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 FY26Rev growth
+33% FY25 YoY$14.0B→$18.7B); +15.4% Q1 FY26 YoYGross margin
not disclosed at consolidated levelConnectivity (Starlink) segment ~63% EBITDA margin (FY25Op margin
negative — FY25 operating loss$2.6B), ~-14% margin; Q1 FY26 operating loss ($1.94BCapex 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 varyMarket cap
~$2.0TJun 25-26, 2026; intraday post-IPO; all-time high $225.64 on Jun 16, low $147.11 on Jun 23Across 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
Not financial advice — analyst work product for a qualified professional.