SPCX · Space Exploration Technologies Corp
Price & Indicators
The closing range uses available history since Jun 12, 2026; less than a full year is stored.
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Metrics snapshot
Useful current figures from the complete screener profile.
Equibles Research
our published analysis of this company-
Research ThesisSpaceX's $1.8T cap is a two-customer AI bet, with $14.1B in CSAs carrying the entire $100B ARR claim
A Q2-print read on SpaceX as a public company: how $15.8B of the $18.4B Q2 capex flowed into the AI segment, why Customer B at 19.5% and Customer A at 18.3% of revenue sit between the $47.5B backlog and the $100B December ARR target, and how the Cursor close reframes the same concentration risk.
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Research ThesisRocket Lab's $2.2B backlog makes the bull case bigger than Neutron
Rocket Lab's record Q1 and $2.2B backlog show the bull case no longer rests on Neutron alone. The proposed Iridium merger could add a recurring-services engine, while financing, dilution and execution remain the price of that upside.
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Research ThesisRocket Lab: Backlog is converting, but the $39B market cap is paying for a Neutron debut the company has yet to validate
Rocket Lab enters Q2 2026 with record backlog of $2,219.8M and guided revenue of $225.0M–$240.0M, yet the stock trades at -55.2% from its $150.23 high on a $39.0B market cap against $679.6M of trailing revenue — a gap the equity-funded growth model and the un-flown Neutron debut have to close.
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders NeutralIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted EBITDA non-GAAP | $4.67B | Six Months Ended June 30, 2026 | — |
| AI Adjusted EBITDA non-GAAP | $1.15B | Three Months Ended June 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP Loss from operations -1.26B
+1.89B Depreciation & amortization
+516M Share-based compensation
+2M Restructuring charges (credits)
= AI Adjusted EBITDA 1.15B
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| AI Capex | $15.83B | Three Months Ended June 30, 2026 | — |
| Backlog | $47.5B | the second quarter | — |
| Connectivity Adjusted EBITDA non-GAAP | $2.6B | Three Months Ended June 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP Income from operations 1.66B
+805M Depreciation & amortization
+136M Share-based compensation
= Connectivity Adjusted EBITDA 2.6B
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| Connectivity Capex | $1.37B | Three Months Ended June 30, 2026 | — |
| Contracted sales | $14.1B | Q2 2026 | — |
| Customer launches | 10 | Three Months Ended June 30, 2026 | — |
| Customer payloads | 87 | Three Months Ended June 30, 2026 | — |
| Falcon internal launches | 27 | Three Months Ended June 30, 2026 filing | — |
| Falcon launches | 37 | the three months ended June 30, 2026 filing | — |
| Internal launches | 28 | Three Months Ended June 30, 2026 | — |
| Internal payloads | 397 | Three Months Ended June 30, 2026 | — |
| Mass to orbit | 485 | Three Months Ended June 30, 2026 | — |
| Nameplate compute | 1.4 | Three Months Ended June 30, 2026 | — |
| Space Adjusted EBITDA non-GAAP | -$205M | Three Months Ended June 30, 2026 | — |
GAAP → non-GAAP reconciliationGAAP Loss from operations -542M
+158M Depreciation & amortization
+179M Share-based compensation
+0M Impairment
= Space Adjusted EBITDA -205M
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| Space Capex | $1.17B | Three Months Ended June 30, 2026 | — |
| Starlink ARPU | $66 | Three Months Ended June 30, 2026 | — |
| Starlink subscriber ARPU decline | 22.4% | the three months ended June 30, 2026 filing | — |
| Starlink Subscribers | 12M | as of period end June 30, 2026 | — |
| Starlink subscribers growth | 101.2% | the three months ended June 30, 2026 filing | — |
| Starship launches | 1 | the three months ended June 30, 2026 filing | — |
| Total Capex | $28.48B | Six Months Ended June 30, 2026 | — |
| Total launches | 38 | Three Months Ended June 30, 2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Aerospace & Defense — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
SPCX
this stock
Space Exploration Technologies Corp
|
$1.96T | — | — | — | 1.2% |
|
GE
General Electric Co
|
$339.38B | +1.4% | +18.5% | 38.5 | 1.5% |
|
RTX
RTX Corp
|
$255.27B | +1.2% | +17.1% | 33.4 | 1.0% |
|
EADSF
Airbus SE/ADR
|
$174.13B | -7.8% | — | — | 0.1% |
|
BA
Boeing Co
|
$148.34B | -14.3% | +34.5% | 67.5 | 1.8% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| SPCX | +1.7% | +6.1% | — | +5.0% | — |
| SPY | -0.7% | +0.1% | +12.2% | -0.6% | +11.8% |
| vs SPY | +2.4% | +6.0% | — | +5.6% | — |