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 | $13.2B | $12.4B | $16B | $26.2B | $29.6B | |
| Revenue Growth (YoY) | -14.46% | -5.98% | 29.21% | 63.34% | 13.25% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $698.5M | $288M | $83.4M | $161.6M | $122M | |
| Operating Expenses | -$3.9B | -$5.8B | -$6.7B | -$8.4B | -$9.4B | |
| Operating Income | $3.9B | $5.8B | $6.7B | $8.4B | $9.4B | |
| Net Interest Expenses | $693.8M | $417.5M | $1B | $2.5B | $3.1B | |
| EBT. Incl. Unusual Items | $3.9B | $5.8B | $6.7B | $8.4B | $9.5B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $443.7M | $724M | $861.5M | $1.1B | $1.2B | |
| Net Income to Company | $3.9B | $5.8B | $6.8B | $8.6B | $9.6B | |
| Minority Interest in Earnings | $25.4M | $1.5M | $725.2K | $744.5K | $748.3K | |
| Net Income to Common Excl Extra Items | $3.4B | $5B | $5.9B | $7.4B | $8.4B | |
| Basic EPS (Cont. Ops) | $4.77 | $7.07 | $8.31 | $10.48 | $11.80 | |
| Diluted EPS (Cont. Ops) | $4.77 | $7.07 | $8.31 | $10.48 | $11.80 | |
| Weighted Average Basic Share | $699.4M | $704.6M | $707.5M | $709M | $710.8M | |
| Weighted Average Diluted Share | $699.4M | $704.6M | $707.5M | $709M | $710.8M | |
| EBITDA | -- | -- | $10.8B | $19.5B | $22.4B | |
| EBIT | $6.2B | $7.1B | $10.3B | $19B | $21.8B | |
| Revenue (Reported) | $13.2B | $12.4B | $16B | $26.2B | $29.6B | |
| Operating Income (Reported) | $3.9B | $5.8B | $6.7B | $8.4B | $9.4B | |
| Operating Income (Adjusted) | $6.2B | $7.1B | $10.3B | $19B | $21.8B | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Revenue | $2.7B | $2.7B | $3.8B | $4.1B | $4.4B | |
| Revenue Growth (YoY) | 2.04% | 0.81% | 38.76% | 7.52% | 8.83% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $1.2B | $1.2B | $1.5B | $1.6B | $1.8B | |
| Operating Income | -- | -- | -- | -- | -- | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | $1.5B | $1.5B | $2.2B | $2.4B | $2.6B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | -- | -- | $284.5M | $304.4M | -- | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $1.3B | $1.3B | $2B | $2.1B | $2.2B | |
| Basic EPS (Cont. Ops) | $1.81 | $1.86 | $2.77 | $2.89 | $3.06 | |
| Diluted EPS (Cont. Ops) | $1.81 | $1.86 | $2.77 | $2.89 | $3.06 | |
| Weighted Average Basic Share | $706.2M | $707.7M | $709.2M | $711M | $709.4M | |
| Weighted Average Diluted Share | $706.2M | $707.7M | $709.2M | $711M | $709.4M | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $1.5B | $1.5B | $2.2B | $2.4B | $2.6B | |
| Revenue (Reported) | $2.7B | $2.7B | $3.8B | $4.1B | $4.4B | |
| Operating Income (Reported) | -- | -- | -- | -- | -- | |
| Operating Income (Adjusted) | $1.5B | $1.5B | $2.2B | $2.4B | $2.6B | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Revenue | $12.4B | $12.5B | $22.1B | $28.3B | $29.6B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | -$5.1B | -$5.6B | -$8.1B | -$8.8B | -$9.7B | |
| Operating Income | $5.1B | $5.6B | $8.1B | $8.8B | $9.7B | |
| Net Interest Expenses | $439.5M | $481.4M | $2B | $2.8B | $3.1B | |
| EBT. Incl. Unusual Items | $5.1B | $5.7B | $8.1B | $8.8B | $9.7B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $579M | $721.2M | $1.1B | $1.1B | $1.4B | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | $11.8M | $81.9M | $748.3K | -- | $754.2K | |
| Net Income to Common Excl Extra Items | $4.5B | $4.9B | $7.2B | $7.9B | $8.5B | |
| Basic EPS (Cont. Ops) | $6.38 | $6.87 | $10.14 | $11.08 | $11.99 | |
| Diluted EPS (Cont. Ops) | $6.38 | $6.86 | $10.14 | $11.08 | $11.99 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | -- | $7.9B | $16.5B | $21.6B | $22.2B | |
| EBIT | $6.5B | $7.1B | $15.7B | $20.7B | $21.3B | |
| Revenue (Reported) | $12.4B | $12.5B | $22.1B | $28.3B | $29.6B | |
| Operating Income (Reported) | $5.1B | $5.6B | $8.1B | $8.8B | $9.7B | |
| Operating Income (Adjusted) | $6.5B | $7.1B | $15.7B | $20.7B | $21.3B | |
| Period Ending | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | 2026-06-30 | |
|---|---|---|---|---|---|---|
| Revenue | $5.4B | $7.5B | $8.2B | $8.8B | -- | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $2.4B | $2.9B | $3.2B | $3.4B | -- | |
| Operating Income | -- | -- | -- | -- | -- | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | $3B | $4.5B | $4.9B | $5.2B | -- | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | -- | $573.4M | $626.7M | -- | -- | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $2.6B | $3.9B | $4.3B | $4.3B | -- | |
| Basic EPS (Cont. Ops) | $3.74 | $5.49 | $6.00 | $6.08 | -- | |
| Diluted EPS (Cont. Ops) | $3.74 | $5.49 | $6.00 | $6.08 | -- | |
| Weighted Average Basic Share | $1.4B | $1.4B | $1.4B | $1.4B | -- | |
| Weighted Average Diluted Share | $1.4B | $1.4B | $1.4B | $1.4B | -- | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $3B | $4.5B | $4.9B | $5.2B | -- | |
| Revenue (Reported) | $5.4B | $7.5B | $8.2B | $8.8B | -- | |
| Operating Income (Reported) | -- | -- | -- | -- | -- | |
