How Big Will the SpaceX IPO Be?
Operated up to now as a private business, SpaceX will…
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Revenue | $78.2B | $98.4B | $136.8B | $145.9B | $140.4B | |
| Revenue Growth (YoY) | 6.22% | 25.84% | 39.1% | 6.67% | -3.76% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $1.1B | $1.4B | $553.2M | $1.6B | -- | |
| Operating Expenses | -$16.9B | -$15.5B | -$17.3B | -$20.5B | -$20.6B | |
| Operating Income | $16.9B | $15.5B | $17.3B | $20.5B | $20.6B | |
| Net Interest Expenses | $5.9B | $9B | $13.9B | $16.1B | -- | |
| EBT. Incl. Unusual Items | $16.7B | $15.3B | $17.1B | $19.8B | $20.3B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | $1.7B | |
| Income Tax Expense | $5.8B | $4.7B | $4.6B | $5.7B | $5.3B | |
| Net Income to Company | $11.4B | $11.4B | $13.2B | $14.9B | -- | |
| Minority Interest in Earnings | $1.8B | $1.2B | $1.2B | $1.3B | $1.6B | |
| Net Income to Common Excl Extra Items | $11.4B | $11.3B | $13.2B | $14.9B | $15.8B | |
| Basic EPS (Cont. Ops) | $0.52 | $0.57 | $0.71 | $0.83 | $1.03 | |
| Diluted EPS (Cont. Ops) | $0.52 | $0.56 | $0.70 | $0.83 | $1.02 | |
| Weighted Average Basic Share | $17.3B | $16.8B | $16.2B | $15.5B | -- | |
| Weighted Average Diluted Share | $17.3B | $16.9B | $16.2B | $15.6B | -- | |
| EBITDA | -- | $52.9B | $87.6B | $94.8B | -- | |
| EBIT | $32.2B | $49.8B | $84.2B | $91.3B | $87.3B | |
| Revenue (Reported) | $78.2B | $98.4B | $136.8B | $145.9B | $140.4B | |
| Operating Income (Reported) | $16.9B | $15.5B | $17.3B | $20.5B | $20.6B | |
| Operating Income (Adjusted) | $32.2B | $49.8B | $84.2B | $91.3B | $87.3B | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Revenue | $20.6B | $27.4B | $34.8B | $36.2B | $17.7B | |
| Revenue Growth (YoY) | 11.82% | 32.74% | 27.26% | 4.06% | -51.27% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $130.4M | $550.1M | $715.1M | $831.4M | -- | |
| Operating Expenses | -$4.3B | -$3.4B | -$4.1B | -$4.9B | -$5.5B | |
| Operating Income | $4.3B | $3.4B | $4.1B | $4.9B | $5.5B | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | $4.2B | $3.4B | $4.1B | $4.7B | $5.5B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | $453.9M | |
| Income Tax Expense | $1.3B | $967M | $778.6M | $1.1B | $1.4B | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | $442.3M | $257.1M | $285M | $317.9M | $445.8M | |
| Net Income to Common Excl Extra Items | $3B | $2.6B | $3.4B | $3.8B | $4.4B | |
| Basic EPS (Cont. Ops) | $0.15 | $0.14 | $0.20 | $0.23 | $0.28 | |
| Diluted EPS (Cont. Ops) | $0.11 | $0.10 | $0.18 | $0.21 | $0.28 | |
| Weighted Average Basic Share | $17.1B | $16.6B | $15.9B | $15.1B | -- | |
| Weighted Average Diluted Share | $23.1B | $24.4B | $17.3B | $16.3B | -- | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $8.9B | $14.5B | $21.2B | $22.1B | $5.5B | |
| Revenue (Reported) | $20.6B | $27.4B | $34.8B | $36.2B | $17.7B | |
| Operating Income (Reported) | $4.3B | $3.4B | $4.1B | $4.9B | $5.5B | |
| Operating Income (Adjusted) | $8.9B | $14.5B | $21.2B | $22.1B | $5.5B | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Revenue | $78.2B | $97.4B | $137B | $144.7B | $103.8B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $1.2B | $1.8B | $1.8B | $2.4B | -- | |
| Operating Expenses | -$16.9B | -$15.4B | -$17.3B | -$19.9B | -$21B | |
| Operating Income | $16.9B | $15.4B | $17.3B | $19.9B | $21B | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | $16.7B | $15.4B | $17.1B | $19.3B | $20.9B | |
| Earnings of Discontinued Ops. | -- | -- | -- | $443.8M | $1.3B | |
| Income Tax Expense | $5.8B | $4.7B | $4.6B | $5.6B | $5.5B | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | $1.8B | $1.2B | $1.2B | $1.3B | $1.6B | |
| Net Income to Common Excl Extra Items | $11.4B | $11.4B | $13.2B | $14.4B | $16.2B | |
| Basic EPS (Cont. Ops) | $0.56 | $0.61 | $0.75 | $0.89 | $1.05 | |
