk
Chief Executive Officer, Chief Technical Officer and Chairman
Held about 82.3% of votes after the IPO. Pledged 237,530 Class A shares for personal loans, per the prospectus.
Gwynne Shotwell
President and Chief Operating Officer; director
Bret Johnsen
Chief Financial Officer
Holds 4 million performance options that vest in steps for each $10 billion of adjusted EBITDA in FY2025 to FY2029; none were earned for FY2025.
Antonio J. Gracias
Director; founder and CEO of Valor Equity Partners
Valor-linked entities lease AI hardware to SpaceX (related party).
Roelof Botha
Director (audit committee) · since 2026
Elected on Jun 16, 2026.

What they said, and what happened

2 too early to tell · 1 partly delivered

Said on Aug 4, 2026
CFO Bret Johnsen said SpaceX was on a path to $100 billion of annual revenue run rate (December revenue × 12) by the end of 2026.
What happened
He repeated it on Oct 20, 2026. Q3 FY2026 revenue was $14,575 million; December 2026 falls in Q4 FY2026.
Too early to tell
Said on Aug 4, 2026
CFO Bret Johnsen said capital spending in the next two quarters would be "very similar to the current quarter"; Q2 FY2026 spending on property and equipment was $18,369 million.
What happened
Q3 FY2026 spending was $19,593 million. On Oct 20, 2026 he said Q4 FY2026 spending is expected at $35–40 billion.
Partly delivered
Said on Oct 20, 2026
Elon Musk said he expects Starship to fly weekly in the first half of 2027 and twice a week in the second half.
What happened
Starship's first orbital flight (Flight 14) was in Q3 FY2026.
Too early to tell

18 · Governance signals

What do SpaceX's governance filings show?

Auditor: PricewaterhouseCoopers LLP, since 2012
Auditor changes: None in the period covered
Audit qualifications: None reported
Related-party dealings: Entities linked to director Antonio Gracias's firm Valor financed AI hardware for SpaceX through sale-and-leasebacks: $12,897 million of debt at Sep 30, 2026, with $864 million of interest in 9M FY2026. SpaceX bought $480 million of Megapack batteries from Tesla in 9M FY2026. Q3 FY2026 other income included a $561 million unrealized gain on its stake in The Boring Company, which Musk controls.
Credit rating: No public credit rating found

Flags to know about

related party · Sep 30, 2026
A third of debt is owed to director-linked lessors
$12,897 million of $38,844 million in debt and finance leases at Sep 30, 2026 (33.2%) comes from AI-hardware sale-and-leasebacks with Valor-linked entities. Director Antonio Gracias founded Valor.
other
Controlled company
Because Musk controls the votes, SpaceX is a "controlled company" under Nasdaq rules and relies on its exemptions from some governance requirements. Its bylaws also require arbitration for certain shareholder claims.
pledge
Shares pledged for personal loans
Elon Musk pledged 237,530 Class A shares and director Luke Nosek 2,381,000 Class A shares for personal loans, per the prospectus ownership table (May 1, 2026).
other
Musk share awards tied to market value and Mars
Musk holds 1,302 million restricted Class B shares from two 2026 awards. The larger award vests only if SpaceX's market value reaches set milestones and a permanent Mars settlement of at least one million people exists.
disclosure
No annual report or proxy statement yet
SpaceX listed on Jun 12, 2026. Its first Form 10-K (for FY2026) and first proxy statement (annual meeting in 2027) are not yet filed.
other · Mar 2, 2026
Loan default waived
Buying xAI caused a technical default under an older $1,500 million credit facility; it was waived on Mar 2, 2026.
other · Sep 22, 2026
Insider sale under a pre-set plan
President and COO Gwynne Shotwell exercised options and sold 342,170 Class A shares on Sep 22, 2026, under a trading plan (Rule 10b5-1) adopted on Jun 23, 2026.

