Market cap
$2.14T
at current price
Space Exploration Technologies Corp. · Class A · Starbase, Texas
Starlink pays the bills, AI eats the cash.
SpaceX listed in June in the largest IPO ever, raising about $86B at $135 a share. Q2 revenue grew 92% to $7.8B. Starlink, with 12M subscribers, makes the profits; the AI segment (the former xAI) grows fastest and spent $15.8B on compute in one quarter. Elon Musk holds about 82% of the votes.
Last close · Oct 9, 2026
$162.57
52-week range
$105–226
closing low / high
Price / sales
~93×
on ~$23B trailing revenue
Revenue TTM
IPO price
$135
Jun 11, 2026 · first close $160.95
Next earnings
Early Nov
Q3 2026 · date not yet announced
Price, last 12 months
Daily closes since the June 12 listing, with the 50-day average. One-year and 200-day figures fill in as history builds.
1Y closing high
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1Y closing low
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SMA 50
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SMA 200
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RSI 14
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Avg daily move
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last 20 sessions
Beta
n/a
vs. S&P 500
From peak
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Revenue and margins, by quarter
Revenue in US$ millions, with gross margin on the right axis. SpaceX has published quarterly results only for the first two quarters of 2025 and 2026 (in its IPO filing and first 10-Q); full-year 2025 revenue was $18.7B. There is no guidance bar yet.
RevenueGross margin (right axis)Guidance
Q2 2026
$7.81B
+92% YoY · first public report
Starlink
$4.29B
+66% · $1.66B operating income
AI
$2.56B
+247% · −$1.26B operating loss
Space
$962M
+29% · −$542M operating loss
Adj. EBITDA
$3.54B
+191% YoY · 45% margin
Subscribers
12.0M
Starlink, 2× YoY · +1.7M in Q2
| Quarter | Ended | Revenue, US$M | YoY | Gross margin | Op. margin | EPS (GAAP) |
|---|
Watch list
What moves the thesis, sorted by direction.
Tailwind
Starlink
Subscribers doubled to 12M with ARPU steady at about $66 a month. Connectivity earns $1.66B a quarter and funds the rest of the company.
Tailwind
Compute leasing
AI revenue jumped 247% on compute deals with Anthropic and Google, with another $6.7B of cloud revenue under contract over six months from October. Management targets a $100B annualized revenue run rate by December.
Watch
Capex
Capex was $18.4B in Q2, 2.4× revenue, and the CFO expects similar spending for two more quarters. He says AI compute pays back in under a year; the AI segment still lost $1.26B.
Watch
Governance
Musk owns about 42% of the shares but controls about 82% of the votes through super-voting stock. SpaceX is not in the S&P 500.
Risk
Launch still loses money
Space revenue of $962M came with a $542M operating loss. Starship progress drives both costs and the long-term story.
Risk
Valuation and volatility
About $2.1T of market value on roughly $23B of trailing revenue. The stock has traded between about $105 and $226 since June, so position sizing matters.
Calendar
Early Nov 2026
Q3 2026 earnings
Date not yet announced; Q2 was reported on Aug 4.
Oct 2026–Mar 2027
$6.7B cloud contract
Six months of contracted cloud services revenue, starting in October.
Dec 2026
$100B run-rate target
Management's goal for annualized revenue run rate by December.
Sources
- SpaceX IPO: listing details
- Initial public offering of SpaceX (Wikipedia)
- Q2 2026 results and segments
- Q2 2026 capex and cash
- Q2 2026 call: capex outlook
- Q2 2026 Starlink and AI detail
- Quarterly income statement (Stock Analysis)
- Price and market cap: Yahoo Finance and Financial Modeling Prep, as of Oct 9, 2026