SPACE EXPLORATION TECHNOLOGIES CORP (SPCX) · Quarterly Report (10-Q) SEC Filing

PART I. FINANCIAL INFORMATION Item 1. Financial Statements Space Exploration Technologies Corp. Consolidated Balance Sheets (in millions, except per share data) (unaudited) December 31, 2025$93,522 $24,747 6,487 3,596 1,579 2,718 2,416 1,724 2,210 108,047 30,952 65,736 42,602 1,118 1,260 1,318 1,548 1,098 1,637 11,645 11,809 354 141 3,454 2,130 $192,770 $92,079 8,243 11,792 7,977 6,111 2,525 928 2,377 2,569 21,122 21,400 6,309 6,005 36,839 21,968 1,276 1,381 65,546 50,754 38,752 7 3 6 1 0 167,344 37,706 (41,852)(37,035)1,719 1,898 127,224 2,573 $192,770 $92,079 Six Months Ended June 30,202520262025$7,814 $4,071 $12,508 $8,138 3,495 2,282 5,883 4,244 3,548 1,958 7,062 3,515 912 606 1,658 1,099 2 190 (9)194 5 29 7,957 5,041 14,594 9,081 (143)(970)(2,086)(943)(629)(411)(1,293)(858)340 98 553 215 (86)413 (1,962)202 (518)(870)(4,788)(1,384)23 138 29 152 $(541)$(1,008)$(4,817)$(1,536)$(541)$(1,008)$(5,488)$(1,536)$(0.09)$(0.34)$(1.12)$(0.53)5,864 2,929 4,879 2,902 Six Months Ended June 30,202520262025$(541)$(1,008)$(4,817)$(1,536)(38)538 (178)795 2 (2)(1) (36)536 (179)795 $(577)$(472)$(4,996)$(741)Common StockSharesAmountSharesAmountAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive IncomeTotal Shareholders' Equity135 $7,049 5,798 $6 $74,083 $(41,311)$1,755 $34,533 877 877 639 1 85,674 85,675 26 (253) (253)(135)(7,049)6,723 6 7,043 7,049 (10) (80) (80) (541) (541) (36)(36) $ 13,176 $13 $167,344 $(41,852)$1,719 $127,224 Common StockSharesAmountSharesAmountAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive IncomeTotal Shareholders' Equity2,046 $38,752 3,079 $4 $37,706 $(37,035)$1,898 $2,573 1,570 1,570 639 1 85,674 85,675 78 5,869 1,372 1 2,207 2,208 (1,987)(37,476)1,424 1 37,474 37,475 (25) (2,413) (2,413)(135)(7,076)6,728 6 7,070 7,076 (2)(69)(41) (1,944) (1,944) (4,817) (4,817) (179)(179) $ 13,176 $13 $167,344 $(41,852)$1,719 $127,224 Common StockSharesAmountSharesAmountAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive IncomeTotal Shareholders' Equity1,748 $20,940 3,024 $3 $36,590 $(32,626)$1,352 $5,319 506 506 145 4,146 25 1 (125) (124) (1) (12) (12) (1,008) (1,008) 536 536 1,893 $25,086 3,048 $4 $36,959 $(33,634)$1,888 $5,217 Common StockSharesAmountSharesAmountAdditional Paid-in CapitalAccumulated DeficitAccumulated Other Comprehensive IncomeTotal Shareholders' Equity1,748 $20,941 3,023 $3 $35,865 $(32,098)$1,093 $4,863 768 768 145 4,146 51 1 806 807 0 (1)2 0 1 1 (29)0 (520) (520) 1 0 39 39 (1,536) (1,536) 795 795 1,893 $25,086 3,048 $4 $36,959 $(33,634)$1,888 $5,217 2025$(4,817)$(1,536)5,290 2,970 1,470 694 (9)120 539 (252)40 54 1,545 (72)126 (2,003)(470)(827)(360)102 (2,125)(88)309 2,169 680 127 141 $3,466 $351 (28,476)(6,965)(20)(22)1,195 (13,630)(601)7,248 543 1,173 (86)(856) 52 (74)$(34,487)$(6,032)(173)(137)51,812 10,943 (124)(61)(39,396)(5,990)(1,153) 8,319 5,047 316 155 (4,426)(520)(559)(238)85,675 $100,291 $9,199 (42)75 69,228 3,593 25,124 11,501 $94,352 $15,094 2025$1,667 $603 $35 $30 $110 $77 $5,513 $4,260 $3,921 $ December 31, 2025$93,522 $24,747 210 182 620 195 $94,352 $25,124 Six Months Ended June 30,202520262025$461 $403 $841 $755 7,353 3,668 11,667 7,383 $7,814 $4,071 $12,508 $8,138 Six Months Ended June 30,202520262025$648 $490 $978 $1,056 314 256 603 555 962 746 1,581 1,611 2,485 1,721 4,633 3,213 1,806 867 2,915 1,849 4,291 2,588 7,548 5,062 367 426 710 870 2,194 311 2,669 595 2,561 737 3,379 1,465 $7,814 $4,071 $12,508 $8,138 Six Months Ended June 30,20252026202518.3 %16.7 %17.9 %19.9 %19.5 %*12.2 %*December 31, 2025$1,122 $1,030 875 803 721 583 $2,718 $2,416 December 31, 2025$34,771 $22,694 13,788 11,949 9,453 6,343 3,991 2,960 3,118 2,404 2,958 1,876 1,557 1,689 881 784 12,554 4,604 83,071 55,303 (17,335)(12,701)$65,736 $42,602 Gross Carrying ValueAccumulated AmortizationNet Carrying Value5.0$733 $(403)$330 9.01,273 (519)754 3.027 (19)8 5.0742 (545)197 2.012 (4)8 $2,787 $(1,490)$1,297 Gross Carrying ValueAccumulated AmortizationNet Carrying Value5.0$743 $(335)$408 9.01,291 (456)835 3.227 (16)11 5.0752 (478)274 2.09 9 $2,822 $(1,285)$1,537 $11,809 3 (167)$11,645 CostUnrealized GainUnrealized LossFair ValueI$23,886 $ $ $23,886 I65,625 65,625 I4,011 4,011 II6,487 6,487 I210 210 I475 475 I145 145 $100,839 $ $ $100,839 CostUnrealized GainUnrealized LossFair ValueI$3,408 $ $ $3,408 I21,339 21,339 I30 30 I152 152 I182 182 I13 13 $25,124 $ $ $25,124 Unamortized Deferred Financing CostsNet$25,000 $148 $24,852 27 27 13,406 13,406 38,433 148 38,285 1,079 1,079 39,512 148 39,364 2,525 2,525 $36,987 $148 $36,839 Unamortized Deferred Financing CostsNet$27 $ $27 6,504 280 6,224 5,966 54 5,912 995 4 991 995 40 955 3,000 12 2,988 4,562 4,562 22,049 390 21,659 1,237 1,237 23,286 390 22,896 928 928 $22,358 $390 $21,968 $944 20272,402 20282,867 20293,422 20303,597 Thereafter25,201 Total$38,433 The Company measures the fair value of its long-term fixed-rate debt for disclosure purposes. The fair value estimates for these debts were determined based on the quoted prices, if available, or based on a discounted cash flow approach using yields calibrated from recent issuances of the securities, resulting in Level II measurement. The carrying amounts and fair values of the long-term fixed-rate debt included in the consolidated balance sheets are as follows: As of December 31, 2025Fair ValueCarrying AmountFair Value$24,852 $24,697 $ $ $ $ $5,912 $6,190 $ $ $991 $1,057 $ $ $2,988 $3,173 Six Months Ended June 30,202520262025$126 $134 $233 $254 147 46 260 75 24 23 55 46 $297 $203 $548 $375 $79 $85 $158 $169 64 82 132 167 143 167 290 336 $440 $370 $838 $711 December 31, 2025$561 $618 192 223 178 597 210 182 583 590 $1,724 $2,210 $529 $563 452 322 344 422 177 339 20 416 855 507 $2,377 $2,569 Class B Common StockClass C Common StockClass D Common StockSharesAmountSharesAmountSharesAmountSharesAmount2,884 $3 2,418 $3 497 $0 $ 639 1 25 0 1 0 3,448 3 3,274 3 612 0 (115)0 (497)0 (1)0 (9)0 7,607 $7 5,569 $6 $ $ Class B Common StockClass C Common StockClass D Common StockSharesAmountSharesAmountSharesAmountSharesAmount1,952 $3 643 $1 484 $0 $ 639 1 53 0 1,306 1 13 0 886 0 537 1 (3)0 (20)0 3,453 3 3,274 3 637 0 (140)0 (497)0 (10)0 (31)0 7,607 $7 5,569 $6 $ $ Class B Common StockClass C Common StockClass D Common StockSharesAmountSharesAmountSharesAmountSharesAmount1,862 $2 731 $1 431 $0 $ 3 1 22 0 2 0 (2)0 (1)0 1,867 $3 728 $1 453 $0 $ Class B Common StockClass C Common StockClass D Common StockSharesAmountSharesAmountSharesAmountSharesAmount1,832 $2 768 $1 423 $0 $ 21 1 1 0 29 0 1 0 1 0 26 0 (26)0 (14)0 (15)0 1 0 1,867 $3 728 $1 453 $0 $ Class BClass C5,569 120 352 122 324 352 Six Months Ended June 30,202520262025$(541)$(1,008)$(4,817)$(1,536) 671 $(541)$(1,008)$(5,488)$(1,536)5,864 2,929 4,879 2,902 $(0.09)$(0.34)$(1.12)$(0.53)20251,220 6,760 669 Six Months Ended June 30,202520262025$117 $65 $193 $104 369 193 731 268 345 205 546 322 $831 $463 $1,470 $694 $2,728 202722,244 20282,172 2029809 20302 Thereafter Total $27,955 Letters of Credit and Surety Bonds The Company had outstanding letters of credit of $645 million at June 30, 2026 related to various customer contracts, insurance agreements, and facility lease agreements. All of the outstanding letters of credit were collateralized by restricted cash. The Company also had surety bonds of $465 million for self-insured workers compensation programs and other governmental licenses at June 30, 2026. 