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Space Exploration Technologies Corp. — Earnings Update (2026 Q3)
Space Exploration Technologies Corp. (SPCX) · 13 slides · Filed Oct 20, 2026
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Slide 1 — SpaceX Reports Third Quarter 2026 Results
1 SpaceX Reports Third Quarter 2026 Results • Delivered revenue of $14.6 billion, up 161% year-over-year, fueled by our Super Intelligence (SI) segment and accelerated growth in Connectivity • Achieved income from operations of $2.8 billion, net income of $4.4 billion, and Adjusted EBITDA of $8.8 billion • Successfully launched our first revenue-generating Starship mission, delivering 26 Starlink V3 satellites to our broadband constellation, representing approximately 10x the downlink capacity added by a Falcon 9 Starlink launch • Continued to scale nameplate compute, reaching 1.7 GW as of September 30, 2026 • Added $6.7 billion of incremental SI solutions and infrastructure revenue year-over-year, driven by cloud services agreements, the acquisition of Cursor, and our growing SI models and software applications, including Grok Bot • Delivered year-over-year revenue growth of 69% and income from operations growth of 99% for the Connectivity segment, supported by strong momentum in enterprise and government adoption, and continued Starlink consumer subscriber growth SpaceX (Nasdaq: SPCX) announced the following financial results for the quarter ended September 30, 2026, as compared to the prior year quarter: • Revenues of $14.6 billion, up 161% from $5.6 billion • Net income of $4.4 billion, an improvement of $5.5 billion from net loss of $1.1 billion • Adjusted EBITDA of $8.8 billion, up 306% from $2.2 billion CFO Commentary: We delivered another strong quarter in Q3. Revenue grew an impressive 161% year-over-year, fueled by continued momentum in Connectivity and a clear inflection in our Super Intelligence business. The combination of our launch leadership, recurring Starlink revenue, and the significant expansion of our SI infrastructure continues to drive meaningful operating leverage. We are building the infrastructure of the future with discipline — focused on capital efficiency, strong returns on invested capital, and maintaining a robust, investment-grade balance sheet — while moving with the velocity to capture the opportunity in front of us. 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 Income (Loss) to Adjusted EBITDA.”
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Slide 3 — $, in millions
3 Third Quarter Financial Highlights $, in millions Three Months Ended Nine Months Ended September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Revenue Space $1,767 $962 $1,666 $3,348 $3,277 Connectivity 5,248 4,291 3,097 12,796 8,159 SI 7,560 2,561 813 10,939 2,278 Total $14,575 $7,814 $5,576 $27,083 $13,714 Income (Loss) from Operations Space $(7) $(542) $259 $(1,211) $(181) Connectivity 2,367 1,656 1,190 5,211 3,147 SI 431 (1,257) (1,722) (3,295) (4,182) Total $2,791 $(143) $(273) $705 $(1,216) Segment Adjusted EBITDA Space $357 $(205) $674 $(199) $803 Connectivity 3,499 2,597 1,923 8,183 5,123 SI 4,953 1,146 (428) 5,490 (813) Total $8,809 $3,538 $2,169 $13,474 $5,113 Capex Space $1,606 $1,174 $1,113 $3,832 $2,818 Connectivity 1,543 1,367 1,007 4,242 2,951 SI 16,444 15,828 4,760 39,995 8,077 Total $19,593 $18,369 $6,880 $48,069 $13,846 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.
