How Big Will the SpaceX IPO Be?
Operated up to now as a private business, SpaceX will…
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Revenue | $95.3B | $181.1B | $182.1B | $190.9B | $196.1B | |
| Revenue Growth (YoY) | 4.91% | 17.93% | 0.57% | 4.81% | 2.72% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $7.2B | -- | -- | -- | -- | |
| Other Inc / (Exp) | $848.7M | $3.5B | $3.4B | $4.3B | $5.4B | |
| Operating Expenses | $32.9B | -$46.2B | -$44.9B | -$41.9B | -$45.5B | |
| Operating Income | -- | $46.2B | $44.9B | $41.9B | $45.5B | |
| Net Interest Expenses | -- | $9.3B | $10.4B | $12.1B | $13.5B | |
| EBT. Incl. Unusual Items | $38.4B | $45.8B | $45.5B | $43.4B | $44.3B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $7B | $8.4B | $7.1B | $5.3B | $5.1B | |
| Net Income to Company | $31.4B | $37.5B | $38.5B | $38.1B | $39.4B | |
| Minority Interest in Earnings | -$68.8M | $116.8M | -$54.4M | $65.5M | $81.7M | |
| Net Income to Common Excl Extra Items | $31.3B | $37.5B | $38.4B | $38.1B | $39.3B | |
| Basic EPS (Cont. Ops) | $2.14 | $2.52 | $2.57 | $2.55 | $2.61 | |
| Diluted EPS (Cont. Ops) | $2.14 | $2.52 | $2.57 | $2.55 | $2.61 | |
| Weighted Average Basic Share | $14.6B | $14B | $14B | $14B | $14B | |
| Weighted Average Diluted Share | $14.6B | $14B | $14B | $14B | $14B | |
| EBITDA | -- | -- | $125.7B | $138.5B | $144.2B | |
| EBIT | $94.3B | $112.5B | $122.5B | $135.4B | $140.9B | |
| Revenue (Reported) | $95.3B | $181.1B | $182.1B | $190.9B | $196.1B | |
| Operating Income (Reported) | -- | $46.2B | $44.9B | $41.9B | $45.5B | |
| Operating Income (Adjusted) | $94.3B | $112.5B | $122.5B | $135.4B | $140.9B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $45.3B | $45.6B | $46.8B | $48.6B | $47.9B | |
| Revenue Growth (YoY) | 20.78% | 0.72% | 2.59% | 3.96% | -1.48% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $1.5B | $1.5B | $644.1M | $1.2B | -- | |
| Operating Expenses | -$12B | -$11.5B | -$11.2B | -$11.7B | -$12.4B | |
| Operating Income | $12B | $11.5B | $11.2B | $11.7B | $12.4B | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | $12B | $11.5B | $11.2B | $11.7B | $12.4B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $2B | $1.5B | $1B | $712.5M | $890.3M | |
| Net Income to Company | -$19B | -$19.5B | -$19.1B | -$19B | -- | |
| Minority Interest in Earnings | $16.4M | -$12.3M | -$22.6M | $40.2M | $144M | |
| Net Income to Common Excl Extra Items | $10B | $10B | $10.2B | $11B | $11.5B | |
| Basic EPS (Cont. Ops) | $0.71 | $0.72 | $0.73 | $0.78 | $0.81 | |
| Diluted EPS (Cont. Ops) | -- | $0.72 | $0.73 | $0.78 | $0.81 | |
| Weighted Average Basic Share | $14B | $14B | $14B | $14B | $14B | |
| Weighted Average Diluted Share | $14B | $14B | $14B | $14B | $14B | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $28.8B | $31.2B | $34.2B | $35.6B | $34.5B | |
| Revenue (Reported) | $45.3B | $45.6B | $46.8B | $48.6B | $47.9B | |
| Operating Income (Reported) | $12B | $11.5B | $11.2B | $11.7B | $12.4B | |
| Operating Income (Adjusted) | $28.8B | $31.2B | $34.2B | $35.6B | $34.5B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $175.6B | $185.7B | $188.6B | $196.8B | $191.6B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $2.7B | $4.4B | $3.3B | $5B | -- | |
| Operating Expenses | -$45.5B | -$45.7B | -$43.8B | -$43.2B | -$45.3B | |