Source: Final prospectus (Form 424(b)(4)) for the Class A common stock IPO, incl. audited FY2023-FY2025 and unaudited Q1 2026 financial statements; Form 10-Q for the quarter ended September 30, 2026; SpaceX Reports Third Quarter 2026 Results (Form 8-K, Exhibit 99.1) and 2 more

19 · What the market paid · price as of Oct 23, 2026

What did the market pay for SpaceX on Oct 23, 2026?

Price as of Oct 23, 2026 (shown for education; prices change daily).

Price as of Oct 23, 2026: SpaceX Class A shares closed at $147.49 on Nasdaq. Market value = $147.49 × 13,581.1 million Class A and Class B shares (Oct 15, 2026) = about $2,003.1 billion; Class B shares do not trade, so this counts them at the Class A price. Class A alone: about $1,216.3 billion. P/E (price ÷ earnings per share) is not shown because the last four quarters add up to a net loss. The IPO price was $135.00 (Jun 11, 2026).

Share price: $147.49
Market value (market cap): $2.00T

Source: SPCX historical daily prices (closing price Oct 23, 2026); Form 10-Q for the quarter ended September 30, 2026; Final prospectus (Form 424(b)(4)) for the Class A common stock IPO, incl. audited FY2023-FY2025 and unaudited Q1 2026 financial statements

20 · What could go wrong

What could go wrong for SpaceX?

Governance
Elon Musk controls the votes
Class B shares carry 10 votes each, which gave Musk about 82.3% of votes after the IPO. He is also CEO, chief technical officer and chairman, so other shareholders cannot outvote him.
Watch Class B shares outstanding (5,334.5 million at Oct 15, 2026) and conversions to Class A.
Technology
Starship has to work
The prospectus lists Starship delays, or failure to reach planned launch rates and reuse, as a risk to V3 Starlink satellites, Starlink Mobile and orbital-compute plans.
Watch Starship flights and V3 satellites launched each quarter.
Debt
Spending far above operating cash
Purchases of property and equipment were $48,069 million in 9M FY2026, against $13,097 million of cash from operations. The CFO expects $35–40 billion in Q4 FY2026, and SpaceX committed on Oct 24, 2026 to a GPU lease of about $40 billion.
Watch Cash and marketable securities ($89,855 million at Sep 30, 2026) against debt and leases.
Concentration
One customer paid a third of revenue
Customer B, not named in the filings, paid 34.5% of Q3 FY2026 revenue, all in Super Intelligence. Customer A paid 16.6%. One customer owed 27.7% of receivables at Sep 30, 2026.
Watch Customer A and B shares of revenue in each 10-Q.
Regulation
Licences and AI rules
Launches need FAA licences and Starlink needs FCC and foreign spectrum licences. AI products and X face changing laws that can bring penalties, product changes or fewer users, per the prospectus.
Watch Licence decisions and the closing of the 800 MHz spectrum purchase, expected in the first half of 2027.
Governance
Financing from a director's firm
$12,897 million of debt at Sep 30, 2026 is lease financing from entities linked to director Antonio Gracias's Valor. Interest on it was $864 million in 9M FY2026.
Watch Valor lease balances and interest in each 10-Q.
Execution
AI business is new and still being combined
The Super Intelligence segment lost $6,355 million on operations in FY2025 and earned $431 million in Q3 FY2026, after SpaceX bought xAI (Feb 2026) and Cursor (Aug 2026). The prospectus says the segment is still being integrated.
Watch Segment operating income each quarter, and the $23,376 million of Cursor stock awards expensed over about three years.
Technology
Crowded orbit
Space debris, congestion in low orbit and satellite failures can damage or shorten the life of Starlink satellites, per the prospectus.
Watch Satellite failures or early de-orbits the company reports.

Source: Final prospectus (Form 424(b)(4)) for the Class A common stock IPO, incl. audited FY2023-FY2025 and unaudited Q1 2026 financial statements; Form 10-Q for the quarter ended September 30, 2026; SpaceX Reports Third Quarter 2026 Results (Form 8-K, Exhibit 99.1) and 2 more

21 · How it got here

How did SpaceX get here?

