SPCX（Space Exploration Technologies Corp / SpaceX）数据底座

采集日期: 2026-08-15 | 币种: USD（全文件币种统一为美元，凡出现"亿"字样的确定性提取器区块，均为 1e8 USD，非人民币"亿"） 唯一共享数据文件——下游各位大师 agent 只读本文件，不再重新采集。

①标的与解析

• 公司：Space Exploration Technologies Corp.（SpaceX）
• Ticker：SPCX
• CIK：CIK0001181412（SEC company_tickers.json 匹配：{'cik_str': 1181412, 'ticker': 'SPCX', 'title': 'SPACE EXPLORATION TECHNOLOGIES CORP'}）
• 交易所（SEC 权威，逐字取自 sec.mjs）：Nasdaq
  • 补充叙事（非 SEC 结构化字段，来自 Q2 8-K Ex-99.1 正文，见 ⑬b）：股票于 2026-06-12 在 Nasdaq Global Select Market 与 Nasdaq Texas 同时挂牌，代码 SPCX。
• 上市背景（定性，WebSearch 交叉验证）：2026-06-12 完成史上最大规模 IPO——发行 638,888,888 股 Class A 普通股，净募资约 $85.7B（均为 EARNINGS-CALL.md 正文 "Other Key Business Developments" 段一手 8-K 原话数字）。IPO 定价约 $135/股（WebSearch，非 SEC 一手，仅作背景参考）。
• 公司性质转变：本次是 SpaceX 上市后第一份 10-Q（截至 2026-06-30），故 SEC XBRL 尚无完整年度（annual/10-K）历史——sec.mjs 的"结构化基本面史"年度表为空属实情，非提取失败（见 ④ 说明与 ⑰ 数据缺口）。
• 股票结构：三类普通股（Class A / B / C），Class B 为 10 票/股的超级投票权股（WebSearch 交叉验证，见 ⑨ 治理）。

dojo① 标的档案与板块归属（AlphaDojo·A2 补充，原文逐字粘贴）

• 名称: Space Exploration Technologies (Space Exploration Technologies Corp.) | 交易所: NasdaqGS | 币种: USD | 数据源行业: Industrials / Aerospace & Defense
• 板块归属(主): 工业(Industrials) → 资本品与高端制造(Capital Goods and Advanced Manufacturing) → 航空航天与国防(Aerospace and Defense)
• 板块归属(次): 通信服务(Communication Services) → 通信基础设施(Telecom Infrastructure) → 卫星互联网(Satellite Internet)

定性补充：dojo 的板块归属未覆盖公司三大业务分部之一的 AI（发布/广告/AI解决方案与基础设施，占 2026Q2 营收 21.34%，见 dojo④）——该分部源自 2026-02 SpaceX 与 xAI/X 的合并（WebSearch，见 ⑧⑨⑩），dojo 的行业分类体系尚未追上这次重组，供 Serenity/行业对比 lens 注意。

②报价与市值

② 市值（mktcap.mjs · 确定性 · market_cap = 现价 × 总股本）

单位由代码确定性格式化(亿=1e8),消除 亿-vs-billion 10× 笔误；reverse_dcf 自动从 mktcap-facts.json 读此市值,无需 --mktcap。

股本口径说明（重要，Data agent 手工传参，非编造）：SPCX 在 SEC companyfacts 中没有 dei:EntityCommonStockSharesOutstanding（该概念端点 404），XBRL 只暴露加权平均股数（三个月 5,864M / 六个月 4,879M，见 sec-facts.json currentShares），直接用加权平均会把市值低估约 2.8×。本次 --shares 13,572,821,625 取自 EARNINGS-CALL.md 附录 C（10-Q 封面 Class A 7,696,293,669 + Class B 5,485,486,276 = 13,181,779,945，加上 2026-08-14 交割的 Cursor 并购对价 Class A 389,289,254 + 已归属 RSU 转换 1,752,426 = 13,572,821,625），已由 EARNINGS-CALL.md 编排者一手核验（见该文件附录 C 的独立一致性交叉核对：8-K 用 7 日 VWAP 把 $60.0B 换成 389,289,254 股隐含每股约 $154.1，与 gen-calib-block 的 2026-08-14 收盘 $140.00 同数量级）。

dojo② 股本与市值核对（AlphaDojo·A2 补充，原文逐字粘贴）

• 快照时间: 2026-08-14 16:00:01 (美东时间; 上游错标 UTC 已按交易所本地时间重解释) | A股/港股为 T+0 收盘、美股为 T-1
• 收盘价: 140.00 USD | 涨跌: -0.91% | 前收: 141.29
• 总股本: 13,181,779,945 股 | 流通股: 6,297,340,294 股
• 总市值: 18,454.49亿 USD (= 收盘价 × 总股本, 由代码计算校验) | PE: -127.27 | PB: 14.51 | 股息率: 0.00%
• 用途: 与 mktcap.mjs/②报价 交叉核对总股本与市值量级(亿-vs-billion 10× 笔误、IPO/双层股权股本过期)。

口径分歧（原样保留，不判定赢家）：dojo② 总股本 13,181,779,945（= 附录C 并购前小计）vs mktcap.mjs 入参 13,572,821,625（= 附录C 并购后合计）。差异 = 391,041,680 股，恰等于 EARNINGS-CALL.md 附录 A（2026-08-14 Form 8-K，一手 SEC 证据）披露的 Cursor 并购对价 Class A 389,289,254 + 已归属 RSU 转换 1,752,426 = 391,041,680 股，与差值完全吻合。dojo 数据集快照晚于该 8-K 一天披露的交割，尚未纳入新增股本——这是可用 A1 证据（8-K）解释的时点差，而非数字错误，两个数字均照原样保留。记入 data_gaps: unresolved source discrepancy (dojo② vs mktcap.mjs 股本口径，8-K 交割时点差可解释但不由本文件裁决)。 由此推出总市值也有两个版本：dojo 18,454.49亿 USD（并购前股本×价）vs mktcap.mjs 19,001.95亿 USD（并购后股本×价）——同一原因，同样原样保留。

③估值倍数

Finnhub 估值快照（estimates.mjs，逐字粘贴）

一致预期与盈利动能（Finnhub） — SPCX

来源: finnhub.io（免费档） | 注: 前瞻 EPS/营收点预测与分析师目标价为 Finnhub 付费档,本 key 不可取 → 标 [付费档未取],绝不编造。以下为可取的估值/增长快照 + 分析师评级趋势 + EPS 超预期历史。

估值与增长快照（metric=all · TTM）

PEG 为 Finnhub 用 TTM 口径计算(非前瞻);Lynch PEG 前瞻分母需付费一致预期,此处用 TTM-YoY/3-5Y EPS 增长作代理,已在表中给出。

分析师评级趋势（recommendation,近 4 期）

EPS 超预期历史（earnings surprise,近 8 季）

前瞻一致预期(下一年 EPS/营收点预测)、价格目标:[Finnhub 付费档未取] — 如需补,升级 Finnhub 付费或接 FMP/Financial Datasets。

口径警示（Finnhub P/S 59.73× 与本文件其它估值口径不可直接对齐，原样保留不改写）：Finnhub P/S 59.73× 隐含营收基数 ≈ 市值/59.73 ≈ $31.8B（若市值取 mktcap.mjs 19001.95亿）；而本文件 ⑦ 反向DCF 用的 TTM 营收 $23.044B（见 ⑦ 说明）。P/B 17.67× 亦与 dojo② PB 14.51 不一致。三者股本/营收/账面价值分母口径均可能不同（Finnhub 未披露其分母来源，很可能是过期或加权平均股数），Data agent 不裁定谁对，仅记入 data_gaps: Finnhub 估值倍数分母口径未知，与 mktcap.mjs/dojo②/反向DCF 三处不一致，供分析 agent 自行取舍或交叉验证。

分析师评级解读（定性）

一致预期方向偏多头（2026-08 期 12 强买 + 20 买入 + 7 持有 + 1 卖出，强买+买入占比 80%），且 EPS 超预期历史唯一一期即大幅超预期（+65.84%）——但样本仅 1 个季度（IPO 后首份季报），不构成"盈利动能"意义上的趋势判断，仅供参考。

④利润表（结构化基本面史 · sec.mjs · 逐字粘贴）

SEC / EDGAR 结构化数据 — SPCX (SPACE EXPLORATION TECHNOLOGIES CORP)

CIK: CIK0001181412 | 交易所(SEC 权威): Nasdaq | 来源: data.sec.gov XBRL companyfacts + submissions (keyless, deterministic)

结构化基本面史（SEC companyfacts·每数带 accn）

(无年度数据)

