SPACE EXPLORATION TECHNOLOGIES CORP (SPCX)

SpaceX, founded in 2002, is a vertically integrated company operating across three segments—Space, Connectivity, and AI—building hardware and software infrastructure spanning rockets, satellites, and artificial intelligence to make life multiplanetary, understand the universe, and extend consciousness to the stars. Its Space segment develops and operates the Falcon 9 and Falcon Heavy reusable launch vehicles, which have completed approximately 650 orbital launches (over 540 using flight-proven boosters) and account for more than 80% of global mass launched to orbit annually with over 99% mission success; it is the only private company certified by NASA for human spaceflight and is developing Starship, a next-generation fully reusable launch vehicle intended to dramatically expand payload capacity and reduce launch costs. Its Connectivity segment operates Starlink, a global broadband and satellite-to-mobile network comprising approximately 9,600 satellites in Low-Earth Orbit serving about 10.3 million subscribers across 164 countries and territories, plus a dedicated satellite-to-mobile constellation of roughly 650 satellites providing connectivity to about 7.4 million monthly devices across approximately 30 countries, targeting consumer, enterprise, and government customers, including underserved and rural markets.

Its newly acquired AI segment, centered on xAI (acquired in early 2026) and its Grok frontier AI model, builds large-scale AI compute infrastructure—including the COLOSSUS and COLOSSUS II data center clusters providing roughly 1.0 gigawatt of compute—integrated with the X social media platform, which together support approximately 1.3 billion accounts and hundreds of millions of monthly active users, with plans to extend AI compute into space-based, solar-powered orbital data centers and to develop proprietary chip manufacturing through the Terafab initiative with Tesla and Intel. Financially, the company generated consolidated revenue of $18.674 billion in 2025 (Space $4.086 billion, Connectivity $11.387 billion, AI $3.201 billion), with the Space and Connectivity segments providing the substantial majority of revenue and reaching sustained positive Segment Adjusted EBITDA, while the AI segment remains in an early, heavily capital-intensive investment phase; the company continues to invest billions in Starship development, satellite constellation expansion, and AI compute infrastructure to support its long-term strategy of integrating launch, connectivity, and AI capabilities to serve consumer, enterprise, and government markets on Earth and eventually beyond.