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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AI Brief
TL;DR.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Ask ALVIS about this →Equibles Research
our published analysis of this company-
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.
Technicals
trend & momentum for long-term holders BuyIllustrative 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 | $3.5B | Q2 2026 | — |
| AI Adjusted EBITDA non-GAAP | $1.15B | Three Months Ended June 30, 2026 | — |
| 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 | — |
| Customer launches | 10 | Three Months Ended June 30, 2026 | — |
| Internal launches | 28 | 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 | — |
| 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
|
$1.93T | — | — | — | 1.6% |
|
GE
General Electric Co
|
$374.19B | +19.6% | +18.5% | 42.5 | 1.4% |
|
RTX
RTX Corp
|
$300.23B | +21.6% | +17.1% | 39.2 | 1.3% |
|
EADSF
Airbus SE/ADR
|
$194.35B | +7.1% | — | — | 0.1% |
|
BA
Boeing Co
|
$183.11B | +6.7% | +34.5% | 83.3 | 2.0% |
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 | +5.2% | +12.9% | — | +29.2% | — |
| SPY | +0.4% | +4.5% | +13.8% | +3.9% | +13.9% |
| vs SPY | +4.8% | +8.5% | — | +25.3% | — |