{ "meta": { "issuer": "Space Exploration Technologies Corp.", "ticker": "SPCX", "currency": "USD", "units": "USD million; subscribers million; compute GW", "informationCutoff": "2026-10-31", "valuationAnchor": "2026-09-30", "forecastConvention": "Financial anchor remains 30 September 2026. End-period discounting: Q4 2026 = 0.25 years; 2027 = 1.25; 2041 = 15.25. Latest legal common shares are separately dated 15 October. No unsupported October balance-sheet roll-forward is assumed.", "status": "Repeat analytical valuation. Reported Q3 figures are unaudited; forecasts and segment asset/CIP allocations are author assumptions. Operating scenario drivers are unchanged from 20 October so the source and modeling refinements can be traced.", "edition": "2026-10-31", "priorEdition": "2026-10-20" }, "market": { "referencePrice": 134.72, "quoteDate": "2026-10-30", "quoteLabel": "Regular-session close, 4:00pm EDT; dated reference, not live or after-hours", "sourceUrl": "https://stockanalysis.com/stocks/spcx/history/", "corroboratingUrl": "https://uk.marketscreener.com/quote/stock/SPACEX-SPACE-EXPLORATION--209670354/quotes/" }, "balance": { "cash": 51294, "marketableSecurities": 38561, "debt": 38989, "currentDebt": 2698, "commonShares": 13581.063709, "ppe": 89483, "financeLeaseAssets": 1040, "intangibles": 6354, "commonSharesDate": "2026-10-15", "commonSharesBasis": "8,246,541,218 Class A plus 5,334,522,491 Class B, Q3 10-Q cover. Shares below are in millions.", "legalCommonAtFinancialAnchor": 13579, "debtBook": 38844, "unamortizedDebtCosts": 145, "debtBasis": "Principal debt $38,006m plus finance leases $983m. Deferred financing costs $145m do not reduce the economic obligation. Face obligation proxy used, not market value: Note9 reports SpaceX Notes fair value22,932m versus25,000m principal; no full-group fair-value roll-forward is used.", "capitalCreditors": 11827, "reportedTotalCip": 23745, "finiteIntangibles": 6333, "indefiniteIntangibles": 21 }, "actuals": { "history": [ { "year": 2023, "status": "audited actual", "source": "prospectus", "revenue": 10387, "costOfRevenue": 6110, "researchAndDevelopment": 2105, "SGA": 1665, "restructuring": 237, "impairment": 3775, "EBIT": -3505, "netIncome": -4628, "DA": 2635, "SBC": 679, "CFO": 4520, "cashPPECapex": 4415, "capitalizedInterestCash": 0, "productRebates": 0, "segments": { "Space": { "revenue": 3557, "EBIT": -1, "DA": 571, "SBC": 427, "capex": 1497 }, "Connectivity": { "revenue": 3869, "EBIT": 469, "DA": 884, "SBC": 249, "capex": 2455 }, "AI": { "revenue": 2961, "EBIT": -3973, "DA": 1180, "SBC": 3, "capex": 463 } }, "revenueDetail": { "externalLaunchServices": 1964, "launchAndDevelopment": 1593, "consumerConnectivity": 2817, "enterpriseGovernmentConnectivity": 1052, "advertising": 2323, "AISolutionsAndInfrastructure": 638 } }, { "year": 2024, "status": "audited actual", "source": "prospectus", "revenue": 14015, "costOfRevenue": 7996, "researchAndDevelopment": 3464, "SGA": 1813, "restructuring": 213, "impairment": 63, "EBIT": 466, "netIncome": 791, "DA": 3824, "SBC": 784, "CFO": 5776, "cashPPECapex": 11163, "capitalizedInterestCash": 0, "productRebates": 0, "segments": { "Space": { "revenue": 3796, "EBIT": 21, "DA": 637, "SBC": 472, "capex": 2032 }, "Connectivity": { "revenue": 7599, "EBIT": 2006, "DA": 1508, "SBC": 296, "capex": 3498 }, "AI": { "revenue": 2620, "EBIT": -1561, "DA": 1679, "SBC": 16, "capex": 5633 } }, "revenueDetail": { "externalLaunchServices": 2584, "launchAndDevelopment": 1212, "consumerConnectivity": 4830, "enterpriseGovernmentConnectivity": 2769, "advertising": 1728, "AISolutionsAndInfrastructure": 892 } }, { "year": 