2002
Milestone
Incorporated
Space Exploration Technologies Corp. was incorporated in Delaware on Mar 14, 2002. It moved its legal home to Texas in February 2024.
2023
Crisis
Write-down on X
In the restated accounts, FY2023 includes a $3,775 million impairment of X's intangible assets, behind that year's $3,505 million operating loss.
2025
Business-model change
xAI buys X
xAI bought X on Mar 28, 2025. X advertising brought in $1,844 million in FY2025.
2026
Business-model change
SpaceX buys xAI
On Feb 2, 2026 SpaceX bought xAI for shares and $2,947 million in cash. FY2023 to FY2025 were restated to include xAI and X.
2026
Milestone
Listed on Nasdaq
Class A shares began trading on Jun 12, 2026, after an IPO at $135.00 a share that raised $85,675 million net.
2026
Business-model change
Cursor bought
On Aug 14, 2026 SpaceX completed its merger with Anysphere, maker of the Cursor software-engineering platform. It issued 389,289,254 Class A shares to Cursor's stockholders, plus 1,752,426 for vested restricted stock units.
2026
Milestone
Starship reaches orbit
Starship Flight 14, its first orbital flight, carried 26 V3 Starlink satellites in Q3 FY2026.

22 · Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

Starlink subscribers rose from 2.3 million at end-2023 to 13.6 million at Sep 30, 2026; the measure was renamed "Starlink consumer subscribers" in Q3 FY2026.
Connectivity operating income was $4,423 million in FY2025, $38.8 per $100 of segment revenue.
Q3 FY2026 net income was $4,404 million on revenue of $14,575 million, 161.4% more revenue than in Q3 FY2025.
Backlog was $62,959 million at Sep 30, 2026, about 67% expected to be recognized as revenue within a year.
In 2025 SpaceX launched 11 of 12 US national-security medium and heavy missions and all five US crew and cargo missions to the space station.

What critics point to

Elon Musk held about 82.3% of votes after the IPO, so other shareholders cannot outvote him.
One unnamed customer paid 34.5% of Q3 FY2026 revenue.
Purchases of property and equipment of $48,069 million in 9M FY2026 were more than three times cash from operations of $13,097 million.
$12,897 million of debt at Sep 30, 2026 is lease financing from entities linked to a director's firm.
FY2023 to FY2025 are restated to include xAI and X; SpaceX-only figures for those years are not disclosed.

23 · What to watch next

What should you watch next at SpaceX?

Next event

IPO lock-up: up to 797.6 million more Class A shares become free to sell on day 180, as set in the prospectus

Dec 8, 2026

Date confirmed by the company

December revenue and the $100 billion goal
The CFO's stated goal is December 2026 revenue × 12 of $100 billion (Oct 20, 2026). Q4 FY2026 results, date not yet announced, will show the quarter's revenue.
Customer B's share of revenue
One unnamed customer paid 34.5% of Q3 FY2026 revenue. The next 10-Q or the first 10-K will show whether that share changed.
Spending and the GPU lease
The CFO expects Q4 FY2026 capital spending of $35–40 billion. The GPU lease of about $40 billion is expected to close before year end, with lease schedules from the first half of 2027.

