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 | $48.3B | $37B | $52.4B | $56.7B | $30.8B | |
| Revenue Growth (YoY) | 111.73% | -23.36% | 41.5% | 8.15% | -45.67% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $743M | -$6.4B | $2.1B | $3.6B | -- | |
| Operating Expenses | -$6.2B | -$6.2B | -$11.4B | -$12.9B | -$15.4B | |
| Operating Income | $6.2B | $6.2B | $11.4B | $12.9B | $15.4B | |
| Net Interest Expenses | $1.8B | $2B | $3.5B | $4.9B | -- | |
| EBT. Incl. Unusual Items | $6.1B | $6.4B | $11.6B | $13B | $15.2B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $1.3B | $1.8B | $3.2B | $3.7B | $4B | |
| Net Income to Company | $4.8B | $4.6B | $8.4B | $9.4B | -- | |
| Minority Interest in Earnings | -$167.8M | $24.2M | $30.3M | -$7.6M | $22.6M | |
| Net Income to Common Excl Extra Items | $4.8B | $4.6B | $8.4B | $9.4B | $11.2B | |
| Basic EPS (Cont. Ops) | $1.53 | $1.43 | $2.73 | $3.12 | $3.62 | |
| Diluted EPS (Cont. Ops) | $1.53 | $1.43 | $2.73 | $3.12 | -- | |
| Weighted Average Basic Share | $3.2B | $3.2B | $3.1B | $3B | -- | |
| Weighted Average Diluted Share | $3.2B | $3.2B | $3.1B | $3B | -- | |
| EBITDA | -- | $12.2B | $30.3B | $32.8B | -- | |
| EBIT | $9B | $10.5B | $28.5B | $30.9B | $15.2B | |
| Revenue (Reported) | $48.3B | $37B | $52.4B | $56.7B | $30.8B | |
| Operating Income (Reported) | $6.2B | $6.2B | $11.4B | $12.9B | $15.4B | |
| Operating Income (Adjusted) | $9B | $10.5B | $28.5B | $30.9B | $15.2B | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Revenue | $11.9B | $9.2B | $14.4B | $12.7B | $8B | |
| Revenue Growth (YoY) | 99.88% | -23.05% | 56.32% | -11.35% | -37.52% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $127M | -$2M | $1.1B | $1B | -- | |
| Operating Expenses | -$41.1M | -$1.3B | -$2.1B | -$1.9B | -$2.4B | |
| Operating Income | $41.1M | $1.3B | $2.1B | $1.9B | $2.4B | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | $17.1M | $1.3B | $2B | $1.8B | $2.2B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | -$70.9M | -$19.4M | $269.9M | $129.1M | -$89.6M | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | -$107.4M | $12.2M | -$1.1M | -$20.3M | -$2.3M | |
| Net Income to Common Excl Extra Items | $97.2M | $1.1B | $1.7B | $1.6B | $2.3B | |
| Basic EPS (Cont. Ops) | $0.06 | $0.34 | $0.57 | $0.54 | $0.70 | |
| Diluted EPS (Cont. Ops) | $0.06 | $0.34 | $0.57 | $0.54 | -- | |
| Weighted Average Basic Share | $3.2B | $3.2B | $3B | $3B | -- | |
| Weighted Average Diluted Share | $3.2B | $3.2B | $3B | $3B | -- | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $781.8M | $3B | $7B | $5.7B | $2.2B | |
| Revenue (Reported) | $11.9B | $9.2B | $14.4B | $12.7B | $8B | |
| Operating Income (Reported) | $41.1M | $1.3B | $2.1B | $1.9B | $2.4B | |
| Operating Income (Adjusted) | $781.8M | $3B | $7B | $5.7B | $2.2B | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Revenue | $47.9B | $37B | $52.1B | $55.5B | $47.2B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $1.2B | -$5.3B | $2.1B | $3.6B | -- | |
| Operating Expenses | -$6.1B | -$6.5B | -$11.6B | -$13.1B | -$14.8B | |
| Operating Income | $6.1B | $6.5B | $11.6B | $13.1B | $14.8B | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | $6B | $6.4B | $11.4B | $13B | $14.6B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $1.4B | $1.8B | $3.2B | $3.7B | $3.8B | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | -$165M | $23.8M | $30.4M | -$7.3M | $22.2M | |
| Net Income to Common Excl Extra Items | $4.8B | $4.6B | $8.4B | $9.4B | $10.8B | |
| Basic EPS (Cont. Ops) | $1.55 | $1.44 | $2.62 | $3.07 | $3.55 | |