2025, "status": "audited actual", "source": "prospectus", "revenue": 18674, "costOfRevenue": 9451, "researchAndDevelopment": 8643, "SGA": 2644, "restructuring": 487, "impairment": 38, "EBIT": -2589, "netIncome": -4937, "DA": 6701, "SBC": 1947, "adjustedEBITDA": 6584, "adjustedEBITDAStatus": "unaudited non-GAAP", "CFO": 6785, "cashPPECapex": 20737, "capitalizedInterestCash": 169, "productRebates": 118, "segments": { "Space": { "revenue": 4086, "EBIT": -657, "DA": 757, "SBC": 515, "capex": 3832, "adjustedEBITDA": 653 }, "Connectivity": { "revenue": 11387, "EBIT": 4423, "DA": 2376, "SBC": 369, "capex": 4178, "adjustedEBITDA": 7168 }, "AI": { "revenue": 3201, "EBIT": -6355, "DA": 3568, "SBC": 1063, "capex": 12727, "adjustedEBITDA": -1237 } }, "revenueDetail": { "externalLaunchServices": 2576, "launchAndDevelopment": 1510, "consumerConnectivity": 7208, "enterpriseGovernmentConnectivity": 4179, "advertising": 1844, "AISolutionsAndInfrastructure": 1357 } } ], "Q3_2026": { "status": "unaudited actual", "source": "q3_10q_and_release", "revenue": 14575, "EBIT": 2791, "netIncome": 4404, "interestExpense": 675, "interestIncome": 873, "otherIncome": 1025, "incomeTaxExpense": -390, "DA": 3644, "ordinarySBC": 1146, "acquisitionSBC": 1217, "totalSBC": 2363, "adjustedEBITDA": 8809, "cashPPECapex": 19593, "CFO": 9631, "CFOCalculation": "9M CFO13097 minus H1 CFO3466; derived, not forecast", "segments": { "Space": { "revenue": 1767, "EBIT": -7, "DA": 185, "SBC": 179, "capex": 1606, "adjustedEBITDA": 357, "customerLaunches": 12, "internalLaunches": 23, "externalLaunchServicesRevenue": 1130, "launchAndDevelopmentRevenue": 637 }, "Connectivity": { "revenue": 5248, "EBIT": 2367, "DA": 986, "SBC": 146, "capex": 1543, "adjustedEBITDA": 3499, "consumerRevenue": 3121, "enterpriseGovernmentRevenue": 2127, "consumerSubscribersMillion": 13.6, "monthlyConsumerARPU_USD": 69 }, "SI": { "revenue": 7560, "EBIT": 431, "DA": 2473, "ordinarySBC": 821, "acquisitionSBC": 1217, "capex": 16444, "adjustedEBITDA": 4953, "advertisingRevenue": 538, "solutionsInfrastructureRevenue": 7022, "nameplateComputeGW": 1.7 } }, "weightedAverageEPShares": { "basic": 11942, "diluted": 12475, "note": "Quarter-weighted EPS denominators. Not current fully diluted outstanding shares." } }, "nineMonths_2026": { "status": "unaudited actual", "source": "q3_10q", "revenue": 27083, "EBIT": 705, "netIncome": -413, "DA": 8934, "totalSBC": 3833, "ordinarySBC": 2616, "acquisitionSBC": 1217, "CFO": 13097, "cashPPECapex": 48069, "capitalizedInterestCash": 20, "productRebates": 1372, "intangibleAssetPayments": 866, "segments": { "Space": { "revenue": 3348, "EBIT": -1211, "DA": 509, "SBC": 503, "capex": 3832 }, "Connectivity": { "revenue": 12796, "EBIT": 5211, "DA": 2574, "SBC": 398, "capex": 4242 }, "SI": { "revenue": 10939, "EBIT": -3295, "DA": 5851, "ordinarySBC": 1715, "acquisitionSBC": 1217, "capex": 39995 } }, "rawOperatingWorkingCapitalCashFlowChanges": { "accountsReceivable": -2882, "inventory": -1381, "prepaidOtherAssets": -1305, "accountsPayable": -970, "deferredRevenue": 4922, "otherLiabilitiesNet": 1991 }, "endingCashIncludingRestricted": 53386, "restrictedCashMustNotBeAddedAsUnrestricted": true, "cashFlowSupplemental": { "PPEIncludedInAccrualsAndPayables": 11827, "PPEFinancedByOtherFinancings": 3921, "SBCapitalizedIntoPPE": 160 } } }, "guidance": { "status": "Management guidance reported from the 20 October earnings call; secondary media reporting, not audited actuals.", "q4CapexLow": 35000, "q4CapexHigh": 40000, "q1_2027RevenueLow": 33000, "q1_2027RevenueHigh": 37000, "modelNote": "Base Q4 capital budget uses the midpoint. Base