How Big Will the SpaceX IPO Be?
Operated up to now as a private business, SpaceX will…
| Period Ending | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | |
|---|---|---|---|---|---|---|
| Revenue | $52.1B | $48.8B | $63.9B | $77.1B | $83B | |
| Revenue Growth (YoY) | -15.63% | -6.38% | 30.98% | 20.71% | 7.62% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -$82M | $572.1M | $5B | -$644.5K | $293.7M | |
| Operating Expenses | -$8.2B | -$12B | -$4.9B | -$12.1B | -$14.8B | |
| Operating Income | $8.2B | $12B | $4.9B | $12.1B | $14.8B | |
| Net Interest Expenses | $2.9B | $2.5B | $3.7B | $5.2B | $5.1B | |
| EBT. Incl. Unusual Items | $9.8B | $13.3B | $11.6B | $14.2B | $16.7B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $1.7B | $2.5B | $2.7B | $3.3B | $4B | |
| Net Income to Company | $9.8B | $13.3B | $11.6B | $14.2B | $16.7B | |
| Minority Interest in Earnings | $753.8M | $672.8M | $618.5M | $560M | $515.1M | |
| Net Income to Common Excl Extra Items | $8.1B | $10.7B | $8.9B | $10.9B | $12.7B | |
| Basic EPS (Cont. Ops) | $0.57 | $0.79 | $0.67 | $0.86 | $1.05 | |
| Diluted EPS (Cont. Ops) | $0.57 | $0.78 | $0.67 | $0.86 | $1.05 | |
| Weighted Average Basic Share | $12.8B | $12.8B | $12.3B | $12B | $11.6B | |
| Weighted Average Diluted Share | $12.8B | $12.8B | $12.3B | $12B | $11.6B | |
| EBITDA | -- | $21.3B | $31.6B | $51.3B | $56.1B | |
| EBIT | $17.1B | $18.1B | $29.1B | $48.8B | $53.4B | |
| Revenue (Reported) | $52.1B | $48.8B | $63.9B | $77.1B | $83B | |
| Operating Income (Reported) | $8.2B | $12B | $4.9B | $12.1B | $14.8B | |
| Operating Income (Adjusted) | $17.1B | $18.1B | $29.1B | $48.8B | $53.4B | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Revenue | $11.4B | $16.9B | $18.4B | $19.8B | $21.3B | |
| Revenue Growth (YoY) | -6.27% | 47.56% | 9.24% | 7.46% | 7.62% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $63.4M | -- | -- | -- | -- | |
| Operating Expenses | -$2.6B | -$963.3M | -$2.5B | -$2.8B | -$4.1B | |
| Operating Income | $2.6B | $963.3M | $2.5B | $2.8B | $4.1B | |
| Net Interest Expenses | $764.4M | $3.5B | $5.2B | $5.7B | $6.2B | |
| EBT. Incl. Unusual Items | $3.5B | $1.8B | $3.5B | $4.4B | $4.7B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $884.4M | $853.6M | $894.4M | $992.4M | $1.1B | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | $94.3M | $126M | $139.9M | $146.1M | $206.4M | |
| Net Income to Common Excl Extra Items | $2.6B | $918.6M | $2.6B | $3.4B | $3.6B | |
| Basic EPS (Cont. Ops) | $0.20 | $0.07 | $0.21 | $0.28 | $0.30 | |
| Diluted EPS (Cont. Ops) | $0.20 | $0.07 | $0.21 | $0.28 | $0.30 | |
| Weighted Average Basic Share | $12.8B | $12.2B | $12B | $11.6B | $11.4B | |
| Weighted Average Diluted Share | $12.8B | $12.2B | $12B | $11.6B | $11.4B | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $4.6B | $7.1B | $11.9B | $13.9B | $14.5B | |
| Revenue (Reported) | $11.4B | $16.9B | $18.4B | $19.8B | $21.3B | |
| Operating Income (Reported) | $2.6B | $963.3M | $2.5B | $2.8B | $4.1B | |
| Operating Income (Adjusted) | $4.6B | $7.1B | $11.9B | $13.9B | $14.5B | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Revenue | $48.4B | $60B | $73.7B | $83.5B | $82.7B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -$84.3M | $204.2M | $5.3B | -$21M | -- | |
| Operating Expenses | -$11.2B | -$5.6B | -$10.5B | -$14.9B | -$12.9B | |
| Operating Income | $11.2B | $5.6B | $10.5B | $14.9B | $12.9B | |
| Net Interest Expenses | $3.2B | $7.4B | $19.5B | $23.3B | $23.7B | |
