Space Exploration Technologies Corp. Class A Common Stock (SPCX · NASDAQ)

SpaceX (SPCX) trades at a $2.10T market cap despite a -35.7% profit margin and negative operating margin (-1.8%), with revenue up 91.9% YoY to $23.04B TTM and the latest quarter's revenue of $7.81B roughly doubling from $4.07B a year earlier. Free cash flow ran -$15.95B in the quarter ended 2026-06-30 as capex of $18.37B outpaced $2.42B in operating cash flow, though the company holds $93.52B in cash against $39.36B in total debt (6.7x debt/EBITDA). The stock closed at $158.96, up 7.4% on the day and 6.2% over the past month, sitting 21.2% below its 52-week high, while the analyst target of $226.04 implies a substantial premium to the last price. Recent filings were largely administrative, including amended Form 4 disclosures covering a 42.8M-share in-kind distribution by director Antonio Gracias and option exercises and sales by President Gwynne Shotwell under a trading plan.