近期季度（单季口径 · 10-Q 直接申报;Q4 = 年报 − 9M YTD 派生,标 *）

说明（定性，非改写数字）：年度表为空不是提取失败——SPCX 2026-06-12 才 IPO，本次 10-Q（2026-06-30 期）是上市后首份季报，SEC XBRL 尚未积累"年度期间"标签的公开公司报表；上市前的财务史仅存在于 S-1 招股书叙述性财报中，不在 XBRL companyfacts 覆盖范围。近两期季度实际是"三个月止 2025-06-30"与"三个月止 2026-06-30"的同比对（非连续两季），与 ⑬b EARNINGS-CALL.md 正文 Q2 Highlights 表的 Three Months Ended 列完全一致（Revenue $7,814M / $4,071M）。

dojo③ 季度补缺（东财系口径）— 因 SEC XBRL 无年度史，本节按规则 (a)/(b) 例外粘贴以补年度/多季序列

累计口径(YTD, 近 7 期):

单季口径(近 4 期; 对 20-F 外国发行人这是 SEC 年报之外的季度补缺):

• 口径说明: EPS 为基本每股收益(sec.mjs 的 EPS 为稀释口径, 对比时注意); 金额为原币按亿(1e8)由代码格式化。

数据出处: hf://AlphaDojo/dojo_fin_indicators@649e98c8d5f0（其余 hf 出处见 ① 末尾 dojo 数据出处行）

交叉核对：dojo 2025-06-30 中报营收 81.38亿 = $8.138B，与 ⑬b EARNINGS-CALL.md 一手 Consolidated Statements "Six Months Ended June 30, 2025 Revenue $8,138M" 完全吻合；dojo 2026-06-30 中报归母净利 -48.17亿 = -$4.817B，与 ⑬b 一手 "Net loss $(4,817)"（六个月止2026-06-30）完全吻合。dojo③ 在此标的上与 SEC 一手数据一致性良好，可信度较高，但仍标注为 A2 补充（非 A1）。

三大业务分部收入/营业利润（Q2 2026，来自 ⑬b EARNINGS-CALL.md 一手 8-K Ex-99.1，逐字数字，此处仅摘录不改写）

（完整表格含 Segment Adjusted EBITDA / Capex 见 ⑬b 正文逐字块，此处不重复摘录数字以免风险。）

⑤资产负债表（sec.mjs 无年度/派生数据；权威数据来自 ⑬b EARNINGS-CALL.md 一手 8-K）

sec.mjs 本节无独立输出（结构化基本面史年度表为空，见 ④ 说明）。资产负债表权威数字见 ⑬b EARNINGS-CALL.md 正文 "Consolidated Balance Sheets" 逐字表（截至 2026-06-30 vs 2025-12-31，含现金、有价证券、PP&E、商誉、可转换优先股、股东权益等全部科目），此处不重复摘录以避免手抄风险——请下游 agent 直接读取 ⑬b 对应区块。

关键科目摘要（定性指向，具体数字以 ⑬b 逐字表为准，此处仅作导航不重复数字）：

• 现金/等价物 + 有价证券远超有息负债（净现金头寸，见 ⑦ 反向DCF 净债计算过程）。
• 2025-12-31 资产负债表上有"可赎回可转换优先股"（IPO 前私募融资遗留），2026-06-30 已归零（IPO 转股所致）。
• 商誉 $11,645M（2026-06-30）——对应 2026-02 与 xAI/X 的合并（见 ⑧⑨⑩ 定性）。

⑥现金流与资本返还（sec.mjs 无年度数据；权威数字见 ⑬b）

sec.mjs 本节无独立输出。现金流量表权威数字见 ⑬b EARNINGS-CALL.md 正文 "Selected Cash Flow Information" 逐字表（六个月止 2026-06-30 vs 2025-06-30：经营/投资/融资活动现金流）——此处不重复摘录数字，避免手抄风险。

定性方向（不新增数字，仅指向 ⑬b 已有逐字数字的关系）：⑬b 正文经营活动现金流（六个月，2026）远小于同期分部 Capex 合计（⑬b 分部表 Capex Total 行）——两者均为 ⑬b 逐字数字，差额方向指向"经营现金流尚不能覆盖当期资本开支"，具体倍数请下游 agent 自行以 ⑬b 两个逐字数字相除，本文件不做该除法运算（reverse_dcf.py 的 FCF0 因此判定"未提取到"，见 ⑦）。

资本返还：无股息（dojo② 股息率 0.00%）、无回购披露（IPO 后首季，通常无回购）。

⑦回报与质量

FCF / ROIC / ROCE（sec.mjs 派生，逐字粘贴）

公式: FCF = OperatingCashFlow − CapEx; ROIC = OperatingIncome×(1−0.21) / (LongTermDebt + Equity − Cash); ROCE = OperatingIncome / (LongTermDebt + Equity). 21% 为美国法定税率(确定性,非逐年实际税率)。

表为空：sec.mjs 无年度 fundamentals 可派生（同 ④ 说明，首年上市，XBRL 无年度框架）。

dojo DuPont 杜邦分解

dojo.py 本次输出未含独立杜邦分解块（dojo.py 的 DuPont 输出通常伴随 cn.py 路径；SPCX 为美股路径，dojo③ 已给出 ROE加权 逐季数据，见 ④，此处不重复）。

反向DCF·价格隐含预期（reverse_dcf.py，逐字粘贴）

反向 DCF / 价格隐含预期（reverse_dcf.py · 确定性 · 非 LLM）

标的 SPCX · 货币 USD · 模式 margin（FCF0 未提取到,非「FCF 为负」）

模型与假设（均为假设/可辩论,非提取数据,故下表把贴现率做成敏感度轴而非单点）： 2 阶段 FCFF;高增长期 10 年后→永续增速 g∈{2.5%、3.0%、3.5%};贴现率 WACC = rf 4.6% + β 1.10(假设) × ERP 5.0% = 10.1%(中值,网格 ±1.5pp);反推标的 = EV = 市值 + 净债。 起点：EV0 = 18395.50亿USD（市值 19001.95亿USD + 净债 -606.45亿USD）;FCF0 = —;营收0 = 230.44亿USD。

今日 EV 隐含的「终端 FCF 利润率」（行=WACC,列=假设营收 CAGR;FCF0 未提取到(数据缺口)故反推利润率而非增速）：

中值（WACC 10.1% / 营收CAGR 15%,即第10年营收 932.26亿USD）：隐含终端 FCF 利润率 358.5%。

plausibility：极高(终端 FCF 利润率 ≥30%,半导体/制造业罕见)

一句话：现价隐含 SPCX 到第 10 年须做到约 932.26亿USD 营收 × 358.5% FCF 利润率,而其当前 FCF 未能从申报中提取(⚠ 数据缺口,不代表 FCF 为负——请勿据此立论)——价格押的是「规模 + 利润率双双兑现」。

注：本块仅做「价格隐含什么」的反推,不构成估值结论;贴现率/永续增速/营收路径均为假设,请结合各大师自身框架取舍。所有算术由 reverse_dcf.py 确定性计算,无 LLM 经手。

Data agent 手工传参说明（非提取器自动读取，逐条披露以便下游审计）：

1. --revenue 23,044,000,000（营收0 = 230.44亿USD）：sec.mjs 无年度 fundamentals 导致自动读取失败（NO_DCF），按脚本提示手工补。计算 = dojo③（A2 补充源）2025年年报营收 186.74亿(=$18,674M) − ⑬b 一手 SEC 数据六个月止2025-06-30营收 $8,138M + ⑬b 一手 SEC 数据六个月止2026-06-30营收 $12,508M = $23,044M（TTM 至 2026-06-30）。混合了 A2（dojo FY2025 全年基数）与 A1（⑬b 两个半年度）两个数据层级，记入 data_gaps。
2. --netdebt=-6.0645e10（净债 = -606.45亿USD，即净现金 $60.645B）：sec.mjs 无年度数据导致自动读取回退为 0.0（明显失真——公司实际是净现金头寸）。改用 ⑬b 一手资产负债表逐字数字手工计算：有息负债合计 = Debt and finance leases, current $2,525M + Debt and finance leases, net of current $36,839M = $39,364M；现金及等价物+有价证券 = $93,522M + $6,487M = $100,009M；净债 = $39,364M − $100,009M = −$60,645M。
3. β：未手工传参，reverse_dcf.py 按脚本逻辑尝试从 oneil-facts.json 读取，但该文件 beta: null（IPO 仅 2 个月交易历史，yfinance 无法计算 2 年期 Cov/Var beta），脚本自动回退默认 1.1。未采用 Finnhub estimates.mjs 给出的 Beta 6.55（该值同样基于 <3 个月交易史，极不稳定，不具代表性，仅在 ③ 原样保留供参考，不作为 DCF 输入）。
4. FCF0 未手工传参（严格按提示"仅在 NO_DCF 报错项上补参"执行，未额外手算/手填 FCF）——⑥ 已指出 OCF 与 Capex 两个 ⑬b 逐字数字的方向关系，但本文件不做除法/相减运算得出 FCF 数字，交由 reverse_dcf.py 或下游分析 agent 自行处理。