| EBT. Incl. Unusual Items | $15.2B | $6B | $18.3B | $17.8B | $17.8B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $3.3B | $2.4B | $2.8B | $4.3B | $4.1B | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | $710.1M | $576.7M | $569.8M | $674.5M | $702.6M | |
| Net Income to Common Excl Extra Items | $12B | $3.6B | $15.5B | $13.5B | $13.7B | |
| Basic EPS (Cont. Ops) | $0.88 | $0.24 | $1.25 | $1.10 | $1.14 | |
| Diluted EPS (Cont. Ops) | $0.88 | $0.24 | $1.23 | $1.09 | $1.13 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $20.3B | $17.7B | $50B | $55.9B | $54.7B | |
| Revenue (Reported) | $48.4B | $60B | $73.7B | $83.5B | $82.7B | |
| Operating Income (Reported) | $11.2B | $5.6B | $10.5B | $14.9B | $12.9B | |
| Operating Income (Adjusted) | $20.3B | $17.7B | $50B | $55.9B | $54.7B | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Revenue | $35.2B | $46.4B | $55.7B | $62.1B | $63.6B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $67.1M | -- | -- | -$20.4M | $121.4M | |
| Operating Expenses | -$9.3B | -$3.6B | -$9.3B | -$12.6B | -$13.4B | |
| Operating Income | $9.3B | $3.6B | $9.3B | $12.6B | $13.4B | |
| Net Interest Expenses | $2.3B | $6.6B | $15.2B | $17.2B | $18.1B | |
| EBT. Incl. Unusual Items | $13.1B | $5.7B | $12.3B | $15.8B | $16.8B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $2.9B | $2.8B | $2.8B | $3.8B | $3.9B | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | $538.3M | $438.1M | $387.3M | $503.5M | $690.7M | |
| Net Income to Common Excl Extra Items | $10.2B | $3B | $9.5B | $12B | $12.9B | |
| Basic EPS (Cont. Ops) | $0.75 | $0.20 | $0.76 | $0.98 | $1.07 | |
| Diluted EPS (Cont. Ops) | $0.75 | $0.20 | $0.76 | $0.98 | $1.07 | |
| Weighted Average Basic Share | $38.5B | $37.2B | $36B | $35B | $34.2B | |
| Weighted Average Diluted Share | $38.5B | $37.2B | $36.1B | $35B | $34.4B | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $16.7B | $16.2B | $37.1B | $44.1B | $45.4B | |
| Revenue (Reported) | $35.2B | $46.4B | $55.7B | $62.1B | $63.6B | |
| Operating Income (Reported) | $9.3B | $3.6B | $9.3B | $12.6B | $13.4B | |
| Operating Income (Adjusted) | $16.7B | $16.2B | $37.1B | $44.1B | $45.4B | |
| Period Ending | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $943.6B | $923.5B | $863.5B | $734.4B | $736.8B | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $1.4T | $1.4T | $1.3T | $1.2T | $1.2T | |
| Property Plant And Equipment | $11.7B | $10.2B | $9.2B | $8.1B | $8.3B | |
| Long-Term Investments | $96.5B | $99.4B | $100.9B | $97.2B | $89.3B | |
| Goodwill | $2.5B | $2.2B | $1.9B | $2.7B | $3.5B | |
| Other Intangibles | $10.5B | $8.8B | $8.3B | $8.4B | $9B | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $3.3T | $3.1T | $2.9T | $2.7T | $2.8T | |
| Accounts Payable | -- | -- | -- | -- | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | $21.1B | $19.9B | $25.9B | $33.9B | $33.9B | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $2T | $1.9T | $1.8T | $1.7T | $1.8T | |
| Long-Term Debt | $279.1B | $249.8B | $271B | $129.5B | $119.3B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $3.1T | $2.9T | $2.8T | $2.5T | $2.6T | |
| Common Stock | $19.4B | $17.6B | $16.1B | $14.1B | $14.3B | |
| Other Common Equity Adj | $731.9M | -$975.2M | -$2.9B | -$5B | -$6.3B | |
| Common Equity | $152.1B | $140.3B | $129.5B | $129.4B | $137.2B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $8.3B | $7.9B | $7.8B | $7.7B | $8.1B | |
| Total Equity | $160.3B | $148.2B | $137.3B | $137.1B | $145.3B | |
| Total Liabilities and Equity | $3.3T | $3.1T | $2.9T | $2.7T | $2.8T | |
| Cash and Short Terms | $933.5B | $907.5B | $852.8B | $725.9B | $729.1B | |
