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 | $77.7B | $72.7B | $94B | $135.4B | $149B | |
| Revenue Growth (YoY) | -17.64% | -6.44% | 29.37% | 44.04% | 10.03% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -$384M | $1.1B | $7.9B | -$3.7B | -$2.1B | |
| Operating Expenses | -$5.3B | -$12.4B | -$30.5B | -$21B | -$25.4B | |
| Operating Income | $5.3B | $12.4B | $30.5B | $21B | $25.4B | |
| Net Interest Expenses | $4.9B | $3.6B | $5.6B | $11.2B | $12.8B | |
| EBT. Incl. Unusual Items | $7.2B | $15.9B | $14.3B | $27.5B | $29.4B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $2.7B | $4.2B | $809M | $5.8B | $7.3B | |
| Net Income to Company | $8.8B | $18.9B | $17.1B | $30.3B | $32.3B | |
| Minority Interest in Earnings | $870M | $776M | $690M | $1B | $1B | |
| Net Income to Common Excl Extra Items | $4.9B | $13.4B | $15B | $23.5B | $23.9B | |
| Basic EPS (Cont. Ops) | $0.19 | $0.62 | $0.72 | $1.15 | $1.25 | |
| Diluted EPS (Cont. Ops) | $0.19 | $0.62 | $0.72 | $1.14 | $1.24 | |
| Weighted Average Basic Share | $20.2B | $20.2B | $19.8B | $19.5B | $18.4B | |
| Weighted Average Diluted Share | $20.2B | $20.3B | $20B | $19.6B | $18.5B | |
| EBITDA | -- | -- | $40.6B | $96.1B | $109.4B | |
| EBIT | $21.4B | $25.6B | $36.8B | $92.6B | $105.3B | |
| Revenue (Reported) | $77.7B | $72.7B | $94B | $135.4B | $149B | |
| Operating Income (Reported) | $5.3B | $12.4B | $30.5B | $21B | $25.4B | |
| Operating Income (Adjusted) | $21.4B | $25.6B | $36.8B | $92.6B | $105.3B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $14.7B | $18.1B | $37.4B | $42B | $37.7B | |
| Revenue Growth (YoY) | 0.03% | 23.08% | 106.72% | 12.45% | -10.18% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $260M | -- | -- | -- | -- | |
| Operating Expenses | -$4.7B | -$9.2B | -$9.6B | -$7.8B | -$6.9B | |
| Operating Income | $4.7B | $9.2B | $9.6B | $7.8B | $6.9B | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | $4.7B | $2.6B | $7.1B | $7.9B | $6.7B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $1.2B | $572M | $1.4B | $1.7B | $1.8B | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | $204M | $192M | $213M | $233M | $219M | |
| Net Income to Common Excl Extra Items | $3.7B | $2.2B | $5.8B | $6.4B | $5.1B | |
| Basic EPS (Cont. Ops) | $0.18 | $0.10 | $0.29 | $0.34 | $0.28 | |
| Diluted EPS (Cont. Ops) | $0.17 | $0.10 | $0.29 | $0.34 | $0.28 | |
| Weighted Average Basic Share | $20.2B | $19.8B | $19.4B | $18.2B | $17.3B | |
| Weighted Average Diluted Share | $20.8B | $20B | $19.4B | $18.2B | $17.3B | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $4.7B | $2.6B | $25.1B | $27.5B | $22.3B | |
| Revenue (Reported) | $14.7B | $18.1B | $37.4B | $42B | $37.7B | |
| Operating Income (Reported) | $4.7B | $9.2B | $9.6B | $7.8B | $6.9B | |
| Operating Income (Adjusted) | $4.7B | $2.6B | $25.1B | $27.5B | $22.3B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $61.4B | $73.4B | $124.5B | $152.3B | $138.3B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -$1M | -$50M | -- | -- | -- | |
| Operating Expenses | -$8.2B | -$29.6B | -$25.4B | -$25.8B | -$23.4B | |
| Operating Income | $8.2B | $29.6B | $25.4B | $25.8B | $23.4B | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | $14.6B | $12B | $31.6B | $28.1B | $22.5B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $4B | $1.1B | $5.4B | $6.4B | $6.9B | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | $852M | $630M | $935M | $1B | $837M | |
| Net Income to Common Excl Extra Items | $12.3B | $12.4B | $27.9B | $23.6B | $17.4B | |
| Basic EPS (Cont. Ops) | $0.56 | $0.59 | $1.37 | $1.22 | $0.94 | |
| Diluted EPS (Cont. Ops) | $0.55 | $0.58 | $1.36 | $1.21 | $0.94 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $17.3B | $14.4B | $88.2B | $104.7B | $88.1B | |
| Revenue (Reported) | $61.4B | $73.4B | $124.5B | $152.3B | $138.3B | |
