How Big Will the SpaceX IPO Be?
Operated up to now as a private business, SpaceX will…
| Period Ending | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | |
|---|---|---|---|---|---|---|
| Revenue | $21.2B | $22.3B | $25.5B | $48.4B | $56.1B | |
| Revenue Growth (YoY) | 1.71% | 5.18% | 14.51% | 89.69% | 15.96% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $669M | $283M | $181.8M | $235M | $526M | |
| Operating Expenses | -$5.8B | -$6.8B | -$7.6B | -$9.2B | -$11.3B | |
| Operating Income | $5.8B | $6.8B | $7.6B | $9.2B | $11.3B | |
| Net Interest Expenses | $1.2B | $1.3B | $1.6B | $6.1B | $6.2B | |
| EBT. Incl. Unusual Items | $5.8B | $6.8B | $7.7B | $9.2B | $11.4B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $1.5B | $1.7B | $1.9B | $1.3B | $2.7B | |
| Net Income to Company | $4.4B | $5.2B | $6.2B | $7.6B | $8.1B | |
| Minority Interest in Earnings | $3.2M | $13.2M | $18.9M | $167.2M | $313.2M | |
| Net Income to Common Excl Extra Items | $4.3B | $5.1B | $5.7B | $7.9B | $8.7B | |
| Basic EPS (Cont. Ops) | $2.33 | $2.77 | $3.09 | $3.28 | $1.65 | |
| Diluted EPS (Cont. Ops) | $2.32 | $2.75 | $3.07 | $3.26 | $1.64 | |
| Weighted Average Basic Share | $1.8B | $1.8B | $1.9B | $2.4B | $5.1B | |
| Weighted Average Diluted Share | $1.8B | $1.9B | $1.9B | $2.4B | $5.1B | |
| EBITDA | $13.9B | $14.9B | $17.6B | $28.2B | $33.6B | |
| EBIT | $13.7B | $14.7B | $17.3B | $27.9B | $33.1B | |
| Revenue (Reported) | $21.2B | $22.3B | $25.5B | $48.4B | $56.1B | |
| Operating Income (Reported) | $5.8B | $6.8B | $7.6B | $9.2B | $11.3B | |
| Operating Income (Adjusted) | $13.7B | $14.7B | $17.3B | $27.9B | $33.1B | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Revenue | $5.8B | $6.6B | $13.8B | $13.3B | $14.2B | |
| Revenue Growth (YoY) | 7.17% | 13.79% | 109.79% | -3.81% | 7.23% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | -$1.9B | -$2.1B | -$2.6B | -$2.8B | -$3B | |
| Operating Income | $1.9B | $2.1B | $2.6B | $2.8B | $3B | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | $1.9B | $2.1B | $2.6B | $2.8B | $3B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $480.6M | $511M | $423.3M | $667M | $703.8M | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | $3.2M | $4.5M | $55.3M | $80.9M | $99.3M | |
| Net Income to Common Excl Extra Items | $1.4B | $1.5B | $2.1B | $2.2B | $2.3B | |
| Basic EPS (Cont. Ops) | $0.76 | $0.42 | $0.82 | $0.41 | $0.43 | |
| Diluted EPS (Cont. Ops) | $0.76 | $0.41 | $0.82 | $0.41 | $0.43 | |
| Weighted Average Basic Share | $1.8B | $3.7B | $2.5B | $2.5B | $5.1B | |
| Weighted Average Diluted Share | $1.9B | $3.7B | $2.5B | $2.6B | $5.1B | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $3.9B | $4.6B | $7.7B | $8.4B | $8.2B | |
| Revenue (Reported) | $5.8B | $6.6B | $13.8B | $13.3B | $14.2B | |
| Operating Income (Reported) | $1.9B | $2.1B | $2.6B | $2.8B | $3B | |
| Operating Income (Adjusted) | $3.9B | $4.6B | $7.7B | $8.4B | $8.2B | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Revenue | $22.3B | $24.3B | $41.2B | $56.8B | $57.3B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | -$6.5B | -$7.4B | -$9.1B | -$10.6B | -$11.5B | |
| Operating Income | $6.5B | $7.4B | $9.1B | $10.6B | $11.5B | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | $6.5B | $7.4B | $9.1B | $10.6B | $11.5B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $1.7B | $1.8B | $1.9B | $1.9B | $2.6B | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | $10.4M | $18.3M | $124.7M | $309.1M | $334.7M | |
| Net Income to Common Excl Extra Items | $4.9B | $5.6B | $7.3B | $8.6B | $8.9B | |
| Basic EPS (Cont. Ops) | $2.64 | $2.59 | $3.26 | $2.87 | $2.04 | |
| Diluted EPS (Cont. Ops) | $2.63 | $2.58 | $3.24 | $2.85 | $2.03 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $14.3B | $16.3B | $25.2B | $32.1B | $33B | |
| Revenue (Reported) | $22.3B | $24.3B | $41.2B | $56.8B | $57.3B | |
| Operating Income (Reported) | $6.5B | $7.4B | $9.1B | $10.6B | $11.5B | |