解读方向（定性，不改动上表任何数字）：358.5% 的隐含终端 FCF 利润率远超任何实体行业可达水平（软件/平台型公司利润率上限通常 30-50%），reverse_dcf.py 自身标注"plausibility 极高"（即隐含预期不合理程度极高）。这与 ③ 估值倍数（P/S 59.73×，若用 mktcap.mjs 市值/TTM营收 $23.044B 则隐含 P/S ≈ 82.5×）方向一致：市场对 SPCX 的定价显著超出可比传统航天/电信/制造业估值框架，本质上是把它当作"AI + 空间基础设施"平台型/期权型资产定价（Damodaran"故事驱动数字"lens 应重点关注；价值 lens 应视为高度警示信号）。

⑧资本配置史

• IPO（2026-06-12）：史上最大规模 IPO，发行 638,888,888 股 Class A，净募资 ≈$85.7B（⑬b 一手 8-K 数字）。
• 首笔投资级公司债（2026-06-26）：$25B 五档优先票据，到期日分布 2031/2033/2036/2046/2056，票面利率 5.35%–6.65%，加权平均利率 5.855%（⑬b 一手数字）——上市后立即加杠杆扩表，用于资助 Starship/Starlink/AI 基础设施建设。
• Cursor（Anysphere）并购（宣布 2026-06-16，交割 2026-08-14）：对价 $60.0B 全股票交易（389,289,254 股 Class A + 1,752,426 股已归属RSU转换 + 承接约 2,913万 RSU / 4,437万期权），依据 Securities Act §4(a)(2) 私募发行豁免完成（⑬b 附录A 一手数字）。战略意图：加速 AI 企业级产品（Cursor 为 AI coding 工具龙头），与 Grok 4.5 联合训练（⑬b 正文原话）。
• 与 xAI/X 合并（2026-02，WebSearch 交叉验证，非 SEC 一手，SPCX 本身文件未在本次采集范围内单独核实此项 8-K）：据 CNBC/多家财经媒体报道，SpaceX 与 xAI 于 2026-02 完成合并（估值口径报道为 SpaceX $1T + xAI $250B = $1.25T 合计），随后 xAI 品牌整合改称 SpaceXAI；2025 年 xAI 对 AI 计算的资本开支达 $12.7B，超过当年航天+Starlink 合计支出的 3 倍以上（WebSearch，未经本次 SEC 提取器交叉核验，标注为定性背景）。此次合并直接解释了 ④ 中"AI 分部"的出现与 2026Q2 营收占比 21.34%（dojo④）。
• 股息：无（dojo 股息率 0.00%）。
• 回购：本次采集未见披露（IPO 后首季，通常无回购计划）。
• 关联方交易（WebSearch，S-1 披露，非本次 SEC 提取器覆盖范围，需下游 agent 自行核实一手文件）：
  • 2025 年度与 Musk 关联企业之间交易总额约 $650M（Morningstar/BigGo 报道口径）。
  • SpaceX 向 Tesla 采购 Cybertruck（约 $131M，MSRP）；2024-2025 向 Tesla 采购 Megapack 储能电池约 $697M（用于 Memphis Colossus I/II 数据中心稳定供电）。
  • 2026-01 Tesla 认购 xAI Series E 可转换优先股 $2B；2026-03-12 该优先股转换为 SpaceX Class A 普通股 380万股（因 SpaceX-xAI 合并生效）。
  • ⑬b 一手财报正文亦确认："Interest expense (related party of $327M and $- for the three months ended June 30, 2026 and 2025...)"，即 Q2'26 单季有 $327M 利息费用来自关联方债务（有息负债附注同时披露 Debt and finance leases 的 related party 部分：current $2,039M / net of current $11,290M，均为 ⑬b 一手数字）——关联方债务占总有息负债比例较高（$13,329M related-party / $39,364M 总有息负债 ≈ 34%），需 ⑫ 风险与治理 lens 重点关注。

⑨管理层与治理

• Elon Musk：Director / CEO / CTO & Chairman（⑮ Form 4 一手数字，身份字段逐字保留）。三重身份集于一身（CEO+CTO+董事长），治理集中度极高。
• 投票权结构（WebSearch，非 SEC 提取器覆盖，双语媒体交叉报道，需 S-1/proxy 一手核实）：Class A 普通股 1 票/股，Class B 普通股 10 票/股（超级投票权）。据报道 Musk 持有约 12.3% 的 Class A 与约 93.6% 的 Class B，合计控制约 85.1% 总投票权——公众股东即便集体持股也无法在需股东表决事项上产生实质影响力（多篇 2026-05/2026-02 财经媒体报道口径一致）。
• 董事会构成（WebSearch，非一手验证）：据报道 IPO 前已知的 4 名董事中有 3 名为 Musk 私交好友，董事会被媒体形容为对 Musk"友好"、对 IPO 新股东问责有限。
• 公司章程放弃"公司机会"原则（corporate opportunity doctrine waiver，WebSearch，S-1 披露口径）：Musk 及其关联方不受限于优先向 SpaceX 提供商业机会的义务，可自由从事与 SpaceX 直接或间接竞争的业务（对 Tesla 亦同）——S-1 本身将 Musk 同时列为公司"最核心资产"与"最大风险变量"（媒体转述 S-1 措辞）。
• 内幕交易（Form 4，sec.mjs 一手逐字数字，见 ⑮）：Musk 2026 年内多笔 A（Acquired，含 IPO 前授予/转换）、D（Disposed，含分拆/税务代扣/礼赠）、少量公开市场卖出（S，2026-04-02，11,390 股 @$105.318）。

⑩护城河与竞争（定性，WebSearch）

• 发射市场：据行业报道，SpaceX 按发射质量计占全球商业发射约 60% 份额，Falcon 9 已完成 300+ 次成功任务、约 600 次助推器回收成功（对比最接近的竞争对手仅 1 次）——规模与复用经验的领先幅度报道口径为"约 100 倍"级别。
• Starlink vs. Kuiper：截至 2026 年初 Starlink 在轨卫星超 1 万颗、全球用户超 1000 万（⑬b 一手数字：2026Q2 末 Starlink 用户 12.0 百万，ARPU $66/月，与此外部报道数量级一致）。最主要威胁 Amazon Kuiper（约 3,236 颗卫星获批），但报道指出 Kuiper 需依赖 ULA Vulcan/Blue Origin New Glenn/甚至 SpaceX 自家 Falcon 9 发射，存在"资助对手"的悖论；FCC 要求 2026-07 前完成 50% 部署的监管节点据报道大概率无法达成（Kuiper 监管风险，非 SpaceX 自身风险，但影响竞争格局判断）。
• Starship：V3 于 2026-05 完成首次亚轨道任务（Flight 12），2026-07 完成 Flight 13（实现在轨 Raptor 发动机复燃、20 颗量产 V3 卫星部署、迄今最平稳的溅落，⑬b 一手正文）。管理层称 Starship 目标是把入轨成本较历史均值降低 99% 以上（⑬b 一手原话）——若兑现将进一步拉开与 Blue Origin New Glenn 等重型运载对手的差距；若进度不及预期，则领先优势会被压缩（WebSearch 综合判断）。
• AI 分部的"护城河"叙事（定性，需批判性看待）：管理层将"极致垂直整合"（发射+连接+AI 三位一体）作为核心叙事（⑬b 正文标题原话："Demonstrated the power of extreme vertical integration"），并以 SpaceX 2026-01 向 FCC 申请部署最多 100 万颗卫星组成"SpaceX 轨道数据中心系统"作为长期愿景（WebSearch）。这是否构成经济护城河（而非仅仅是资本密集度）需 Buffett/Munger/Moat lens 独立判断——目前尚无独立第三方数据验证"太空数据中心"相对地面数据中心的单位经济性。

⑪增长与跑道

dojo④ 主营构成（AlphaDojo，逐字粘贴，2026-06-30）

按产品 (币种 USD):

数据出处: hf://AlphaDojo/dojo_main_income@8319f537a107

交叉核对：dojo④ 六项合计 125.08亿 = $12,508M，与 ⑬b 一手合并利润表"Revenue ... $12,508"（六个月止2026-06-30）完全吻合。"广告"$710M + "消费者"$4,633M 恰好对应 X/Starlink 消费者两条线；"人工智能解决方案和基础设施"$2,669M 对应 AI 分部的"AI solutions & infrastructure revenues"（⑬b 分部表六个月列 $2,669M，同样吻合）。