long-term AI expansion is deliberately slower than management ambitions; it is not management guidance or consensus. Additional near-term cash investment is held in CIP, not depreciated twice." }, "sources": [ { "id": "SEC10Q", "label": "SpaceX Q3 2026 Form10-Q filed22October2026: cover; Notes5,6,9,12–16; MD&A53–54", "url": "https://www.sec.gov/Archives/edgar/data/1181412/000162828026066880/spcx-20260930.htm", "status": "reported; unaudited GAAP" }, { "id": "Q3", "label": "SpaceX Q3 2026 earnings update, 20 October 2026, pp.3–6,9–12", "url": "https://s21.q4cdn.com/184289198/files/content_files/SpaceX-Reports-Third-Quarter-2026-Results.pdf", "status": "reported; unaudited" }, { "id": "SECQ3", "label": "SEC Q3 2026 earnings exhibit", "url": "https://www.sec.gov/Archives/edgar/data/1181412/000162828026066482/spaceexplorationtechnologi.htm", "status": "reported" }, { "id": "Q2", "label": "SpaceX Q2 2026 Form 10-Q: accounting and contracts", "url": "https://www.sec.gov/Archives/edgar/data/1181412/000162828026052535/spcx-20260630.htm", "status": "reported" }, { "id": "IPO", "label": "SpaceX EU prospectus, 5 June 2026, pp.251–255,303–304", "url": "https://content.spacex.com/cms-assets/FINAL_Documents%20and%20Updates/SpaceX%20-%20EU%20Prospectus%20%28Approved%20by%20Bafin%29%20-%20June%205%2C%202026.pdf", "status": "reported; audited history" }, { "id": "IPOHTML", "label": "IPO prospectus, English translation of Japanese filing: satellites/internal launches", "url": "https://www.sec.gov/Archives/edgar/data/1181412/000162828026041013/japanfwp_06042026.htm", "status": "reported" }, { "id": "LIVES", "label": "SEC accounting correspondence: server and infrastructure useful lives", "url": "https://www.sec.gov/Archives/edgar/data/1181412/000162827926000584/filename1.htm", "status": "reported" }, { "id": "GUIDECAPEX", "label": "CFO Q4 capital guidance, earnings call reported by MarketWatch, 20 October 2026", "url": "https://www.marketwatch.com/livecoverage/spacex-earnings-stock-results-musk-spcx/card/spacex-could-spend-double-what-analysts-were-expecting-for-the-current-quarter-72CiSTJl84gDvOBfGPLe", "status": "company guidance; secondary media report" }, { "id": "GUIDEREV", "label": "Q1 2027 revenue guidance, earnings call reported by MarketWatch, 20 October 2026", "url": "https://www.marketwatch.com/livecoverage/spacex-earnings-stock-results-musk-spcx/card/spacex-just-gave-a-big-forecast-for-the-start-of-next-year-E0RmJzW2e1bFcLk4cOff", "status": "company guidance; secondary media report" }, { "id": "TREASURY", "label": "U.S.Treasury10-year par yield4.94%,30October2026", "url": "https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?field_tdr_date_value_month=202610&type=daily_treasury_yield_curve", "status": "official market observation" }, { "id": "PRICE", "label": "SPCX regular-session close134.72USD,30October2026; StockAnalysis/S&PGlobalMarketIntelligence", "url": "https://stockanalysis.com/stocks/spcx/history/", "status": "dated secondary market data; corroborated" }, { "id": "WMA", "label": "Marcus Lepidus / World Market Atlas: operating forecasts, capital-creditor settlement timing, asset/CIP allocations and risk assumptions", "url": "https://world-market-atlas.eu/?view=commentary&lang=pl&post=spacex-revaluation-2026-10-31", "status": "author assumptions" } ], "model": { "startSubscribers": 13.6, "startComputeGW": 1.7, "openingNol": 0, "nolUsageLimit": 0.8, "operatingCashReserve": 10000, "openingAICip": 21370.5, "aiCipPrepaymentFraction": 0.25, "terminalConnectivityMaintenanceFraction": 0.85, "terminalSpaceMaintenanceFraction": 0.8, "aiHardwareFraction": 0.8, "aiInfrastructureLife": 