U.S. Space Force / Joshua Conti · public domain
SpaceX
🇺🇸Hawthorne, United StatesLaunch & Satellite InternetNasdaq: SPCX
· Space Exploration Technologies Corp.
Market Cap
~$1.77T (IPO price $135/share × 13.1B shares; intraday peak ~$2.2T on debut day 2026-06-12)
as of 2026-06-12
Revenue (TTM)
$13.1B (estimated FY2024; Starlink $7.7B + launch $5.4B)
as of 2025-01-29
Employees
~13,000
as of 2025-12-31
Founded
2002
Overview
Vertically integrated launch + satellite internet provider. Falcon 9 dominates global commercial launch (~85% US market share in 2025, 165 orbital launches). Starlink is the primary revenue engine (~$7.7B in 2024; 9M+ subscribers by early 2026). Starship under development for Artemis HLS, deep-space missions, and mass Starlink V3 deployment.
Moat: Reusable Falcon 9 booster fleet (individual cores 20+ flights) drives launch cost to $2,700–$3,200/kg to LEO — lowest globally. Vertically integrated supply chain. Starlink network effects with 10,000+ active sats and growing subscriber base provide recurring revenue that funds R&D.
Business
Primary customers
- Government: NASA
- Government: U.S. Space Force / DoD
- Commercial: Commercial satellite operators
- Commercial: Starlink subscribers (4.6M+ in 2024)
Sectors
Launch Services · Satellite Internet · Spacecraft · Lunar Exploration
Gallery
Key Products
- Falcon 9 Block 5operational
Workhorse medium-lift, fully reusable 1st stage; 165 launches in 2025
First flight: 2010-06-04
- Falcon Heavyoperational
3-core heavy-lift (64 t to LEO); same reusable booster tech
First flight: 2018-02-06
- Starship / Super Heavydevelopment
Fully reusable super heavy-lift (150+ t to LEO); Flight 7 booster caught Jan 2025
First flight: 2023-04-20
- Starlinkoperational
10,000+ satellite broadband constellation; $7.7B revenue in 2024
- Dragon (Crew & Cargo)operational
Crew Dragon for NASA CCP; Cargo Dragon for CRS-2 ISS resupply
First flight: 2010-12-08
Government Contracts
| Agency | Program | Amount | Year | Source |
|---|---|---|---|---|
| NASA | Commercial Crew Transportation Capability (CCtCap) — Crew Dragon | $4.93B (total value with extensions) | 2014 | |
| NASA | Artemis Human Landing System (HLS) — Starship | $4.3B (base $2.89B + Option B ~$1.15B modification) | 2021 | |
| USSF / Space Systems Command | NSSL Phase 3 Lane 2 — National Security Launch | $5.9B (anticipated through 2032) | 2025 |
Investor Resources
Primary-source documents — straight from SpaceX's investor relations and SEC filings.
Near-term Catalysts
- 2026 Q2–Q3
Starship Flight 9 — orbital mission with Starlink V3 payload
Validates Starship as a Starlink deployment vehicle; key Artemis HLS milestone
- 2026
Starlink Gen3 / V3 constellation deployment begins
Doubles Starlink capacity; enables direct-to-cell service globally
- 2026-06-12 (completed)
Nasdaq trading debut COMPLETED — SPCX opened at $150, intraday peak ~$169 (~$2.2T); $75B raised at $135/share
Largest IPO in history; first public-market pricing of the Falcon/Starlink/Starship franchise
Top Risks
- Starship development delays could push back Artemis HLS and Starlink V3 timeline
- Regulatory headwinds (FCC, FAA launch licensing) could limit Starlink expansion
- Government contract concentration risk (NASA, DoD ~25% of revenue)
- Escalating SpaceX / xAI / Tesla capital competition for Elon Musk attention
Recent Milestones
- 2025-01-16
Starship Flight 7 — Super Heavy booster caught by 'chopstick' arms for the first time; Ship re-entered Indian Ocean
- 2025
165 orbital launches in 2025 — new annual world record (~85% of US commercial launches)
- 2025
500th reused booster flight achieved; individual cores flying 20+ times
- 2025-12-13
Secondary share sale at $421/share sets $800B valuation — world's most valuable private company
- 2026 Q1
~45–50 Falcon launches in Q1 2026; Starlink surpassed 9M global subscribers
- 2026-06-11
IPO priced at $135/share — raised $75B for 555.6M shares, the largest IPO in history, surpassing Saudi Aramco's 2019 record
- 2026-06-12
Nasdaq debut as SPCX — opened $150 (+11%), intraday high ~$169 (~$2.2T market cap); first day of public trading
From Management
Recent interviews and talks from SpaceX's leadership — hear the strategy in their own words.
