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 | $60.7B | $71B | $72.6B | $71.2B | $69.5B | |
| Revenue Growth (YoY) | 6.11% | 17.12% | 2.23% | -1.99% | -2.35% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $2.1B | $2.8B | $2.3B | $3B | $4.6B | |
| Operating Expenses | -$19.5B | -$24.8B | -$24.7B | -$24.5B | -$24.1B | |
| Operating Income | $19.5B | $24.8B | $24.7B | $24.5B | $24.1B | |
| Net Interest Expenses | $3.4B | $3.2B | $1.9B | $1.7B | $1.7B | |
| EBT. Incl. Unusual Items | $17.3B | $22.4B | $24.1B | $24.6B | $24.5B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $3.5B | $4.2B | $3.8B | $4B | $4B | |
| Net Income to Company | $14.2B | $18.7B | $20.7B | $20.9B | $20.8B | |
| Minority Interest in Earnings | $89.4M | $141.4M | $190.4M | $198.2M | $162.3M | |
| Net Income to Common Excl Extra Items | $14.2B | $18.2B | $20.2B | $20.4B | $20.1B | |
| Basic EPS (Cont. Ops) | $2.75 | $3.58 | $3.91 | $3.97 | $3.93 | |
| Diluted EPS (Cont. Ops) | $2.75 | $3.58 | $3.91 | $3.97 | $3.93 | |
| Weighted Average Basic Share | $5B | $5B | $5B | $5B | $5B | |
| Weighted Average Diluted Share | $5B | $5B | $5B | $5B | $5B | |
| EBITDA | -- | -- | $46.3B | $49.4B | $49.3B | |
| EBIT | $35.1B | $41.4B | $44.2B | $47.3B | $47.1B | |
| Revenue (Reported) | $60.7B | $71B | $72.6B | $71.2B | $69.5B | |
| Operating Income (Reported) | $19.5B | $24.8B | $24.7B | $24.5B | $24.1B | |
| Operating Income (Adjusted) | $35.1B | $41.4B | $44.2B | $47.3B | $47.1B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $17.9B | $17.9B | $17.1B | $17B | $15.9B | |
| Revenue Growth (YoY) | 19.05% | 0.06% | -4.27% | -0.38% | -6.42% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $796M | $714.6M | $625.9M | $834.6M | -- | |
| Operating Expenses | -$6.1B | -$6.6B | -$6B | -$6.1B | -$6B | |
| Operating Income | $6.1B | $6.6B | $6B | $6.1B | $6B | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | $6.1B | $6.6B | $6B | $6.1B | $6B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $1.2B | $1.1B | $795.9M | $805.4M | $985.1M | |
| Net Income to Company | -$9.5B | -$10.6B | -$10.9B | -$10.5B | -- | |
| Minority Interest in Earnings | $37.6M | $69.3M | $54.5M | $30.6M | $40.5M | |
| Net Income to Common Excl Extra Items | $5.1B | $5.5B | $5.3B | $5.4B | $5.5B | |
| Basic EPS (Cont. Ops) | $1.00 | $1.08 | $1.04 | $1.06 | $1.08 | |
| Diluted EPS (Cont. Ops) | $1.00 | $1.09 | $1.04 | $1.06 | $1.08 | |
| Weighted Average Basic Share | $5B | $5B | $5B | $5B | $5B | |
| Weighted Average Diluted Share | $5B | $5B | $5B | $5B | $5B | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $11B | $11.7B | $11.6B | $11.8B | $10.7B | |
| Revenue (Reported) | $17.9B | $17.9B | $17.1B | $17B | $15.9B | |
| Operating Income (Reported) | $6.1B | $6.6B | $6B | $6.1B | $6B | |
| Operating Income (Adjusted) | $11B | $11.7B | $11.6B | $11.8B | $10.7B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $68.6B | $73.6B | $71B | $70B | $66.9B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $2.5B | $2.3B | $2.4B | $4B | -- | |
| Operating Expenses | -$21.2B | -$24.1B | -$23.8B | -$24B | -$24.2B | |
