Launch, Starlink and Starship (merged with xAI)
SpaceX
SpaceX dominates launch services and Starlink satellite communications; it merged with xAI in February 2026 (combined value $1.25 trillion) and listed on Nasdaq on June 12, 2026 (ticker SPCX), raising a record $75 billion. Of 2025 revenue of $18.7 billion (up 43%), Starlink contributed $11.4 billion (61%) and launch/development $4.1 billion. It set a sixth straight record with 165 orbital launches in 2025 and is the US government's primary launch provider, flying 11 of 12 NSSL missions and all five NASA ISS crew and cargo missions. About 9,600 Starlink satellites serve 10+ million subscribers across 164 markets.
SPCX Updated Jul 12, 2026 4 AI consumers· 1 recurring
Per the valuechain.wiki graph, SpaceX is directly linked to 14 companies (1 supply, 14 revenue relationships) and reaches 23 companies within two hops; the links are backed by 32 dated sources, 5 of them primary filings (as of 2026-07-12).
Annual return · 2026-07-02YTD+0.7%
Money in ▸Starlink subscribers · enterprises (broadband)●Revenue $11.4BUS government · defense (NSSL · Starshield)●Contract value $5.9BNASA (Commercial Crew·CRS·HLS)●Contract value $2.9BIridium Communications●Contract value $492MGlobalstar●payment total $163MSatellogic●purchase commitment $10MNorthrop Grumman●Sidus Space●Viasat●SES S.A.●Eutelsat Group●Planet Labs●Intuitive Machines●Firefly Aerospace●존디어 (스타링크 SATCOM)●디어 앤 컴퍼니 (스타링크 SATCOM)●BlackSky (rideshare launch)◐
SpaceXFY2025 revenue $18.7B
▸ Money outSTMicroelectronics◐supply volume 1 million terminalsComponents · raw materials (vertically integrated · undisclosed)◐
Financials & Segments
- Total revenue · FY2025 revenue $18.7B (+43%)
- Customer concentration · Starlink 61%, launch 22%; US government the largest customer group
- Segments · Starlink (consumer, enterprise, government broadband) · Launch (Falcon, Starship) · Starshield (government satellites) · xAI (Grok, merged 2026)
Revenue from
- Starlink subscribers · enterprises (broadband) High confidence· Revenue $11.4B · FY2025 · Starlink revenue (61% of total)
Starlink sells broadband to consumer, enterprise and government customers across 164 markets over ~9,600 LEO satellites. FY2025 revenue of $11.4 billion (up 48%) is 61% of the company, with subscribers passing 10 million in early 2026.Confirms EN U.S. SEC (EDGAR) Published Jun 12, 2026: Space Exploration Technologies Corp. Prospectus (Form 424B4)Confirms KO Money Today Published Jun 12, 2026: When does SpaceX start trading, and how far can the stock rise? - US government · defense (NSSL · Starshield) High confidence· Contract value $5.9B · 2027~2032 (28회) · NSSL Phase 3 Lane 2 allocation (Starshield NRO $1.8B separate)
SpaceX won the largest share of US Space Force NSSL Phase 3 Lane 2 (28 missions, up to $5.9 billion) and flew 11 of 12 NSSL missions in 2025; its Starshield unit builds a multi-hundred-satellite LEO reconnaissance network under a $1.8 billion 2021 NRO contract.Confirms EN U.S. SEC (EDGAR) Published Jun 12, 2026: Space Exploration Technologies Corp. Prospectus (Form 424B4)Confirms EN Spaceflight Now Published Apr 5, 2025: U.S. Space Force awards $13.7 billion in new national security launch contracts to Blue Origin, SpaceX and ULA - NASA (Commercial Crew·CRS·HLS) High confidence· Contract value $2.9B · HLS(2021)+2차 $1.15B(2022) · Artemis Starship HLS contract
SpaceX effectively monopolizes NASA ISS transport, flying all five US crew and cargo missions in 2025, and holds the $2.89 billion Starship HLS Artemis lander contract plus $1.15 billion for a second mission.Confirms EN U.S. SEC (EDGAR) Published Jun 12, 2026: Space Exploration Technologies Corp. Prospectus (Form 424B4)Confirms EN SpaceNews Published Nov 15, 2022: NASA awards SpaceX $1.15 billion contract for second Artemis lander missionConfirms EN NASA Published Apr 16, 2021: As Artemis Moves Forward, NASA Picks SpaceX to Land Next Americans on Moon - Iridium Communications High confidence· Contract value $492M · 2010~2019 (8회 발사) · Iridium NEXT Falcon 9 launch contract