Slide 4 — $, in millions (except where noted)
4 Space Segment Operating and Financial Data $, in millions (except where noted) Three Months Ended Nine Months Ended September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Customer launches (#) 12 10 15 29 36 Internal launches (#) 23 28 29 84 92 Total launches (#) 35 38 44 113 128 Customer payloads (in metric tons) 119 87 111 251 274 Internal payloads (in metric tons) 358 397 415 1,266 1,353 Mass to orbit (in metric tons) 476 485 525 1,517 1,627 Launch services revenues $1,130 $648 $1,000 $2,108 $2,056 Launch & development revenues 637 314 666 1,240 1,221 Space revenues $1,767 $962 $1,666 $3,348 $3,277 Less: Cost of revenue $435 $329 $477 $1,045 $1,104 Research and development 1,225 1,076 849 3,231 2,069 Selling, general, and administrative 114 99 81 283 256 Impairment — — — — 29 Income (loss) from operations $(7) $(542) $259 $(1,211) $(181) Segment Adjusted EBITDA reconciliation Income (loss) from operations $(7) $(542) $259 $(1,211) $(181) Depreciation & amortization 185 158 264 509 572 Share-based compensation 179 179 151 503 383 Impairment — — — — 29 Space Adjusted EBITDA $357 $(205) $674 $(199) $803 Space Capex $1,606 $1,174 $1,113 $3,832 $2,818 Space Business Highlights • Space revenues were $1.8 billion, up 84% sequentially and 6% year-over-year. We completed 12 customer launches during the quarter, including NASA’s mission to launch the Nancy Grace Roman Space Telescope • Completed Starship Flight 14, our first orbital Starship flight, delivering 26 Starlink V3 satellites to our broadband constellation, representing approximately 10x the downlink capacity added by a Falcon 9 Starlink launch • Grew our customer launch pipeline, including signing three additional NASA ISS Crew missions, 18 National Security Space Launch missions, three commercial Starfall missions, as well as a contract to deliver a payload to the lunar surface with Starship • Announced the planned development of Starbase, Louisiana, our next-generation spaceport designed to support thousands of Starship flights a year, with the first launch targeted for 2029 • Total costs and expenses for the Space segment were up $367 million year-over-year as we continued to accelerate R&D investments in our Starship program
Slide 5 — $, in millions (except where noted)
5 Connectivity Segment Operating and Financial Data $, in millions (except where noted) Three Months Ended Nine Months Ended September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Starlink consumer subscribers (# in millions, as of period end) 13.6 12.0 7.2 13.6 7.2 Starlink consumer ARPU ($ per month) $69 $66 $83 $67 $84 Consumer revenues $3,121 $2,485 $1,986 $7,754 $5,198 Enterprise & government revenues 2,127 1,806 1,111 5,042 2,961 Connectivity revenues $5,248 $4,291 $3,097 $12,796 $8,159 Less: Cost of revenue $2,368 $2,060 $1,657 $6,079 $4,271 Research and development 188 294 141 687 406 Selling, general, and administrative 325 281 109 819 335 Income from operations $2,367 $1,656 $1,190 $5,211 $3,147 Segment Adjusted EBITDA reconciliation Income from operations $2,367 $1,656 $1,190 $5,211 $3,147 Depreciation & amortization 986 805 628 2,574 1,706 Share-based compensation 146 136 105 398 270 Connectivity Adjusted EBITDA $3,499 $2,597 $1,923 $8,183 $5,123 Connectivity Capex $1,543 $1,367 $1,007 $4,242 $2,951 Connectivity Business Highlights • Connectivity revenues were $5.2 billion, up 22% sequentially and 69% year-over-year, driven by an increase in consumer revenues up 26% sequentially and 57% year-over-year, and enterprise & government revenues up 18% sequentially and 91% year-over-year • Drove income from operations for the Connectivity segment up 99% year-over-year to $2.4 billion, and improved Connectivity Adjusted EBITDA by 82% year-over-year to $3.5 billion • As of September 30, 2026, reached 13.6 million Starlink consumer subscribers, up 1.6 million sequentially driven by growth in developed markets, and have hundreds of thousands of additional enterprise subscribers. Starlink consumer monthly ARPU improved 5% sequentially to $69 • Activated Starlink across existing and new aviation partnerships, reaching over 3,800 aircraft equipped with Starlink as of September 30, 2026 • Total costs and expenses for the Connectivity segment were up $974 million year-over-year, driven primarily by our growing satellite constellation, Starlink Kit deliveries, and marketing initiatives to support revenue growth • Subsequent to the third quarter, entered into an agreement to acquire FCC licenses related to 800 MHz spectrum to advance our Starlink Mobile strategy. The transaction is expected to close in the first half of 2027, subject to regulatory and other customary closing conditions