| Operating Income (Adjusted) | $3B | $4.5B | $4.9B | $5.2B | -- | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $38.3B | $41.8B | $40.4B | $38.1B | $43B | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $70.9B | $64.3B | $80.1B | $62.7B | $78.9B | |
| Property Plant And Equipment | $2.5B | $2.4B | $2.4B | $2.8B | $2.6B | |
| Long-Term Investments | $1.1B | $2.2B | $3.4B | $2.7B | $4B | |
| Goodwill | -- | -- | $4B | $4.6B | $4.5B | |
| Other Intangibles | -- | -- | -- | $175.7M | $147.8M | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $491.9B | $509.1B | $554.4B | $560.7B | $606.5B | |
| Accounts Payable | $368.5M | $270.7M | $261.7M | $291.9M | $171.5M | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $325.5B | $346.3B | $322.4B | $291.3B | $315.1B | |
| Long-Term Debt | $17.1B | $20.5B | $19.4B | $21.4B | $20.9B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $453.1B | $468B | $513.7B | $515.3B | $557.8B | |
| Common Stock | $8.7B | $8.8B | $8.8B | $9B | $8.7B | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | $38.8B | $40.9B | $40.6B | $45.2B | $48.7B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $12.9M | $139.5M | $137.9M | $138M | $34.5M | |
| Total Equity | $38.8B | $41B | $40.8B | $45.4B | $48.7B | |
| Total Liabilities and Equity | $491.9B | $509.1B | $554.4B | $560.7B | $606.5B | |
| Cash and Short Terms | $77.2B | $80.1B | $85.8B | $90B | $103.1B | |
| Total Debt | $17.3B | $20.6B | $42.7B | $41.5B | $53.7B | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $77.4B | $78.9B | $81.2B | $103B | $110.7B | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $93.1B | $107.3B | $119.5B | $120.7B | $129.6B | |
| Property Plant And Equipment | $2.5B | $2.3B | $2.4B | $2.6B | $2.9B | |
| Long-Term Investments | $105.3B | $127.6B | $150.9B | $143.6B | $180.5B | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | -- | -- | -- | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $499.3B | $535.3B | $558.8B | $582.2B | $659.8B | |
| 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 | -- | -- | -- | -- | -- | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $456.3B | $495.1B | $515.4B | $534B | $606B | |
| Common Stock | $8.5B | $8.3B | $8.6B | $8.7B | $9.2B | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $131.5M | $137.1M | $137.9M | $142.2M | $36.1M | |
| Total Equity | $42.9B | $40.3B | $43.5B | $48.3B | $53.8B | |
| Total Liabilities and Equity | $499.3B | $535.3B | $558.8B | $582.2B | $659.8B | |
| Cash and Short Terms | $77.4B | $78.9B | $81.2B | $103B | $110.7B | |
| Total Debt | -- | -- | -- | -- | -- | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $3.9B | $5.8B | $6.8B | $8.6B | $9.6B | |
| Depreciation & Amoritzation | $469.8M | $497.8M | $508.3M | $555.4M | $620.3M | |
| Stock-Based Compensation | $95M | $99.7M | $97.2M | $132.5M | $132.4M | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $4.5B | $4.3B | $7.1B | $10.8B | $11.5B | |
| Capital Expenditures | $396.6M | $421.9M | $485.1M | $534.6M | $685.4M | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$19.6B | -$30.7B | -$32.1B | -$13.7B | -$44B | |
| Dividends Paid (Ex Special Dividend) | $1.7B | $1.8B | $2.7B | $4.5B | $4.6B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | $744.2M | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -$191.2M | -- | -$2.3B | -- | |
| Repurchase of Common Stock | $904M | $11.9M | $8M | $14.9M | $159.4M | |
| Other Financing Activities | $1B | -$634.8M | -- | -- | -- | |
| Cash From Financing | $32.5B | $29.9B | $24.2B | $633.6M | $38.8B | |
| Beginning Cash (CF) | $14.5B | $31.4B | $33.9B | $32.7B | $29.8B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $17.5B | $4.2B | -$1.5B | -$2.9B | $6.3B | |
| Ending Cash (CF) | $30.6B | $34.7B | $31.9B | $29.7B | $35.4B | |
| Levered Free Cash Flow | $4.1B | $3.8B | $6.6B | $10.3B | $10.8B | |
| 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 | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | -- | -- | -- | |
| Depreciation & Amoritzation | $722.5M | $750.9M | $769M | $862.2M | $944M | |
| Stock-Based Compensation | $103M | $97M | $114.5M | $129.8M | $142.2M | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $2.4B | $4.2B | $9.4B | $11.5B | $5.5B | |
| Capital Expenditures | $412.5M | $428.6M | $507.2M | $525.1M | $668.5M | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$12.4B | -$31.9B | -$23.6B | -$24B | -$51.2B | |
| Dividends Paid (Ex Special Dividend) | $1B | $2.7B | $3.9B | $4B | $5.3B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | $609.5M | $8.7M | $12.5M | $12.5M | $434.9M | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | $24.5B | $30.2B | $4.5B | $26.5B | $43.1B | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $14.5B | $3.7B | -$10.8B | $13.1B | -$2.6B | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | $2B | $3.8B | $8.9B | $10.9B | $4.9B | |
| 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 | -- | $1.4M | -- | -- | -- | |
| 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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