27 Table of Contents Legal Proceedings In the normal course of its business, the Company is involved from time to time in various arbitrations, class actions, commercial litigation, investigations and other legal, regulatory or governmental actions, including the significant matters described below that could have a material impact on our results of operations. The Company assesses, in conjunction with its legal counsel, the need to record a liability for litigation and contingencies. With respect to the cases, actions, and inquiries described below, the Company evaluates the associated developments on a regular basis and will accrue a liability when it believes a loss is probable and the amount can be reasonably estimated. In addition, the Company believes there is a reasonable possibility that it may incur a loss in some of these matters and the loss may be material or exceed its estimated ranges of possible loss. The outcomes of the matters described in this section, such as whether the likelihood of loss is remote, reasonably possible, or probable, or if and when the reasonably possible range of loss is estimable, are inherently uncertain, and unless specified otherwise, possible losses are not reasonably estimable at this time. If one or more of these matters were resolved against the Company for amounts above management s estimates, the Company s financial condition and results of operations, including in a particular reporting period in which any such outcome becomes probable and estimable, could be materially adversely affected. In November 2022, the European Union s Digital Services Act ( DSA ) came into force as a result of which X has to comply with extensive content moderation and other duties. The Company published its first Transparency Report under the DSA in November 2023. In December 2023, the European Commission ( EC ) opened a formal investigation into X and its Irish subsidiary, Twitter International Unlimited Company ( TIUC ), which was later renamed to X Internet Unlimited Company (XIUC). On July 12, 2024, in relation to alleged breaches of Articles 25(1), 39 and 40(12) of the DSA, the EC issued preliminary findings that X s blue checkmark is deceptive, its advertisement repository does not meet DSA requirements, and it grants inadequate access to data to third-party researchers. On September 26, 2024, XIUC and X submitted their observations challenging the EC s preliminary findings. On December 5, 2025, the EC delivered a final decision in which it upheld its preliminary findings and imposed a fine of EUR 120 million on XIUC, X., x.AI, and Elon Musk (together, the parties ). On February 16, 2026, the parties challenged the EC s decision in the General Court of the European Union. This challenge remains pending. In March 2016, non-practicing entity Youtoo Technologies filed suit against Twitter, Inc. in the United States District Court for the Northern District of Texas alleging its Vine and Periscope products infringe Youtoo s video-sharing patents (the 304, 506, and 997 patents). On Twitter s motion, the district court dismissed the 304 and 506 patents as invalid. Twitter filed petitions for Inter Partes Review before the Patent Trial and Appeals Board (PTAB) challenging all three patents-in-suit. The PTAB upheld the 304 and 506 Patents and invalidated the 997 Patent; the Federal Circuit affirmed. On March 16, 2020, Plaintiff (now Vidstream LLC, which allegedly acquired the patents from Youtoo Technologies in a bankruptcy proceeding), moved the Court to reconsider its earlier ruling invalidating the 304 and 506 patents. On April 1, 2022, the Court reversed its original ruling on the 304 and 506 patents. On September 27, 2024, Vidstream filed a motion for partial summary judgment, which the Court granted in part. The case went to a jury trial, and on April 16, 2025, the jury rendered a verdict finding (i) that Twitter did not infringe any claim of the 506 patent and two out of three claims of the 304 patent and that each of those patent claims was invalid, but (ii) that Twitter willfully infringed one claim of the 304 patent. The jury awarded Plaintiff $105 million in damages. In