En chiffres
Revenue decomposition and growth dynamics for Q2 FY26
Consolidated revenue reached 7,814, representing a 91.94% year-over-year increase from 4,071. The total revenue growth of 3,743 is driven by AI compute capacity rental (approx. +1,880, 50.2% of the increase), Starlink Connectivity (approx. +1,700, 45.4%), and Space Launch & other (residual +163). Key margins for Q2 FY26: Gross Margin (GM) is 55.27% (GP 4,319/Rev 7,814); Operating Margin (OM) is -1.83% (OI -143/Rev 7,814); Net Margin (NM) is -6.92% (NI -541/Rev 7,814). The GM expansion from 43.9% in Q2 FY25 (GP 1,789/Rev 4,071) reflects a favorable mix toward commercial Starlink and AI rental, with pure rental margins estimated above 70%. However, operating income remains negative due to high R&D expenses (3,548, 45.4% of revenue) and accelerated depreciation on AI clusters. Consolidated first half FY26: Revenue 12,508; Net Income -4,817; implied operating cash flow (based on FCF and declared CapEx) is significantly lower than CapEx, confirming a structural cash-burn regime without fundraising.
Balance sheet. Capital structure and liquidity post-financing event
The balance sheet post-financing event shows a strong liquidity position. Cash & short-term investments stand at 100,009, representing 51.88% of total assets, with a current ratio of 5.12 and a quick ratio of approximately 4.91. This is driven by a near-unique capital event (APIC increase of ~93.3 bn and IPO/placement effects), reflected in a non-organic Cash Growth YoY of +720.75%. Debt structure remains moderate: total debt (LT + current) equals 39,364, giving a Debt/Equity ratio of 30.94% and a net cash position of +60,645. The Basel III leverage ratio is comfortably above 3%. However, the implicit debt duration and interest expense (629) suggest a relatively high after-tax financing cost compared to cash equivalent yields. Equity totals 127,224, with diluted book value per share at ~21.70. Retained earnings remain deeply negative at –41,852, indicating that value creation so far is purely dilutive and not organically generated.
Cash-flow, capital intensity, and financing regime
FCF Q2 2026 = +2,406. Reported CapEx ≈ 18,370 (235% of revenue), implying an OCF of ≈ 20,776 using the accounting identity FCF = OCF – CapEx. This is inconsistent with the reported OCF of 3.5 billion for H1 2026, suggesting either a timing mismatch or aggressive classification between CapEx and opex for AI clusters. Historical CapEx/revenue ratio: 43% (2023) → 80% (2024) → 111% (2025) → 235% (Q2 2026). 83% of total CapEx is allocated to AI. The Connectivity segment, the sole profit generator, partially finances losses from Space and AI.
Segment analysis and risk concentration
Connectivity (Starlink) is the only positive contributor (OI ≈ +1,660), with 12 million subscribers, structurally declining ARPU (-22.4% YoY), total capacity of 800 Tbit/s yielding about 21.5 M$/Tbit/s/year. Space is stagnating (revenue -1.9% YoY in 1H26, launches -7.1%, orbital mass -5.5%). AI: 90% of capacity leased to third parties (Google, Anthropic); cloud backlog of 20.8 billion and total backlog of 47.46 billion, with 56% recognizable within 12 months, implying 26.6 billion in contracted revenue from July 2026 to June 2027. Customer concentration (Colossus 1 fully leased to Anthropic) creates systemic counterparty risk. The company simultaneously finances its own frontier competitors (Grok vs. Claude/Gemini) via capacity leasing.
Quantitative model projects SpaceX’s revenue
A quantitative model projects SpaceX’s revenue growth using a stochastic growth model with CapEx jumps. The central scenario assumes a 35% weighted annual growth rate from 2026, reaching $48-55 billion by 2030. A “1 trillion in 2030” scenario would require a 150% annual growth rate, deemed incompatible with supply chain constraints (GPUs, energy, cooling) and observed price elasticity (Starlink ARPU contraction). Post-funding, with $127 billion equity book value and a 12-18x forward EV/Revenue multiple (compared to hyperscalers and space pure-plays), the implied valuation is $350-550 billion. The net cash multiple remains high.
Annualized ROA
Annualized ROA is approximately -1.12%, and annualized ROE is -1.70%, both driven by a negative net margin. Asset turnover is low at 0.162, but the DuPont decomposition shows the negative ROE stems entirely from margin, while leverage and turnover remain favorable post-funding. The approximate NSFR exceeds 100% due to high available stable funding (equity and long-term debt) relative to required stable funding (AI CapEx and net PP&E), supported by cash. However, potential cash run-off into AI CapEx could reduce coverage duration to under 18 months at the current pace.
The company currently has an ultra-liquid balance sheet and a solid backlog, but its business model remains a capital-recycling machine funded by the markets rather than by organic free cash flow generation. The path to sustainable profitability has not yet been demonstrated at the consolidated level.
