SpaceX

What SpaceX does

SpaceX (Space Exploration Technologies Corp.) is a vertically-integrated space technology, satellite communications, and AI company founded in 2002 by Elon Musk and headquartered in Hawthorne, California, with major operations at Starbase, Texas. It designs, manufactures, and operates the Falcon 9, Falcon Heavy, and Starship / Super Heavy reusable launch systems; the Dragon crewed and cargo spacecraft; the Starlink low-Earth-orbit broadband constellation (10.3M+ subscribers across 164 countries, $11.4B in segment revenue and the only profitable segment with $119M operating income in 2025); and the Starshield secured satellite network for U.S. government and national-security customers. Underlying technology includes the proprietary Raptor methane-oxygen staged-combustion engine, Merlin LOX/RP-1 engines, the only inter-satellite laser communications mesh operating at scale in orbit, and on-orbit refilling via tanker Starships. The company reported $18.7B in FY2025 revenue against a $4.9B net loss and $26.9B in Q1 2026 capex, and completed the largest IPO in U.S. history on Nasdaq under ticker SPCX on June 12, 2026 at $135 per share, raising ~$85.7B at a $1.8T initial market cap that briefly reached $2.85T.

SpaceX earns revenue through a diversified mix of one-time launch contracts (commercial, civil, and national-security customers), recurring Starlink subscriptions, multi-year Starshield managed services, usage-based rideshare payload pricing ($350k for 50kg to SSO plus $7k/kg), per-seat human spaceflight fees, and — following the February 2026 $1.25T all-stock acquisition of xAI — usage-based AI compute rental (Anthropic, Google, Reflection AI) and subscription/advertising revenue from Grok, Grokipedia, and the X platform. Go-to-market combines direct enterprise sales for launches and Starshield ([email protected], [email protected]), a self-serve Starlink e-commerce storefront (starlink.com), self-serve Rideshare booking, and telecom channel partnerships (Bharti Airtel, Reliance Jio in India; T-Mobile for direct-to-cell in the U.S.). Following the IPO, Elon Musk retains an 85.1% perpetual voting block through dual-class shares, and pre-IPO investors include Andreessen Horowitz, Fidelity, Sequoia, Lightspeed, Nvidia, the Saudi PIF, Alpha Dhabi, Mirae Asset, and Intesa Sanpaolo.

Beyond core launch and satellite services, SpaceX has aggressively expanded into AI infrastructure: the Colossus / Colossus 2 supercomputer (~230,000 Nvidia GPUs), the pending $60B acquisition of Anysphere (Cursor), the $55B Terafab semiconductor fab consortium with Tesla, Intel, and Alphabet, and a concept to launch up to one million AI-dedicated satellites for orbital data centers. The company has also deepened its U.S. defense posture via a $4.16B (up to $9.34B) Space-Based Airborne Moving Target Indicator (SB-AMTI) award and an $88M Space Force development contract, while international expansion continues through sovereign partnerships (HUMAIN / Saudi PIF for 500MW AI infrastructure, Starlink deployments in Lesotho and India, Korean lunar partnerships via Intuitive Machines). The combined entity reached a $2T+ post-IPO market capitalization with an unusual 55.81x price-to-sales multiple, despite a MSCI CCC ESG rating and ongoing governance scrutiny.

Name

SpaceX

Legal name

SPACE EXPLORATION TECHNOLOGIES CORP.

Website

https://www.spacex.com

Company type

Public

Founded year

2002

Operating status

Ipo

Headcount range

5,001–10,000 employees

Short description

SpaceX (Space Exploration Technologies Corp.) develops and operates reusable rockets (Falcon 9, Falcon Heavy, Starship), the Starlink LEO broadband constellation serving 10.3M+ subscribers, Starshield government satellite services, and — following the February 2026 xAI merger — AI compute (Colossus) and AI software (Grok, Grokipedia, Cursor) for commercial, government, and consumer customers worldwide.

