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SPCX
Space Exploration Technologies Corp.

Space Exploration Technologies Corp.SPCX

Industrials · Aerospace & Defense
140.71USD
-1.07%
Sep 11, 2026
SPCX overview ready
Vertically Integrated Operator Enabling Proliferated National Security Space Sensors
SpaceX is a vertically integrated operator and manufacturer supporting national-security space architectures through Starshield satellite systems, secure connectivity, in-house launch, and participation in government sensing and tracking programs.
NarrativeStrong exposure
National Security Space SystemsProliferated Space Sensors and SatellitesInfrastructure supplier
Price ActionNot measured
ValuationDemanding
The price embeds expectations that run ahead of the cash the business currently produces.
FundamentalsUnder pressure
Ev / sales weak
Primary risk
High capital expenditure requirements.
Market Sep 2Price action Jul 22Research Aug 17

Conviction Level

NarrativeHeat6.7ThemeHeat7.2PriceAction—Valuation0.3CompanyPosition9.3
Price
Loading price history…

Price Action

Not enough price history for a trend read.

Key Financials

Market Cap
$1.1T
Revenue Growth YoY
+91.9%
Latest quarter
Gross Margin
+51.9%
Operating Margin
-1.8%
Trailing twelve months
EV / EBITDA
175.9x
EV / Sales
45.0x
Market metrics as of Sep 2, 2026

Fundamentals & Valuation

Space Exploration Technologies Corp. has an Expensive valuation stance because the price embeds expectations that run ahead of the cash the business currently produces. The price already assumes a business generating about $323.2B a year within 10 years — 2105.7x what the median established company in its field earns today. It trades at 45.0x revenue today, a sales multiple that cannot speak to profits the business has yet to earn. The business behind it shows an operating margin of -2%. The stance depends on growth of this order persisting for years rather than quarters and operating margins turning positive and then expanding materially — on future execution, not on cash the business currently generates.

Both valuation perspectives agree this company is expensive.
IntrinsicExpensive
Today's enterprise value prices this business to generate 2105.7x the median established peer's current free cash flow by year 10.
PeersExpensive
Price paid per unit of growth-plus-operating-margin: this company 50.0 against a peer median of 22.5.
Own historyUnavailable
no retained price history or no quarterly revenue record to rebuild past multiples from

Company Research

Thesis
SpaceX is a vertically integrated operator and manufacturer supporting national-security space architectures through Starshield satellite systems, secure connectivity, in-house launch, and participation in government sensing and tracking programs.
Opportunity
Moderate opportunity
Defense procurement for proliferated low-Earth-orbit sensing, tracking, targeting, and missile-defense satellite architectures that improve resilience and shorten sensor-to-shooter timelines.
Key risk
High capital expenditure requirements.

Narrative & Theme

National Security Space Systems
Part of Proliferated Space Sensors and Satellites · Strong fit
The company has a strong adjacent fit to National Security Space Systems and specifically proliferated space sensing: SpaceX has built Tracking Layer satellites, is included in the Space Force SB-AMTI vendor pool, and its Starshield architecture combines proliferated LEO spacecraft, secure connectivity, and rapid launch.
Narrative HeatNeutral6.7 / 10
Theme HeatHeating up7.2 / 10

Business & Markets

Industrials · Aerospace & Defense
What they do

Space Exploration Technologies Corp. operates a satellite-based broadband network through its Starlink constellation and designs, manufactures, and launches reusable rockets to provide space access.

How it earns

The company generates revenue primarily through subscription-based broadband services and transactional launch service contracts.

Products & services
Starlink satellite broadband service
Reusable rocket launch services
Customers & end markets
Consumer broadband customers
Enterprise customers
Government customers
Commercial satellite operators
Market position

Leader in satellite broadband services with a vertically integrated launch capability.

Demand drivers
Medium cyclicality

Demand for launch services and broadband can fluctuate with commercial and government spending cycles.

Peers

Companies validated as economically comparable to SPCX — similar business, revenue model and scale.
PRICE ACTIONVALUATIONTHEME
Rocket Lab CorporationTrend Under Pressure — Failed ReclaimExpensive9.5High6.7Neutral7.2Heating upLocked$61.96−1.76%
Firefly Aerospace Inc.New Trend — Distribution PressureExpensive8.0High6.7Neutral7.4Heating upLocked$21.06+0.77%
AST SpaceMobile, Inc.Trend Under Pressure — Distribution PressureFair8.0High6.7Neutral6.8NeutralLocked$59.91−4.02%