November 2025, the district court affirmed the jury s award and awarded an additional $67 million in prejudgment interest. Twitter has appealed and Vidstream has cross-appealed. Both appeals remain pending before the Federal Circuit. In June 2023, music publishing companies that are members of the National Music Publishers Association (the NMPA ) filed a complaint against X in the U.S. District Court for the Middle District of Tennessee, claiming direct, contributory, and vicarious copyright infringement based on Twitter s alleged failure to expeditiously take down infringing music posted by users after the music publishers allegedly gave Twitter notice of those infringements. The music publishers also allege that Twitter did not suspend the accounts of repeat infringers, so that Twitter is not entitled to a safe harbor from liability under the DMCA. In March 2024, the Court dismissed plaintiffs direct infringement and vicarious infringement claims, and part of plaintiffs claim for contributory infringement. Following the Supreme Court s decision in Cox Comm s, Inc. v. Sony Music Entm t., the Court granted the parties joint motion for a stay to allow X to file a renewed motion to dismiss. On July 16, 2026, the parties stipulated to the dismissal of all the NMPA s claims, and the matter is now closed. In September 2023, Dutch foundation Stichting Data Bescherming Nederland ( SDBN ) filed a putative class action lawsuit in the District Court of Amsterdam in the Netherlands against TIUC, Twitter, Inc., X Corp., and Twitter Netherlands b.v. related to Twitter s operation of the MoPub platform. SDBN primarily claims that MoPub s real-time bidding ad exchange violated the GDPR. SDBN claims to represent 11 million Dutch internet users who downloaded and used third-party mobile apps containing the MoPub software development kit during the period 2013-2022 and it seeks a monetary award in the range of 250 to 2,500 per person. On February 4, 2026, the Court declined to allow the case to proceed as a class action and indicated that it is considering staying the proceedings until the Court of Justice of the European Union has ruled in a separate case concerning the applicability of Dutch class action requirements to GDPR claims. The Twitter parties filed a brief in support of the proposed stay, which the plaintiffs opposed, on March 4, 2026. 28 Table of Contents In August 2024, Dutch foundation Stichting Onderzoek Marktinformatie (SOMI) initiated a collective action in the District Court of Amsterdam in the Netherlands on behalf of approximately 7.8 million Dutch X users. Among other things, SOMI seeks damages against TIUC, X Corp. and Twitter Netherlands B.V. (collectively, the X entities ) for: (1) alleged data breaches and insufficient security measures; (2) alleged unauthorized microtargeting and lack of transparency; and (3) the alleged failure to moderate hate speech and the obstruction of research, all in violation of the GDPR and/or DSA. The alleged data breaches relate to a Twitter API bug that came to light in 2022 and that had allowed persons who knew the email address or phone number of a user to determine the user s Twitter ID. SOMI has requested compensation (to be assessed at a later stage) for each member of the class, including symbolic damages of EUR 1 for each member of the class that is allegedly affected by hate speech on the X platform. The X entities filed a procedural defense on March 12, 2025. On May 27, 2026, the court determined that SOMI satisfies most admissibility requirements but held that it was unable to establish that SOMI meets the financial safeguard requirements under Dutch law. SOMI provided the court with further information about its financing arrangements on June 24, 2026. The X entities responded to SOMI's submission on July 29, 2026. The parties are now awaiting the court's decision on