Serves as the launch-services revenue source that carries out Iridium's satellite and mission launches. To deploy its second-generation Iridium NEXT constellation, Iridium signed a $492M commercial launch contract with SpaceX in June 2010 (the largest single commercial launch contract at the time). Falcon 9 placed multiple satellites per flight into low Earth orbit, completing the deployment across eight launches from 2017 to 2019. Launch costs were part of the total NEXT program cost (about $2.9B).Confirms EN U.S. Securities and Exchange Commission (SEC EDGAR) Published Jun 16, 2010: Iridium and SpaceX Sign Major Commercial Launch Contract (Form 8-K Exhibit 99.1) - Globalstar High confidence· payment total $163M · 2023-08~2025-12 · Cumulative payments under Falcon 9 launch agreements (incl. $77M milestone prepayments)
Serves as the launch-services revenue source that carries out Globalstar's satellite and mission launches. Contractor for replacement and next-generation satellite launches. Signed Launch Services Agreements for Falcon 9 launches in August 2023 and June 2025 (two launches). Paid SpaceX a total of $162.6M through 2025-12-31 ($33.0M during 2025), including $77.0M of prepaid future milestones. First launch in 2025, second scheduled for 2026.Confirms EN U.S. SEC (EDGAR) Published Aug 7, 2025: Globalstar Q2 2025 Earnings Release (8-K Exhibit 99.1) - Satellogic High confidence· purchase commitment $10M · through 2028 · Total noncancelable launch-service purchase commitments as of 2025-12-31 (~US$8.2M due in 2026)
Serves as the launch-services revenue source that carries out Satellogic's satellite and mission launches. A launch-services cost item. A Multi-Launch Agreement (2022-04-05) secured 68 upcoming rideshare launches. 42 slots remained as of 2025-12-31. Total remaining commitment under the non-cancelable launch-services contract is about US$10.2M (through 2028), with about US$8.2M for 2026.Confirms EN U.S. SEC EDGAR Published Mar 19, 2026: Satellogic Inc. Form 10-K (FY ended Dec 31, 2025)Confirms EN Satellogic (press release) Published May 4, 2022: Satellogic Announces Multiple Launch Agreement with SpaceX for its Next 68 Sub-Meter Resolution Earth Observation Satellites - Northrop Grumman High confidence
Wins launch service work for Northrop Grumman Cygnus ISS cargo missions following the Antares retirement. Falcon 9 flew NG-20 through NG-24 consecutively, and the first Cygnus XL (NG-23) launched on Falcon 9 Block 5 in September 2025. Contract values are not disclosed.Confirms EN Spaceflight Now Published Sep 15, 2025: Northrop Grumman's 1st Cygnus XL spacecraft launches on cargo run to the space station - Sidus Space High confidence
Serves as the launch-services revenue source that carries out Sidus Space's satellite and mission launches. Multiple contracts with SpaceX for five LizzieSat rideshare launches. LizzieSat-1 launched and deployed on SpaceX Transporter-10 (Falcon 9, Vandenberg) as a rideshare on 2024-03-04. Subsequent LizzieSats also use SpaceX Transporter missions. Launch services are a cost item for Sidus.Confirms EN Sidus Space IR Published Mar 5, 2024: Sidus Space Receives Signals from LizzieSat after Successful Launch and Deployment on the SpaceX Transporter-10 Rideshare MissionConfirms EN Exolaunch Published Dec 9, 2022: Sidus Space Selects Exolaunch for LizzieSat Deployment During LizzieSat Rideshare Missions with SpaceX - Viasat High confidence
Serves as the launch-services revenue source that carries out Viasat's satellite and mission launches. Launched ViaSat-3 F3 (about 6.6 tons) to GEO on a Falcon Heavy from Kennedy Space Center LC-39A on 2026-04-29. A cost item for satellite launch. Contract value undisclosed.Confirms EN Space.com Published Apr 29, 2026: SpaceX Falcon Heavy rocket lifts off on 1st launch in 18 months (ViaSat-3 F3)Confirms EN Spaceflight Now Published Apr 29, 2026: SpaceX launches 6-ton ViaSat-3 F3 satellite on Falcon Heavy rocket - SES S.A. High confidence