增长驱动摘要（定性 + 引用 ⑬b/dojo 已有逐字数字，不新增计算）

• Connectivity（Starlink+企业/政府）：Q2'26 营收同比 +66%（⑬b 一手），Starlink 订阅户同比翻倍至 1,200万（⑬b 一手），ARPU 持平 $66/月。企业与政府收入环比 +63%/同比 +108%（⑬b 一手），新增 American Airlines、Southwest、Virgin Atlantic 等航司合作，以及 SoftBank、NTT Docomo、Spark NZ 等国际运营商 Starlink Mobile 合作（⑬b 一手正文）。Starshield（军用）新增 $6B+ 多年期美国政府合同（⑬b 一手）。
• AI：Q2'26 营收环比 +213%/同比 +247%（⑬b 一手），主要来自新签 Cloud Services Agreements（本季新增 $14.1B 合同额，⑬b 一手），运营亏损环比收窄 49%，Segment Adjusted EBITDA 已转正 $1.1B（⑬b 一手）。算力规模（Nameplate compute）从 Q1'26 1.0GW 提升至 Q2'26 1.4GW（⑬b 一手），Colossus II 持续建设中。
• Space（发射）：营收同比 +29%/环比 +55%至 $962M（⑬b 一手），但该分部仍为经营亏损 $(542)M，R&D 投入加速（对应 Starship 项目）。
• 管线/跑道：合并积压订单（backlog）$47.5B（⑬b 一手 CFO Commentary），本季新增 Cloud Services Agreement 合同额 $14.1B（⑬b 一手）——两者口径不同（backlog 为存量、$14.1B 为本季新增流量），不可相加。
• TAM 定性：三个分部分别对应不同 TAM——航天发射（相对成熟、SpaceX 已占主导）、卫星宽带/移动连接（渗透率仍低，全球未联网/欠连接人口基数大）、AI 云计算基础设施（超大规模且高速增长赛道，但竞争对手为资本雄厚的超大规模云厂商，非本文件采集范围，需下游 agent 自行研究竞对资本开支节奏）。

⑫风险与红旗

1. 治理集中度极高：Musk 一人身兼 CEO/CTO/Chairman，且通过 Class B 超级投票权控制约 85.1% 总投票权（WebSearch，⑨ 已详述）——公众股东实质上无法通过股东投票影响公司重大决策，董事会独立性存疑（媒体报道口径，3/4 已知董事为 Musk 私交）。
2. 公司机会原则放弃条款：章程允许 Musk 从事与 SpaceX 竞争的业务且无需优先给 SpaceX 机会（WebSearch，S-1 披露口径）——潜在利益冲突结构性存在，非一次性事件。
3. 关联方交易规模大且债务端占比高：2025 年度关联方交易约 $650M（WebSearch）；⑬b 一手数字显示有息负债中关联方部分（current $2,039M + net of current $11,290M = $13,329M）占总有息负债 $39,364M 的约 34%，且 Q2'26 单季关联方利息费用达 $327M（⑬b 一手）——需持续追踪关联方债务条款是否公允（arm's-length）。
4. FCF 状态不明 + 资本开支极高：⑦ 反向DCF 已标注 FCF0"未提取到"（非"为负"，但方向明确指向 OCF 远低于 Capex，见 ⑥ 定性）；⑬b 一手分部表显示六个月 2026 Capex 合计 $28,476M，其中 AI 分部占 $23,551M（占比 83%）——资本开支的绝对规模与集中度（AI 一个分部吃掉八成以上 Capex）是核心风险点：若 AI 算力投资回报不及预期，摊销/减值压力将集中体现。
5. 估值隐含预期极端：⑦ 反向DCF 显示现价隐含 10 年后 358.5% 的终端 FCF 利润率（plausibility"极高"=极不合理），③ Finnhub P/S 59.73×（不同分母口径，见 ③ 警示），任一口径都指向当前定价已透支极长期、极高概率无法兑现的假设。
6. 技术面：派发日承压：⑱ oneil.py 显示近 25 日 9 个派发日 vs 6 个吸筹日（"承压"标记），价格距 52 周高点 -33.77%（oneil.py 口径），处于"筑底中"形态——短中期动能偏弱，与 ③ 分析师评级偏多头（80% 强买+买入）形成分歧，需 Druckenmiller/O'Neil lens 自行judge价格与叙事的背离。
7. 锁定期解禁（WebSearch，非 SEC 一手，需核实）：据报道首批锁定期已于 2026-08-06 解禁（约 9.115 亿股内部人持股中最多 20% 可交易），下一批员工锁定期解禁为 2026-12-08，Musk 及主要投资人受 366 天锁定至 2027-06-13。首批解禁日期（2026-08-06）早于本次采集日期（2026-08-15）9 天，属于近期已发生事件，可能是近期股价承压（见 ⑱ 派发日数据）的解释之一，但本文件未独立核实此锁定期数字的一手来源（S-1/招股书披露条款），标注为 WebSearch 二手信息，供下游 agent 自行核实后使用。
8. 同业竞争/监管：Kuiper/Blue Origin 竞争加剧（⑩），FCC 就"轨道数据中心"百万颗卫星计划的审批存在不确定性（WebSearch，未经一手核实）。
9. 首年上市数据局限：SEC XBRL 无年度历史（④⑤⑥⑦ 均标注），历史财务比较基础薄弱，估值模型的"历史 CAGR"类输入普遍缺失（见 ⑰ 数据缺口）。
10. Beta 不可靠：oneil.py 因交易历史 <2 年返回 beta=null；Finnhub 给出 Beta 6.55 但基于 <3 个月交易史，波动性度量极不稳定，任何依赖 Beta 的定价模型（含 ⑦ 反向DCF 的 WACC 假设）都应视为弱证据。

⑬近期新闻与催化剂

近期新闻量与情绪（Finnhub company-news·免费档）

来源: finnhub.io /company-news（免费档） | 窗口: 2026-07-15 → 2026-08-14（按返回中最新一篇的日期锚定，非墙钟，便于同日多次运行结果稳定）

新闻量 / 放量

最近 8 条标题（日期 · 来源 · 标题）

• 2026-08-14 · Benzinga · Nvidia's Stake In SpaceX Valued At About $21 Bln
• 2026-08-14 · Benzinga · Nvidia Corp Reports Share Stake Of 122.8 Mln Class A Shares In SpaceX
• 2026-08-14 · Benzinga · S&P 500 Set Records, SanDisk Jumped 60% Off July's Lows: This Week on Wall Street
• 2026-08-14 · Benzinga · Gina Rinehart Makes SpaceX Her Biggest U.S. Bet—ETFs Offer Investors Another Route In
• 2026-08-14 · SeekingAlpha · Why Is Everyone Building Compute?
• 2026-08-14 · Benzinga · Grok 4.6 Launches In GitHub Copilot
• 2026-08-14 · Benzinga · Tesla Preps SpaceX Rocket-Powered Flying Roadster Demo
• 2026-08-14 · SeekingAlpha · Nebius' Long-Term Prospects Are Nebulous Despite $40 Bln Backlog

粗粒度关键词法情绪（非 ML 情绪分）

「粗粒度关键词法(非 ML 情绪分)」：对上述窗口内全部标题做小词典命中计数，仅供方向性参考，不等于真实情绪评分。

ML 评分新闻情绪(Alpha Vantage NEWS_SENTIMENT / Finnhub 付费档)= [未取] — 如需真正的 ML 评分情绪，接 Alpha Vantage NEWS_SENTIMENT 或 Finnhub 付费档。

定性补充（WebSearch，非 news.mjs 覆盖范围）

• Nvidia 持股披露（2026-08-14）：news.mjs 标题已列出 Nvidia 披露持有约 1.228 亿股 SpaceX Class A（价值约 $21B）——属于新催化剂/关注点，具体披露文件（13F/13D 等）未在本次采集范围内单独核实，建议下游 agent 视为"待独立核实"的重大关联方/战略投资者信号。
• 国会议员购入 SPCX 股票引发利益冲突讨论（WebSearch，2026-07-28 CNBC 报道，未纳入 news.mjs 窗口）：政治关注度上升，可能带来监管/舆论层面的不确定性，供 Soros 反身性/政策风险 lens 参考。

