# SpaceX — Capital Time Machine SpaceX combines launch services, Starlink connectivity and AI infrastructure. Explore 14 historical preferred-series prices, the documented conversion to common shares, and dated public-company research. Canonical citation: https://capitaltimemachine.com/private/spacex Dataset revision: ctm-research-2026-10-01; evidence register reviewed: 2026-09-28. Each observation retains its own check date. Publisher: CapitalTimeMachine. Methodology: https://capitaltimemachine.com/methodology ## What this supports Series A–N initial preferred prices support approximate IPO offer-price marks using a reviewed 50:1 common-share conversion. A-1 and B-1 are transfer variants shown for context only. You may enter a dated Class A price; later share-basis changes remain an explicit assumption. No exact purchase dates, complete round valuations, actual allocations or realized sale proceeds are established. ## Limitations - Historical research and hypothetical arithmetic, not live quotes, investment advice or an offer to invest. - Company valuation changes are not shareholder returns. Financing, dilution, security rights and exit access matter. - IPO offer-price marks are not realized sale proceeds; minimum investments and access are not established. - User-entered prices and valuations are assumptions, not sourced observations. Fee and carry treatment is stated by each method; taxes and distributions are excluded. - Selected surviving companies are not representative of private-market outcomes; investments may lose all value. ## Sourced observations All preferred-price records below use USD per original SpaceX preferred share. Date: 2025-12-31, precision: day, role: historical_table_snapshot. Actual investment dates are unknown. Values are issuer-reported initial prices, not valuations. Share basis: preferred_units_conversion_includes_splits. Source checked 2026-09-28; confidence B; verification primary_verified. Preferred-price source: https://www.sec.gov/Archives/edgar/data/1181412/000162828026039276/spaceexplorationtechnologi.htm — Note 13, pp. F-39–F-41, Initial Price Per Share and Conversion Rights. Confirmed in final prospectus: https://www.sec.gov/Archives/edgar/data/1181412/000162828026042639/spaceexplorationtechnologi.htm. One original preferred share converts to 50 common-share equivalents. Both the 2022 10:1 and 2026 5:1 common splits are included in that factor exactly once. Class B converts to Class A 1:1. A-1 and B-1 are transfer variants; no separate transaction or calculator entry is established. | Observation ID | Preferred series / security | Initial price USD | Coverage | | --- | --- | --- | --- | | SPCX-A | Series A SpaceX redeemable convertible preferred | 1.00 | Reviewed IPO model | | SPCX-A1 | Series A-1 SpaceX redeemable convertible preferred | 1.00 | Transfer variant; context only | | SPCX-B | Series B SpaceX redeemable convertible preferred | 2.00 | Reviewed IPO model | | SPCX-B1 | Series B-1 SpaceX redeemable convertible preferred | 2.00 | Transfer variant; context only | | SPCX-C | Series C SpaceX redeemable convertible preferred | 3.00 | Reviewed IPO model | | SPCX-D | Series D SpaceX redeemable convertible preferred | 3.88 | Reviewed IPO model | | SPCX-E | Series E SpaceX redeemable convertible preferred | 4.50 | Reviewed IPO model | | SPCX-F | Series F SpaceX redeemable convertible preferred | 7.50 | Reviewed IPO model | | SPCX-G | Series G SpaceX redeemable convertible preferred | 77.46 | Reviewed IPO model | | SPCX-H | Series H SpaceX redeemable convertible preferred | 135.00 | Reviewed IPO model | | SPCX-I | Series I SpaceX redeemable convertible preferred | 169.00 | Reviewed IPO model | | SPCX-J | Series J SpaceX redeemable convertible preferred | 186.00 | Reviewed IPO model | | SPCX-K | Series K SpaceX redeemable convertible preferred | 204.00 | Reviewed IPO model | | SPCX-L | Series L SpaceX redeemable convertible preferred | 214.00 | Reviewed IPO model | | SPCX-M | Series M SpaceX redeemable convertible preferred | 220.00 | Reviewed IPO model | | SPCX-N | Series N SpaceX redeemable convertible preferred | 270.00 | Reviewed IPO model | Each observation citation is https://capitaltimemachine.com/private/spacex# followed by its observation ID. All prices retain the published precision. IPO observation SPCX-OFFER: 135.00 USD; scope public_offer_price_per_share; Class A common stock; basis