| Operating Income | $21.2B | $24.1B | $23.8B | $24B | $24.2B | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | $21.2B | $24.1B | $23.8B | $24B | $24.2B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $4B | $4B | $3.5B | $3.9B | $4.1B | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | $137.2M | $185.9M | $185.1M | $163.6M | $149.5M | |
| Net Income to Common Excl Extra Items | $17.7B | $20.5B | $20.8B | $20.4B | $20.8B | |
| Basic EPS (Cont. Ops) | $3.49 | $4.03 | $4.08 | $4.01 | $4.09 | |
| Diluted EPS (Cont. Ops) | $3.49 | $4.03 | $4.08 | $4.01 | $4.09 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $39.8B | $44.1B | $45.7B | $47.1B | $44B | |
| Revenue (Reported) | $68.6B | $73.6B | $71B | $70B | $66.9B | |
| Operating Income (Reported) | $21.2B | $24.1B | $23.8B | $24B | $24.2B | |
| Operating Income (Adjusted) | $39.8B | $44.1B | $45.7B | $47.1B | $44B | |
| Period Ending | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | 2026-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $56B | $54.5B | $53B | $49.5B | -- | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $2.2B | $2.5B | $3.7B | $886.1M | -- | |
| Operating Expenses | -$19.3B | -$18.9B | -$18.4B | -$18.1B | -- | |
| Operating Income | $19.3B | $18.9B | $18.4B | $18.1B | -- | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | $19.3B | $18.9B | $18.3B | $18.1B | -- | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $3.2B | $2.9B | $2.8B | $2.8B | -- | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | $159.1M | $153.5M | $118.7M | $106M | -- | |
| Net Income to Common Excl Extra Items | $16.4B | $16.4B | $15.8B | $15.9B | -- | |
| Basic EPS (Cont. Ops) | $3.21 | $3.21 | $3.12 | $3.12 | -- | |
| Diluted EPS (Cont. Ops) | $3.21 | $3.21 | $3.12 | $3.12 | -- | |
| Weighted Average Basic Share | $15.1B | $15.1B | $15.1B | $15.1B | -- | |
| Weighted Average Diluted Share | $15.1B | $15.1B | $15.1B | $15.1B | -- | |
| EBITDA | $12.3B | $12.8B | $12.6B | $11.5B | -- | |
| EBIT | $34.4B | $35.8B | $35.6B | $32.5B | -- | |
| Revenue (Reported) | $56B | $54.5B | $53B | $49.5B | -- | |
| Operating Income (Reported) | $19.3B | $18.9B | $18.4B | $18.1B | -- | |
| Operating Income (Adjusted) | $34.4B | $35.8B | $35.6B | $32.5B | -- | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $82.3B | $89B | $86.7B | $96.2B | $78.6B | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $202.6B | $238.6B | $207.4B | $214.6B | $238.7B | |
| Property Plant And Equipment | $13.5B | $15.5B | $16.9B | $18.7B | $20B | |
| Long-Term Investments | $9.5B | $7.4B | $6.1B | $6.4B | $8.7B | |
| Goodwill | $1.5B | $1.6B | $1.4B | $1.4B | $1.4B | |
| Other Intangibles | $1.5B | $1.4B | $1.2B | $1B | $877.5M | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $1.3T | $1.5T | $1.5T | $1.6T | $1.7T | |
| Accounts Payable | $3.4B | $7.9B | $4.5B | $2.9B | $2.1B | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $639.9B | $759.1B | $735.6B | $690.5B | $711.1B | |
| Long-Term Debt | $214.8B | $207.5B | $171.6B | $187.1B | $185.3B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $1.2T | $1.3T | $1.3T | $1.4T | $1.5T | |
| Common Stock | $3.9B | $4B | $3.6B | $3.6B | $3.5B | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | $17.8B | $20.9B | $118.7B | $130.6B | $143.2B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $435.9M | $1.1B | $1.3B | $1.3B | $1B | |
