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 | $36.1B | $35.8B | $44.3B | $62.1B | $65.1B | |
| Revenue Growth (YoY) | -12.73% | -0.8% | 23.81% | 40.07% | 4.94% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $679.7M | $2.2B | $2.2B | -$372.6M | $7.4B | |
| Operating Expenses | -$7.1B | -$9.6B | -$8.8B | -$10.8B | -$13B | |
| Operating Income | $7.1B | $9.6B | $8.8B | $10.8B | $13B | |
| Net Interest Expenses | $2.3B | $2.1B | $2.9B | $4.3B | $4.6B | |
| EBT. Incl. Unusual Items | $6.3B | $8.3B | $8.1B | $9.3B | $11.2B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $1.5B | $1.9B | $2.1B | $2.6B | $3.4B | |
| Net Income to Company | $6.3B | $8.3B | $8.1B | $9.3B | $11.2B | |
| Minority Interest in Earnings | $29M | $74.9M | $77.3M | $39.7M | $58.3M | |
| Net Income to Common Excl Extra Items | $4.9B | $6.4B | $6B | $6.7B | $7.8B | |
| Basic EPS (Cont. Ops) | $1.18 | $1.53 | $1.45 | $1.67 | $1.98 | |
| Diluted EPS (Cont. Ops) | $1.18 | $1.53 | $1.45 | $1.67 | $1.98 | |
| Weighted Average Basic Share | $4.1B | $4.1B | $4.1B | $4B | $3.9B | |
| Weighted Average Diluted Share | $4.1B | $4.1B | $4.1B | $4B | $3.9B | |
| EBITDA | -- | $13.8B | $25.3B | $41.3B | $43.1B | |
| EBIT | $11.2B | $11.7B | $23.3B | $39.2B | $41.3B | |
| Revenue (Reported) | $36.1B | $35.8B | $44.3B | $62.1B | $65.1B | |
| Operating Income (Reported) | $7.1B | $9.6B | $8.8B | $10.8B | $13B | |
| Operating Income (Adjusted) | $11.2B | $11.7B | $23.3B | $39.2B | $41.3B | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Revenue | $8.9B | $11.5B | $15.6B | $15.5B | $16.7B | |
| Revenue Growth (YoY) | -0.47% | 29.43% | 35.62% | -0.69% | 8.03% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | -$2.1B | -$2.2B | -$3B | -$3.4B | -$4B | |
| Operating Income | $2.1B | $2.2B | $3B | $3.4B | $4B | |
| Net Interest Expenses | $585.3M | $2.5B | $4.7B | $4.9B | $4.6B | |
| EBT. Incl. Unusual Items | $2.1B | $2.2B | $2.6B | $3.8B | $4B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $571.2M | $443.9M | $746M | $1.1B | $1.1B | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | $15.1M | $14.7M | $9.8M | $11.8M | -$45.3M | |
| Net Income to Common Excl Extra Items | $1.5B | $1.7B | $1.8B | $2.7B | $2.9B | |
| Basic EPS (Cont. Ops) | $0.36 | $0.42 | $0.45 | $0.69 | $0.78 | |
| Diluted EPS (Cont. Ops) | $0.36 | $0.42 | $0.45 | $0.69 | $0.78 | |
| Weighted Average Basic Share | $4.1B | $4.1B | $4B | $3.9B | $3.8B | |
| Weighted Average Diluted Share | $4.1B | $4.1B | $4B | $3.9B | $3.8B | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $2.8B | $6.4B | $10.1B | $11.8B | $11.5B | |
| Revenue (Reported) | $8.9B | $11.5B | $15.6B | $15.5B | $16.7B | |
| Operating Income (Reported) | $2.1B | $2.2B | $3B | $3.4B | $4B | |
| Operating Income (Adjusted) | $2.8B | $6.4B | $10.1B | $11.8B | $11.5B | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Revenue | $35.5B | $41.4B | $59B | $64.1B | $65B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $680.3M | $2.2B | $2.3B | $366.7M | -- | |
| Operating Expenses | -$9.1B | -$9.7B | -$10.2B | -$11.9B | -$13B | |
| Operating Income | $9.1B | $9.7B | $10.2B | $11.9B | $13B | |
| Net Interest Expenses | $2.5B | $6.4B | $10.5B | $19.6B | $18.6B | |
| EBT. Incl. Unusual Items | $8.6B | $8.1B | $8.1B | $12.3B | $13.3B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $2.1B | $1.7B | $2.2B | $3.7B | $3.7B | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | $60M | $85M | $47.7M | $56.6M | $1.9M | |
| Net Income to Common Excl Extra Items | $6.4B | $6.4B | $5.9B | $8.7B | $9.7B | |
| Basic EPS (Cont. Ops) | $1.55 | $1.54 | $1.46 | $2.19 | $2.51 | |
| Diluted EPS (Cont. Ops) | $1.55 | $1.54 | $1.46 | $2.19 | $2.51 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $12B | $18.2B | $36.2B | $43.4B | $43B | |