What investors should know
Q1What is SpaceX's market capitalization?⌄
SpaceX (SPCX/Nasdaq) debuted on June 12, 2026 at $150/share, implying a market cap of approximately $1.97 trillion at opening (based on ~13.1B total shares). The IPO priced at $135/share ($1.77T mcap) and shares reached an intraday high of ~$169 (~$2.2T). The December 2025 insider secondary sale had valued the private company at roughly $800 billion.
Q2How much revenue does SpaceX generate?⌄
SpaceX is estimated to have generated $13.1 billion in 2024 (Payload Space), with Starlink contributing $7.7 billion (58% of total). Starlink revenue is projected to reach $11.8 billion in 2025 on its own. Launch services contribute ~$5.4 billion annually.
Q3What are SpaceX's main NASA contracts?⌄
SpaceX holds the Commercial Crew Transportation Capability (CCtCap) contract ($4.93B total for Crew Dragon ISS missions), the Artemis Human Landing System contract ($4.3B for Starship-based lunar lander), and participates in NSSL Phase 3 Lane 2 ($5.9B anticipated for national-security launches through 2032).
Q4How many Starlink subscribers does SpaceX have?⌄
Starlink surpassed 9 million global subscribers by early 2026, up from 4.6 million at end of 2024. The constellation has over 7,000 active satellites and is adding direct-to-cell service that could expand the addressable market to virtually every mobile device globally.
Q5When did SpaceX go public?⌄
SpaceX (ticker SPCX) debuted on Nasdaq on June 12, 2026. The IPO priced at $135/share on June 11, raising $75 billion for 555.6 million shares — the largest IPO in history, surpassing Saudi Aramco. Shares opened at $150 (+11%) and reached an intraday high of ~$169, implying a peak market cap near $2.2 trillion on debut day.
Q6What is Starship and why does it matter?⌄
Starship is SpaceX's fully reusable super heavy-lift launch vehicle, capable of carrying 150+ tonnes to LEO. It is under contract with NASA for the Artemis crewed Moon landing (HLS), will deploy next-gen Starlink V3 satellites, and is central to SpaceX's long-term Mars architecture. Starship Flight 7 in January 2025 achieved the first-ever booster catch.
Q7What competitive advantages does SpaceX hold over rivals?⌄
Reusable Falcon 9 boosters (some flying 20+ times) give SpaceX the lowest cost-per-kg to orbit globally. Starlink's 10,000+ satellite network creates consumer lock-in and generates recurring revenue that cross-subsidizes launch R&D. Vertical integration — engines, structures, avionics, software — allows faster iteration than any competitor.
Peers
🇺🇸Blue Origin
$50B–$100B (industry estimates; no external funding)
🇺🇸ULA
Not publicly disclosed (Boeing 50% + Lockheed Martin 50% joint venture)
🇺🇸Rocket Lab
~$68.8B
Sources & References
Agency Document
- NASA — NASA Chooses American Companies to Transport U.S. Astronauts to ISS · 2014-09-16
- NASA — As Artemis Moves Forward, NASA Picks SpaceX to Land Next Americans on Moon · 2021-04-16
- NASA OIG — IG-26-004 Management of Human Landing System Contracts · 2026-03-01
- USSF Space Systems Command — NSSL Phase 3 Lane 2 Contract Award Apr 2025 · 2025-04-04
Trade Press
- CNBC — SpaceX raises $75B in record-setting IPO ahead of Nasdaq debut · 2026-06-11(archived)
- NBC News — SpaceX IPO trading price · 2026-06-11(archived)
- CNBC Live — SpaceX IPO SPCX debut day updates · 2026-06-12(archived)
- CNBC — SpaceX IPO Priced at $135/Share Ahead of Nasdaq Debut (Jun 2026 roadshow) · 2026-06-03(archived)
- Bloomberg — SpaceX Sets $800B Valuation Insider Share Sale Dec 2025 · 2025-12-13(archived)
- Reuters via CNBC — SpaceX Insider Share Sale Sets $800B Valuation · 2025-12-13(archived)
- Payload Space — Estimating SpaceX 2024 Revenue · 2025-01-29(archived)
- SpaceNews — Starlink set to hit $11.8B revenue in 2025 · 2025-08-01(archived)
Upcoming launches by SpaceX
- Rocket
- Falcon 9 Block 5
- Pad
- Space Launch Complex 4E · Vandenberg SFB, CA, USA
- NET
- NET Jun 28, 2026
- Rocket
- Falcon 9 Block 5
- Pad
- Space Launch Complex 40 · Cape Canaveral SFS, FL, USA
- NET
- NET Jun 29, 2026
- Rocket
- Falcon 9 Block 5
- Pad
- Space Launch Complex 4E · Vandenberg SFB, CA, USA
- NET
- NET Jul 2, 2026
- Rocket
- Falcon 9 Block 5
- Pad
- Space Launch Complex 40 · Cape Canaveral SFS, FL, USA
- NET
- NET Jul 3, 2026
- Rocket
- Falcon 9 Block 5
- Pad
- Space Launch Complex 40 · Cape Canaveral SFS, FL, USA
- NET
- NET Jul 9, 2026
Recent launches by SpaceX
- Falcon 9 Block 5 | Türksat 5ASuccess
- Rocket
- Falcon 9 Block 5
- Date
- Jan 8, 2021
- Falcon 9 Block 5 | Starlink 16Success
- Rocket
- Falcon 9 Block 5
- Date
- Jan 20, 2021
- Falcon 9 Block 5 | Transporter 1 (Dedicated SSO Rideshare)Success
- Rocket
- Falcon 9 Block 5
- Date
- Jan 24, 2021
- Starship SN9 | 10 km FlightPartial Failure
- Rocket
- Starship Prototype
- Date
- Feb 2, 2021
- Falcon 9 Block 5 | Starlink 18Success
- Rocket
- Falcon 9 Block 5
- Date
- Feb 4, 2021
Programs this company benefits from
Government and commercial space programs where SpaceX is listed as a contractor, beneficiary, or investable equity exposure.