⑬b 最新电话会议纪要（已多源验证）

（EARNINGS-CALL.md front-matter 校验通过：source_url/retrieved_at/license/visibility/sha256 五键齐全，以下为该文件全文逐字粘贴）

source_url: https://www.sec.gov/Archives/edgar/data/1181412/000162828026052515/earningsreleaseq22608042.htm retrieved_at: 2026-08-15T04:30:00Z license: "Exhibit 99.1 to Form 8-K (items 2.02, 9.01) filed with the U.S. SEC by Space Exploration Technologies Corp.; publicly disclosed on EDGAR. Quoted verbatim for research use." visibility: public sha256: dd1d9de38215b8fba3da0d5aa5dc2ff6193ec747a5930fe48c16aa3afe491cb9 sha256_scope: "SHA-256 of the source exhibit HTML as served by sec.gov (earningsreleaseq22608042.htm, 33535 bytes), not of this derived markdown." accession: 0001628280-26-052515 form: 8-K items: "2.02 Results of Operations and Financial Condition; 9.01" filed_at: 2026-08-04 period: Q2 2026 (three months ended 2026-06-30) ticker: SPCX cik: "0001181412" companion_filing: "Two further primary documents are reproduced below with their own URLs and hashes: (a) the Q2 10-Q cover page share counts (accession 0001628280-26-052535, filed 2026-08-04), and (b) the Form 8-K reporting the CLOSING of the Cursor/Anysphere acquisition on 2026-08-14 (accession 0001628280-26-056945, items 2.01/3.02/9.01) — filed ONE DAY before this run and therefore absent from every structured extractor." derivation: "Machine-extracted from the source HTML (script/style/comments stripped, tables converted to pipe-delimited rows on cell boundaries, entities decoded). No number was retyped, rounded or rewritten by hand." operator_note: "PRE-PLACED because SPCX has NO dei:EntityCommonStockSharesOutstanding in SEC companyfacts (the concept endpoint 404s). gen-calib-block.mjs therefore returns market_cap=null / shares_used=null and mktcap.mjs cannot derive a market cap. The only share figures XBRL exposes are WEIGHTED AVERAGES (basic 4,879M six-month / 5,864M three-month), which are NOT shares outstanding and would understate the cap by roughly 2.8x. Section C below gives the authoritative count from primary filings; pass it to mktcap.mjs with --shares."