20, "connectivityShortFraction": 0.8, "newAssetLives": { "space": 10, "connectivityShort": 4, "connectivityLong": 10, "aiInfrastructure": 20, "intangibles": 15 }, "assetPools": [ { "key": "space", "opening": 7812.75, "remainingLife": 7 }, { "key": "connectivityShort", "opening": 11050.2, "remainingLife": 2.5 }, { "key": "connectivityLong", "opening": 2762.55, "remainingLife": 7 }, { "key": "aiHardware", "opening": 36122, "remainingLife": 3 }, { "key": "aiInfrastructure", "opening": 9030.5, "remainingLife": 18 }, { "key": "intangibles", "opening": 6333, "remainingLife": 5 } ], "notes": [ "Reported total CIP is $23,745m at September30 (Note5), replacing the earlier $12,554m estimate based on June data.90% is analytically allocated toSI,5%each toSpace andConnectivity; this is not disclosed segment data. All CIP is excluded from opening depreciable assets. Non-SI opening CIP is assumed commissioned at the midpoint of2027 with no second cash outlay; SI CIP rolls forward as commissioned assets plus cash investment. Gross asset categories are not used as net segment values.", "Opening PP&E plus finance-lease assets totals $90,523m; $23,745m is CIP and $66,778m is modeled depreciable opening investment. Existing finite-lived intangibles are $6,333m, with $21m indefinite-lived assets excluded from depreciation. The original Space/Connectivity/SI total asset allocations and remaining lives are analytical estimates. No value is separately added for book PP&E, goodwill or CIP because operating DCF already values their services.", "The $11,827m opening capital creditors disclosed in the cash-flow supplement are assumed settled half inQ4 2026 and half in2027. They are not deducted from the equity bridge as well. Q4 cash PP&E guidance floor includes those settlements; settling previously booked assets creates no new depreciable cohort. The timing is an assumption, not a company payment schedule. No new long-term capital-creditor financing is assumed.", "Known EchoStar spectrum outlays are modeled separately from PP&E: remaining forgivable-loan payments385m inQ4 2026;8,500m cash/debt payoff plus828m forgivable loans in2027. Contractual261.8m future shares are added to legal common for the per-share denominator. No11.1bn cash deduction is also made for equity consideration. Timing/consideration remains subject to contractual adjustments; delayed2028 adds827m outside the base case.", "The prior analytical800MHz/other-spectrum contingency is retained separately:5,000m inbase/upside and7,500m downside in2027. It is not the price of the separate800MHz transaction. No reliable disclosed price was found. Known EchoStar obligations are not substituted for or confused with this reserve. Future spectrum assets are treated as indefinite-lived for this valuation and do not create depreciable asset cohorts.", "The10-Q commitment table total37,840m includes spectrum cash/equity and other costs already captured by forecasts. It is not deducted wholesale again. Existing financed PP&E3,921m is already reflected in assets/debt; it is not added again to future cash capex. Operating lease costs remain in operating margins; operating lease liabilities are not also subtracted as financial debt.", "Current legal common is13,581.063709m as of15October; the financial anchor share count13,579m is retained for reconciliation. Contractual261.8m future EchoStar shares are included conservatively without discounting their future issuance. Neither denominator is claimed to be a reconstructed fully diluted count. The508moptions/142mRSUs cannot be converted into current TSM increments without complete exercise-price/condition