NASA
Artemis Program
NASA's flagship program to return humans to the Moon and establish sustained lunar presence, Artemis has already flown its first crewed mission (Artemis II, April 2026) and targets the first crewed lunar landing no earlier than early 2028 [1][2]. With over $26B in government-held property spread across six prime programmes and commercial landers from both SpaceX and Blue Origin under contract, it is the largest government-sponsored space endeavour since Apollo [4].
NASA
Commercial Crew Program
NASA's flagship public-private partnership for crewed access to low Earth orbit, the Commercial Crew Program restored US human-launch capability in 2020 and has flown twelve operational rotation missions on SpaceX's Crew Dragon (through Crew-12, February 2026) while Boeing's Starliner remains in post-Crew-Flight-Test recovery [1][2][19]. Combined fixed-price awards exceed $8B (SpaceX $3.1B+, Boeing $4.2B+) — the template for every subsequent NASA commercial-services procurement, including HLS and CLD [3][4].
NASA
Lunar Gateway
Conceived as the first crewed outpost to orbit the Moon — a multinational small space station in near-rectilinear halo orbit (NRHO) staging Artemis surface missions [1] — Gateway was paused 'in its current form' on 2026-03-24, with roughly $20B redirected toward a lunar surface base. Completed hardware (Maxar's PPE and Northrop Grumman's HALO) may be repurposed, and ESA's decision on the disposition of its modules is due June 2026 [4]. Before the pause it had committed over $5B in NASA prime contracts plus billions more in international barter from ESA, JAXA, CSA and the UAE [2][3].
SpaceX (commercial; NASA HLS customer)
Starship Super Heavy
SpaceX's fully reusable super-heavy-lift launch system, Starship/Super Heavy is the most powerful rocket ever built (~16M lbf liftoff thrust) and is simultaneously the architecture for Mars colonization, the contracted Artemis Human Landing System, and the basis for next-generation Starlink deployment [1][2]. NASA's two HLS awards total ~$4.04B (Option A $2.89B + Option B $1.15B) and a Starship-derived lander has been baselined for Artemis III and IV crewed lunar operations [3][4].
Polaris (Jared Isaacman / SpaceX commercial)
Polaris Program
The Polaris Program is a privately financed three-mission commercial human spaceflight series funded by Jared Isaacman and operated with SpaceX [1]. Polaris Dawn (September 2024) achieved the highest crewed Earth orbit since Apollo 17, conducted the first commercial extravehicular activity, and validated next-generation SpaceX EVA suits — a proof-of-concept for commercial deep-space operations independent of government missions [2][3].
NASA
Commercial Lunar Payload Services (CLPS)
CLPS is NASA's $2.6B indefinite-delivery / indefinite-quantity (IDIQ) vendor catalog that buys robotic lunar deliveries from a pre-qualified pool of 14 U.S. commercial landers — turning the Moon into a pay-per-delivery market rather than a flagship cost-plus program [1][2]. After Astrobotic's Peregrine failure (Jan 2024) and Intuitive Machines' historic IM-1 landing (Feb 22, 2024 — the first U.S. soft landing in 52 years, albeit tipped over), Firefly Aerospace's Blue Ghost 1 returned the first fully successful upright commercial landing on March 2, 2025, proving the model and unlocking a multi-year task-order pipeline through IM-3, IM-4 and Blue Ghost 2 [3][4][5][6].
