SPCX
Space Exploration Technologies Corp.

Space Exploration Technologies Corp.SPCX

Industrials · Aerospace & Defense
147.49USD
+1.89%
Oct 26, 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.
Strong narrative exposure
Exposed to the National Security Space Systems narrative through Proliferated Space Sensors and Satellites — infrastructure supplier.
Price Action not measured
Demanding valuation
The price embeds expectations that run ahead of what comparable businesses command.
Fundamentals under pressure
Ev / ebitda is weak.
Primary risk
High capital expenditure requirements.
Market Oct 23Price action Jul 22Research Aug 17

Conviction Level

Business Quality has no canonical measurement for this company — a research-profile dimension, not an input to this score.

NarrativeHeat7.0ThemeHeat7.1PriceAction—Valuation0.3CompanyPosition9.3BusinessQuality—
Price
Loading price history…

Price Action

Not enough price history for a trend read.

Key Financials

Market Cap
$2.0T
Avg Volume (60D)
92.2M
60 sessions
Revenue Growth YoY
+161.4%
Latest quarter
Gross Margin
+56.8%
Operating Margin
+27.6%
Latest quarter
EV / EBITDA
164.3x
EV / Sales
60.2x
Market metrics as of Oct 25, 2026

Fundamentals & Valuation

Only one valuation perspective could be built for this company, and it reads expensive.
Space Exploration Technologies Corp. has an Expensive valuation stance because the price embeds expectations that run ahead of what comparable businesses command. It trades at 164.3x EBITDA and 60.2x revenue, which require sustained delivery to be justified.

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, with 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 HeatHeating up7.0 / 10
Theme HeatHeating up7.1 / 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.