| Total Equity | $103.5B | $121.2B | $123.9B | $135.7B | $148B | |
| Total Liabilities and Equity | $1.3T | $1.5T | $1.5T | $1.6T | $1.7T | |
| Cash and Short Terms | $134.2B | $132.8B | $139.3B | $151.5B | $166.1B | |
| Total Debt | $215.4B | $208.1B | $172.2B | $187.6B | $185.8B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $85.7B | $84.4B | $82.1B | $89.7B | $76.6B | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $172.6B | $151.1B | $141.4B | $206.1B | $186.9B | |
| Property Plant And Equipment | $15.3B | $16.7B | $17.6B | $20B | $20B | |
| Long-Term Investments | $7.1B | $8B | $6.7B | $7B | $7.2B | |
| Goodwill | $1.5B | $1.4B | $1.4B | $1.4B | -- | |
| Other Intangibles | $1.4B | $1.1B | $993.8M | $923.7M | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $1.4T | $1.4T | $1.5T | $1.7T | $1.8T | |
| Accounts Payable | -- | -- | -- | -- | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $38.8B | $41.3B | $35B | $29.3B | $41.5B | |
| Long-Term Debt | $258.7B | $173.3B | $176.9B | $207.5B | $206.1B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $1.3T | $1.3T | $1.3T | $1.5T | $1.6T | |
| Common Stock | $3.9B | $3.6B | $3.5B | $3.6B | $3.5B | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $1.1B | $1.2B | $1.2B | $1B | $1.1B | |
| Total Equity | $115.4B | $117.7B | $127.1B | $147.8B | $158.1B | |
| Total Liabilities and Equity | $1.4T | $1.4T | $1.5T | $1.7T | $1.8T | |
| Cash and Short Terms | $134.4B | $140.1B | $132.4B | $163B | -- | |
| Total Debt | $258.7B | $173.3B | $176.9B | $207.5B | $206.1B | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $14.2B | $18.7B | $20.7B | $20.9B | $20.8B | |
| Depreciation & Amoritzation | $1.1B | $2B | $2.1B | $2.1B | $2.1B | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -$106.6B | -$94.3B | -$86.1B | -$78.9B | -$76.8B | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $23.3B | $26.3B | $32.4B | $21.4B | $34.8B | |
| Capital Expenditures | $2.8B | $3.7B | $5.2B | $4.3B | $4.9B | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$142B | -$99.7B | -$190.6B | -$128.4B | -$114.5B | |
| Dividends Paid (Ex Special Dividend) | $4.7B | $4.9B | $6B | $6.4B | $7.1B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $46.3B | $68.3B | $17.9B | $26.9B | $37.9B | |
| Long-Term Debt Repaid | -$70.8B | -$47B | -$51.9B | -$30B | -$27.8B | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | $1.3B | -$259M | -$1.9B | $712.5M | -$1.3B | |
| Cash From Financing | $114.2B | $112.4B | $122.4B | $111.2B | $101.4B | |
| Beginning Cash (CF) | $85.4B | $85.6B | $119.4B | $80.2B | $83.5B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$5.3B | $38.6B | -$34.8B | $4.5B | $21.9B | |
| Ending Cash (CF) | $80.1B | $124.2B | $84.4B | $84.7B | $105.4B | |
| Levered Free Cash Flow | $20.6B | $22.6B | $27.3B | $17.1B | $29.9B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -$9.5B | -$10.6B | -$10.9B | -$10.5B | -- | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | $66.5B | $66.9B | $62B | $41.5B | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $21.1B | $24.3B | $4.3B | $10.8B | $2.9B | |
