SpaceX
Elon Musk
Overview
Space Exploration Technologies Corp. (SpaceX) designs, manufactures, and launches reusable rockets and spacecraft. The company operates Falcon 9, Falcon Heavy, Dragon, Starlink, and the government-focused Starshield line while continuing to develop Starship for high-cadence heavy-lift missions to the Moon, Mars, and beyond. SpaceX absorbed xAI in February 2026 and on May 20, 2026 filed a public S-1 to list on Nasdaq (ticker SPCX) at an implied valuation near $1.75 trillion. Two days later, the first Starship V3 completed a full-duration suborbital test flight (Flight 12).
Main Products
Partially reusable two-stage medium-lift launch vehicle. The world's most frequently launched orbital rocket.
Operational since 2010 and the primary workhorse for SpaceX commercial, civil, and national-security launches.
Heavy-lift launch vehicle consisting of a strengthened Falcon 9 core with two additional boosters.
Operational since 2018 for heavy national-security, science, and high-energy commercial payloads.
Reusable spacecraft for cargo and crew transport to the International Space Station.
Cargo missions since 2012 and crew missions since 2020, with regular NASA ISS rotations and private astronaut flights.
Fully reusable super-heavy-lift launch system designed for missions to the Moon, Mars, and beyond. V3 (Block 3) variant with Raptor 3 engines is the production version.
Integrated test campaign underway. The first Starship V3 flew on May 22, 2026 (Flight 12) from Starbase Pad 2, completing a full-duration suborbital flight and 22-simulator Starlink deploy while losing the booster on its return burn. V3/Block 3 development is focused on reusability, higher payload throughput, and future Starlink and Artemis missions.
Satellite internet constellation providing global broadband coverage for consumer, enterprise, mobility, and direct-to-cell connectivity.
Commercial service since 2020 across residential, enterprise, maritime, aviation, and direct-to-cell offerings worldwide.
Government-focused satellite line built on SpaceX launch systems and Starlink platform technology for secure communications and other national-security missions.
Active government business line positioned alongside Starlink with a focus on secure mission sets for defense and intelligence customers.
What's Next
Clear FAA mishap investigation and fly Starship V3 Flight 13
After the FAA classified Flight 12 as a mishap on May 27, 2026 and required an investigation before Flight 13, SpaceX needs to complete the review, agree fixes, and secure a modified launch license — then attempt Flight 13, potentially the first fully orbital V3 mission with a Starlink deploy and a Super Heavy booster catch.
NASA is working with SpaceX to develop Starship HLS for Artemis III and Artemis IV. The next major milestone is the required uncrewed demonstration mission before Artemis III, followed by integration into the revised Artemis surface-landing cadence that now centers the next crewed lunar landing on Artemis IV in early 2028.
Operations & Revenue
Fully operational launch, spacecraft, broadband, and government-satellite business. SpaceX remains the world's leading launch provider, runs Starlink and Starshield alongside its Falcon and Dragon programs, and flew the first Starship V3 on May 22, 2026. Following the February 2026 xAI merger, SpaceX filed a public S-1 on May 20, 2026 to list on Nasdaq as SPCX, with pricing expected June 11.
Revenue Streams
Recurring broadband subscriptions for residential, roaming, maritime, aviation, enterprise, and government users on the Starlink network.
Starlink Mobile (Direct-to-Cell)
Carrier-partner direct-to-cell service for messaging, voice, data, and IoT connectivity. Official partners include T-Mobile, Rogers, KDDI, One NZ, Optus, Telstra, Salt, Entel Peru, Entel Chile, and Kyivstar.
Dragon missions for NASA crew rotation, cargo resupply, and private astronaut flights to the International Space Station.
Falcon 9 and Falcon Heavy launches for commercial satellite operators, including rideshare missions at $275K for 50 kg to SSO.
Launch services for U.S. Space Force and NRO missions, including the early Phase 3 Lane 2 national security launch awards announced in 2025.
Key Metrics
Timeline
SpaceX absorbs xAI in an all-stock deal in February 2026, then on May 20, 2026 files a public S-1 to list on Nasdaq under ticker SPCX at an implied valuation near $1.75T, with pricing expected June 11. The filing discloses $18.67B in 2025 consolidated revenue, a $2.59B operating loss, and $6.58B adjusted EBITDA.
On May 22, 2026 the first Starship V3 launches from Starbase Pad 2. The upper stage completes a full-duration suborbital flight, deploys 22 Starlink simulators, and splashes down in the Indian Ocean, while the Super Heavy booster is lost during its return burn.
On May 27, 2026 the FAA formally classifies Starship Flight 12 as a mishap and requires SpaceX to complete an investigation — overseen by the agency — before Flight 13 can fly. The Super Heavy booster had failed to ignite all planned engines during its boostback maneuver, cutting the burn short and ending in the loss of the booster.