{"id":"SPCX-20260801","symbol":"SPCX","date":"2026-08-01","facts":{"symbol":"SPCX","name":"Space Exploration Technologies Corp.","sector":"Industrials","industry":"Aerospace & Defense","country":"United States","summary":"Space Exploration Technologies Corp. provides satellite-based broadband services in the United States, Ireland, Canada, and internationally. It operates through three operating segments: Space, Connectivity, and AI. The Space segment designs, manufactures, and launches reusable rockets to provide access to space. It also provides launch services for the deployment of payloads to intended orbits for commercial and government customers utilizing Falcon 9 and Falcon Heavy; and engages in the launch and development for the development of spacecraft and the provision of launch and mission services for government agency space programs utilizing Falcon 9, Falcon Heavy, Starship, and Dragon. Its company's Connectivity segment operates broadband data and communications network by various Starlink satellites in low-earth orbit, delivering connectivity to various consumers, enterprise, and government customers. The company's AI segment operates a vertically integrated AI platform spanning a frontier LLM Grok; AI solutions for consumer and enterprise customers; X, a real-time information, entertainment, and free speech platform; and AI computational infrastructure. Space Exploration Technologies Corp. was incorporated in 2002 and is based in Starbase, Texas.","tradeCcy":"USD","finCcy":"USD","isPence":false,"price":108.37,"priceMajor":108.37,"mcap":1427686686720,"shares":7571396888,"ev":642278883328,"beta":null,"high52":225.64,"low52":107.01,"drawdown":-0.5197216805530933,"ret6m":-0.3266853059956507,"ret12m":-0.3266853059956507,"trailingPE":null,"forwardPE":120.01108,"priceToBook":18.195099,"dividendYield":null,"revenueTTM":19300999168,"ebitda":3950000128,"grossMargin":0.48826,"opMargin":-0.41627997,"profitMargin":-0.44998002,"roe":null,"revGrowthTTM":0.154,"ocfTTM":7104999936,"fcfTTM":null,"totalCash":23675000832,"totalDebt":30602999808,"netDebt":6927998976,"est":{"rev0y":39120826600,"eps0y":-0.54658,"rev1y":73151542570,"eps1y":0.64538,"growth1y":3.6307998,"target":236.7143,"nAnalysts":21,"rec":"buy"},"hist":{"years":["2023","2024","2025"],"revenue":[10387000000,14015000000,18674000000],"netIncome":[-4628000000,791000000,-4937000000],"fcf":[105000000,-5387000000,-14121000000],"ocf":[4520000000,5776000000,6785000000],"opIncome":[507000000,742000000,-2064000000],"eps":[-0.436316,0.00198,-0.51],"equity":[25804000000,41325000000],"revCAGR3":0.34082966976834417,"lossYears":2},"cyclicality":0.42022386101675385,"isFinancial":false,"chartPts":[{"d":"2026-06-08","c":160.95},{"d":"2026-06-15","c":185},{"d":"2026-06-22","c":153.23},{"d":"2026-06-29","c":162},{"d":"2026-07-06","c":145.3},{"d":"2026-07-13","c":123.99},{"d":"2026-07-20","c":115.07},{"d":"2026-07-27","c":108.37},{"d":"2026-07-31","c":108.37}],"problems":[],"fetchedUtc":"2026-08-01T07:44:36.575Z","pct":{"roe":null,"opMargin":5,"fwdPE":5,"fcfYield":null,"revGrowth":80,"ret12m":5},"fcfYieldTTM":null},"val":{"viable":true,"model":"dcf","fcf0":4.94,"fcf0Ccy":"USD","anchor":"median af 1 kandidater: median-driftscashflow minus normaliseret capex (6 % af omsætning) = 4,9 mia. USD","scenarios":{"bear":{"perShare":12.39,"tvShare":0.57,"g1":0.177,"gT":0.02,"wacc":0.09,"fcfMult":0.74,"prob":0.3},"base":{"perShare":33.22,"tvShare":0.67,"g1":0.28,"gT":0.025,"wacc":0.08,"fcfMult":1,"prob":0.45},"bull":{"perShare":66.16,"tvShare":0.74,"g1":0.363,"gT":0.03,"wacc":0.073,"fcfMult":1.1,"prob":0.25}},"probs":{"bear":0.3,"base":0.45,"bull":0.25},"weighted":35.21,"upside":-0.675,"impliedG1":0.605,"sensitivity":{"waccLabels":["-2 pp","-1 pp","8,0 %","+1 pp","+2 pp"],"rows":[{"label":"3,0 mia. USD","cells":[33,25,20,16,14]},{"label":"3,9 mia. USD","cells":[44,33,26,22,18]},{"label":"4,9 mia. USD","cells":[55,42,33,27,23]},{"label":"6,2 mia. USD","cells":[69,52,42,35,29]},{"label":"7,4 mia. USD","cells":[83,63,50,42,35]}]},"assumptions":["FCF-anker: 4,9 mia. USD (median af 1 kandidater: median-driftscashflow minus normaliseret capex (6 % af omsætning) = 4,9 mia. USD).","Historisk FCF er negativ/uregelmæssig — historik-kandidaten er syntetisk.","Startvækst (base) 28,0 %: blandning af konsensus (87,0 %), historisk 3-års CAGR (34,1 %) og universets median (7,6 %), fadet lineært til terminal over 10 år.","WACC (base) 8,0 %: 8 % + betajustering (beta n/a).","Cyklikalitetsscore 0.42 (volatil omsætning, 2 tabsår) — scenarieviften er udvidet, og bear-scenariet får 25,5 % FCF-haircut."]},"verdict":{"label":"OVERPRISET IFT. MODELLEN · LAV DATASIKKERHED","tone":"bear","body":"Vægtet fair value ligger 67,5 % under kursen. Prisen kræver, at det mest optimistiske scenarie indtræffer. Bemærk: datagrundlaget er svagt (se antagelser og begrænsninger)."},"nar":{"bull":["Omsætningsvækst på 15,4% TTM","Høj værdiasættelse med forward PE på 120,0x","Konsensus anbefaling 'buy' fra 21 analytikere","Kursmål på 236,71 USD, hvilket er 118% over nuværende kurs","Høj vækst i drift med 80. percentil i universet"],"bear":["Negativ driftsmargin på -41,6%","Fald på 52,0% fra 52-ugers top","Lav værdi af reverse DCF med 60,5% startvækst","Høj gæld på 6,9 mia. USD, svarende til 1,8x EBITDA","Lavt afkast på -32,7% over de sidste 12 måneder"],"risks":["Høj gæld og lav likviditet","Negativ drift og lav driftsmargin","Høj værdiasættelse og risiko for korrektion","Udvikling i konkurrenterne og markedet"],"catalysts":["Nye kontrakter og samarbejder","Succesfulde lanceringer og missioner","Forbedring af drift og økonomi"],"oneLiner":"Space Exploration Technologies Corp. har høj værdiasættelse og risiko, men også potentiale for vækst og succes i rumfartsindustrien.","source":"ai"},"engine":"v1"}