Ownership category

akta.pro rank

Product category

Commercial Space Launch Services

NAICS

Guided Missile and Space Vehicle Manufacturing (336414), Guided Missile and Space Vehicle Propulsion Unit and Propulsion Unit Parts Manufacturing (336415), Satellite Telecommunications (51741)

SIC

Guided Missiles & Space Vehicles & Parts (3760), Search, Detection, Navagation, Guidance, Aeronautical Sys (3812)

akta.pro primary industry

Launch Vehicles & Orbital Rockets (IMABACAA)

akta.pro secondary industries

Spacecraft & Satellites (Civil/Commercial) (IMABACAB), Spacecraft Avionics, Flight Computers & Software (IMABACAI), Spacecraft Propulsion (In-Space) & Thrusters (IMABACAE), Satellite Broadband Terminals & Gateways (VSAT/LEO CPE) (HDAFAIAM)

Keywords

• Reusable launch vehicles
• Satellite broadband services
• Human spaceflight missions
• Commercial orbital launch
• Spacecraft manufacturing

Headquarters

HQ city

Hawthorne

HQ country

United States

HQ region

North America

Offices16 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Infrastructure, Supply Chain, Personnel, Operations

Revenue model

1. Launch services: One-time payments per launch for Falcon 9, Falcon Heavy, and (future) Starship missions from commercial, civil (NASA), and national-security customers, including dedicated missions and the Smallsat Rideshare Program. Long-term backlog underpins visibility.
2. Starlink broadband subscriptions: Recurring subscription revenue from consumer, SMB/fixed-site, enterprise, aviation, maritime, and government customers for high-speed satellite internet, with optional hardware sales of user terminals and gateways. Starlink is the only profitable segment reported, generating $119M operating income in 2025.
3. Starshield government contracts: Long-cycle government revenue from secure satellite communications, Earth observation, and hosted payloads for the U.S. Department of Defense, intelligence community, and allied governments, including the SB-AMTI defense program and Starshield procurement contracts.
4. AI compute rental (xAI / Colossus): Usage-based rental of Colossus / Colossus 2 AI compute capacity to external customers including Anthropic (~$1.25B/month), Alphabet/Google (~$920M/month), and Reflection AI (~$150M/month through 2029), disclosed as $278B annualized AI compute rental revenue in IPO materials.
5. Human spaceflight missions: Per-mission and per-seat revenue from private astronauts on Crew Dragon to orbit and ISS, plus planned Starship circumlunar and lunar-surface missions at published Moon/Mars cargo rates of $100M per metric ton.
6. Rideshare payload services: Per-kilogram payload pricing on dedicated rideshare missions to SSO, mid-inclination LEO, GTO, and TLI; plates priced starting at $350k for 50kg to SSO with $7k/kg for additional mass; rebooking flexibility with 5-10% rebooking fee.
7. AI software and consumer products (Grok, Grokipedia, X): Subscription, advertising, and consumer-product revenue from xAI's Grok chatbot, Grokipedia knowledge platform, and integrated X social-media platform following the xAI acquisition.

Pricing tiers

Go-to-market motion1 record

Distribution channels7 records

Marketing channels7 records

Core offering

SpaceX designs, manufactures, and operates reusable launch vehicles (Falcon 9, Falcon Heavy, and Starship/Super Heavy), the Dragon crew and cargo spacecraft, the Starlink low-Earth-orbit satellite broadband constellation, and the Starshield government satellite service. Following the February 2026 acquisition of xAI, SpaceX also operates the Grok large language model platform and the Colossus AI supercomputer (~230,000 Nvidia GPUs) rented externally to frontier-AI customers. Core revenue comes from launch services, Starlink subscriptions, Starshield government contracts, human spaceflight missions, rideshare payload services, and AI compute rental.

Product overview

SpaceX operates a vertically-integrated platform-plus-modules architecture spanning reusable launch vehicles, a satellite broadband constellation, a government satellite service, crewed spaceflight and (post-February 2026 xAI acquisition) an AI compute and software segment. The core launch-vehicle family — Falcon 9 (the world's first orbital-class reusable rocket), Falcon Heavy (heavy-lift variant of three Falcon 9 cores) and Starship/Super Heavy (next-generation fully reusable heavy-lift system) — underpins the Falcon 9 Rideshare Program and is the platform on which the Starlink low-Earth-orbit broadband constellation and Starshield government satellite service are deployed. Crew Dragon and Starship together deliver the Human Spaceflight service for NASA Commercial Crew, ISS resupply and (planned from 2028) Artemis lunar landings. With the $1.25 trillion acquisition of xAI in February 2026, SpaceX added the Grok/Grokipedia large-language-model products and the Colossus supercomputer to its portfolio — culminating in the announced $60 billion all-stock acquisition of Cursor/Anysphere and the launch of the Terafab affiliated AI initiative. All assets are managed from SpaceX's Hawthorne, California headquarters with manufacturing at Starbase (Texas) and Starlink factories in Redmond (Washington) and Bastrop (Texas).