whether SOMI meets the financial safeguard requirements under Dutch law. In September 2025, non-practicing entity Search and Share Technologies, LLC ( SaS ) filed a patent complaint against X Corp. in the Federal District Court for the Western District of Texas. SaS alleges that X Corp. infringed on U.S. Patent Nos. 10,180,952 and 11,106,744, through features in its mobile app and website enabling users to interact with content through dedicated interfaces that directly share what other users see in ranked feeds and search results. SaS filed an Amended Complaint on January 5, 2026. On January 20, 2026, X Corp. moved to dismiss SaS s willful infringement and induced infringement claims. On February 3, 2026, SaS responded to, but did not oppose, X Corp. s partial motion to dismiss. On February 10, 2026, X Corp. filed its reply. On February 4, 2026, X Corp. filed an IPR petition challenging the 744 Patent and on February 18, 2026, filed an IPR petition challenging the '952 Patent. On July 14, 2026, the Director instituted both IPRs against the SaS patents. Beginning in January 2026, the Company and certain subsidiaries have been named as defendants in multiple lawsuits arising from Grok s image-generation and editing features. The complaints generally allege that Grok s image-generation and editing features enabled the creation and dissemination of nonconsensual explicit images and/or content representing women and/or children in sexualized contexts. The actions include Jane Doe v. X.AI Corp. and X.AI LLC, instituted in the U.S. District Court for the Northern District of California on January 23, 2026, and Jane Doe 1 et al. v. X.AI Corp. and X.AI LLC (the Jane Doe 1 Case ) instituted in the U.S. District Court for the Northern District of California on March 16, 2026. These cases are putative class actions, asserting claims including, among other things, claims of strict liability, negligence, nuisance, rights of privacy or publicity, and, in the Jane Doe 1 Case, certain federal statutory claims. Plaintiffs in these two cases seek, among other things, compensatory, statutory and punitive damages, restitution, disgorgement and injunctive relief. In addition, a case, Mayor and City Council of Baltimore ex rel. Ebony M. Thompson v. X Corp., X.AI Corp., X.AI LLC, and Space Exploration Technologies Corp, was instituted in the Baltimore City Circuit Court on March 24, 2026 (the Baltimore Case ). The plaintiff in the Baltimore Case, the Mayor and City Council of Baltimore, asserts similar claims to those in the two cases discussed above under Baltimore s Consumer Protection Ordinances. The plaintiff in the Baltimore Case seeks statutory penalties and/or injunctive relief. The Company intends to defend itself vigorously in these actions. On April 14, 2026, the National Association for the Advancement of Colored People and the NAACP Mississippi State Conference (together, the NAACP ) filed suit against X.AI Corp. and MZX Tech, LLC (the Defendants ) alleging that the mobile gas turbines powering the COLOSSUS II data center with the permission of the Mississippi Department of Environmental Quality are in violation of the Clean Air Act because they allegedly constitute stationary sources without the proper permits. On May 6, 2026, the NAACP filed a preliminary injunction motion seeking to enjoin the operation of the turbines, which the Defendants opposed. The United States has moved to intervene to dismiss the action, and the State of Mississippi has filed an amicus brief opposing the NAACP s preliminary injunction motion. On May 14, 2026, X.AI LLC was named in a putative class action filed in the U.S. District Court for the Northern District of California alleging that Grok.com utilized certain tracking technologies owned by Google, Meta, and TikTok in violation of the Electronic Communications Privacy Act, California s Invasion