Space Exploration Technologies Corp. (NASDAQ: SPCX)

Space Exploration Technologies Corp. (NASDAQ: SPCX) (“SpaceX”) is focused on building integrated infrastructure across space transportation, global connectivity and artificial intelligence. The company designs, manufactures, launches and operates a broad range of hardware and software systems, including reusable launch vehicles, spacecraft, satellite communications networks and AI platforms. Through a vertically integrated operating model, SpaceX seeks to control critical elements of its technology stack from development and manufacturing through deployment and end-user services.

SpaceX’s long-term mission is to build the systems and technologies necessary to make life multiplanetary while expanding access to information and communications on Earth. The company believes advances in launch capabilities can enable new industries, lower the cost of access to space and support technologies that address global connectivity and computing challenges. Since its founding, SpaceX has established itself as a major participant in commercial launch services while expanding into satellite communications and AI-related infrastructure.

In recent years, the company has broadened its focus beyond transportation and connectivity to include large-scale AI infrastructure, frontier AI models and real-time information platforms. SpaceX believes the convergence of launch capabilities, satellite networks and computing infrastructure creates opportunities to support emerging applications across communications, enterprise computing and artificial intelligence.

The company is headquartered in Hawthorne, California.

Portfolio

Space

SpaceX operates one of the world’s largest commercial launch platforms and, according to company materials, has accounted for more than 80% of global mass delivered to orbit since 2023. Its launch fleet includes the Falcon 9, Falcon Heavy and Starship vehicles, supported by launch infrastructure, manufacturing facilities, test operations and mission control capabilities. The company has completed approximately 650 launches since inception and has developed reusable rocket systems designed to reduce launch costs, increase launch cadence and improve operational efficiency.

The company’s Dragon spacecraft is used for cargo and human spaceflight missions and is the only privately developed spacecraft certified by NASA to transport astronauts to the International Space Station. Since 2020, Dragon has safely flown 78 crew members and has completed more than 50 visits to the ISS.
SpaceX is also advancing Starship, a fully reusable heavy-lift launch system intended to support large-scale satellite deployment, deep-space missions and future interplanetary transportation initiatives. Company materials indicate that Starship has completed 12 test flights and is expected to play a central role in future lunar, orbital and long-duration space operations.

Connectivity

Leveraging its launch capabilities, SpaceX developed the Starlink satellite network, which the company describes as the world’s largest satellite internet constellation. As of March 31, 2026, the network included more than 9,600 satellites and approximately 10.3 million subscribers across 164 countries, territories and markets. Starlink provides broadband connectivity to consumer, enterprise and government customers through a low-Earth orbit satellite network designed to deliver high-speed, low-latency internet service.

The company is also expanding its Starlink Mobile platform, which uses dedicated satellite-to-mobile infrastructure designed to supplement terrestrial wireless networks. According to company materials, Starlink Mobile currently supports approximately 30 mobile network operators and covers roughly 1.9 billion people through satellite-enabled mobile connectivity services, extending the company’s connectivity offerings beyond traditional broadband applications.

AI

SpaceX has expanded into artificial intelligence through investments in compute infrastructure, AI model development and real-time information platforms. The company states that it operates a gigawatt-scale AI training cluster and is developing AI systems supported by proprietary computing infrastructure, connectivity assets and data resources.

The company’s AI initiatives include Grok, a frontier AI model, as well as computing infrastructure designed to support both internal development and third-party compute services. Looking ahead, SpaceX is pursuing orbital AI compute infrastructure that would leverage Starship launch capabilities and Starlink satellite technologies, reflecting management’s strategy of combining its space, connectivity and AI assets within a unified platform.

Market Opportunity

According to company materials, SpaceX currently addresses a near-term total addressable market of approximately $5.7 trillion across its operating segments.

The company estimates a market opportunity of approximately $370 billion for space-enabled solutions, $870 billion for Starlink broadband services and $740 billion for satellite-to-mobile connectivity services. Within artificial intelligence, SpaceX estimates a market opportunity of approximately $2.4 trillion for AI infrastructure, $760 billion for consumer subscriptions and $600 billion for digital advertising.

Expanding adoption of AI applications could increase the total addressable market associated with its AI initiatives to approximately $26.5 trillion, as noted by SpaceX, contributing to an overall market opportunity of approximately $28.5 trillion across space, connectivity and AI-related markets.

Leadership Team

Elon Musk, Founder & Chief Executive Officer, has served as Chief Executive Officer, Chief Technical Officer and Chairman of SpaceX since its founding in 2002. Prior to founding the company, he co-founded PayPal and Zip2, and he currently also serves as Chief Executive Officer of Tesla, Neuralink and The Boring Company. Mr. Musk holds a B.A. in Physics and a B.S. in Business from the University of Pennsylvania.

Gwynne Shotwell, President & Chief Operating Officer, has served as President and Chief Operating Officer since 2008 and has been a member of the company’s board since 2009. She previously served as Vice President of Business Development and held engineering and leadership positions at Microcosm and The Aerospace Corporation. Ms. Shotwell holds a B.S. in Mechanical Engineering and an M.S. in Applied Mathematics from Northwestern University.

Bret Johnsen, Chief Financial Officer, has served as Chief Financial Officer since 2011 and oversees the company’s global finance organization, long-term financial strategy and financial operations. Prior to joining SpaceX, he served as Chief Financial Officer of Mindspeed Technologies and previously held senior finance roles at Broadcom. Mr. Johnsen holds a B.S. in Accounting from the University of Southern California, an M.S. in Finance from San Diego State University and is a Certified Public Accountant.