Differentiator

Problem solved

Functional benefit

Brands

• Starlink: World's most advanced satellite constellation in low-Earth orbit, delivering reliable broadband internet to consumers, businesses, and government entities.
• Starshield
• Starship
• Terafab

Products and services

• Starship Fully reusable two-stage heavy-lift launch system (Starship spacecraft + Super Heavy booster), 124 m tall, 9 m diameter, 100+ metric ton payload to orbit. Powered by Raptor methane-LOX engines (33 on Super Heavy, 6 on Starship including 3 Raptor Vacuum), designed for crew and cargo missions to Earth orbit, the Moon, and Mars with on-orbit refilling via tanker vehicles and rapid reusability via launch-tower catch (Mechazilla).
• Dragon Crewed and uncrewed orbital spacecraft (8.1 m tall, 4 m diameter, 9.3 m³ pressurized volume) capable of carrying up to 7 passengers and returning significant cargo to Earth — the only currently flying spacecraft able to do so. Used for ISS cargo resupply, NASA Commercial Crew missions, and private astronaut flights, with 16 Draco thrusters and 8 SuperDraco launch-escape engines.
• Falcon 9 Reusable two-stage rocket (70 m tall, 22,800 kg payload to LEO, 4,020 kg to Mars), the world's first orbital-class reusable rocket. First stage uses 9 Merlin LOX/RP-1 engines designed for propulsive landing on droneships or landing zones; second stage powered by a single Merlin Vacuum engine. Reusability underpins SpaceX's rideshare and Starlink launch cadence.
• Falcon Heavy Heavy-lift rocket composed of three reusable Falcon 9 first-stage cores with 27 Merlin engines producing over 5 million pounds of thrust at liftoff. Lifts 63,800 kg to LEO, 26,700 kg to GTO, and 16,800 kg to Mars, supporting National Security Space Launch and high-mass payloads.
• Starlink Low-Earth-orbit satellite broadband constellation delivering high-speed internet for streaming, online gaming, and video calls. SpaceX's most profitable segment with 10.3 million subscribers in 164 countries generating $11.4 billion in revenue and $4.4 billion in operating income, and the operational platform underpinning Starshield.
• Starshield Secured satellite network for government and national security use, built on Starlink technology with three focus areas: Earth Observation (sensing payloads delivering processed data to the user), Communications (assured global communications via Starshield user equipment), and Hosted Payloads (modular satellite buses). Adds high-assurance cryptographic capability for classified payloads and integrates Starlink's inter-satellite laser communications terminal onto partner satellites.
• Falcon 9 Rideshare Program Dedicated smallsat rideshare service offering slots on Falcon 9 for as low as $350k for 50 kg to SSO (with additional mass at $7k/kg), with SSO missions approximately every 4 months and frequent mid-inclination launches. Supports 1/4 plate (50 kg), 1/2 plate (100 kg), full plate (200 kg), and full plate XL volume (300 kg) configurations, plus custom cake-topper slots.
• Human Spaceflight Crewed mission service covering Earth orbit (300+ km altitude, 7-day missions via Dragon), ISS transport (cargo since 2012, crew since 2020), lunar flyby/landing (using Starship Human Landing System under NASA's Artemis program from no earlier than 2028), and Mars missions using Starship. Includes custom-tailored IVA suits, in-orbit research partnerships, and on-orbit refilling infrastructure.
• xAI / Grok AI subsidiary acquired by SpaceX in February 2026 in a $1.25 trillion all-stock merger, contributing the Grok large language model chatbot, Grokipedia knowledge product, and the Colossus supercomputer (~230,000 Nvidia GPUs) that powers SpaceX's AI compute-rental business with external customers including Anthropic, Alphabet/Google, and Reflection AI.

Named customers16 records

Segments8 records

Ideal customer profiles7 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability11 records

Feature11 records

Partnerships

18 partnerships are on record, tiered flagship, core and minor.