Slide 6 — $, in millions (except where noted)
6 SI Segment Operating and Financial Data $, in millions (except where noted) Three Months Ended Nine Months Ended September 30, 2026 June 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Nameplate compute (in GW) 1.7 1.4 0.6 1.7 0.6 Advertising revenues $538 $367 $454 $1,248 $1,323 SI solutions & infrastructure revenues 7,022 2,194 359 9,691 955 SI revenues $7,560 $2,561 $813 $10,939 $2,278 Less: Cost of revenue $2,675 $1,106 $571 $4,237 $1,574 Research and development 3,183 2,178 1,301 7,740 3,331 Selling, general, and administrative 1,268 532 385 2,263 1,083 Restructuring charges (credits) 3 2 278 (6) 472 Income (loss) from operations $431 $(1,257) $(1,722) $(3,295) $(4,182) Segment Adjusted EBITDA reconciliation Income (loss) from operations $431 $(1,257) $(1,722) $(3,295) $(4,182) Depreciation & amortization 2,473 1,885 922 5,851 2,506 Share-based compensation 821 516 94 1,715 391 Share-based compensation related to acquisitions 1,217 — — 1,217 — Acquisition-related costs 8 — — 8 — Restructuring charges (credits) 3 2 278 (6) 472 SI Adjusted EBITDA $4,953 $1,146 $(428) $5,490 $(813) SI Capex $16,444 $15,828 $4,760 $39,995 $8,077 SI Business Highlights • SI revenues were $7.6 billion, up 195% sequentially and 830% year-over-year, primarily driven by the activation of new cloud services agreements, the acquisition of Cursor, and increased Grok adoption across enterprise customers and consumers • SI income from operations was $431 million, inclusive of $1.2 billion in share-based compensation from the Cursor acquisition for the quarter, and SI Adjusted EBITDA was $5.0 billion • Expanded nameplate compute to 1.7 GW as of September 30, 2026, up from 1.4 GW as of June 30, 2026 and 0.6 GW as of September 30, 2025, as we continued the buildout of COLOSSUS II • Signed additional cloud services agreements during the quarter, increasing our pipeline of critical SI infrastructure capacity for third-party customers • Accelerated Grok model release deployment and introduced Grok Bot, our always-on agentic SI system • Total costs and expenses for the SI segment were up $4.6 billion year-over-year, driven primarily by the continued buildout of our compute infrastructure
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7 Other Key Business Developments Cursor Merger SpaceX completed its acquisition of Cursor on August 14, 2026, based on an implied equity value of $60 billion, advancing the Company’s strategy to vertically integrate compute infrastructure, SI models, and applications. Under the terms of the agreement, certain outstanding common shares of Cursor were converted into SpaceX equity awards with time-based vesting conditions to retain key talent. In addition, any outstanding, unvested equity awards held by Cursor employees prior to the acquisition were assumed and converted into equivalent SpaceX awards. The GAAP purchase consideration was $42.5 billion, and the value of equity awards issued in connection with the acquisition attributable to post-acquisition service is $23.4 billion, subject to future forfeitures. From the closing date through September 30, 2026, Cursor contributed $608 million of revenue to the Company’s consolidated results of operations. 800 MHz Spectrum On October 8, 2026, SpaceX entered into an agreement to acquire a nationwide low-band spectrum license portfolio of up to 14 megahertz of paired spectrum in the 800 MHz band. The transaction is expected to close in the first half of 2027, subject to regulatory and other customary closing conditions. Contacts Investors [email protected] Conference Call and Livestream Information SpaceX will discuss its financial and operational results, as well as its business outlook, in a live webcast beginning at 3:30 p.m. CT / 4:30 p.m. ET on October 20, 2026. The webcast will be livestreamed on X @SpaceX. A replay and a transcript of the webcast 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 Income (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) share-based compensation related to equity awards granted in connection with our acquisitions, (iv) acquisition-related costs which include direct transaction costs related to legal, regulatory, and other professional services fees, (v) restructuring charges,