Launch-services revenue from SES. Launch-services provider for the O3b mPOWER fleet, SES contracted Falcon 9 launches in 2019 and SpaceX has flown the satellites in pairs, reaching 10 launched by July 2025, SES's launch-capex line.Confirms EN Spaceflight Now Published Jul 22, 2025: SpaceX launches 2 O3b mPOWER satellites for SES on a Falcon 9 rocket from Cape CanaveralConfirms EN Teslarati Published Aug 1, 2019: SpaceX, SES announce new Falcon 9 launch contracts for seven high-bandwidth satellites - Eutelsat Group High confidence
Serves as the launch-services revenue source that carries out Eutelsat's satellite and mission launches. Provider of OneWeb satellite launch services. After the Arianespace (Soyuz) contract was voided following Russia's 2022 invasion of Ukraine, it switched to Falcon 9; carried out multiple missions, including the launch of 20 satellites (the last of the first generation) from Vandenberg on October 19, 2024. Launch contract value undisclosed. - Planet Labs High confidence
Serves as the launch-services revenue source that carries out Planet Labs's satellite and mission launches. Planet repeatedly launches its satellite fleet as SpaceX Falcon 9 Transporter rideshares. Pelican-1 (Transporter-9, 2023-11), Tanager-1 plus 36 SuperDoves (Transporter-11, 2024-08), Pelican-2 plus 36 SuperDoves (Transporter-12, 2025-01), Pelican 5 and 6 (Transporter-15, 202Confirms EN Planet Labs Published Aug 16, 2024: Planet Launches First Tanager-1 Hyperspectral Satellite and 36 SuperDoves with SpaceX - Intuitive Machines High confidence
Serves as the launch-services revenue source that carries out Intuitive Machines's satellite and mission launches. All IM lunar lander launches (IM-1, IM-2, IM-3) are procured on SpaceX Falcon 9 (Kennedy Space Center LC-39A), the core launch-services supplier for mission costs. Individual launch contract values undisclosed. - Firefly Aerospace High confidence
Serves as the launch-services revenue source that carries out Firefly Aerospace's satellite and mission launches. The Blue Ghost lunar lander launches on SpaceX Falcon 9 rather than Firefly's own Alpha. Mission 1 launched from Kennedy Space Center LC-39A on January 15, 2025, and Mission 2 (late 2026) is also scheduled to launch on Falcon 9 together with the Elytra transfer vehicle. Launch contract value undisclosed.Confirms EN Firefly Aerospace Published Jan 15, 2025: Firefly Aerospace's Blue Ghost Mission 1 Successfully Launches and Begins 45-Day Transit to the Moon - 존디어 (스타링크 SATCOM) High confidence
Starlink service and terminals for farm-equipment connectivity.Confirms EN Deere & Company Published Jan 15, 2025: John Deere Announces Strategic Partnership with SpaceX (Starlink SATCOM) - 디어 앤 컴퍼니 (스타링크 SATCOM) High confidence
Supplies Starlink SATCOM to John Deere, the world's largest farm-equipment maker, connecting off-grid precision-ag machines and enabling autonomy; rollout starts in the U.S. and Brazil.Confirms EN Deere & Company Published Jan 15, 2025: John Deere Announces Strategic Partnership with SpaceX (Starlink SATCOM)Mentions KO Nongmin News Published Sep 30, 2024: Overseas autonomous farm machinery moves beyond unmanned to satellite connectivity - BlackSky (rideshare launch) Medium confidence
Launched BlackSky's Global (Gen-2) Earth-observation satellites on Falcon 9 Transporter rideshare — for SpaceX, one of many small-satellite rideshare customers, selling low-cost orbital access to a small EO operator.Confirms EN Via Satellite Published Dec 2, 2021: SpaceX launches Starlink batch with 2 rideshare BlackSky satellites
Pays to
- STMicroelectronics Medium confidence· supply volume 1 million terminals · 2020~ · Starlink terminal production agreement (as reported)
