Investment Review №346. Riding the Green Wave
Yerlan Abdikarimov
Head of Financial Analysis Department at Freedom Broker
IPO Space Exploration Technologies Corp. One of the most highly anticipated IPOs of 2026
Space Exploration Technologies Corp. is scheduled to go public via an IPO on June 12, 2026. Founded in 2002, the company builds an integrated hardware and software platform for space, communications, and artificial intelligence. The underwriters of the IPO are Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup, J.P. Morgan, Barclays, Deutsche Bank, and others.
| Issuer | Space Exploration Technologies Corp |
| Ticker | SPCX |
| Exchange | NASDAQ |
| Underwriters | Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup, J.P. Morgan, Barclays, Deutsche Bank, RBC Capital, UBS Investment Bank, Wells Fargo Securities |
Investment Potential
Company Profile. From 2023 through March 31, 2026, SpaceX launched missile carriers totaling approximately 7,400 metric tons into orbit, achieving a Falcon flight success rate of more than 99%. In December 2015, the company accomplished what many had considered impossible: successfully returned a rocket launched into space to Earth. With the planned debut of Starship—intended to be the world’s first fully and rapidly reusable spacecraft—the company aims to reduce the cost of access to orbit by 99% or more relative to historical average launch costs. Upon its commercial launch in 2020, Starlink has been able to deliver broadband connectivity anywhere on Earth using only a Starlink user terminal. As of March 31, 2026, SpaceX operated approximately 9,600 Starlink satellites in low Earth orbit, providing internet service to about 10.3 million subscribers across 164 countries and territories. In 2026, SpaceX acquired xAI. The company currently operates an AI compute infrastructure that, for the twelve months ended March 31, 2026, supported over 1.3 billion active accounts across the Grok and X AI platforms, including approximately 550 million MAUs, and generated roughly 350 million messages per day.
Financial Performance. SpaceX generated revenue of $10.387bn in 2023, $14.015bn in 2024, $18.674bn in 2025, and $4.4694bn in Q1 2026. Growth rates were 35% in 2024, 33% in 2025, and 15% in Q1 2026. The EBIT margin turned negative in 2025 after a positive reading in 2024, primarily driven by capex and R&D expenses related to AI initiatives (X/xAI) and the space business (investments in launch vehicle). EBIT margins were -34% in 2023, 3% in 2024, -14% in 2025, and -41% in Q1 2026.