• U.S. Space Force / U.S. Space Systems CommandflagshipStrategic or Co-development PartnerSpaceX holds multiple National Security Space Launch contracts with the U.S. Space Force's Space Systems Command, including a $88M development contract for rocket engine testing, upper stage development, and cryogenic fluid management. SpaceX was also awarded $4.16B (up to $9.34B max) for the Space-Based Airborne Moving Target Indicator (SB-AMTI) defense program to deploy a LEO satellite constellation by 2028.
• U.S. Department of DefenseflagshipStrategic or Co-development PartnerStarshield is SpaceX's dedicated government satellite platform supporting national-security efforts across Earth observation, assured global communications, and hosted payloads. Starshield leverages additional high-assurance cryptographic capability for classified payload hosting and secure data processing, with modular satellite bus design and inter-satellite laser interoperability with Starlink.
• Bharti AirtelcoreChannel Partner/ Reseller/ DistributorIn March 2025, Airtel signed an agreement with SpaceX to explore bringing Starlink satellite internet services to India, leveraging Airtel's telecom distribution and customer base alongside Reliance Jio as a parallel partner.
• Reliance Jio PlatformscoreChannel Partner/ Reseller/ DistributorIn March 2025, Reliance Jio signed an agreement with SpaceX to explore bringing Starlink satellite internet services to India, providing regulatory navigation and last-mile distribution capabilities in the Indian market.
• T-Mobile USflagshipChannel Partner/ Reseller/ DistributorExisting Starlink-T-Mobile partnership for direct-to-cell and satellite-to-wireless services. T-Mobile identified by TD Cowen as the most likely target if SpaceX pursues a U.S. wireless carrier acquisition given its pure-play wireless model and existing Starlink partnership.
• AnthropiccoreStrategic or Co-development PartnerMulti-year compute rental agreement for SpaceX's Colossus / Colossus 2 AI infrastructure at approximately $1.25B per month, anchoring SpaceX's AI compute rental business at $278B annualized revenue disclosed in IPO materials.
• Alphabet / GooglecoreStrategic or Co-development PartnerMulti-year compute rental agreement for Colossus / Colossus 2 AI infrastructure at approximately $920M per month. Alphabet is also a partner on the $55B Terafab project via Intel and SpaceX/Tesla.
• Anysphere (Cursor)flagshipStrategic or Co-development PartnerSpaceX agreed to acquire AI coding startup Cursor and its parent company Anysphere in a $60B all-stock deal expected to close in Q3 2026, the largest acquisition of a venture-backed startup on record. Cursor's new 1.5-trillion-parameter frontier model is being trained on SpaceX's Colossus supercomputer using over 100,000 GPUs.
• Reflection AIminorStrategic or Co-development PartnerSpaceX invested in Reflection AI as part of a larger Stanford-spinoff funding round valuing the startup at several hundred million dollars. Reflection AI also signed a deal for access to SpaceX's Colossus 2 data center computing capacity (~$150M/month through 2029).
• Terafab project consortium (Tesla, Intel, Alphabet, SpaceX)flagshipStrategic or Co-development PartnerShared $55B semiconductor fab project at Tesla's Gigafactory Texas campus. Intel has new manufacturing agreements with Alphabet, SpaceX, and Tesla on the Terafab project; Tesla disclosed a $2B equity stake in SpaceX, creating financial and operational interdependence between the two companies.
• Rocket Lab, Lockheed Martin, L3Harris, Northrop Grumman, York Space Systems, Visto 360 AI, Wildstar, Systems & Technology ResearchcoreStrategic or Co-development PartnerEight additional defense contractors received placeholder contracts of $10,000 or $6,666 each to join the SB-AMTI defense program vendor pool alongside SpaceX, supporting the U.S. Space Force's space-based airborne moving target indicator initiative.
• SK Group / SK HynixcoreTechnology or IntegrationSK Group chairman Chey Tae-won is planning to meet Tesla and SpaceX leadership in the U.S. at the end of June 2026 to advance cooperation on next-generation AI infrastructure, memory supply, and data-center projects. SK Hynix is targeting a Nasdaq fundraising of up to $29.4B in July 2026.
• ULA, Blue OriginminorStrategic or Co-development PartnerCo-recipients alongside SpaceX and Rocket Lab of approximately $88M in U.S. Space Force Space Systems Command development contracts for rocket engine testing, upper stage development, and cryogenic fluid management.
• Pioneer AerospaceminorStrategic or Co-development PartnerSpaceX acquired Pioneer Aerospace, a parachute manufacturer with history dating back to 1938 that supplied parachute systems to SpaceX, NASA, and the Department of Defense, for $2.2 million in November 2023 bankruptcy proceedings, enhancing aerospace safety and parachute technology capabilities.
• NASA (Commercial Crew / Cargo / Artemis)flagshipStrategic or Co-development PartnerNASA is a foundational customer and partner for SpaceX across Commercial Crew Program (Crew Dragon), Commercial Resupply Services (cargo Dragon to ISS), Human Landing System (Starship lander for Artemis), and ISS deorbit vehicle development. NASA ordered five astronauts to shelter in a docked Crew Dragon on June 5, 2026 after air-leak concerns.
• United AirlinescoreChannel Partner/ Reseller/ DistributorUnited Airlines accelerated the rollout of Starlink Wi-Fi across its widebody fleet and partnered with DIRECTV for free live television on equipped aircraft, making it a flagship enterprise aviation customer.
• HUMAIN / PIF (continued 500MW AI infrastructure partnership)flagshipStrategic or Co-development PartnerBuilding on a 500MW AI infrastructure partnership in Saudi Arabia between HUMAIN and xAI; the deal anchors SpaceX's AI compute expansion strategy and adds a sovereign AI infrastructure partner.
• Korea AeroSpace Administration (KASA) / Intuitive MachinesminorStrategic or Co-development PartnerKorea is preparing to send its LUSEM lunar space environment monitor aboard Intuitive Machines' IM-3 lunar lander on a SpaceX Falcon 9 later in 2026, supporting NASA's Artemis lunar base program via Korean contributions in lunar communications, power systems, and mobility.