24 · Key facts

Key facts about SpaceX

What does SpaceX do?: SpaceX (Space Exploration Technologies Corp.) builds and launches reusable rockets, runs the Starlink satellite internet network, and runs AI businesses: AI infrastructure, the Grok AI model, the Cursor software-engineering platform and the social network X. It reports three segments: Space, Connectivity and Super Intelligence.
How does SpaceX make money?: In FY2025 SpaceX earned 61.0% of its $18,674 million revenue from Starlink internet, 21.9% from launches and development contracts, and 17.1% from AI services and X advertising. In Q3 FY2026 the Super Intelligence (AI) segment brought in 51.9% of SpaceX's $14,575 million revenue.
Who are SpaceX's customers?: SpaceX sells Starlink internet to households, businesses and governments, launches for customers such as NASA, and AI infrastructure to enterprises. One customer, not named in the filings, paid 20.9% of SpaceX's FY2025 revenue; in Q3 FY2026 a different unnamed customer paid 34.5% of revenue.
How big is SpaceX?: SpaceX had revenue of $18,674 million and a net loss of $4,937 million in FY2025, restated to include xAI and X. In Q3 FY2026 SpaceX's revenue was $14,575 million and its net income $4,404 million. It employed over 22,000 full-time staff at Mar 31, 2026.
Who owns and controls SpaceX?: Elon Musk, SpaceX's CEO, chief technical officer and chairman, held about 82.3% of SpaceX's votes after the June 2026 IPO, mainly through Class B shares with 10 votes each. Alphabet (7.2%), Valor entities linked to director Antonio Gracias (6.5%) and Founders Fund (5.5%) each reported more than 5% of SpaceX's Class A shares at Jun 30, 2026.
Why do SpaceX's FY2023 to FY2025 results include xAI and X?: SpaceX bought xAI on Feb 2, 2026, and xAI had bought X on Mar 28, 2025. Because Elon Musk controlled all three companies, SpaceX restated FY2023 to FY2025 as if they had been combined, so those years are not rocket and Starlink figures alone.
When did SpaceX list its shares?: SpaceX Class A shares began trading on Nasdaq under the ticker SPCX on Jun 12, 2026. The IPO sold 638.9 million Class A shares at $135.00 each, priced on Jun 11, 2026, and raised $85,675 million for SpaceX after costs.
How much cash and debt does SpaceX have?: At Sep 30, 2026 SpaceX held $89,855 million in cash and marketable securities and owed $38,844 million in debt and finance leases. Of that debt, $12,897 million was lease financing from entities linked to Valor Equity Partners, a related party.
How many Starlink subscribers does SpaceX have?: SpaceX had 13.6 million Starlink consumer subscribers at Sep 30, 2026, up from 7.2 million at Sep 30, 2025. In Q3 FY2026 SpaceX renamed the measure "Starlink consumer subscribers" (previously "Starlink Subscribers"); it counts personal and business plans, not managed enterprise or government accounts. Consumer revenue was $3,121 million in Q3 FY2026.

Source: Final prospectus (Form 424(b)(4)) for the Class A common stock IPO, incl. audited FY2023-FY2025 and unaudited Q1 2026 financial statements; Form 10-Q for the quarter ended September 30, 2026; SpaceX Reports Third Quarter 2026 Results (Form 8-K, Exhibit 99.1) and 3 more

25 · Sources and changes

Where every number on this page comes from

Sources (19 documents)