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8 (vi) impairments, (vii) interest expense, (viii) interest income, (ix) other income (expense), net and (x) 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) share-based compensation related to equity awards granted in connection with our acquisitions, (iv) acquisition-related costs which include direct transaction costs related to legal, regulatory, and other professional services fees, (v) restructuring charges, and (vi) 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 Super Intelligence (SI) refers to the operating and reportable segment previously reported as Artificial Intelligence (AI). Starlink Consumer Subscribers refers to the metric previously disclosed as Starlink Subscribers. We use this measure to assess the adoption of Starlink as we expand within and across geographies and business segments. Starlink consumer subscribers includes both personal (e.g., residential and roam) and business (e.g., local priority and global priority) subscription plans, but does not include managed enterprise and government customers with contracts in domains including aviation, maritime, land mobility, fixed sites, and government entities. Total Satellites in Orbit includes both operational and de-orbit approved satellites. Our prior Satellites in Orbit definition reflected operational satellites only and would have excluded approximately 400 satellites from our Q3 2026 total. This definitional change has no impact on our financial results.
Slide 9 — Three Months Ended September 30, Nine Months Ended September 30,
9 Consolidated Financial Statements Space Exploration Technologies Corp. Consolidated Statements of Operations (in millions, except per share data) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Revenue $ 14,575 $ 5,576 $ 27,083 $ 13,714 Costs and expenses Cost of revenue 5,478 2,705 11,361 6,949 Research and development 4,596 2,291 11,658 5,806 Selling, general, and administrative 1,707 575 3,365 1,674 Restructuring charges (credits) 3 278 (6) 472 Impairment — — — 29 Total costs and expenses 11,784 5,849 26,378 14,930 Income (loss) from operations 2,791 (273) 705 (1,216) Interest expense (related party of $351 and $- for the three months ended September 30, 2026 and 2025, respectively, and $864 and $- for the nine months ended September 30, 2026 and 2025, respectively) (675) (514) (1,968) (1,372) Interest income 873 155 1,426 370 Other income (expense), net (related party of $561 and $- for the three months ended September 30, 2026 and 2025, respectively, and $561 and $- for the nine months ended September 30, 2026 and 2025, respectively) 1,025 140 (937) 342 Income (loss) before income taxes 4,014 (492) (774) (1,876) Provision for (benefit from) income taxes (390) 562 (361) 714 Net income (loss) $ 4,404 $ (1,054) $ (413) $ (2,590) Net income (loss) attributable to shareholders - basic and diluted $ 4,404 $ (1,054) $ (1,084) $ (2,590) Net income (loss) per share of common stock attributable to common shareholders Basic $ 0.37 $ (0.36) $ (0.15) $ (0.89) Diluted $ 0.35 $ (0.36) $ (0.15) $ (0.89) Weighted average shares used in computing net income (loss) per share of common stock Basic 11,942 2,941 7,274 2,915 Diluted 12,475 2,941 7,274 2,915
Slide 10 — Three Months Ended September 30,
10 Reconciliation of Net Income (Loss) to Adjusted EBITDA (in millions) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net income (loss) $ 4,404 $ (1,054) $ (413) $ (2,590) Add (deduct): Depreciation and amortization 3,644 1,814 8,934 4,784 Share-based compensation(1) 1,146 350 2,616 1,044 Share-based compensation related to acquisitions 1,217 — 1,217 — Acquisition-related costs 8 — 8 — Restructuring charges (credits) 3 278 (6) 472 Impairments — — — 29 Interest expense 675 514 1,968 1,372 Interest income (873) (155) (1,426) (370) Other (income) expense, net (1,025) (140) 937 (342) Provision for (benefit from) income taxes (390) 562 (361) 714 Adjusted EBITDA $ 8,809 $ 2,169 $ 13,474 $ 5,113 __________________ (1) Share-based compensation expense excludes share-based compensation related to equity awards granted in connection with acquisitions, which is separately presented
Slide 11 — Assets
