SPCX·Space launch services + LEO satellite broadband + AI compute infrastructure

SpaceX

ConvictionWeak

Three segments: Connectivity (Starlink subscription broadband, ~$66/mo ARPU, 10.3M subs), Space (commercial/government launch on Falcon 9/Heavy/Starship), and AI (Colossus data-center buildout). Highly vertically integrated; reusable rockets are the structural cost moat.

Revenue

$18.7BFY2025); ~$19.3B LTM to Q1 FY26

Rev growth

+33% FY25 YoY$14.0B→$18.7B); +15.4% Q1 FY26 YoY

Gross margin

not disclosed at consolidated levelConnectivity (Starlink) segment ~63% EBITDA margin (FY25

Op margin

negative — FY25 operating loss$2.6B), ~-14% margin; Q1 FY26 operating loss ($1.94B

Capex intensity

extreme — FY25 capex ~$20.7B>110% of revenue), of which AI $12.7B, Connectivity $4.2B, Space $3.8B; Q1 FY26 capex $7.7B–$10.1B (sources vary

Market cap

~$2.0TJun 25-26, 2026; intraday post-IPO; all-time high $225.64 on Jun 16, low $147.11 on Jun 23

Price · 1-year trend

real · weekly

$152-5% 1yUSD

52-week range

$152 – $211

52w lowas of 2026-06-26 · Yahoo Finance52w high

Across the boards

The thesis on this name

subject

Space / Launch Economics

Full context

The read

Where our coverage leans

Coverage leans bearish

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Full financial intelligence for SpaceX

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

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Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence