NBIS+19.96%
外观
2026-07-22 全球资产日报
- 数据时间：2026-07-22 10:35:55 Asia/Shanghai
- 报告类型：全球资产日报
展开市场热力、期权压力和 Crypto 盘口
美股 / ETF 热力
SOXL+14.08%
KMEM+13.95%
DRAM+11.95%
COHR+11.70%
APLD+9.16%
CRCL+7.82%
PSI+7.82%
MRVL+6.96%
FTXL+5.98%
SOXX+4.93%
VRT+4.91%
GFS+4.74%
USAR+4.53%
GOOG-0.90%
期权压力
QQQ1.40
NBIS2.29
SPY1.96
SPCX0.58
NVDA0.47
MRVL0.32
SOXX1.31
DRAM0.68
快照对比基准：2026-07-21。本面板只展示已落盘事实，不生成操作判断。
今日要点
突发事件
- 布伦特原油触及90美元、
WTI报85.87美元，API原油库存增加260.3万桶，市场原预期减少50万桶。美东10:30公布的EIA周报是下一验证；油价与库存信号相反，能源研究优先级上升，当前不追价。 - 利率期货显示7月维持利率概率74.9%，9月累计加息25个基点概率55.7%。油价上行和加息定价同时抬高成长资产折现率，AI、半导体与加密的新风险先暂停增加。
直接新闻
- Alphabet确认美东7月22日16:30举行第二季度业绩电话会。媒体一致预期为收入约1,168亿美元、EPS约2.89美元；正式结果尚未发布。
GOOG财报前维持现有小仓，重点核对Cloud收入与利润、约4,600亿美元积压订单转化、搜索广告、2026年1,800亿—1,900亿美元资本开支和自由现金流。 - 英伟达被报道持有
NBIS约9.3%权益，股价常规时段上涨18.78%。该披露强化战略关系，没有直接增加当期订单或现金；NBIS不追涨，等SEC原文、持股结构和订单转化落盘后再评估。 USAR确认Barbara Humpton于10月1日退休、Thras Moraitis同日接任CEO，Serra Verde交易仍以8月底完成为目标。CRCL相关的CLARITY法案接近全院表决，但官方页面尚未确认7月22日表决日程。两只股票均维持现有规模，不为媒体日程加仓。
关联新闻
- 费城半导体指数上涨5.21%，美光上涨12.17%，英伟达上涨1.97%；三星电子和SK海力士分别上涨5.79%、8.5%。持仓
COHR、APLD、PSI、MRVL、CRCL、NBIS同步大幅反弹，但半导体20日相对结构仍弱，反弹先用于减轻浮亏与验证修复，不转成追涨。 - Vera Rubin早期测试显示特定工作负载下每兆瓦吞吐量约为Blackwell的10倍；纬创得州工厂已生产首块美国制造的
GB300服务器板卡。平台进入交付期，订单、出货、客户验收和收入贡献仍是下一层证据。
研报与重点文章
- 截至7月17日当周，美国ETF净流入约460.62亿美元，其中
SOXX约23.96亿美元、DRAM约16.56亿美元；SOXL等杠杆ETF成交占比很高。资金承接与路径风险并存，新增半导体暴露只考虑无杠杆工具。 - Vertiv计划在2026年末前把意大利冷却制造能力翻倍，并于2027年初启用测试实验室。
VRT进入B级公司研究，只有订单、积压、利用率和利润率与技术修复同时确认时，才考虑替换现有同主题暴露。
资产盘面
美股持仓除GOOG外普遍反弹，NBIS、COHR、APLD、CRCL、PSI和MRVL涨幅居前；BTC、ETH、SOL分别约66,300、1,928和78.22美元，三者仍在MA120下方，风险恢复尚未完成。
投研观点
美股市场观察
市场的最强方向从单一AI成长扩展到能源、区域银行、医疗与存储反弹。组合证券仓内部仍高度集中在成长、AI、半导体和数据中心，今天的动作以持有、暂停追加和等待硬证据为主。
| 标的 | 当日事实与事件 | 持仓处理 |
|---|---|---|
COHR | 318.80美元，常规时段+11.15%；权益袖套第一大单名。4H先看321.79、325.33，日线主要压力337.13。 | 已隐藏，市值已隐藏、权益袖套占比已隐藏、未实现已隐藏。持有、不追加；4H跌破315.19复核，日线跌破308.35进入缩小暴露评估。 |
MRVL | 208.50美元，常规时段+6.68%；反弹接近212.75—213.69压力。 | 已隐藏，市值已隐藏、占比已隐藏、未实现已隐藏。持有、不追加；日线收复213.69后再评估，跌破197.23视为修复失效。 |
NBIS | 219.07美元，常规时段+18.78%；英伟达9.3%权益披露推动事件重估，前端ATM IV约165%。 | 已隐藏，市值已隐藏、占比已隐藏、未实现已隐藏。不追涨；日线收复221.38且4H越过224.73后再评估，日线跌破214.25复核。 |
PSI | 154.80美元，常规时段+7.59%；日线正测试MA60 154.83，4H下一确认157.22。 | 已隐藏，市值已隐藏、占比已隐藏、未实现已隐藏。持有、不追加；日线跌破151.45先复核，148.03失守则修复进一步转弱。 |
APLD | 30.40美元，常规时段+7.90%；中期仍受MA20 33.33压制。 | 已隐藏，市值已隐藏、占比已隐藏、未实现已隐藏。维持starter，不摊低成本；4H越过30.97后看31.92，日线收复33.33才升级。 |
GFS | 59.50美元，常规时段+4.54%；日线第一压力MA120 60.21。 | 已隐藏，市值已隐藏、占比已隐藏、未实现已隐藏。等待证明；先收复60.21和61.21，日线跌破57.93重新承保。 |
GOOG | 348.20美元，常规时段-1.47%；美东7月22日16:30财报电话会，正式结果待发布。 | 已隐藏，市值已隐藏、占比已隐藏、未实现已隐藏。财报前维持小仓；结果后日线收复348.75及353.04—354.57再评估，跌破340.20重做财报承保。 |
CRCL | 70.57美元，常规时段+8.60%；全院投票日程未获官方确认，日线压力71.26。 | 已隐藏，市值已隐藏、占比已隐藏、未实现已隐藏。持有、等待官方文本；日线突破71.26并由1H越过72.66后再评估，跌破66.64重做监管路径。 |
USAR | 15.92美元，常规时段+3.74%；CEO交接与Serra Verde合并成为下一执行窗口。 | 已隐藏，市值已隐藏、占比已隐藏、未实现已隐藏。维持小仓；日线收复15.98、1H越过16.21后再评估，跌破15.47或并购延期时重做事件风险。 |
ETF 分析
| ETF | NAV与变化 | 市价与变化 | 溢折价 | 期权/技术 | 判断 |
|---|---|---|---|---|---|
PSI | 发行方日度NAV未加载；费率0.56%。 | IBKR延迟价154.80，常规收盘154.46。 | 无同日发行方口径。 | ATM IV 0.59、Put/Call成交0.14、Max Pain 145；日线测试MA60 154.83。 | 已隐藏，持有、不追加；仍是无杠杆半导体工具。 |
SOXX | 7月21日NAV 552.98，较7月20日+5.51%；AUM约485.52亿美元。 | 发行方收盘价仍为7月20日524.14；IBKR常规收盘552.69。 | 7月20日溢价0.01%。 | ATM IV 0.68、Put/Call成交1.31、Max Pain 575；日线MA10 553.10。 | 作为无杠杆备选，日线守住551.22—552.16并突破574.05才升级。 |
SOXL | 7月20日NAV 136.20，较7月17日+1.58%。 | 7月20日市价136.81，+0.99%。 | 溢价0.45%，较前值收窄0.60个百分点。 | ATM IV 1.97、Put/Call成交1.76、OI比1.95；每日+300%目标。 | Reject：现有半导体集中度不再叠加每日杠杆。 |
FTXL | 7月20日NAV 228.31，+0.62%。 | 7月20日市价228.38，+0.72%。 | 溢价0.03%，较前值增加0.10个百分点。 | ATM IV 0.65；日线第一压力MA60 249.16。 | 维持无杠杆观察，先收复249.16—249.37。 |
DRAM | 日度NAV缺失；6月30日AUM约261.21亿美元，费率0.65%。 | IBKR常规收盘58.85。 | 无同日发行方口径。 | ATM IV 1.13、Put/Call成交0.68、Max Pain 60；日线MA20 63.39。 | 资金流强、结构仍弱；等4H 60.54和日线63.39依次确认。 |
KMEM | 7月20日NAV 17.73，-0.57%。 | 7月20日市价17.64，+0.42%。 | 折价0.51%，较前值收窄0.95个百分点。 | 无可用期权到期日；仅14根日线，MA10为19.51。 | 历史太短，维持观察，不扩新仓。 |
ETF表只使用发行方基金层市场事实，不读取或推断底层持仓、权重或swap。
美股机会雷达
板块机会地图
板块分级先于持仓映射生成。A/B表示研究优先级，不是买入评级。
| 分级 | 板块/行业/主题 | Why now | 第一反对理由 | 升级 / 失效条件 | 下一步 workflow |
|---|---|---|---|---|---|
| A | 能源 / 油气勘探生产（XLE、XOP） | XLE过去20日+8.21%、相对SPY +7.69个百分点；XOP +12.22%、相对+11.70个百分点，布伦特触及90美元。 | 两者60日相对SPY仍为负，EIA预计2027年供给转宽松。 | 库存、产量、公司指引和自由现金流上修时升级公司研究；5/20日相对优势消失且供给转松时失效。 | economic-impact-report → company-tearsheet |
| A | 金融 / 区域银行（XLF、KRE） | KRE过去20/60日+5.54%/+8.54%，相对SPY +5.02/+2.92个百分点，20日量比1.16。 | 信贷标准仍紧，缺净息差、存款成本与资产质量证据。 | 财报确认存款成本回落、净息差稳定和盈利上修时升级；相对强度逆转且信用恶化时失效。 | economic-impact-report → company-tearsheet |
| B | 医疗保健 / 生物科技（XLV、XBI） | XLV过去20/60日相对SPY +6.27/+3.96个百分点；XBI +5.40/+9.26个百分点。 | 量比偏低，监管节点尚未映射到具体未持有公司。 | 补齐公司级临床硬日期、收入和估值差异后升级；中期相对强度转负且节点失败时失效。 | sector-context → catalyst-calendar |
| B | AI数据中心电力与液冷（VRT） | VRT扩充欧洲冷却产能，单日+4.40%；数据中心供电与散热仍是AI扩建约束。 | 20/60日相对SPY仍弱，扩产公告没有订单、利用率和利润贡献。 | 订单、积压、利用率和利润率确认，日线收复305.45—306.37时升级；扩产延期或跌破296.84时失效。 | company-tearsheet → earnings-preview |
| B | 半导体平台与AI加速器（SMH、NVDA） | SMH 60日相对SPY +15.59个百分点；Vera Rubin进入生产提供产品周期证据。 | SMH 20日相对落后13.20个百分点，平台报道缺订单、出货与收入。 | 一手订单、部署和收入确认，NVDA收复MA60 209.11且SMH 20日相对修复时升级；平台延期和结构继续转弱时失效。 | company-tearsheet → earnings-preview |
| Reject | SOXL新增风险 | 单日反弹和高成交不能覆盖每日+300%复位与路径损耗。 | 组合已有高比例半导体、AI和数据中心暴露。 | 本轮不设升级条件；需要先显著降低主题集中度并重做工具适配。 | 不进入研究队列 |
未持仓标的下钻
| 标的 | 对应板块 | 公司级暴露证据 | 分级 | 触发 / 失效 | 下一步 workflow |
|---|---|---|---|---|---|
VRT | AI数据中心液冷 | 公司计划2026年末前把意大利冷却制造能力翻倍，2027年初启用大型测试实验室。 | B / wait for proof | 订单与利润率确认、日线收复305.45—306.37；跌破296.84或扩产延期失效。 | company-tearsheet |
NVDA | 半导体平台与AI加速器 | Vera Rubin进入生产，多家云厂商被列为部署客户；早期测试给出每兆瓦吞吐量证据。 | B / wait for proof | 一手订单、出货和收入确认、日线收复209.11；跌破206.65并失守202.63时失效。 | company-tearsheet → earnings-preview |
组合暴露叠加
| 板块候选 | 暴露状态 | 持仓映射 | 处理边界 |
|---|---|---|---|
| 能源 / 油气 | 已隐藏 | 已隐藏 | 新的分散方向，先完成公司现金流和估值研究。 |
| 金融 / 区域银行 | 已隐藏 | 已隐藏 | 先补净息差、存款成本与信用质量。 |
| 医疗 / 生物科技 | 已隐藏 | 已隐藏 | 先补公司级临床与监管节点。 |
| AI液冷 | 已隐藏 | 已隐藏 | VRT只允许替换式评估，不增加主题总风险。 |
| 半导体平台 | 已隐藏 | 已隐藏 | NVDA只允许替换式评估，不叠加现有集中度。 |
美股操作建议
- 今日维持全部现有证券仓，不因单日反弹追涨，也不因历史浮亏机械卖出。新增成长、AI、半导体和数据中心风险暂停。
COHR仍是权益袖套第一大单名；4H跌破315.19先复核，日线跌破308.35才进入缩小暴露评估。没有这两个条件时继续持有。NBIS不追涨；SEC原文、持股结构、订单转化和日线221.38/4H 224.73共同确认后才重开加仓讨论。GOOG财报前维持小仓。结果后先核对Cloud、搜索、资本开支和自由现金流；只有基本面通过且日线收复348.75、353.04—354.57，才评估提高仓位。APLD、MRVL、GFS、PSI、CRCL和USAR沿各自技术与基本面触发继续持有；价格到达支撑只触发复核，不触发自动补仓。- 能源、区域银行、医疗进入分散化研究队列。
VRT、NVDA如通过下一轮研究，只能替换现有同主题风险，不能直接叠加。
Crypto 市场观察和动向
| 资产 | 价格与市场结构 | ETF资金流 | 观察结论 |
|---|---|---|---|
BTC | 66,300美元，24小时+1.50%；Funding 0.002974%，OI较前一快照+2.49%。1D仍低于MA120 69,967。 | 7月21日+3,930万美元；IBIT单元格缺失。 | 修复延续但尚未完成中期确认；65,903—65,566是近端支撑，66,615—67,255是确认区。 |
| ETH | 1,928.13美元，24小时+0.89%；Funding 0.006164%，OI较前一快照+2.05%。1D仍低于MA120 2,004.90。 | 7月21日-1,530万美元；ETHA、ETHB单元格缺失。 | 价格修复与ETF流出背离；1,919—1,921为近端支撑，1,949—1,951为第一压力。 |
SOL | 78.22美元，24小时+0.40%；Funding 0.001083%，OI较前一快照-1.87%。 | 7月21日+580万美元。 | 4H结构较强，1D仍受MA120 80.27约束；76.76—76.29为失效带。 |
| HYPE | 本轮没有同口径Binance账户与技术行。 | 7月21日-70万美元。 | 保留观察，不扩展仓位。 |
单日ETF流量、Funding和OI只用于判断市场结构，不直接转换成方向或杠杆指令。
Crypto 操作建议
- 已隐藏，估值已隐藏、APY 已隐藏。继续持有；日线收复80.27后再评估，跌破76.76—76.29复核。
加密货币板块
交易：BTC / ETH / SOL
| 项目 | 私有事实 | 判断 |
|---|---|---|
| ETF/ETP flow | 7月21日：BTC +39.3、ETH -15.3、SOL +5.8、HYPE -0.7，单位百万美元。 | 资金流分化，不能支持统一加杠杆。 |
风险观察
- 成长/AI/云重叠证券市值约已隐藏，占权益袖套已隐藏、总组合已隐藏。同步下跌20%的静态影响约已隐藏 / 总组合已隐藏。
- 成长证券下跌20%且
BTC/ETH合约同步逆向10%的组合压力约已隐藏 / 总组合已隐藏，尚未计抵押品同向下跌、滑点和DeFi流动性折价。 COHR是权益袖套第一大单名，NBIS是高波动事件仓，GOOG财报会通过云资本开支预期传导至APLD、NBIS、COHR、MRVL和PSI。今晚先观察结果，不用宽基或半导体ETF对冲替代公司级判断。- DeFi USDC约已隐藏，占报告现金已隐藏。它属于现金分区，仍有协议、vault、链、稳定币和赎回路径风险。
期权观察
数据概览
公开期权链覆盖19个标的，KMEM没有可用到期日。期权数据只作风险结构交叉核验。
| 标的 | 结构事实 | 观点 |
|---|---|---|
SPY / QQQ | SPY Put/Call成交1.96、OI比3.37、ATM IV 0.13；QQQ为1.40、1.41、0.24。 | 宽基保护需求较高，不能据此推断方向。 |
GOOG | 7月31日前端ATM IV 0.53、Put/Call成交0.49、OI比1.04、Max Pain 350；按IV与DTE估算的到期窗口约8.29%。 | 该窗口包含财报后多个交易日，不是纯财报隔夜门槛；财报前维持小仓。 |
NBIS | ATM IV 1.65、Put/Call成交2.29、OI比1.38、Max Pain 200。 | 9.3%权益披露后波动和认沽成交都高，不追涨。 |
MRVL / COHR | MRVL ATM IV 1.02、Put/Call成交0.32、Max Pain 220；COHR为1.09、0.88、320。 | 反弹与期权结构没有单独给出加仓信号。 |
APLD / CRCL | APLD ATM IV 1.42、Put/Call成交0.25、Max Pain 31；CRCL为0.96、0.38、67。 | 事件股继续按基本面和日线触发持有，不用期权热度替代判断。 |
SOXX / SOXL | SOXX ATM IV 0.68、Put/Call成交1.31；SOXL为1.97、1.76。 | SOXL高波动与每日杠杆路径不适配当前组合。 |
观点输出
- 本轮不使用期权新增杠杆或做保护性交易。公开链缺实时bid/ask、Greeks、GEX、IV历史和主动买卖方向，无法形成可执行对冲。
- 如果
GOOG财报后触发组合级风险复核，优先缩小重叠风险；宽基或半导体ETF对冲可能保留公司事件基差，且会削弱希望保留的AI收益暴露。 - Max Pain、Put/Call和Volume/OI只作结构事实，不作为目标价、买卖方向或订单依据。
技术分析
所有触发要求对应周期完成K线确认。美股/ETF的最近均线列只描述价格位置；Crypto按合同标记为不适用。
| 标的 | 当前 | 最近均线压力/支撑 | 支撑 | 压力/确认 | 判断/动作 | 限制 |
|---|---|---|---|---|---|---|
MRVL | 207.96 | 上方MA10 213.69（+2.76%）/ 下方MA5 197.23（-5.16%） | 206.67、197.23 | 212.92、213.69 | 持有；收复213.69再评估 | 日线中期均线仍压制 |
GFS | 59.39 | 上方MA120 60.21（+1.37%）/ 下方MA5 58.67（-1.22%） | 58.92、57.93 | 60.21、61.21 | 等待证明 | 10/20/60日结构仍弱 |
APLD | 30.05 | 上方MA20 33.33（+10.91%）/ 下方MA10 29.14（-3.04%） | 29.47、29.14 | 30.97、31.92、33.33 | 维持starter | 中期均线压力较远 |
USAR | 15.80 | 上方MA5 15.98（+1.14%）/ 下方无可用均线 | 15.67、15.47 | 15.98、16.21 | 维持小仓 | 4H缺失 |
PSI | 154.46 | 上方MA60 154.83（+0.24%）/ 下方MA10 152.00（-1.60%） | 151.45、148.03 | 154.83、157.22 | 持有、不追加 | 发行方日度字段缺失 |
COHR | 317.22 | 上方MA20 337.13（+6.28%）/ 下方MA120 308.53（-2.74%） | 315.19、308.35 | 321.79、325.33、336.61 | 持有；失守308.35再评估缩小 | 单名集中度最高 |
CRCL | 71.08 | 上方MA30 71.26（+0.25%）/ 下方MA20 66.54（-6.39%） | 69.98、66.64 | 71.26、72.66 | 等官方文本与突破确认 | 4H缺失 |
GOOG | 346.19 | 上方MA20 353.04（+1.98%）/ 下方MA120 339.48（-1.94%） | 343.63、340.20 | 348.75、353.04—354.57 | 财报后再承保 | 1H/4H缺失 |
NBIS | 216.92 | 上方MA20 221.38（+2.06%）/ 下方MA60 214.25（-1.23%） | 214.25、210.82、200.42 | 221.38、224.73 | 不追涨 | 1H缺失、事件波动高 |
NVDA | 207.29 | 上方MA60 209.11（+0.88%）/ 下方MA5 206.66（-0.31%） | 206.65、202.63 | 208.95、209.11 | B级研究候选 | 20/60日相对SPY仍弱 |
VRT | 304.50 | 上方MA10 305.45（+0.31%）/ 下方MA5 296.88（-2.50%） | 296.84 | 305.45、306.37、309.46 | 只做替换式评估 | 缺订单与利润贡献 |
SOXX | 552.69 | 上方MA10 553.10（+0.07%）/ 下方MA60 551.22（-0.27%） | 551.22—552.16 | 553.10、574.05 | 无杠杆备选 | 发行方市价日期滞后 |
SOXL | 158.54 | 上方MA10 164.04（+3.47%）/ 下方MA5 147.77（-6.79%） | 157.56、147.77 | 164.04 | Reject新增风险 | 每日+300%、4H缺失 |
FTXL | 242.04 | 上方MA60 249.16（+2.94%）/ 下方MA10 241.32（-0.30%） | 241.32 | 244.20、249.16 | 观察 | 4H缺失 |
DRAM | 58.85 | 上方MA20 63.39（+7.72%）/ 下方MA60 58.49（-0.61%） | 58.31 | 60.54、63.39 | 等中期修复 | MA120缺失 |
KMEM | 19.69 | 上方无可用均线 / 下方MA10 19.51（-0.90%） | 19.51 | 19.86、20.73 | 观察 | 仅14根日线 |
BTCUSDT | 66,300 | 不适用 | 65,903、65,566、64,746—64,023 | 66,615、66,792、67,255 | 维持合约，不增加名义本金 | 仍低于MA120 |
ETHUSDT | 1,928.13 | 不适用 | 1,919—1,921、1,898.76、1,878.27 | 1,949—1,951、1,965、2,006 | 维持合约，不增加名义本金 | ETF资金流背离 |
SOLUSDT | 78.21 | 不适用 | 78.09、77.73、76.76—76.29 | 78.65、78.93、79.01、80.09 | 维持Earn | 仍低于MA120 |
重要文章与快讯
重要文章
| 重要性 | 中文标题 | 发布日期 | 来源 | 相关标的 | 评级理由 |
|---|---|---|---|---|---|
| 5/5 高 | 谷歌财报聚焦云业务变现 | 2026-07-22 | BeInCrypto | GOOG | 财报临近且预期、资本开支和云业务数据直接决定 GOOG 的当日基本面解读。 |
| 5/5 高 | 英伟达Vera Rubin进入量产 | 2026-07-21 | Investing.com | MSFT, NVDA | 新一代平台进入生产并获得多家云厂商部署，对NVDA产品周期和MSFT基础设施均有直接影响，且包含多项可继续验证的性能数据。 |
| 5/5 高 | 加密伦理协议仍待文本确认 | 2026-07-21 | Barrons.com | COIN, CRCL | 监管影响和标的相关性均高，且文章清楚揭示协议文本与两党支持仍缺失。 |
| 5/5 高 | 芯片基金逆势吸金四十亿美元 | 2026-07-20 | etf.com | 005930.KS, DRAM, EWY, GLD, IWM, KLMN, LQD, QQQM | 近期基金流量数据完整，直接量化 SOXX 和 DRAM 在抛售期间的资金承接，日报证据价值高。 |
| 5/5 高 | USAR管理层与并购同步交接 | 2026-07-20 | GlobeNewswire | USAR | 第一方公告完整覆盖 USAR 管理层、并购、政府融资和执行风险，是同批次该事件的主要证据。 |
| 5/5 当日关键数据 | 美债曲线全线抬升并维持陡峭 | 2026-07-17 | U.S. Department of the Treasury | UST | 数据更新至最近交易日，来自美国财政部，直接刻画美国国债期限结构及跨资产贴现率环境。 |
| 4/5 中高 | 杠杆ETF推高市场成交占比 | 2026-07-22 | etf.com | SOXL, SOXS, TQQQ, VOO | 数据新近且直接关联SOXL、SOXS和TQQQ，能够补充杠杆ETF交易拥挤度判断；统计口径需要谨慎区分。 |
| 4/5 中高 | 维谛意大利冷却产能将翻倍 | 2026-07-21 | PR Newswire | VRT | 扩产目标、地点和时间表明确，直接影响VRT的数据中心冷却供给能力；财务量化信息仍然缺失。 |
| 4/5 中高 | 监管文件确认Nebius持股规模 | 2026-07-21 | Dow Jones Newswires via MarketScreener | NBIS, NVDA | 报道直接采用监管申报，股数、比例、估值和盘前反应均清楚，适合作为同主题事实基准。 |
金十快讯
布伦特原油触及90美元
布伦特原油触及90美元/桶，创6月11日以来新高，日内涨0.73%；WTI原油日内涨1.00%，报85.87美元/桶。
纬创得州工厂量产GB300基板
纬创宣布得州沃斯堡D1工厂开幕，快讯称该厂已量产美国首片英伟达GB300运算基板；纬创同时预告建设规模约两倍的D2厂。
三星电子与SK海力士早盘上涨
三星电子上涨5.79%，SK海力士上涨8.50%；同一快讯称隔夜英伟达上涨1.97%、美光上涨12.17%、费城半导体指数上涨5.21%。
美联储7月维持利率不变的概率74.9%
据CME美联储观察，美联储7月维持利率不变的概率为74.9%，累计加息25个基点的概率为25.1%；到9月维持利率不变的概率为28.9%，累计加息25个基点的概率为55.7%，累计加息50个基点的概率为15.4%。
韩国股市反弹，融资余额较6月底峰值下降13%
快讯正文
金十快讯援引韩国金融投资协会数据称，截至7月16日，韩国融资余额降至33.4万亿韩元，较6月底峰值下降13%；摩根大通策略师称杠杆ETF去杠杆过程约完成75%。
布伦特原油触及90美元
快讯正文
布伦特原油触及90美元/桶，创6月11日以来新高，日内涨0.73%；WTI原油日内涨1.00%，报85.87美元/桶。
纬创得州工厂量产GB300基板
快讯正文
纬创宣布得州沃斯堡D1工厂开幕，快讯称该厂已量产美国首片英伟达GB300运算基板；纬创同时预告建设规模约两倍的D2厂。
三星电子与SK海力士早盘上涨
快讯正文
三星电子上涨5.79%，SK海力士上涨8.50%；同一快讯称隔夜英伟达上涨1.97%、美光上涨12.17%、费城半导体指数上涨5.21%。
美联储7月维持利率不变的概率74.9%
快讯正文
据CME美联储观察，美联储7月维持利率不变的概率为74.9%，累计加息25个基点的概率为25.1%；到9月维持利率不变的概率为28.9%，累计加息25个基点的概率为55.7%，累计加息50个基点的概率为15.4%。
事实参考
以下为事实表、数据对照、账户细项与来源口径，默认折叠；需要核对数据时展开。
美股 / ETF / 公开文章事实
美股 / ETF / 公开行情
| 标的 | IBKR 当前价 | 较前交易日 | 盘后/收盘后 | 上一交易日收盘 | 今日常规收盘 |
|---|---|---|---|---|---|
MSFT | 396.60 | -1.41% | -0.29% | 402.29 | 397.75 |
NVDA | 206.22 | +1.45% | -0.52% | 203.28 | 207.29 |
MRVL | 208.50 | +6.96% | +0.26% | 194.94 | 207.96 |
GFS | 59.50 | +4.74% | +0.19% | 56.81 | 59.39 |
APLD | 30.40 | +9.16% | +1.16% | 27.85 | 30.05 |
USAR | 15.92 | +4.53% | +0.76% | 15.23 | 15.80 |
SOXX | 549.98 | +4.93% | -0.49% | 524.14 | 552.69 |
SOXL | 156.07 | +14.08% | -1.56% | 136.81 | 158.54 |
FTXL | 242.04 | +5.98% | -0.00% | 228.38 | 242.04 |
PSI | 154.80 | +7.82% | +0.22% | 143.57 | 154.46 |
DRAM | 59.40 | +11.95% | +0.93% | 53.06 | 58.85 |
KMEM | 20.10 | +13.95% | +2.08% | 17.64 | 19.69 |
VRT | 305.99 | +4.91% | +0.49% | 291.67 | 304.50 |
COHR | 318.80 | +11.70% | +0.50% | 285.40 | 317.22 |
CRCL | 70.57 | +7.82% | -0.72% | 65.45 | 71.08 |
SPCX | 125.26 | +4.51% | +1.39% | 119.85 | 123.54 |
GOOG | 348.20 | -0.90% | +0.58% | 351.37 | 346.19 |
NBIS | 219.07 | +19.96% | +0.99% | 182.62 | 216.92 |
美股事实与文章索引
| 标的 | IBKR 当前价 | 较前交易日 | 盘后/收盘后 | 文章数 | 数据缺口 |
|---|---|---|---|---|---|
MSFT | 396.60 | -1.41% | -0.29% | 8 篇 | - |
NVDA | 206.22 | +1.45% | -0.52% | 8 篇 | - |
MRVL | 208.50 | +6.96% | +0.26% | 8 篇 | - |
GFS | 59.50 | +4.74% | +0.19% | 8 篇 | - |
APLD | 30.40 | +9.16% | +1.16% | 8 篇 | - |
USAR | 15.92 | +4.53% | +0.76% | 8 篇 | - |
SOXX | 549.98 | +4.93% | -0.49% | 8 篇 | - |
SOXL | 156.07 | +14.08% | -1.56% | 8 篇 | - |
FTXL | 242.04 | +5.98% | -0.00% | 8 篇 | - |
PSI | 154.80 | +7.82% | +0.22% | 8 篇 | - |
DRAM | 59.40 | +11.95% | +0.93% | 8 篇 | - |
KMEM | 20.10 | +13.95% | +2.08% | 8 篇 | - |
VRT | 305.99 | +4.91% | +0.49% | 8 篇 | - |
COHR | 318.80 | +11.70% | +0.50% | 8 篇 | - |
CRCL | 70.57 | +7.82% | -0.72% | 8 篇 | - |
SPCX | 125.26 | +4.51% | +1.39% | 8 篇 | - |
GOOG | 348.20 | -0.90% | +0.58% | 8 篇 | - |
NBIS | 219.07 | +19.96% | +0.99% | 8 篇 | - |
股票文章源
| 标的 | 重要性 | 中文标题 | 原文标题 | 发布日期 | 来源 | 相关标的 | 评级理由 |
|---|---|---|---|---|---|---|---|
KMEM | 4/5 中高 | EQT增产同时下调资本开支 | EQT Raises Production Outlook and Lowers Capital Spending Forecast | 2026-07-22 | Oilprice.com | EQT, NG=F | 最新产量、资本开支和长期合同数据直接影响EQT与天然气基本面，但输入主符号KMEM并无正文关联。 |
KMEM | 1/5 低 | 印度家政服务加速平台化 | India | 2026-07-22 | AFP | - | 可补充印度零工经济背景，但缺少上市标的关联，且收入与劳动条件证据主要来自少量采访。 |
GOOG, KMEM | 2/5 中低 | 标普重返五十日线等待财报 | Dow Jones Futures: S&P 500 Regains 50-Day As Sandisk, Micron Soar; Google, Tesla Earnings Due | 2026-07-22 | Investor's Business Daily | ATI, CL=F, CRS, DDOG, GE, GEV, GOOG, GOOGL | 涉及GOOG、存储芯片和大盘的近期变化，但正文严重残缺，无法支撑更高阅读优先级。 |
KMEM | 1/5 低 | 香港书展录得九十九万人次 | 36th Hong Kong Book Fair Continues To Be a Beloved Cultural Event | 2026-07-22 | NewMediaWire | - | 虽有客流、消费和版权交易数字，但内容为主办方宣传稿，与相关证券及当日跨资产主题关系很弱。 |
KMEM | 3/5 中 | SLS三期试验逼近最终分析 | SLS Stock Tracks Worst Month Since March: Investor Slashes Stake By Over 30% As Quiet Period Begins Ahead Of AML Readout | 2026-07-22 | Stocktwits | SLS | REGAL最终分析门槛对SLS具有直接事件价值，但文章混入机构减持、零售情绪和未经证实的收购叙事。 |
MSFT, NVDA | 5/5 高 | AMD押注机架级人工智能系统 | AMD stock gets a new reason to watch from Bank of America | 2026-07-22 | TheStreet | AMD, META, MSFT, NVDA, ORCL | 临近AMD人工智能活动发布，覆盖产品、客户、竞争格局和2027年预测，对AMD、NVDA及相关云厂商具有直接且及时的阅读价值。 |
KMEM | 1/5 低 | 越南智能制造展八月开幕 | Less Than 15 Days to Go: ITWA@VIETNAM 2026 to Bring Asia | 2026-07-22 | PR Newswire | - | 只能提供越南制造业展会背景，缺少已实现订单、上市公司关联和独立验证。 |
GOOG | 5/5 高 | 油价上行压制科技财报预期 | S&P 500, Nasdaq, Dow Futures Ease As Oil Rally Tempers AI Optimism Ahead of Big Tech Earnings: SMCI, OKLO, XE, SKHY, GOOG In Focus | 2026-07-22 | Stocktwits | CL=F, GOOG, INTC, OKLO, SMCI, TSLA, ^GSPC | 同时覆盖股指、能源、利率、地缘风险和大型科技财报，是当日跨资产环境的关键读物。 |
NVDA | 3/5 中 | 耐克复苏受关税与利润率拖累 | Why Nike Stock Lost 36% in the First Half of 2026 | 2026-07-22 | Motley Fool | NKE, NVDA | 对NKE上半年跌幅、财务压力和毛利率修复节点总结清晰，但以历史财报回顾为主，缺少新的经营数据。 |
GOOG | 2/5 中低 | 出版商重新评估谷歌流量合作 | Google Was a Lifeline for Publishers. Now Some Are Thinking of Cutting It Off. | 2026-07-22 | The Wall Street Journal | GOOG, IACVV, RDDT, TDAY | 搜索内容生态议题与 GOOG 直接相关，但付费墙导致正文和关键证据完全不足。 |
NVDA | 3/5 中 | 伯克希尔五大持仓占比达六成七 | Warren Buffett Keeps 67% of Berkshire | 2026-07-22 | Motley Fool | BRK-B, NVDA | 持仓金额和结构清晰，可用于理解伯克希尔资本配置；数据来自滞后的13F，对当日日报的即时性有限。 |
NVDA | 3/5 中 | 中国市场重塑跨国品牌增长 | The Challenges of the China Market | 2026-07-22 | Motley Fool | AAPL, CASY, NVDA | 与AAPL及人工智能存储竞争相关，事实密度较高，但录制时间较早且多项数字缺少原始出处。 |
SPCX | 4/5 中高 | 航天股回撤后的分歧与融资压力 | ASTS, RKLB, SPCX Have All Tumbled So Far In 2026 — Is Retail Buying The Space Stock Dip Or Bracing For More Pain? | 2026-07-22 | Stocktwits | ASTS, RKLB, SPCX | 合同、融资、财报和解禁节点与三只航天股直接相关，散户见底调查的证据价值较低。 |
GOOG | 5/5 高 | 谷歌财报聚焦云业务变现 | Google Earnings Today: What to Expect as AI Spending Faces Scrutiny | 2026-07-22 | BeInCrypto | GOOG | 财报临近且预期、资本开支和云业务数据直接决定 GOOG 的当日基本面解读。 |
MSFT, NVDA | 3/5 中 | 技术周期中的人工智能价值迁移 | What History Teaches Us About Today’s Tech Market | 2026-07-22 | Motley Fool | MSFT, NVDA | 与MSFT、NVDA长期竞争结构相关，历史数据和产业类比具有框架价值；录制时间较早且缺少当日可验证经营事实。 |
MSFT | 2/5 中低 | 百万美元集中持股的税务权衡 | A Caller’s Dad Turned $22,000 Into $1 Million on a Single Stock. Now the Family Faces a $150,000 Tax Decision | 2026-07-22 | 24/7 Wall St. | MSFT | 个案数字较完整，但内容以家庭税务和遗产安排为主，MSFT只是举例，对当日公司研究关联较弱。 |
NVDA, SPCX | 3/5 中 | SpaceX估值仍高于经营能见度 | SpaceX Is Down 20%: Here | 2026-07-22 | Motley Fool | NVDA, SPCX | SPCX上市后的价格、估值和资本开支数据具有直接性，但缺少上市后财报与完整估值假设。 |
NVDA | 3/5 中 | 莫德纳流感疫苗等待监管裁决 | Should You Buy Moderna Stock Hand Over Fist Before Aug. 5? | 2026-07-22 | Motley Fool | MRNA, NVDA | 明确监管节点和直接标的关系提升时效性，但临床证据展示不足，短期价格判断属于作者推测。 |
GOOG | 2/5 中低 | 谷歌参与三十州技工培训联盟 | Google (GOOGL) Backs Skilled Trades Alliance Across 30 States With BlackRock And Ford | 2026-07-22 | Simply Wall St. | BLK, GOOG | 项目覆盖面广但缺少预算和量化经营影响，对当日日报主要提供长期背景。 |
SOXL | 4/5 中高 | 杠杆ETF推高市场成交占比 | ETFs Just Set a Trading Volume Record | 2026-07-22 | etf.com | SOXL, SOXS, TQQQ, VOO | 数据新近且直接关联SOXL、SOXS和TQQQ，能够补充杠杆ETF交易拥挤度判断；统计口径需要谨慎区分。 |
NVDA | 4/5 中高 | 纬创得州工厂量产英伟达系统 | Wistron Celebrates Grand Opening of First U.S. Smart Factory Marking Milestone in Global Smart Manufacturing Strategy | 2026-07-21 | PR Newswire | 3231.TW, NVDA | 事件新鲜且直接关联NVDA最新产品的美国制造节点，关键限制是来源为企业新闻稿并缺少产能与财务数据。 |
GOOG | 3/5 中 | 巴菲特主导伯克希尔投资谷歌 | Warren Buffett Reveals He Was Behind Berkshire | 2026-07-21 | Motley Fool | BRK-B, GOOG, NVDA | 决策归属澄清对 BRK-B 和 GOOG 有直接意义，但没有新的仓位或资本配置数字。 |
NBIS | 4/5 中高 | 英伟达持股推升Nebius关注度 | Why Nebius Stock Soared Today | 2026-07-21 | Motley Fool | NBIS, NVDA | 监管申报为NBIS上涨提供直接证据，持股规模清晰；部分经营数据缺少合同细节。 |
MSFT | 4/5 中高 | 微软财报前的增长兑现门槛 | Prediction: Microsoft Stock Will Go Parabolic After July 29. Here | 2026-07-21 | Motley Fool | MSFT, NVDA, ^GSPC | 直接提供MSFT财报前的一致预期、公司指引和资本开支争议，可作为近期业绩核对基准，但价格结论带有明显作者预测色彩。 |
SPCX | 3/5 中 | 嘉信交易量与收入双双增长 | Schwab Beats 2Q Estimates as Retail Traders Pile Into Market | 2026-07-21 | Bloomberg | SCHW, SPCX | 核心交易指标明确并关联 SCHW，但视频摘要过短，缺少完整财务数据和预期差。 |
MSFT | 4/5 中高 | 美国推动核能供电人工智能中心 | OKLO, XE Stocks Jump After-Hours — Trump Administration Taps Oklo, X-Energy In $200M Push To Power AI Data Centers | 2026-07-21 | Stocktwits | MSFT, NVDA, OKLO, XE | 政策资金、参与主体和盘后反应均具时效性，对先进核能及人工智能基础设施链条直接相关；内部文件尚未获得完整官方确认。 |
MRVL | 2/5 中低 | 迈威尔有线网络业务定位 | Analyst Report: Marvell Technology, Inc. | 2026-07-21 | Morningstar Research | MRVL | 与MRVL直接相关且来源专业，但正文严重不完整，只能提供静态业务画像。 |
VRT | 2/5 中低 | 人工智能受益股股息仍偏低 | These Stocks Offer AI Exposure and Dividend Payouts | 2026-07-21 | Zacks | AVGO, CAT, VRT | 与VRT直接相关并提供分红数字，但缺少订单、估值和现金流覆盖分析，新增事实有限。 |
MSFT, NBIS | 3/5 中 | Nebius获微软长期算力合同 | Analyst Report: Nebius Group N.V. | 2026-07-21 | Morningstar Research | MSFT, NBIS | 170亿美元微软合同对NBIS具有直接重要性，但信息主体来自2025年，且归档正文严重不完整，限制了当日增量价值。 |
MSFT | 5/5 高 | 英伟达Vera Rubin进入量产 | Nvidia Vera Rubin shown to provide 10x more throughput per megawatt than Blackwell | 2026-07-21 | Investing.com | MSFT, NVDA | 新一代平台进入生产并获得多家云厂商部署，对NVDA产品周期和MSFT基础设施均有直接影响，且包含多项可继续验证的性能数据。 |
SPCX | 2/5 中低 | 员工持股与财富分配实验 | Mark Cuban has strong words on income and inequality | 2026-07-21 | TheStreet | SPCX | 对 SPCX 的人才激励和上市效应有背景价值，但主体是政策倡议，缺少公司经营层面的新增证据。 |
SPCX | 5/5 高 | 超微电脑订单与毛利预期跃升 | Why SMCI Stock Rocketed Over 25% After-Hours — A $60B Backlog Has Retail Buzzing | 2026-07-21 | Stocktwits | SMCI, SPCX | 公司初步披露包含巨额订单和毛利率指引重估，对 SMCI 及服务器需求判断具有直接且及时的证据价值。 |
MSFT | 3/5 中 | 克雷默转向银行与运输板块 | Jim Cramer Says Stop Betting on Volatile Tech Stocks and Buy These “Boring” Sectors Instead | 2026-07-21 | 24/7 Wall St. | AVGO, CRM, GLW, JBHT, JPM, MSFT, NVDA | 财报数字和跨板块比较具有当日参考价值，但核心轮动判断来自媒体评论，且原文日期出现可核验的内部矛盾。 |
GOOG | 4/5 中高 | 芯片股带动美股止跌反弹 | S&P 500, Dow Snap Three-Day Losses, Nasdaq Ends Best Day In Three Weeks As Earnings Take Centerstage — GOOGL, AAPL, AMD, TSLA, DIS In Focus | 2026-07-21 | Stocktwits | AAPL, AMD, DIA, GOOG, QQQ, SMH, SPY, TSLA | 收盘指数、半导体行情和财报季早期数据完整，能为多个直接相关标的提供及时市场背景。 |
SPCX | 1/5 低 | 比特币财富目标的算术边界 | Here is how much Bitcoin you actually need to get rich like Warren Buffett or Elon Musk | 2026-07-21 | TheStreet | BTC-USD, SPCX, TSLA | 静态算术和名人财富比较缺少新的市场驱动或公司事实，只适合作为低优先级背景阅读。 |
SPCX | 4/5 中高 | 中子火箭延期压缩客户窗口 | Rocket Lab CEO Peter Beck Says Watch the Test Stands. Here | 2026-07-21 | Motley Fool | NVDA, RKLB, SPCX | Neutron 商业化是 RKLB 的关键增长变量，延误与竞争时序直接相关，但文章证据以分析判断为主。 |
CRCL | 4/5 中高 | 加密市场结构法案接近表决 | Trump Oversees Ethics Provisions As Clarity Act Nears Vote | 2026-07-21 | Investor's Business Daily | BTC-USD, COIN, CRCL | 监管事件时效性和标的相关性很高，但存档内容过短，确认度不足。 |
SPCX | 3/5 中 | 破发新股的高波动历史样本 | What History Says About Buying Broken IPOs | 2026-07-21 | Schaeffer's Investment Research | SPCX | 对 SPCX 上市后价格路径具有直接参考性，但未披露样本量且存在明显选择偏差。 |
GOOG | 4/5 中高 | 科技巨头财报聚焦AI回报 | Google & Tesla kick off Big Tech earnings: What to Watch | 2026-07-21 | Yahoo Finance Video | GOOG, IBM, NOW, T, TSLA | 直接覆盖GOOG与TSLA财报，并可能影响大型科技股和人工智能主题，但证据仅为财报前观察清单。 |
NBIS | 4/5 中高 | Nebius机构持仓显著扩张 | Nebius (NBIS) Soars on Nvidia 9.3% Stake; Hedge Fund Bets More Than Double | 2026-07-21 | Insider Monkey | NBIS, NVDA | 提供NBIS机构持仓变化和技术合作细节，但基金数据并非实时持仓，且需外部申报复核。 |
MRVL | 4/5 中高 | 芯片板块反弹由估值修复推动 | Intel, KLA Corporation, Lam Research, Marvell Technology, and Micron Shares Skyrocket, What You Need To Know | 2026-07-21 | StockStory | 2454.TW, INTC, KLAC, LRCX, MRVL, MU, TSM | 与MRVL及芯片板块当日行情直接相关，价格和范围数据丰富，但基本面增量有限。 |
CRCL | 4/5 中高 | 伦理妥协扫除法案障碍 | Coinbase Stock Jumps After Clarity Act Clears Major Hurdle | 2026-07-21 | The Wall Street Journal | BTC-USD, COIN, CRCL | 高时效监管消息且来源质量较好，但正文残缺显著限制证据价值。 |
MRVL | 2/5 中低 | 通用上调指引诺华恢复增长 | Stocks to Watch: GM, BAE Systems, Novartis, Swatch | 2026-07-21 | The Wall Street Journal | AMAT, AMD, BA.L, BAB.L, BAER.SW, BNOR.OL, BNORO.OL, COF | 事件时效性尚可、来源质量较高，但正文残缺且与MRVL缺少直接关系。 |
MRVL | 2/5 中低 | 人工智能交易带动存储股回升 | SpaceX, Micron, Western Digital, Sandisk, Danaher, and More Stocks That Explain Today’s Market | 2026-07-21 | Barrons.com | BTC-USD, COIN, DHR, GOOG, IBM, INTC, KLAC, MRVL | 当日行情与MRVL直接相关，但正文过短，市场归因缺少可验证证据。 |
MRVL | 2/5 中低 | 纳指走强伴随芯片股普涨 | Stock Market Today: Nasdaq Pops As S&P 500 Finds Key Support; Micron, Sandisk Shares Soar (Live Coverage) | 2026-07-21 | Investor's Business Daily | GM, GOOG, MRVL, MU, SNDK, TSM, ^DJI, ^GSPC | MRVL和大盘相关性直接、信息较新，但直播正文缺失，证据密度低。 |
CRCL | 4/5 中高 | 比特币反弹带动加密股票 | Circle, Robinhood, Strategy stocks surge on Bitcoin comeback | 2026-07-21 | TheStreet | BTC-USD, CRCL | 对CRCL当日行情解释力较强，且包含资金流与清算数据，但缺少公司基本面增量。 |
NBIS | 2/5 中低 | Nebius领涨新型云服务商 | How Nebius Stock Became the Neocloud Standout | 2026-07-21 | Barrons.com | CRWV, IREN, NBIS, NVDA | 与NBIS直接相关且时效较高，但归档仅有短摘录，无法支撑深入判断。 |
MRVL | 3/5 中 | 半导体与财报推高美股指数 | Nasdaq, Dow and S&P 500 Jumps as Chip Stocks Power Wall Street Higher | 2026-07-21 | GuruFocus.com | ALAB, GM, INTC, MMM, MRVL, MU, SMH, ^DJI | 包含MRVL直接行情和较完整的市场广度数据，但仍是盘中短讯，缺少公司级增量。 |
MRVL | 4/5 中高 | 英特尔财报检验复苏进度 | Chip Stocks Are Rebounding - Should Investors Buy Intel (INTC) Before Q2 Earnings? | 2026-07-21 | Zacks | AMD, INTC, MRVL, MU, NVDA, TSM | 临近明确财报节点，预期数字和观察变量完整，并与MRVL所在芯片板块直接相关。 |
NBIS | 4/5 中高 | AI云股齐涨下的估值分化 | Nebius Explodes 16% Higher on NVIDIA Stake Stunner; CoreWeave Surges 8%, Oracle Adds 5% as AI Cloud Plays Pay Off | 2026-07-21 | 24/7 Wall St. | CRWV, NBIS, NVDA, ORCL, ORCL-PD, SKYY | 同时呈现人工智能云板块联动、估值与信用风险差异，对多标的日报有较强信息价值。 |
NBIS | 3/5 中 | Nebius董事长减持规模有限 | Nebius Chairman Sells Company Shares Worth $1.4 Million. Here | 2026-07-21 | Motley Fool | NBIS | 内部人交易数据可靠且与NBIS直接相关，但出售比例较小，对经营基本面的增量有限。 |
CRCL | 5/5 高 | 加密伦理协议仍待文本确认 | Coinbase Stock Is Rallying. Can Donald Trump’s Ethics Compromise Save the Clarity Act? | 2026-07-21 | Barrons.com | COIN, CRCL | 监管影响和标的相关性均高，且文章清楚揭示协议文本与两党支持仍缺失。 |
NBIS | 4/5 中高 | 英伟达扩大Nebius持股解析 | Nvidia Just Plowed Nearly $4 Billion Into a Company That | 2026-07-21 | Motley Fool | NBIS, NVDA | 持股结构、增长数据和估值信息完整，对NBIS与NVDA关系判断价值较高，但标题金额口径容易误读。 |
CRCL | 4/5 中高 | 稳定币清算银行完成大额融资 | Augustus Raises $180 Million to Build a Stablecoin-Ready | 2026-07-21 | decrypt | COIN, CRCL, NU, RAMP.PVT, USDG33793-USD | 大额融资和银行牌照进展体现稳定币机构化趋势，但对CRCL只有间接影响，运营证据尚少。 |
MRVL | 4/5 中高 | 迈威尔暴涨依赖增长预期 | Why Marvell Jumped 251% in the First Half of the Year | 2026-07-21 | Motley Fool | MRVL, NVDA | 直接覆盖MRVL，历史涨幅、财务数据和估值信息完整，但长期结论受媒体持仓及高预期影响。 |
NBIS | 3/5 中 | Nebius持股披露再获定价 | NBIS Stock Alert: What to Know as Nvidia Reveals 9.3% Stake in Nebius | 2026-07-21 | Barchart | NBIS, NVDA | 直接覆盖NBIS与NVDA事件，但关键持股数量疑似笔误，降低了材料可靠性。 |
COHR | 4/5 中高 | 光模块扩产加剧行业竞争 | AAOI | 2026-07-21 | Zacks | AAOI, COHR | 对COHR光模块竞争格局具有直接参考价值，数据丰富，但部分协议与产能口径需原始披露验证。 |
CRCL | 4/5 中高 | 监管进展提振加密资产链 | COIN Stock Jumps, XRP Leads Crypto Majors After Scott Bessent Signals CLARITY Act Is On Senate’s ‘One-Yard Line’ | 2026-07-21 | Stocktwits | BMNR, BTC-USD, COIN, CRCL, MSTR, XRP-USD | 财政部长的最新表述直接影响加密监管预期及多个相关标的，但正式法案文本和投票结果仍缺失。 |
APLD | 4/5 中高 | IREN转型进入合同兑现期 | IREN | 2026-07-21 | Zacks | APLD, BTC-USD, IREN, NVDA, WULF | 合同、容量、损益和APLD同业估值数据完整，直接关系人工智能数据中心板块，但执行与融资尚待验证。 |
CRCL | 4/5 中高 | Solana稳定币规模突破新高 | Solana News: Stablecoin Supply Hits $15Bn With New Issuers Reshaping the Mix | 2026-07-21 | Cryptonews | CRCL, SOL-USD, USDC-USD | 链上规模和发行人结构数据与 SOL、CRCL 直接相关，事实密度较高，但跨平台口径及时间错位降低了结论确定性。 |
APLD | 4/5 中高 | IREN上调云收入目标 | IREN Expands AI Cloud Platform: Can It Sustain the Momentum? | 2026-07-21 | Zacks | APLD, CRWV, IREN, MSFT, NVDA, PEAI.PVT | 最新合同与容量数据可直接用于APLD同业比较，时效性和事实密度高，但仍以公司目标为主。 |
CRCL | 4/5 中高 | 代币化美债一年扩张一点五倍 | Tokenized U.S. Treasuries surge 2.5 times in a year | 2026-07-21 | TheStreet | BLK, CRCL, DX-Y.NYB, ETH-USD, ONDO-USD | 一年期规模变化清晰且覆盖多个直接相关标的，但资产质量、资金流和底层结构信息不足。 |
VRT | 2/5 中低 | 维谛扩建意大利冷却产能 | Vertiv to Expand Italy Manufacturing Capacity for Data Center Cooling Systems | 2026-07-21 | MT Newswires | VRT | 事件与VRT直接相关，但付费墙导致正文严重残缺，同批次已有更完整的一手公司新闻稿。 |
DRAM | 4/5 中高 | 存储芯片反弹依赖盈利验证 | SanDisk Rises 8%, Western Digital Jumps 9%, Micron Adds 7% as Memory Rebound Accelerates | 2026-07-21 | 24/7 Wall St. | AMD, DRAM, INTC, MU, SNDK, STX, WDC | 直接关联DRAM及主要存储芯片公司，包含近期反弹、业绩和后续催化数据；关键远期数字依赖卖方模型。 |
VRT | 4/5 中高 | 维谛意大利冷却产能将翻倍 | Vertiv Expands Global Manufacturing Capacity for AI-Ready Data Center Cooling Solutions | 2026-07-21 | PR Newswire | VRT | 扩产目标、地点和时间表明确，直接影响VRT的数据中心冷却供给能力；财务量化信息仍然缺失。 |
COHR | 2/5 中低 | 相干公司显著跑赢所属行业 | Are Business Services Stocks Lagging COHERENT CORP (COHR) This Year? | 2026-07-21 | Zacks | COHR, NPO | 直接涉及COHR，但新增信息限于模型评级、相对回报和一致预期。 |
SOXX | 4/5 中高 | 芯片反弹等待英特尔业绩验证 | Intel Jumps 6% on RBC’s Q2 Beat Call, AMD Rises 4%, Broadcom Climbs 3% as Chip Rally Resumes | 2026-07-21 | 24/7 Wall St. | AAPL, AMD, AVGO, INTC, META, MRVL, NBIS, NVDA | SOXX 及主要成分股相关性直接，业绩预测和经营数字丰富，且临近英特尔财报。 |
VRT | 2/5 中低 | 大和下调维谛目标价 | Daiwa Securities Adjusts Price Target on Vertiv Holdings to $340 From $400, Maintains Buy Rating | 2026-07-21 | MT Newswires | VRT | 目标价调整与VRT直接相关且时间较新，但缺乏理由、模型和盈利预测，证据价值有限。 |
SOXX | 2/5 中低 | 半导体修复托起盘前大盘 | Exchange-Traded Funds, Equity Futures Higher Pre-Bell Tuesday as Semiconductor Recovery Supports Markets | 2026-07-21 | MT Newswires | BETH, BITO, BTC-USD, CALX, CLBK, EEM, EETH, EXI | 具有当日市场时效，但正文残缺且盘前信息衰减快，对 SOXX 的直接证据不足。 |
NBIS, NVDA | 4/5 中高 | 监管文件确认Nebius持股规模 | Nebius Group Shares Climb After Nvidia Discloses 9.3% Stake | 2026-07-21 | Dow Jones Newswires via MarketScreener | NBIS, NVDA | 报道直接采用监管申报，股数、比例、估值和盘前反应均清楚，适合作为同主题事实基准。 |
VRT | 4/5 中高 | 液冷扩容支撑维谛增长叙事 | AI Chips Need Liquid Cooling. That | 2026-07-21 | Motley Fool | NVDA, VRT | 与VRT业务和AI基础设施需求直接相关，事实密度较高，但行业规划数据与增长延续判断仍需公司披露验证。 |
FTXL | 2/5 中低 | FTXL高集中度与高波动画像 | Should You Invest in the First Trust NASDAQ Semiconductor ETF (FTXL)? | 2026-07-21 | Zacks | FTXL | 基金结构数据完整且直接关联FTXL，但属于常规产品介绍，对当日日报的新增信息和催化解释较少。 |
USAR | 4/5 中高 | 美国防务稀土采购规则收紧 | CRML, MP, UAMY, USAR, Stocks Gain Premarket: Retail Cheers Trump | 2026-07-21 | Stocktwits | CRML, MP, UAMY, USAR | 新近政策直接影响 USAR 及关键矿产同业，产业链数字和公司资产对应清楚，但执行细则仍缺失。 |
APLD | 4/5 中高 | 应用数字高估值考验建设兑现 | Applied Digital Sheds 44%: Buy the Dip or Run? | 2026-07-21 | Trefis | APLD, CLSK, CORZ, CORZZ, HUT, MARA, RIOT, ROAD | 直接覆盖APLD且估值、合同、融资和风险数字完整，主要疑点是部分历史比较口径和推广偏向。 |
NBIS, NVDA | 未评级 | NVIDIA披露Nebius 9.3%受益所有权，持仓构成包含预付认股权证 | NVIDIA披露Nebius 9.3%受益所有权，持仓构成包含预付认股权证 | 2026-07-21 | TipRanks | NBIS, NVDA | - |
| - | 4/5 中高 | 美国期权成交再创新高 | State of the Options Industry: Options Market Continued to Break Records in Q2 2026 | Cboe | 2026-07-21 | Cboe | - | 官方行业数据覆盖成交规模、期限结构和集中度，对当日期权背景判断有较高价值。 |
COHR | 3/5 中 | 地缘风险压过半导体早盘涨势 | Stock Market Today, July 20: Hut 8 Surges 10% as Geopolitical Tensions Weigh on Broader Market | 2026-07-20 | Motley Fool | AMD, COHR, GC=F, GOOG, HUT, INTC, MU, NKE | 跨资产市场信息较完整，但COHR仅被列入板块表现，缺少公司层面证据。 |
VRT | 4/5 中高 | 维谛收购补强高密度液冷 | Vertiv (VRT) Is Buying Strategic Thermal Labs For AI Cooling Growth | 2026-07-20 | Simply Wall St. | VRT | 收购直接影响VRT的液冷竞争力，但条款和财务信息缺失，使量化判断受限。 |
DRAM, SOXX | 5/5 高 | 芯片基金逆势吸金四十亿美元 | Investors Added $46B To ETFs Last Week | 2026-07-20 | etf.com | 005930.KS, DRAM, EWY, GLD, IWM, KLMN, LQD, QQQM | 近期基金流量数据完整，直接量化 SOXX 和 DRAM 在抛售期间的资金承接，日报证据价值高。 |
USAR | 3/5 中 | 扩产预期压低稀土股估值 | Rare Earth Stocks Slide On Oversupply Fears | 2026-07-20 | Investor's Business Daily | AREC, CRML, MP, USAR, UUUU | 对 USAR 与稀土板块的近期价格压力有直接解释，但原文严重截断，无法验证供需测算。 |
COHR | 3/5 中 | 巴克莱上调光迅科技评级 | Lumentum Stock Surges After Barclay’s Says It’s Time to Buy | 2026-07-20 | Barrons.com | COHR, GLW, HG=F, LITE, NVDA, ^GSPC | 评级事件对COHR同业环境有参考意义，但原文严重截断，证据强度有限。 |
| - | 4/5 高优先级数据 | 美元周内先弱后稳日元承压 | Board of Governors of the Federal Reserve System | 2026-07-20 | Federal Reserve Board | DXY, EURUSD, USDCNY, USDJPY | 美联储官方数据与四个相关汇率标的直接对应，事实密度高；周度频率使其对最新盘面的覆盖略有滞后。 |
COHR | 4/5 中高 | 光迅利润率扩张领先相干公司 | Lumentum Just Scored a New Upgrade. Here | 2026-07-20 | Barchart | COHR, LITE | 提供LITE与COHR直接利润率比较和近期业绩验证节点，数据相关性较强。 |
CRCL | 3/5 公司一手资料 | Circle披露稳定币储备框架 | Transparency & Stability | Circle | 2026-07-20 | Circle | CRCL, USDC | 页面提供Circle储备治理和赎回机制的一手说明，但缺失当期核心数值，无法完成储备覆盖率和资金流验证。 |
VRT | 4/5 中高 | 维谛液冷收购扩展验证能力 | VRT Stock Is Rising Today – What’s The Deal With Strategic Thermal Labs About? | 2026-07-20 | Stocktwits | VRT | 提供VRT收购的具体技术能力和行业约束，但缺乏交易经济性及客户验证数据。 |
VRT | 3/5 中 | 维谛回撤与基本面出现分化 | Jim Cramer Says Wait Before Buying the Dip on Vertiv: “You’ll Get A Better Price.” | 2026-07-20 | 24/7 Wall St. | MCHP, MCHPP, NVDA, VRT | 财务和价格数据较丰富，但关键的强制平仓解释仅来自媒体评论。 |
USAR | 4/5 中高 | USAR转向矿业整合执行 | USA Rare Earth Names Serra Verde CEO as Barbara Humpton Steps Down | 2026-07-20 | Oilprice.com | USAR | 管理层交接与 Serra Verde 合并直接决定 USAR 下一阶段执行，事实明确且时效较高。 |
SOXX | 3/5 中 | Burry转向低估值港股 | Michael Burry Urges Hong Kong Stocks as SOXX Surges 76% | 2026-07-20 | GuruFocus.com | JD, SOXX | 为 SOXX 提供跨市场拥挤与轮动视角，但直接基本面证据较少，主要依赖个人观点。 |
DRAM, SOXX | 3/5 中 | 芯片股超卖反弹与拥挤并存 | Chips Stocks Are Both Overcrowded and Oversold | 2026-07-20 | Barrons.com | DRAM, SOXX, ^SOX | 与 SOXX、DRAM 的短期状态直接相关，但原文截断且缺少量化拥挤证据。 |
SOXX | 3/5 中 | 黄仁勋押注万亿级智能体需求 | Jensen Huang Thinks Semiconductors Will Be the Largest Industry in the World “By Far” — and This Might Be Key to Getting Nvidia Stock to $500 | 2026-07-20 | 24/7 Wall St. | NVDA, SOXX | 提供 NVDA 与 SOXX 的长期需求叙事，但缺少可验证的近期经营数据，日报优先级居中。 |
APLD | 3/5 中 | 数据中心股反弹缺少新催化 | IREN Soars 17%; Applied Digital, TeraWulf, Core Scientific Surge in a Data Center Rebound | 2026-07-20 | 24/7 Wall St. | APLD, CORZ, CRWV, IREN, NVDA, WULF | 直接覆盖APLD与同业经营差异，但事件已滞后两天，反弹缺少新基本面证据。 |
USAR | 2/5 中低 | USAR确认首席执行官更替 | USA Rare Earth Appoints Thras Moraitis as Chief Executive Officer | 2026-07-20 | MT Newswires | USAR | USAR 相关性直接，但付费墙导致正文残缺，同批次完整来源已覆盖主要事实。 |
SOXX | 2/5 中低 | 财报周前美股盘前走高 | Exchange-Traded Funds, Equity Futures Higher Pre-Bell Monday Ahead of Key Earnings Reports | 2026-07-20 | MT Newswires | BABA, BETH, BITO, BTC-USD, EEM, EETH, ESLT, EXI | 只能提供大盘盘前背景，正文缺失且对 SOXX 没有可见的直接数据。 |
SOXL | 3/5 中 | 芯片回撤考验人工智能估值 | AI-Driven Chip Rally Hits a Speed Bump: Buy the Dip in ETFs? | 2026-07-20 | Zacks | CHPX, SHOC, SMH, SMHX, SOXL | 覆盖多个相关半导体ETF并提供回撤与盈利数字，但结论带有明显推荐倾向，且部分证据为二手市场叙事。 |
USAR | 3/5 中 | Moraitis将执掌合并后USAR | USA Rare Earth Names Serra Verde CEO Moraitis to Lead Combined Company | 2026-07-20 | The Wall Street Journal | USAR | 来源质量较高并补充28亿美元交易规模，但正文缺失限制了可验证细节。 |
USAR | 5/5 高 | USAR管理层与并购同步交接 | USA Rare Earth Announces Leadership Transition | 2026-07-20 | GlobeNewswire | USAR | 第一方公告完整覆盖 USAR 管理层、并购、政府融资和执行风险，是同批次该事件的主要证据。 |
SOXX | 4/5 中高 | 半导体熊市仍有下探风险 | SOXX Enters Bear Market: Why Ed Yardeni Says Semiconductor Stocks Could Fall Another 12% | 2026-07-20 | Benzinga | SOXX, ^GSPC | 直接涉及SOXX的熊市回撤和进一步下探判断，数字明确且时效较强，但预测及归因集中于单一策略师观点。 |
USAR | 4/5 中高 | USA Rare Earth管理层交接 | USA Rare Earth Announces Leadership Transition - Mon, 07/20/2026 - 07:00 | 2026-07-20 | USA Rare Earth Investor Relations | USAR | 官方披露管理层更替并直接连接重大合并与产能执行，对USAR研究优先级较高。 |
| - | 4/5 中高 | 萨凡纳河AI算力能源项目 | NNSA Selects Amentum for AI Data Center and Energy Project at Savannah River Site | 2026-07-20 | U.S. Department of Energy / NNSA | - | 官方披露的算力和电源规模较大，对人工智能基础设施与能源政策研究有直接价值，但项目仍处早期谈判阶段。 |
APLD | 4/5 中高 | 两家人工智能基建商的规模落差 | CoreWeave vs. Applied Digital: Evaluating Disparities in Revenue Scale for These Artificial Intelligence Companies | 2026-07-19 | Motley Fool | APLD, CRWV | 公司申报数据清楚展示 APLD 与 CRWV 的收入、债务及估值差异，对 APLD 基本面阅读价值较高。 |
DRAM, SOXL | 4/5 中高 | 芯片ETF越跌资金越涌入 | Investors Pour $25B Into Semiconductor ETFs as DRAM Plunges 40% | 2026-07-17 | etf.com | DRAM, SMH, SOXL, SOXX | 同时提供价格回撤和基金净流入数据，能直接观察DRAM、SOXX、SMH及SOXL的承接强度；数据存在数日滞后。 |
| - | 5/5 当日关键数据 | 美债曲线全线抬升并维持陡峭 | U.S. Department of the Treasury | 2026-07-17 | U.S. Department of the Treasury | UST | 数据更新至最近交易日，来自美国财政部，直接刻画美国国债期限结构及跨资产贴现率环境。 |
APLD | 4/5 中高 | Meta自建算力冲击云商估值 | Coreweave Down 35% . This Analyst Reiterated His $250 Target Even After ‘Meta Compute’ Was Announced. | 2026-07-17 | 24/7 Wall St. | APLD, CRWV, IREN, META, NBIS, NVDA | 直接解释 CRWV 与 APLD 同步重估的市场叙事，并提供合同、积压订单和财务风险数字，但分析师观点占比较高。 |
COHR | 4/5 中高 | 相干公司押注高速光网扩产 | Zacks Industry Outlook Highlights Dave, V2X and Coherent | 2026-07-17 | Zacks | COHR, DAVE, VVX | COHR业务、产能和技术路线信息密集，但发布时间稍早且市场空间多来自公司叙事。 |
COHR | 3/5 中 | IPG收购扩展眼科激光版图 | IPG Photonics Targets Medical Laser Growth With €300M Lumibird Medical Deal | 2026-07-17 | MarketBeat | COHR, IPGP, LBIRD.PA | 交易证据和数字完整，但与输入标的COHR只有行业层面的间接关系。 |
APLD | 3/5 中 | Applied Digital融资压力透视 | 3 Small-Cap Stocks That Fall Short | 2026-07-17 | StockStory | APLD, SHC, WD | 与 APLD 直接相关，能补充融资和现金流风险框架，但数据解释有限且推广色彩较重。 |
| - | 4/5 中高 | 美国工业生产低速增长 | Board of Governors of the Federal Reserve System | 2026-07-17 | Federal Reserve Board | - | 美联储官方工业生产数据对宏观与周期行业判断具有较强证据价值，虽非当日发布且后续可能修订。 |
| - | 未评级 | Monthly New Residential Construction, June 2026 | New Residential Construction Press Release | 2026-07-17 | U.S. Census Bureau | - | - |
DRAM | 未评级 | ETF League Tables: Roundhill Pulls In $643M | ETF League Tables: Roundhill Pulls In $643M | 2026-07-16 | etf.com | DRAM | 发布时间早于日报 5 天摘要窗口。 |
SOXL | 未评级 | Why Direxion Daily Semiconductor Bull 3X ETF Just Crashed | Why Direxion Daily Semiconductor Bull 3X ETF Just Crashed | 2026-07-16 | Motley Fool | NVDA, SOXL, TSM, ^IXIC | 发布时间早于日报 5 天摘要窗口。 |
APLD | 未评级 | Applied Digital (APLD) Expands North Dakota AI Campus on Schedule | Applied Digital (APLD) Expands North Dakota AI Campus on Schedule | 2026-07-16 | Insider Monkey | APLD | 发布时间早于日报 5 天摘要窗口。 |
SOXL | 未评级 | NVDA, MRVL, SNDK, SKHY, And Other Chip Stocks Slide: Analyst Says Investors Are Rotating To Safety Amid Iran War Tensions | NVDA, MRVL, SNDK, SKHY, And Other Chip Stocks Slide: Analyst Says Investors Are Rotating To Safety Amid Iran War Tensions | 2026-07-16 | Stocktwits | CL=F, MRVL, NVDA, SKHY, SNDK, SOXL | 发布时间早于日报 5 天摘要窗口。 |
COHR | 未评级 | 3 Stocks to Consider From the Growing Technology Services Market | 3 Stocks to Consider From the Growing Technology Services Market | 2026-07-16 | Zacks | COHR, DAVE, VVX | 发布时间早于日报 5 天摘要窗口。 |
| - | 未评级 | Advance Monthly Sales for Retail and Food Services, June 2026 | Monthly Retail Trade - Sales Report | 2026-07-16 | U.S. Census Bureau | - | - |
| - | 未评级 | TSMC 2026 Q2 Quarterly Results | TSMC 2026 Q2 Quarterly Results | 2026-07-16 | TSMC | - | - |
SOXL | 未评级 | Leveraged ETFs in 2026: How They Work, the Best Funds, and the Risks You Can't Ignore | Leveraged ETFs in 2026: How They Work, the Best Funds, and the Risks You Can | 2026-07-15 | etf.com | NVDL, SOXL, SPXL, TECL, TQQQ, UPRO | 发布时间早于日报 5 天摘要窗口。 |
DRAM | 未评级 | The SOX Index Fell 16% in Less Than a Month | The SOX Index Fell 16% in Less Than a Month | 2026-07-15 | Barrons.com | DRAM, MU, NVDA, SNDK, STX, WDC, ^GSPC, ^SOX | 发布时间早于日报 5 天摘要窗口。 |
DRAM | 未评级 | Tech Stocks Are on the Rise Despite the Chip Dip | Tech Stocks Are on the Rise Despite the Chip Dip | 2026-07-15 | Barrons.com | DRAM, SOX, ^DJI, ^GSPC, ^IXIC | 发布时间早于日报 5 天摘要窗口。 |
| - | 未评级 | Weekly Petroleum Status Report | Weekly Petroleum Status Report - U.S. Energy Information Administration (EIA) | 2026-07-15 | U.S. Energy Information Administration | BZ, CL, XLE | 发布时间早于日报 5 天摘要窗口。 |
APLD | 未评级 | Applied Digital Sets Fiscal Fourth Quarter and Full Year 2026 Conference Call for Monday, July 27, 2026, at 5:00 p.m. Eastern Time | Applied Digital Sets Fiscal Fourth Quarter and Full Year 2026 Conference Call for Monday, July 27, 2026, at 5:00 p.m. Eastern Time | 2026-07-15 | Applied Digital Investor Relations | APLD | 发布时间早于日报 5 天摘要窗口。 |
DRAM, PSI | 未评级 | How to Profit from the End of the AI Trade | How to Profit from the End of the AI Trade | 2026-07-14 | Barchart | DISK, DRAM, MU, NVDA, PSI, SKHY, SMH, SNDK | 发布时间早于日报 5 天摘要窗口。 |
GFS | 未评级 | Wedbush Delivers an Urgent Message for TSMC Stock Investors | Wedbush Delivers an Urgent Message for TSMC Stock Investors | 2026-07-14 | GuruFocus.com | GFS, TSEM, TSM, UMC | 发布时间早于日报 5 天摘要窗口。 |
SOXL | 未评级 | The 2 Pressure Points That Will Determine SOXL’s Next 12 Months | The 2 Pressure Points That Will Determine SOXL’s Next 12 Months | 2026-07-14 | 24/7 Wall St. | AMD, SMH, SOXL | 发布时间早于日报 5 天摘要窗口。 |
CL, DXY, GLOBAL, UST | 未评级 | 美国2026年6月消费者价格指数 | Consumer Price Index News Release | 2026-07-14 | U.S. Bureau of Labor Statistics | CL, DXY, GLOBAL, UST | 发布时间早于日报 5 天摘要窗口。 |
USAR | 未评级 | USA Rare Earth Produces Commercial Grade Dysprosium Oxide and Neodymium-Praseodymium Oxide Samples from Recycled Magnet Material at Wheat Ridge Facility | USA Rare Earth Produces Commercial Grade Dysprosium Oxide and Neodymium-Praseodymium Oxide Samples from Recycled Magnet Material at Wheat Ridge Facility | 2026-07-14 | GlobeNewswire | HRE.AX, USAR | 发布时间早于日报 5 天摘要窗口。 |
| - | 未评级 | Oncology Approval Notifications | Oncology (Cancer) / Hematologic Malignancies Approval Notifications | 2026-07-14 | U.S. Food and Drug Administration | - | 发布时间早于日报 5 天摘要窗口。 |
USAR | 未评级 | Here's Why USA Rare Earth Stock Rocketed 81% Higher in the First Half of 2026 | Here | 2026-07-13 | Motley Fool | NVDA, USAR, ^GSPC | 发布时间早于日报 5 天摘要窗口。 |
SOXL | 未评级 | Investors Buy the Semiconductor Dip in $40 Billion Flows Week | Investors Buy the Semiconductor Dip in $40 Billion Flows Week | 2026-07-13 | etf.com | CL=F, DRAM, HYG, QQQ, SMH, SOXL, SOXX, VOO | 发布时间早于日报 5 天摘要窗口。 |
GFS | 未评级 | GlobalFoundries (GFS) Announces Production Readiness of SLATE Wafer-to-Wafer Bonding Technology | GlobalFoundries (GFS) Announces Production Readiness of SLATE Wafer-to-Wafer Bonding Technology | 2026-07-12 | Insider Monkey | GFS | 发布时间早于日报 5 天摘要窗口。 |
GFS | 未评级 | A GlobalFoundries Insider Sold 78% of His Company Shares. Here's a Closer Look at the Transaction. | A GlobalFoundries Insider Sold 78% of His Company Shares. Here | 2026-07-11 | Motley Fool | GFS | 发布时间早于日报 5 天摘要窗口。 |
PSI | 未评级 | AAOI Soared 251%, But PSI Quietly Doubled Your Money Too | AAOI Soared 251%, But PSI Quietly Doubled Your Money Too | 2026-07-10 | 24/7 Wall St. | AAOI, PSI, RDDT | 发布时间早于日报 5 天摘要窗口。 |
GFS | 未评级 | Micron's $250 Billion Bet Could Reshape the AI Memory Race | Micron | 2026-07-10 | MarketBeat | GFS, MU, SKHY | 发布时间早于日报 5 天摘要窗口。 |
GFS | 未评级 | Taiwan Semiconductor Is a No-Brainer Buy Before July 16 Earnings. Here’s Why | Taiwan Semiconductor Is a No-Brainer Buy Before July 16 Earnings. Here’s Why | 2026-07-10 | 24/7 Wall St. | GFS, INTC, NVDA, TSM | 发布时间早于日报 5 天摘要窗口。 |
BZ, CL, GLOBAL | 未评级 | IEA 2026年7月石油市场报告 | IEA 2026年7月石油市场报告 | 2026-07-10 | International Energy Agency | BZ, CL, GLOBAL | - |
CRCL | 未评级 | Circle Receives Final OCC Approval to Establish National Trust Bank | Circle Receives Final OCC Approval to Establish National Trust Bank | 2026-07-10 | Circle Investor Relations | CRCL | - |
GFS | 未评级 | SandboxAQ CEO: “It’s Time That America Really Has a Sovereign Wealth Fund.” Why America Should Copy Norway’s $2 Trillion Fund | SandboxAQ CEO: “It’s Time That America Really Has a Sovereign Wealth Fund.” Why America Should Copy Norway’s $2 Trillion Fund | 2026-07-09 | 24/7 Wall St. | GFS, IBM, NVDA, SAAQ.PVT | 发布时间早于日报 5 天摘要窗口。 |
GFS | 未评级 | GlobalFoundries Shares Rise After Micron Expands U.S. Semiconductor Supply Chain Investment (GFS) | GlobalFoundries Shares Rise After Micron Expands U.S. Semiconductor Supply Chain Investment (GFS) | 2026-07-09 | InvestorsHub | 6488.TWO, GFS, MU | 发布时间早于日报 5 天摘要窗口。 |
KMEM | 未评级 | New Memory ETFs Line Up to Challenge Runaway DRAM | New Memory ETFs Line Up to Challenge Runaway DRAM | 2026-07-09 | etf.com | 000660.KS, 005930.KS, DRAM, HBMX, KMEM | 发布时间早于日报 5 天摘要窗口。 |
GFS | 未评级 | TSMC Outpaces Sector & Peers in a Year: Is the Stock Still a Buy? | TSMC Outpaces Sector & Peers in a Year: Is the Stock Still a Buy? | 2026-07-08 | Zacks | GFS, ON, TSM, ^GSPC | 发布时间早于日报 5 天摘要窗口。 |
GOOG, GOOGL | 未评级 | Alphabet Announces Date of Second Quarter 2026 Financial Results Conference Call | Alphabet Announces Date of Second Quarter 2026 Financial Results Conference Call | 2026-07-08 | Alphabet Investor Relations | GOOG, GOOGL | - |
BTC | 未评级 | Bitcoin Core版本与安全公告 | Bitcoin | 2026-07-08 | Bitcoin Core | BTC | 发布时间早于日报 5 天摘要窗口。 |
MSFT | 未评级 | Microsoft announces quarterly earnings release date - Source | Microsoft announces quarterly earnings release date - Source | 2026-07-08 | Source | MSFT | 发布时间早于日报 5 天摘要窗口。 |
PSI | 未评级 | Up 102% in 2026, This Chip ETF Mysteriously Avoids Taiwan Semiconductor | Up 102% in 2026, This Chip ETF Mysteriously Avoids Taiwan Semiconductor | 2026-07-07 | 24/7 Wall St. | AMD, NVDA, PSI, TSM | 发布时间早于日报 5 天摘要窗口。 |
| - | 未评级 | Short-Term Energy Outlook, July 2026 | U.S. Energy Information Administration - EIA - Independent Statistics and Analysis | 2026-07-07 | U.S. Energy Information Administration | - | 发布时间早于日报 5 天摘要窗口。 |
DXY, GLOBAL, UST | 未评级 | 美国2026年6月就业报告 | Employment Situation News Release | 2026-07-02 | U.S. Bureau of Labor Statistics | DXY, GLOBAL, UST | 发布时间早于日报 5 天摘要窗口。 |
PSI | 未评级 | Top-Performing ETF Areas of 1H 2026 | Top-Performing ETF Areas of 1H 2026 | 2026-07-02 | Zacks | BWET, EWY, PSI, TCAI, UGA, ^GSPC, ^IXIC, ^RUT | 发布时间早于日报 5 天摘要窗口。 |
| - | 未评级 | The Employment Situation — June 2026 | The Employment Situation — June 2026 | 2026-07-02 | U.S. Bureau of Labor Statistics | - | - |
PSI | 未评级 | Best Performing ETFs of 2026 | Best Performing ETFs of 2026 | 2026-07-01 | etf.com | AIS, BWET, DRAM, EWY, MUU, PSI, QQQ, SOXX | 发布时间早于日报 5 天摘要窗口。 |
KMEM | 未评级 | Kurv Launches the KMEM ETF: The Purest Play on Memory Production | Kurv Launches the KMEM ETF: The Purest Play on Memory Production | 2026-07-01 | Business Wire | 000660.KS, 005930.KS, CBOE, KMEM, MU | 发布时间早于日报 5 天摘要窗口。 |
FTXL | 未评级 | Semiconductor ETFs to Buy as Micron Leads $2T AI-Led Chip Market Rally | Semiconductor ETFs to Buy as Micron Leads $2T AI-Led Chip Market Rally | 2026-07-01 | Zacks | AMD, CHPX, FTXL, INTC, MU, SHOC | 发布时间早于日报 5 天摘要窗口。 |
GFS | 未评级 | GlobalFoundries Announces Conference Call to Review Second Quarter 2026 Financial Results | GlobalFoundries Announces Conference Call to Review Second Quarter 2026 Financial Results | GlobalFoundries Inc. | 2026-07-01 | GlobalFoundries Investor Relations | GFS | 发布时间早于日报 5 天摘要窗口。 |
APLD | 未评级 | Applied Digital Delivers Second Building at Polaris Forge 1 | Applied Digital Delivers Second Building at Polaris Forge 1 | 2026-07-01 | Applied Digital Investor Relations | APLD | 发布时间早于日报 5 天摘要窗口。 |
| - | 未评级 | DOE Critical Minerals and Materials Program | Critical Minerals and Materials Program | 2026-07-01 | U.S. Department of Energy | - | 发布时间早于日报 5 天摘要窗口。 |
VRT | 未评级 | Vertiv Opens Johor Manufacturing Facility | Vertiv Opens Johor Manufacturing Facility | 2026-07-01 | Vertiv Investor Relations | VRT | - |
FTXL | 未评级 | The Zacks Analyst Blog Highlights Micron, MUU, MULL, SHOC,CHPX and FTXL | The Zacks Analyst Blog Highlights Micron, MUU, MULL, SHOC,CHPX and FTXL | 2026-06-26 | Zacks | CHPX, FTXL, KNO, MU, MULL, MUU, NVS, QCOM | 发布时间早于日报 5 天摘要窗口。 |
SPCX | 未评级 | SpaceX Senior Notes 8-K | Document | 2026-06-26 | SEC EDGAR | - | 发布时间早于日报 5 天摘要窗口。 |
FTXL | 未评级 | Micron Soars Post Q3 Earnings on AI Memory Crunch: ETFs to Watch | Micron Soars Post Q3 Earnings on AI Memory Crunch: ETFs to Watch | 2026-06-25 | Zacks | CHPX, FTXL, KNO, MU, MULL, MUU, SHOC | 发布时间早于日报 5 天摘要窗口。 |
GFS | 未评级 | GlobalFoundries qualifies SLATE advanced packaging technology on 9SW platform for next-generation radio frequency applications | GlobalFoundries qualifies SLATE™ advanced packaging technology on 9SW platform for next-generation radio frequency applications | GlobalFoundries | 2026-06-23 | GlobalFoundries | GFS | 发布时间早于日报 5 天摘要窗口。 |
PSI | 未评级 | Is Invesco Semiconductors ETF (PSI) a Strong ETF Right Now? | Is Invesco Semiconductors ETF (PSI) a Strong ETF Right Now? | 2026-06-18 | Zacks | PSI | 发布时间早于日报 5 天摘要窗口。 |
DXY, GLOBAL, UST | 未评级 | 美联储发布2026年6月FOMC声明 | Federal Reserve issues FOMC statement | 2026-06-17 | Federal Reserve Board | DXY, GLOBAL, UST | 发布时间早于日报 5 天摘要窗口。 |
DXY, EURUSD, GLOBAL | 未评级 | 欧洲央行2026年6月货币政策决定 | Monetary policy decisions | 2026-06-11 | European Central Bank | DXY, EURUSD, GLOBAL | 发布时间早于日报 5 天摘要窗口。 |
FTXL | 未评级 | Chip ETFs to Buy as Broadcom Sinks Over 10% Despite Q2 Earnings Beat | Chip ETFs to Buy as Broadcom Sinks Over 10% Despite Q2 Earnings Beat | 2026-06-05 | Zacks | AVGO, FTXL, SMH, SOXQ, SOXX | 发布时间早于日报 5 天摘要窗口。 |
PSI | 未评级 | Should You Invest in the Invesco Semiconductors ETF (PSI)? | Should You Invest in the Invesco Semiconductors ETF (PSI)? | 2026-06-02 | Zacks | IVZ, PSI | 发布时间早于日报 5 天摘要窗口。 |
FTXL | 未评级 | Is First Trust NASDAQ Semiconductor ETF (FTXL) a Strong ETF Right Now? | Is First Trust NASDAQ Semiconductor ETF (FTXL) a Strong ETF Right Now? | 2026-06-02 | Zacks | FTXL | 发布时间早于日报 5 天摘要窗口。 |
PSI | 未评级 | The Semiconductor Play Nobody Owns Just Lapped Wall Street’s Biggest Names | The Semiconductor Play Nobody Owns Just Lapped Wall Street’s Biggest Names | 2026-05-31 | 24/7 Wall St. | INTC, LRCX, MU, NVDA, PSI, QQQ, SOXX, ^GSPC | 发布时间早于日报 5 天摘要窗口。 |
FTXL | 未评级 | After Three Years of Tracking the AI Capex Cycle These 3 Semiconductor ETFs Sit on Top of the Trade | After Three Years of Tracking the AI Capex Cycle These 3 Semiconductor ETFs Sit on Top of the Trade | 2026-05-29 | 24/7 Wall St. | ASML.AS, FTXL, LRCX, MU, NVDA, SMH, SOXX | 发布时间早于日报 5 天摘要窗口。 |
FTXL | 未评级 | The Most-Compared ETFs Right Now — And What They Reveal | The Most-Compared ETFs Right Now — And What They Reveal | 2026-05-28 | etf.com | BIL, BOXX, CHPS, DRAM, FTXL, IVV, NLR, PSI | 发布时间早于日报 5 天摘要窗口。 |
NVDA | 未评级 | NVIDIA Q1 FY2027 Results | NVIDIA Q1 FY2027 Results | 2026-05-20 | NVIDIA Investor Relations | NVDA | - |
SPCX | 未评级 | Space Exploration Technologies Form S-1 | Space Exploration Technologies - S-1 | 2026-05-20 | SEC EDGAR | SPCX | 发布时间早于日报 5 天摘要窗口。 |
CRCL | 未评级 | What They Are Saying: Industry Leaders Praise Chairman Scott, Senate Banking Committee on Advancing Bipartisan Clarity Act | What They Are Saying: Industry Leaders Praise Chairman Scott, Senate Banking Committee on Advancing Bipartisan Clarity Act | United States Committee on Banking, Housing, and Urban Affairs | 2026-05-15 | U.S. Senate Committee on Banking, Housing, and Urban Affairs | CRCL | 发布时间早于日报 5 天摘要窗口。 |
BTC, COIN, CRCL | 未评级 | 美国参议院银行委员会推进CLARITY法案 | Chairman Scott, Senate Banking Committee Advance Clarity Act in Historic Bipartisan Vote | United States Committee on Banking, Housing, and Urban Affairs | 2026-05-14 | U.S. Senate Committee on Banking, Housing, and Urban Affairs | BTC, COIN, CRCL | 发布时间早于日报 5 天摘要窗口。 |
CRCL | 未评级 | National Security Advisory: Clarity Act Fails to Address Key Vulnerabilities Exploited by Criminals, Terrorists, and Foreign Adversaries | National Security Advisory: Clarity Act Fails to Address Key Vulnerabilities Exploited by Criminals, Terrorists, and Foreign Adversaries | United States Committee on Banking, Housing, and Urban Affairs | 2026-05-14 | U.S. Senate Committee on Banking, Housing, and Urban Affairs Minority | CRCL | 发布时间早于日报 5 天摘要窗口。 |
MSFT | 未评级 | Microsoft FY2026 Q3 Earnings Release | FY26 Q3 - Press Releases - Investor Relations - Microsoft | 2026-04-29 | Microsoft Investor Relations | - | 发布时间早于日报 5 天摘要窗口。 |
VRT | 未评级 | Vertiv Q1 2026 Results | Vertiv Q1 2026 Results | 2026-04-22 | Vertiv Investor Relations | VRT | - |
NBIS, NVDA | 未评级 | NVIDIA and Nebius partner to scale full-stack AI cloud | NVIDIA and Nebius partner to scale full-stack AI cloud | 2026-03-11 | Nebius | NBIS, NVDA | 发布时间早于日报 5 天摘要窗口。 |
| - | 未评级 | Mineral Commodity Summaries 2026 | USGS Publications Warehouse | 2026-02-06 | U.S. Geological Survey | - | 发布时间早于日报 5 天摘要窗口。 |
MRVL | 2/5 中低 | Marvell暂无新增路演安排 | IR Calendar | 未提供发布时间 | Marvell Technology Investor Relations | MRVL | 官方来源可用于MRVL事件日历核对，但没有新增事件或经营信息。 |
COHR | 2/5 中低 | Coherent投资者资料入口 | Investor Relations | Coherent | 未提供发布时间 | Coherent | COHR | 官方页面可信，但归档内容只是资料入口和过往活动，缺少当日新增事实。 |
| - | 3/5 重要背景 | 银行收紧企业与非银信贷标准 | The April 2026 Senior Loan Officer Opinion Survey on Bank Lending Practices | 未提供发布时间 | Federal Reserve Board | - | 美联储官方调查覆盖信贷供需多个关键部门，证据质量高，但观测期停留在2026年一季度，对当日市场的即时解释力有限。 |
CRCL | 3/5 监管线索 | 美国稳定币银行监管规则推进 | 2026 Bulletins | 未提供发布时间 | Office of the Comptroller of the Currency | CRCL, USDC | OCC官方目录确认稳定币监管议程及关键日期，但缺少规则正文，无法据此评估具体合规和财务影响。 |
SOL | 3/5 运营状态确认 | Solana九十日保持全系统运行 | Solana Status | 未提供发布时间 | Solana Statuspage | SOL | 官方状态页提供接近实时的网络运行确认，与SOL直接相关，但信息维度限于组件可用性。 |
| - | 4/5 关键事件日历 | 日本央行七月底会议日程明确 | Release Schedule : 日本銀行 Bank of Japan | 未提供发布时间 | Bank of Japan | USDJPY | 日本央行官方日历明确了月底政策会议及通胀、展望文件的发布时间窗口，与USDJPY高度相关。 |
EQT增产同时下调资本开支
重要性4/5 中高
最新产量、资本开支和长期合同数据直接影响EQT与天然气基本面，但输入主符号KMEM并无正文关联。
中文摘要
核心结论
EQT上调2026年产量预期并下调维护资本开支，显示压缩设施投资和运营效率正在改善单位资产产出；长期电力及液化天然气合同扩大了其对高价值终端市场的敞口。
重要性评级
评级：4/5（中高）
文章提供最新经营指引、现金流和长期合同数据，直接关联EQT及天然气价格；输入主符号KMEM与正文缺乏直接关系。
关键事实
- EQT将2026年产量预期上调约90 Bcfe（十亿立方英尺当量），至2,375—2,450 Bcfe。
- 全年维护资本开支预期下调2,500万美元，至20.4亿—21.9亿美元。
- 二季度销售量为634 Bcfe，高于公司原有预期；资本开支6.66亿美元，比指引下限低9%。
- 归属EQT的自由现金流为3.30亿美元，调整后EBITDA（息税折旧摊销前利润）为10.7亿美元。
- 公司与Competitive Power Ventures签署十年协议，每日向西弗吉尼亚州CPV Shay能源中心供应325,000 Dth（十万英热单位），价格挂钩PJM电力市场。
- 一项五年LNG（液化天然气）承购协议将于2028年（未给出具体日期）开始，公司估计按当前远期价格每年增加约4,500万美元自由现金流。
- EQT以7,700万美元收购Blackline Midstream，新增两座新英格兰地区丙烷储运终端。
- 归属净利润由上年同期7.84亿美元降至2.11亿美元，主要受已实现商品价格下降及衍生品估值影响。
作者观点与证据
文章认为EQT正把运营提效与电力、数据中心及出口需求结合。产量、资本开支和合同条款提供了较强事实支持；每年4,500万美元增量自由现金流基于当前远期价格，实际结果受天然气基差和合同执行影响。
与相关标的的关系
EQT是直接公司标的，NG=F（纽约商品交易所天然气期货）影响其实现价格和现金流。KMEM仅出现在输入符号字段，正文没有建立业务、持仓或指数关系。
时效性与限制
发布于美东时间 07/21 22:25（UTC+8 07/22 10:25），属于当日日报高时效经营信息。原文为Oilprice.com转述，仍需与EQT财报和电话会材料核对。
后续跟踪
- 2026年产量和维护资本开支执行情况
- PJM挂钩合同的实现价格
- 2028年LNG承购协议进度
- 天然气价格与衍生品估值变化
英文原文
EQT Raises Production Outlook and Lowers Capital Spending Forecast
EQT Raises Production Outlook and Lowers Capital Spending Forecast
EQT Raises Production Outlook and Lowers Capital Spending Forecast · Oilprice.com
Charles Kennedy
Wed, July 22, 2026 at 10:25 AM GMT+8 2 min read
- EQT
+1.53%
- NG=F
+0.94%
EQT Corp. raised its 2026 production forecast and lowered its capital spending outlook after stronger well performance and operational efficiencies lifted second-quarter output, while the company expanded its long-term natural gas marketing strategy through new power supply and LNG agreements.
The U.S. natural gas producer increased its full-year production forecast by approximately 90 Bcfe to 2,375–2,450 Bcfe, citing sustained gains from compression investments that improved production from both existing and new wells while slowing decline rates. At the same time, it reduced its full-year maintenance capital expenditure forecast by $25 million to $2.04 billion–$2.19 billion.
Second-quarter sales volume reached 634 Bcfe, exceeding the company's own forecast, while capital expenditures totaled $666 million, 9% below the low end of guidance as operational efficiency gains and lower-than-expected infrastructure spending reduced costs. Free cash flow attributable to EQT totaled $330 million, and adjusted EBITDA attributable to the company reached $1.07 billion.
Beyond its operating performance, EQT continued to strengthen its commercial portfolio. The company signed a 10-year agreement with Competitive Power Ventures to supply 325,000 Dth/d of natural gas to the CPV Shay Energy Center in West Virginia, with pricing linked to PJM electricity markets. It also secured a five-year LNG offtake agreement with a large Asian integrated energy company beginning in 2028, which EQT expects will increase annual free cash flow by approximately $45 million at current strip prices.
EQT also completed its $77 million acquisition of Blackline Midstream, adding two propane storage and distribution terminals in New England. The company said the assets will strengthen its vertical integration strategy by improving propane logistics, pricing flexibility and market access.
Net income attributable to EQT fell to $211 million from $784 million a year earlier, while adjusted net income declined to $244 million from $273 million, reflecting lower realized commodity prices and the impact of derivative valuations.
The results highlight EQT's strategy of pairing operational improvements with growing exposure to premium end markets, as rising electricity demand from power generation and data centers increases opportunities for Appalachian natural gas producers to secure long-term, higher-value sales agreements.
By Charles Kennedy for Oilprice.com
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印度家政服务加速平台化
重要性1/5 低
可补充印度零工经济背景，但缺少上市标的关联，且收入与劳动条件证据主要来自少量采访。
中文摘要
核心结论
印度即时家政平台正把约3,000万人的非正规行业纳入线上派单、计时和评分体系，部分劳动者收入明显提高；工作保障、福利、算法处罚及陌生家庭安全风险仍未解决。
重要性评级
评级：1/5（低）
文章具有印度零工经济和消费服务背景价值，但没有可识别的相关证券标的，与输入符号KMEM缺乏联系。
关键事实
- 印度家政行业约有3,000万名劳动者，传统用工主要依靠熟人介绍和多户兼职。
- Snabbit、Pronto和Urban Company采用线上预约、派单、手机打卡及评分机制。
- 34岁的Heena Bibi称其月收入约45,000卢比，约合472美元，是传统安排典型收入的三倍。
- Snabbit覆盖德里、孟买等10座城市，登记劳动者2万人，日均完成约6万份订单。
- 平台在上岗前进行背景审查和警方核验，并提供任务及沟通培训。
- 低于五星制四分的评分会触发培训团队回访，算法同时生成激励与处罚。
- 工会代表认为平台劳动者缺乏稳定岗位、养老金等永久雇员福利。
作者观点与证据
AFP通过平台创始人、劳动者、消费者和工会采访呈现收入、灵活性与劳动保障之间的张力。收入提升来自单一个案，未提供大样本工资分布、平台抽成、工时或事故数据，不能代表全行业。
与相关标的的关系
正文涉及Snabbit、Pronto和Urban Company等私人平台，没有说明KMEM或其他上市标的的业务关联，适合作为印度数字服务和零工监管背景材料。
时效性与限制
发布于美东时间 07/21 22:22（UTC+8 07/22 10:22）。报道时效较强，但平台经营数据主要由公司提供，劳动条件证据以少量访谈为主。
后续跟踪
- 平台劳动者平均净收入与实际工时
- 抽成、处罚和社会保障规则
- 用户复购率及城市扩张效率
- 印度零工劳动监管进展
英文原文
India
India's domestic workers go online as instant services boom
Abhaya Srivastava with Aishwarya Kumar in Bengaluru
Wed, July 22, 2026 at 10:22 AM GMT+8 4 min read
Platforms such as Snabbit, Pronto and Urban Company function much like ride-hailing apps -- workers receive bookings online, travel to assigned homes and clock in on their phones (Idrees MOHAMMED) Racing against a stopwatch, a group of women folds bedsheets as they train to join an Indian startup that offers instant home services, transforming a traditionally word-of-mouth sector and promising better pay.
Households in India have long relied on an informal army of domestic workers to mop floors, wash dishes and cook meals.
A growing crop of tech startups is now attempting to bring structure to the unregulated sector that employs some 30 million people, while allowing both workers and customers more flexibility.
Platforms such as Snabbit, Pronto and Urban Company function much like ride-hailing apps -- workers receive bookings online, travel to assigned homes and clock in on their phones.
Performance is tracked through ratings, with incentives and penalties generated by algorithms.
At one of Snabbit's training hubs in the southern tech hub of Bengaluru, workers rehearse tasks such as chopping vegetables against the clock.
For Heena Bibi, 34, "doing the same work with a company is good", making around 45,000 rupees ($472) a month -- three times what workers typically earn with up to four customers through traditional arrangements.
"I get three-four jobs on a normal day. If there's any festival... more work comes," said the mother of four.
Domestic work in India has long been associated with low wages and concerns over abuse or exploitation.
But with few barriers to entry, the sector still attracts many workers who migrate from rural areas to cities in search of opportunity, often juggling jobs across several households in a day.
- 60,000 jobs a day -
Not everyone is ready to join the app bandwagon just yet.
For Renu Devi, a 38-year-old helper from Uttar Pradesh, the traditional system feels safer.
"I am scared that I might have to go to a house where I don't know if I will be safe," she said. "At the moment, I know the people who I work for and I can trust them."
Labour advocates question whether app-based work meaningfully improves workers' conditions.
Sanjay Gaba, president of the All India Gig and Platform Workers Union, said the system simply replaces one form of exploitation with another.
"The app system is 100 percent unfair," he told AFP. "They don't have any job security. They don't have benefits like pension because they are not permanent employees."
Aayush Agarwal, founder and chief executive of Snabbit, said flexible hours were key to the platform's popularity among workers.
"Today a mother can send her kid off to school, work at Snabbit for four hours and come back before the kid comes back from school," he told AFP.
Story Continues
"It is an opportunity that these women see in a very positive light."
Snabbit operates across 10 cities, including Delhi and Mumbai, with 20,000 registered workers clocking an average of 60,000 jobs daily.
- No 'fixed schedule' -
Homemaker Atiya Khusro, 63, said she preferred booking helps online.
"With regular helps, there is a fixed schedule and I have to adjust my routine around their availability," she told AFP.
"With instant helps there is no such issue."
The model is becoming increasingly common across India's booming gig economy.
Pronto advertises hourly services ranging from window cleaning to "after-party express clean-ups", while Urban Company offers everything from repairs to salon treatments at the touch of a button.
Before joining the platforms, workers undergo background checks, including police verification.
As part of soft skills training, they are taught how to tie their hair neatly and greet customers.
Every customer rating matters.
"If anybody is less than four (out of five), our training team ensures that we call her and understand what is the problem," said Bhoomika Saigal, Snabbit's director of training and quality.
Industry leaders argue that apps are expanding options rather than replacing traditional work.
Snabbit's Agarwal said his goal was to replicate the shift online that the ride-hailing market has gone through.
"Whether it's a Sunday morning... (or) a festival, you should open the app and be able to see a slot and be able to book," he said.
ash-abh/ami/lga
标普重返五十日线等待财报
重要性2/5 中低
涉及GOOG、存储芯片和大盘的近期变化，但正文严重残缺，无法支撑更高阅读优先级。
中文摘要
核心结论
标普500重新站上50日均线，SanDisk、Micron及人工智能相关股票带动广泛反弹；Google和Tesla财报成为下一阶段验证点。
重要性评级
评级：2/5（中低）
信息与GOOG、MU、SNDK及大盘直接相关且时效高，但存档正文只有标题、涨跌幅和一句导语，无法评估指数细节及作者证据。
关键事实
- 标普500重新收复50日均线这一技术支撑。
- SanDisk（闪迪）、Micron（美光科技）及人工智能相关股票被列为反弹主力。
- 元数据显示标普500上涨0.89%，Micron上涨12.17%，GOOG（Alphabet谷歌股票）下跌1.47%。
- Google与Tesla（特斯拉）即将公布业绩。
- 标题还涉及道琼斯指数期货，但存档正文没有提供具体期货点位。
作者观点与证据
文章导语将市场反弹与存储芯片及人工智能股票走强联系起来。由于正文被“继续阅读”截断，无法确认上涨广度、成交量、50日均线点位或财报预期等证据。
与相关标的的关系
GOOG为直接输入标的；MU、SNDK及相关存储股提供人工智能反弹线索。KMEM出现在输入符号中，但残缺正文没有说明其关系。
时效性与限制
输入标准化发布时间为美东时间 07/21 22:21（UTC+8 07/22 10:21）。原文页面显示的时间与该字段不一致，且存档只有493个字符，摘要只能反映导语内容。
后续跟踪
- Google和Tesla财报及指引
- 标普500能否保持在50日均线上方
- 存储芯片反弹的成交量与市场广度
- 完整正文及期货数据补全
英文原文
Dow Jones Futures: S&P 500 Regains 50-Day As Sandisk, Micron Soar; Google, Tesla Earnings Due
Dow Jones Futures: S&P 500 Regains 50-Day As Sandisk, Micron Soar; Google, Tesla Earnings Due
Dow Jones Futures: S&P 500 Regains 50-Day As Sandisk, Micron Soar; Google, Tesla Earnings Due · Investor's Business Daily
ED CARSON
Wed, July 22, 2026 at 10:34 AM GMT+8 5 min read
- ^DJI
+0.74%
- GOOG
-1.47%
- ^GSPC
+0.89%
- MU
+12.17%
- SMCIP
+5.26%
The S&P 500 reclaimed key support as Sandisk, Micron and AI stocks led a broad rally. Google, Tesla earnings loom.
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香港书展录得九十九万人次
重要性1/5 低
虽有客流、消费和版权交易数字，但内容为主办方宣传稿，与相关证券及当日跨资产主题关系很弱。
中文摘要
核心结论
第36届香港书展及同期展览吸引99万人次，在恶劣天气下维持较高客流，并通过版权交易、东盟文学活动和人工智能时代出版论坛强化区域文化与知识产权平台角色。
重要性评级
评级：1/5（低）
文章数据丰富，但属于香港贸发局付费新闻稿，与输入证券符号KMEM及主要跨资产研究线索没有直接联系。
关键事实
- 三项为期七天的展览共吸引99万人次，汇集来自30个国家和地区的770多家参展商，并举办600多项活动。
- 主办方调查访问860多名受访者，平均消费为923港元；85%使用电子支付，逾90%参展商接受电子支付。
- 参观目的包括购买新书45%、享受折扣43%、体验国际书展文化氛围23%，98.2%受访者称达到参观目的。
- 阅读偏好中，小说占46%、文学22%、漫画21%、儿童及青少年读物18%、补充练习16%。
- 阿联酋出版商协会称，第三天前已与约15家出版商达成协议，并售出25本书的版权。
- 刘震云讲座两度满额，现场参与者超过1,400人。
- 出版及版权论坛汇集七个国家和地区的专家，吸引逾250名业内人士讨论人工智能、版权及跨境授权。
- “文化七月”相关活动将延续至07月底（未给出具体日期）。
作者观点与证据
新闻稿强调书展的公众吸引力、销售功能及香港文化交流枢纽地位，证据包括客流、调查和版权成交案例。调查仅覆盖现场访客，且所有经营评价均由主办方或参展商提供，缺少独立核验和同比口径。
与相关标的的关系
正文没有涉及KMEM或其他上市公司，可作为香港消费、会展和出版产业的低优先级背景材料。
时效性与限制
发布于美东时间 07/21 22:19（UTC+8 07/22 10:19）。该文为付费新闻稿，来源为活动主办方香港贸发局，宣传属性明确。
后续跟踪
- 参展商实际销售额与同比变化
- 版权交易最终签约和执行情况
- 访客来源地及旅游消费贡献
- 人工智能版权政策的后续落地
英文原文
36th Hong Kong Book Fair Continues To Be a Beloved Cultural Event
This is a paid press release. Contact the press release distributor directly with any inquiries.
36th Hong Kong Book Fair Continues To Be a Beloved Cultural Event
NewMediaWire
Wed, July 22, 2026 at 10:19 AM GMT+8 12 min read
Attracting Nearly 1 Million Visits
HONG KONG - July 21, 2026 ( NEWMEDIAWIRE ) - Organised by the Hong Kong Trade Development Council (HKTDC), the 36th HKTDC Hong Kong Book Fair , together with the 9th HKTDC Sports and Leisure Expo and 6th HKTDC World of Snacks , concluded successfully today. The three fairs, which ran for seven days, attracted 990,000 visits and brought together more than 770 exhibitors from 30 countries and regions. The Hong Kong Book Fair, alongside the "Cultural July Joyful Summer Reading," featured more than 600 vibrant events, both at the fairground and across the city.
Under the theme "Reading the World: Cultural Legacy | Joyful Journeys", this year's Hong Kong Book Fair enabled book lovers from near and far to discover the histories, cultures and human stories of places around the world. Together with the two concurrent fairs, it created strong synergies and delivered a diverse experience for the public. With a single ticket, visitors enjoyed the pleasures of reading, sports and leisure activities, and snacks from around the globe, delivering an unforgettable experience for all.
Jenny Koo , HKTDC Deputy Executive Director, said: "Despite heavy rain in the first few days of the Book Fair, our visitors remained enthusiastic about the event. The atmosphere was especially lively on Saturday and Sunday, as people turned out in force to purchase their favourite items, demonstrating that the Book Fair continues to be a beloved cultural event that is captivating the public. Many cultural seminars drew an enthusiastic response, Liu Zhenyun's seminar was a full house. The inaugural ASEAN Literary Festival was also well received, with lively sessions that enabled ASEAN authors to engage directly with readers from different places, highlighting Hong Kong's role as the East-meets-West centre for international cultural exchange."
She added that, coinciding with the 60th anniversary of the HKTDC, a celebratory activity was held during the fair. Prof Frederick Ma , HKTDC Chairman, took part in a lively "Wan Chai Community Art Creation Workshop" on 16 July, alongside Hong Kong artist Jane Lee (Messy Desk) and over 100 primary and secondary school students. Together, they painted scenes depicting Hong Kong's vibrant economic landscape and jointly created a meaningful piece of art, which will be on display at the eastbound O'Brien Road tram stop in Wan Chai from 2 to 29 October.
Survey: Buying new books topping visitors' agenda
The organiser commissioned a research institute to conduct a survey of visitors' spending budgets and reading habits, interviewing more than 860 respondents. Results showed that average spending at the Book Fair this year was HK$923. In addition, more than 90% of exhibitors across the three fairs accepted electronic payments, while 85% of respondents used electronic payment methods during their visit, representing an increase over last year.
Story Continues
The primary purpose of attending the Book Fair was purchasing newly released books (45%), followed by enjoying discounted book prices (43%) and experiencing the cultural atmosphere of an international book fair (23%). The findings highlight the Book Fair's dual role as both a destination for readers and a key sales and promotional platform for the publishing industry. Furthermore, 98.2% of respondents indicated their visit had achieved their intended objectives, showing that the Book Fair remains appealing to readers seeking to purchase books. In terms of reading preferences, fiction (46%) ranked first, followed by literature (22%), comics (21%), children's and young adult titles (18%) and supplementary exercises (16%).
Book lovers go home laden with finds as booksellers pull out all the stops
The Book Fair, the cultural event most cherished by book lovers, continued to attract large numbers of local residents and visitors eager to purchase their favourite titles. Visitor Ms Lam , attending the Book Fair for the second year, came prepared with a suitcase and estimated her total spending at around HK$20,000, more than double last year's amount. Her main objective was to buy books for her children, and she expressed that she would return again next year. Having already spent about HK$13,000 in just half a day, mainly on Chinese and English children's books, she had also picked up some educational toys and planned to continue shopping for an e-reader. She said the Book Fair's wide selection of books and cultural products made it easy to compare prices and enjoy discounts.
Mr Chan , a regular visitor, did research online and discovered that publishers often offer special discounts during the Book Fair. He therefore decided to wait and buy a children's learning set at the fair. In addition to teaching materials, he bought a range of other books, including literature, history and philosophy, spending over HK$30,000 in total.
Cosmos Books Director and Deputy General Manager Alva Au said the Book Fair is the largest annual event bringing together book lovers, authors, and publishers, giving authors the chance to connect with readers in person or to launch new books. Around 40 new titles made their exclusive debut at the fair, the most popular being works by renowned authors, Hong Kong themed publications and history titles. She added that the Book Fair helps her stay attuned to industry trends and market demand, both essential for preparing the coming year's publishing plans. Visitor traffic remained strong throughout, she noted, with a notable increase over the weekend, as many book lovers came to buy works by their favourite authors. A number of mainland visitors also travelled to Hong Kong specifically to buy Hong Kong editions and books on Hong Kong-related topics.
Bangzo Books HK is popular among many book lovers. Its booth has gradually expanded from the Children's Paradise to the Foreign Language World, featuring the best-selling fiction for young adults. Company owner Abdul hopes to offer readers the best-value English books. Each year, he expands the pavilion and invites renowned authors to the fair for signing sessions with fans. Satisfied with this year's traffic and sales, he had sold almost 90% of the inventory by the fifth day, with some titles selling out over the weekend. He is considering expanding the booth further and plans to return next year with an even wider selection of titles.
Ms Ho , Marketing Department representative and Book Fair coordinator at Classroom Publications , said the fair serves as an important annual exposure platform for the company. She observed that secondary school students mainly purchased the latest Chinese and English mock examination papers, while primary school students favoured reading comprehension exercises. Given the more cautious consumer sentiment this year, the company boosted its giveaways to help drive sales.
The fair also facilitated cross-regional business collaboration. Rashid Alkous , Executive Director of the Emirates Publishers Association , a first-time exhibitor from the United Arab Emirates (UAE), said: "One of our key objectives at the fair is to help member publishers secure rights sales and translation partnerships. By the third day, we had concluded agreements with around 15 publishers, and successfully sold the rights to 25 titles. We will also translate traditional Chinese books into Arabic and introduce them to the Middle Eastern market. We plan to return to the Book Fair next year and expand our presence."
Bringing together readers from around the world, fostering cultural exchange
The Book Fair's Eight Seminar Series were warmly received, bringing readers and authors from different places together for in-person exchange. The newly launched ASEAN Literary Festival was a particular highlight: a session led by Malaysian author Daryl Yeap drew a good number of students and readers. Yeap said the audience showed great curiosity about the topic and noted that the stories of overseas Chinese communities form an important part of world history. Bringing these stories to Hong Kong from a fresh perspective, she said, was particularly meaningful.
Registration for a seminar by renowned author Liu Zhenyun reached full capacity twice, attracting more than 1,400 onsite attendees. Ms He , a visitor from Zhuhai, felt fortunate to secure a place and travelled to Hong Kong especially to meet the author. Having attended the Book Fair for several consecutive days, she described its scale as impressive and its selection of books as extensive. She said the crowds reflected Hong Kong's openness and appreciation for literature. In addition to buying books by Eileen Chang, Su Tong and Leo Ou-fan Lee, she also joined several seminars and hoped to discover unique cultural and creative products.
The popular " Cultural and Creative Spaces " also returned this year. Create Hangzhou took part for the first time. Its representative, Mr Zhang , said that aside from Hong Kong readers, visitors from the Chinese Mainland, Taiwan and the United States had shown keen interest in the miniature movable-type printing experience, which helped promote traditional Chinese culture. Another exhibitor, Tsi Ku Chai , reported encouraging results. Assistant General Manager and Administrative Director Brian Lai said: "The overall atmosphere at the fair has been very positive. Dunhuang Inspiration metal puzzles, Tsi Ku Chai cultural products and merchandise designed by local artists have all proved popular. Blind-box products aimed at younger consumers have performed particularly well, and overall sales had recorded steady growth."
Industry leaders explore new opportunities in the AI era
The Book Fair also served as a key annual platform for industry exchange. The International Publishing Forum and IP Roundtable , both sponsored by the Cultural and Creative Industries Development Agency of the Government of the Hong Kong Special Administrative Region (HKSAR), further reinforced Hong Kong's role as a regional intellectual property trading centre. This year's discussions focused on the developments in publishing and copyright in the age of artificial intelligence. Publishing and copyright experts from seven countries and regions came together to share insights, drawing over 250 industry professionals.
Co-organised by the HKTDC and the Hong Kong Publishing Federation, the International Publishing Forum was themed "Reading for All in the Age of AI: Reshaping and Co-evolution". Representatives from publishers, cultural content platforms and technology and information companies explored how collaboration could create greater impact, how AI could enhance reading efficiency and cultivate critical and in-depth thinking, and how cross-sector cooperation could foster a reading culture. The forum was widely praised for balancing strategic vision with practical insight.
Organised by the HKTDC and co-organised by the Hong Kong Reprographic Rights Licensing Society, the IP Roundtable welcomed leading industry figures from Hong Kong, Malaysia, Belgium, Norway, the United Kingdom and the UAE. Under the theme "Copyright in Transition: Reshaping Rights, Challenges & Opportunities in the Age of AI", participants discussed changes in IP regulations and policies across jurisdictions, their implications for rights holders and licensing strategies, and the opportunities arising from innovation and cross-border collaboration. The session also examined global trends in the IP market and creative industries, with enthusiastic response on the spot, offering participants valuable forward-looking perspectives.
Cultural Summer continues through July
The HKTDC's " Cultural July Joyful Summer Reading ", organised in collaboration with partners including the Intangible Cultural Heritage Office, the Hong Kong Resource Centre for Heritage and Central Market, will run through the end of July. Activities across Hong Kong Island, Kowloon and the New Territories will include cultural tours and public education programmes under the "Mobile Intangible Cultural Heritage" initiative, extending the city's summer reading and cultural momentum.
Sports and Leisure Expo and World of Snacks prove popular too
This year's Sports and Leisure Expo featured a diverse range of sports, fitness and edutainment experiences designed to encourage healthy lifestyles. The "Multi-sport Playground" presented by the Hong Kong Playground Association drew significant attention, with more than 3,600 visitors taking on challenges such as an 8-metre abseil and the "Fit & Fearless Challenge", testing both courage and physical fitness. First-time exhibitor My Mini Zoo also proved a hit with families, allowing children to interact up close with animals such as lop rabbits, bullfrogs and corn snakes while learning about the natural world.
Meanwhile, the World of Snacks comprised six themed zones showcasing a wide variety of traditional and innovative snacks. Visitors seized the chance to discover international delicacies, party treats and healthier snack options, enjoying a rich and flavourful culinary experience.
The HKTDC will continue to organise exhibitions and conferences that create business opportunities and foster industry exchange. Key events in the second half of the year include the Food Expo, Food Expo PRO, Beauty & Wellness Expo, Home Delights Expo and Hong Kong International Tea Fair in August; the Hong Kong Watch & Clock Fair, Salon de TIME and CENTRESTAGE along with the Belt and Road Summit in September; the Hong Kong Electronics Fair (Autumn Edition), Hong Kong International Lighting Fair (Autumn Edition), electronicAsia, Eco Expo Asia and Hong Kong International Outdoor and Tech Light Expo in October; the Hong Kong International Wine & Spirits Fair, Hong Kong International Optical Fair, HKTDC Entrepreneur Day, the Business of IP Asia Forum and DesignInspire in November. Together, these events will help foster international trade cooperation, reinforce Hong Kong's position as an international business hub, and strengthen its role as both a super connector and a super value-adder.
Photo download : https://bit.ly/4w82Ju6
Media enquiries
Hong Kong Book Fair, Hong Kong Sports and Leisure Expo and World of Snacks
Yuan Tung Financial Relations:
Louise Song
Tel: (852) 3428 5690
Email: lsong@yuantung.com.hk
Tiffany Leung
Tel: (852) 3428 2361
Email: tleung@yuantung.com.hk
HKTDC's Communications & Public Affairs Department:
Noah Qiu
Tel: (852) 2584 4575
Email: noah.yl.qiu@hktdc.org
Navin Law
Tel: (852) 2584 4525
Email: navin.cm.law@hktdc.org
Jane Cheung
Tel: (852) 2584 4137
Email: jane.mh.cheung@hktdc.org
Hong Kong Sports and Leisure Expo, World of Snacks
HKTDC's Communications & Public Affairs Department:
Stanley So
Tel: (852) 2584 4049
Email: stanley.hp.so@hktdc.org
HKTDC Media Room: http://mediaroom.hktdc.com
About HKTDC
The Hong Kong Trade Development Council (HKTDC) celebrates its 60th anniversary this year. The HKTDC is a statutory body established in 1966 to promote, assist and develop Hong Kong's trade. With over 50 offices globally, including 13 in the Chinese Mainland, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions , conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via trade publications , research reports and digital news channels . For more information, please visit: www.hktdc.com/aboutus .
SLS三期试验逼近最终分析
重要性3/5 中
REGAL最终分析门槛对SLS具有直接事件价值，但文章混入机构减持、零售情绪和未经证实的收购叙事。
中文摘要
核心结论
SELLAS的REGAL三期试验接近触发最终分析所需的第80个事件，公司已进入静默期；事件积累放缓无法在盲态下证明GPS治疗组生存获益。
重要性评级
评级：3/5（中）
临床事件数和最终分析门槛直接影响SLS，但减持、零售情绪和收购传言的证据质量较弱，正文与输入主符号KMEM也不匹配。
关键事实
- Fulcrum Wealth Advisors截至06/30（未给出具体时刻）持有SLS 73,253股，价值约108万美元，并卖出35,998股，持仓减少33%。
- SLS在文中所述周二上涨3%，收于12.90美元，月内仍下跌13%，过去一年上涨597%。
- REGAL三期临床试验评估Galinpepimut-S，即GPS，作为急性髓系白血病患者第二次完全缓解后的维持治疗。
- 最终分析需达到80个事件，试验此前已记录78个。
- 试验目标对应GPS中位总生存期12.6个月，对照组最佳可用治疗为8个月。
- 公司已暂停试验特定更新，准备数据库锁定、潜在BLA（生物制品许可申请）监管工作，并继续开发SLS009。
- 首席执行官Angelos Stergiou强调，公司仍处于盲态，无法判断事件放缓来自治疗组、对照组或两组。
- Stocktwits平台显示零售情绪为看空，消息量处于正常水平。
作者观点与证据
文章把机构减持、月度弱势和临床读出临近并列呈现。78个事件和80个事件门槛是决定性事实；机构减持发生在一个季度内，无法证明其掌握临床信息。收购猜测和零售目标价均属未经证实的市场叙事。
与相关标的的关系
SLS是直接受REGAL结果影响的标的。KMEM仅见于输入符号字段，正文没有任何业务或指数关系。
时效性与限制
发布于美东时间 07/21 22:18（UTC+8 07/22 10:18）。文章未提供临床试验登记页面、统计分析方案或最终读出日期；股东持仓数据来自Quiver Quantitative的转述。
后续跟踪
- 第80个事件确认及数据库锁定
- REGAL统计分析和总生存期结果
- BLA准备进度
- SLS009临床开发更新
英文原文
SLS Stock Tracks Worst Month Since March: Investor Slashes Stake By Over 30% As Quiet Period Begins Ahead Of AML Readout
SLS Stock Tracks Worst Month Since March: Investor Slashes Stake By Over 30% As Quiet Period Begins Ahead Of AML Readout
Deepti Sri
Wed, July 22, 2026 at 10:18 AM GMT+8 3 min read
- SLS
+3.41%
- Fulcrum Wealth Advisors reduced its Sellas stake by 33%, selling 35,998 shares and retaining 73,253 shares worth about $1.08 million.
- Sellas' Phase 3 Regal trial is nearing the 80th event required to trigger its final analysis after previously reaching 78 events.
- CEO Angelos Stergiou warned investors not to treat slower event accumulation as proof of better survival as the company remains blinded.
Shares of Sellas Life Sciences (SLS) are tracking their worst monthly performance since March as an investor trimmed more than 30% of its stake and Sellas enters a quiet period before key acute myeloid leukemia (AML) results.
SLS stock rose 3% on Tuesday to close at $12.90, though shares remain down 13% so far this month.
See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox
SLS Investor Cuts Stake Ahead Of Regal Readout
Fulcrum Wealth Advisors reported holding 73,253 SLS shares as of June 30, valued at $1.08 million. The investor sold 35,998 shares during the period, cutting its position by 33%, according to data from Quiver Quantitative.
The stake reduction comes as Sellas approaches a major clinical milestone in Regal, its Phase 3 trial evaluating Galinpepimut-S, or GPS, as a maintenance therapy for AML patients in second complete remission. CEO Angelos Stergiou has said that the study is nearing the 80th event required to trigger its final analysis. Regal had previously recorded 78 of the required events.
As the milestone approaches, Sellas has stopped providing trial-specific updates and is focusing on preparations for database lock, regulatory work for a potential biologics license application (BLA), and the continued development of SLS009, its second AML candidate. The company has entered a quiet period ahead of the Regal readout.
Sellas' Regal Trial Nears Its Final Test
Sellas has said that Regal would meet its objective if GPS delivers a median overall survival of 12.6 months, compared with eight months for patients receiving the best available therapy. The slower pace of event accumulation has become a major talking point among retail investors, with some interpreting it as a possible sign of stronger survival in one of the trial arms.
Stergiou has cautioned against that conclusion, emphasizing that Sellas remains blinded and cannot determine whether the slower event rate is being driven by GPS patients, the control group or both.
He has also rejected calls to stop the study before the 80th event, arguing that completing the required event count is necessary to protect the trial's statistical integrity and avoid timing bias or regulatory concerns.
Story Continues
The institutional stake cut also comes amid persistent takeover speculation. Retail investors have pointed to the company's references to strategic partners, changes to executive change-of-control provisions and the potential commercial value of both GPS and SLS009 as reasons a larger pharma company could eventually show interest.
How Do Retail Traders Feel About SLS?
On Stocktwits, retail sentiment for SLS was 'bearish' amid 'normal' message volume.
SLS sentiment and message volume as of July 21 | Source: Stocktwits One user said , "$SLS It is officially too risky to try and swing trade this. Hold for gold. Any of these AH or PM's could unlock the key to an instant 2-3x, if not more. There are at least 4 PR's to choose from that will trigger a rerate!"
Another user said , "$SLS This move is laughable. Stock should be $20 right now before 80th. $13+ is a joke compared to real value of this stock."
SLS stock has surged 597% over the past year.
For updates and corrections, email newsroom[at]stocktwits[dot]com.
Deepti Sri has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy . This article was originally published on StockTwits .
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AMD押注机架级人工智能系统
重要性5/5 高
临近AMD人工智能活动发布，覆盖产品、客户、竞争格局和2027年预测，对AMD、NVDA及相关云厂商具有直接且及时的阅读价值。
中文摘要
核心结论
AMD通过Helios机架级人工智能系统扩大产品边界，美国银行认为市场关注点将从客户名单转向实际需求、2027年部署进度及数据中心收入兑现。文章给出的长期机会较明确，短期判断仍主要依赖分析师预测。
重要性评级
评级：5/5（高）
文章发表于美东时间 07/21 22:17（UTC+8 07/22 10:17），紧邻AMD人工智能活动，直接涉及AMD、MSFT、META、NVDA和ORCL，事件时效性与标的相关度均高。
关键事实
- AMD于07/20（未给出具体时刻）发布首款机架级人工智能系统Helios，预计2026年稍晚向Microsoft（微软）、Meta Platforms（Meta平台）、OpenAI和Oracle（甲骨文）等客户出货。
- 公司将在07/22至07/23（均未给出具体时刻）于旧金山举办Advancing AI 2026（推进人工智能2026）活动，计划更新MI450X加速器、MI500 GPU（图形处理器）系列、下一代EPYC服务器处理器及人工智能路线图。
- AMD股价在07/21（未给出具体时刻）上涨超过7%；年初至今涨幅为152.8%，同期费城半导体指数上涨72.7%，Nvidia（英伟达）上涨11%。
- 美国银行维持买入评级及620美元目标价，估计AMD可能把2030年人工智能基础设施TAM（潜在市场总规模）描述为1.5万亿美元以上，高于2025年分析师日提出的逾1万亿美元。
- 美国银行预计，随着MI加速器放量和EPYC采用率提高，AMD数据中心收入在2027年可能增长超过100%。
- UBS（瑞银）将目标价由670美元上调至700美元，并把2027年收入预测由792亿美元上调至834亿美元、每股收益预测上调至14.63美元。
- Ark Invest（方舟投资）截至07/21（未给出具体时刻）当月卖出145,550股AMD，按07/21价格估值约7,900万美元；AMD仍是ARK Innovation ETF（方舟创新交易所交易基金）第八大持仓。
作者观点与证据
文章沿用美国银行和瑞银的积极判断，证据包括Helios客户、产品路线图、供应链调查及现有数据中心增长。1.5万亿美元市场规模、2027年收入增速和Amazon（亚马逊）潜在采用均属于分析师估计，尚无公司订单、出货量或合同金额充分验证。
与相关标的的关系
AMD面临的直接比较对象是NVDA的机架级人工智能系统；MSFT、META和ORCL是Helios潜在需求方。若AMD扩展为系统级供应商，相关云厂商可获得更多加速器选择，但文章未量化客户采购规模、部署成本或对NVDA份额的实际影响。
时效性与限制
文章在活动开始前发布，近期验证点清晰；股价表现和分析师目标价具有较强市场叙事色彩。原文没有Helios收入贡献、毛利率、产能或正式采购承诺。
后续跟踪
- Helios与MI450的2027年部署、量产和超大规模客户采用情况。
- 08/04（未给出具体时刻）财报中的数据中心收入、人工智能GPU业务及资本开支信息。
- AMD与NVDA机架系统在性能、能效、软件生态和总体拥有成本方面的可比数据。
- 客户公告能否转化为可核验订单、出货量及收入。
英文原文
AMD stock gets a new reason to watch from Bank of America
AMD stock gets a new reason to watch from Bank of America
Silin Chen
Wed, July 22, 2026 at 10:17 AM GMT+8 4 min read
- AMD
+8.11%
- MSFT
-1.13%
- META
-0.32%
- NVDA
+1.97%
- ORCL
+4.67%
Advanced Micro Devices ( AMD ) stock jumped more than 7% Tuesday, July 21, as investors cheered the chipmaker's latest AI infrastructure push and looked ahead to its key AI event.
On Monday, July 20, AMD introduced Helios, its first rack-scale AI system, which is expected to begin shipping later this year to customers including Microsoft ( MSFT ), Meta Platforms ( META ), OpenAI, and Oracle ( ORCL ).
Helios' rollout is widely considered AMD's biggest step yet into rack-scale AI infrastructure as it seeks to compete more directly with Nvidia ( NVDA ). Investors are looking for signs that the company's expanding AI portfolio can accelerate data center growth and help it gain share in the fast-growing AI market.
The next catalyst comes July 22-23, when AMD hosts its Advancing AI 2026 event in San Francisco. CEO Lisa Su is expected to provide updates on the MI450X accelerator, the MI500 GPU family, next-generation EPYC server processors, and AMD's broader AI roadmap.
Many also view the event as AMD's next opportunity to show how it plans to expand its presence in AI infrastructure ahead of second-quarter earnings on Aug. 4.
AMD stock has outperformed the chip sector this year
Last week, AMD shares fell approximately 11% as semiconductor stocks broadly pulled back.
The sell-off was triggered by Micron Technology ( MU ) amid concerns about growing competition from Chinese memory-chip maker ChangXin Memory Technologies. According to Barron's, the company is preparing a Shanghai IPO that could raise as much as 66.7 billion yuan ($9.8 billion).
Related: Cathie Wood sells $11.7 million of tumbling semiconductor stock
Although AMD doesn't compete directly in the memory market, many investors took profits across semiconductor stocks last week following their strong gains this year.
Even after last week's decline, AMD remains one of the best-performing large-cap chip stocks. Shares are up 152.8% year to date, compared with a 72.7% gain for the Philadelphia Semiconductor Index. Nvidia, by comparison, has gained 11%.
In May, AMD reported strong first-quarter results, raising its outlook for the data center CPU market as demand for agentic AI continues to grow. The company also reiterated that its AI GPU business is expected to exceed its long-term target of an 80% compound annual revenue growth rate.
Meanwhile, Ark Invest CEO Cathie Wood has been trimming her AMD position. As of July 21, Ark funds had sold 145,550 AMD shares this month, worth roughly $79 million based on Tuesday's price.
Even after the recent selling, AMD remains the eighth-largest holding in the ARK Innovation ETF.
Story Continues
AMD shares are up more than 150% year to date.Getty Images
Bank of America stays bullish on AMD stock
Bank of America reiterated its buy rating and $620 price target on AMD ahead of the company's AI event, according to a recent research note sent to TheStreet.
The firm said AMD could use the event to expand its long-term AI opportunity beyond the more than $1 trillion market outlined at its 2025 Analyst Day.
"We would not be surprised to see management frame a path toward a $1.5 trillion + 2030 AI infrastructure TAM, spanning accelerators, networking, memory, CPUs and rack-scale systems," the analysts wrote.
Related: Bank of America CEO warns inflation will back Fed into a corner
"With the event occurring ahead of the Aug. 4 earnings release, we expect commentary to remain focused on long-term opportunities rather than near-term guidance."
Bank of America said investors will likely focus on whether Helios and the MI450 platform can better compete with Nvidia's rack-scale AI systems. After all, the key debate is "whether AMD can evolve from an accelerator supplier into a broader AI systems company."
"Investor focus will likely center on whether Helios/MI450 can narrow the gap versus Nvidia's rack-scale AI systems," the firm wrote, adding that investors should watch for updates on 2027 deployments, production ramps, and broader hyperscale adoption.
The firm also believes demand will be more important than customer announcements.
"We believe the more important message may be demand rather than customer logos," Bank of America wrote, adding that AMD's data center revenue could grow more than 100% in 2027 as MI accelerators ramp and EPYC adoption expands.
Many other Wall Street analysts believe in AMD stock's higher potential, despite its strong gains this year.
Last week, UBS raised its price target on AMD to $700 from $670 while maintaining its buy rating.
The firm said supply chain checks point to stronger demand for AMD's AI accelerators through 2027 and believes Amazon could emerge as a major customer for the MI450X platform.
UBS also raised its 2027 revenue forecast to $83.4 billion from $79.2 billion and increased its earnings estimate to $14.63 per share.
Related: Key auto parts maker closes factory, lays off 325 workers
This story was originally published by TheStreet on Jul 21, 2026, where it first appeared in the Investing section. Add TheStreet as a Preferred Source by clicking here.
越南智能制造展八月开幕
重要性1/5 低
只能提供越南制造业展会背景，缺少已实现订单、上市公司关联和独立验证。
中文摘要
核心结论
ITWA@VIETNAM 2026计划通过五个同期专业展，把电子制造、自动化、机器人和先进材料供应链集中到河内，反映越南承接制造业升级与供应链多元化的产业定位。
重要性评级
评级：1/5（低）
文章提供展会规模和行业覆盖信息，但属于主办方付费新闻稿，没有公司订单或投资承诺，与KMEM缺乏直接关系。
关键事实
- 展会定于08/05—08/07（均未给出具体时刻）在河内越南展览中心举行。
- 展览面积计划为10,000平方米，预计超过500家参展商及10,000多名专业观众。
- 展示范围覆盖电子制造、SMT（表面贴装技术）、自动化、智能制造、功能薄膜、胶粘剂、机器视觉、机器人、电子元件、激光加工和精密模切。
- 五项同期活动包括越南NEPCON ASIA、薄膜与胶带展、胶粘剂与化学品展、机器视觉与机器人展及亚洲电子采购展。
- 会议主题涉及人工智能、智能工厂、半导体供应链、自动化、精密制造、可持续发展和数字化转型。
- 定向观众计划将为合格买家与参展商安排商务配对。
作者观点与证据
新闻稿将该活动定位为东南亚制造技术采购与跨境合作平台，证据主要是计划中的面积、参展人数和议程。文章没有披露已确认参展商名单、往届成交额或会后订单，因此产业影响仍属预期。
与相关标的的关系
正文未涉及KMEM或其他明确上市公司，可作为越南制造业和电子供应链背景材料，无法建立直接盈利影响路径。
时效性与限制
发布于美东时间 07/21 22:17（UTC+8 07/22 10:17），距展会开幕不足15天。该文为PR Newswire付费新闻稿，所有规模均为主办方预测。
后续跟踪
- 最终参展商和专业买家名单
- 展会实际到场人数
- 商务配对形成的订单及合作
- 越南电子与半导体新增投资项目
英文原文
Less Than 15 Days to Go: ITWA@VIETNAM 2026 to Bring Asia
This is a paid press release. Contact the press release distributor directly with any inquiries.
Less Than 15 Days to Go: ITWA@VIETNAM 2026 to Bring Asia's Smart Manufacturing Supply Chain to Hanoi
PR Newswire
Wed, July 22, 2026 at 10:17 AM GMT+8 3 min read
HANOI, Vietnam, July 22, 2026 /PRNewswire/ -- With less than 15 days remaining , Industrial Technology World Asia @ Vietnam (ITWA@VIETNAM 2026) is preparing to welcome global manufacturers, technology innovators and industrial buyers to the Vietnam Exposition Center (VEC), Hanoi , from August 5–7, 2026 .
As Vietnam continues to strengthen its position as one of Asia's fastest-growing manufacturing hubs, ITWA@VIETNAM 2026 will serve as a strategic sourcing and technology platform connecting international solution providers with Vietnam's rapidly expanding electronics, automation and advanced manufacturing industries.
Covering 10,000 square meters , the exhibition is expected to feature over 500 exhibitors and attract more than 10,000 professional visitors , showcasing innovations across electronics manufacturing, SMT, automation, smart manufacturing, functional films, industrial tapes and adhesives, advanced materials, machine vision, robotics, electronic components, laser processing and precision die-cutting technologies .
A One-Stop Platform for Industrial Technology Sourcing
Designed to support manufacturers seeking production upgrades and supply chain diversification, ITWA@VIETNAM 2026 offers a comprehensive sourcing platform where visitors can discover new technologies, evaluate equipment, compare suppliers and establish long-term business partnerships.
The exhibition will be co-located with five specialized industry events:
- NEPCON ASIA @Vietnam
- FILM & TAPE VIETNAM 2026
- ADHESIVES & CHEMICALS VIETNAM 2026
- VISION+ROBOT VIETNAM 2026
- Asia Electronics Sourcing Show
Together, these exhibitions create one of Vietnam's most comprehensive industrial sourcing platforms, bringing together the complete supply chain for electronics manufacturing, automation, precision processing and advanced materials.
Industry Leaders to Share Future Manufacturing Strategies
Alongside the exhibition, ITWA@VIETNAM 2026 will host a series of high-level conferences where policymakers, manufacturers, technology providers and industry experts will explore the future of intelligent manufacturing.
Featured conferences include:
- VIETNAM ELECTRONIC FORUM LED BY ARTIFICIAL INTELLIGENCE: The New Era of Global Supply Chains
- Smart Manufacturing and Supporting Industries Forum 2026
- Die-Cutting Goes Global • Embracing the Future – Die-Cutting Industry Leaders Roundtable Summit
Discussions will focus on artificial intelligence, smart factories, semiconductor supply chains, industrial automation, precision manufacturing, sustainability and digital transformation, providing manufacturers with practical insights into the next phase of industrial development.
Story Continues
Technical Learning Meets Business Matchmaking
Beyond product demonstrations, ITWA@VIETNAM 2026 emphasizes practical knowledge exchange through technical training and professional competitions, including the VIETNAM HAND SOLDERING COMPETITION 2026 – NORTHERN REGION and Die-Cutting Masterclass: Flatbed & Rotary Machine Hands-on .
Visitors will also have opportunities to observe live equipment demonstrations, production optimization techniques and maintenance best practices designed to improve manufacturing efficiency and product quality.
To maximize sourcing efficiency, the exhibition's Targeted Attendee Program (TAP) will arrange tailored business matchmaking between qualified buyers and carefully selected exhibitors, helping manufacturers identify suitable suppliers and accelerate purchasing decisions.
Bringing Together Global Industry Leaders
ITWA@VIETNAM 2026 has attracted strong interest from leading manufacturers across electronics, automotive, consumer electronics, semiconductor and industrial equipment sectors. Professionals from OEMs, EMS providers, factories, R&D centers and procurement departments are expected to attend, making the event an important meeting point for Southeast Asia's manufacturing community.
In addition to business networking sessions and VIP buyer services, eligible visitor groups can enjoy complimentary shuttle transportation, while all attendees can experience interactive robotics demonstrations showcasing the latest intelligent manufacturing technologies.
Register Now for Free Ticket
With Vietnam continuing to attract investment in electronics, semiconductors, new energy and advanced manufacturing, ITWA@VIETNAM 2026 provides an ideal platform for companies seeking new technologies, strategic suppliers and business opportunities across Southeast Asia.
Connecting the full value chain of electronics, automation and precision processing industries, ITWA@VIETNAM 2026 will be co-located alongside five concurrent flagship industry events: NEPCON ASIA @Vietnam, FILM & TAPE VIETNAM 2026, ADHESIVES & CHEMICALS VIETNAM 2026, VISION+ROBOT VIETNAM 2026 and Asia Electronics Sourcing Show . Jointly, these events facilitate cross-border technical exchanges and business collaboration, driving the intelligent upgrading of Southeast Asia's manufacturing sector. Don't miss Vietnam's flagship industrial and manufacturing event — ITWA@VIETNAM 2026 this summer!
For more information, please visit: https://vietnam.itwa-asia.com/vn.html
Cision View original content: https://www.prnewswire.com/apac/news-releases/less-than-15-days-to-go-itwavietnam-2026-to-bring-asias-smart-manufacturing-supply-chain-to-hanoi-302831500.html
油价上行压制科技财报预期
重要性5/5 高
同时覆盖股指、能源、利率、地缘风险和大型科技财报，是当日跨资产环境的关键读物。
中文摘要
核心结论
芯片股和超预期财报推动07/21美股收高，但美伊冲突升级令布伦特原油升破92美元，美股期指随后小幅回落。市场短线同时面对大型科技公司财报、AI（人工智能）资本开支回报和能源通胀压力。
重要性评级
评级：5/5（高）
文章涵盖当日指数、油价、国债收益率、半导体行情和大型科技财报节点，适合作为跨资产日报的高优先级市场背景；地缘事件信息仍需官方与多源核验。
关键事实
- 美东时间 07/21 21:37（UTC+8 07/22 09:37），纳斯达克100、道指和标普500期货分别下跌0.21%、0.10%和0.11%。
- 07/21（未给出具体时刻），纳斯达克综合指数上涨1.29%，标普500上涨0.89%，道指上涨0.74%，分别收于25,837.21点、7,509.20点和52,224.64点。
- VanEck Semiconductor ETF（半导体交易所交易基金）上涨4.52%，iShares Semiconductor ETF 上涨5.45%；Micron 上涨逾13%，Nvidia 上涨近2%。
- 布伦特9月期货上涨约1.68%至每桶92.54美元，西得州中质原油8月期货为84.91美元。
- 美国中央司令部称，美东时间 07/21 19:00（UTC+8 07/22 07:00）开始连续第11晚打击伊朗军事目标。
- 10年期美国国债收益率升至4.634%，现货黄金报每盎司4,121.39美元。
- SMCI 初步数据公布后盘后上涨近18%；GOOG、TSLA 和 INTC 将发布第二季度业绩。
- OKLO 与 X-energy 因加入面向 AI 数据中心的联邦核电加速计划而上涨。
作者观点与证据
文章将芯片股上涨和业绩超预期视为现货市场支撑，将油价与冲突升级视为期指压力。指数和商品报价提供即时证据；战争持续时间、海峡重开及油价对盈利的传导仍是市场判断，不能仅凭单日行情确认。
与相关标的的关系
GOOG、TSLA、INTC 面临财报预期检验；SMCI 受订单更新推动；OKLO、XE 对核能政策敏感；原油及10年期收益率变化影响广泛股票估值和企业成本。
时效性与限制
发布于美东时间 07/21 22:13（UTC+8 07/22 10:13）。报道包含快速变化的隔夜报价和交战方声明，价格及地缘局势可能在日报发布前继续变化。
后续跟踪
- 霍尔木兹海峡通航及停火提案
- 布伦特原油能否维持92美元以上
- GOOG、TSLA、INTC 财报与资本开支指引
- 10年期美债收益率对科技估值的影响
英文原文
S&P 500, Nasdaq, Dow Futures Ease As Oil Rally Tempers AI Optimism Ahead of Big Tech Earnings: SMCI, OKLO, XE, SKHY, GOOG In Focus
S&P 500, Nasdaq, Dow Futures Ease As Oil Rally Tempers AI Optimism Ahead of Big Tech Earnings: SMCI, OKLO, XE, SKHY, GOOG In Focus
S&P 500, Nasdaq, Dow Futures Ease As Oil Rally Tempers AI Optimism Ahead of Big Tech Earnings: SMCI, OKLO, XE, SKHY, GOOG In Focus · Stocktwits
Aashika Suresh
Wed, July 22, 2026 at 10:13 AM GMT+8 5 min read
- GOOG
-1.47%
- CL=F
+0.72%
- TSLA
+2.53%
- INTC
+8.64%
- SMCI
+7.01%
- Oil prices surged to a five-week high, with Brent crude prices jumping over $92 a barrel amid the war with Iran.
- Alphabet, Tesla, and Intel are among the most noteworthy names reporting Q2 results this week.
- Meanwhile, chip stocks continued to climb higher on Tuesday, with major semiconductor companies ending the session in the green.
U.S. stock futures slipped in overnight trading late Tuesday as rising oil prices, driven by an escalation in the U.S.-Iran conflict, dampened optimism ahead of what investors expect to be a strong slate of Big Tech earnings later this week.
Among the marquee names reporting second-quarter results this week are Alphabet Inc. (GOOG, GOOGL), Tesla Inc. (TSLA), and chip giant Intel Corp. (INTC).
See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox
Nasdaq-100 futures fell 0.21%, Dow futures were down 0.10%, and S&P 500 futures declined 0.11% at 9:37 PM EDT. Among ETFs tracking benchmark indexes, the SPDR S&P 500 ETF (SPY), the Invesco QQQ Trust (QQQ), and the SPDR Dow Jones Industrial Average ETF Trust (DIA) all edged lower at the time of writing.
The iShares 20+ Year Treasury Bond ETF (TLT) was also down 0.08% amid 'neutral' sentiment.
How Did US Markets Fare On Tuesday?
U.S. stock markets ended Tuesday in the green , bolstered by a climb in chip companies and strong earnings from companies.
The Nasdaq Composite led the climb, adding about 329 points to close up 1.29 higher. The S&P 500 followed, ending the session 0.89% up; the Dow Jones Industrial Average gained 0.74% at close.
Index
Move
Close
Dow Jones Industrial Average
0.74%
52,224.64
S&P 500
0.89%
7,509.20
Nasdaq Composite
1.29%
25,837.21
US Market Drivers
While semiconductor stocks and market-beating earnings were in the spotlight on Tuesday, escalating tensions in the Middle East sent oil prices to a five-week high, with Brent crude prices jumping over $92 a barrel even as mediators are proposing a new 10-day ceasefire aimed at reopening the Strait of Hormuz.
"CENTCOM forces began striking military targets in Iran at 7 p.m. ET today for the 11th consecutive night. The strikes are designed to continue degrading Iran's ability to threaten commercial shipping in the Strait of Hormuz," the U.S. Central Command said in a post on X.
Meanwhile, Iran's State News Agency said that the U.S. has issued threats to strike the country's nuclear facilities and other critical installations.
"It is made clear that should the invading and terrorist forces of that nation take such a step, it will be regarded as an escalation of conflict across the region," it said in a post on X. "In that event, all US assets, along with those of its allies and backers, will be subject to a decisive strike by the Islamic Republic of Iran's Armed Forces."
Story Continues
Despite the rising tensions, stock markets climbed higher at the close on Tuesday. Lindsey Bell, chief investment strategist at 248 Ventures in Charlotte, North Carolina, reportedly told Reuters that investors are looking at the war as transitory "because we know two things — that $100 oil is a pressure point for Trump, and we also know that midterm elections are coming up."
Photon Capital attributed the rise in U.S. market indexes to the blockbuster performance of semiconductor stocks. "The key is 'chip'," it said in a post on X, noting that the Dow had added nearly 400 points and the S&P 500 had snapped a three-day losing streak.
Nvidia Corp. (NVDA) climbed nearly 2% higher, while Micron Technology Inc. (MU) surged over 13%. Advanced Micro Devices Inc. (AMD), Broadcom Inc. (AVGO), and Intel Corp. (INTC) also gained at the close.
The VanEck Semiconductor ETF (SMH) jumped 4.52%, its strongest performance in over a month. Meanwhile, the iShares Semiconductor ETF (SOXX) closed up 5.45%.
On the earnings front, 3M Co. (MMM) and General Motors Co. (GM) posted top- and bottom-line estimates that beat Wall Street expectations. Markets will be watching closely for prints from Alphabet, Tesla, Intel, and International Business Machines Corp. (IBM), among others, this week, and strong results are likely to stoke investor optimism further.
"The numbers are going to be really good, but the stocks are also priced for perfection," Bell told Reuters.
Trending Stocks To Watch
Super Micro Computer Inc. (SMCI): The server maker's shares jumped nearly 18% in extended trading hours after the company's preliminary results showed that its backlog hit a record in the quarter.
Oklo Inc. (OKLO), X-energy Inc. (XE): The nuclear energy companies' shares jumped at the close and continued gaining overnight after they joined a federal initiative led by the Trump administration to fast-track nuclear power plants for AI data centers.
SK Hynix Inc. (SKHY): The Korean chipmaker was on the retail radar ahead of its July 29 earnings and the launch of an ADR conversion mechanism, which is expected to narrow the premium between its U.S.-listed ADRs and Seoul-listed shares.
Alphabet Inc. (GOOG): The tech giant is in focus ahead of Wednesday's earnings as investors weigh a delay to its Gemini 3.5 Pro AI model against concerns over returns from its heavy AI infrastructure spending.
Global Market Trends
Crude oil prices surged higher on Tuesday, with Brent crude futures expiring in September up about 1.68% to $92.54 per barrel at the time of writing. Meanwhile, WTI crude futures expiring in August were at $84.91 per barrel.
Yields on the 10-year Treasury climbed to 4.634% at the time of writing, while spot gold prices were also trading higher at $4,121.39 per ounce.
Economist Peter Schiff noted the rising oil prices and Treasury yields in a post on X, saying, "These trends will likely continue and are bearish for the economy and corporate earnings. How much longer can stock investors ignore this?"
Meanwhile, Asian markets were trading mixed at the open on Tuesday, with South Korea's KOSPI and Japan's Nikkei 225 rising at the time of writing. China's SSE Composite declined at the open, while Australian stocks edged higher.
For updates and corrections, email newsroom[at]stocktwits[dot]com.
Aashika Suresh has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy . This article was originally published on StockTwits .
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耐克复苏受关税与利润率拖累
重要性3/5 中
对NKE上半年跌幅、财务压力和毛利率修复节点总结清晰，但以历史财报回顾为主，缺少新的经营数据。
中文摘要
核心结论
Nike（耐克）2026年上半年股价下跌36%，经营压力集中在收入停滞、关税成本、毛利率收缩及复苏时间延后。跑步品类开始增长并取得份额，但公司仍需在2027财年第二季度实现毛利率恢复，才能验证转型进度。
重要性评级
评级：3/5（中）
文章发表于美东时间 07/21 22:05（UTC+8 07/22 10:05），直接总结NKE上半年经营变化和下一验证点；多数事实来自已发布财报，新增催化有限。
关键事实
- NKE在2026年上半年下跌36%，主要跌幅发生在03月和04月。
- 第三财季收入持平于113亿美元，毛利率下降130个基点至40.2%。
- 财报发布后，NKE于04/01（未给出具体时刻）下跌15.5%，为当年最差单日表现。
- 管理层预计第四财季收入下降，并称毛利率要到2027财年第二季度才恢复增长；该季度截至2026年11月。
- 关税成本明显侵蚀利润，伊朗战争相关通胀和供应链担忧也压制可选消费板块情绪。
- 公司于06/30（未给出具体时刻）发布第四财季财报后，盘后一度下跌两位数，但次日收涨5%。
- 第四财季收入下降1%；投资者关注新财年能否恢复毛利率扩张。
- 跑步品类已恢复增长并增加市场份额，但公司整体收入与利润尚未形成持续复苏。
- 股价较历史高点累计下跌超过75%；作者认为仅凭跌幅仍难确认估值低廉。
作者观点与证据
作者认为耐克复苏已经出现局部进展，全面兑现仍需时间。收入、毛利率、股价反应和公司指引来自公开财报；“市场可能认为已经触底”由财报次日上涨5%推断，单日价格表现无法充分验证基本面拐点。
与相关标的的关系
文章直接关系NKE，影响路径包括关税、消费需求、产品创新、渠道重建和毛利率。NVDA只出现在推广内容及行情列表中，与耐克经营分析没有实质联系。
时效性与限制
文章回顾2026年上半年，信息以历史财报为主。原文未给出地区销售、库存、折扣强度、直接面向消费者渠道或关税金额，限制了对复苏质量的判断。
后续跟踪
- 2027财年第二季度毛利率能否恢复增长。
- 跑步品类的收入增速、市场份额和盈利贡献。
- 关税成本、库存水平及促销折扣变化。
- 新任管理层的产品、批发渠道和直接销售修复进度。
英文原文
Why Nike Stock Lost 36% in the First Half of 2026
Why Nike Stock Lost 36% in the First Half of 2026
Jeremy Bowman, The Motley Fool
Wed, July 22, 2026 at 10:05 AM GMT+8 3 min read
- NKE
-1.17%
- NVDA
+1.97%
Nike (NYSE: NKE) has been struggling for years, and those challenges continued in the first half of the year, pushing the stock lower.
Nike told investors that its hoped-for turnaround would take longer than expected; revenue continued to be flat; its CFO said it was stepping down, and tariff-related expenses torched its profits.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
As a result, the stock lost 36% over the first half of the year, according to S&P Global Market Intelligence .
As you can see from the chart below, the stock's declines came primarily in March and April, and it fell sharply following its third-quarter earnings report at the end of March.
NKE data by YCharts
Nike's slide continues
Nike's issues in the first half of the year will be familiar to anyone who has followed the stock in recent years.
Investors have been hopeful that Elliott Hill, who took over as CEO nearly two years ago, could turn the business around, but that has yet to materialize.
In the first half of the calendar year, tariffs hit the company's profits sharply. In its third-quarter earnings report, revenue was flat at $11.3 billion, and gross margin fell 130 basis points to 40.2%.
The stock fell 15.5% on April 1 after the report came out, its worst day of the year. However, investors seemed to be more concerned about its forecast of declining revenue in the fourth quarter and comments on the earnings call that it didn't expect gross margin to return to growth until the second quarter of fiscal 2027, which ends this November. Investors were hopeful that it would get back to margin expansion sooner than that.
Additionally, the stock sank in March as the war in Iran weighed on stocks broadly, especially consumer discretionary names like Nike. Nike is sensitive to inflation, which can impact consumer spending, and the war also has the potential to disrupt supply chains.
Image source: Getty Images.
What's next for Nike
Nike stock initially plunged on its fourth-quarter earnings report, released on June 30, falling double-digits in the after-hours session. However, the stock finished up 5% the following day, a sign that investors may believe that Nike is bottoming out.
The results were again mostly underwhelming, with revenue down 1%, but investors seem convinced that the new fiscal year would bring a return to margin expansion, which it continues to expect in the second quarter.
Story Continues
Nike's turnaround is showing results in some categories as it's now growing and gaining market share in running, but there's still a lot of work to be done. At this point, it's hard to call the stock cheap even as it's fallen more than 75% from its peak, but there's certainly upside potential if it can return to growth on the top and bottom lines.
Should you buy stock in Nike right now?
Before you buy stock in Nike, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Nike wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $364,562 ! Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,247,668 !
Now, it's worth noting Stock Advisor's total average return is 894% — a market-crushing outperformance compared to 207% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor , and join an investing community built by individual investors for individual investors.
See the 10 stocks »
*Stock Advisor returns as of July 21, 2026.
Jeremy Bowman has positions in Nike. The Motley Fool has positions in and recommends Nike. The Motley Fool has a disclosure policy .
Why Nike Stock Lost 36% in the First Half of 2026 was originally published by The Motley Fool
出版商重新评估谷歌流量合作
重要性2/5 中低
搜索内容生态议题与 GOOG 直接相关，但付费墙导致正文和关键证据完全不足。
中文摘要
核心结论
《华尔街日报》导语称，Reddit、Politico 等出版商正在评估是否继续与 Google 合作，因为 AI（人工智能）工具正在替代部分传统搜索。现有归档只有标题和导语，无法判断具体合作方案、参与公司范围或流量损失幅度。
重要性评级
评级：2/5（中低）
主题直接关联 GOOG 的搜索生态与内容供给，但正文缺失使证据密度很低，只适合作为后续深读线索。
关键事实
- 文章点名 Reddit、Politico 及其他出版商正在讨论如何与 Google 合作，甚至是否继续合作。
- 触发背景是 AI 工具逐步替代传统搜索入口。
- 相关标的包括 GOOG、RDDT、IACVV 和 TDAY。
- 归档内容没有提供出版商决定、谈判条款、搜索流量数据或收入影响。
作者观点与证据
标题将 Google 从出版商流量来源转变为潜在利益冲突方。导语支持“合作关系正在被重新评估”，但无法验证任何出版商已经切断内容、索引或授权关系。
与相关标的的关系
GOOG 面临内容供给、搜索结果质量和出版商授权关系变化；RDDT 可能涉及内容授权及流量分发。IACVV、TDAY 的具体关联在现有正文中没有说明。
时效性与限制
发布于美东时间 07/21 22:00（UTC+8 07/22 10:00）。归档仅含付费墙前导语，决定性事实、数字和各方回应均缺失。
后续跟踪
- 出版商是否限制 Google 抓取或内容授权
- AI 搜索对外部推荐流量的实际影响
- Google 与 Reddit 等平台的授权条款
- 搜索广告及出版商转介收入变化
英文原文
Google Was a Lifeline for Publishers. Now Some Are Thinking of Cutting It Off.
Google Was a Lifeline for Publishers. Now Some Are Thinking of Cutting It Off.
Google Was a Lifeline for Publishers. Now Some Are Thinking of Cutting It Off. · The Wall Street Journal · Elena Scotti/WSJ;ISTOCK
Alexandra Bruell
Wed, July 22, 2026 at 10:00 AM GMT+8 5 min read
- GOOG
-1.47%
- RDDT
+2.31%
- IACVV
+0.65%
- TDAY
+1.78%
- GOOG
-1.47%
Reddit, Politico and others are weighing how—or even if—they can work with the tech company as AI tools supplant traditional searches.
Continue Reading
伯克希尔五大持仓占比达六成七
重要性3/5 中
持仓金额和结构清晰，可用于理解伯克希尔资本配置；数据来自滞后的13F，对当日日报的即时性有限。
中文摘要
核心结论
伯克希尔2630亿美元美股组合中，五家公司合计占67%，体现其长期集中持股方法；这一结构同时由3970亿美元现金与美国国债、保险业务和全资子公司提供缓冲。文章认为，脱离伯克希尔整体资产负债表复制其持仓权重，会产生不同的风险结果。
重要性评级
评级：3/5（中）
文章发表于美东时间 07/21 21:42（UTC+8 07/22 09:42），数据来自截至03月底的13F（美国机构持仓申报），具有组合研究价值，但存在申报滞后且不是当日持仓快照。
关键事实
- 伯克希尔截至03月底的美国上市股票组合约2630亿美元，持有约24家公司。
- Apple（苹果）持仓约580亿美元，占组合22%；American Express（美国运通）约460亿美元，占17%，两者合计接近40%。
- Coca-Cola（可口可乐）约300亿美元，占12%；Bank of America（美国银行）约250亿美元，占10%；Chevron（雪佛龙）约175亿美元，占7%。
- 前五大持仓合计约占组合67%。
- 次级持仓包括Occidental Petroleum（西方石油）和Alphabet（谷歌母公司）；Alphabet仓位于2025年第三季度首次披露，此后继续增加。
- 伯克希尔03月底持有约3970亿美元现金和美国国债，规模高于其整个美股组合。
- 13F不涵盖伯克希尔持有的日本商社股票及数十家全资经营企业。
- Buffett（巴菲特）已于2025年末卸任首席执行官，但仍任董事长，并表示Alphabet投资由他发起，而非新任首席执行官Greg Abel（格雷格·阿贝尔）。
- 原文引用巴菲特1993年股东信，说明集中持股建立在深入研究和对企业经济特征的高确信度上。
作者观点与证据
作者认可伯克希尔的集中投资纪律，同时强调五只股票的权重无法脱离现金、保险浮存金和经营资产评价。持仓金额来自13F，可核验性较强；“普通投资者不宜复制权重”属于作者基于风险承受能力差异作出的判断。
与相关标的的关系
文章直接关系BRK.A和BRK.B，也涵盖AAPL、AXP、KO、BAC、CVX、OXY和GOOGL。NVDA仅出现在推广内容与行情列表中，不属于文中伯克希尔持仓分析。
时效性与限制
13F只反映季度末美国上市证券的多头持仓，并存在披露时滞；仓位可能在03月底后变化。持仓占比以美股组合为分母，不能代表伯克希尔全部资产配置。
后续跟踪
- 下一期13F中的五大持仓数量及Alphabet仓位变化。
- 3970亿美元现金与美国国债的使用方向。
- Greg Abel接任首席执行官后的资本配置分工。
- 苹果、美国运通等核心持仓的盈利和分红贡献。
英文原文
Warren Buffett Keeps 67% of Berkshire
Warren Buffett Keeps 67% of Berkshire's $263 Billion Stock Portfolio in Just 5 Companies
Daniel Sparks, The Motley Fool
Wed, July 22, 2026 at 9:42 AM GMT+8 5 min read
- BRK-B
-0.33%
- NVDA
+1.97%
Warren Buffett has never believed in owning a little bit of everything. Berkshire Hathaway's (NYSE: BRKA)(NYSE: BRKB) latest 13F filing shows just how far the famed investor leans the other way. Of a $263 billion U.S. stock portfolio, about 67% (more than two-thirds) sits in just five companies.
And that concentration isn't a quirk of one quarter. It's how the Oracle of Omaha has run Berkshire's money for decades, and he has been unusually direct about why. Here's a closer look at where the money sits, why Buffett runs the portfolio this way, and what everyday investors should (and shouldn't) take from it.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Image source: The Motley Fool
Five stocks, two-thirds of the portfolio
Berkshire's 13F, which covers its U.S.-listed stock holdings as of the end of March, lists a portfolio of only about two dozen companies.
At the top is iPhone maker Apple , a position worth about $58 billion, or about 22% of the portfolio. Integrated payments company American Express is second at about $46 billion, or about 17%. Those two names alone account for nearly 40% of the entire book.
Rounding out the top five are Coca-Cola at about $30 billion (about 12% of the portfolio), Bank of America at about $25 billion (about 10%), and Chevron at about $17.5 billion (about 7%). Add it all up, and five companies carry about 67% of a $263 billion portfolio.
The next tier includes Occidental Petroleum and a newer position in Alphabet -- a stake first disclosed in the third quarter of 2025 that Berkshire has kept building since. But the filing doesn't capture everything Berkshire owns. The conglomerate's Japanese trading house stakes trade overseas, and its dozens of wholly owned businesses never show up in a 13F at all.
Worth noting, too: Berkshire was sitting on about $397 billion in cash and Treasury bills at the end of March. The cash pile is now bigger than the entire stock portfolio.
Why Buffett concentrates
The concentration is deliberate, and Buffett spelled out his reasoning decades ago.
"We believe that a policy of portfolio concentration may well decrease risk if it raises, as it should, both the intensity with which an investor thinks about a business and the comfort-level he must feel with its economic characteristics before buying into it," he wrote in his 1993 letter to shareholders.
Story Continues
"Too much of a good thing can be wonderful," he added in the same letter, borrowing a line from Mae West.
In other words, Buffett would rather own a handful of businesses he understands deeply than a hundred he knows casually.
The top five fit that mold. These are companies he has owned and studied for years, in some cases decades, with durable brands and long records of paying dividends .
And the portfolio is still very much his. Buffett gave up the CEO title at the end of last year, but as Berkshire's chairman he told CNBC last week that it was he, not new CEO Greg Abel, who initiated the company's multibillion-dollar bet on Alphabet.
What everyday investors should take from it
The obvious lesson is conviction. Buffett doesn't spread money across his 20th-best ideas. When he finds a business he believes in at a valuation he can accept, he sizes the position so that being right matters.
Of course, before anyone mirrors those weights, it's worth looking at what surrounds them. Berkshire's five-stock core sits on top of dozens of wholly owned operating businesses, a sprawling insurance operation, and that $397 billion pile of cash and Treasury bills. Berkshire could watch its biggest holding get cut in half and keep compounding. An individual investor with two-thirds of their savings in five stocks has no such cushion.
To me, the deeper lesson is the homework. Buffett's concentration is earned by decades of studying these specific businesses, and he can hold through downturns because he knows exactly what he owns. Copying the weights without that understanding replicates his risk, not his edge.
So, study the five names. They say a lot about what one of history's great investors considers durable, and a watchlist built from them is a fine place to hunt for stocks to buy and hold. The discipline behind the portfolio is worth copying, too. But buying five stocks at Berkshire's weights is a different decision entirely, and for most investors, it's probably the wrong one.
Should you buy stock in Berkshire Hathaway right now?
Before you buy stock in Berkshire Hathaway, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Berkshire Hathaway wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $364,562 ! Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,247,668 !
Now, it's worth noting Stock Advisor's total average return is 894% — a market-crushing outperformance compared to 207% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor , and join an investing community built by individual investors for individual investors.
See the 10 stocks »
*Stock Advisor returns as of July 21, 2026.
American Express is an advertising partner of Motley Fool Money. Bank of America is an advertising partner of Motley Fool Money. Daniel Sparks and his clients have positions in Apple and Berkshire Hathaway. The Motley Fool has positions in and recommends Alphabet, American Express, Apple, Berkshire Hathaway, and Chevron. The Motley Fool recommends Occidental Petroleum. The Motley Fool has a disclosure policy .
Warren Buffett Keeps 67% of Berkshire's $263 Billion Stock Portfolio in Just 5 Companies was originally published by The Motley Fool
中国市场重塑跨国品牌增长
重要性3/5 中
与AAPL及人工智能存储竞争相关，事实密度较高，但录制时间较早且多项数字缺少原始出处。
中文摘要
核心结论
中国消费放缓、本土产品质量提升和区域出口扩张，正在削弱跨国品牌依靠中国市场获得增量的旧路径。作者认为，苹果、耐克及存储芯片厂商面临的压力取决于本地竞争力与技术差异，不能仅按国际收入占比判断。
重要性评级
评级：3/5（中）
文章覆盖苹果（AAPL）及人工智能存储产业的中期竞争风险，事实和案例较多；但播客录制于07/02（未给出具体时刻），与发布日期相隔近三周，多项数字来自嘉宾口述且未附原始出处。
关键事实
- 2026年上半年，标普500指数成分股中有22只累计翻倍；嘉宾承认未核对这一数字的历史分布。
- Casey's General Stores（凯西综合商店，CASY）上半年上涨41%，即使如此也未进入标普500指数涨幅前10%；其即食食品毛利率接近60%，2026财年上半年同店销售额增长5%。
- 播客称耐克中国销售额较约五年前低约30%，中国一季度汽车销量同比下降20%。
- 嘉宾援引估算称，中国商品在东南亚电子产品、汽车等销售中的占比从2014年的约20%升至约64%，原文未给出数据来源和统计口径。
- 苹果（AAPL）已在中国持续丢失市场份额，并采取较少用于美国市场的折扣策略；华为手机质量提升被视为直接竞争压力。
- 长鑫存储据称已在部分存储产品上接近三星与SK海力士，但尚未达到人工智能所需的最高代高带宽存储器水平。
- 嘉宾同时列举Deckers Outdoor（戴克斯户外，DECK）作为反例：旗下Hoka和Ugg仍能在中国按全价增长，管理层称品牌认知度仅约30%。
作者观点与证据
作者把跨国公司在华增长受压归因于两条路径：需求转弱，以及中国企业在质量、价格和创新速度上的竞争力增强。苹果和存储芯片的风险判断主要来自嘉宾讨论及媒体报道，缺少公司分部数据、行业份额序列和长鑫存储技术验证；Deckers案例说明结果仍取决于品牌与产品执行。
与相关标的的关系
苹果面对华为竞争、折扣和份额下滑的直接影响。英伟达（NVDA）只通过人工智能基础设施和存储需求间接相关；若中国高端存储供给追近国际厂商，可能改变其上游供需环境，但文章没有显示英伟达订单或财务影响。CASY主要用于说明美国内需型公司的相对表现。
时效性与限制
文章发布于美东时间 07/21 21:30（UTC+8 07/22 09:30），播客录制于07/02（未给出具体时刻）。文中含推广内容，部分市场数字使用“约”“据称”等口述表述，适合作为竞争框架，不能替代最新公司披露。
后续跟踪
- 苹果大中华区收入、出货份额和折扣幅度。
- 长鑫存储高带宽存储器的量产代际、良率及客户验证。
- 中国消费、汽车销量与跨国品牌分部收入的后续变化。
- 中国品牌在东南亚的份额及统计口径。
英文原文
The Challenges of the China Market
The Challenges of the China Market
Motley Fool Staff, The Motley Fool
Wed, July 22, 2026 at 9:30 AM GMT+8 25 min read
- NVDA
+1.97%
- AAPL
+0.35%
- CASY
-0.95%
In this episode of Motley Fool Hidden Gems Investing , Motley Fool contributors Tyler Crowe, Matt Frankel, and Jon Quast discuss:
- S&P 500's (volatile) winners and losers in 2026 so far.
- The unexpected winners and losers.
- The changing Chinese market.
- Could Apple and memory be the next China market victims?
- Navigating fair values for stocks.
To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center . When you're ready to invest, check out this top 10 list of stocks to buy .
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
A full transcript is below.
Should you buy stock in Casey's General Stores right now?
Before you buy stock in Casey's General Stores, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Casey's General Stores wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $364,562 ! Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,247,668 !
Now, it's worth noting Stock Advisor's total average return is 894% — a market-crushing outperformance compared to 207% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor , and join an investing community built by individual investors for individual investors.
See the 10 stocks »
*Stock Advisor returns as of July 21, 2026.
This podcast was recorded on July 2, 2026.
Tyler Crowe: The challenge of China's market today on Motley Fool Hidden Gems Investing . Welcome to Motley Fool Hidden Gems Investing . I'm your host, Tyler Crowe, and today I'm joined by longtime Fool contributors Matt Frankel and Jon Quast. We're going to really dive into the challenge that a lot of companies have been facing in China recently. We discussed it yesterday on yesterday's podcast related to Nike 's earnings. We're going to scratch that a little bit deeper because there's a lot more companies than just Nike that are suffering this problem. But before we do that, it is July 2. Well, we're recording on the 1st, but, hey, you know what? For you guys, it's the 2nd, it means we're more than halfway through the year, and so far, the S&P 500 has been a wild place. We've had some incredible performance up and down the spectrum. I got to say, guys, I think so far this year, I think I've seen the widest spread of outcomes in the S&P 500 in a long time.
Story Continues
Jon Quast: Well, yeah. I mean, first and foremost, if my math is right here, we had 22 stocks double or more in the first half of 2026. Now, I'm talking about 22 stocks among the constituents of the S&P 500. Doesn't seem normal to me. I haven't checked the historical data, but having that many stocks double or more, I mean, we look at some of the higher-end stocks, the top five, I mean, it's far more than that. These are the largest U.S.-based profitable companies to have this many going up this fast; it just is remarkable.
Tyler Crowe: To your point, too, Jon, it's not just like the smallest companies going from, like, $20 billion to $40 billion. This is like Micron going from $500 billion to a trillion dollars or not that specific one, but that's an example, like massive companies making massive moves.
Matt Frankel: I feel like there were two tails of the first half, too. Like, the first quarter was ruled by fear. You had the Iran war starting. You had the SaaS apocalypse trade. That was all during the first quarter of the year. Then the second quarter was all optimism. I mean, the Iran war ended and restarted 78 times, and each time the market re-rated and had some positive, some optimism there. We saw the AI trade really start to pick up, especially when it comes to the picks-and-shovels plays. For the first time since 2003, small caps outperformed the S&P 500 for the first half of the year. By a significant margin. I mean, we saw a lot of kind of unique aspects of this year. You're right. It was a roller coaster ride. The S&P 500 is up for the year, but it was not a straight line getting there.
Tyler Crowe: Something you mentioned, too, while we were, like, pre-taping is I think this is the first time in a while that the Magnificent Seven stocks were actually underperformed the S&P 500 on a total basis. A lot of wacky Wednesday, everything is upside down, sort of feeling to what we've seen so far this year. Now, like you said, a lot of the things that we've seen so far have been like solid trends. I think people who have been listening to the show caught on to what's done well, what's done great? Stuff that stinks is like SaaS companies and not doing necessarily well because death of AI. Then AI infrastructure companies are the ones that were actually killing it. We're talking about the chip companies. A lot of the tangential industrial companies are associated. But there's a lot of other hidden aspects, and maybe unconventional winners so far in the S&P 500. Guys, what did you like when you looked down the list and we scoured them a little bit before the show, which one popped out? It's like, Hey, this is doing surprisingly well, and it's not like correlated with these mega trends that we're talking about here?
Jon Quast: I mean, to your point, it's basically the AI infrastructure build-out that is among the top performance in the S&P 500. But if you go down the list of ways, number 51. This doesn't even crack the top 10%. But this is Casey's General Store , and that ticker symbol CASY, this is a Midwestern convenience store and gas station chain, and it was up 41% in the first half. That's a tremendous six-month performance. It doesn't even crack the top 10% of the S&P 500, which is just remarkably laughable to me. But with gas prices going higher, I wasn't surprised that people were spending on gas necessarily. But I was wondering, is this consumer discretionary spend going to come under pressure? Well, restaurant sales, I mean, they were kind of under pressure here in the first half of the year. But look at Casey's, where it really makes its money is in the prepared foods part of its business. People go to the gas station. Now, you can get these grocery items as well, but the prepared foods are close to a 60% margin. This is the real moneymaker for the business. Same-store sales for prepared foods up 5% in the first half of its fiscal 2026, which just ended here in April. But that's a very strong showing in more of like the restaurant category here for Casey's, and it is driving a lot of its outperformance right now.
Matt Frankel: I think my biggest surprise, and Tyler kind of mentioned this, was that the MAG seven underperformed the S&P 500 for the first time in a while, and was how well the S&P 493 did, every other company in the index as a whole. I mean, there are some obvious examples of companies that are benefiting from the second wave of AI, and that's really what's driving it. The hyperscalers already had their benefit in the past few years. Just think companies like Micron, as Tyler mentioned earlier, and Sandisk , the memory companies are obvious examples. But then if you look at kind of picks and shovels plays that are a little below the radar, like Corning is a big surprise to me as how well it's done. GLW is the ticker symbol. It's a 175-year-old company that's a specialty glass and fiber-optic cable maker, and companies like Corning and others are being revalued as AI infrastructure plays because they're benefiting from that massive wave of data center spending. Companies like that, I think, are the biggest positive surprise to me, and there are several other examples of those.
Tyler Crowe: I think we're going to have to talk to the production team. I think we need to do a field research road trip, and we'll do a Casey's, Buccee's, Wawa, all of the hyper-loyal customer base convenience stores across America. That could be a fun little research topic. Like we said, these are some of the unconventional winners, and like we said, the losers, you'll find a ton of SaaS companies, things like that. A lot of tech software companies, I guess, is the best way to put it. But obviously there's some down in the loser category. Same thing, unconventional losers. What were some of the things that you guys found that really popped off the screen there?
Jon Quast: For me, it was Tractor Supply Company . This is Ticker Symbol TSCO. It's down 36% in the first half of 2026. That makes it the 17th worst performer in the index. Now, the company is forecasting some tepid top-line growth, as well as EPS growth for the year. I'm not necessarily surprised it's underperforming the index, but I am surprised that it is down so sharply because it is still forecasting modest growth. It's not like the business is falling apart. It's actually down 50% from its all-time high, which is its biggest drawback in more than a decade. That really surprises me personally, this is a dip I took advantage of because I think that Tractor Supply Company is just a rock-solid business year in and year out. I think that its customers really do rely on it for a lot of things, such as their animal feed. This is a good dividend growth company, as well. 17 consecutive years of raising that dividend. I do have a place in my portfolio for dividend growth companies, and with the yield at close to 3%, that's an all-time high for Tractor Supply Company. It's one that I went ahead and added in the first half.
Matt Frankel: I mean, there are some of the S&P 500 companies that perform poorly that I really wasn't surprised about, Intuit is at the bottom of the list. They should be worried about AI disruption fears. They make a lot of sense for this business on both the tax prep and the QuickBooks side of the business. One that really wasn't on my Bingo card to fall 37% this year was FICO Fair Isaac Company , the company behind the dominant credit scoring system. Yes, they're a SaaS company, but just the dominance, the relationships they have, I thought were more of a moat than they turned out to be. For the first time ever, we're really seeing serious competitive threats. Like, mortgage lenders can now use the Vantage score, which is the number one competitor for the first time ever. There are legitimate questions about how big of a moat their proprietary scoring system is, which has been a very well-kept secret over the years. If AI's capability of evaluating consumer credit risk improves to the point where it's not really needed anymore. That's one that surprised me.
Tyler Crowe: Yeah, I feel like a lot of that will also come down to not only can AI do it, but will regulators let AI do it? Fascinating story to see how willing we're going to feed all of our underwriting to the AI. Coming up next, we're going to talk about the challenge of selling into the China market recently.
On yesterday's show, we took a look at Nike's earnings. One thing that stood out to me when I was on the show there is the sales declines in China, and this is like a multi-year trend that's been going on. Nike's China sales are down like 30% than they were like five years ago. I wanted to pull on this some more, and you started to see this recurring theme with a lot of other companies. The top story in the Wall Street Journal this morning, business section, was declining market share for non-Chinese automotive companies in China. This comes on the heels of Starbucks selling a majority stake in its China operations to a local private equity firm. There are numerous consumer brand companies, especially in the beauty and health personal care space, that we've seen large declines, mostly because of weak China sales. There are a few of the many stories out there. Where China was once a major growth engine for a company, but now it's becoming a headwind. Guys, there's a couple reasons for it, but what to you or some of the things that you're seeing that could help explain this phenomenon?
Jon Quast: Well, I think that one thing that stands out to me is that China is capable of making really high-quality products now. You think about how it used to be. It used to be thought if you wanted to save money, you bought a Chinese product. If you wanted a quality product, you bought American. That's no longer the case. This is a trend that economists have noted for a while, but I don't think that that has sunk in to the consciousness of the general population, it's just entrenched in our minds that China makes low-quality products. But in reality, they've really upped their game. Their manufacturing capabilities are incredibly modern and incredibly tech-heavy. It's actually able to compete on both the low-quality products for just cheapness, but also your higher-end quality, they do have viable alternatives to some of these American brands. What is interesting is because it has invested so much in the manufacturing infrastructure, it's really hard for American manufacturing to compete on price. China does have some advantages when it comes to that, and I think that does make its products a little bit more of a viable alternative and does put some pressure on American companies.
Matt Frankel: The other side of it is Chinese consumption has declined significantly. China went from being one of the highest-growth economies that our companies can get into. Vehicle sales in China fell 20% year over year in the first quarter. There's a lot of other cases, or other industries where we're seeing declining consumption. Jon's right. China's manufacturers are making higher-quality products than ever before. They're innovating at a faster pace than we've seen in ever before. The combination of those two things are making it really hard on American companies to find growth in China.
Tyler Crowe: The weak domestic market forcing everyone to find markets elsewhere has been a big thing. I saw an incredible statistic where it was like, I think it was 20-something percent of sales in broader Southeast Asia of electronics, cars, and stuff like that were Chinese in 2014, and now it's like 64% really going into the show. They're starting to dominate some of their regional markets as well. I mentioned some of the companies that have already suffered a little bit. Guys, what are some of the companies on your radar that maybe have not seen the China headwind that we've talked about with Nike and others, but could be facing it sooner rather than later?
Matt Frankel: There's a difference between having seen the Chinese headwinds and having it priced into their stocks. One I want to call out is Apple . Apple is a company that has been meaningfully losing market share in China for years. I mean, the company has resorted to heavily discounting some of its products in China, and that's a practice as we know that Apple doesn't really do in the U.S. Luxury good makers in general are another example. LVMH is a big one. They specifically cited China's slowdown as an earning headwind. But I see Apple's the biggest not yet priced-in story. Huawei, their quality of their smartphones have just grown exponentially, and this could keep part of Apple's revenue base that's tied to China declining for years to come.
Jon Quast: For my part, I don't want to sound the alarm yet because I don't think that this is a problem necessarily yet, but AI memory is a huge trend right now. There are companies enjoying just unprecedented profit margins because of how in demand their products are and how little supply that there is. That is a trend that I do foresee continuing for some time. However, we do need to make note of some advancements, potentially advancements in the Chinese market, and that's from ChangXin Memory Technologies . It reportedly just reached parity with Samsung and SK Hynix with their memory products. Now, it would still need to level up just a little bit more to start taking on the top high-bandwidth memory generation for products that AI really needs. But it is closing that gap, and if all of a sudden a Chinese technology company could release a memory product that is on par, it might be able to spin off some of the market share, at least in the international markets, which would disrupt the supply and demand imbalance in the memory market.
Tyler Crowe: I want to test out, like a working investment thesis. It's not on a particular company. It's a little bit more of a theme. The companies we've mentioned, Nike, Apple, some of the memory companies, a lot of these companies benefited in the international growth phase immensely from, I would say, starting with NAFTA in 1990, all the way up until 2016, 2017, was this long-tailed growth of globalisation entering the Chinese market, entering global markets. A lot of these companies became dominant players in the international markets like China. I'm starting to think that now that these mature companies, ones that have gotten to the point like we need to win internationally, especially in China and Southeast Asia to grow our businesses. Further, I feel like those are weaker ones, and companies that not have yet reached we need to start winning internationally to grow. We still have a lot of room domestically. I feel companies in that phase are likely better investments today because the international markets are just far more competitive than what they used to be. That's my working thesis here. What do you guys agree, disagree? Where should I tweak this?
Matt Frankel: I think directionally, you're right. Many international markets, especially China, have become far more competitive over the past decade or so. I mean, consumption's declined, you're competing for a share of a smaller market with companies that are doing it better. Companies like Starbucks , like Nike, like the automakers, used to use that easy growth from international expansion playbook, and you simply can't do that anymore. I mean, when you look at the top ten, 20 performers of the S&P 500 so far this year, they are almost all U.S.-driven businesses that get most of the revenue domestically. That's not to say that international is never going to be a big growth driver again. I would refine that thesis to say the best move isn't to avoid companies that are pursuing international exposure. It's to favor companies that have more of a focused international strategy built on mastering a certain market or a certain technology in a certain market that have really a focus.
Jon Quast: Yeah, Tyler, I would disagree with you slightly. It's really hard for me to imagine a company, especially a technology company that does well over the long term that doesn't compete well internationally. Maybe there's a case for a retail chain in the U.S. or a restaurant chain that, you know, it doesn't need international to provide good shareholder returns, but a lot of these companies, if they are going to be some of these life changing investments, the ones that we want to own. Chances are, they're going to have to go to the international markets for growth, and they're just going to have to win in spite of the competition. I halfway wonder with some of these companies that are doing poorly in China, it used to be an easier game. I'll concede that point to you. I wonder if some of these early movers in China just didn't get lazy with how easy it was to just bolt on China operations and then start getting incremental revenue. Now all of a sudden it's harder and they were caught with asleep at the wheel because some companies are doing well still in China, and one that I'd like to point out is Decker Outdoor . This is Ticker symbol DECK. This is a parent company of shoe brands Hoka and Ugg. It's really still growing sales in China. It's selling them for full price, so it's maintaining those strong profit margins. Management says there's only 30% brand awareness yet in China. There's potentially still room for ongoing growth in China. I think that some companies are competing well, and I think that those deserve some attention.
Tyler Crowe: Slight shout-out to hook up because I just got my new SpeedGoat 7s, and I get saying, that is a fantastic product. They're not even paying me to say that. Free advertisement. There you go, Deckers. Coming up out for the break, we're going to hit the mailbag.
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Tyler Crowe: Hey, everyone. Here's your quick reminder. As always, if you want to get your question read on air and for us to answer it, go to podcasts at fool.com. That's podcasts with an s at fool.com. Always remember. Keep it Foolish. Keep it short enough. We can read on air, and we cannot give any personalized advice to try to keep it relatively impersonal, and thoughts about generic companies or investing thesis and stuff like that.
Today's question comes from Mark Frost, from the Isle of Wight. Basically, he's confounded or bemused, was his word, at some of the price discrepancies in a lot of companies, and it ties back to what we were talking about with the S&P 500, six-month returns for here. His thing is AI hardware suppliers, he gives a list of quite a few of them with price-to-earnings ratio is over 40, saying their current price is way ahead of fair value. Whereas some of the big software companies and the hyperscalers, Microsoft, Meta , Google, he argues, where fair prices are way above current share price, and they have these long track records of really good cash generation profits, things like that. Understanding the argument concerns about AI eating into these business models in each case, they own the customer relationship. Basically, he's asking like, What am I missing here? Is it just herd mentality that we're seeing this wide discrepancy of unconventional valuations, or is this maybe a dynamic he's not seeing right now?
Matt Frankel: I mean, essentially, he's right that it's herd mentality. I mean, investors are willing to pay a high premium for companies that have high confidence future growth, like Caterpillar , for example, as opposed to tangible cash flow at reasonable multiple, but with uncertain future growth or innovation potential, like Salesforce and Microsoft and those kind of companies. In other words, the market is pricing AI infrastructure demand with high confidence and low risk while pricing AI giants with skepticism. Now, to be clear, I don't know if the market's right on either side of that right now, and quite frankly, I don't think it is. There are a lot of AI infrastructure players whose valuations, in my opinion, have gotten a little bit ahead of themselves, but it is hard mentality when you see groups of stocks like those move together.
Tyler Crowe: The only thing I would say to, like, the predictable cash flows of the Microsoft's medos of the world is the operations cash flows are very predictable, but the amount of money they're spending has completely changed, and I think that does change the dynamic in terms of free cash flow because we've seen companies like Meta taking on debt, we've even seen Alphabet announce an equity raise because they're basically saying we're going to outspend our operational cash flow in the coming years. It's not just the period where it's like, we're throwing off all this excess cash. It is changing the spending dynamic for a lot of these companies.
Jon Quast: Yeah, to go back to the question, the first part was essentially hard mentality, and I think we could do a whole episode on herd mentality, quite frankly, because I think that is a very tangible force in the market. I agree with Matt. I think that it's going to become even higher in the future. Here's why. It's just becoming so much easier to have access to information and to research companies. To me, it's only natural that more people would be discovering companies than compared to in the past. You look back at Warren Buffett back in the day. I mean, he's flipping through these booklets on paper one by one to find ideas. Not a lot of people are going to do that, but with even AI tooling, I can make some prompts and start going down some rabbit holes and discovering some companies. I think that will lead to more people discovering things. I think that does increase the possibility of herd mentality. I will point out that herd mentality isn't necessarily wrong. The herd can be right, and so I want to play devil's advocate right there.
I'll play devil's advocate here too. I mean, you look at Caterpillar stock trading at 51 times earnings. That's unusual. It's five year average down at 20 times earnings. More than double what it normally trades at. But does it have above-average earnings growth potential on the horizon? I would say it potentially does there as well. Some analysts are calling for 60% earnings per share growth over the next three years. You can imagine a scenario where, in particular, it's reciprocating engines. It's looking to triple its capacity to produce those. You could see a scenario where three years and beyond, earnings growth even picks up more because business demand is so strong. Maybe those earnings growth do carry it and justify the valuation today. Now, that's not my highest bet for the future, but I am saying if you told me that you wanted to buy Caterpillar stock today at these valuations, I wouldn't think that you were crazy. I think there is some justification to what's happening.
Tyler Crowe: I'll keep my notebook out. I feel like rt mentality will be a great either Evergreen or one of those ones where we have to pre-record. But that is all the time we have for today. Matt, Jon, thanks for sharing your thoughts. I'm going to hit the disclosure, and we'll get out of it.
As always, people in the program may have interest in the stocks to talk about, and The Motley Fool may have formal recommendations for or against, so don't buy or sell stocks based solely on peer. All personal finance content follows Motley Fool editorial standards and is not approved by advertisers. Advertisements are sponsored content provided for informational purposes only. To see our full advertising disclosure, please check out our show. Thanks to our producer Bart Shannon and the rest of The Motley Fool team. For Jon, Matt and myself, thanks for listening, and we'll chat again soon.
Jon Quast has positions in Starbucks and Tractor Supply. Matt Frankel, CFP® has positions in Starbucks. Tyler Crowe has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Apple, Casey's General Stores, Caterpillar, Corning, Deckers Outdoor, Intuit, Meta Platforms, Micron Technology, Microsoft, Nike, Salesforce, Starbucks, and Tractor Supply. The Motley Fool recommends Fair Isaac and Lvmh Moët Hennessy - Louis Vuitton, Société Européenne. The Motley Fool has a disclosure policy .
The Challenges of the China Market was originally published by The Motley Fool
航天股回撤后的分歧与融资压力
重要性4/5 中高
合同、融资、财报和解禁节点与三只航天股直接相关，散户见底调查的证据价值较低。
中文摘要
核心结论
AST SpaceMobile、Rocket Lab 和 SpaceX 在2026年仍录得不同程度跌幅，散户对板块是否见底完全分裂。合同和产能投资继续推进，但高融资需求、SpaceX 财报及解禁安排构成近期验证点。
重要性评级
评级：4/5（中高）
文章直接覆盖 ASTS、RKLB、SPCX，并列出新合同、融资和财报节点；散户投票只能反映平台情绪，基本面证据来自公司事件。
关键事实
- 07/21（未给出具体时刻），ASTS、RKLB、SPCX 分别上涨约10%、5%和3%，年初至今仍分别下跌13%、1%和23%。
- Stocktwits 超过5,700票的调查中，43%认为航天股已经见底，43%预计仍会下跌，14%只查看结果。
- 高盛美国航天与卫星股票篮子截至07/14（未给出具体时刻）上涨约13%，同期标普500上涨9.8%；该篮子过去两年累计上涨逾360%。
- 高盛称该篮子波动率约为 AI（人工智能）股票的2倍、广泛市场的5倍。
- Rocket Lab 获得美国太空军2.66亿美元合同，将提供12枚亚轨道运载器，并含6次追加发射选择权，履约期延至2028年。
- AST SpaceMobile 完成10亿美元可转换优先票据发行，净募资9.84亿美元；另获最高6,600万美元、为期30年的得州绩效激励初步批准。
- SpaceX 将于08/04（未给出具体时刻）发布上市后首份财报，随后迎来首批内部人士股份解禁。
作者观点与证据
文章并列散户多空意见：支持者强调估值回落和订单，怀疑者强调持续融资及资金流驱动。高盛的长期看好提供机构观点，合同和融资金额属于较强事实；所谓“见底”没有盈利、现金流或估值数据支撑。
与相关标的的关系
RKLB 的直接变量是太空军合同执行及发射能力；ASTS 面临卫星网络扩张与融资稀释的双重影响；SPCX 的近期信息集中在首份财报、解禁和 Starship（星舰）试验进度。
时效性与限制
发布于美东时间 07/21 21:24（UTC+8 07/22 09:24）。投票为自选样本，且文章没有提供三家公司可比估值、现金消耗或订单利润率。
后续跟踪
- SpaceX 08/04 财报和解禁规模
- Rocket Lab 合同里程碑与利润率
- ASTS 资金使用及后续卫星发射
- 航天股成交资金流与现金消耗
英文原文
ASTS, RKLB, SPCX Have All Tumbled So Far In 2026 — Is Retail Buying The Space Stock Dip Or Bracing For More Pain?
ASTS, RKLB, SPCX Have All Tumbled So Far In 2026 — Is Retail Buying The Space Stock Dip Or Bracing For More Pain?
ASTS, RKLB, SPCX Have All Tumbled So Far In 2026 — Is Retail Buying The Space Stock Dip Or Bracing For More Pain? · Stocktwits
Deepti Sri
Wed, July 22, 2026 at 9:24 AM GMT+8 3 min read
- ASTS
+10.31%
- RKLB
+5.14%
- SPCX
+3.08%
- A Stocktwits survey drew more than 5,700 votes, with 43% saying space stocks had bottomed and another 43% expecting more pain.
- Bulls argued that valuations have reset closer to intrinsic value, while bears pointed to heavy funding needs.
- AST SpaceMobile recently raised $984 million, while SpaceX heads toward earnings and insider unlocks.
With AST SpaceMobile, Rocket Lab and SpaceX under sustained selling pressure, retail investors are now debating whether the sector offers an attractive entry point or is still vulnerable to deeper losses.
ASTS stock jumped 10%, RKLB gained 5% and SPCX rose 3% on Tuesday, but the stocks remain down 13%, 1% and 23% so far in 2026.
See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox
ASTS, RKLB, SPCX Split Retail On Space Stock Bottom
A recent Stocktwits poll asked users whether space stocks had finally bottomed after weeks of steep declines. More than 5,700 users cast their votes, with sentiment split almost perfectly down the middle: 43% said the bottom was in, another 43% expected more downside, while the remaining 14% opted to view the results. Sentiment for ASTS was 'bullish' and RKLB 'extremely bullish' amid 'high' message volume, while SPCX remained 'bearish' amid 'normal' chatter.
The bullish camp believes that the correction has largely reset valuations after a euphoric rally fueled by enthusiasm around SpaceX's blockbuster initial public offering. "The market had time to take a breather plus a lot of space stocks are now much closer to their intrinsic value, which by itself acts like a strong support," one user said .
Another investor said : "Yes they are all at or near their bottom. Most have fallen to the spot before the June hype... Plus institutions need results now. Many are in the space stocks big," the user wrote.
Others were unconvinced. "No, they haven't bottomed, space is an endless void, and the companies need endless funding," one user said . Another investor singled out Rocket Lab, saying that the company's recent strength had more to do with ETF flows than company-specific fundamentals.
The retail debate comes even as Goldman Sachs remains bullish on space stocks long term but expects a volatile path. Its U.S. space and satellite basket was up about 13% through July 14, versus 9.8% for the S&P 500, after gaining more than 360% in two years. The firm said that the strongest opportunities may lie in satellites, defense and industry "picks-and-shovels," though the basket remains twice as volatile as AI stocks and 5x as volatile as the broader market.
Story Continues
RKLB, ASTS, SPCX Push Deals Despite Selloff
Even as shares slid, the sector's dealmaking and expansion push continued. Rocket Lab on Tuesday landed a $266 million U.S. Space Force contract to provide 12 suborbital launch vehicles, with options for six additional launches through 2028. The award followed the company's selection alongside SpaceX as one of seven providers under the National Security Space Launch Phase 3 Lane 1 program, which carries a potential ceiling of $17 billion.
AST SpaceMobile, meanwhile, completed a $1 billion convertible senior notes offering that generated $984 million in net proceeds to fund growth initiatives and secure additional launch capacity for its satellite-based cellular broadband network. The company also received approval from the Midland Development Corporation for a performance-based incentive agreement worth up to $66 million over 30 years to support construction of a new satellite manufacturing facility in Texas, subject to final city approval.
SpaceX has remained under the spotlight as investors prepare for the company's first earnings report as a public company on Aug.4. The report will also pave the way for the first tranche of insider share unlocks, while investors continue to monitor upcoming Starship launches after recent test delays.
For updates and corrections, email newsroom[at]stocktwits[dot]com.
Deepti Sri has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy . This article was originally published on StockTwits .
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谷歌财报聚焦云业务变现
重要性5/5 高
财报临近且预期、资本开支和云业务数据直接决定 GOOG 的当日基本面解读。
中文摘要
核心结论
Alphabet 第二季度财报的主要验证项是 Google Cloud（谷歌云）能否把高速增长和约4,600亿美元订单积压转化为经营利润，以覆盖2026年1,800亿—1,900亿美元资本开支。搜索广告韧性、Gemini（生成式人工智能模型）进度及自研芯片外售也是关键变量。
重要性评级
评级：5/5（高）
文章在财报发布前集中列出一致预期、云业务增速、资本开支和订单积压，直接关联 GOOG 当日事件风险；部分数字需由正式财报确认。
关键事实
- 市场预计 Alphabet 第二季度收入约1,168亿美元，同比增长约21%，每股收益约2.89美元。
- 上季度公司收入增长22%至1,098亿美元。
- Google Cloud 上季度同比增长63%，文章称其增速为主要云服务商中最快，利润率接近翻倍。
- Alphabet 对2026年资本开支指引为1,800亿—1,900亿美元，主要用于数据中心和 AI 芯片。
- 云业务订单积压约4,600亿美元，构成未来收入可见度的重要依据。
- 上季度净利润包含 Alphabet 所持 SpaceX 等公司股权的未实现收益，不能全部视为经营利润。
- Google 已开始向外部客户销售 TPU（张量处理器）技术。
- 市场还将观察 AI 搜索摘要是否侵蚀传统搜索广告，以及 Gemini 产品时间表。
作者观点与证据
作者认为单纯收入增长难以满足市场，云订单转化和资本回报更能决定财报解读。财务预期和管理层指引提供量化基础；关于模型延期、搜索侵蚀及同业资金轮动的内容仍属市场观察。
与相关标的的关系
GOOG 直接受云业务增长、搜索广告、资本开支和 TPU 商业化影响。SpaceX 只通过 Alphabet 的未实现投资收益影响利润质量，文章没有披露新的持股价值。
时效性与限制
发布于美东时间 07/21 21:22（UTC+8 07/22 09:22），财报计划于07/22收盘后公布，未给出具体时刻。正文是财报前瞻，所有一致预期和订单转化判断均待正式结果及电话会验证。
后续跟踪
- 云业务收入、利润率和积压订单转化
- 2026年资本开支是否调整
- 搜索广告与 AI 摘要的共存情况
- Gemini 和 TPU 外售进度
英文原文
Google Earnings Today: What to Expect as AI Spending Faces Scrutiny
Google Earnings Today: What to Expect as AI Spending Faces Scrutiny
Darryn Pollock
Wed, July 22, 2026 at 9:22 AM GMT+8 3 min read
- GOOG
-1.47%
Alphabet (GOOGL), Google's parent company, reports second-quarter earnings today after the market closes. Wall Street expects double-digit growth. But investors are watching one thing more closely: can the company's massive artificial intelligence spending start to pay off?
The stock has climbed sharply over the past year. It has also pulled back from its May highs heading into the print. Here is what a general investor should watch for.
The Numbers Analysts Expect
Consensus estimates point to revenue of roughly $116.8 billion, up about 21% from a year earlier. Analysts expect earnings of approximately $2.89 per share. Alphabet has beaten estimates for several straight quarters. That track record raises the bar for today's report.
Alphabet saw a substantial spike in May, but the stock price has been generally slipping since then. Image Source: Trading View Google Cloud grew 63% year over year last quarter, the fastest pace among major cloud providers. Total company revenue rose 22% to $109.8 billion. The cloud unit's profit margin nearly doubled too.
Net income also jumped, but unrealized gains on Alphabet's stakes in companies like SpaceX drove much of that increase. Investors will look past the headline profit number today. They want to gauge how much came from actual operations, not paper gains. Cloud growth, not the profit headline, is the number that matters most this quarter.
AI Spending Is the Real Story
Alphabet has guided for $180 billion to $190 billion in 2026 capital spending. That's the money it spends building data centers and AI chips, however, thatfigure has tested investor patience. The company recently raised fresh equity to help fund the buildout, a move that broke a decades-long habit of funding growth internally.
Cloud's roughly $460 billion order backlog fuels the bull case and points to years of future revenue already booked. The bear case is simpler; slow profit conversion, or a Gemini rollout that keeps slipping, could send the stock lower regardless of today's headline numbers.
What Else Could Move the Stock
Search advertising remains Alphabet's largest business and Investors want reassurance that AI-generated search summaries aren't eroding traditional ad revenue. Some Wall Street desks have also rotated out of Meta stock and into Google because they're betting Alphabet's cloud and chip business offers a clearer path to AI profits than its rivals.
Alphabet's custom AI chips, called Tensor Processing Units, add another wrinkle. The company recently started selling this chip technology to outside customers. Any update on that business could reshape how analysts view Alphabet's AI strategy beyond its own products.
Story Continues
The takeaway for most investors is simple. The market wants proof that Alphabet's AI bet is turning into durable profit, not just bigger bills, so Strong revenue alone won't be enough today.
Watch how management addresses capex, Cloud backlog conversion, and the Gemini timeline on today's call. Those answers could move the stock more than the quarterly numbers themselves.
Read the Original story Google Earnings Today: What to Expect as AI Spending Faces Scrutiny by Darryn Pollock at beincrypto.com
技术周期中的人工智能价值迁移
重要性3/5 中
与MSFT、NVDA长期竞争结构相关，历史数据和产业类比具有框架价值；录制时间较早且缺少当日可验证经营事实。
中文摘要
核心结论
播客以个人电脑、互联网、移动计算的发展史推演人工智能周期：基础设施投资会同时产生有效产能和浪费，长期价值可能从算力建设者迁移至利用模型创造产品、生产率和新分发方式的企业。大型平台凭资本优势仍占据重要位置，但商品化、客户自研芯片和新应用公司的崛起可能改变利润分配。
重要性评级
评级：3/5（中）
文字稿发表于美东时间 07/21 21:09（UTC+8 07/22 09:09），但播客录制于07/10（未给出具体时刻）。内容适合作为MSFT和NVDA长期框架，缺少当日新增经营数据。
关键事实
- 1984年约8%的美国家庭拥有个人电脑，1990年超过15%，到1997年接近三分之一；嘉宾据此强调技术渗透通常需要多年生态建设。
- 个人电脑早期主要由企业采用推动，Microsoft（微软）、Intel（英特尔）和IBM（国际商业机器）形成重要产业组合；移动时代则出现消费者推动企业适配的反向路径。
- 嘉宾称OpenAI、Anthropic和Gemini（谷歌人工智能模型）的企业收入增速较快，消费者免费或每月约20至22美元的订阅难以代表主要经济价值。
- 20世纪90年代铺设的光纤基础设施曾伴随大量资本损失，却为后续互联网和当前人工智能使用奠定网络基础。
- 嘉宾认为人工智能基础设施可能逐步具备公共设施属性，更多价值或由部署模型、改变工作流程及创造产品的新公司获取。
- NVDA约60%的收入集中于四至五个大型客户，且这些客户持续开发自研芯片；嘉宾同时把机器人视为英伟达可能扩展的新需求领域。
- 对MSFT的讨论强调企业人工智能采用和基础设施规模优势；对Apple（苹果）、TSMC（台积电）和Intuit（财捷）的讨论聚焦下一代终端、代工客户与人工智能替代风险。
- 文末列举Aritzia、Krystal Biotech、金融股、TransDigm、Primo Brands和Delta等观察案例，属于嘉宾选股观点，与文章主线的人工智能历史比较关联程度不一。
作者观点与证据
三位嘉宾共同倾向于认可人工智能的长期生产率价值，同时承认资本浪费、模型商品化和价值迁移风险。历史家庭电脑普及率、光纤建设和平台演化提供类比证据；对机器人、新创公司以及超大规模云厂商增长路径的判断仍是情景推演，无法由历史相似性直接证明。
与相关标的的关系
MSFT受益于企业采用、云基础设施和模型分发，但高资本投入能否形成持续回报仍待验证。NVDA拥有算力与机器人平台优势，同时面对客户集中及自研芯片替代。文字稿还涉及Apple、TSMC、Intuit等标的，但对其影响分析以定性观点为主。
时效性与限制
录制日早于发布日11天，且主体为39分钟播客讨论，包含广告、个股闲谈和参与者持仓披露。历史类比能提供框架，无法替代订单、收入、利用率和资本回报数据。
后续跟踪
- 超大规模云厂商人工智能资本开支、利用率和增量收入的对应关系。
- 企业人工智能应用的付费渗透率、生产率提升及续约情况。
- NVDA客户自研芯片占比、客户集中度和机器人业务收入。
- 人工智能基础设施与应用层企业之间的利润率变化。
英文原文
What History Teaches Us About Today’s Tech Market
What History Teaches Us About Today’s Tech Market
Motley Fool Staff, The Motley Fool
Wed, July 22, 2026 at 9:09 AM GMT+8 39 min read
- NVDA
+1.97%
- MSFT
-1.13%
In this episode of Motley Fool Hidden Gems Investing , Motley Fool contributors Travis Hoium and Lou Whitman, along with Motley Fool chief investment officer Andy Cross, discuss:
- 1980s lessons.
- dot-com infrastructure.
- Internet disruptors.
- How AI could play out.
- Stocks on the radar.
To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center . When you're ready to invest, check out this top 10 list of stocks to buy .
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A full transcript is below.
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Travis Hoium: What can history teach us about the market today? Motley Fool Hidden Gems Investing starts now. Welcome to Motley Fool Hidden Gems Investing . I'm Travis Hoium joined today by Lou Whiteman and Andy Cross. We are in this doldrum phase of the market; second-quarter earnings season has not started yet. We're in the middle of summer, so I thought this was a good opportunity. Take a little bit of a step back. Guys, we've got this big technology change that's coming that is absolutely driving the market. That's artificial intelligence, if you have not been paying attention for the last three or four years. But what does this mean historically, and what can we learn from at least the technology changes that have happened in probably our lifetimes. I'm thinking about the PC, the Internet, and mobile.
Story Continues
Andy, I want to start with you and just a little bit. If we go all the way back to the PC, what can we learn about those early days? Because that's the first time that I remember things really changing. You have my grandpa, who had no interest in understanding what was going on. Then you had my dad, who was intrigued, and he thought it was cool when we got a computer, and we got prodigy and then I was living in the computer lab in second grade. It's like it seems like we're in that same area today, where there's something there, but it isn't quite fully formed.
Andy Cross: When you say all the way back, Travis, I think you're dating me because I think most people, maybe listening to this, think '80s and '90s, they picture big shoulder pads, maybe dial-up modems, Alan Greenspan's eyebrows. But if you look at what happened during the '80s and '90s, they were an incredible time for investors. For a host of different reasons, we came into the '80s with higher interest rates than we've had over the last couple of years, even Paul Volcker came in, slammed them down.
Lou Whiteman: Short-term rates were almost 20%.
Andy Cross: They were exceptionally high, and then the Fed came in, put the hammer to those. Pushed them back down, that was painful in the short term, but exceptionally good for investors across almost all asset classes, really in the '80s. But what was really, I think, as you teed us up, Travis, was this technological evolution. I mean, the PCs were just really starting to get going. If you think about some of the data in 1984, only about 8% of U.S. households owned a personal computer. But by 1990, that had doubled to more than 15%, and by 1997, before you start to get into the really crazy days, that was up to nearly more than a third of households own.
Travis Hoium: But just think about that. 1997, only a third of households had a computer. I mean, if you're under 30-years-old at this point, that seems crazy that this technology that is everywhere, a PC, a mobile phone, still had relatively low penetration even at that point.
Andy Cross: It goes to show you that some of this penetration, this is actually why I think what we've seen with so many of whether it's OpenAI or Anthropic or Gemini, the explosion and the use of these AI tools. But technological, there are more evolutions than revolutions. Even when the iPhone came out in 2007 or so, it took some time for it all to get going, and it really wasn't until the app store got going that it really started to take off on that ecosystem. That technological progress takes some time to build out. I think what we're seeing right now, the parallel with I'm seeing is you're seeing the foundationals being laid, some of it is going to be exceptionally capital well spent, and some of it will be wasted, but you're seeing this capital being spent, being laid for the foundation of our transition. It was the PCs, it was the Internet, it was cloud computing, mobile a little bit in there, and now we're seeing it with AI.
Lou Whiteman: The real takeaway is that we need to build the virtuous cycle. We need more than just the infrastructure because my household was one of the households that had a PC prior to '97. You know what we did with it? It was basically a typewriter with a screen. It was a typewriter where it was easier to delete because there just wasn't that many uses for it. We had a Commodore 64 way back when. I used to type in and play program games and do that. But it was a novelty. It wasn't a productivity tool the way it was once again. This virtual cycle, whether it's the Internet, where it's all of these, the early days of Windows and Office where, wait, we can do things with those. It's not enough to just invent the technology. It's not enough to just invent the software. It has to be this point where everything's coming together where this is affordable. It's useful. To a lesser extent, I mean, enterprises will force it through, but definitely on the consumer side. But even on enterprise, you need just all of these things working together for something to take off. Until that point, it all looks to a cynic to be just wasteful spending. It is hard to imagine once everything comes together. As you're living in that pre-area, it's just like, this is a gimmick. The downside is some of these things end up being a gimmick. You're not always wrong, but when they get it right, it's just suddenly snap. It all comes together, and it's really valuable at that point.
Travis Hoium: I wanted to get to that. You talked about enterprises adopting PCs first. I think this is one of the things. If you look back to the 1980s or early 1990s, it was not people buying PCs and then companies being forced to use them, the way it was with iPhones. I mean, iPhones were not supported in most big corporations until relatively recently, to be honest. I mean, in the last decade, that was the consumer forcing that piece of technology on the enterprise. In the 80s and 90s, it was the other way around. I mean, the Mac arguably had a better user experience, and it was more popular among actual users, but businesses who wanted to do productive things wanted to use Excel and Word. They pushed the PC, driven by Microsoft, Intel, and IBM , I think would be the big three players there. Andy, how does that dynamic look similar and maybe different in other ways to what we're doing today, because I think what we've seen over the past six months is that at least on the economic side, enterprises are driving AI. Anthropic success is not you and I paying 20 bucks a month for their subscription. It is companies paying hundreds of millions of dollars for tokens that are being used for coding and things like that.
Andy Cross: Well, certainly driving the revenue in the top line and probably the profitability too, if you just look at the explosion from Anthropic and OpenAI and their revenue run rates tripling year over year or so. But as I mentioned before it was the fastest adoption both OpenAI and Gemini when they got rolling, they were behind the curve, got rolling from alphabet. You did see this massive adoption from individuals. You have an individual that is probably a loss leader, most of them free, maybe paying 20 bucks or 22 bucks a month for an OpenAI subscription. But as you mentioned, Travis, the bulk of it is really coming from the AI adoption that is getting pushed into the enterprise level, and that's been the big success with the likes of Anthropic. But to be able to make those investments into that business, it's massive amounts of capital to be able to grow that business out, to be able to make the investments, not just in the model, but the sales force, be able to build it out, all those kinds of things. That takes huge capital. We saw the parallel a little bit, but much more in the infrastructure side in the 1990s with the Telecom Act and the massive amounts of fiber that got laid, and that was short term, very good in the markets, and it was very bad in the markets, but that laid the foundation for what eventually became the Internet and supported the AI infrastructure and AI usage boom now. Certainly, the power of the Wintel, the Windows and Intel combination with IBM in the '90s driving that and the near monopoly they had. You're not seeing that necessarily on the AI side, but it's really around the effectiveness side, the effectiveness that companies are starting to see more and more not just to save money, but to drive revenue from using these AI tools like Anthropic, Claude, and Gemini, and OpenAI.
Lou Whiteman: I think Andy's right. I'll give you one, I think, similarity and one difference, I see between now and back then. The similarity is, is that it is really hard. Most of us as consumers don't measure ROI. We have to really be snipmacked across the face and say, wow, this makes life better. With a business, you can say, well, if we invest $1 million in this and we can save X amount, it's worth it. I do think that with AI and back then, just technology in the 80s, there was more of just a look by businesses. Again, to change consumer inertia, you really need to either wow them or save them a ton of money because inertia is much stronger in the consumer side than the business side. Where I think it is different is, quite frankly, I don't think Microsoft built Office for the consumer. I think we later let it. Why did anyone need a spreadsheet? I mean, later on, we had the spreadsheet and we figured out, you can do home budgeting with it or something like that. But the tools were designed for the enterprise back there. These days, it does feel like that there is a real effort to engage both the consumer and the enterprise. That feels different to me, and maybe it will drive things faster. But again, back to that first point, I know a million people who love using AI as just in their daily lives as consumers. Were told this beforehand. I don't know how many of those people would pay 20 bucks for it. I think that's both sides of it. But I think consumers are being courted more than they were in the early days of Wintel when it was basically enterprise tools for the enterprise. But I don't know if we're going to see the ROI until it really hits us.
Andy Cross: The parallel though with the 80s, the focus on companies, and because most of us use personal computers for fun, graphics, games, like you said, as a word processor, essentially, it wasn't until later that we started to see more and more of the benefit, so the ROI really was accruing to the corporation as Lou right there.
Travis Hoium: I want to bring this into a little bit more modern times when we come back and talk about how the consumer drove things in the 2000s to 2010s. You're listening to Motley Fool Hidden Gems Investing .
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Travis Hoium: Welcome back to Motley Fool Hidden Gems Investing . We talked a little bit about the '80s and '90s. We didn't really talk about the bubble, but I think the takeaway from those two decades was really that the enterprise drove a lot in the PC build-out. That's why Wintel won. It's why IBM was such a big company. The bubble and all of that, it made a lot of sense to build out a lot of these telecom assets building some of the apps that they were building in those days maybe didn't make as much sense, but there was a ton of EC money involved. But let's take it to the 2000 and 2010 because I think in modern times, this is where the companies that really define the market today were either created or grew up. Alphabet would be an example of that. Meta was started, Facebook was started in 2004. You have Shopify , which basically just rode Facebook's coattails, allowed for a completely new way to do business, ultimately disrupted some of the retail companies. Andy, I want to start with you. When you look back on that era, that was the maturation of the bubble that happened in the late 1990s, early 2000s, and shaking it out, figuring it out. We talked before the show about, hey, everybody's highly valued now because everybody is really profitable. Everything's growing, but long term, that's not usually the way that it works out. You find certain areas that are extracting most of the value, and then everything else gets commoditized or modularized. Is that the way that what we should take away from this is eventually there will be something completely new and disruptive built on top of what we're building today?
Andy Cross: Well, I think there will be, absolutely, what the AI foundation they're laying today will set up, whether it's robotics or other innovations, the seeds they're planting will become the oaks of that eventually. But like we saw in the 2000s, Travis, between 2000-2010, we basically had these two massive crashes where the market lost well more than 50% of a drawdown and shuck out a ton of investors. Meanwhile, as you mentioned, 2004, we had Alphabet go public. I think Alphabet's market that day went public was something around 20 billion compared to where it is today. You saw these massive success stories of these companies, as you said, maturing and building up on the technologies that were laid the decades before. I think we will see that on the AI side. We undoubtedly will see some big winners over the next ten years from companies that are not even created right now. They're just a dream in somebody's head.
We'll see those innovations. I do think because of the capital required to build out this infrastructure, make these investments in the large language models. Yes, it is possible to do it more cheaply, but it is on the backs of these Nvidia chips. We saw what happened with Grok announcements this week when they're affecting this that they are seeing now with their new model on top of the Nvidia chips. It just takes so much capital. I do think the big players will continue to be the winners. They may not be the massive growth companies that drive 20% annualized returns for investors portfolio. Some upstarts will come along and they will do very well because they are solving that price demand equation that we talked about earlier, where they're fulfilling a need, and the consumers of that need, whether they're people, companies, governments are willing to pay and pay higher prices for that need, they're going to solve that, and those will be the future winners, and they undoubtedly some of them at least, are not even created yet in the markets.
Travis Hoium: Lou, one of the things that I think is fascinating looking back at those days was how it changed distribution. I had a paper route in the 1990s. That was how I paid for my first stocks and mutual funds that I was buying back in those days. But what ultimately changed about the Internet, and this is not necessarily what the '80s and '90s was completely about, but it was the fact that you went from these local monopolies with newspapers, with retail to being able to reach the entire world. That's what fundamentally changed the value in the market. What can we learn from that, or what parallels do you see in this new technology paradigm that seems like it's going to shake things up, but we're not fully clear on exactly where it's going?
Lou Whiteman: I'm a logistics guy at heart. Of course, I see everything as distribution, but that is the story of the 2000 was just the Internet changed the cost of moving information. We didn't know who Sergey Brin was in 1999. We didn't know who Mark Zuckerberg was. We didn't know what would be created with this, but the right bet was is that with this lowering cost, amazing things were going to happen. The real interesting thing about that error was is that it changed human behavior too. When Andy and I were kids, if you wanted almost anything from information to food to consumer junk, you had to go to the library. You had to leave your house to do. One of the things I think the Internet ushered in was just this expectation of no, the world comes to me, which has played off in all sorts of ways. Look, there's a scary scenario here because we all know what happened. Tons of money were spent to build those rails. The companies that did that went bankrupt, and then we still benefited from it. That's not a prediction, but it is the jumping point for a thought experiment. Are we at an inflection point? Is it possible that the hyperscalars the one spending all these money and have these models that they are almost going to transform into the utilities, and it's going to be the companies that make stuff with these models or deploy the models or figure out how to use this technology, which I'm not sure the hyperscalars are really the best at that right now of actually turning it into productivity. A lot of this has to play out, but there's a world where, like Andy says, these hyper scales remain hugely valued, but their growth story isn't what it used to be, and there is just going to be a ton of new companies taking advantage of these rails and just building amazing things that will be where value was created from here.
Travis Hoium: Very quickly, I want to both of you answer on what is sustainable about this current technology evolution, Andy?
Andy Cross: Convenience, Travis. I'm lazy and I think many of us are lazy and we wanted things to be as convenient as quick and fast and great as possible. I think that's what we're seeing with the AI revolution.
Lou Whiteman: Yeah. At worst, even if everything just goes terrible, we will figure out a way to use all this compute power we're building. That's the silver lining, and I don't know how. I don't think AI goes to nothing. I do wonder about commoditization. I do wonder. Like I said, my guess is the way we interact with AI even two years from now will look so much different than today and just like we didn't understand in 1999, how we would use the Internet. We don't understand and all the projections. Andy's right. There's a there there. It's convenience. It's just a ton of compute and smart people are going to create value with it over time.
Travis Hoium: When we come back, we're going to talk about the unknowns about the future of the market. You're listening to the Motley Fool Hidden Gems Investing .
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Travis Hoium: Welcome back to Motley Fool Hidden Gems Investing . Let's enter the world of the unknown. Investing what's known is often priced into a stock, or at least the market thinks that we know at that given moment. What's not priced in is the things that we don't know or can't know. Those are the unknown unknowns or known unknowns, as Donald Rumsfeld would say. That's ultimately what drives a lot of the value in the market. If you look at Nvidia, five years ago, you weren't buying it because it was the big player in artificial intelligence. If you were, congratulations. You were ahead of the game. Same thing with Micron , 12-18 months ago. I mean, even Apple , even Tim Cook, apparently couldn't predict that memory prices were going to skyrocket. What are those unknowns that you're thinking about, and this can be either positive or negative, with some of the biggest companies in the market, some of the most talked about companies in the market. Lou, I want to start with you with Nvidia, when you look at that stock and how valuable that company has become, what are either the positive or negative unknowns that you're thinking about?
Lou Whiteman: I mean, the known unknown is, I think we're sleeping on robotics and what a role Nvidia would have. I do think we're moving towards in Nvidia's best days with AI are over. There's more and more custom chips. There's just more competition, like you say. Not that it's going to fall.
Travis Hoium: Do you think robotics can replace hyperski sending?
Lou Whiteman: Yes. I really do because I think robot it's not going to be the dancing robots that clean your house. It's going to be all of the everywhere just making lives easier. This trend isn't new. But I think just the ability to apply tech to it with Smart Tech, that is the next big thing for Nvidia. I think we're starting to worry about the negativity around AI with competition, but I don't think we fully appreciate the upside with robotics.
Travis Hoium: What comes to you?
Andy Cross: Robotics is the key. Jensen's talked about this. If you just think about what goes into driving a robot, whether it's a humanoid robot. It's the brain power that uses most of the energy and Nvidia, they're the lead dog in that. I'll take a little bit of other side from what Lou said. I think the better days for Nvidia are not necessarily over. They've done a masterful job, Jensen Huang's, but done masterful being able to navigate the different parts of the market across AI or GPUs or gaming, whatever it might be. I think robotics is the next big push for Nvidia and I think it's exceptionally ill-defined. There's a big unknown about what that market looks like. But if robotics is going to take off, Nvidia is going to be the lead dog in that.
Travis Hoium: That does seem like an area, too, where the customers are not going to have the same ability or incentive to create their own chips. I think that's always been something that's made me a little bit comfortable with this AI build-out is you're concentrated among four or five customers, 60% of your revenue or so, even for a company the size of Nvidia, and all of those customers are trying to get out from underneath you by creating their own custom chips. That's definitely not going to be the case, at least for now in robotics. What about Apple? Andy, when you look at Apple as a company as a stock, what are the things that either excite you or keep you up at night?
Andy Cross: They need to find something next from the iPhone. They have a watch.
Travis Hoium: They need new next thing.
Andy Cross: They need a next form factor. I just think about when the iPhone came out in 2007, I mentioned that earlier. It took some time for it to really take off. It was tied to AT&T and all those challenges that we had, but it really wasn't until the App Store came along that they started to really build out that ecosystem, and then allow them to tie into the services. That's been the big growth driver. The iPhone has been revolutionary, probably the greatest invention of the last at least 50 years, I would say, meaningful when you think about the impact wider. What is next for them? Then how does AI play into that whatever next is? That's the big question I have for Apple and the new leadership team there.
Lou Whiteman: It's really dangerous to be the Luddite, but I'm going to be the Luddite here and take the other side. I think that the known unknown is there just isn't a next big thing. If you look at how most of us use our phones today, I don't think glasses or any of these other alternatives are really a good alternative. I don't see people playing game. Maybe, but I really think that the story here is that them using AI and using things to just continue to make the phone better. The downside is maybe there isn't a next big thing, at least on the consumer side, or maybe it's a long way off, but the good news is that they are a very profitable company, and it's a great franchise. Thanks to AI, there are ways to eventually drive upgrades and stuff. I do think we have to stop. It's not the Apple TV anymore, it's not the Apple car. It's not this.
Travis Hoium: We've lost a lot of those narratives.
Lou Whiteman: Yes, we've lost to narratives, and I think the known, unknown, but underappreciated is it's a daggone good business if it just continues to iterate on its own. I just have been underwhelmed by the replacements. That doesn't mean there isn't somewhere there's a lab right now that's about to really knock my socks off, but it's been long enough with these phones that I'm going to believe it when I see it.
Andy Cross: Trav, I do think John Turner's the new incoming CEO at Apple is in a pretty good sweet spot. The experience he's bringing in across the Apple system, I think, he's potent. I do think he's the right person for that job, and I'm glad to see him take over the CEO role.
Travis Hoium: The other thing to just look back historically with technology, typically, the company that dominates a certain era does not dominate the next era or the next paradigm. Microsoft did not dominate mobile because they couldn't see mobile through the lens with which they were looking at it, whether it was because they were selling mostly into enterprises or that was their key market or because they were running an operating system, and they had to completely rethink the operating system. Historically, whatever that next form factor is, whether it's a pin or a watch or glasses or whatever, Apple may not be the company that sees it because they are so ingrained in the current paradigm. Let's go to a key supplier to both of these companies. That's TSMC . What is exciting or makes you nervous, Andy?
Andy Cross: Gosh, I guess it's the customers. That's the big question. If the customers start pulling back, that's obviously going to be the big question for TSMC.
Travis Hoium: Is that going to be a macro problem for them, or is that going to be let's say, Tesla and SpaceX building their own fabs, or what's the concern there?
Andy Cross: It's going to be others doing trying to take over the great leadership position TSMC has. This is minus a China really ruffling feathers and doing anything really dangerous, which is the big macro concern there. But other than that, I think it's customers starting to look elsewhere away from TSMC to be able to do what they do in the same way, the same quality and the same price. Now that's a big ask for customers to do that, but if they can do that and they're willing to put the capital to work and they can finance that. I think that's the big question I have with TSMC.
Lou Whiteman: I think that's right. I don't have a better one. The one thing I'd add to it, though, is that you have the United States and I think soon to be Europe and when you have governments actually leaning on the scales, TSM is doing its best to be part of that answer for these. But we all love our national champions. Everything Andy said is right and then adding to it the fact that that governments are actually putting their capital to work to compete against the Taiwan fabs, that is at least worth watching.
Travis Hoium: I want to go to a little bit smaller company to end things in this segment. That's Intuit. Intuit is one of these companies that I keep looking at. Is this going to be a disruption story? There's a lot of unknowns in the future for Intuit. Andy, you had a reaction there. What do you think of Intuit.
Andy Cross: The stock is down 60% or 50% or so over the last.
Travis Hoium: It looks cheap. But is that a value?
Andy Cross: I would be careful because in the marketplace, this is where I think my little more revised thinking around some of the efficient market. I think the market gets more of those right than wrong. I'm a little bit cautious to double down on stocks that fall down like that. Obviously, the risk over something like a Claude model being able to handle all my taxes and LinkedIn my very easily gather all my information that I can do. I can download my taxes from TurboTax or if I run QuickBooks and just import it into Claude. That's the existential risk. That's a big concern. But the thing on Intuit that I worry about, as well as some of these other companies that are kind to this space is when they start taking capital and they start making these big acquisitions and Intuit has done this, whether it's Mailchimp or whether it's Mint or whatever it might be, they make these acquisitions go after their growth market. I just worry that they start to stretch outside their core market because their core markets under threat they make these stretches, they add goodwill to the balance sheet, they can't get the returns on the capital of those investments and ultimately just continues to hammer the stock because the profitable earnings growth that would come from that revenue jump from adding those companies is not there and investors sniff that out.
Lou Whiteman: It's funny. Maybe I'm underestimating it because I don't want to right now upload my taxes too.
Travis Hoium: [OVERLAPPING] too, especially this new policy where they can use your content as the piece.
Lou Whiteman: On the consumer side, my biggest known, unknown is, is that I think Intuit to its credit does a lot of good lobbying, but I think a lot of the consumer business should probably go away. The IRS gets all of our data. They process our data. It would be so easy for them to just send us a slip and say, is this right and move on there. I think one day we're going to get there. I'll tell you the AI threat is the other side of the business to me. If you look at how Intuit describes their business to business, what they provide. They provide financial marketing and management software that helps small to mid-size businesses run their operations, automating accounting, managing payroll and payments, processing payments, driving automated email marketing. All of that sounds very replaceable with AI. A lot of that is automating. It's just fancy way of saying, we do automated tasks. I think that core business to business business is what I think gets disrupted first. I think it's a real threat for that.
Andy Cross: A little scared about having too much of the government influencing and doing my taxes for me, if that.
Lou Whiteman: We definitely have this fact check, but they're doing it anyway. They audit you if they think you're wrong.
Andy Cross: I know but then at least I have Intuit or someone else to be able to go back to and say, hey, listen, this is what we said, and this is what the government said.
Travis Hoium: This is one of these things. One of the reasons that I wanted to talk about this is these big trends, getting the big trends, the strategies, the technology shifts right is really where you hit the huge gains for investors Intuit stock between their IPO in the early '90s, 1993 is what I have data back to. To its peak, this was actually last year, 28,000%. There was a long time. There was decades where you could have ridden the gains that you have with a company like that. Andy and Lou might be right that the best days are past it, but there was a lot of gains to be had in the meantime for investors.
Andy Cross: Travis, I think that's one of the secrets to Hidden Gems investing is trying to identify those markets and the trends and the companies that are going to benefit from that early on and being able to look past some of the noise to be able to invest for the next few years. I think that's something that Tom and the Hidden Gems team has done pretty well over the years.
Travis Hoium: When we come back, we're going to get to some of our Hidden Gems ideas. You're listening to Motley Fool Hidden Gems Investing .
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Travis Hoium: As always, people on the program may have interest in the stocks they talk about in The Motley Fool may have formal recommendations for or against, so don't buy or sell stocks based solely on what you hear. All personal finance content follows The Motley Fool's editorial standards and is not approved by advertisers. Advertisements are sponsored content and provided for informational purposes only. To see our full advertising disclosure, please check out our show notes.
Andy, I wanted to ask you some questions about in today's market, where are you seeing Hidden Gems opportunities as an investor and what are the factors that you're looking for?
Andy Cross: The Hidden Gem style, I've been doing this with Tom for a long time and benefited from so much of his thinking, but that hidden part, Travis, and that can mean a lot of different things. It's basically underappreciated or undervalued assets from what the market sees. Assets' strength and brands, exceptional leadership, financial power, and tangible assets, and growth opportunities. It's a mixture of both. But I think about that combination, what is the market really not seen? I think one interesting spot is something like a retailer that really doesn't quite get the attention that other retailers might in the U.S. That's a company like Aritzia, which had earnings this week. They were outstanding. Think about the growth profile. It's a Canadian women's retailer that does this very accessible. Medium to high fashion retail, and it's just doing things in a different way with that leadership team. But it was Canadian-based, and now they're moving more aggressively into the U.S., very profitably into the U.S. That story when you think about getting into an early growth story like that, that's a hidden gem that I really love to find and love to invest in.
I look about our history of the same thing with a company like Buffalo Wild Wings , which was very early on in trying to grow out chicken wings. Buffalo Wings in a way that really wasn't done at scale or a company like Chipotle and Starbucks many years ago. Those growth opportunities, and then you have a company that's taking advantage of those. I think still a company like a Riti and retailer, I see some on the biopharma space, whether it's a company like Vertex or Krystal Biotech , symbol K-R-Y-S, that is doing some really cool things when it comes to treating butterfly skin disease, and they have a very proprietary process and platform. That's what I'm trying to find and that are not really quite appreciated by the market that is constantly talking about large-cap tech stocks.
Lou Whiteman: Echoing what Andy said. I am a big believer. The reason I do this, the reason this is fun to me, is I think there's always something to buy out there because we do. We focus on one thing, and it's crazy, but there are just good companies that just get not forgotten about, but just fall out of favor. For me right now, it's the financials. I had a radar stock and a financial last week, so I've been talking about this a lot, but there isn't a lot of growth right now, but you're getting dividend yields north of 4%, well north of that. I think that this is a business that grows over time. I don't like the dividend yields with REITS because I don't know how much growth you see in REITS, but with financials, I really like that. Also, physical goods. The TransDigm is a company I keep talking about, but it is just a huge market winner over time. It's near a 52-week low. I like looking at value there because there's so much of a track.
Travis Hoium: I love when Andy brings up a stock that is headquartered just a couple of miles from where I live in the Minneapolis area. We should do a show about how many companies are based in the Twin Cities, just incredible how many huge companies you didn't realize are based right here. Cargill, another one, not even public, but one of the biggest companies in the world.
Lou Whiteman: Mr. Chamber of Commerce.
Travis Hoium: Yes, exactly. Get my local shout-out here. Let's get to the stocks on our radar and bring in Dan Boyd for his thoughts. Andy, what do you got this week?
Andy Cross: Guys, I'm looking at Primo Brands, Dan. This is symbol P-R-M-B, a market cap of $8.5 billion. Primo Brands provides bottled water, hydration solutions through a huge network, 200,000-plus retail outlets. Some of the brands, Dan, you might know, Poland Spring, Deer Park, Saratoga, Pure Life, Mountain Valley, it has a combination of let's call it water as a service, subscription business that delivers a house, the big jugs, the three-, five-gallon jugs, but then also you can buy these products in your grocer and in your retail outlets. It owns 80 natural spring sources, it runs a direct delivery network that reaches 90% of the U.S. population and 80% of the Canadian population. What's interesting about it, it was a combination recently of a big merger, so it's working through that. The valuation's attractive. It's not one of those high-growth companies, but when I look at the hidden assets behind it, I think good things are ahead for premium brands. I probably think probably in the not super high growth, but maybe 10-12% annualized returns business.