| Operating Income (Adjusted) | $14.3B | $16.3B | $25.2B | $32.1B | $33B | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Revenue | $16.7B | $18.5B | $34.2B | $41.8B | $43.4B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | -$5B | -$5.6B | -$7.1B | -$8.4B | -$8.5B | |
| Operating Income | $5B | $5.6B | $7.1B | $8.4B | $8.5B | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | $5B | $5.6B | $7.1B | $8.4B | $8.5B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $1.3B | $1.4B | $1.4B | $2B | $1.9B | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | $8.9M | $14.1M | $119.9M | $262.1M | $282.8M | |
| Net Income to Common Excl Extra Items | $3.7B | $4.2B | $5.7B | $6.5B | $6.7B | |
| Basic EPS (Cont. Ops) | $2.01 | $1.84 | $2.44 | $2.03 | $1.62 | |
| Diluted EPS (Cont. Ops) | $2.00 | $1.84 | $2.42 | $2.02 | $1.61 | |
| Weighted Average Basic Share | $5.5B | $7.4B | $6.9B | $7.6B | $12.8B | |
| Weighted Average Diluted Share | $5.6B | $7.4B | $6.9B | $7.7B | $12.8B | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $10.8B | $12.5B | $20.4B | $24.7B | $24.6B | |
| Revenue (Reported) | $16.7B | $18.5B | $34.2B | $41.8B | $43.4B | |
| Operating Income (Reported) | $5B | $5.6B | $7.1B | $8.4B | $8.5B | |
| Operating Income (Adjusted) | $10.8B | $12.5B | $20.4B | $24.7B | $24.6B | |
| Period Ending | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $15B | $18.2B | $16B | $22.8B | $19.3B | |
| Short Term Investments | $58.2B | $36.1B | $34.2B | $78B | $69.8B | |
| Accounts Receivable, Net | $1.7B | $1.8B | $2.4B | $3B | $3.8B | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | $594.6M | $751.5M | $870.7M | $2.8B | $2.6B | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $18.3B | $22.3B | $26.3B | $30.6B | $33.3B | |
| Property Plant And Equipment | $592.4M | $829.2M | $1B | $1.5B | $1.8B | |
| Long-Term Investments | -- | -- | -- | $24M | -- | |
| Goodwill | $1B | $988.3M | $912.7M | $19.5B | $19.1B | |
| Other Intangibles | -- | -- | -- | $16.7B | $16B | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $246.1B | $280.2B | $307.9B | $483.9B | $514.8B | |
| Accounts Payable | $3B | $3.1B | $3.9B | $6.4B | $6.7B | |
| Accrued Expenses | $940.8M | $771.8M | $556.4M | $992.3M | $1.2B | |
| Current Portion Of Long-Term Debt | $3.3B | $7.3B | $13B | $15.3B | $15.3B | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $86.9B | $101.8B | $104.5B | $113.2B | $114.8B | |
| Long-Term Debt | $25.8B | $31.2B | $34.1B | $89.7B | $78.1B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $217.3B | $247.4B | $272.6B | $427.6B | $451.8B | |
| Common Stock | $75.4M | $73.2M | $67.9M | $91.1M | $89.5M | |
| Other Common Equity Adj | $6.3B | $6.7B | $7B | $10.4B | $13.5B | |
| Common Equity | $28.7B | $32.6B | $35.2B | $54.3B | $60.7B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $86.5M | $95.1M | $104.7M | $1.6B | $1.9B | |
| Total Equity | $28.8B | $32.7B | $35.3B | $55.9B | $62.6B | |
| Total Liabilities and Equity | $246.1B | $280.2B | $307.9B | $483.5B | $514.4B | |
| Cash and Short Terms | $72.4B | $57.2B | $63B | $119.1B | $107.5B | |
| Total Debt | $25.8B | $31.2B | $34.1B | $89.7B | $78.1B | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $23B | $14.8B | $22.3B | $27B | $21.4B | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | $305.5B | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $23B | $14.8B | $22.3B | $27B | $21.4B | |
| Property Plant And Equipment | $760.7M | $864.9M | $1.4B | $1.7B | $1.8B | |
| Long-Term Investments | -- | -- | -- | -- | -- | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | -- | -- | -- | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $267.7B | $284.7B | $466.5B | $493.9B | $514.7B | |
| Accounts Payable | -- | -- | -- | -- | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | -- | -- | -- | -- | -- | |
| Long-Term Debt | $31.3B | $31.1B | $96.1B | $76.3B | $68.5B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $235.8B | $251.2B | $412.4B | $433.3B | $449.4B | |
| Common Stock | $74.6M | $67.4M | $91.2M | $89.3M | $171.2M | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $92.9M | $99.6M | $1.6B | $1.9B | $2.5B | |