of Privacy Act, the California Constitution, and common law. The complaint seeks certification as a class, injunctive relief, unspecified damages, attorneys fees, costs, and interest. The Company intends to defend itself vigorously in this action. The Company has recorded an accrual of $354 million for litigation losses that are probable and reasonably estimable in Accrued expenses and other current liabilities and Other liabilities on the consolidated balance sheet as of June 30, 2026. For other matters, the Company is not currently able to estimate the reasonably possible loss or range of loss. Note 17 - Related Party Transactions The Company periodically does business with certain entities with which its CEO and directors are affiliated. 29 Table of Contents During the three and six months ended June 30, 2026, the Company purchased $295 million and $329 million, respectively, of Megapack products from Tesla, Inc. ( Tesla ) recorded in Property, plant, and equipment, net in the consolidated balance sheets. As of December 31, 2025, the Company purchased $506 million of Megapack products and $131 million of Cybertrucks at manufacturer s suggested retail price from Tesla, recorded in Property, plant, and equipment, net in the consolidated balance sheets. In April 2026, CTC entered into an equipment lease agreement with Valor Equity Partners ( Valor ) for certain AI infrastructure hardware ( Valor Transaction ). The founder, CEO and Chief Investment Officer of Valor, Antonio Gracias, serves as one of the directors of the Company. The Valor Transaction was deemed to be a failed sale-leaseback transaction. The Company has previously entered into similar agreements with Valor for other AI infrastructure hardware. As of June 30, 2026, the Company recorded debt of $2,039 million and $11,290 million within Debt and finance leases, current and Debt and finance leases, net of current, respectively, in the Company s consolidated balance sheet, and $327 million and $513 million in Interest expense for the three and six months ended June 30, 2026 in the Company s consolidated statement of operations related to equipment lease agreements with Valor. As of December 31, 2025, the Company recorded debt of $455 million and $4,052 million within Debt and finance leases, current and Debt and finance leases, net of current, respectively, in the Company s consolidated balance sheet related to equipment lease agreements with Valor. Refer to Note 9, Debt for additional details. The related asset is recorded within Property, plant, and equipment, net in the Company s consolidated balance sheets. Other transactions with Tesla and other related parties during the six months ended June 30, 2026 and 2025 were immaterial. Note 18 - Segments The Company s Chief Executive Officer, as the Chief Operating Decision Maker ( CODM ), organizes the Company, manages resource allocations, and measures performance among three operating and reportable segments: (i) Space, (ii) Connectivity, and (iii) AI. The Company s CODM assesses performance and allocates resources to operating segments based on segment income (loss) from operations by comparing actual income (loss) from operations to historical results and previously forecasted financial information. The Company s CODM does not evaluate operating and reportable segments using asset or liability information. The following tables present information as to revenues, significant segment expenses, and income (loss) from operations by the Company s reportable segments: ConnectivityAITotal Reportable Segments$962 $4,291 $2,561 $7,814 329 2,060 1,106 3,495 1,076 294 2,178 3,548 99 281 532 912 2 2 1,504 2,635 3,818 7,957 (542)1,656 (1,257)(143)(629)340 (86)$(518)$158 $805 $1,885 $2,848 $179 $136 $516 $831 $1,174 $1,367 $15,828 $18,369 ConnectivityAITotal Reportable Segments$1,581 $7,548 $3,379 $12,508 610 