data. Additional10%/20% claims stress remains separate.", "Cash EBITDA is after the economic cost of stock compensation. SBC is not added back to FCFF. New share issuance for future SBC is not also projected; separate dilution stresses represent additional existing/unmodeled claims.", "All forecast capex is economic investment, including any assets financed by leases. Financing is excluded from FCFF. Debt and finance leases are deducted once in the equity bridge. No future financing proceeds are added to value.", "Consumer subscriptions use average opening/ending lines times monthly ARPU. Hardware and enterprise/government are separate. Mobile is included in enterprise; no duplicate direct-to-cell revenue.", "Only external launches create Space revenue. Starlink internal launch costs are included in Connectivity capex. Cash Starship R&D is already an operating cost, not deducted again as capex.", "AI GW capacity, utilization, rental yield, subsegment splits and cost/GW are analyst estimates. Reported nameplate capacity is not billable capacity; infrastructure contracts may be cancellable after initial ramp on 90 days notice.", "Forecast hardware economic replacement life is 3/5/6 years by scenario; reported server accounting life is 5–6 years. Satellite life modeled at four years; ground infrastructure ten.", "Tax rate is a blended analytical rate, not an asserted statutory group rate. No opening tax-loss asset assumed; forecast group losses carried forward with an illustrative 80% use limit. Cross-border availability is simplified.", "Working capital is an incremental operating investment of 2–5% of run-rate revenue changes; existing customer prepayments are not treated as a perpetual free financing source.", "Terminal FCFF uses full tax and NOPAT × (1−g/ROIC), plus a cash-maintenance top-up if replacement needs exceed D&A. Maintenance floors are 85% of final Connectivity capex, 80% of Space capex and explicit AI replacement needs; these fractions are analytical estimates. No Mars, Tesla merger or orbital-data-center option value is added.", "A negative raw equity DCF means the modeled strategy is not financially sustainable. Common-equity display is floored at zero for limited liability; the negative balance is retained as a failure diagnostic, not presented as a negative stock-price target. Terminal growth investment cannot be negative. A loss-making terminal strategy receives no positive going-concern terminal value; no liquidation or abandonment proceeds are assumed.", "Funding diagnostic is a partial economic stress, not a full financing plan: it retains economic SBC, deducts gross interest at the assumed debt cost on opening debt, and models only2,698m current principal in2027. It does not roll all debt maturities or refinancing, forecast future interest income, or model equity issuance for funding. Note9 scheduled debt principal is495mQ42026;2,425m2027;2,867m2028;3,422m2029;3,597m2030;25,200mthereafter. These are disclosed separately and not mechanically added as a second DCF deduction. The reported gap may understate a no-refinancing need. Digital assets and other nonoperating investments remain excluded from the bridge.", "Operating scenario drivers remain those published20October: subscriber/ARPU, external launches, AI nameplate expansion/utilization/yield, margins, replacement lives, risk premia and terminal ROIC/g. A repeated valuation is not presented as newly reported operating growth. This edition separately reconciles documented source refinements and market inputs.", "Q4 PP&E cash-budget floors are35,000m downside,37,500m base and42,000m upside. The