NASA
Europa Clipper
Europa Clipper is NASA's $5.2B flagship mission to Jupiter's moon Europa, launched on Falcon Heavy on October 14, 2024 and en route for a 2030 Jupiter orbit insertion followed by 49 low-altitude flybys of Europa to characterize the moon's icy shell and subsurface ocean's habitability potential [1][2]. As the heaviest planetary mission ever assembled by NASA at 6,065 kg fully fueled and the first NASA flagship to fly on a commercial Falcon Heavy launcher, Clipper anchors a multi-decade contract base across APL (Johns Hopkins), JPL (Caltech), Maxar Technologies (avionics box), L3Harris (magnetometer boom), and SpaceX (launch + $178M contract) [3][4][5].
NASA
Nancy Grace Roman Space Telescope
The Nancy Grace Roman Space Telescope is NASA's next astrophysics flagship — a 2.4m wide-field infrared survey observatory operating at the Sun-Earth L2 Lagrange point, with a 0.281 square-degree field of view 100x larger than Hubble's, targeting dark energy, exoplanet microlensing, and infrared time-domain astronomy [1][2]. Roman uses a 2.4m primary mirror donated by the National Reconnaissance Office in 2012, has a $4.3B development cost cap set by Congress in 2018, and is targeting an October 2026 launch on a SpaceX Falcon Heavy [3][4]. The mission anchors prime contracts at NASA Goddard (integration), BAE Systems / Ball Aerospace (Wide Field Instrument and bus components), L3Harris (optical telescope element), Northrop Grumman (avionics and pointing), and Teledyne (H4RG-10 detectors) [5][6][7][8].
NASA
Psyche Mission
Psyche is NASA's $1.2B Discovery-class mission to the metal-rich asteroid 16 Psyche — the largest known M-type (metallic) asteroid in the main belt — to test whether it represents the exposed iron-nickel core of a differentiated planetesimal that lost its rocky mantle through catastrophic impacts [1][2]. The spacecraft launched on Falcon Heavy on October 13, 2023 and is due to arrive at 16 Psyche in August 2029 following a Mars gravity assist in May 2026 [3][4]. Psyche anchors a sustained set of contracts at Arizona State University (Lindy Elkins-Tanton PI / science lead), NASA JPL (project office), Maxar Technologies (1300-class solar-electric propulsion bus, $122M), and SpaceX (Falcon Heavy launch, $117M) [5][6][7].
NASA
Dragonfly
Dragonfly is NASA's $3.35B New Frontiers 4 rotorcraft mission to Saturn's moon Titan — the first powered, controlled flight of a vehicle on another ocean world [1][2]. Built by Johns Hopkins APL with a nuclear (MMRTG) power source, launching no earlier than July 2028 aboard a SpaceX Falcon Heavy (~$257M launch contract) and arriving Titan in 2034, Dragonfly will hop across dozens of geographically diverse sites to characterize prebiotic chemistry and habitability — a science mandate the September 2025 NASA OIG audit (IG-25-011) confirmed despite a near-doubling of life-cycle cost [3][4].
NASA
NEO Surveyor
NEO Surveyor is NASA's first purpose-built planetary-defense space telescope — a $1.4B+ life-cycle infrared survey designed to find at least two-thirds of the >140 m near-Earth asteroids capable of regional devastation [1][2][3]. Managed by JPL with the spacecraft and instrument from BAE Systems Space & Mission Systems (formerly Ball Aerospace) and the launch on a SpaceX Falcon 9 in September 2027, NEO Surveyor will operate from a Sun-Earth L1 halo orbit for a 5-year prime survey [4][5][6].
Axiom Space (NASA Commercial LEO Destinations)
Axiom Station
Axiom Station is the leading candidate to be the first commercial space station — initially attached to the ISS, then detached as a free-flying orbital outpost as the ISS retires (NET 2030) [1][2]. Privately held Axiom Space, led by former NASA ISS program manager Michael Suffredini, has executed four crewed Axiom Mission flights to the ISS to date, secured a NASA $140M Commercial Destinations contract for the first attached module plus participation in NASA's $415.6M Phase 1 CLD framework, and partnered with Thales Alenia Space (Italy) to manufacture the first two pressurized modules [3][4][5][6]. NASA and Axiom restructured the assembly order in mid-2024 so that the Payload, Power and Thermal Module launches first — enabling free-flight as early as 2028 [7].
Amazon (private)
Project Kuiper / Amazon Leo
Project Kuiper (rebranded Amazon Leo) is Amazon's $10B+ commitment to deploy a 3,236-satellite LEO broadband constellation — the second-largest commercial constellation globally after Starlink — anchored by the largest commercial launch-services procurement in history (up to 83 launches across Vulcan, Atlas V, Ariane 6, Falcon 9 and New Glenn) [1][2][3]. After KuiperSat-1/2 prototypes launched October 2023 and KA-01 operational launches began April 28, 2025 on Atlas V, Amazon faces an FCC license deadline requiring 50% (1,618) of the constellation in active orbit by July 30, 2026 — a target the company filed for a two-year extension on in January 2026 citing launch-vehicle availability [4][5][6].