Space Exploration Technologies Corp.
SPCX - Insider Information
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+ FollowMarket Cap$1.69T
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Earnings Call Q3 2026
October 20, 2026 - AI Summary
Strong financial momentum (good; fundamentals + leverage)
- Q3’26 revenue: $14.6B, +161% YoY (vs $5.6B).
- Net income: $4.4B (improved by +$5.5B YoY vs net loss of $1.1B).
- Adjusted EBITDA: $8.8B, +306% YoY—implying strong operating leverage as recurring Starlink + fast-growing SI scale.
- Segment highlights:
- Space revenue: $1.8B (+6% YoY; +84% sequential).
- Connectivity revenue: $5.2B (+69% YoY; +22% sequential) with 55% gross margins (includes ~3% one-time benefit).
- SI (Super Intelligence) revenue: $7.6B, +$5.0B QoQ / +$6.7B YoY driven by cloud compute agreements.
Outlook: major acceleration expected across SI infrastructure and Starship (forecast; what to watch next)
- SI compute build-out: ended Q3 with 1.7 GW nameplate compute capacity; expects ~2.2 GW by end of Oct and 2.5–3.0 GW by end of Q4 (visibility into accelerated deployment path).
- Q4 capex raised: total company capex expected $35B–$40B (in Q4 vs Q3 $19.6B), reflecting intensified SI infrastructure + continued Starship/satellite production.
- Q1’27 revenue outlook: $33B–$37B (incremental guidance based on near-term compute contract pipeline).
- Starship cadence expectations (operational ramp): Elon expects weekly flights in the first half of next year, then twice weekly (or more) by end of next year as rapid reusability progresses.
Starship milestones: potentially transformative but still execution-dependent (opportunity + challenge)
- Flight 14: reached orbit and deployed operational Starlink V3 satellites—called a major technical milestone.
- Flight 15: attempt to catch both booster and ship; success would be a first for an orbital vehicle full recovery and a key step toward “airplane-like” reusability.
- If catch fails: they expect a steady stream of attempts through end of 2026 and acceleration in 2027—so the path is iterative, not binary.
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$-161.49
214.3% downside
Current Fair Value
214.3% downsideOvervalued by 214.3% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $1.69 Trillion |
|---|---|
| Enterprise Value | $1.64 Trillion |
| Earnings per Share | $-1.69 |
| Beta | 0 |
| Outstanding Shares | 11,942,000,000 |
Return
| Return on Equity | -0.74% |
|---|---|
| Return on Assets | -0.49% |
| Return on Invested Capital | 2.90% |
Valuation & Multiples
| P/E Ratio | -136.08 |
|---|---|
| PEG | 14.57 |
| Price to Sales | 70.66 |
| Price to Book Ratio | 14.13 |
| Enterprise Value to Revenue | 52.69 |
| Enterprise Value to EBIT | 330.18 |
| Enterprise Value to Net Income | -1745 |
| Total Debt to Enterprise | 0.03 |
| Debt to Equity | 0.37 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 3, 2026
EPS Estimate
$0.14
Consensus analyst estimateRevenue Estimate
$12.89 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 25, 2027
EPS Estimate
$0.40
Consensus analyst estimateRevenue Estimate
$22.69 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 1.31, the ratio is above 1, so institutions hold more puts than calls. That is a more cautious stance.
| Put/Call Ratio | 1.3143▲ 52.70% |
|---|---|
| Total Calls | 475,000▼ 99.49% |
| Total Puts | 624,300▼ 99.15% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 4.10%▼ 90.85% |
|---|---|
| Total Invested | $36.24B▼ 94.25% |
| Investors Holding | 1,195▼ 746.00% |
About Space Exploration Technologies Corp.
22,000 employees
CEO: Elon Musk
Space Exploration Technologies Corp., doing business as SpaceX, engages in the design, manufacture, and launch of rockets and spacecraft. It provides satellite communication services.