source-reported management range is35,000–40,000m;42,000m is an author upside-investment stress above guidance. Cash spectrum payments are outside that PP&E budget. The base2027revenue path is deliberately below mechanically annualized33,000–37,000m managementQ12027guidance and is not a claim of guidance compliance.", "Risk-free rate is the official30October10-year Treasury par yield4.94%. ERP5%, beta1.4base(1.8downside/1.1upside) and debtcost8%base remain analytical estimates. Market debt weight uses principal/finance leases and current legal common at the dated134.72USD close; contractual future shares affect valuation claims but not current market capital weights.", "Regular-session134.72USD price is dated30October. DCF remains anchored to30September, including allQ4 forecast cash flows; latest15October share count and30October market assumptions are explicitly separate. It is not an October31balance-sheet estimate." ], "openingOtherCip": { "space": 1187.25, "connectivity": 1187.25 }, "contractualFutureShares": 261.8 }, "cases": { "downside": { "taxRate": 0.27, "nwcRate": 0.05, "wacc": { "riskFree": 0.0494, "erp": 0.05, "beta": 1.8, "costOfDebt": 0.1, "riskFreeDate": "2026-10-30", "riskFreeSource": "https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?field_tdr_date_value_month=202610&type=daily_treasury_yield_curve" }, "terminal": { "g": 0.02, "roic": 0.1 }, "drivers": [ { "period": "Q4 2026E", "year": 2026, "duration": 0.25, "start": 0, "end": 0.25, "endSubscribers": 15, "arpu": 65, "enterpriseAnnual": 8800, "kitPrice": 275, "connectivityMarginBeforeSBC": 0.62, "connectivitySBCRate": 0.035, "connectivityCapexRate": 0.38, "externalLaunches": 11, "launchASP": 75, "developmentAnnual": 1800, "spaceCashRDAnnual": 5600, "spaceCapexAnnual": 6000, "spaceGrossCashMargin": 0.72, "endComputeGW": 2, "utilization": 0.7, "cloudRevenuePerGW": 17500, "aiCapexPerGW": 35000, "applicationsAnnual": 5000, "advertisingAnnual": 2100, "cloudCashMargin": 0.56, "applicationsCashMargin": 0.35, "aiSBCRate": 0.12, "kitReplacementRate": 0.04, "spaceSGARate": 0.05, "spaceSBCRate": 0.07, "advertisingCashMargin": 0.4, "aiHardwareLife": 3, "otherIntangibleCapex": 385, "totalCapexFloor": 35000, "openingCapexCreditorPayment": 5913.5, "openingSpaceCipCommissioned": 0, "openingConnectivityCipCommissioned": 0, "spectrumContractCash": 385, "spectrumContingency": 0, "depreciableIntangibleCapex": 0 }, { "period": "2027E", "year": 2027, "duration": 1, "start": 0.25, "end": 1.25, "endSubscribers": 17.04329049701249, "arpu": 60.87339428331723, "enterpriseAnnual": 9883.11873628976, "kitPrice": 262.98530352431504, "connectivityMarginBeforeSBC": 0.6097485349666785, "connectivitySBCRate": 0.035, "connectivityCapexRate": 0.37747494323507136, "externalLaunches": 48, "launchASP": 72.36428688526789, "developmentAnnual": 2010.2213753007047, "spaceCashRDAnnual": 5812.58557003304, "spaceCapexAnnual": 5732.656753226201, "spaceGrossCashMargin": 0.72, "endComputeGW": 2.6321480259049848, "utilization": 0.6871505036839611, "cloudRevenuePerGW": 16550.478157555575, "aiCapexPerGW": 33954.040060647305, "applicationsAnnual": 5946.035575013605, "advertisingAnnual": 2148.307427936128, "cloudCashMargin": 0.549720402947169, "applicationsCashMargin": 0.36188120777001936, "aiSBCRate": 0.11465313506452401, "kitReplacementRate": 0.04, "spaceSGARate": 0.05, "spaceSBCRate": 0.07, "advertisingCashMargin": 0.4, "aiHardwareLife": 3, "otherIntangibleCapex": 16828, "totalCapexFloor": 0, "openingCapexCreditorPayment": 5913.5, "openingSpaceCipCommissioned": 1187.25, "openingConnectivityCipCommissioned": 1187.25, "spectrumContractCash": 