STMicroelectronics manufactures the application processor, RF front-end and secure element of the Starlink user terminal; a reported production agreement covers 1 million terminals (~$2,400 each), and teardowns confirm ST silicon (Catson SoC).Confirms EN KU Leuven COSIC Published Jan 1, 2022: Dumping and extracting the SpaceX Starlink User Terminal firmwareConfirms EN Wccftech Published Aug 6, 2021: Starlink User Terminals Use Same Supplier As Apple's iPhone Shows Teardown - Components · raw materials (vertically integrated · undisclosed) Medium confidence
A vertically integrated maker of most engines, airframes and satellites; the prospectus emphasizes "limited reliance on third-party suppliers". External procurement is limited to raw materials (stainless steel, propellants) and some semiconductors, with suppliers and amounts undisclosed.Mentions EN U.S. SEC (EDGAR) Published Jun 12, 2026: Space Exploration Technologies Corp. Prospectus (Form 424B4)
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Garmin | lead2 | +15.9 | -30.2 | +43.1 | +63.3 | -0.1 | +20.8 |
| Apple | lead2 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +16.2 |
| Lockheed Martin | lead2 | +3.2 | +40.5 | -4.3 | +10 | +2.5 | +9.5 |
| RTX | lead2 | +23.3 | +20 | -14.4 | +40.8 | +61.4 | +7.6 |
| L3Harris | lead2 | +15 | -0.5 | +3.7 | +1.9 | +42.3 | -0.2 |
| Iridium Communications | lead1 | +5 | +24.5 | -19.1 | -28.1 | -38.5 | +190.7 |
| Satellogic | lead1 | · | -68.6 | -42.6 | +62.9 | -34.4 | +142.8 |
| Viasat | lead1 | +36.4 | -28.9 | -11.7 | -69.6 | +304.9 | +113.5 |
| BlackSky Technology | lead1 | -57.1 | -65.7 | -9.1 | -3.7 | +73.8 | +33.4 |
| Planet Labs | lead1 | · | -29.3 | -43.2 | +63.6 | +388.1 | +32.1 |
| Globalstar | lead1 | +241.2 | +14.7 | +45.9 | +6.7 | +96.6 | +31.2 |
| Deere & Company | lead1 | +28.9 | +26.6 | -5.5 | +7.6 | +11.4 | +26.7 |
| SES S.A. | lead1 | +2.8 | +10.6 | -13 | -36 | +141.5 | +15.8 |
| Firefly Aerospace | lead1 | · | · | · | · | · | +7.7 |
| Eutelsat Group | lead1 | +17.8 | -30.7 | -51.8 | -48.9 | +32.1 | +3.2 |
| Intuitive Machines | lead1 | · | +3.7 | -74.4 | +610.8 | -10.6 | -0.6 |
| Northrop Grumman | lead1 | +29.3 | +43 | -12.8 | +1.9 | +23.6 | -4.6 |
| Sidus Space | lead1 | · | · | -91.9 | -44.4 | -35.9 | -31.2 |
| SpaceX | node | · | · | · | · | · | +0.7 |
| STMicroelectronics | benef1 | +32.4 | -26.8 | +41.7 | -49.7 | +5.3 | +176.6 |
| Cohu | benef2 | -0.2 | -15.9 | +10.4 | -24.6 | -12.8 | +141.4 |
| Wolfspeed | benef2 | · | · | · | · | · | +102.7 |
| Cadence Design Systems | benef2 | +36.6 | -13.8 | +69.6 | +10.3 | +4 | +22.9 |
| Synopsys | benef2 | +42.1 | -13.4 | +61.3 | -5.7 | -3.2 | -5.2 |
YTD as of 2026-07-02 · source: Yahoo Finance
SpaceX's thesis is its position as vertically integrated space infrastructure dominating both launch and Starlink. Internalizing most engines, airframes and satellites, it cut costs through reusable launch, set a sixth straight record with 165 launches in 2025 and became the US government's primary launch provider (11 of 12 NSSL, all five NASA ISS missions). Its revenue axis is Starlink, which sells broadband to 10M+ subscribers across 164 markets over ~9,600 satellites for $11.4B (61%) in 2025 — launch provides the cost advantage while Starlink provides recurring revenue. The February 2026 xAI merger (combined $1.25tn) and June Nasdaq listing ($75B raised) fused AI and capital. On the graph this node is the bottleneck fueling most satellite and lunar-lander operators' launches. Re-rating triggers are Starship commercialization, Starlink subscribers and cash flow, and xAI synergies.
Analysis generated from returns as of 2026-07-02Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $232
Analyses covering this node
- The anchor tenant of Earth observation: reconnaissance budgets built the EO industry Jul 4, 2026
- The launch-tier paradox: even rocket companies are SpaceX customers Jul 4, 2026
- The prime tier runs on a budget clock: where the space re-rating stops Jul 4, 2026
- The satcom re-rating: from Starlink fear to sovereignty and D2D demand Jul 3, 2026