---
title: Space Exploration Technologies (SPCX) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/spcx
ticker: SPCX
as_of: 2026-10-17
sector: Industrials
industry: Aerospace & Defense
---
# Space Exploration Technologies (SPCX)

Space Exploration Technologies (SPCX) closed at $146.03 on Oct 16, 2026, undervalued by 49% vs its model value of $287.46 (from its peers' median EV/Revenue).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $146.03 (Oct 16, 2026) |
| Model value (from its peers' median EV/Revenue) | $287.46 |
| Price vs model | undervalued by 49% vs model |
| Range of that model | $275.59 – $298.20 |
| Market value | $2.5T |
| P/E (fiscal 2025) | — |
| Net margin (fiscal 2025) | -26.4% |
| Free cash flow (fiscal 2025) | -$14.0B |
| Dividend yield (trailing twelve months) | 0.00% |
| Beta | 0.00 |
| Cost of capital (WACC) | 9.21% |
| Business classification | Turnaround (High revenue growth (~34% recent), Currently unprofitable, Highly cyclical earnings, Negative free cash flow) |

## On the stock lists

| List | Place | Figure | Page |
| --- | ---: | ---: | --- |
| Largest companies | #6 | $2.5T | https://sweetvaluelab.com/lists/largest-companies |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $0.00 | $0.00 | $0.00 |
| DCF · Perpetuity growth · 10y | cross check | $0.00 | $0.00 | $0.00 |
| DCF · EBITDA exit · 5y | cross check | $0.00 | $0.00 | $0.00 |
| DCF · EBITDA exit · 10y | cross check | $0.00 | $0.00 | $0.00 |
| EV/EBITDA · peers | cross check | $0.00 | $0.00 | $0.00 |
| EV/Revenue · peers | cross check | $287.46 | $275.59 | $298.20 |
| Earnings power value | cross check | $0.00 | $0.00 | $0.00 |

## Insider activity (SEC Form 4)

Past 90 days: 0 open-market buys ($0) and 5 open-market sales ($52.5M); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Sep 11, 2026 | Gracias Antonio J. | Director | Other (10b5-1 plan) | 42,790,223 | — |
| Sep 22, 2026 | Shotwell Gwynne | President and COO | Option/RSU exercise (10b5-1 plan) | 128,865 | $0 |
| Sep 22, 2026 | Shotwell Gwynne | President and COO | Option/RSU exercise (10b5-1 plan) | 74,405 | $0 |
| Sep 22, 2026 | Shotwell Gwynne | President and COO | Option/RSU exercise (10b5-1 plan) | 138,900 | $0 |
| Apr 18, 2026 | Shotwell Gwynne | President and COO | Option/RSU exercise (10b5-1 plan) | 74,410 | $0 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Aug 14, 2026 | 8-K | 2.01 Completion of Acquisition/Disposition; 3.02 Unregistered Sale of Equity; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1181412/000162828026056945/spcx-20260814.htm |
| Aug 4, 2026 | S-8 | Employee stock plan registration | https://www.sec.gov/Archives/edgar/data/1181412/000162828026052715/spacex-formsx8xmeshoptical.htm |
| Aug 4, 2026 | S-8 | Employee stock plan registration | https://www.sec.gov/Archives/edgar/data/1181412/000162828026052712/spacex-formsx8xresalesx8.htm |
| Aug 4, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1181412/000162828026052535/spcx-20260630.htm |
| Aug 4, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1181412/000162828026052515/spcx-20260804.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Viking Global | 2026-06-30 | 1,200,000 | $205.0M |
| Chase Coleman | 2026-06-30 | 375,000 | $64.1M |
| Tepper | 2026-06-30 | 225,000 | $38.4M |
| Loeb | 2026-06-30 | 180,415 | $30.8M |

6 tracked managers in all.

## About

Space Exploration Technologies Corp. designs, manufactures, and launches rockets and spacecraft, and provides satellite-based broadband services in the United States, Ireland, and Canada. The company offers launch services for satellites, cargo, and crew to destinations such as low Earth orbit, the International Space Station, the Moon, and Mars, using vehicles, including Falcon 9, Falcon Heavy, and Starship. It provides dedicated rideshare missions for small satellites, manufactures reusable rockets and spacecraft, such as Dragon and Starship, and conducts suborbital and orbital flight tests. The company supplies broadband internet connectivity through the Starlink satellite network for consumer and commercial use, and offers Starshield, a satellite-based solution for government users focused on sensing, communications, and satellite bus services. It supports scientific research opportu…

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Source: https://sweetvaluelab.com/stocks/spcx (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.