| Revenue (Reported) | $35.5B | $41.4B | $59B | $64.1B | $65B | |
| Operating Income (Reported) | $9.1B | $9.7B | $10.2B | $11.9B | $13B | |
| Operating Income (Adjusted) | $12B | $18.2B | $36.2B | $43.4B | $43B | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Revenue | $26.2B | $31.6B | $45.3B | $47.1B | $49.6B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | -$7.6B | -$7.3B | -$8.2B | -$8.5B | -$10.8B | |
| Operating Income | $7.6B | $7.3B | $8.2B | $8.5B | $10.8B | |
| Net Interest Expenses | $1.8B | $5.7B | $13.5B | $14.7B | $14.2B | |
| EBT. Incl. Unusual Items | $7.8B | $7.6B | $7.6B | $10.6B | $12.7B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $2.1B | $1.9B | $2B | $3.1B | $3.4B | |
| Net Income to Company | $4.6B | -- | -- | -- | -- | |
| Minority Interest in Earnings | $45M | $55.6M | $25.8M | $42.4M | -$14M | |
| Net Income to Common Excl Extra Items | $5.7B | $5.7B | $5.6B | $7.5B | $9.4B | |
| Basic EPS (Cont. Ops) | $1.37 | $1.37 | $1.38 | $1.90 | $2.43 | |
| Diluted EPS (Cont. Ops) | $1.37 | $1.37 | $1.38 | $1.90 | $2.43 | |
| Weighted Average Basic Share | $12.3B | $12.3B | $12B | $11.7B | $11.6B | |
| Weighted Average Diluted Share | $12.3B | $12.3B | $12B | $11.8B | $11.6B | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $10.2B | $16.6B | $29.5B | $33.7B | $35.5B | |
| Revenue (Reported) | $26.2B | $31.6B | $45.3B | $47.1B | $49.6B | |
| Operating Income (Reported) | $7.6B | $7.3B | $8.2B | $8.5B | $10.8B | |
| Operating Income (Adjusted) | $10.2B | $16.6B | $29.5B | $33.7B | $35.5B | |
| Period Ending | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $604.6B | $542.4B | $495B | $438.8B | $442.8B | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $975.3B | $930.1B | $909B | $867.8B | $906.5B | |
| Property Plant And Equipment | $13.2B | $12B | $11.2B | $6.7B | $6.7B | |
| Long-Term Investments | $70.6B | $77.2B | $66.5B | $65.7B | $67.8B | |
| Goodwill | $1.3B | $2.6B | $2.1B | $1.8B | $1.5B | |
| Other Intangibles | $5.4B | $4.7B | $4.7B | $4.7B | $5.3B | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $2.2T | $2.1T | $2T | $2T | $2T | |
| Accounts Payable | -- | -- | -- | -- | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | $12.4B | $9.3B | $19.3B | $20.7B | $29.3B | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $1.4T | $1.4T | $1.3T | $1.3T | $1.3T | |
| Long-Term Debt | $161.2B | $152.9B | $152.8B | $130B | $122.1B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $2.1T | $2T | $1.9T | $1.9T | $1.9T | |
| Common Stock | $21.2B | $19.3B | $17.6B | $15.5B | $15.7B | |
| Other Common Equity Adj | $19.1B | $12.7B | $10.2B | $15.5B | $11.8B | |
| Common Equity | $107B | $99.7B | $95.3B | $96.9B | $98.3B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $641M | $804.5M | $822.7M | $917.9M | $918.2M | |
| Total Equity | $107.7B | $100.5B | $96.1B | $97.8B | $99.2B | |
| Total Liabilities and Equity | $2.2T | $2.1T | $2T | $2T | $2T | |
| Cash and Short Terms | $657.8B | $612.8B | $569.7B | $516.3B | $505.2B | |
| Total Debt | $242.1B | $236.6B | $180.8B | $184.1B | $165.4B | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $635.7B | $513.4B | $543.4B | $474.5B | $442.1B | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $971.4B | $872.3B | $897.4B | $857.6B | $884B | |
| Property Plant And Equipment | $12.9B | $11.9B | $10.3B | $6.4B | $6.7B | |
| Long-Term Investments | $73.8B | $62.9B | $56.7B | $54.5B | $52.9B | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | -- | -- | -- | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $2.2T | $2T | $2T | $2T | $2T | |
