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Signal Ledger LabSpace Exploration Technologies
SPCXSIGNAL LEDGER VALUATIONManagement sets no usable targets, so each business is built from cited consensus, company plans and peers, plus 3 judgment calls of our own (Discount rate (cost of equity) 9.0%; Starlink and launch: FY2030 revenue $152.3B; Super Intelligence (AI): FY2030 revenue $500.0B). Every business valued at FY2030 and discounted back; every input and call cited on the full report.
Research updated 2026-10-23 03:44:39 UTCBUY below $111.23WATCHSELL above $208.56
Price viewWATCH
Buy below · 80% of FV$111.23
Sell above · 150% of FV$208.56
BUY below 80% of FV · WATCH from 80% to 150% · SELL above 150%. Thresholds use unrounded fair values.
REPORTED FIGURES / LATEST SEC FILING
What SPCX reported, business by business.
SEC 10-Q ↗ · quarter ended 2026-09-30 · filed 2026-10-22 · checked 2026-10-29 01:23 UTC; an earnings release published before the 10-Q or 10-K is not included.
- Reported revenue
- $14.575B
- Reported net income
- $4.404B
- Reported diluted EPS
- $0.35
RECONCILED Business rows reconcile to SEC revenue from the same filing and reporting period. Unverified segment profits remain blank.
Non-overlapping reported revenue lines, 2026-07-01 to 2026-09-30. Reported results; the valuation above uses the dated research assumptions.
| Business | Revenue | Share of revenue | Operating profit | Margin |
|---|---|---|---|---|
| Product | $0.771B | 5.3% | — | — |
| Service | $13.804B | 94.7% | — | — |
| Consolidated revenue | $14.575B | 100% | — |
View reported source cells
Accession 0001628280-26-066880
Product
us-gaap:ProductMember · us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax · 771 × 10^6 USD · 2026-07-01 to 2026-09-30
Service
us-gaap:ServiceMember · us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax · 13,804 × 10^6 USD · 2026-07-01 to 2026-09-30
THE COMPANY
What does Space Exploration Technologies do?
Public launch-services, Starlink connectivity and Starship development platform
Businesses: Starlink connectivity · Launch services · Starship and launch-cost optionality · Direct-to-device connectivity · Other development optionality
EVIDENCE
Follow every input to its source
Read the full valuation for each business, the assumptions behind it and the cited evidence.