| Operating Income | $45.5B | $45.7B | $43.8B | $43.2B | $45.3B | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | $45.5B | $45.7B | $43.8B | $43.2B | $45.3B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $9B | $7.3B | $5.6B | $4.7B | $5.2B | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | $86.9M | $5.6M | $20.5M | $128.1M | $161.7M | |
| Net Income to Common Excl Extra Items | $36.6B | $38.5B | $38.2B | $38.5B | $40.2B | |
| Basic EPS (Cont. Ops) | $2.61 | $2.75 | $2.72 | $2.58 | $2.86 | |
| Diluted EPS (Cont. Ops) | -- | $2.75 | $2.72 | $2.58 | $2.86 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $109.7B | $120.2B | $131.4B | $140.3B | $134.6B | |
| Revenue (Reported) | $175.6B | $185.7B | $188.6B | $196.8B | $191.6B | |
| Operating Income (Reported) | $45.5B | $45.7B | $43.8B | $43.2B | $45.3B | |
| Operating Income (Adjusted) | $109.7B | $120.2B | $131.4B | $140.3B | $134.6B | |
| Period Ending | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | 2026-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $140.1B | $146B | $149.6B | $143.3B | -- | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $3.4B | $3.4B | $4.1B | $1.5B | -- | |
| Operating Expenses | -$35.6B | -$33.7B | -$33.5B | -$34.4B | -- | |
| Operating Income | $35.6B | $33.7B | $33.5B | $34.4B | -- | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | $35.6B | $33.7B | $33.5B | $34.4B | -- | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $5.7B | $4.2B | $3.6B | $3.7B | -- | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | -$8.8M | $64.5M | $123.8M | $203.8M | -- | |
| Net Income to Common Excl Extra Items | $29.9B | $29.5B | $29.9B | $30.8B | -- | |
| Basic EPS (Cont. Ops) | $2.14 | $2.11 | $2.13 | $2.19 | -- | |
| Diluted EPS (Cont. Ops) | $2.14 | $2.11 | $2.13 | $2.19 | -- | |
| Weighted Average Basic Share | $42B | $42B | $42B | $42B | -- | |
| Weighted Average Diluted Share | $42B | $42B | $42B | $42B | -- | |
| EBITDA | $32.5B | $34.8B | $36.8B | $33B | -- | |
| EBIT | $92.7B | $101.5B | $106.4B | $100B | -- | |
| Revenue (Reported) | $140.1B | $146B | $149.6B | $143.3B | -- | |
| Operating Income (Reported) | $35.6B | $33.7B | $33.5B | $34.4B | -- | |
| Operating Income (Adjusted) | $92.7B | $101.5B | $106.4B | $100B | -- | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $536.6B | $364.1B | $366.5B | $411.8B | $292.3B | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $671B | $643.5B | $737.7B | $946.4B | $696.9B | |
| Property Plant And Equipment | $23.1B | $8.2B | $23.5B | $23.7B | $22.7B | |
| Long-Term Investments | $1.2T | $4.8B | $5.6B | $4.7B | $10.4B | |
| Goodwill | $211.4M | $216.7M | $200.2M | $194.8M | $189.2M | |
| Other Intangibles | $3.6B | $4.2B | $4B | $4B | $4B | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $4.2T | $4.6T | $4.9T | $5.6T | $5.9T | |
| Accounts Payable | -- | $24.1B | $16.2B | $13.5B | $21.5B | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $18.6B | $2.4T | $2.3T | $2.8T | $2.9T | |
| Long-Term Debt | -- | $143.9B | $336B | $173.4B | $224.6B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $3.8T | $4.2T | $4.5T | $5.3T | $5.6T | |
| Common Stock | $65.8B | $54.9B | $50.3B | $49.3B | $47.9B | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | $325.2B | $28.3B | $320.5B | $339.7B | $354.9B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $911.8M | $1.1B | $819.5M | $1.1B | $885.7M | |