| Total Debt | $399.5B | $371.9B | $305.3B | $279.7B | $242.2B | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $969.9B | $801.2B | $763.9B | $687.1B | $576.8B | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $1.4T | $1.3T | $1.3T | $1.1T | $1.1T | |
| Property Plant And Equipment | $10.9B | $9.6B | $8.7B | $7.8B | $8.8B | |
| Long-Term Investments | $70B | $78.5B | $71.8B | $59.3B | $64.1B | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | -- | -- | -- | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $3.2T | $3T | $2.8T | $2.6T | $2.7T | |
| Accounts Payable | -- | -- | -- | -- | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | $18.5B | $41.8B | $20.7B | $28.1B | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $1.9T | $1.8T | $1.6T | $516.7B | $583.8B | |
| Long-Term Debt | $481.6B | $366.6B | $364.1B | $283.5B | $189.8B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $3T | $2.8T | $2.7T | $2.5T | $2.5T | |
| Common Stock | $18.6B | $16.2B | $15.2B | $13.6B | $13.7B | |
| Other Common Equity Adj | $233.9M | -$4B | -$4.5B | -$5.6B | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $8.1B | $7.9B | $7.9B | $7.9B | $9.2B | |
| Total Equity | $161.7B | $134.1B | $141.8B | $137.6B | $145.5B | |
| Total Liabilities and Equity | $3.2T | $3T | $2.8T | $2.6T | $2.7T | |
| Cash and Short Terms | $959.2B | $795.6B | $754.5B | $680B | -- | |
| Total Debt | $481.6B | $366.6B | $364.1B | $283.5B | $189.8B | |
| Period Ending | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $9.8B | $13.3B | $11.6B | $14.2B | $16.7B | |
| Depreciation & Amoritzation | $3.4B | $3.2B | $2.5B | $2.5B | $2.7B | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | $148.9M | -$8.7B | $1.1B | -$2B | -$3.1B | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -$1.4B | -$29.3B | $11.4B | -$14.7B | $33.9B | |
| Capital Expenditures | $3.7B | $3.4B | $3B | $3.2B | $3B | |
| Cash Acquisitions | $224M | $6.5B | $13.2B | $1.4B | $1.1B | |
| Cash From Investing | $9.1B | -$8B | -$122.6B | -$65.9B | -$51.9B | |
| Dividends Paid (Ex Special Dividend) | $3B | $3B | $2.8B | $3B | $3.5B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $2.8B | $2B | $5.2B | $7.7B | $5B | |
| Long-Term Debt Repaid | -$3.8B | -$7B | -$6B | -$1.5B | -$3.5B | |
| Repurchase of Common Stock | $122.6K | $1.4B | $3.3B | $2.8B | $2.7B | |
| Other Financing Activities | -$63.4M | -$261M | -$239M | -$317.5M | -$960.6M | |
| Cash From Financing | $224.9B | $96.1B | $124.1B | $40.4B | $9.8B | |
| Beginning Cash (CF) | $739B | $917.3B | $820.3B | $787.4B | $721.4B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $235.6B | $69.8B | $20.9B | -$25.7B | -$6.4B | |
| Ending Cash (CF) | $971.4B | $986.6B | $841.5B | $761.4B | $716.2B | |
| Levered Free Cash Flow | -$5.2B | -$32.7B | $8.5B | -$17.9B | $30.9B | |
| 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 | 2017-06-30 | 2018-06-30 | 2019-06-30 | 2020-06-30 | 2021-06-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | -- | -- | -- | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -- | -- | -- | -- | -- | |
| Capital Expenditures | -- | $1.6B | $1.9B | $2B | $1.7B | |
| Cash Acquisitions | -- | $505.6M | -$9.9M | -$4.4B | -$196M | |
| Cash From Investing | -- | -- | -- | -- | -- | |
| Dividends Paid (Ex Special Dividend) | -- | -$708M | -$1.2B | -$1.3B | -$1.5B | |
| 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 | -- | -- | -- | -- | -- | |
| 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 | -- | -- | -- | -- | -- | |
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