| Diluted EPS (Cont. Ops) | $0.50 | $0.55 | $0.72 | $0.85 | $1.02 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $32.1B | $49.5B | $84.2B | $90.5B | $54.3B | |
| Revenue (Reported) | $78.2B | $97.4B | $137B | $144.7B | $103.8B | |
| Operating Income (Reported) | $16.9B | $15.4B | $17.3B | $19.9B | $21B | |
| Operating Income (Adjusted) | $32.1B | $49.5B | $84.2B | $90.5B | $54.3B | |
| Period Ending | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | 2026-12-31 | |
|---|---|---|---|---|---|---|
| Revenue | $97.4B | $137B | $144.7B | $103.8B | -- | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $1.8B | $1.8B | $2.4B | $813.7M | -- | |
| Operating Expenses | -$15.4B | -$17.3B | -$19.9B | -$21B | -- | |
| Operating Income | $15.4B | $17.3B | $19.9B | $21B | -- | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | $15.4B | $17.1B | $19.3B | $20.9B | -- | |
| Earnings of Discontinued Ops. | -- | -- | $443.8M | $1.3B | -- | |
| Income Tax Expense | $4.7B | $4.6B | $5.6B | $5.5B | -- | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | $1.2B | $1.2B | $1.3B | $1.6B | -- | |
| Net Income to Common Excl Extra Items | $11.4B | $13.2B | $14.4B | $16.2B | -- | |
| Basic EPS (Cont. Ops) | $0.61 | $0.75 | $0.89 | $1.05 | -- | |
| Diluted EPS (Cont. Ops) | $0.55 | $0.72 | $0.85 | $1.02 | -- | |
| Weighted Average Basic Share | $66.6B | $64B | $61.1B | $44.9B | -- | |
| Weighted Average Diluted Share | $76B | $67B | $64.3B | $47B | -- | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $49.5B | $84.2B | $90.5B | $54.3B | -- | |
| Revenue (Reported) | $97.4B | $137B | $144.7B | $103.8B | -- | |
| Operating Income (Reported) | $15.4B | $17.3B | $19.9B | $21B | -- | |
| Operating Income (Adjusted) | $49.5B | $84.2B | $90.5B | $54.3B | -- | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $239.6B | $238.1B | $243.4B | $199B | $178.8B | |
| Short Term Investments | $33.1B | $25.2B | $23.8B | $20.3B | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | $3B | $3.2B | $3.2B | $3.1B | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $363.1B | $381.2B | $409.1B | $386.1B | $490.2B | |
| Property Plant And Equipment | $15.1B | $14.4B | $14.8B | $13.1B | $13.7B | |
| Long-Term Investments | $14.4B | $12.7B | $13.4B | $12.7B | $13B | |
| Goodwill | $14.4B | $14.7B | $15.5B | $14B | -- | |
| Other Intangibles | $4.4B | $5.3B | $6.5B | $6.1B | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $1.8T | $1.9T | $2T | $1.9T | $2.2T | |
| Accounts Payable | $2B | $1.9B | $2.3B | $1.7B | -- | |
| Accrued Expenses | $8B | $9.1B | $10.1B | $9.4B | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | $781.2M | $758.2M | $647.8M | $547.3M | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $1.1T | $1.1T | $1.2T | $1.2T | $191B | |
| Long-Term Debt | $398.7B | $327.1B | $327B | $286.3B | $542.1B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $1.7T | $1.7T | $1.9T | $1.8T | $2.1T | |
| Common Stock | $9.9B | $9B | $8.9B | $7.8B | $8.6B | |
| Other Common Equity Adj | -$11.7B | -$17.2B | -$18.6B | -$16.9B | -- | |
| Common Equity | $98.1B | $94.4B | $104.6B | $102.1B | $121.2B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $11.5B | $9.1B | $9.7B | $9B | $11.2B | |
| Total Equity | $109.6B | $103.4B | $114.4B | $111.1B | $132.4B | |
| Total Liabilities and Equity | $1.8T | $1.9T | $2T | $1.9T | $2.2T | |
| Cash and Short Terms | $298.9B | $290.4B | $296.7B | $247B | -- | |
| Total Debt | $399.5B | $327.9B | $327.6B | $286.9B | $542.1B | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $239.6B | $238.1B | $243.4B | $199B | $178.8B | |
| Short Term Investments | $33.1B | $25.2B | $23.8B | $20.3B | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | $3B | $3.2B | $3.2B | $3.1B | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $363.1B | $381.2B | $409.1B | $386.1B | $490.2B | |
| Property Plant And Equipment | $15.1B | $14.4B | $14.8B | $13.1B | $13.7B | |
