Space Exploration Technologies Corp. (SPCX) Q2'26 Review Inaugural Earnings Report Reinforces Multiple Large Addressable Ma...

Equity Research 5 August 2026 | 12:00AM EDT

Space Exploration Technologies Corp. (SPCX) Q2’26 Review: Inaugural Earnings Report Reinforces Multiple Large Addressable Markets; Incremental Progress on AI Stands Out & Drives Operating Estimate Revisions

SPCX 12m Price Target: $220.00 Price: $125.33 Upside: 75.5% BUY Eric Sheridan In its inaugural earnings report, SpaceX (ticker: SPCX) management | Goldman Sachs & Co. LLC reported operating results solidly above expectations (revenues Alex Vegliante, CFA total revenues ~17% / ~15% and total GAAP operating income | Goldman Sachs & Co. LLC ~92% / ~91% above prior GSe/Visible Alpha Street estimates, respectively) driven by strong momentum across each of its 3 Julia Fein-Ashley | Goldman Sachs & Co. LLC operating segments. On the earnings call, SPCX mgmt struck a few key themes in terms of the operating results, forward investment priorities, and key strategic priorities: Key Data _____________________________________ Market cap: $1.7tr Enterprise value: $1.6tr n Space - Recent launches of Starship (test flights 12 & 13) have 3m ADTV: NA United States continued to build operating momentum toward the long-term Americas Internet M&A Rank: 3 goals around frequency and reusability, with Starship 14 launch GS Forecast __________________________________ likely in the next month (with possibility of first orbital attempt, 12/25 12/26E 12/27E 12/28E

deployment of operational Starlink V3 satellites into orbit and Revenue ($ mn) New 18,674.0 47,635.2 107,432.1 180,617.0 Revenue ($ mn) Old 18,674.0 38,244.4 69,188.6 159,926.3 mid-air capture) and a path toward 5 launch pads by end 2027 EBITDA ($ mn) 6,584.0 26,347.8 69,805.8 125,894.6 EBIT ($ mn) (2,589.0) 10,063.2 39,046.7 74,931.6 that could produce an upside trend in our launch assumptions EPS ($) New

over the next 12-18 months. EPS ($) Old P/E (X) 0.00 NM ( Dividend yield (%) -- -- -- -- n Connectivity - Starlink broadband subscribers exceeded our Net debt/EBITDA (X) (0.3) (2.2) 0.8 1.0 forecasts and had a minimal amount of ARPU dilution (against 6/26 9/26E 12/26E 3/27E some investor concerns of the source incremental unit growth EPS ($) (

by region), with management expressing optimism around the GS Factor Profile ______________________________ Enterprise/Government backlog as a source of forward period Growth

growth (especially given the effect of retained customer Financial Returns

behavior and increasing market penetration across a wide array Multiple

of industry verticals); Integrated

n AI - Segment revenue and Operating Income exceeded our forecasts and the company expressed optimism of building to Percentile 20th 40th 60th 80th 100th

more terrestrial compute in the coming 12-18 months. Further, SPCX relative to Americas Coverage SPCX relative to Americas Internet current industry-wide compute constraints (i.e. the current Source: Company data, Goldman Sachs Research estimates. disconnect between supply and demand for available AI See disclosures for details. compute) presents an environment where management

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.

Goldman Sachs Space Exploration Technologies Corp. (SPCX)

Space Exploration Technologies Corp. Balance Sheet ($ mn) _______________________________________ BUY (SPCX) Cash & cash equivalents 12/25 24,747.0 12/26E 93,097.3 12/27E 27,953.1 12/28E 17,970.3 Rating since Jul 7, 2026 Accounts receivable 1,579.0 5,087.2 7,592.7 11,969.9 Inventory 2,416.0 3,811.9 4,028.0 6,276.0 Ratios & Valuation __________________________________________ Other current assets 2,210.0 5,573.8 3,106.5 3,453.3 12/25 12/26E 12/27E 12/28E Total current assets 30,952.0 107,570.3 42,680.4 39,669.4 P/E (X) NM Net PP&E 43,862.0 96,352.8 258,322.4…