11 Space Exploration Technologies Corp. Consolidated Balance Sheets (in millions, except per share data) (unaudited) September 30, 2026 December 31, 2025 Assets Current assets Cash and cash equivalents $ 51,294 $ 24,747 Marketable securities 38,561 — Accounts receivable, net of allowance for credit losses of $67 and $39 at September 30, 2026 and December 31, 2025, respectively 4,772 1,579 Inventory 2,891 2,416 Prepaid expenses and other current assets 3,457 2,210 Total current assets 100,975 30,952 Property, plant, and equipment, net 89,483 42,602 Finance lease right-of-use assets 1,040 1,260 Intangible assets, net 6,354 1,548 Digital assets 1,573 1,637 Goodwill 48,423 11,809 Deferred tax assets 388 141 Other assets (related party of $570 and $10 at September 30, 2026 and December 31, 2025, respectively) 5,809 2,130 Total assets $ 254,045 $ 92,079 Liabilities, Redeemable Convertible Preferred Stock, and Shareholders’ Equity Current liabilities Accounts payable 13,259 11,792 Deferred revenue, current 10,784 6,111 Debt and finance leases, current (related party of $2,181 and $455 at September 30, 2026 and December 31, 2025, respectively) 2,698 928 Accrued expenses and other current liabilities 5,997 2,569 Total current liabilities 32,738 21,400 Long-term liabilities Deferred revenue, net of current 6,736 6,005 Debt and finance leases, net of current (related party of $10,716 and $4,052 at September 30, 2026 and December 31, 2025, respectively) 36,146 21,968 Other liabilities 1,657 1,381 Total liabilities 77,277 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 September 30, 2026 and December 31, 2025, respectively — 38,752 Shareholders’ equity Preferred stock, par value $0.001; no shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively — — Class A common stock, par value $0.001; 8,240 and 2,036 shares issued; 8,240 and 1,952 shares outstanding as of September 30, 2026 and December 31, 2025, respectively 8 3 Class B common stock, par value $0.001; 5,339 and 644 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively 5 1 Class C common stock, par value $0.001; - and 482 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively — 0 Additional paid-in capital 212,539 37,706 Accumulated deficit (37,448) (37,035) Accumulated other comprehensive income 1,664 1,898 Total shareholders’ equity 176,768 2,573 Total liabilities, redeemable convertible preferred stock, and shareholders’ equity $ 254,045 $ 92,079
Slide 12 — Nine Months Ended September 30,
12 Space Exploration Technologies Corp. Consolidated Statements of Cash Flows (in millions) (unaudited) Nine Months Ended September 30, 2026 2025 Cash flows from operating activities ........................................... Net loss $ (413) $ (2,590) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 8,934 4,784 Share-based compensation 3,833 1,044 Deferred income taxes (455) 623 Unrealized (gain) loss on digital assets 64 (389) Unrealized gain on investments in unconsolidated affiliates, net (532) — Loss on debt extinguishment 1,545 — Other (254) 193 Changes in operating assets and liabilities Accounts receivable (2,882) (934) Inventory (1,381) (378) Prepaid expenses and other assets (1,305) (427) Accounts payable (970) 668 Deferred revenue 4,922 404 Other liabilities, net 1,991 1,122 Net cash provided by operating activities $ 13,097 $ 4,120 Cash flows from investing activities Purchases of property, plant, and equipment (related party of $480 and $285 for September 30, 2026 and 2025, respectively) (48,069) (13,846) Capitalized interest (20) (96) Proceeds from product rebates 1,372 — Purchases of marketable securities (46,834) (601) Maturities of marketable securities 9,158 548 Proceeds from sales of marketable securities 77 1,173 Payments for intangible assets (866) — Cash received from acquisition of businesses 514 — Other investing activities, net 57 (175) Net cash used in investing activities $ (84,611) $ (12,997) Cash flows from financing activities Principal repayments on finance leases (270) (213) Proceeds from debt and other financing obligations 51,834 10,947 Payment of debt issuance costs (124) (66) Repayments on debt and other financing obligations (39,845) (6,014) Payment of debt extinguishment premium (1,153) — Proceeds from issuance of capital stock, net of issuance costs 8,319 5,299 Proceeds from employee equity award plans 368 206 Payments for repurchase of common and redeemable convertible preferred stock (4,426) (525) Taxes paid related to net share settlement of equity awards (559) (194) Proceeds from IPO, net of underwriting commissions and offering costs 85,675 — Net cash provided by financing activities $ 99,819 $ 9,440 Effect of exchange rate changes on cash and cash equivalents (43) 69 Net change in cash and cash equivalents and restricted cash 28,262 632 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 $ 53,386 $ 12,133