Scale indicators19 records

Recent moves7 records

Expansion highlights9 records

Regional players

• Arianespace: Arianespace flies the Ariane 6 and Vega-C rockets from French Guiana, competing with SpaceX in commercial and institutional launch markets outside the U.S. with a primarily European customer base.

Emerging players

• Relativity Space: Relativity is developing the reusable, 3D-printed Terran R medium-to-heavy-lift launch vehicle, targeting the same smallsat-to-medium-lift commercial and government market SpaceX serves with Falcon 9 and (eventually) Starship.
• AST SpaceMobile: AST SpaceMobile is building the BlueBird LEO constellation for direct-to-cell satellite-to-phone connectivity, directly competing with SpaceX's T-Mobile/Starlink direct-to-cell service and overlapping on the same end-customer opportunity.

Broad incumbents

• Iridium Communications: Iridium operates the Iridium NEXT LEO satellite constellation providing global voice, data, and IoT connectivity, and is a broader incumbent in satellite communications that competes with Starlink in maritime, aviation, and government mobility markets.
• Northrop Grumman: Northrop Grumman is a diversified defense prime that builds strategic-space systems, solid rocket boosters for ULA's Vulcan, and a portfolio of classified space programs that overlap with Starshield and SpaceX's national-security launch backlog.

Direct peers

• Blue Origin: Blue Origin's New Glenn reusable heavy-lift rocket competes head-to-head with Falcon 9/Heavy and Starship for commercial and NSSL government launches, and the company is building its own Blue Ring in-space platform, overlapping SpaceX's launch and orbital services franchises.
• United Launch Alliance (ULA): ULA's Vulcan and Atlas V rockets compete with Falcon 9/Heavy and Starship for National Security Space Launch and high-priority civil and commercial missions, making ULA SpaceX's most direct incumbent competitor in the U.S. heavy- and medium-lift launch market.
• Amazon (Project Kuiper): Project Kuiper is Amazon's planned LEO broadband constellation directly competing with Starlink for consumer, enterprise, and government customers, and is deploying its satellites on multiple launch providers including (separately) Falcon 9.
• Eutelsat-OneWeb: OneWeb operates a LEO broadband constellation (now part of Eutelsat Group) that directly competes with Starlink for enterprise, government, and mobility connectivity, making it one of the closest constellation-versus-constellation comparables.
• Rocket Lab USA: Rocket Lab operates the Electron and Neutron small- and medium-lift launch vehicles and is vertically integrating into spacecraft and components, mirroring SpaceX's launch-plus-spacecraft strategy and competing directly in the smallsat rideshare and dedicated launch market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat8 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/SpaceX
• LinkedInlinkedin.com/company/spacex

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries3 records

Funding overview

Funding rounds50 records

Investors112 records

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M&A8 records

Investments5 records

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Frequently asked questions about SpaceX