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

SpaceX (SPCX), public since its June 2026 IPO at $135, closed at $162.57 with a $2.14T market cap, up 24.0% over three months though still 19.4% below its 52-week high. Revenue nearly doubled year over year (+91.9% to $7.81B in the June quarter), but the company remains unprofitable with a -35.7% profit margin, a $541.0M net loss last quarter, and free cash flow of -$15.95B as capex ($18.37B) far outpaced operating cash flow ($2.42B). The balance sheet is liquid — $93.52B cash against $39.36B total debt and a 5.12 current ratio — though leverage runs 6.7x debt/EBITDA and the stock trades at 92.99x sales. A lock-up agreement on certain Class A shares expired October 9, and the company recently acquired 800 MHz low-band spectrum to build a terrestrial wireless network complementing Starlink.