| Diluted EPS (Cont. Ops) | $1.55 | $1.41 | $2.61 | $3.07 | $2.86 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $9B | $10.5B | $28.3B | $30.9B | $23.6B | |
| Revenue (Reported) | $47.9B | $37B | $52.1B | $55.5B | $47.2B | |
| Operating Income (Reported) | $6.1B | $6.5B | $11.6B | $13.1B | $14.8B | |
| Operating Income (Adjusted) | $9B | $10.5B | $28.3B | $30.9B | $23.6B | |
| Period Ending | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | 2026-12-31 | |
|---|---|---|---|---|---|---|
| Revenue | $37B | $52.1B | $55.5B | $47.2B | -- | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -$5.3B | $2.1B | $3.6B | $1.8B | -- | |
| Operating Expenses | -$6.5B | -$11.6B | -$13.1B | -$14.8B | -- | |
| Operating Income | $6.5B | $11.6B | $13.1B | $14.8B | -- | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | $6.4B | $11.4B | $13B | $14.6B | -- | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $1.8B | $3.2B | $3.7B | $3.8B | -- | |
| Net Income to Company | $2.5B | $4.6B | $5.1B | $5.9B | -- | |
| Minority Interest in Earnings | $23.8M | $30.4M | -$7.3M | $22.2M | -- | |
| Net Income to Common Excl Extra Items | $4.6B | $8.4B | $9.4B | $10.8B | -- | |
| Basic EPS (Cont. Ops) | $1.44 | $2.62 | $3.07 | $3.55 | -- | |
| Diluted EPS (Cont. Ops) | $1.41 | $2.61 | $3.07 | $2.86 | -- | |
| Weighted Average Basic Share | $12.8B | $12.7B | $12.2B | $8.9B | -- | |
| Weighted Average Diluted Share | $13.1B | $12.8B | $12.2B | $8.9B | -- | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $10.5B | $28.3B | $30.9B | $23.6B | -- | |
| Revenue (Reported) | $37B | $52.1B | $55.5B | $47.2B | -- | |
| Operating Income (Reported) | $6.5B | $11.6B | $13.1B | $14.8B | -- | |
| Operating Income (Adjusted) | $10.5B | $28.3B | $30.9B | $23.6B | -- | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $165.1B | $130.2B | $109.6B | $52.1B | $44.5B | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $233.7B | $180.1B | $155.8B | $98.5B | $45.7B | |
| Property Plant And Equipment | $11.4B | $11.2B | $9.7B | $8.3B | $21.9B | |
| Long-Term Investments | $4.6B | $2.5B | $4.2B | $6.1B | $3.2B | |
| Goodwill | $4B | $3.9B | $4.1B | $3.8B | -- | |
| Other Intangibles | $6.5B | $6B | $6.5B | $6.4B | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $1.2T | $1T | $1.1T | $966.4B | $1.1T | |
| Accounts Payable | $3.6B | $5.5B | $6.5B | $4.9B | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $586.1B | $539.3B | $529.8B | $492.1B | $50B | |
| Long-Term Debt | $271.3B | $211.9B | $190.1B | $140.8B | $67.8B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $1.1T | $982.4B | $993.6B | $907.8B | $1.1T | |
| Common Stock | $11.5B | $11.1B | $11.5B | $10.7B | $12.2B | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | $72.5B | $57.5B | $70.6B | $58.5B | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $330.9M | $177.2M | $181.2M | $150.1M | $178.5M | |
| Total Equity | $72.9B | $57.7B | $70.8B | $58.6B | $76.8B | |
| Total Liabilities and Equity | $1.2T | $1T | $1.1T | $966.4B | $1.1T | |
| Cash and Short Terms | $165.1B | $130.9B | $109.2B | $53.5B | -- | |
| Total Debt | $271.3B | $211.9B | $190.1B | $140.8B | $67.8B | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $165.1B | $130.2B | $109.6B | $52.1B | $44.5B | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $233.7B | $180.1B | $155.8B | $98.5B | $45.7B | |
| Property Plant And Equipment | $11.4B | $11.2B | $9.7B | $8.3B | $21.9B | |
| Long-Term Investments | $4.6B | $2.5B | $4.2B | $6.1B | $3.2B | |
| Goodwill | $4B | $3.9B | $4.1B | $3.8B | -- | |
| Other Intangibles | $6.5B | $6B | $6.5B | $6.4B | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $1.2T | $1T | $1.1T | $966.4B | $1.1T | |