| Long-Term Investments | $14.4B | $12.7B | $13.4B | $12.7B | $13B | |
| Goodwill | $14.4B | $14.7B | $15.5B | $14B | -- | |
| Other Intangibles | $4.4B | $5.3B | $6.5B | $6.1B | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $1.8T | $1.9T | $2T | $1.9T | $2.2T | |
| Accounts Payable | $2B | $1.9B | $2.3B | $1.7B | -- | |
| Accrued Expenses | $8B | $9.1B | $10.1B | $9.4B | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | $781.2M | $758.2M | $647.8M | $547.3M | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $1.1T | $1.1T | $1.2T | $1.2T | $191B | |
| Long-Term Debt | $398.7B | $327.1B | $327B | $286.3B | $542.1B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $1.7T | $1.7T | $1.9T | $1.8T | $2.1T | |
| Common Stock | $9.9B | $9B | $8.9B | $7.8B | $8.6B | |
| Other Common Equity Adj | -$11.7B | -$17.2B | -$18.6B | -$16.9B | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $11.5B | $9.1B | $9.7B | $9B | $11.2B | |
| Total Equity | $109.6B | $103.4B | $114.4B | $111.1B | $132.4B | |
| Total Liabilities and Equity | $1.8T | $1.9T | $2T | $1.9T | $2.2T | |
| Cash and Short Terms | $298.9B | $290.4B | $296.7B | $247B | -- | |
| Total Debt | $399.5B | $327.9B | $327.6B | $286.9B | $542.1B | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -$8.8B | $11.4B | $11.4B | $13.2B | $14.9B | |
| Depreciation & Amoritzation | $2.2B | $3.3B | $3.1B | $3.4B | $3.6B | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -$115B | -$86.7B | $30.8B | $87.1B | $63.2B | |
| Capital Expenditures | $9.7B | $13.5B | $11.4B | $14.7B | $11.5B | |
| Cash Acquisitions | $3.3B | $165.5M | $824M | $1.4B | $76.8M | |
| Cash From Investing | $1.3B | -$50.3B | -$5.8B | -$87.5B | -$93.4B | |
| Dividends Paid (Ex Special Dividend) | -- | $1.6B | $1.9B | $2.4B | $3.3B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $4.7B | $6.3B | $125.5M | $7.6B | $7.6B | |
| Long-Term Debt Repaid | -$4.3B | -$3.2B | -$2.4B | -$3.2B | -$4.4B | |
| Repurchase of Common Stock | $864.1M | $1.9B | $2.2B | $3.4B | $5.2B | |
| Other Financing Activities | -$2.5B | -$2.2B | -$4.7B | -$1.7B | -$1.5B | |
| Cash From Financing | $178.8B | $198B | -$10.5B | -$2.2B | -$6B | |
| Beginning Cash (CF) | $115.4B | $182B | $222.2B | $241.5B | $238.5B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $60.2B | $67.2B | $13B | -$3B | -$30.4B | |
| Ending Cash (CF) | $175.7B | $249.3B | $235.3B | $238.5B | $208B | |
| Levered Free Cash Flow | -$124.8B | -$100.1B | $19.4B | $72.3B | $51.8B | |
| 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 | 2018-03-31 | 2019-03-31 | 2020-03-31 | 2021-03-31 | 2022-03-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $9.9B | $10.6B | -- | -- | -- | |
| Depreciation & Amoritzation | $3B | $3B | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -- | -$8.2B | -- | $90.8B | -- | |
| Capital Expenditures | $5.2B | $14.1B | $2.4B | $3.8B | $2.3B | |
| Cash Acquisitions | -$416.8M | $898.8M | -$671.9M | $106.8M | -$62.7M | |
| Cash From Investing | -- | -$79.2B | -- | -- | -- | |
| Dividends Paid (Ex Special Dividend) | -- | $3.7B | -$1.2B | -- | -$574.9M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $5.7B | $1.7B | -- | -- | -- | |
| Long-Term Debt Repaid | -$2.5B | -$5.2B | -- | -- | -- | |
| Repurchase of Common Stock | -- | $1.1B | -- | -- | -- | |
| Other Financing Activities | -$1.4B | -$1.4B | -- | -- | -- | |
| Cash From Financing | -- | $89.6B | -- | -- | -- | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -- | $3.7B | -- | -- | -- | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -- | -$22.3B | $19.5B | $94.7B | -- | |
| Period Ending | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | 2026-12-31 | |
|---|---|---|---|---|---|---|
| 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 | -- | -- | -- | -- | -- | |
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