9328, "spectrumContingency": 7500, "depreciableIntangibleCapex": 0 }, { "period": "2028E", "year": 2028, "duration": 1, "start": 1.25, "end": 2.25, "endSubscribers": 19.364916731037084, "arpu": 57.0087712549569, "enterpriseAnnual": 11099.549540409285, "kitPrice": 251.49552679918582, "connectivityMarginBeforeSBC": 0.5996665740225979, "connectivitySBCRate": 0.035, "connectivityCapexRate": 0.3749666651850535, "externalLaunches": 51, "launchASP": 69.82120021884471, "developmentAnnual": 2244.9944320643644, "spaceCashRDAnnual": 6033.241251599343, "spaceCapexAnnual": 5477.2255750516615, "spaceGrossCashMargin": 0.72, "endComputeGW": 3.4641016151377544, "utilization": 0.6745368781616021, "cloudRevenuePerGW": 15652.475842498527, "aiCapexPerGW": 32939.33818400121, "applicationsAnnual": 7071.067811865476, "advertisingAnnual": 2197.726097583591, "cloudCashMargin": 0.5396295025292817, "applicationsCashMargin": 0.3741657386773941, "aiSBCRate": 0.10954451150103323, "kitReplacementRate": 0.04, "spaceSGARate": 0.05, "spaceSBCRate": 0.07, "advertisingCashMargin": 0.4, "aiHardwareLife": 3, "otherIntangibleCapex": 0, "totalCapexFloor": 0, "openingCapexCreditorPayment": 0, "openingSpaceCipCommissioned": 0, 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"otherIntangibleCapex": 0, "totalCapexFloor": 0, "openingCapexCreditorPayment": 0, "openingSpaceCipCommissioned": 0, "openingConnectivityCipCommissioned": 0, "spectrumContractCash": 0, "spectrumContingency": 0, "depreciableIntangibleCapex": 0 } ] } }, "disclosedCommitments": { "source": "https://www.sec.gov/Archives/edgar/data/1181412/000162828026066880/spcx-20260930.htm", "totalUnconditional": 37840, "byYear": { "2027": 25569, "2028": 4637, "2029": 2071, "2030": 1221, "remaining2026": 2309, "thereafter": 2033 }, "status": "Reported commitment table includes cash and equity spectrum consideration plus other contractual items. Not an incremental deduction over modeled capex/opex/spectrum outlays.", "spectrum": { "totalStatedConsideration": 19600, "equityStatedValue": 11100, "fixedContractShares": 261.8, "contractShareValue": 42.4, "cashDebtPayoff": 8500, "expectedClosing": "2027-11-30", "forgivableLoansExpected2026": 1241, "forgivableLoansAlreadyPaid": 856, "remaining2026": 385, "expected2027": 828, "extraIfDelayed2028": 827, "source": "https://www.sec.gov/Archives/edgar/data/1181412/000162828026066880/spcx-20260930.htm" }, "separate800MHz": { "price": null, "status": "Separate 8 October 2026 agreement, expected H1 2027 close subject to conditions; price not disclosed in results. Existing scenario reserve retained as analytical cash contingency, not agreed consideration." } }, "shareClaims": { "source": "https://www.sec.gov/Archives/edgar/data/1181412/000162828026066880/spcx-20260930.htm", "asOf": "2026-09-30", "optionsA": 158, "optionsB": 350, "optionsTotal": 508, "rsus": 142, "reservedFutureGrants": 324, "performanceMarketAwardsExcludedEPS": 1333, "currentFullyDilutedCount": null, "note": "508m options and142mRSUs are reported award counts, not treasury-stock-method increments. Future ungranted324m shares are not current claims. Missing complete weighted exercise-price/award-condition bridge prevents a reliable fully diluted denominator. Issued restricted shares must not be added twice. Explicit extra10%/20% claim stresses are not reported dilution estimates." }, "reconciliation": { "convention": "Sequential counterfactual bridge, not an attribution independent of order. First documentary refinements and explicit modeling treatments at prior market assumptions; then30Octoberprice/riskfree. 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