Aslan Research · Aerospace
SPACE EXPLORATION TECHNOLOGIES CORP (SPCX)
Data as of 2026-09-03 · 2 quarters · filed in USD · outside the industry averages · thin history — read trends with care
Its $47.5 billion backlog is more than the $4.071 billion of quarterly revenue, showing a large pool of contracted work relative to recent sales. The latest quarter still reported a $1.008 billion net loss, despite that backlog.
Earned, collected early, and merely signed
Reports $41B of debt; has promised $69B
Total committed money reaches $69.1 billion, or 1.7x reported debt. Purchases account for $28.0 billion of that commitment, while leases add $344 million beyond the $40.8 billion of reported debt.
What the promised total is made of, latest quarter
When the promises come due
The next five years carry $55.6 billion of commitments, compared with $47.5 billion of backlog. That leaves more committed payments due in the period than revenue already promised to the company.
The rates that matter
Expenses as filed vs after cited reconciliation
8 patterns worth a second look
The filing reports $11.29 billion of long-term related-party debt and finance leases with Valor, plus $2.039 billion of current obligations. It also describes contractual payments to a trust structured as loans contemplated to be forgiven, along with substantial future credit-agreement payments. After quarter-end, the Mesh Optical merger closed for approximately 3.8 million shares and potential cash consideration. SEC staff correspondence included a reply quoting 12 staff comments, followed by replies quoting 6, 6, 0, and 0 comments.
off balance sheet · 1
The FY2026 Q2 filing reports contractual payments to a trust structured as loans contemplated to be forgiven and substantial future credit-agreement payments.
regulator challenge · 5
A reply to SEC staff was filed on 2026-05-20, answering a staff comment letter dated 2026-05-19; it quotes 12 staff comments.
A reply to SEC staff was filed on 2026-06-01, answering a staff comment letter dated 2026-05-29; it quotes 6 staff comments.
A reply to SEC staff was filed on 2026-06-03, answering a staff comment letter dated 2026-06-02; it quotes 6 staff comments.
+ 2 more
related party exposure · 1
The FY2026 Q2 filing reports $11.29 billion of long-term related-party debt and finance leases with Valor, plus $2.039 billion current obligations.
subsequent event · 1
The FY2026 Q2 filing reports the Mesh Optical merger closed after period-end for approximately 3.8 million shares and potential cash consideration.