SPCX 2026 Q2 业绩发布（Form 8-K Ex-99.1 · 逐字机器提取）

EX-99.1 2 earningsreleaseq22608042.htm EX-99.1 earningsreleaseq22608042 SpaceX Reports Second Quarter 2026 Results Demonstrated the power of extreme vertical integration, delivering revenue growth of 92% year-over-year across Space, Connectivity and AI Completed two successful Starship V3 flight tests in the past 90 days, advancing towards full and rapid reusability Closed multiple industry-leading Cloud Services Agreements resulting in $14.1 billion of contracted sales Announced agreement to acquire Cursor for $60 billion to accelerate the AI enterprise opportunity Released our most powerful AI model yet with Grok 4.5 in July Delivered 66% revenue and 79% income from operations growth year-over-year for the Connectivity segment, driven by a doubling of Starlink Subscribers and continued momentum in Enterprise & Government Awarded over $6 billion in multi-year U.S. government contracts for Starshield SpaceX (Nasdaq: SPCX) announced the following financial results for the quarter ended June 30, 2026, as compared to the prior year quarter: Revenues of $7.8 billion, up 92% from $4.1 billion Net loss of $541 million, an improvement of $467 million from net loss of $1.0 billion Adjusted EBITDA of $3.5 billion, up 191% from $1.2 billion CFO Commentary: 2026 has been a momentous year so far, and the second quarter demonstrated the true power of SpaceX. Revenue growth accelerated across all our business segments and we delivered strong operating leverage, with significant margin expansion led by our new AI compute agreements. Our unparalleled leadership in launch, Starlink subscriber growth, new enterprise and government partnerships, and best-in-class AI infrastructure underscore our ability to drive meaningful scale and deliver attractive returns. As a newly public company, we are delighted to welcome our broad base of shareholders and bondholders. We ended the second quarter with $100 billion of cash, cash equivalents, and marketable securities, and $47.5 billion in backlog. This financial strength gives us substantial capacity to invest in Starship, Starlink Broadband and Mobile satellites, and our AI platform, while maintaining a disciplined long-term capital allocation framework. Note: Adjusted EBITDA is a non-GAAP financial measure. See Note 1 for additional information regarding Adjusted EBITDA. A reconciliation to the most comparable GAAP financial measure is provided under Reconciliation of Net Loss to Adjusted EBITDA. 1 2 Second Quarter Financial Highlights $, in millions Three Months Ended Six Months Ended June 30, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Revenue Space $962 $619 $746 $1,581 $1,611 Connectivity 4,291 3,257 2,588 7,548 5,062 AI 2,561 818 737 3,379 1,465 Total $7,814 $4,694 $4,071 $12,508 $8,138 Income (Loss) from Operations Space $(542) $(662) $(369) $(1,204) $(439) Connectivity 1,656 1,188 923 2,844 1,956 AI (1,257) (2,469) (1,524) (3,726) (2,460) Total $(143) $(1,943) $(970) $(2,086) $(943) Segment Adjusted EBITDA Space $(205) $(351) $(93) $(556) $131 Connectivity 2,597 2,087 1,583 4,684 3,200 AI 1,146 (609) (276) 537 (387) Total $3,538 $1,127 $1,214 $4,665 $2,944 Capex Space $1,174 $1,052 $946 $2,226 $1,705 Connectivity 1,367 1,332 1,130 2,699 1,944 AI 15,828 7,723 749 23,551 3,316 Total $18,369 $10,107 $2,825 $28,476 $6,965 Note: Segment Adjusted EBITDA is a non-GAAP financial measure. A reconciliation to the most comparable GAAP financial measure is provided elsewhere in this release. 3 Space Segment Operating and Financial Data $, in millions (except where noted) Three Months Ended Six Months Ended June 30, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Customer launches (#) 10 7 9 17 21 Internal launches (#) 28 33 37 61 63 Total launches (#) 38 40 46 78 84 Customer payloads (in metric tons) 87 45 88 132 163 Internal payloads (in metric tons) 397 511 563 908 938 Mass to orbit (in metric tons) 485 556 652 1,041 1,102 Launch services revenues $648 $330 $490 $978 $1,056 Launch & development revenues 314 289 256 603 555 Space revenues $962 $619 $746 $1,581 $1,611 Less: Cost of revenue $329 $281 $330 $610 $627 Research and development 1,076 930 693 2,006 1,219 Selling, general, and administrative 99 70 87 169 175 Impairment — — 5 — 29 Loss from operations $(542) $(662) $(369) $(1,204) $(439) Segment Adjusted EBITDA reconciliation Loss from operations $(542) $(662) $(369) $(1,204) $(439) Depreciation & amortization 158 166 146 324 308 Share-based compensation 179 145 125 324 233 Impairment — — 5 — 29 Space Adjusted EBITDA $(205) $(351) $(93) $(556) $131 Space Capex $1,174 $1,052 $946 $2,226 $1,705 Space Business Highlights Space revenues grew 55% sequentially and 29% year-over-year to $962 million, driven by a higher number of large customer launches and a favorable customer shift compared to the prior year Total costs and expenses for the Space segment were up by $389 million year-over-year, as we continued to accelerate R&D investments in our Starship program, which we believe will reduce the cost to orbit by 99% or more relative to the historical average, and unlock significant revenue potential across all business segments Leading launch provider for the world with 78 launches and 1,041 metric tons of mass to orbit deployed over the six months ended June 30, 2026, primarily allocated to Connectivity for the deployment of our Starlink constellation Starship V3 development continued to advance towards full and rapid reusability: Completed Starship V3's first suborbital mission in May, Flight 12, which achieved a successful lift off from our new Starbase pad, a precision landing of Starship's upper stage, and deployment of modified V2 Starlink satellites Subsequent to the second quarter, completed Starship Flight 13 in July, which achieved all flight objectives including deploying 20 production V3 satellites, demonstrating in-space relight of a Raptor engine, and executing the softest ever splashdown of Starship, providing critical views of an intact heatshield 4 Connectivity Segment Operating and Financial Data $, in millions (except where noted) Three Months Ended Six Months Ended June 30, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Starlink Subscribers (#, in millions, as of period end) 12.0 10.3 6.0 12.0 6.0 Starlink ARPU ($ per month) $66 $66 $85 $66 $85 Consumer revenues $2,485 $2,148 $1,721 $4,633 $3,213 Enterprise & government revenues 1,806 1,109 867 2,915 1,849 Connectivity revenues $4,291 $3,257 $2,588 $7,548 $5,062 Less: Cost of revenue $2,060 $1,651 $1,401 $3,711 $2,615 Research and development 294 205 143 499 266 Selling, general, and administrative 281 213 121 494 225 Income from operations $1,656 $1,188 $923 $2,844 $1,956 Segment Adjusted EBITDA reconciliation Income from operations $1,656 $1,188 $923 $2,844 $1,956 Depreciation & amortization 805 783 569 1,588 1,078 Share-based compensation 136 116 91 252 166 Connectivity Adjusted EBITDA $2,597 $2,087 $1,583 $4,684 $3,200 Connectivity Capex $1,367 $1,332 $1,130 $2,699 $1,944 Connectivity Business Highlights Connectivity revenues were up 32% sequentially and 66% year-over-year to $4.3 billion, driven by strong Starlink subscriber growth, with Consumer revenues up 16% sequentially and 44% year-over-year, and an increase in Enterprise & Government revenues, up 63% sequentially and 108% year-over-year Total costs and expenses for the Connectivity segment were up $970 million year-over-year, driven primarily by increased spend to support revenue growth, as well as higher R&D expenses for our next-generation V3 satellites, which we expect to deliver meaningful increases in broadband capacity and data density Drove income from operations for the Connectivity segment up 79% year-over-year to $1.7 billion, and improved Connectivity Adjusted EBITDA by 64% year-over-year to $2.6 billion Reached 12.0 million Starlink Subscribers as of the end of Q2 2026, doubling year-over-year and up 1.7 million sequentially, while maintaining ARPU at $66, in line with Q1 2026 Demonstrated traction across our enterprise business: signed a major agreement with American Airlines; activated our service on a number of new airlines including Southwest, Virgin Atlantic, Iberia and Aer Lingus; and launched new Starlink Mobile partnerships with international carriers, including SoftBank, NTT Docomo and Spark NZ Awarded over $6 billion in multi-year U.S. government contracts for Starshield, our secure satellite network designed specifically for government customers and national security applications, primarily from two major Space Force contracts for LEO-based communications and sensing constellations Received FCC approval of the EchoStar license transfer for 65 MHz of spectrum in the U.S. and certain global Mobile Satellite Service spectrum licenses 5 AI Segment Operating and Financial Data $, in millions (except where noted) Three Months Ended Six Months Ended June 30, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Nameplate compute (in GW) 1.4 1.0 0.4 1.4 0.4 Advertising revenues $367 $343 $426 $710 $870 AI solutions & infrastructure revenues 2,194 475 311 2,669 595 AI revenues $2,561 $818 $737 $3,379 $1,465 Less: Cost of revenue $1,106 $456 $551 $1,562 $1,002 Research and development 2,178 2,379 1,122 4,557 2,030 Selling, general, and administrative 532 463 398 995 699 Restructuring charges (credits) 2 (11) 190 (9) 194 Loss from operations $(1,257) $(2,469) $(1,524) $(3,726) $(2,460) Segment Adjusted EBITDA reconciliation Loss from operations $(1,257) $(2,469) $(1,524) $(3,726) $(2,460) Depreciation & amortization 1,885 1,493 811 3,378 1,584 Share-based compensation 516 378 247 894 295 Restructuring charges (credits) 2 (11) 190 (9) 194 AI Adjusted EBITDA $1,146 $(609) $(276) $537 $(387) AI Capex $15,828 $7,723 $749 $23,551 $3,316 AI Business Highlights AI revenues were up 213% sequentially and 247% year-over-year to $2.6 billion, primarily driven by an increase in AI solutions and infrastructure revenues from new Cloud Service Agreements, as well as an increase in Grok and X subscription revenues Total costs and expenses for the AI segment were up $1.6 billion year-over-year, driven by increased R&D investment, primarily due to higher infrastructure spend as we accelerated compute deployment Cut operating loss by 49% compared to Q1 2026 to a loss of $1.3 billion and achieved positive AI Adjusted EBITDA of $1.1 billion Expanded compute capacity to 1.4 GW, up from 1.0 GW in Q1 2026 and 0.4 GW in Q2 2026, with the continued build-out of Colossus II and with significant incremental capacity under construction Entered into several Cloud Services Agreements totaling $14.1 billion in contracted sales to provide customers with access to compute capacity, which resulted in $1.6 billion in incremental AI infrastructure revenues for the second quarter Announced an agreement to acquire Cursor for $60 billion to accelerate our AI enterprise offerings with one of the most advanced AI coding tools available. We expect to close the deal in the third quarter of 2026 Subsequent to the second quarter, released Grok 4.5 in July, our largest and smartest model yet, built to excel at coding, agentic tasks, and knowledge work. The model was trained alongside Cursor and incorporates our 1.5 trillion-parameter V9 foundation model 6 Other Key Business Developments On June 15, 2026, SpaceX announced the closing of our historic initial public offering of an aggregate 638,888,888 shares of Class A common stock, bringing net proceeds of approximately $85.7 billion. The shares of Class A common stock began trading on the Nasdaq Global Select Market and Nasdaq Texas on June 12, 2026, under the ticker symbol SPCX. On June 26, 2026, SpaceX closed a $25 billion inaugural bond issuance of investment-grade senior notes, strengthening the balance sheet and funding long-term growth initiatives. The notes have five tranches maturing on July 15, 2031, July 15, 2033, July 15, 2036, July 15, 2046, and July 15, 2056, with annual interest rates between 5.35% and 6.65% with a weighted average interest rate of 5.855%. Conference Call and Livestream Information SpaceX will discuss its financial and operational results in a live audio-only webcast beginning at 3:30 p.m. CT / 4:30 p.m. ET on August 4, 2026. The webcast and replay can be accessed at ir.spacex.com. The event will also be livestreamed on X @SpaceX. The day after the call, a transcript will also be available at ir.spacex.com. Notes Note 1. Non-GAAP Financial Measures Management believes that certain financial measures that are not presented in accordance with GAAP provide management and investors with useful supplemental information that provides a meaningful view of our financial condition and results of operations across periods by removing the impact of items that management believes do not directly reflect our ongoing operating performance. Adjusted EBITDA and Segment Adjusted EBITDA are supplemental measures that are not required by or presented in accordance with GAAP. In evaluating our performance as measured by Adjusted EBITDA and Segment Adjusted EBITDA, management recognizes and considers the limitations of these measures. Other companies in our industry may calculate Adjusted EBITDA and Segment Adjusted EBITDA differently than we do or may not calculate them at all, limiting their usefulness as comparative measures. Because of these limitations, Adjusted EBITDA and Segment Adjusted EBITDA should not be considered in isolation or as a substitute for net income (loss), income (loss) from operations, or any other measure calculated in accordance with GAAP, and should be considered together with our GAAP financial measures and the reconciliations to the corresponding most directly comparable GAAP financial measures set forth under Reconciliation of Net Loss to Adjusted EBITDA and elsewhere in this release. Adjusted EBITDA is defined as net income (loss) excluding (i) depreciation and amortization, (ii) share-based compensation, (iii) restructuring charges, (iv) impairments, (v) interest expense, (vi) interest income, (vii) other income (expense), net and (viii) provision for (benefit from) income taxes. Segment Adjusted EBITDA is defined as segment income (loss) from operations excluding (i) depreciation and amortization, (ii) share-based compensation, (iii) restructuring charges, and (iv) impairments. Adjusted EBITDA and Segment Adjusted EBITDA are key performance measures that our management uses to assess our financial performance as well as for internal planning and forecasting purposes. We consider Adjusted EBITDA and Segment Adjusted EBITDA to be meaningful performance measures for investors to evaluate our operating performance and to compare the financial results between periods. Note 2. Other Definitions Contracted sales refers to the total value of the contracts signed for the non-cancellable, enforceable period, which includes the revenue recognized in the period as well as any deferred revenue related to these contracts. It does not include any estimated revenue amounts for the future periods that are cancellable either by us or the customer. 7 Consolidated Financial Statements Space Exploration Technologies Corp. Consolidated Statements of Operations (in millions, except per share data) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Revenue ............................................................................................................................... $ 7,814 $ 4,071 $ 12,508 $ 8,138 Costs and expenses Cost of revenue .............................................................................................................. 3,495 2,282 5,883 4,244 Research and development ........................................................................................... 3,548 1,958 7,062 3,515 Selling, general, and administrative .............................................................................. 912 606 1,658 1,099 Restructuring charges (credits) ..................................................................................... 2 190 (9) 194 Impairment ..................................................................................................................... — 5 — 29 Total costs and expenses ......................................................................................... 7,957 5,041 14,594 9,081 Loss from operations ........................................................................................................... (143) (970) (2,086) (943) Interest expense (related party of $327 and $- for the three months ended June 30, 2026 and 2025, respectively, and $513 and $- for the six months ended June 30, 2026 and 2025, respectively) .................................................................................................... (629) (411) (1,293) (858) Interest income .................................................................................................................... 340 98 553 215 Other income (expense), net ................................................................................................ (86) 413 (1,962) 202 Loss before income taxes ................................................................................................... (518) (870) (4,788) (1,384) Provision for income taxes ................................................................................................... 23 138 29 152 Net loss ................................................................................................................................ $ (541) $ (1,008) $ (4,817) $ (1,536) Net loss attributable to shareholders - basic and diluted ............................................ $ (541) $ (1,008) $ (5,488) $ (1,536) Net loss per share of common stock attributable to common shareholders Basic and Diluted ................................................................................................................. $ (0.09) $ (0.34) $ (1.12) $ (0.53) Weighted average shares used in computing net loss per share of common stock Basic and Diluted ................................................................................................................. 5,864 2,929 4,879 2,902 Reconciliation of Net Loss to Adjusted EBITDA (in millions) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net loss $ (541) $ (1,008) $ (4,817) $ (1,536) Add (deduct): Depreciation and amortization 2,848 1,526 5,290 2,970 Share-based compensation 831 463 1,470 694 Restructuring charges 2 190 (9) 194 Impairments — 5 — 29 Interest expense 629 411 1,293 858 Interest income (340) (98) (553) (215) Other income (expense), net 86 (413) 1,962 (202) Provision for income taxes 23 138 29 152 Adjusted EBITDA $ 3,538 $ 1,214 $ 4,665 $ 2,944 8 Space Exploration Technologies Corp. Consolidated Balance Sheets (in millions, except per share data) (unaudited) June 30, 2026 December 31, 2025 Assets Current assets Cash and cash equivalents ................................................................................................................................................ $ 93,522 $ 24,747 Marketable securities ........................................................................................................................................................ 6,487 — Accounts receivable, net of allowance for credit losses of $50 and $39 at June 30, 2026 and December 31, 2025, respectively .................................................................................................................................................................. 3,596 1,579 Inventory ............................................................................................................................................................................. 2,718 2,416 Prepaid expenses and other current assets ...................................................................................................................... 1,724 2,210 Total current assets .................................................................................................................................................... 108,047 30,952 Property, plant, and equipment, net ........................................................................................................................................ 65,736 42,602 Finance lease right-of-use assets .......................................................................................................................................... 1,118 1,260 Intangible assets, net ............................................................................................................................................................... 1,318 1,548 Digital assets ............................................................................................................................................................................ 1,098 1,637 Goodwill .................................................................................................................................................................................... 11,645 11,809 Deferred tax assets .................................................................................................................................................................. 354 141 Other assets ............................................................................................................................................................................. 3,454 2,130 Total assets ................................................................................................................................................................. $ 192,770 $ 92,079 Liabilities, Redeemable Convertible Preferred Stock, and Shareholders' Equity Current liabilities Accounts payable ..................................................................................................................................................................... 8,243 11,792 Deferred revenue, current ....................................................................................................................................................... 7,977 6,111 Debt and finance leases, current (related party of $2,039 and $455 at June 30, 2026 and December 31, 2025, respectively) ........................................................................................................................................................................ 2,525 928 Accrued expenses and other current liabilities ...................................................................................................................... 2,377 2,569 Total current liabilities ............................................................................................................................................................ 21,122 21,400 Long-term liabilities Deferred revenue, net of current ............................................................................................................................................ 6,309 6,005 Debt and finance leases, net of current (related party of $11,290 and $4,052 at June 30, 2026 and December 31, 2025, respectively) ........................................................................................................................................................................ 36,839 21,968 Other liabilities ......................................................................................................................................................................... 1,276 1,381 Total liabilities ........................................................................................................................................................................ 65,546 50,754 Commitments and contingencies (Note 16) Redeemable convertible preferred stock Redeemable convertible preferred stock, par value $0.001; - and 2,351 shares issued; - and 2,046 shares outstanding as of June 30, 2026 and December 31, 2025, respectively ........................................................................................................ — 38,752 Shareholders' equity Preferred stock, par value $0.001; - shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively — — Class A common stock, par value $0.001; 7,607 and 2,036 shares issued; 7,607 and 1,952 shares outstanding as of June 30, 2026 and December 31, 2025, respectively .................................................................................................................... 7 3 Class B common stock, par value $0.001; 5,569 and 644 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively ......................................................................................................................................... 6 1 Class C common stock, par value $0.001; - and 482 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively ........................................................................................................................................................... — 0 Additional paid-in capital ......................................................................................................................................................... 167,344 37,706 Accumulated deficit ................................................................................................................................................................ (41,852) (37,035) Accumulated other comprehensive income ........................................................................................................................... 1,719 1,898 Total shareholders' equity ...................................................................................................................................................... 127,224 2,573 Total liabilities, redeemable convertible preferred stock, and shareholders' equity ........................................................ $ 192,770 $ 92,079 9 Space Exploration Technologies Corp. Selected Cash Flow Information (in millions) (unaudited) Six Months Ended June 30, 2026 2025 Net cash provided by (used in) ................................................................................................................................................. Operating activities ............................................................................................................................................................ $ 3,466 $ 351 Investing activities ............................................................................................................................................................. (34,487) (6,032) Financing activities ............................................................................................................................................................ 100,291 9,199 Net change in cash and cash equivalents and restricted cash ......................................................................................... 69,228 3,593 Cash and cash equivalents and restricted cash, beginning of the period ............................................................................. 25,124 11,501 Cash and cash equivalents and restricted cash, end of the period ..................................................................................... $ 94,352 $ 15,094 About SpaceX Founded in 2002, SpaceX is the only company building the integrated hardware and software infrastructure of the future across space, connectivity, and AI. At our core, we are builders. We design, manufacture, launch, and operate products and services built on cutting-edge technologies, including the world's most advanced rockets and spacecraft. Forward Looking Statements This release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements involve risks, contingencies and uncertainties, which are difficult to predict and many of which are beyond our control. These risks, contingencies, and uncertainties and other important factors are described in the Risk Factors and Management's Discussion and Analysis of Financial Condition and Results of Operations sections of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 and the final prospectus filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended. The forward- looking statements in this release speak only as of the date of this release. We undertake no obligation to update these statements unless required by law, and we caution you not to place undue reliance on them. Contacts Investors investors@spacex.com 10

