Space Exploration Technologies (SPCX) investor relations material

Company overview and business model

• Designs, manufactures, and launches reusable rockets, operates a global satellite broadband network, and provides vertically integrated AI infrastructure and applications.

• Operates three segments: Space (launch services), Connectivity (Starlink broadband/mobile), and AI (Grok, X platform, compute infrastructure).

• Acquired xAI in 2026, integrating AI compute and model development with space and connectivity businesses.

• Pursues a mission to make life multiplanetary, advance scientific discovery, and build infrastructure for future economies on Earth, Moon, and Mars.

• Business model leverages extreme vertical integration, rapid iteration, and disciplined capital investment to create scalable, durable businesses.

Financial performance and metrics

• 2025 consolidated revenue: $18.7B; loss from operations: $(2.6)B; Adjusted EBITDA: $6.6B.

• Q1 2026 consolidated revenue: $4.7B; loss from operations: $(1.9)B; Adjusted EBITDA: $1.1B.

• 2025 segment results: Space revenue $4.1B, loss from operations $(657)M; Connectivity revenue $11.4B, income from operations $4.4B; AI revenue $3.2B, loss from operations $(6.4)B.

• Starlink Subscribers: 10.3M as of March 31, 2026, up 105% YoY; ARPU declined from $86 to $66/month YoY due to international expansion.

• 2025 capital expenditures: Space $3.8B, Connectivity $4.2B, AI $12.7B; Q1 2026: Space $1.1B, Connectivity $1.3B, AI $7.7B.

• As of March 31, 2026: $15.9B cash, $29.1B long-term debt, $34.5B shareholders' equity.

Use of proceeds and capital allocation

• Net proceeds from the IPO will fund growth strategy: expansion of AI compute infrastructure, launch infrastructure, satellite constellations, and general corporate purposes.

• Ongoing and planned investments in Starship, Starlink, terrestrial and orbital AI compute, and chip manufacturing (Terafab initiative with Tesla and Intel).

• Capital allocation prioritizes rapid scaling of AI infrastructure and continued investment in launch and connectivity segments.