| Capital Expenditures | $1.1B | $413.4M | $711M | $1B | $1.2B | |
| Cash Acquisitions | -- | -$472.3K | -- | -- | -- | |
| Cash From Investing | -$15.8B | -$33.8B | -$17.2B | -$11B | -$24.1B | |
| Dividends Paid (Ex Special Dividend) | $4.9B | $5.8B | $6.5B | $7.2B | $7B | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | $13.1B | $4B | $4.9B | $2.1B | -- | |
| Long-Term Debt Repaid | -$15.4B | -$17.6B | -$8.6B | -$7.4B | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | $563M | -$455.4M | -$185M | $2.2B | -- | |
| Cash From Financing | -$1.4B | -$9.7B | -$17B | $257.6M | -$10.1B | |
| Beginning Cash (CF) | $91.9B | $84.6B | $83.5B | $102.3B | -- | |
| Foreign Exchange Rate Adjustment | $2.6M | $380.5M | $300.9M | -$246M | -$50.6M | |
| Additions / Reductions | $3.9B | -$18.9B | -$29.6B | -$209.8M | -$31.3B | |
| Ending Cash (CF) | $91.4B | $60.3B | $55.1B | $107.6B | -- | |
| Levered Free Cash Flow | $19.9B | $23.9B | $3.6B | $9.7B | $1.7B | |
| 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 | $45.3B | $32.4B | $2.8B | $41.4B | $12.7B | |
| Capital Expenditures | $4.2B | $4.6B | $4.3B | $4.9B | $3.4B | |
| Cash Acquisitions | $189.1M | $851.6M | -$23.3M | -- | -- | |
| Cash From Investing | -$107.6B | -$182.2B | -$112.1B | -$104.8B | -$142.4B | |
| Dividends Paid (Ex Special Dividend) | $5.2B | $6.1B | $6.7B | $7B | $6.9B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $61.3B | $26.3B | $27B | $36.3B | -- | |
| Long-Term Debt Repaid | -$56.9B | -$46.1B | -$27.7B | -$32.9B | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | $2.6B | -$2.4B | -$634.3M | $965.3M | -- | |
| Cash From Financing | $82.7B | $125.9B | $101.5B | $110.6B | $89.3B | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $19.6B | -$22.8B | -$7.3B | $46.6B | -$40.3B | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | $41.2B | $27.8B | -$1.5B | $36.4B | $9.3B | |
| Period Ending | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | 2026-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | -- | -- | -- | |
| Depreciation & Amoritzation | $376M | $549.8M | $535.9M | $532.7M | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $41.3B | $11.6B | $31.6B | $9.5B | -- | |
| Capital Expenditures | $3.8B | $2.9B | $3.6B | $2.2B | -- | |
| Cash Acquisitions | $23.3M | -- | -- | -- | -- | |
| Cash From Investing | -$166.6B | -$88.2B | -$64.6B | -$92.6B | -- | |
| Dividends Paid (Ex Special Dividend) | $5.8B | $6.6B | $7.2B | $7B | -- | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | $9.4B | $18.5B | $27.9B | $6.1B | -- | |
| Long-Term Debt Repaid | -$40.8B | -$16.7B | -$19.6B | -$13.8B | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -$931.6M | $297.9M | $550.7M | $1.1B | -- | |
| Cash From Financing | $70.6B | $49.7B | $49B | $36.9B | -- | |
| Beginning Cash (CF) | $301.8B | $240.1B | $287.9B | $104B | -- | |
| Foreign Exchange Rate Adjustment | $1.2B | $825.2M | -$69.2M | -$93.5M | -- | |
| Additions / Reductions | -$53.6B | -$26.1B | $16B | -$46.2B | -- | |
| Ending Cash (CF) | $236B | $212.3B | $311.8B | $82.9B | -- | |
| Levered Free Cash Flow | $37.4B | $8.7B | $28B | $7.4B | -- | |
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