| Total Equity | $338.4B | $336B | $332.8B | $352.1B | $366.8B | |
| Total Liabilities and Equity | $4.2T | $4.6T | $4.9T | $5.6T | $5.9T | |
| Cash and Short Terms | $536.6B | $483.7B | $545.5B | $645.1B | $459.1B | |
| Total Debt | $269.8B | $143.9B | $336.6B | $174B | $225.1B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $392.3B | $391.4B | $395.6B | $477.9B | $477B | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $643.1B | $749B | $840.2B | $833.6B | $849.8B | |
| Property Plant And Equipment | $23B | $20.8B | $20.6B | $21.6B | $21.1B | |
| Long-Term Investments | $5.7B | $11.3B | $7.4B | $5.5B | $6.9B | |
| Goodwill | $213.4M | $193.8M | $189.3M | $196.9M | -- | |
| Other Intangibles | $3.9B | $3.8B | $3.9B | $4.1B | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $4.5T | $4.8T | $5.3T | $6.2T | $6.8T | |
| Accounts Payable | -- | -- | -- | -- | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $1.8T | $1.7T | $1.8T | $1.8T | $2T | |
| Long-Term Debt | $664.6B | $858.5B | $933.5B | $1.5T | $1.6T | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $4.2T | $4.4T | $5T | $5.8T | $6.4T | |
| Common Stock | $54.2B | $49.4B | $47.9B | $49.9B | $49.2B | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $1B | $911.1M | $799.1M | $936M | $942.5M | |
| Total Equity | $323B | $320.4B | $331.5B | $374.9B | $396.9B | |
| Total Liabilities and Equity | $4.5T | $4.8T | $5.3T | $6.2T | $6.8T | |
| Cash and Short Terms | $526.2B | $545.7B | $581.7B | $645.2B | -- | |
| Total Debt | $668.9B | $858.5B | $933.5B | $1.5T | $1.6T | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $31.4B | $37.5B | $38.5B | $38.1B | $39.4B | |
| Depreciation & Amoritzation | $2.8B | $3.1B | $3.2B | $3.1B | $3.3B | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -$300.3B | -$231.3B | -$462.2B | -$513.4B | -$210B | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -$8.8B | $76.3B | $59.1B | $51B | $68.5B | |
| Capital Expenditures | $3.3B | $4B | $3.3B | $4.1B | $3.4B | |
| Cash Acquisitions | -$242.9M | -- | -- | -- | -- | |
| Cash From Investing | -$68B | -$348.5B | -$647.6B | -$722.8B | -$531.7B | |
| Dividends Paid (Ex Special Dividend) | -$15.7B | $12.2B | $13B | $13.5B | $13.9B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $250.9B | $253.2B | $303B | $472.5B | $502.2B | |
| Long-Term Debt Repaid | -$212.8B | -$231.9B | -$246.6B | -$408B | -$443.5B | |
| Repurchase of Common Stock | -- | -- | -- | -- | $16.7B | |
| Other Financing Activities | $16.7B | $5.4B | $11.2B | $5.3B | $2.1B | |
| Cash From Financing | $39.1B | $266.4B | $672.8B | $785B | $370.8B | |
| Beginning Cash (CF) | $210.8B | $182B | $167.4B | $241.1B | $350.2B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$37.7B | -$7.8B | $86.3B | $113.9B | -$92.6B | |
| Ending Cash (CF) | $170.3B | $174.2B | $253.9B | $355.2B | $257.4B | |
| Levered Free Cash Flow | -$12.1B | $72.2B | $55.9B | $46.9B | $65.1B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -$19B | -$19.5B | -$19.1B | -$19B | -- | |
| Depreciation & Amoritzation | -$1.5B | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | $200.4B | $319.5B | $371B | $203.9B | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $37.4B | -$208.7B | -$266.4B | $420B | $23.2B | |