| Operating Income (Reported) | $8.2B | $29.6B | $25.4B | $25.8B | $23.4B | |
| Operating Income (Adjusted) | $17.3B | $14.4B | $88.2B | $104.7B | $88.1B | |
| Period Ending | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | 2026-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $56.6B | $100.9B | $117.1B | $110.2B | -- | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $115M | -- | -- | -- | -- | |
| Operating Expenses | -$28.4B | -$21.7B | -$24.5B | -$22.7B | -- | |
| Operating Income | $28.4B | $21.7B | $24.5B | $22.7B | -- | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | $10B | $27.2B | $27.8B | $20.9B | -- | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $421M | $5B | $5.6B | $5.2B | -- | |
| Net Income to Company | $8.8B | $21.7B | $21.6B | $15.8B | -- | |
| Minority Interest in Earnings | $531M | $776M | $786M | $603M | -- | |
| Net Income to Common Excl Extra Items | $10.5B | $23.4B | $23.5B | $17B | -- | |
| Basic EPS (Cont. Ops) | $0.50 | $1.15 | $1.23 | $0.93 | -- | |
| Diluted EPS (Cont. Ops) | $0.50 | $1.14 | $1.22 | $0.93 | -- | |
| Weighted Average Basic Share | $59.8B | $59B | $55.5B | $52.5B | -- | |
| Weighted Average Diluted Share | $60.2B | $59.1B | $55.7B | $52.8B | -- | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $10B | $73.8B | $85.9B | $68.6B | -- | |
| Revenue (Reported) | $56.6B | $100.9B | $117.1B | $110.2B | -- | |
| Operating Income (Reported) | $28.4B | $21.7B | $24.5B | $22.7B | -- | |
| Operating Income (Adjusted) | $10B | $73.8B | $85.9B | $68.6B | -- | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $308.6B | $407.2B | $334.3B | $292.2B | $267.7B | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | $8.1B | $8.2B | $10.3B | $13.9B | $13.8B | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $617.9B | $740.1B | $751.6B | $793.7B | $694.3B | |
| Property Plant And Equipment | $10.4B | $10.3B | $12.6B | $12.9B | $11.6B | |
| Long-Term Investments | $334.4B | $226.5B | $313.4B | $257.1B | $297.5B | |
| Goodwill | $5.9B | $5B | $4.2B | $4.3B | $4.1B | |
| Other Intangibles | $14.6B | $15.6B | $7.3B | $8.2B | $8.3B | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $3T | $3T | $2.9T | $3T | $3T | |
| Accounts Payable | $17.4B | $20.4B | $26B | $35.7B | $24.7B | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $378.7B | $404.2B | $485.7B | $554.9B | $475.4B | |
| Long-Term Debt | $114.2B | $128B | $110.6B | $116.6B | $120.8B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $2.8T | $2.8T | $2.8T | $2.9T | $2.8T | |
| Common Stock | $10.3B | $10.3B | $10.1B | $9.6B | $9B | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | $174B | $175.8B | $158.1B | $167.6B | $165.9B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $8.6B | $8.5B | $7.4B | $7.3B | $7.3B | |
| Total Equity | $182.6B | $184.4B | $165.5B | $174.9B | $173.2B | |
| Total Liabilities and Equity | $3T | $3T | $2.9T | $3T | $3T | |
| Cash and Short Terms | $328.7B | $422.4B | $350.1B | $299.6B | $284.5B | |
| Total Debt | $162.6B | $157.1B | $138.5B | $154.3B | $164.2B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $457.8B | $309.5B | $298.8B | $252.3B | $246.8B | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $714.6B | $818B | $882.9B | $611.4B | $650.3B | |
| Property Plant And Equipment | -- | -- | -- | -- | -- | |
| Long-Term Investments | $227.1B | $350.6B | $273.1B | $232.4B | $213.9B | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | -- | -- | -- | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $3T | $3T | $3T | $3.1T | $3.2T | |
| Accounts Payable | $7.6B | -- | -- | -- | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $260.9B | $234.6B | $339.3B | $286.6B | $341.1B | |
| Long-Term Debt | $218.4B | $185.1B | $161.3B | $192.8B | $196.4B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $2.8T | $2.8T | $2.8T | $2.9T | $3T | |
