Aslan Research · Aerospace
SPACE EXPLORATION TECHNOLOGIES CORP (SPCX)
Data as of 2026-08-21 · 2 quarters · filed in USD · outside the industry averages · thin history — read trends with care
Committed obligations of $41.5 billion nearly match reported debt of $40.8 billion, at 1.0x. The sharper scale signal is the $47.5 billion backlog, which exceeds reported debt.
Earned, collected early, and merely signed
Reports $41B of debt; has promised $41B
Leases add $344 million to the $40.8 billion of reported debt, bringing total committed obligations to $41.5 billion. The filing comparison is 1.0x committed obligations to reported debt.
What the promised total is made of, latest quarter
When the promises come due
The next five years hold $66.9 billion of obligations, versus $47.5 billion of backlog. A further $1.2 billion of obligations falls in years five through ten.
The rates that matter
Expenses as filed vs after cited reconciliation
3 patterns worth a second look
The filing reports $11.1 billion of equity consideration and up to $8.5 billion of designated debt payoff tied to the pending Spectrum transaction, plus future payments under the Spectrum Credit Agreement. It also reports related-party equipment-lease debt and interest expense with Valor Equity Partners, alongside material purchases from Tesla. Major pending acquisitions and transaction-related obligations are reported as subsequent events.
off balance sheet · 1
The FY2026 Q2 filing reports $11.1 billion of equity consideration and up to $8.5 billion of designated debt payoff in the pending Spectrum transaction, plus future payments under the Spectrum Credit Agreement.
related party exposure · 1
The FY2026 Q2 filing reports substantial related-party equipment-lease debt and related interest expense with Valor Equity Partners, alongside material purchases from Tesla.
subsequent event · 1
The FY2026 Q2 filing reports major pending acquisitions and transaction-related obligations that could materially recontextualize the period.