附录 A — 2026-08-14 Form 8-K（Cursor/Anysphere 并购交割）

独立一手来源。source_url: https://www.sec.gov/Archives/edgar/data/1181412/000162828026056945/spcx-20260814.htm sha256（源 HTML，28791 bytes）: e35f4ba1b1dc32abe8986e5553d6c652a30307db6c1e24d9bbdd0c2616859260 accession 0001628280-26-056945 · items 2.01 / 3.02 / 9.01 · filed 2026-08-14

Item 2.01 Completion of Acquisition or Disposition of Assets（逐字要点）

• 2026-06-16 SpaceX、X67 Inc.（全资子公司 Merger Sub）与 Anysphere, Inc.（Cursor）签署 Agreement and Plan of Merger。
• 2026-08-14（Effective Time）合并生效，Merger Sub 并入 Cursor，Cursor 成为 SpaceX 全资子公司。
• (i) Cursor 普通股与优先股自动转换为合计 389,289,254 股 SpaceX Class A 普通股，基于 Cursor 隐含股权价值 $60.0 billion、每股价格取交割前连续 7 个交易日的成交量加权平均收盘价。
• (ii) Cursor 已归属 RSU 自动转换为合计 1,752,426 股 SpaceX Class A 普通股（未计代扣税）。
• (iii) Cursor 未归属 RSU 与股票期权被承接并转换为约 29,128,326 份 SpaceX Class A RSU 与约 44,365,047 份 SpaceX Class A 股票期权。

Item 3.02 Unregistered Sales of Equity Securities：上述对价发行依据 Securities Act Section 4(a)(2) 的非公开发行豁免完成。

口径提示：Q2 业绩发布（正文）里 Cursor 仍写作「Announced an agreement to acquire … We expect to close the deal in the third quarter of 2026」。该交易已于 2026-08-14 实际交割，本附录取代正文的「预计三季度交割」表述。

附录 B — Q2 10-Q 封面股本（截至 2026-07-28）

独立一手来源。source_url: https://www.sec.gov/Archives/edgar/data/1181412/000162828026052535/spcx-20260630.htm sha256（源 HTML，2271923 bytes）: 2b6762e149c2af81f1f840acb7541e0df8b420cb18e0058d59b451721418ff88 accession 0001628280-26-052535 · form 10-Q · period 2026-06-30 · filed 2026-08-04

封面原文逐字：

As of July 28, 2026, the registrant had 7,696,293,669 shares of Class A common stock and 5,485,486,276 shares of Class B common stock outstanding.