| Capital Expenditures | $829.9M | $374.9M | $2.9B | $1.5B | $1.6B | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$67B | -$341.7B | -$358.1B | -$457.3B | -$170.5B | |
| Dividends Paid (Ex Special Dividend) | $1.3B | $12B | $12.2B | $1.3B | $6.6B | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | $73.8B | $67.3B | $118.2B | $127.9B | -- | |
| Long-Term Debt Repaid | -$65.8B | -$53.8B | -$99.7B | -$118.6B | -- | |
| Repurchase of Common Stock | -- | -- | -- | $16.7B | $4.9B | |
| Other Financing Activities | -$208M | $4B | $5.4B | -$16.9B | -- | |
| Cash From Financing | $35.9B | $594B | $583.1B | $204.2B | $168.9B | |
| Beginning Cash (CF) | $181.6B | $259.1B | $396.1B | $219.4B | -- | |
| Foreign Exchange Rate Adjustment | $15.5M | $549.4M | -$908.5M | -$312.3M | -$142.1M | |
| Additions / Reductions | $6.4B | $44.2B | -$42.3B | $166.6B | $21.5B | |
| Ending Cash (CF) | $187.6B | $293.8B | $344.8B | $388.3B | -- | |
| Levered Free Cash Flow | $36.6B | -$209.1B | -$269.3B | $418.5B | $21.7B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | -- | -- | -- | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $140.7B | $234.5B | $112.5B | $223.5B | -$332.4B | |
| Capital Expenditures | $4.6B | $3.5B | $6.2B | $1.9B | $3.6B | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$359.5B | -$797.1B | -$677.4B | -$799.6B | -$211.3B | |
| Dividends Paid (Ex Special Dividend) | $12.2B | $13.2B | $13.4B | $13.8B | $14B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $290B | $283B | $436.6B | $513B | -- | |
| Long-Term Debt Repaid | -$271.1B | -$226.5B | -$394.6B | -$436.9B | -- | |
| Repurchase of Common Stock | -- | -- | -- | $16.7B | $16.6B | |
| Other Financing Activities | -$688.8M | $17.1B | $5B | -$3.1B | -- | |
| Cash From Financing | $232.5B | $683.2B | $627.7B | $614.8B | $563.2B | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $10.8B | $120.9B | $63.5B | $38.9B | $20.6B | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | $136.1B | $231B | $106.3B | $221.6B | -$336B | |
| Period Ending | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | 2026-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | -- | -- | -- | |
| Depreciation & Amoritzation | $779.5M | $771.3M | $790.5M | $804.9M | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $205.7B | $259B | $431.6B | $30.7B | -- | |
| Capital Expenditures | $1.7B | $4.6B | $2.5B | $2.7B | -- | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$752.1B | -$782.2B | -$859.2B | -$538.8B | -- | |
| Dividends Paid (Ex Special Dividend) | $12.8B | $13.1B | $13.4B | $13.5B | -- | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | $233.8B | $367.3B | $407.9B | $161.1B | -- | |
| Long-Term Debt Repaid | -$179.2B | -$327.1B | -$356B | -$99.5B | -- | |
| Repurchase of Common Stock | -- | -- | $16.7B | $16.6B | -- | |
| Other Financing Activities | $11.2B | $5.1B | -$3.3B | -$171M | -- | |
| Cash From Financing | $679.8B | $635.1B | $465.1B | $657.5B | -- | |
| Beginning Cash (CF) | $638.1B | $991.5B | $873.9B | $253.8B | -- | |
| Foreign Exchange Rate Adjustment | $1.4B | $219.5M | -$373.9M | $902.6M | -- | |
| Additions / Reductions | $134.8B | $112.1B | $37.1B | $150.3B | -- | |
| Ending Cash (CF) | $755B | $1.1T | $911B | $180B | -- | |
| Levered Free Cash Flow | $204B | $254.4B | $429.1B | $28B | -- | |
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