| Total Equity | $31.9B | $33.5B | $54.1B | $60.5B | $65.3B | |
| Total Liabilities and Equity | $267.7B | $284.7B | $466.5B | $493.9B | $514.7B | |
| Cash and Short Terms | -- | -- | $22.3B | $26.9B | -- | |
| Total Debt | $31.3B | $31.1B | $96.1B | $76.3B | $68.5B | |
| Period Ending | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $4.4B | $5.2B | $6.2B | $7.6B | $8.1B | |
| Depreciation & Amoritzation | $186.6M | $225.6M | $291.8M | $373.5M | $450.1M | |
| Stock-Based Compensation | $142.6M | $45.8M | $97.9M | $209.2M | $246.7M | |
| Change in Accounts Receivable | -$212.5M | -$210M | -$641M | -$291.2M | -$862.1M | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $8.2B | $3.2B | $1.9B | $9.6B | $17B | |
| Capital Expenditures | $228.5M | $300.1M | $431.3M | $517.8M | $482.1M | |
| Cash Acquisitions | -- | -- | -- | -- | $8M | |
| Cash From Investing | -$27.9B | -$35.1B | -$40.1B | -$47.2B | -$41.6B | |
| Dividends Paid (Ex Special Dividend) | -- | $482.1M | $1.1B | $1B | $1.8B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $6.5B | $9.7B | $12.8B | $14B | $7.8B | |
| Long-Term Debt Repaid | -$4.4B | -$4.7B | -$7B | -$16.9B | -$17.3B | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | $6.6M | $9.3M | $10.3M | $44M | $71M | |
| Cash From Financing | $24.3B | $36.5B | $43.4B | $40.1B | $27.1B | |
| Beginning Cash (CF) | $8.2B | $12.5B | $14B | $16.8B | $24.7B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $4.5B | $4.6B | $5.2B | $2.5B | $2.5B | |
| Ending Cash (CF) | $12.5B | $15.1B | $17.3B | $25.2B | $23.5B | |
| Levered Free Cash Flow | $8B | $2.9B | $1.4B | $9.1B | $16.5B | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | -- | -- | -- | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -- | -- | -- | -- | -- | |
| Capital Expenditures | -- | -- | -- | -- | -- | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -- | -- | -- | -- | -- | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | -- | -- | -- | -- | -- | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -- | -- | -- | -- | -- | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -- | -- | -- | -- | -- | |
| Period Ending | 2020-03-31 | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $3.6B | $4.4B | -- | $6.1B | $7.6B | |
| Depreciation & Amoritzation | $178.9M | $188.1M | -- | $290M | $631.6M | |
| Stock-Based Compensation | $104.1M | $144.1M | -- | $172.7M | $242.7M | |
| Change in Accounts Receivable | -$137.5M | -$211.6M | -- | -$634.7M | -$291.1M | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $2.5B | $12.5B | -- | $5.9B | $12.3B | |
| Capital Expenditures | $255.2M | $241.6M | -- | $537.2M | $649.6M | |
| Cash Acquisitions | -- | -- | -- | -- | $1.8B | |
| Cash From Investing | -$30B | -$34.2B | -- | -$54.1B | -$44.3B | |
| Dividends Paid (Ex Special Dividend) | -$942M | -$2.3M | -- | -$1.1B | -$1B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $3.8B | $6.6B | -- | $12.5B | $13.9B | |
| Long-Term Debt Repaid | -$4.4B | -$4.4B | -- | -$6.9B | -$16.9B | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | $6.4M | $6.7M | -- | $10.1M | $43.9M | |
| Cash From Financing | $25.7B | $26.1B | -- | $51.3B | $40.4B | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$1.7B | $4.4B | -- | $3.1B | $8.4B | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | $2.2B | $12.2B | -- | $5.3B | $11.7B | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | -- | -- | -- | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -- | -- | -- | -- | -- | |
| Capital Expenditures | -- | -- | -- | -- | -- | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -- | -- | -- | -- | -- | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | -- | -- | -- | -- | $85.4K | |
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | -- | -- | -- | -- | -- | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -- | -- | -- | -- | -- | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -- | -- | -- | -- | -- | |
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