附录 C — 总股本推算（用于 mktcap.mjs --shares）

未计入流通股（潜在稀释，不要加进总股本）：承接的约 29,128,326 份 RSU 与约 44,365,047 份期权（8-K item 2.01(iii)）。

使用方法：本股票在 SEC companyfacts 中没有 dei:EntityCommonStockSharesOutstanding， XBRL 只暴露加权平均股数（三个月 5,864M / 六个月 4,879M），直接使用会把市值低估约 2.8 倍。 请以 node stock-analysis/gen-calib-block.mjs SPCX --shares 13572821625 生成 ② 市值块。 若因任何原因需要保守口径，可退到并购前的 13,181,779,945（差异仅 2.9%），但不得使用加权平均股数。

独立一致性交叉核对：8-K 用 7 日 VWAP 把 $60.0B 换成 389,289,254 股，隐含每股约 $154.1； gen-calib-block 取到的 2026-08-14 收盘价为 $140.00、前收 $141.29、52 周区间 $104.83–$225.64。 同一数量级，两者互证股数与股价口径一致（不是把 A/B 类或加权平均口径混用）。

附录 D — 本文件覆盖范围之外（勿据此编造）

• Q2 业绩电话会 transcript 未纳入（ir.spacex.com 非 SEC 一手件，未取）。正文仅含 CFO Commentary 书面段落。
• 本文件不含任何分析师一致预期、目标价或前瞻点预测。

⑭近期文件（10-K/10-Q/8-K，sec.mjs，逐字粘贴）

无 10-K：上市仅 2 个月，年报周期尚未到来（首份 10-K 预计对应 FY2026，2027 年初申报）。

⑮内幕交易（Form 4，sec.mjs，逐字粘贴）

交易代码: A=Acquired, D=Disposed; code P=open-market buy, S=sale, M=option exercise, F=tax-withholding, G=gift, A=grant。

定性：2026-02-02 两笔"A"（合计约 5.11 亿+78,395 股）时点与 ⑧ 提及的 SpaceX-xAI 合并（WebSearch，2026-02）高度吻合，可能对应合并对价股份授予/归属，但本文件未逐笔核实交易性质，仅作时间线交叉参考。2026-06-15 三笔"C"（代码 C=Conversion，合计约 3.16 亿股）时点紧邻 IPO（2026-06-12 挂牌），大概率是 IPO 前私有股份类别转换为可交易 Class A/B 股。唯一公开市场卖出（S，2026-04-02，仅 11,390 股 @$105.318）规模极小，不构成显著减持信号。

⑯宏观（结构化·FRED·带观测日期，逐字粘贴）

宏观(结构化·FRED·带观测日期)

注:Fed 政策档(目标区间/资产负债表)亦取自 FRED keyless CSV(镜像 FRB);FOMC 点阵图/会议日历为前瞻非确定性,未纳入。

定性：HY/IG 信用利差处于低位（2.71%/0.79%），VIX 14.63 处于低波动区间，10Y-2Y 利差已转正（+0.51%，收益率曲线正常化）——整体宏观/信用环境对高估值成长股相对友好，但 SPCX 自身承接的 $25B 高息债（加权利率 5.855%，⑬b）远高于当前 IG OAS 隐含利差，反映其信用评级/风险溢价高于典型投资级发行人（⑫ 风险 lens 参考点）。

⑱技术面/动量（O'Neil·CANSLIM，oneil.py，逐字粘贴）

技术面/动量（O'Neil·CANSLIM·yfinance）

标的 SPCX · 截至 2026-08-14 · 现价 140.00 USD · 报价货币 USD

注：O'Neil 的 1–99 RS RATING 需全市场分位，单票不可计算；此处给相对收益 + RS 线新高代替。

定性：50/200 日均线、Beta 均为空，因 IPO 仅 2026-06-12 挂牌，交易历史不足计算所需窗口（<2 个月 vs 通常需 50/200 个交易日 + ~2 年）——属数据局限，非提取失败。

⑲期权 IV（oneil.py，逐字粘贴）

期权 IV（yfinance 期权链）

到期 2026-09-04（20 天）· ATM行权价 140.00 · 现价 140.00 USD

定性：ATM IV 63% 属极高隐含波动率（对比大型科技股通常 25-40%），偏斜轻微负值（-0.03，接近中性偏 call 溢价），put/call OI 比接近 1:1（无明显方向性持仓倾斜）——市场对该标的近期价格波动预期极大，与 IPO 后短历史、锁定期解禁临近（⑫）、AI 叙事波动性等因素一致，Taleb（凸性/期权）lens 应重点关注。

⑰数据缺口与需付费源

data_gaps（明确缺口，不编造）

1. SEC XBRL 无年度基本面史：SPCX 2026-06-12 才 IPO，本次 10-Q 是上市后首份季报，sec.mjs 的④⑤⑥⑦年度表均为空——这是"首年上市公司"的结构性数据局限，非提取失败。历史财务比较、CAGR 类指标普遍缺失。
2. FCF0 未提取到（⑦ 反向DCF）：不代表 FCF 为负，是数据缺口本身；reverse_dcf.py 已明确标注，不得被下游误读为"FCF 为负"的事实断言。
3. Beta 不可靠：oneil.py 因交易历史 <2 年返回 null，回退默认 1.1（reverse_dcf 假设，非提取）；Finnhub Beta 6.55 基于 <3 个月交易史，同样不可靠。两个数字均已原样保留，不作调和。
4. unresolved source discrepancy（dojo② vs mktcap.mjs 总股本/市值）：dojo② 13,181,779,945 股 / 18,454.49亿美元市值（快照未含 2026-08-14 Cursor 交割新增股份）vs mktcap.mjs 入参 13,572,821,625 股 / 19,001.95亿美元市值（含 Cursor 交割新增股份）。差值 391,041,680 股与 EARNINGS-CALL.md 附录A（一手 8-K）披露的新增股份数完全吻合，可用 A1 证据解释时点差，但两个数字均原样保留，本文件不裁定单一"正确"市值，留待下游按各自 as-of 需求选用。
5. unresolved source discrepancy（Finnhub 估值倍数 vs mktcap.mjs/dojo②/反向DCF）：Finnhub P/S 59.73×、P/B 17.67× 与本文件其它口径（隐含 TTM 营收基数 ≈$31.8B vs 本文件 TTM 营收 $23.044B；PB 17.67× vs dojo PB 14.51）不一致，Finnhub 未披露其股本/账面价值分母来源。原样保留，不裁定。
6. 反向DCF 营收0 混合数据层级：$23,044M 由 dojo③（A2）FY2025 全年基数 + ⑬b（A1）两个半年度拼接而成，非单一来源直接给出的 TTM 数字，已在 ⑦ 明确披露计算过程。
7. 锁定期解禁日期未经一手核实：⑫ 第7条锁定期信息（2026-08-06首批解禁/2026-12-08员工解禁/Musk 366天锁定至2027-06-13）均为 WebSearch 二手媒体报道，未核对 S-1/招股书原文条款。
8. SpaceX-xAI 合并细节未经一手核实：⑧⑨⑩ 中关于 2026-02 xAI/X 合并、董事会构成、投票权比例（85.1%）、关联方交易总额（$650M）等均为 WebSearch 二手信息，本次运行未单独拉取对应 8-K 或 proxy statement 原文核实，供下游 agent 自行核实使用。
9. 前瞻一致预期/目标价：Finnhub 免费档不可取（[付费档未取]，见 ③），未编造。
10. ML 情绪评分：Alpha Vantage/Finnhub 付费档不可取（[未取]，见 ⑬），仅有关键词法情绪代理。
11. EPS 超预期历史仅 1 季度样本（⑦定性已注明）：不构成趋势判断基础。
12. 电话会 transcript 未纳入（EARNINGS-CALL.md 附录D 自述）：仅 CFO Commentary 书面段落，非完整 Q&A。
13. 50/200日均线、均线交叉、Beta（oneil.py）均为空：IPO 后交易历史不足（<2个月），非提取失败。
14. cn.py 不适用：SPCX 为美股（Nasdaq），未运行 cn.py。
15. estimates.mjs/news.mjs 均正常运行（美股专用，均已产出，见 ③⑬），无需跳过说明。

sources_needing_key

• Finnhub 付费档（前瞻 EPS/营收点预测、分析师目标价、ML 新闻情绪评分）——本次未付费，均原样标注 [付费档未取]/[未取]，未编造。