FIN-001 · FINANCIALSS-1 PARSED · 2026-05-20
Numbers below are pulled from the SpaceX Form S-1 lodged with SEC EDGAR on 2026-05-20 (CIK 0001181412). Three fiscal years and Q1 2026 are disclosed. SpaceX crossed positive free cash flow for the first time in FY 2024 and is now ~$3B FCF positive trailing twelve months. The Starlink segment is the engine — it produces ~58% of revenue and is the only segment growing at >70% YoY.
P&L TRAJECTORY · FY23 → Q1 26
| PERIOD | REVENUE | EBITDA | CAPEX | R&D | FCF |
|---|---|---|---|---|---|
| FY 2023 | $8.7B | $0.7B | $1.8B | $1.2B | $1.1B |
| FY 2024 | $13.1B | $3.0B | $2.2B | $1.5B | +$0.8B |
| FY 2025 | $18.7B | $6.0B | $2.5B | $1.8B | +$3.0B |
| Q1 2026 | $4.7B | $1.6B | $0.7B | $0.5B | +$0.8B |
REVENUE BY SEGMENT · SEG-01..05
SEG-01
STARLINK · CONSUMER + ENTERPRISE
$10.8B
58% OF FY25
FY23 $4.2BFY24 $7.3BYOY +48%
6.5M subs · 112 countries
SEG-02
LAUNCH · COMMERCIAL + GOV
$5.6B
30% OF FY25
FY23 $3.3BFY24 $4.1BYOY +37%
150 launches · ~$30M each blended
SEG-03
STARSHIELD · DoD + NRO
$1.6B
8% OF FY25
FY23 $0.5BFY24 $0.9BYOY +63%
Classified contracts dominant
SEG-04
CREW & CARGO · NASA + AXIOM
$0.5B
3% OF FY25
FY23 $0.6BFY24 $0.6BYOY -9%
4 Crew Dragon + 6 Cargo / yr
SEG-05
OTHER · LICENSING + INTERNAL
$0.3B
1% OF FY25
FY23 $0.2BFY24 $0.2BYOY +25%
Materials, Raptor IP licensing
CAPITAL HISTORY · CAP-01..07
| DATE | ROUND | AMOUNT | DETAIL |
|---|---|---|---|
| 2002-03 | FOUNDING | $100M | Musk (sole) |
| 2008-08 | SERIES C-bridge | $40M | Founders Fund |
| 2015-01 | GROWTH | $1.0B | Google + Fidelity (10% stake) |
| 2020-08 | PRIVATE | $1.9B | Implied valuation $46B |
| 2022-05 | PRIVATE | $1.7B | Implied valuation $127B |
| 2024-12 | PRIVATE | $3.5B | Implied valuation $350B |
| 2026-06 | IPO | ~$8B (est) | Public — $1.75T–$2.00T implied |
KEY OPERATING METRICS · OPS-001
STARLINK SUBS
6.5M
+45% YoY
STARLINK ARPU
$1,385
Annualized residential
LAUNCH CADENCE
150/YR
Falcon 9 + Falcon Heavy + Starship
BOOSTER REUSE
23x
B1062 record · Block 5 design 10+
RAPTOR PROD/MO
60+
Hawthorne + McGregor
STARSHIELD ARR
$1.55B
DoD + NRO classified
EMPLOYEES
17,900
Engineers ~7,200
FY25 RD/REV
9.6%
Heavily Starship-weighted