S1Final prospectus (Form 424(b)(4)) for the Class A common stock IPO, incl. audited FY2023-FY2025 and unaudited Q1 2026 financial statements · SEC EDGAR (company filing) · Tier 1: company or exchange filing · Jun 12, 2026
S2Form 10-Q for the quarter ended September 30, 2026 · SEC EDGAR (company filing) · Tier 1: company or exchange filing · Oct 22, 2026
S3SpaceX Reports Third Quarter 2026 Results (Form 8-K, Exhibit 99.1) · SEC EDGAR (company filing) · Tier 1: company or exchange filing · Oct 20, 2026
S4Form 10-Q for the quarter ended June 30, 2026 · SEC EDGAR (company filing) · Tier 1: company or exchange filing · Aug 4, 2026
S5SpaceX Reports Second Quarter 2026 Results (Form 8-K, Exhibit 99.1) · SEC EDGAR (company filing) · Tier 1: company or exchange filing · Aug 4, 2026
S6SpaceX Third Quarter 2026 Webcast transcript · SpaceX Investor Relations (ir.spacex.com) · Tier 1: company or exchange filing · Oct 20, 2026
S7SpaceX Second Quarter 2026 Webcast transcript · SpaceX Investor Relations (ir.spacex.com) · Tier 1: company or exchange filing · Aug 4, 2026
S8Form 8-K: completion of IPO, charter and bylaws, A&R 2024 Equity Incentive Plan · SEC EDGAR (company filing) · Tier 1: company or exchange filing · Jun 15, 2026
S9Form 8-K: issuance of $25 billion senior notes (2031-2056) · SEC EDGAR (company filing) · Tier 1: company or exchange filing · Jun 26, 2026
S10Form 8-K: completion of the Cursor (Anysphere, Inc.) merger · SEC EDGAR (company filing) · Tier 1: company or exchange filing · Aug 14, 2026
S11Form 8-K: commitment letter for a GPU master finance lease with an Apollo-managed lessor · SEC EDGAR (company filing) · Tier 1: company or exchange filing · Oct 26, 2026
S12Form 8-K: election of Roelof Botha as director · SEC EDGAR (company filing) · Tier 1: company or exchange filing · Jun 17, 2026
S13Schedule 13G filed by Elon R. Musk (holdings as of June 30, 2026) · SEC EDGAR · Tier 1: company or exchange filing · Aug 13, 2026
S14Schedule 13G filed by Alphabet Inc., XXVI Holdings Inc. and Google LLC (holdings as of June 30, 2026) · SEC EDGAR · Tier 1: company or exchange filing · Aug 14, 2026
S15Schedule 13G filed by Founders Fund entities and Peter Thiel (holdings as of June 30, 2026) · SEC EDGAR · Tier 1: company or exchange filing · Aug 14, 2026
S16Schedule 13G filed by Antonio J. Gracias (holdings as of June 30, 2026) · SEC EDGAR · Tier 1: company or exchange filing · Aug 11, 2026
S17Form 4: Gwynne Shotwell (option exercises and sales, Sep 22, 2026) · SEC EDGAR · Tier 1: company or exchange filing · Sep 24, 2026
S19Form 4/A: Antonio J. Gracias (Valor entities in-kind distribution, Sep 11, 2026) · SEC EDGAR · Tier 1: company or exchange filing · Sep 30, 2026
S21SPCX historical daily prices (closing price Oct 23, 2026) · Nasdaq · Tier 1: company or exchange filing · Oct 23, 2026

Changes to this page (v1 · Oct 27, 2026)

v1 · Oct 27, 2026First version. (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

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What does SpaceX do?

What does SpaceX sell?

Launch services (Space segment)

Launch and development (Space segment)

Starlink for homes and small businesses

Starlink for enterprises and governments

Super Intelligence (called the AI segment until Q3 FY2026)

What it does

What it does not do

Who pays SpaceX?

How does money flow through SpaceX?

Where does $100 of SpaceX's money go?

What does SpaceX need to run?

Launch and spectrum licences

Rockets and satellites

Power, chips and water for AI

Capital

People

Why does SpaceX make money?

Starlink earns monthly fees from satellites SpaceX launches itself; the AI business has needed large spending

Which businesses make up SpaceX?

Space

Connectivity

Super Intelligence

How the mix changed

Where does SpaceX sell?

Who does SpaceX compete with?

United Launch Alliance

Blue Origin

Amazon LEO

AST SpaceMobile

OpenAI

What protects the business

Starship and the spending behind it

Where could SpaceX's growth come from?

Starlink subscribers

AI infrastructure and products (Super Intelligence)

AI computing capacity

Starship

Starlink Mobile and new spectrum

How has SpaceX done?

Revenue

Net profit

Profit kept per $100 of revenue

Free cash flow

What do SpaceX's own measures show?

How much debt does SpaceX have?

Who owns SpaceX?

What does SpaceX do with its profit?

Who runs SpaceX, and did they deliver?

Elon Musk

Gwynne Shotwell

Bret Johnsen

Antonio J. Gracias

Roelof Botha

What they said, and what happened

What do SpaceX's governance filings show?

Flags to know about

What did the market pay for SpaceX on Oct 23, 2026?

What could go wrong for SpaceX?

Elon Musk controls the votes

Starship has to work

Spending far above operating cash

One customer paid a third of revenue

Licences and AI rules

Financing from a director's firm

AI business is new and still being combined

Crowded orbit

How did SpaceX get here?

Incorporated

Write-down on X

xAI buys X

SpaceX buys xAI

Listed on Nasdaq

Cursor bought

Starship reaches orbit

What do supporters and critics point to?

What supporters point to

What critics point to

What should you watch next at SpaceX?