3,711 1,562 5,883 2,006 499 4,557 7,062 169 494 995 1,658 (9)(9)2,785 4,704 7,105 14,594 (1,204)2,844 (3,726)(2,086)(1,293)553 (1,962)$(4,788)$324 $1,588 $3,378 $5,290 $324 $252 $894 $1,470 $2,226 $2,699 $23,551 $28,476 ConnectivityAITotal Reportable Segments$746 $2,588 $737 $4,071 330 1,401 551 2,282 693 143 1,122 1,958 87 121 398 606 190 190 5 5 1,115 1,665 2,261 5,041 (369)923 (1,524)(970)(411)98 413 $(870)$146 $569 $811 $1,526 $125 $91 $247 $463 $5 $ $ $5 $946 $1,130 $749 $2,825 ConnectivityAITotal Reportable Segments$1,611 $5,062 $1,465 $8,138 627 2,615 1,002 4,244 1,219 266 2,030 3,515 175 225 699 1,099 194 194 29 29 2,050 3,106 3,925 9,081 (439)1,956 (2,460)(943)(858)215 202 $(1,384)$308 $1,078 $1,584 $2,970 $233 $166 $295 $694 $29 $ $ $29 $1,705 $1,944 $3,316 $6,965 $443 (9)(168)2 $268 Six Months EndedJune 30, 2026June 30, 2025June 30, 2026June 30, 2025485 652 1,041 1,102 87 88 132 163 397 563 908 938 Six Months EndedJune 30, 2026June 30, 2025June 30, 2026June 30, 202537 45 77 81 10 9 17 21 27 36 60 60 1 1 1 3 June 30, 2026June 30, 202512.0 6.0 Six Months EndedJune 30, 2026June 30, 2025June 30, 2026June 30, 2025$66$85$66$85June 30, 2026June 30, 20251.4 0.4 Six Months Ended June 30,20252026202567.4 %65.7 %61.9 %65.5 %32.6 %34.3 %38.1 %34.5 %100.0 %100.0 %100.0 %100.0 %2026 vs. 2025 ChangeSix Months Ended June 30,2026 vs. 2025 Change20262025$ Change% Change20262025$ Change% Change$7,814 $4,071 $3,743 91.9 %$12,508 $8,138 $4,370 53.7 %3,495 2,282 1,213 53.2 %5,883 4,244 1,639 38.6 %3,548 1,958 1,590 81.2 %7,062 3,515 3,547 100.9 %912 606 306 50.5 %1,658 1,099 559 50.9 %2 190 (188)(98.9)%(9)194 (203)NM 5 (5)NM 29 (29)NM7,957 5,041 2,916 57.8 %14,594 9,081 5,513 60.7 %(143)(970)827 (85.3)%(2,086)(943)(1,143)121.2 %(629)(411)(218)53.0 %(1,293)(858)(435)50.7 %340 98 242 246.9 %553 215 338 157.2 %(86)413 (499)NM(1,962)202 (2,164)NM(518)(870)352 (40.5)%(4,788)(1,384)(3,404)246.0 %23 138 (115)(83.3)%29 152 (123)(80.9)%$(541)$(1,008)$467 (46.3)%$(4,817)$(1,536)$(3,281)213.6 %2026 vs. 2025 ChangeSix Months Ended June 30,2026 vs. 2025 Change20262025$ Change% Change20262025$ Change% Change$962 $746 $216 29.0 %$1,581 $1,611 $(30)(1.9)%329 330 (1)(0.3)%610 627 (17)(2.7)%1,076 693 383 55.3 %2,006 1,219 787 64.6 %99 87 12 13.8 %169 175 (6)(3.4)% 5 (5)NM 29 (29)NM$1,504 $1,115 $389 34.9 %$2,785 $2,050 $735 35.9 %$(542)$(369)$(173)46.9 %$(1,204)$(439)$(765)174.3 %2026 vs. 2025 ChangeSix Months Ended June 30,2026 vs. 2025 Change20262025$ Change% Change20262025$ Change% Change$4,291 $2,588 $1,703 65.8 %$7,548 $5,062 $2,486 49.1 %2,060 1,401 659 47.0 %3,711 2,615 1,096 41.9 %294 143 151 105.6 %499 266 233 87.6 %281 121 160 132.2 %494 225 269 119.6 %$2,635 $1,665 $970 58.3 %$4,704 $3,106 $1,598 51.4 %$1,656 $923 $733 79.4 %$2,844 $1,956 $888 45.4 %2026 vs. 2025 ChangeSix Months Ended June 30,2026 vs. 2025 Change20262025$ Change% Change20262025$ Change% Change$2,561 $737 $1,824 247.5 %$3,379 $1,465 $1,914 130.6 %1,106 551 555 100.7 %1,562 1,002 560 55.9 %2,178 1,122 1,056 94.1 %4,557 2,030 2,527 124.5 %532 398 134 33.7 %995 699 296 42.3 %2 190 (188)(98.9)%(9)194 (203)NM$3,818 $2,261 $1,557 68.9 %$7,105 $3,925 $3,180 81.0 %$(1,257)$(1,524)$267 (17.5)%$(3,726)$(2,460)$(1,266)51.5 %Six Months Ended June 30,2026202520262025$(541)$(1,008)$(4,817)$(1,536)2,848 1,526 5,290 2,970 831 463 1,470 694 2 190 (9)194 5 29 629 411 1,293 858 (340)(98)(553)(215)86 (413)1,962 (202)23 138 29 152 $3,538 $1,214 $4,665 $2,944 SpaceConnectivityAITotal Reportable Segments$(542)$1,656 $(1,257)$(143)158 805 1,885 2,848 179 136 516 831 2 2 $(205)$2,597 $1,146 $3,538 SpaceConnectivityAITotal Reportable Segments$(1,204)$2,844 $(3,726)$(2,086)324 1,588 3,378 5,290 324 252 894 1,470 (9)(9)$(556)$4,684 $537 $4,665 SpaceConnectivityAITotal Reportable Segments$(369)$923 $(1,524)$(970)146 569 811 1,526 125 91 247 463 190 190 5 5 $(93)$1,583 $(276)$1,214 SpaceConnectivityAITotal Reportable Segments$(439)$1,956 $(2,460)$(943)308 1,078 1,584 2,970 233 166 295 694 194 194 29 29 $131 $3,200 $(387)$2,944 20262025$3,466 $351 $(34,487)$(6,032)$100,291 $9,199 Description of Exhibit 2.1Agreement and Plan of Merger and Reorganization, by and among Space Exploration Technologies Corp., X.AI Holdings Corp., K2 Merger Sub Inc. and K2 Merger Sub 2 LLC, dated January 31, 2026 (incorporated by reference to Exhibit 2.1 to the Company s Amendment No. 2 to its Registration Statement on Form S-1 filed on June 3, 2026). 