SpaceX Financial Tracker.
Capex, sites, S-1 footprint, catalyst dates.
Starbase · Hawthorne · Cape Canaveral · Vandenberg.
Sourced from filings and primary citations — not rumors.
S-1 key excerpts
Space Exploration Technologies Corp filed Form S-1 with the SEC on 2026-05-20 (CIK 0001181412, accession 0001628280-26-036936). Figures below are tagged S-1 when triangulated by two or more S-1-citing outlets, REPORTING when sourced to Reuters/Bloomberg pre-prospectus coverage, and TBD when not yet disclosed in publicly excerpted material. Anchor citations are at the bottom of the page.
| FY2025 total revenue | $18.7B | S-1 |
| FY2024 net income | +$791M | S-1 |
| FY2025 GAAP net loss | ($4.94B) | S-1 |
| FY2025 Adjusted EBITDA | $6.6B | S-1 |
| Accumulated deficit (since inception) | $41.3B | S-1 |
| FY2025 total CapEx | $20.7B | S-1 |
Cited from S-1 teardowns at TechCrunch, Tom Tunguz, BitMEX, Via Satellite, and Morningstar — all referencing the EDGAR filing.
| Target valuation | $1.75T – $2T | REPORTING |
| Capital raise | $50B – $80B | REPORTING |
| Primary listing | Nasdaq | S-1 |
| Proposed ticker | SPCX | S-1 |
| Lead underwriter | Goldman Sachs | S-1 |
| Roadshow start | 2026-06-04 (target) | REPORTING |
| Pricing target | 2026-06-11 | REPORTING |
| First trade target | 2026-06-12 | REPORTING |
| Lockup period | TBD on prospectus amendment | TBD |
Lockup, share count, and pricing range typically arrive in the S-1/A amendment 1-2 weeks ahead of pricing. We update this table when EDGAR posts the amendment.
| Segment | Revenue | % of total | Operating result | Note |
|---|---|---|---|---|
| Starlink (Connectivity) | $11.4B | 61% | +$4.4B op income | 8.9M subs at YE25 (4.4M YE24, 2.3M YE23) per S-1 |
| Space (Launch) | $4.1B | 22% | ($0.66B) op loss | Starship R&D drag — deliberate per filing |
| AI segment | $3.2B | 17% | ($6.4B) op loss | Includes xAI compute, consolidated via Feb-2026 merger |
Starlink is the cash engine; Space (launch) carries deliberate Starship R&D loss; AI segment loss reflects xAI compute capex post-merger. Reading: this is a connectivity company that also launches rockets and trains models.
Valuation comparables — P/S and EV/Revenue
Public-market multiples for the most-cited peers as of late April – May 2026. SpaceX row derives P/S from the reported $1.75T–$2T target valuation against S-1 FY2025 revenue ($18.7B). All non-SPCX multiples are from Macrotrends / GuruFocus / Stock Analysis (linked below).
| Ticker | Name | TTM revenue | EV / Revenue | P/S | Note |
|---|---|---|---|---|---|
| SPCX* | SpaceX (rumored) | $18.7B (FY25) | ~94x – ~107x | ~94x – ~107x | $1.75T-$2T target ÷ $18.7B S-1 revenue. Pre-IPO; not market-tested. |
| RKLB | Rocket Lab | ~$0.55B (FY25) | 63.85x | 63.54x | GuruFocus / Macrotrends, 2026-03-19. Smallest pure-play comp. |
| LMT | Lockheed Martin | $75.1B (TTM 3/26) | ~1.6x | ~1.5x | Macrotrends 2026-Q1. Mature defense prime, low growth. |
| NOC | Northrop Grumman | ~$41B | 2.18x | ~2.0x | GuruFocus 2026-05-21. Defense + space systems. |
| BA | Boeing | ~$77B | n/m (negative EBITDA) | ~2.07x (YE25) | Macrotrends YE2025. P/S TTM negative on losses. |
SpaceX ground footprint
4 sites · monthly to quarterly satellite captures · footprint data updated 2026-05-20 · methodology →
Starbase
Boca Chica, Texas
SpaceX HQ
Hawthorne, California
Cape Canaveral
Cape Canaveral · SLC-40, Florida
Vandenberg SFB
Lompoc, California
Upcoming SpaceX catalysts
From the site-level milestone log. Dates reflect company guidance or our best estimate; primary-source links on each milestone where verified.
Primary-source citations
Every number above traces back to one of the links below. SEC EDGAR and government pages are the canonical record for financials and licensing; news outlets are cited where they triangulate S-1 figures we cannot fetch directly (the EDGAR archive page returns 403 to our build-time fetcher, but the filing index is reachable).
- 01SEC EDGAR — Space Exploration Technologies Corp, S-1 filing index (CIK 0001181412, acc. 0001628280-26-036936, filed 2026-05-20)https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001181412&type=S-1&dateb=&owner=include&count=10
- 02SEC EDGAR — SpaceX entity landing pagehttps://www.sec.gov/edgar/browse/?CIK=1181412
- 03FAA Office of Commercial Space — SpaceX Starship Boca Chica licensinghttps://www.faa.gov/space/stakeholder_engagement/spacex_starship
- 04FAA Office of Commercial Space Transportation (launch licensing root)https://www.faa.gov/space
- 05NASA Kennedy Space Center — LC-39A operator (Cape Canaveral)https://www.nasa.gov/centers-and-facilities/kennedy/
- 06NASA Commercial Resupply Services — Dragon CRS contractshttps://www.nasa.gov/commercial-resupply/
- 07NASA Demo-2 mission page (first crewed Dragon)https://www.nasa.gov/specials/dm2/
- 08Space Force / Vandenberg SFB — SLC-4E launch complexhttps://www.spaceforce.mil/
- 09TechCrunch — "The SpaceX IPO filing has arrived" (2026-05-20)https://techcrunch.com/2026/05/20/the-spacex-ipo-filing-has-arrived/
- 10Via Satellite — SpaceX IPO filing first look at financials (2026-05-20)https://www.satellitetoday.com/finance/2026/05/20/spacexs-ipo-filing-gives-first-look-into-companys-financials/
- 11Morningstar — 6 Charts on SpaceX's Pre-IPO Financialshttps://www.morningstar.com/stocks/6-charts-spacexs-s-1-financials
Spot a wrong citation or know of a better primary source? Open an issue at github.com/sincetwentytwo-sys/gigascope/issues — we fix and credit.
Follow the SpaceX financial picture as the filings move — $9/mo or $90/yr, charter rate locked.
We update this page when SpaceX files an S-1 amendment, when one of the four ground sites moves, and when a launch lands a new primary-source citation. Charter members get the email digest the same day. Standard launch $29/mo (Jun 2026); long-term target $49–79/mo. Charter rate locks for the life of the subscription.