Slide 13 — Disclosure Information
13 About SpaceX Founded in 2002, SpaceX is the only company building the integrated hardware and software infrastructure of the future across space, connectivity, and Super Intelligence. 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 of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements concerning the development and deployment of Starship, the size and growth of our various existing and future markets, demand for our products and services, our target launch cadence and expansion of our manufacturing and operational capacity, our ability to execute our growth strategy and scale our operations efficiently, our ability to solve novel issues and navigate and monetize technologies and environments that have never been accessed or economized before, our ability to design, develop and successfully commercialize new and innovative technologies, products, and services, our ability to scale and monetize our SI products, services, and compute infrastructure, including our ability to expand nameplate compute, complete data center buildouts, obtain sufficient power, GPUs, other critical components and related infrastructure, and manage the associated costs, timing, and operational risks associated therewith, the amount, nature, and timing of our capital expenditures, our future debt levels, credit ratings and ability to obtain financing on acceptable terms, forecasts and projections of our future financial performance, including future revenue and the amount and timing of our annualized revenue run-rate, our ability to manage our supply chain to support our operations and growth, our ability to identify, realize benefits and manage risks of acquisitions and strategic partnerships, including the Cursor Merger, our evaluation or pursuit of strategic investments, partnerships, acquisitions, and other transactions, our plans for Starlink Mobile, including our ability to obtain and maintain required regulatory approvals, licenses and spectrum authorizations, the competitive landscape in the industries in which we operate, the implementation, interpretation, and impact of applicable current or future regulations, our ability to realize benefits and manage risks of being a public company, volatility in the capital markets and the trading price of our Class A common stock, and general economic conditions. The words “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “would,” “predicts” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words, or similar expressions that are predictions of or indicate future events or trends that do not relate to historical matters. These forward-looking statements are inherently difficult to predict and involve risks, contingencies, and uncertainties and other important factors that could cause our actual results and outcomes to differ materially from those described or implied for a variety of reasons, including, without limitation, significant business, economic, competitive, regulatory, technological, environmental, political, and other risks, contingencies and uncertainties, as well as those described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our SEC filings, including, but not limited to, quarterly reports on Form 10-Q and the final prospectus filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act. Forward-looking statements are based on assumptions with respect to management’s future and current expectations are not guarantees and 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. Disclosure Information SpaceX announces material information, including with respect to its quarterly and annual financial results and other material developments, to the public primarily through its investor relations page (ir.spacex.com) and its X account (@SpaceX). As such, SpaceX encourages members of the investment community, the media, and others to follow the channels listed above and to review the information disclosed through such channels. SpaceX will also disclose the relevant information in its SEC filings as required under the applicable SEC rules.