post_2026_split_common; date 2026-06-11 (offering_pricing, day precision). Final IPO offering price, after the May 2026 split. This is neither today’s share price nor an executed sale by an early holder. The earlier June 1 S-1/A left the offer price blank. Source: https://www.sec.gov/Archives/edgar/data/1181412/000162828026042639/spaceexplorationtechnologi.htm; Final prospectus cover: $135 per Class A common share; dated June 11, 2026. June 15 closing confirmed in 8-K Item 8.01.; checked 2026-09-28; primary_verified; confidence A. Supporting completion filing: https://www.sec.gov/Archives/edgar/data/1181412/000162828026043288/spaceexplorationtechnologi.htm ## Current company research Research checked: 2026-09-28. Financial period: Quarter ended June 30, 2026. Latest event covered: 2026-08-14. 2024–2025 and Q2 figures reflect the issuer’s consolidated reporting, including the retrospective combination of X and xAI under common control. Q2 2026 is unaudited. Annual and quarterly periods are not directly comparable. No live price or present market capitalization is supplied. ### Financial and operating facts - Revenue | FY 2024 | $14.015B | Source: https://www.sec.gov/Archives/edgar/data/1181412/000162828026042639/spaceexplorationtechnologi.htm | MD&A: 2025 versus 2024 results - Revenue | FY 2025 | $18.674B | Source: https://www.sec.gov/Archives/edgar/data/1181412/000162828026042639/spaceexplorationtechnologi.htm | Consolidated Statements of Operations - Net loss | FY 2025 | −$4.937B | Source: https://www.sec.gov/Archives/edgar/data/1181412/000162828026042639/spaceexplorationtechnologi.htm | Consolidated Statements of Operations - Revenue | Q2 2026 | $7.814B | Source: https://www.sec.gov/Archives/edgar/data/1181412/000162828026052535/spcx-20260630.htm | Consolidated Statements of Operations, three months ended June 30 - Operating loss | Q2 2026 | −$143M | Source: https://www.sec.gov/Archives/edgar/data/1181412/000162828026052535/spcx-20260630.htm | Consolidated Statements of Operations, three months ended June 30 - Net loss | Q2 2026 | −$541M | Source: https://www.sec.gov/Archives/edgar/data/1181412/000162828026052535/spcx-20260630.htm | Consolidated Statements of Operations, three months ended June 30 - Capital expenditures | Q2 2026 | $18.369B | Source: https://www.sec.gov/Archives/edgar/data/1181412/000162828026052535/spcx-20260630.htm | Note 18: supplemental segment information; not cash-flow-statement PP&E purchases - Cash and cash equivalents | June 30, 2026 | $93.522B | Source: https://www.sec.gov/Archives/edgar/data/1181412/000162828026052535/spcx-20260630.htm | Consolidated Balance Sheets; excludes marketable securities and restricted cash - Starlink subscribers | June 30, 2026 | 12.0M | Source: https://www.sec.gov/Archives/edgar/data/1181412/000162828026052535/spcx-20260630.htm | MD&A: unique service lines; excludes managed enterprise and government contracts ### Q2 2026 segments - Space: revenue $962M; operating profit / loss −$542M. Launch services, spacecraft and development programs. - Connectivity: revenue $4.291B; operating profit / loss $1.656B. Starlink consumer, enterprise and government connectivity. - AI: revenue $2.561B; operating profit / loss −$1.257B. Grok, X, compute infrastructure and AI services; Q2 predates the Cursor closing. Source: https://www.sec.gov/Archives/edgar/data/1181412/000162828026052535/spcx-20260630.htm ### Financing and corporate events - Through the June 2026 prospectus | Legacy Space and Connectivity equity funding | More than $9B | Cumulative equity capital raised. Issuer-reported aggregate for Space and Connectivity since founding; not a per-round valuation and not total capital raised by the combined AI group. Source: https://www.sec.gov/Archives/edgar/data/1181412/000162828026039276/spaceexplorationtechnologi.htm | MD&A / Business: capital efficiency and equity funding since founding - December 31, 2025 snapshot | Preferred-series price ladder | $1.00–$270.00 | Initial price per original preferred share. Series A–N plus A-1 and B-1 transfer variants. Outstanding balances and liquidation preferences are not original round amounts or company valuations. Exact issuance dates are not established by this table. Source: https://www.sec.gov/Archives/edgar/data/1181412/000162828026039276/spaceexplorationtechnologi.htm | Note 13, Initial Price Per Share, pp. F-39–F-41 - FY 2024 / FY 2025 | SpaceX common-share repurchases | $920M / $522M | Company cash spent on shareholder liquidity. These are aggregate common-share buybacks, not new capital raised. The filing separately reports $101M of preferred repurchases in 2024. Do not infer a uniform tender price from rounded aggregate share counts. Source: https://www.sec.gov/Archives/edgar/data/1181412/000162828026039276/spaceexplorationtechnologi.htm | Note 13: SpaceX Share Repurchases, p. F-44 - March 12, 2026 | Tesla investment becomes SpaceX common stock | $2B commitment | Investment originating in xAI Series E. The xAI commitment converted into the right to SpaceX Class A stock; 3.8 million pre-May-split shares were issued. Rounded shares do not support an exact purchase price. This is separate from original SpaceX Series A–N. Source: https://www.sec.gov/Archives/edgar/data/1181412/000162828026039276/spaceexplorationtechnologi.htm | Note 21: Tesla’s xAI Investment and SpaceX Class A Common Stock Issuance, p. F-61 - June 15, 2026 | IPO financing completed | $85.675B net proceeds | Equity capital raised after issuance costs. $135 per share; 638,888,888 shares including the full underwriters’ option. Net proceeds belong to the issuer, not modeled early investors. The final prospectus’s base offering excludes this option. Source: https://www.sec.gov/Archives/edgar/data/1181412/000162828026052535/spcx-20260630.htm | Note 1: Initial Public Offering; use of proceeds - August 14, 2026 | Cursor acquisition closes | $60B Cursor equity value | Acquisition consideration basis. 389,289,254 SpaceX shares for Cursor stock plus 1,752,426 for vested RSUs; unvested awards assumed separately. This expands SpaceX’s equity base and business scope; it is not a SpaceX fundraising valuation. Source: https://www.sec.gov/Archives/edgar/data/1181412/000162828026056945/spcx-20260814.htm | Item 2.01: completion of acquisition ### CTM interpretation - Connectivity generates operating profit: In Q2, Connectivity’s $1.656B operating profit offset part of the losses in Space and AI. Segment operating results should not be confused with adjusted EBITDA. - Growth requires substantial investment: Q2 segment capital expenditures totaled $18.369B, including $15.828B for AI. The large cash balance follows equity and debt financing; it is not evidence that operating cash generation funds all spending. - Space ambitions remain execution dependent: Starship, orbital computing and lunar or Mars development are projects and ambitions. They are not recognized revenue, contracted returns or a guaranteed valuation path. - An enlarged company changes the comparison: xAI and Cursor expand the business and share count. The calculator follows an assumed original shareholding; it does not hold ownership percentage constant or turn company valuation growth into investor returns. ### Research limitations - Exact initial investment dates and round-level valuations are not established for every preferred series. - A-1/B-1 transfer variants do not establish separate entry transactions. xAI preferred prices require a different conversion chain. - Historical availability, minimum investment, preferred rights, vehicle fees, carry, taxes, lockups and sale execution vary by holder. - No CAGR is calculated without an actual purchase date. A hypothetical mark is not realized sale proceeds. - Today’s Class A price is user-entered and unverified. The entered-price model assumes unchanged share units after June 30, 2026. ### Original filings - [Requested SEC S-1/A prospectus · 2026-06-01](https://www.sec.gov/Archives/edgar/data/1181412/000162828026039276/spaceexplorationtechnologi.htm) — Note 13, pp. F-37–F-41; business and risk sections - [Final IPO prospectus · 2026-06-11](https://www.sec.gov/Archives/edgar/data/1181412/000162828026042639/spaceexplorationtechnologi.htm) — Cover; Note 13; Description of Capital Stock - [IPO completion 8-K · 2026-06-15](https://www.sec.gov/Archives/edgar/data/1181412/000162828026043288/spaceexplorationtechnologi.htm) — Items 3.02 and 8.01 - [Q2 2026 Form 10-Q · 2026-08-04](https://www.sec.gov/Archives/edgar/data/1181412/000162828026052535/spcx-20260630.htm) — Financial statements; Notes 1, 12 and 18; MD&A - [Cursor acquisition completion 8-K · 2026-08-14](https://www.sec.gov/Archives/edgar/data/1181412/000162828026056945/spcx-20260814.htm) — Items 2.01 and 3.02 ## Calculation options { "ipo_offer_models": [ { "id": "SPCX-N-IPO", "start": "SPCX-N", "end": "SPCX-OFFER", "conversion_factor": "50" }, { "id": "SPCX-M-IPO", "start": "SPCX-M", "end": "SPCX-OFFER", "conversion_factor": "50" }, { "id": "SPCX-L-IPO", "start": "SPCX-L", "end": "SPCX-OFFER", "conversion_factor": "50" }, { "id": "SPCX-K-IPO", "start": "SPCX-K", "end": "SPCX-OFFER", "conversion_factor": "50" }, { "id": "SPCX-J-IPO", "start": "SPCX-J", "end": "SPCX-OFFER", "conversion_factor": "50" }, { "id": "SPCX-I-IPO", "start": "SPCX-I", "end": "SPCX-OFFER", "conversion_factor": "50" }, { "id": "SPCX-H-IPO", "start": "SPCX-H", "end": "SPCX-OFFER", "conversion_factor": "50" }, { "id": "SPCX-G-IPO", "start": "SPCX-G", "end": "SPCX-OFFER", "conversion_factor": "50" }, { "id": "SPCX-F-IPO", "start": "SPCX-F", "end": "SPCX-OFFER", "conversion_factor": "50" }, { "id": "SPCX-E-IPO", "start": "SPCX-E", "end": "SPCX-OFFER", "conversion_factor": "50" }, { "id": "SPCX-D-IPO", "start": "SPCX-D", "end": "SPCX-OFFER", "conversion_factor": "50" }, { "id": "SPCX-C-IPO", "start": "SPCX-C", "end": "SPCX-OFFER", "conversion_factor": "50" }, { "id": "SPCX-B-IPO", "start": "SPCX-B", "end": "SPCX-OFFER", "conversion_factor": "50" }, { "id": "SPCX-A-IPO", "start": "SPCX-A", "end": "SPCX-OFFER", "conversion_factor": "50" } ], "shared_model_basis": "Original preferred-share units: $1 invested buys 1 ÷ the published initial preferred price units. Note 13 states 50 common shares per preferred share after the May 4, 2026 split. The 2022 10-for-1 common split and 2026 5-for-1 common split are already included in this factor; do not multiply again. Class B converts 1:1 to Class A. The June 15 8-K confirms preferred conversion at IPO. No holder-specific adjustment, investment access, fees, taxes, or sale is assumed. Purchase dates are unknown, so no CAGR is calculated.", "model_source": "https://www.sec.gov/Archives/edgar/data/1181412/000162828026042639/spaceexplorationtechnologi.htm", "model_locators": [ "Note 13, pp. F-37–F-41: splits, initial preferred prices, and 50-for-1 conversion", "Description of Capital Stock: Class B to Class A, 1:1", "Cover: $135 IPO offering price; Shares Eligible for Future Sale: selling restrictions" ], "model_reviewed_on": "2026-09-28", "valuation_comparisons": [], "user_entered_private_prices": false, "entered_public_price_review": { "company": "spacex", "ticker": "SPCX", "issuer_cik": "1181412", "model_ids": [ "SPCX-N-IPO", "SPCX-M-IPO", "SPCX-L-IPO", "SPCX-K-IPO", "SPCX-J-IPO", "SPCX-I-IPO", "SPCX-H-IPO", "SPCX-G-IPO", "SPCX-F-IPO", "SPCX-E-IPO", "SPCX-D-IPO", "SPCX-C-IPO", "SPCX-B-IPO", "SPCX-A-IPO" ], "from_date": "2026-06-15", "through_date": "2026-06-30", "reviewed_on": "2026-09-28", "status": "reviewed_user_price_scenario", "historical_only": false, "limitation": "Enter a dated Class A common-share price on the post-May-2026 split basis. Prices are unverified. Dates after June 30, 2026 require the assumption that this share basis has not changed. Issuing shares for acquisitions dilutes ownership but does not multiply an existing holder’s shares.", "listed_equivalent_factor": "1", "splits": [], "sources": [ { "url": "https://www.sec.gov/Archives/edgar/data/1181412/000162828026042639/spaceexplorationtechnologi.htm", "title": "Final prospectus · June 11, 2026", "locator": "Note 13: 50 common equivalents per original preferred share; Class B to A is 1:1." }, { "url": "https://www.sec.gov/Archives/edgar/data/1181412/000162828026043288/spaceexplorationtechnologi.htm", "title": "IPO completion · June 15, 2026", "locator": "Items 3.02 and 8.01: preferred conversion and $135 offering price." }, { "url": "https://www.sec.gov/Archives/edgar/data/1181412/000162828026052535/spcx-20260630.htm", "title": "Q2 2026 Form 10-Q · August 4, 2026", "locator": "Notes 1 and 12: May 4 split, IPO conversion and common-stock basis through June 30." } ], "review_note": "The 50:1 conversion already includes both common-stock splits. No second adjustment. Reviewed through the quarter-end common-stock presentation; subsequent dates require the user’s unchanged-basis assumption." }, "full_evidence_json": "https://capitaltimemachine.com/data/companies/spacex.json" } ## Reuse and corrections Link to the company page and original evidence, retain dates, units and limitations. Third-party source terms remain applicable; no new license to third-party material is granted. https://capitaltimemachine.com/terms Corrections: mailto:capitaltimemachine@gmail.com