- Space Exploration Technologies Corp.
- Filed May 20, 2026
- 1 Rocket RoadStarbase, Texas 78521
- CEO - Elon Musk
- Elon Musk, our founder, Chief Executive Officer, Chief Technical Officer and Chairman of our board
- 2 classes of shares A and B. A offered. B 10 times voting rights.
- Controlled Company (hence). Seeks exemption from certain corp governance requirements
- Lots of joint book running managers - GSach, MS, BoFA, Citi, JPM, and many others
- About SpaceX (CY2025 - ~$19 billion revenue)
- Space
- Revenue FY25 - $4.1 billion. Loss making. Capex Fy25 - $3.8 billion
- 2002
- % of 2025 mass to orbit: 80%+
- 78 crewmembers flown
- Since 2023, we have launched more than 80% of mass to orbit for the world each year with an over 99% mission success rate with Falcon rockets
- extreme vertical integration
- Space flight that historically cost billions per launch now costs in the tens of millions, fundamentally reducing the cost of space access and providing the opportunity to build new enterprises in space
- Connectivity
- Revenue FY25 - $11.4 billion. Profitable.Capex Fy25 - $4.1 billion
- 2020
- 9600+ starlink broadband and mobile satellites
- 10.3 million starlink subscribers
- 164 countries
- a high-speed, low-latency global broadband data and communications network
- 650 V1 Mobile satellites provides satellite-to-mobile data, (7.4 million monthly unique devices across 30 countries)
- AI
- Revenue FY25 (CY) - $3.2 billion. Loss making.Capex Fy25 - $12.7 billion
- 2023
- 1GW+ Nameplate compute draw
- First coherent Gigawatt scale AI training cluster
- 4 major model versions
- ~550 M+ monthly active users (1.3 billion supported accounts)
- 350 million daily posts
- xAI, which was founded in 2023 and acquired by SpaceX in early 2026, is now an integral pillar of our vertically integrated company.
- Our infrastructure supports training and inference for Grok, which has emerged as one of the world’s most advanced frontier models. Grok is designed as a truth-seeking AI model, built on our founder Elon Musk’s mission to enable humanity to understand the universe
- deep integration with X
- Some terms from its glossary:
- AI” or “artificial intelligence” refers to advanced computational technologies and systems enabling machines to learn, comprehend reality, solve complex problems, exhibit creativity, make critical decisions, and function with growing autonomy.
- “The Algorithm” refers to our five-step iterative process that we use to rapidly innovate and optimize, emphasizing making the requirements less dumb, deleting unnecessary processes or parts, optimizing the necessary processes or parts, accelerating cycle timesteps, and automating only proven processes after the first four steps are completed
- “Kardashev Type II” refers to a civilization that harnesses the full energy output of its local star, like our Sun, to power unprecedented growth and sustain the civilization’s existence.
- “mass to orbit” refers to the total kilograms of payload deployed to orbit in a given period, and is a key indicator of our capacity and scalability that supports Space revenue and drives expansion across our Connectivity and AI segments.
- GPQA Diamond score, an industry benchmark that evaluates AI models on a standardized set of questions written and validated by experts,
- Strategy
- Specifically, we believe SpaceX’s reusable rockets, scaled satellite manufacturing, and operational expertise can enable the cost-effective and rapid deployment of massive AI compute satellite constellations—with potentially millions of satellites—for orbital data centers. We believe these AI compute satellites in Sun-synchronous orbit will be able to handle energy-intensive AI workloads, such as inference demand, at far greater scale and efficiency than terrestrial alternatives, with Starlink providing low-latency, global connectivity linking these orbital AI systems to people around the world and delivering real-time intelligence. We expect to begin deploying our orbital AI compute satellites as early as 2028
- Space-based solar arrays can generate more than five times the energy per unit area of terrestrial solar due to continuous illumination, lack of atmospheric interference, and optimal orientation.
- P&L
- In 2025, we generated revenue on a consolidated basis of $18,674 million, loss from operations of $(2,589) million and Adjusted EBITDA of $6,584 million.