| Accounts Payable | -- | -- | -- | -- | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | $7.2B | $10.8B | $13.1B | $22.2B | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $327.3B | $328.9B | $353B | $359.5B | $404.7B | |
| Long-Term Debt | $266.2B | $178.9B | $194B | $189.1B | $164B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $2.1T | $1.9T | $1.9T | $1.9T | $1.9T | |
| Common Stock | $20.3B | $17.8B | $16.6B | $14.9B | $15B | |
| Other Common Equity Adj | $17.4B | $7.4B | $12.9B | $13.1B | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $788.5M | $821.7M | $879.3M | $930M | $860.5M | |
| Total Equity | $107B | $94.6B | $98.6B | $97.2B | $100.7B | |
| Total Liabilities and Equity | $2.2T | $2T | $2T | $2T | $2T | |
| Cash and Short Terms | $636.1B | $516.6B | $543.2B | $474.7B | -- | |
| Total Debt | $266.2B | $178.9B | $194B | $189.1B | $164B | |
| Period Ending | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $6.3B | $8.3B | $8.1B | $9.3B | $11.2B | |
| Depreciation & Amoritzation | $2.1B | $2.2B | $2B | $2B | $1.8B | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -$36.6M | $233.8M | $154.2M | $334.6M | -$111.6M | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -$6.6B | $4.5B | $13.7B | $33.6B | $2.1B | |
| Capital Expenditures | $3.1B | $2.6B | $2.2B | $2.7B | $2.4B | |
| Cash Acquisitions | $40.6M | $2B | -- | $136.8M | $2.1M | |
| Cash From Investing | -$84.7B | -$95.5B | -$33.8B | -$109.3B | -$88.5B | |
| Dividends Paid (Ex Special Dividend) | $2.5B | $2.4B | $2.2B | $2.4B | $2.7B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $1.8B | $1.6B | $1.6B | $6.8B | $4.3B | |
| Long-Term Debt Repaid | -$4.6B | -$3.5B | -$984.9M | -$207.9M | -$3.1B | |
| Repurchase of Common Stock | $575.2K | $658.5K | $1B | $1.5B | $1.7B | |
| Other Financing Activities | -$10.8M | -$4.5M | -$12.4M | -$774.3M | -$39.1M | |
| Cash From Financing | $190.8B | $79B | $17.9B | $72.8B | $86.4B | |
| Beginning Cash (CF) | $529.2B | $595.1B | $487.5B | $456.4B | $435.8B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $101B | -$8.7B | $334.1M | $606.3M | -$323M | |
| Ending Cash (CF) | $630.2B | $586.4B | $487.8B | $460B | $434.5B | |
| Levered Free Cash Flow | -$9.6B | $1.9B | $11.5B | $30.9B | -$337.7M | |
| 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 | 2018-06-30 | 2019-06-30 | 2020-06-30 | 2021-06-30 | 2022-06-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | -- | -- | -- | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -- | -- | -- | -- | -- | |
| Capital Expenditures | $3.2B | $3.3B | $992.1M | $938.3M | $1.1B | |
| Cash Acquisitions | -$1.5B | -- | $251.9M | -$27M | -- | |
| Cash From Investing | -- | -- | -- | -- | -- | |
| Dividends Paid (Ex Special Dividend) | -$953.1M | -$1.1B | -$1.2B | -$1.3B | -$1.2B | |
| 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 | $4.6B | -- | -- | -- | -- | |
| Depreciation & Amoritzation | $1.4B | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -$10.3B | -- | -- | -- | -- | |
| Capital Expenditures | $1.1B | -- | -- | -- | -- | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | $4.7B | -- | -- | -- | -- | |
| Dividends Paid (Ex Special Dividend) | -$1.2B | -- | -- | -- | -- | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | $848.1M | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -$2B | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -$24M | -- | -- | -- | -- | |
| Cash From Financing | -$2.4B | -- | -- | -- | -- | |
| Beginning Cash (CF) | $650B | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$7.9B | -- | -- | -- | -- | |
| Ending Cash (CF) | $642.6B | -- | -- | -- | -- | |
| Levered Free Cash Flow | -$11.4B | -- | -- | -- | -- | |
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