2.2Agreement and Plan of Merger, dated June 16, 2026, by and among Space Exploration Technologies Corp., X67 Inc. and Anysphere, Inc. (incorporated by reference to Exhibit 10.1 to the Company s Current Report on Form 8-K filed on June 16, 2026). 3.1Restated Certificate of Formation of Space Exploration Technologies Corp. 3.2Amended and Restated Bylaws of Space Exploration Technologies Corp. 4.1Indenture, dated as of June 26, 2026, between Space Exploration Technologies Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee containing Form of 5.350% Senior Notes due 2031, Form of 5.650% Senior Notes due 2033, Form of 5.875% Senior Notes due 2036, Form of 6.600% Senior Notes due 2046, Form of 6.650% Senior Notes due 2056 (incorporated by reference to Exhibit 4.1 to the Company s Current Report on Form 8-K, filed on June 26, 2026). 4.2Registration Rights Agreement, dated as of June 26, 2026, among Space Exploration Technologies Corp. and BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, and Morgan Stanley & Co. LLC (incorporated by reference to Exhibit 4.7 to the Company s Current Report on Form 8-K, filed on June 26, 2026). 53 Table of Contents Exhibit No.Description of Exhibit 10.1 Form of Indemnification Agreement (incorporated by reference to Exhibit 10.1 to the Company s Registration Statement on Form S-1, filed on May 20, 2026). 10.2 Space Exploration Technologies Corp. Amended and Restated 2024 Equity Incentive Plan (incorporated by reference to Exhibit 99.1 to the Company s Registration Statement on Form S-8, filed on June 12, 2026). 10.3 Space Exploration Technologies Corp. Second Amended and Restated 2017 Employee Stock Purchase Plan (incorporated by reference to Exhibit 99.2 to the Company s Registration Statement on Form S-8, filed on June 12, 2026). 10.4 Mesh Optical Technologies Corporation 2025 Equity Incentive Plan. 10.5Amended and Restated Credit Agreement, dated as of May 19, 2026, by and among Space Exploration Technologies Corp., the Guarantors party thereto, the Lenders party thereto, Bank of America, NA., as the administrative agent, an L/C Issuer and the Swing Line Lender, and the other L/C Issuers from time to time party thereto (incorporated by reference to Exhibit 10.10 to Amendment No. 1 to the Company s Registration Statement on Form S-1, filed on June 1, 2026). 31.1Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934. 31.2Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934. 32.1*Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350. 32.2*Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350. 101.INSInline XBRL Instance Document 101.SCHInline XBRL Taxonomy Extension Schema Document 101.CALInline XBRL Taxonomy Extension Calculation Linkbase Document 101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document 101.LABInline XBRL Taxonomy Extension Label Linkbase Document 101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document 104Cover Page Interactive Data File (embedded within the Inline XBRL document) __________________ * Furnished herewith. Management contract or compensatory plan or arrangement. 54 Table of Contents SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Space Exploration Technologies Corp. Date: August 4, 2026 By:/s/ Bret Johnsen Name:Bret Johnsen Title:Chief Financial Officer and Duly Authorized Officer 55