| Accounts Payable | $3.6B | $5.5B | $6.5B | $4.9B | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $586.1B | $539.3B | $529.8B | $492.1B | $50B | |
| Long-Term Debt | $271.3B | $211.9B | $190.1B | $140.8B | $67.8B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $1.1T | $982.4B | $993.6B | $907.8B | $1.1T | |
| Common Stock | $11.5B | $11.1B | $11.5B | $10.7B | $12.2B | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $330.9M | $177.2M | $181.2M | $150.1M | $178.5M | |
| Total Equity | $72.9B | $57.7B | $70.8B | $58.6B | $76.8B | |
| Total Liabilities and Equity | $1.2T | $1T | $1.1T | $966.4B | $1.1T | |
| Cash and Short Terms | $165.1B | $130.9B | $109.2B | $53.5B | -- | |
| Total Debt | $271.3B | $211.9B | $190.1B | $140.8B | $67.8B | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $3.8B | $4.8B | $4.6B | $8.4B | $9.4B | |
| Depreciation & Amoritzation | $1.6B | $777.7M | $1.8B | $1.8B | $1.9B | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $26.5B | -$5B | -$32.5B | $16.7B | $12.4B | |
| Capital Expenditures | $1.6B | $2.2B | $1.9B | $1.8B | $1.8B | |
| Cash Acquisitions | $443.5M | $527.2M | -- | -- | -- | |
| Cash From Investing | -$64.3B | -$40.8B | $185.6B | -$5.8B | -$9.8B | |
| Dividends Paid (Ex Special Dividend) | $13.7M | $4.8B | $3.1B | $4.6B | $6.3B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | $29.6M | $1.8B | $527.6M | $1.4B | $1.5B | |
| Other Financing Activities | -$1.1M | -$16.6M | -$52.7M | -$7.6M | $24.9M | |
| Cash From Financing | $38B | $46.9B | -$49.9B | -$36.3B | -$55.2B | |
| Beginning Cash (CF) | $15.1B | $16.2B | $15.6B | $122.3B | $96.6B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $77.5M | $1.2B | $103.2B | -$25.6B | -$52.7B | |
| Ending Cash (CF) | $15.7B | $17.5B | $119.1B | $96.6B | $43.9B | |
| Levered Free Cash Flow | $24.8B | -$7.2B | -$34.5B | $14.9B | $10.6B | |
| 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 | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -- | -- | -- | -- | -- | |
| Capital Expenditures | $101.2M | $494.2M | $657.5M | $545.9M | $630.5M | |
| Cash Acquisitions | -$430.2M | $1.1B | $323.9M | $141.1M | $15.9M | |
| Cash From Investing | -- | -- | -- | -- | -- | |
| Dividends Paid (Ex Special Dividend) | -$855.7M | -$1.7B | -$1.8B | -$3B | -$3.5B | |
| 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 | $1B | $2.1B | -$30.9B | -$60B | -$58B | |
| Period Ending | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | 2026-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $2.5B | $4.6B | $5.1B | $5.9B | -- | |
| Depreciation & Amoritzation | $842.6M | $858.2M | $878.6M | $961.6M | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $3.2B | -$32.5B | -$32.9B | $6.6B | -- | |
| Capital Expenditures | $494.2M | $657.5M | $545.9M | $630.5M | -- | |
| Cash Acquisitions | $1.1B | $323.9M | $141.1M | $15.9M | -- | |
| Cash From Investing | $766.9M | $401.3M | -$312.3M | -$474M | -- | |
| Dividends Paid (Ex Special Dividend) | -$1.7B | -$1.8B | -$3B | -$3.5B | -- | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | -$2B | -$646.1M | -- | -- | |
| Other Financing Activities | -$22.4M | -$7.6M | -- | -- | -- | |
| Cash From Financing | -$156.6M | -$3.8B | -$3.1B | -$4.7B | -- | |
| Beginning Cash (CF) | $15.7B | $123.1B | $96.1B | $46B | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $3.8B | -$35.9B | -$36.4B | $1.4B | -- | |
| Ending Cash (CF) | $19.6B | $87.1B | $59.8B | $47.5B | -- | |
| Levered Free Cash Flow | $2.7B | -$33.2B | -$33.5B | $5.9B | -- | |
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