| Common Stock | $10.4B | -- | -- | -- | -- | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $8.5B | $8.3B | $7.1B | $7.3B | $7.3B | |
| Total Equity | $184.3B | $186B | $189.8B | $200B | $198.7B | |
| Total Liabilities and Equity | $3T | $3T | $3T | $3.1T | $3.2T | |
| Cash and Short Terms | $409.9B | $309.5B | $298.8B | $252.3B | -- | |
| Total Debt | $218.4B | $185.1B | $161.3B | $192.8B | $196.4B | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $8.8B | $18.9B | $17.1B | $30.3B | $32.3B | |
| Depreciation & Amoritzation | $5.2B | $3.7B | $3.9B | $3.5B | $4.1B | |
| Stock-Based Compensation | $433M | $467M | $400M | $482M | $529M | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -$14B | $34.7B | $51.1B | $28.3B | $59.4B | |
| Capital Expenditures | $3.5B | $3.6B | $4.4B | $3.7B | $3.9B | |
| Cash Acquisitions | $603M | $106M | $989M | $453M | $12.6B | |
| Cash From Investing | -$15.4B | $3.6B | $15B | -$152.4B | -$135.6B | |
| Dividends Paid (Ex Special Dividend) | $2B | $6.4B | $7B | $12.2B | $17.1B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | -- | $7.3B | $5.2B | $4.4B | |
| Long-Term Debt Repaid | -$3.5B | -$864M | -$1.8B | -$2.1B | -$2B | |
| Repurchase of Common Stock | $181M | $2.1B | $2.4B | $6.4B | $11.9B | |
| Other Financing Activities | -- | -- | -$197M | -$19M | -- | |
| Cash From Financing | $184.6B | $82.7B | -$80.4B | $82.8B | $38.4B | |
| Beginning Cash (CF) | $293.7B | $468.3B | $574B | $521.7B | $490.9B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $174.6B | $105.7B | -$52.4B | -$30.7B | -$56B | |
| Ending Cash (CF) | $468.3B | $574B | $521.7B | $490.9B | $434.9B | |
| Levered Free Cash Flow | -$17.5B | $31.2B | $46.7B | $24.6B | $55.5B | |
| 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 | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | -- | -- | -- | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | $254M | $177M | $228M | $274M | $315M | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -- | -- | -- | -- | -- | |
| Capital Expenditures | $1.4B | $1.8B | $1.5B | $1.5B | $1.8B | |
| Cash Acquisitions | -$84M | -$525M | $1.2B | -$721M | -$29M | |
| Cash From Investing | -- | -- | -- | -- | -- | |
| Dividends Paid (Ex Special Dividend) | -$4.1B | -$4.5B | -$7.5B | -$12.7B | -$8.1B | |
| 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 | $245.5B | $279.8B | $286.3B | $153.1B | $106B | |
| Period Ending | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | 2026-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $8.8B | $21.7B | $21.6B | $15.8B | -- | |
| Depreciation & Amoritzation | $1.9B | $1.6B | $2B | $2.2B | -- | |
| Stock-Based Compensation | $177M | $228M | $274M | $315M | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $42.6B | $30.1B | $26.7B | $13.2B | -- | |
| Capital Expenditures | $1.8B | $1.5B | $1.5B | $1.8B | -- | |
| Cash Acquisitions | -$525M | $1.2B | -$721M | -$29M | -- | |
| Cash From Investing | -$24B | -$34.6B | -$38.8B | -$36.4B | -- | |
| Dividends Paid (Ex Special Dividend) | -$4.5B | -$7.5B | -$12.7B | -$8.1B | -- | |
| Special Dividend Paid | -- | -- | $206K | -- | -- | |
| Long-Term Debt Issued | $2.7B | $2.7B | $2.6B | $2.3B | -- | |
| Long-Term Debt Repaid | -$11M | -$1B | -$2B | -$2B | -- | |
| Repurchase of Common Stock | -$3B | -$4.4B | -$5.8B | -$8.9B | -- | |
| Other Financing Activities | -$197M | -- | -- | -$547M | -- | |
| Cash From Financing | -$5.1B | -$8.3B | -$16.8B | -$13.7B | -- | |
| Beginning Cash (CF) | $574B | $521.7B | $490.9B | $434.9B | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $13.5B | -$12.7B | -$28.9B | -$36.9B | -- | |
| Ending Cash (CF) | $547.3B | $517.5B | $449B | $428.9B | -- | |
| Levered Free Cash Flow | $40.8B | $28.7B | $25.2B | $11.4B | -- | |
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