Travis Hoium: Dan, what do you think about water as a service?
Dan Boyd: I think water as a service is something that most municipalities already offer. But here's the thing. [LAUGHTER] I want to denigrate this stock. I really do, because I generally refuse to buy bottled water because it's a scam. Water isn't going anywhere. People need water. If these companies are allowed to own water sources and stuff, it's going to be profitable.
Travis Hoium: I do like a good bit of Dan pushback on these stocks. If you come out positive, maybe it's worth to watch list. Lou, what you got this week?
Lou Whiteman: Definitely lots of liquidity. I'll see myself out. Dan, we always talk about big banks kicking off earning season. For me, it all starts with Delta Air Lines , ticker D-A-L. They are out this morning with a solid earnings beat 156 compared to 151 consensus. Part of this was that fuel was a little less bad than feared with everything going on in the Middle East, but most of it was strong, diverse revenue flows. Delta is just finding a lot of ways to win. Premium upgrades, corporate travel, cargo, even doing maintenance on everybody else's planes, premium up 70%, cargo up 40%, maintenance up 32% year-over-year. If there was a disappointment, it was that overall passenger revenue was somewhat below expectations. What's the takeaway here? I think good things for United , maybe not good things for other airlines. But overall, this is a good barometer to the economy and the economy, at least those who can spend are holding up. Delta is and continues to be the best airline operator in the U.S., and another strong report from them, just a really well-run company.
Travis Hoium: Dan, what do you think about Delta charging extra so that I can sit with my kids on an airplane?
Dan Boyd: I hate it. As somebody who has kids and has to travel, sometimes, it stinks. Let's go Primo Brands. I don't want to do it, but we're going to go Primo Brands this week.
Travis Hoium: Congratulations to Andy Cross. That's all the time we have for today. Thanks to Andy and Lou and Dan behind the glass. We'll see you here next time.
Andy Cross has positions in Alphabet, Apple, Chipotle Mexican Grill, Krystal Biotech, Meta Platforms, Microsoft, Nvidia, Shopify, Starbucks, Tesla, and Vertex Pharmaceuticals. Lou Whiteman has positions in Shopify, Taiwan Semiconductor Manufacturing, and TransDigm Group. Travis Hoium has positions in Alphabet, Intel, and Shopify. The Motley Fool has positions in and recommends Alphabet, Apple, Aritzia, Chipotle Mexican Grill, Intel, International Business Machines, Intuit, Krystal Biotech, Meta Platforms, Micron Technology, Microsoft, Nvidia, Primo Brands, Shopify, Starbucks, Taiwan Semiconductor Manufacturing, Tesla, TransDigm Group, and Vertex Pharmaceuticals. The Motley Fool recommends Delta Air Lines and recommends the following options: short September 2026 $35 calls on Chipotle Mexican Grill. The Motley Fool has a disclosure policy .
What History Teaches Us About Today's Tech Market was originally published by The Motley Fool
百万美元集中持股的税务权衡
重要性2/5 中低
个案数字较完整，但内容以家庭税务和遗产安排为主，MSFT只是举例，对当日公司研究关联较弱。
中文摘要
核心结论
文章讨论一项家庭财富安排：84岁父亲将2.2万美元单一股票持仓积累至约100万美元，立即出售预计产生15万美元资本利得税，持有至去世后可能适用成本基础上调。集中度风险、寿命、税率及遗产安排共同决定结果，原文提出部分出售作为折中方案。
重要性评级
评级：2/5（中低）
文章发表于美东时间 07/21 20:50（UTC+8 07/22 08:50），涉及MSFT的内容只是集中持股示例，主体是个案税务讨论，对当日标的研究的直接贡献有限。
关键事实
- 来电者Seth称，其84岁、患阿尔茨海默病并居住于记忆照护机构的父亲曾以每股22美元买入1,000股单一股票，总成本2.2万美元，当前价值约100万美元。
- 家庭其余资产包括80万至90万美元的IRA（个人退休账户）及两个Morgan Stanley（摩根士丹利）账户，遗产总额略低于500万美元。
- 原文估计立即出售全部股票将产生约15万美元资本利得税；若持有人去世后适用step-up in basis（成本基础上调），继承人的计税成本可能重置为死亡日市价。
- 文章称高收入家庭的长期资本利得联邦税率最高可达20%，另有3.8%的净投资所得税及可能的州税。
- 原文引用2026年1,500万美元联邦遗产税免税额，认为该个案遗产规模可能低于联邦遗产税门槛。
- Seth提出出售20%至25%、约20万美元的持仓，估计税款约3万至4万美元，同时降低单一股票集中度。
- 文章以MSFT为集中持股风险示例：过去十年回报约704%，但过去一年约下跌20%、年初至今下跌16%，股价约399美元，52周高点为551美元。
作者观点与证据
作者认可集中持股风险，也强调成本基础上调可能减少所得税。税额、免税额和部分出售效果均来自节目个案及文章估算；原文未披露实际股票身份、完整成本基础、所在州、授权安排或税务文件，因此无法确认最终税负。
与相关标的的关系
MSFT仅用于说明优质公司仍可能出现显著回撤，并未确认是该家庭持有的股票。文章对微软经营、估值驱动或当日催化没有新增证据。
时效性与限制
税法适用取决于司法辖区、死亡年度、账户类型和家庭具体情况。文章含财务顾问推广内容，且个案数据来自来电陈述，缺少独立文件验证。
后续跟踪
- 个案股票的真实身份、准确成本基础及未实现收益。
- 2026年联邦与州层面的资本利得税和遗产税适用条件。
- 单一持股占家庭净资产的比例及不同回撤情景。
- 账户所有权、遗嘱、授权文件与继承安排。
英文原文
A Caller’s Dad Turned $22,000 Into $1 Million on a Single Stock. Now the Family Faces a $150,000 Tax Decision
A Caller’s Dad Turned $22,000 Into $1 Million on a Single Stock. Now the Family Faces a $150,000 Tax Decision
Michael Williams
Wed, July 22, 2026 at 8:50 AM GMT+8 5 min read
- MSFT
-1.13%
Quick Read
- Seth's 84-year-old father turned a $22,000 single-stock buy into $1 million, but selling now triggers a $150,000 capital gains tax bill.
- Waiting for the step-up in basis at death resets the cost basis to market value, legally erasing most or all of that $150,000 tax liability.
- Seth proposed selling only 20 to 25% of the position for roughly $30,000 to $40,000 in taxes, de-risking concentration while preserving the step-up on remaining shares.
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On a recent segment of Ramsey's Everyday Millionaires , a caller named Seth, 52, from Boca Raton, opened with a line most investors only fantasize about: "We kind of hit the stock lottery, Dave."
Photo by Texas Family Services via Yelp His 84-year-old father, now in memory care with Alzheimer's dementia, once bought 1,000 shares of a single company at $22 per share. Those shares now trade for over $1,000 apiece, turning a $22,000 stake into roughly $1 million. The rest of the estate includes an $800,000 to $900,000 IRA and two Morgan Stanley accounts, bringing the total to just under $5 million.
The family got lucky. The real question is what to do next. Sell the position now and the IRS collects an estimated $150,000 in capital gains taxes. Hold until the father passes and that tax bill can legally disappear. That is the pivot the entire conversation turns on.
The Verdict: The Host Is Right on Risk, but the Framing Is Incomplete
The host was blunt: "Whatever that company does, so does the million dollars." And if "the stock goes in half, then you lost $500,000." That is a real risk. But treating this as a binary sell-or-hold decision misses the tool that makes patient inaction powerful here: the step-up in basis.
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Here is the mechanic in plain English. When someone dies holding appreciated stock, the cost basis resets to the market value on the date of death. Seth put it clearly: "if we keep it and then he passes away, we then get that new step-up basis" . The heirs inherit the shares as if they paid today's price. Sell the next day at that price and the taxable gain is essentially zero. Decades of appreciation vanish for income tax purposes.
Story Continues
Long-term capital gains for high-income households can hit 20% federal, plus the 3.8% Net Investment Income Tax, plus state tax. That stack is how a $1 million sale generates the $150,000 hit the host called a $150,000 decision . Waiting for the step-up could erase most of it. On a sub-$5 million estate, the $15 million federal estate exclusion for 2026 decedents means no federal estate tax either.
Concentration Risk Cuts the Other Way
One-stock portfolios are how fortunes get both made and unmade. Seth's father held what looks like a classic long-term compounder. Microsoft ( NASDAQ:MSFT ) is the archetype: the stock returned roughly 704% over the past decade. Yet even Microsoft is down about 20% over the past year and down 16% year to date, trading near $399 after touching $551 in the past 52 weeks. A best-in-class name with 46% operating margins and a $2.99 trillion market cap can still cough up six figures of value in months.
The host's warning is grounded in real cases. Fraud, a product misstep, or a broad tech drawdown can slice a concentrated position quickly. The step-up only rewards patience if the share price cooperates while you wait.
Seth's Middle Ground
Seth's counter was practical. The family discussed selling only 20% to 25% of the position, roughly $200,000 worth, which he said would trim the tax bill to around $30,000 to $40,000. That partial sale accomplishes two things at once. It de-risks the concentration by moving a chunk into diversified holdings, and it preserves the step-up on the remaining shares. If the stock craters tomorrow, they still kept most of the position for the basis reset. If it holds up, they only surrendered a small slice of future gain.
That is what the host's binary framing misses. The variable that decides everything is how much to sell. The right slice depends on the family's tolerance for a single-name drawdown, the father's life expectancy, and the tax bracket in the year of sale.
What to Do With This
If you or a parent are sitting on a concentrated winner with a low basis, take three concrete steps:
- Pull the actual cost basis and unrealized gain from the brokerage. You cannot model any decision without the exact numbers on the statement.
- Model partial sales in tranches. Ask what selling 10%, 25%, and 50% each does to the tax bill and to the percentage of net worth still tied to one company.
- Loop in an estate attorney and a CPA before acting. The step-up in basis, the $15 million 2026 estate exclusion, gifting, and donating appreciated shares to charity all interact in ways worth pricing out for your specific situation.
The step-up in basis is one of the few remaining giveaways in the tax code. Ignoring it costs real money. So does letting one stock decide your net worth.
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SpaceX估值仍高于经营能见度
重要性3/5 中
SPCX上市后的价格、估值和资本开支数据具有直接性，但缺少上市后财报与完整估值假设。
中文摘要
核心结论
作者认可SpaceX（太空探索技术公司，SPCX）在发射、卫星连接和人工智能业务之间的协同，但认为股价回落后仍未充分反映资本开支、技术开发和财务能见度风险。判断依据是119美元股价明显高于晨星63美元公允价值估计，且上一年度资本开支超过收入。
重要性评级
评级：3/5（中）
文章提供上市后估值与财务约束的直接数据，和SPCX高度相关；不过它属于个人评论，尚无上市后季度业绩验证，NVDA只出现在推广材料和关联标签中。
关键事实
- SpaceX上月完成首次公开募股，发行价为135美元，上市最初数日累计上涨27%。
- 股价随后跌破发行价，并在07/20（未给出具体时刻）收于119美元，较发行价低约12%。
- 晨星在上市前给出的公允价值估计为63美元，约为119美元股价的53%。
- 公司上一年度收入为180亿美元，资本开支为200亿美元，资本开支高出收入20亿美元。
- SpaceX上一年度完成的轨道发射次数超过其他参与者；连接业务订户在三年内增至原来的四倍。
- 作者希望观察一至两个上市后财报期，以判断新增资本开支能否带来更快的收入增长。
作者观点与证据
作者明确持谨慎立场，证据集中在发行价、晨星估值、资本开支与收入差额。业务协同和订户增长支持长期叙事，但文章没有提供利润、现金流、分部收入或债务数据，63美元估值的模型假设也未展开。
与相关标的的关系
SPCX是文章直接研究对象，关注上市后估值与经营兑现。英伟达（NVDA）没有进入SpaceX经营论证，仅存在于页面推广内容，不能据此建立两家公司之间的经营影响关系。
时效性与限制
文章发布于美东时间 07/21 20:25（UTC+8 07/22 08:25），引用07/20（未给出具体时刻）收盘价，市场数据较新。SpaceX尚缺上市后财报，文章的估值结论依赖外部公允价值估计和作者风险偏好。
后续跟踪
- 首批上市后财报中的收入、资本开支和自由现金流。
- 卫星连接订户增长及单位经济效益。
- 发射频率、成本与新技术项目投入。
- 晨星公允价值模型随新披露的调整。
英文原文
SpaceX Is Down 20%: Here
SpaceX Is Down 20%: Here's Why I'm Still Not Buying
Adria Cimino, The Motley Fool
Wed, July 22, 2026 at 8:25 AM GMT+8 3 min read
- SPCX
+3.08%
- NVDA
+1.97%
Space Exploration Technologies (NASDAQ: SPCX) has drawn a great amount of excitement in recent times. The company, better known as SpaceX, completed the world's biggest initial public offering last month -- and saw its stock soar 27% in the first days of trading.
In recent times, SpaceX stock has pulled back, even falling below its IPO price of $135. But even at this level, I think the stock is too expensive considering the risk involved -- that's why I'm still not buying. Let's check out the details.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Image source: Getty Images.
A smart mix of businesses
It's true that SpaceX offers a smart mix of growth businesses -- rocket launches, connectivity, and artificial intelligence (AI) -- and these businesses can work together to deliver efficiency. For example, SpaceX can use its rockets to deliver materials to space for the satellite-based internet service and the AI business . This offers SpaceX great autonomy and keeps costs down.
The company has also made progress on goals such as bringing down the costs of rocket launches, and last year it completed more orbital launches than any other player. The connectivity business has seen its subscribers quadruple over three years, and this growth is key since this unit drives revenue growth.
All of that is positive, and SpaceX, at $119 at the July 20 market close, is considerably lower than it was a few weeks ago. But I'm still not buying because the stock is expensive given the amount of risk involved. Prior to the IPO , Morningstar said its fair value for SpaceX was $63, which seems reasonable; today, the SpaceX price remains far from that level.
Upcoming earnings reports
I also think that before diving in, it's important to take a look at an earnings report or two to monitor the company's spending trends and the level of revenue that's being generated. So far, we may look at the financial picture over the past three years, as provided in the prospectus. But since SpaceX's capital expenditures are increasing, I'd like to see fresh earnings data.
This is particularly key for a company like SpaceX, which has many goals linked to technologies that are still in development. For example, as SpaceX increases capital spending, is its revenue climbing at a fast pace? Last year, capex of $20 billion exceeded revenue, which was $18 billion. I'd like to see revenue step ahead in the coming quarters.
Story Continues
At this point, SpaceX remains an interesting business that's made progress in key areas. The company could have a very bright future several years down the road, so I understand that some investors aim to get in early. But in my opinion, risk remains high, and visibility remains limited -- so even though SpaceX stock has declined, I'm still not buying.
Should you buy stock in Space Exploration Technologies right now?
Before you buy stock in Space Exploration Technologies, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Space Exploration Technologies wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $364,562 ! Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,247,668 !
Now, it's worth noting Stock Advisor's total average return is 894% — a market-crushing outperformance compared to 207% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor , and join an investing community built by individual investors for individual investors.
See the 10 stocks »
*Stock Advisor returns as of July 21, 2026.
Adria Cimino has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy .
SpaceX Is Down 20%: Here's Why I'm Still Not Buying was originally published by The Motley Fool
莫德纳流感疫苗等待监管裁决
重要性3/5 中
明确监管节点和直接标的关系提升时效性，但临床证据展示不足，短期价格判断属于作者推测。
中文摘要
核心结论
莫德纳（MRNA）的mRNA-1010流感疫苗将在08/05（未给出具体时刻）迎来监管目标日，但作者判断批准预期已部分反映在股价中。更长期的支撑来自后期研发管线能否在未来三年增加至少两项产品批准，并降低公司对新冠业务的依赖。
重要性评级
评级：3/5（中）
文章给出明确监管日期和三期临床方向，直接关联MRNA；但未列示三期试验具体效力、安全性数据或监管文件，且NVDA仅为页面关联标签。
关键事实
- 莫德纳股价2026年以来已上涨92%。
- mRNA-1010是一款试验性流感疫苗，目标人群包括流感住院风险较高的老年人。
- 文章称该疫苗在Phase 3（三期临床）中的效力优于部分已批准同类产品，但没有提供效力百分比、样本规模或安全性数据。
- FDA（美国食品药品监督管理局）将PDUFA（处方药使用者付费法案审评目标日）设在08/05（未给出具体时刻），届时可能批准或拒绝申请。
- 数周前，FDA顾问委员会一致认为mRNA-1010收益超过风险，消息曾推动股价明显上涨。
- 作者预计公司后期管线可能在未来三年获得至少两项新增批准，从而改善财务结构并降低新冠产品集中度。
作者观点与证据
作者对mRNA-1010获批持较高信心，却认为监管结果带来的短期价格增量有限，依据是顾问委员会投票后股价已先行上涨。长期观点依赖管线批准数量的预测，文章没有提供各项目成功概率、商业规模和研发支出。
与相关标的的关系
MRNA是直接相关标的，监管结果影响流感疫苗产品线及收入多元化进程。英伟达（NVDA）未参与文章所述临床、监管或商业链条，关联标签不构成基本面联系。
时效性与限制
文章发布于美东时间 07/21 20:20（UTC+8 07/22 08:20），距离08/05（未给出具体时刻）目标日较近。顾问委员会意见不等同最终批准；原文缺少监管文件和试验数据表，作者所在媒体披露持有并推荐莫德纳。
后续跟踪
- FDA在08/05（未给出具体时刻）的最终决定及标签范围。
- mRNA-1010的完整效力、安全性和老年亚组数据。
- 上市准备、定价、产能与商业合作安排。
- 其他后期项目的审评日程及新冠业务收入占比。
英文原文
Should You Buy Moderna Stock Hand Over Fist Before Aug. 5?
Should You Buy Moderna Stock Hand Over Fist Before Aug. 5?
Prosper Junior Bakiny, The Motley Fool
Wed, July 22, 2026 at 8:20 AM GMT+8 3 min read
- MRNA
- NVDA
Moderna 's (NASDAQ: MRNA) shares have already soared by 92% this year. Yet, the biotech is racing toward another catalyst. The company could receive an important regulatory approval on Aug. 5. Should investors purchase Moderna's shares before then?
Is there more upside ahead?
Moderna developed mRNA-1010, an investigational flu vaccine. mRNA-1010 posted better efficacy numbers than some approved products in this category in phase 3 clinical trials. There is a large unmet need here, since the flu continues to cause thousands of hospitalizations every year, especially among older adults, the demographic Moderna is targeting with mRNA-1010.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
The U.S. Food and Drug Administration (FDA) set a PDUFA goal date -- or the target deadline by which it will either approve or reject Moderna's application for mRNA-1010 -- of Aug. 5.
Image source: Getty Images. Could the biotech 's shares soar if it receives regulatory approval for this candidate? That's unlikely to happen, as this success is almost certainly already baked into the company's share price. After all, a few weeks ago, an FDA advisory committee unanimously affirmed that mRNA-1010's benefits outweigh its risks, sending Moderna's shares sharply higher. And since then, the stock has moved mostly in the wrong direction, signaling that some investors may have used this opportunity to pocket some profits.
So, it doesn't make much sense to invest in Moderna today expecting the stock to jump on Aug. 5. The good news is that there are other reasons to buy the company's shares. Moderna has a deep pipeline of mRNA-based vaccine candidates, at least some of which may become breakthroughs in their respective niches. Given the company's late-stage pipeline, it could have at least a couple more products approved within the next three years, helping it improve its financial results while reducing its exposure to its coronavirus business, which has not been performing well lately. The stock is a buy for those reasons.
Should you buy stock in Moderna right now?
Before you buy stock in Moderna, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Moderna wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Story Continues
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $364,562 ! Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,247,668 !
Now, it's worth noting Stock Advisor's total average return is 894% — a market-crushing outperformance compared to 207% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor , and join an investing community built by individual investors for individual investors.
See the 10 stocks »
*Stock Advisor returns as of July 21, 2026.
Prosper Junior Bakiny has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Moderna. The Motley Fool has a disclosure policy .
Should You Buy Moderna Stock Hand Over Fist Before Aug. 5? was originally published by The Motley Fool
谷歌参与三十州技工培训联盟
重要性2/5 中低
项目覆盖面广但缺少预算和量化经营影响，对当日日报主要提供长期背景。
中文摘要
核心结论
Google 联合 BlackRock（贝莱德）、Carhartt 和 Ford（福特）成立美国技术工种联盟，计划在30个州扩大职业培训、学徒项目和雇主合作。该项目有助于劳动力渠道和公共关系建设，但现有信息不足以量化对 Alphabet 收入或成本的影响。
重要性评级
评级：2/5（中低）
联盟覆盖范围较广并关联 GOOG、BLK，但属于长期人才与社区项目，对当日财务表现缺乏直接影响数据。
关键事实
- Google、BlackRock、Carhartt 和 Ford 共同支持 Alliance for America's Skilled Trades（美国技术工种联盟）。
- 联盟计划在美国30个州扩大技术工种培训、学徒制和合作网络。
- 计划目标是缓解关键技术工种的劳动力短缺。
- 文中 Alphabet 股价约347.15美元，年初至今上涨10.2%，过去一年上涨81.9%。
- 股价过去一周下跌3.4%，过去一个月下跌5.7%。
- Simply Wall St（基本面分析平台）称股价较433.51美元分析师目标价低约20%，较其内部公允价值估算低约12.5%。
- 文章提示 Alphabet 存在较高非现金盈利相关风险，但未在正文量化。
作者观点与证据
作者认为联盟可强化 Alphabet 与培训机构、雇主及地方社区的联系。联盟成员、覆盖州数和项目目标是明确事实；品牌改善、人才渠道贡献及估值吸引力属于分析平台判断，缺少预算、参与人数和招聘结果。
与相关标的的关系
GOOG 的关联集中于人才供给、社区关系和品牌；BLK 作为联盟参与者具有间接关系。文章没有说明双方资金承诺或项目对财务报表的影响。
时效性与限制
发布于美东时间 07/21 20:18（UTC+8 07/22 08:18）。项目仍处启动阶段，缺少投入金额、培训名额、时间表和绩效目标；估值数据来自文章发布方自有模型。
后续跟踪
- 联盟预算和各成员出资
- 学徒及培训名额的实际落地
- 30州合作机构和雇主名单
- 项目对招聘成本及留任率的影响
英文原文
Google (GOOGL) Backs Skilled Trades Alliance Across 30 States With BlackRock And Ford
Google (GOOGL) Backs Skilled Trades Alliance Across 30 States With BlackRock And Ford
Bailey Pemberton
Wed, July 22, 2026 at 8:18 AM GMT+8 2 min read
- GOOG
-1.47%
- BLK
-1.51%
- GOOG
-1.47%
Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE.
- Google, part of Alphabet (NasdaqGS:GOOGL), joined BlackRock, Carhartt, and Ford to launch the Alliance for America's Skilled Trades.
- The alliance aims to expand access to skilled trades training and scale apprenticeships and partnerships across 30 U.S. states.
- The initiative seeks to address workforce shortages in critical trades across the country.
Alphabet, trading at around $347.15 per share, is adding a new dimension to its presence in the U.S. economy by backing this skilled trades alliance. For investors watching NasdaqGS:GOOGL, this move sits alongside a return of 10.2% year to date and 81.9% over the past year, while the stock is down 3.4% over the past week and 5.7% over the past month. It highlights how the company is engaging with labor market issues that extend beyond its core advertising and cloud operations.
The new alliance could matter for Alphabet over time as it seeks closer ties with training programs, employers, and local communities in 30 states. For readers, this development is worth tracking as it may shape how the company participates in U.S. talent pipelines and how its brand aligns with long term workforce priorities.
Stay updated on the most important news stories for Alphabet by adding it to your watchlist or portfolio . Alternatively, explore our Community to discover new perspectives on Alphabet.
NasdaqGS:GOOGL Earnings & Revenue Growth as at Jul 2026 4 things going right for Alphabet that this headline doesn't cover.
Quick Assessment
- ✅ Price vs Analyst Target : Alphabet trades at US$347.15, about 20% below the US$433.51 analyst price target.
- ✅ Simply Wall St Valuation : The stock is trading around 12.5% below the latest internal fair value estimate.
- ❌ Recent Momentum : The share price has declined 5.7% over the past 30 days.
There's only one way to know the right time to buy, sell or hold Alphabet. Head to Simply Wall St's company report for the latest analysis of Alphabet's Fair Value .
Key Considerations
- 📊 The Alliance for America's Skilled Trades positions Alphabet closer to U.S. workforce development, which can support its brand and relationships with public and private partners.
- 📊 Investors can watch how Alphabet reports on community initiatives, hiring programs, and partnerships tied to the 30 state reach of this alliance.
- ⚠️ With one flagged major risk related to a high level of non cash earnings, readers may want to track the quality and sustainability of reported profits alongside this news.
Story Continues
Dig Deeper
For the full picture including more risks and rewards, check out the complete Alphabet analysis . Alternatively, you can check out the community page for Alphabet to see how other investors believe this latest news will impact the company's narrative.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include GOOGL .
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
杠杆ETF推高市场成交占比
重要性4/5 中高
数据新近且直接关联SOXL、SOXS和TQQQ，能够补充杠杆ETF交易拥挤度判断；统计口径需要谨慎区分。
中文摘要
核心结论
美国ETF（交易所交易基金）成交股数占全市场比例升至27.6%的历史高位，主要推动力来自杠杆产品；按成交金额计算，其影响仍显著，但低于按股数统计的结果。
重要性评级
评级：4/5（中高）
文章提供ETF交易结构的近期高频数据，直接关联SOXL、SOXS和TQQQ，可用于判断杠杆交易拥挤度。IEX口径以成交股数为主，解读时需与成交金额区分。
关键事实
- IEX（美国股票交易场所）数据显示，ETF成交股数占全市场比例达到27.6%，创历史新高。
- 杠杆ETF约占ETF成交股数的40%，成交最活跃的十只ETF中有七只带杠杆。
- 杠杆ETF资产约1,750亿美元，仅占美国ETF总资产15.6万亿美元的约1%。
- 按成交金额统计，周一杠杆及反向产品约占最活跃100只ETF成交额的16%。
- SOXL（每日三倍做多半导体ETF）成交约78亿美元，排名第三；SOXS（每日三倍做空半导体ETF）成交约29亿美元，排名第九。
- VOO（先锋标普500 ETF）成交约27亿美元，低于SOXL和SOXS；SPY与QQQ成交额均约190亿美元。
- 2025年（未给出具体日期）美国上市ETF数量首次超过美国上市公司数量。
作者观点与证据
作者认为，投资者正越来越多地通过ETF表达原本由个股承担的方向性观点。证据包括IEX成交占比、活跃产品排名及资产规模差异；按股数统计会放大低价、高换手杠杆产品的权重，文章对此作了明确修正。
与相关标的的关系
SOXL和SOXS是成交活跃度上升的直接样本，TQQQ同属高换手杠杆ETF。VOO用于对照长期配置型产品在成交层面的相对弱势。
时效性与限制
发布于美东时间 07/21 20:03（UTC+8 07/22 08:03）。文章未给出27.6%所对应的完整日期区间，且股数与金额口径差异较大，不能据此直接推断净资金流向。
后续跟踪
- ETF成交占比能否持续高于历史区间
- 杠杆产品成交额与资产净流入的差异
- SOXL与SOXS双向成交是否同步放大
- 单股杠杆ETF的上市数量和市场份额
英文原文
ETFs Just Set a Trading Volume Record
ETFs Just Set a Trading Volume Record
Sumit Roy
Wed, July 22, 2026 at 8:03 AM GMT+8 2 min read
- TQQQ
+5.50%
ETF Investing Tools ETF share of total market volume recently hit an all-time high of 27.6%, according to IEX. That is a significant jump from where things sat for years, when ETF volume hovered in the high teens to low 20s as a percentage of the tape.
Source: IEX
Interestingly, what's driving the record is not the giant buy-and-hold funds like the Vanguard S&P 500 ETF (VOO) . IEX points to leveraged ETFs as a major driver of the increase. By its numbers, leveraged products account for roughly 40% of total ETF trading volume, and seven of the ten most actively traded ETFs carry leverage.
What makes that astonishing is the fact that leveraged ETFs are a rounding error on the asset side. They hold around $175 billion, barely 1% of the $15.6 trillion sitting in U.S. ETFs. In other words, a sliver of the industry by assets is responsible for something like 40% of the trading.
It's worth noting, though, that IEX appears to be counting shares traded, and leveraged funds tend to trade at low prices with heavy turnover, so they loom especially large on a share-count basis.
Using dollar value, it looks less lopsided. On Monday, leveraged and inverse funds made up roughly 16% of the traded value across the hundred most active ETFs, and two of the top ten—the Direxion Daily Semiconductor Bull 3X Shares (SOXL) and the Direxion Daily Semiconductor Bear 3X Shares (SOXS) —were leveraged.
Of course, that is still a striking amount. SOXL was the third most active fund in the entire market by dollar value, at about $7.8 billion, and SOXS ranked ninth at roughly $2.9 billion.
Both moved more money than VOO, the largest fund on the planet by assets, which traded about $2.7 billion. Only the SPDR S&P 500 ETF Trust (SPY) and the Invesco QQQ Trust (QQQ) , each around $19 billion, were more active than SOXL.
Whichever way you slice it, leveraged ETFs are punching well above their weight.
IEX flags a second force behind the trend too. There are simply a lot more ETFs now. In 2025, the number of U.S.-listed ETFs passed the number of U.S.-listed companies for the first time.
To be sure, more listings on their own do not move the needle. If nobody trades the funds, it doesn't matter that there's more of them.
But clearly people are increasingly trading them. Many investors who once would have traded single stocks to express a view are now reaching for ETFs to do it instead. The explosion of leveraged single-stock ETFs, which give traders a way to make amplified bets without touching margin, has poured fuel on that fire.
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纬创得州工厂量产英伟达系统
重要性4/5 中高
事件新鲜且直接关联NVDA最新产品的美国制造节点，关键限制是来源为企业新闻稿并缺少产能与财务数据。
中文摘要
核心结论
纬创（3231.TW）在得州沃思堡启用首座美国智能制造工厂，已在当地生产英伟达（NVDA）GB300 Grace Blackwell Ultra超级芯片，并计划导入Vera Rubin超级芯片。7亿美元投资使美国本土获得人工智能系统组装与测试能力，但产能、订单和利润贡献尚未披露。
重要性评级
评级：4/5（中高）
工厂投产直接关联英伟达最新系统的美国供应链和本地化制造，金额、面积与产品节点明确。信息来自付费新闻稿，缺少独立验证和量产规模数据。
关键事实
- 纬创D1人工智能智能工厂位于得州沃思堡，投资7亿美元，占地约32.4万平方英尺。
- 公司称该厂制造了首款在美国生产并实现量产的英伟达GB300 Grace Blackwell Ultra超级芯片。
- 工厂当前生产GB300，后续计划生产英伟达Vera Rubin超级芯片，但未给出切换日期。
- 设施采用英伟达加速计算，以及Nemotron、Cosmos模型、Omniverse和Metropolis软件库，并用digital twin（数字孪生）优化设计与流程。
- 工厂将承担英伟达人工智能系统的组装、测试和售后服务，目标是缩短交付与客户支持周期。
- 英伟达首席执行官黄仁勋和纬创董事长林宪铭出席启用仪式；纬创称其全球员工超过6.3万人。
作者观点与证据
新闻稿把该厂描述为美国先进制造回流和人工智能供应链韧性的节点，证据包括已投产产品、投资额和所用技术。关于交付提速、能源优化及长期竞争优势的表述来自公司与合作伙伴，未披露实际产量、良率、客户订单或成本比较。
与相关标的的关系
英伟达获得GB300及后续Vera Rubin系统的美国本土组装与测试节点，有助于扩展交付网络。纬创承担直接资本投入和制造执行，收益取决于订单量、产能利用率、良率与服务收入。
时效性与限制
新闻稿发布于美东时间 07/21 19:56（UTC+8 07/22 07:56），属于当天公司事件。稿件明确标注为付费发布，所有经营成效均需后续财务披露和第三方供应链数据验证。
后续跟踪
- GB300与Vera Rubin的月度产能、出货和良率。
- 工厂利用率、客户结构与纬创资本回报。
- 美国本土制造对交付周期和成本的实际改善。
- 电力负荷、人才招聘及后续扩建计划。
英文原文
Wistron Celebrates Grand Opening of First U.S. Smart Factory Marking Milestone in Global Smart Manufacturing Strategy
This is a paid press release. Contact the press release distributor directly with any inquiries.
Wistron Celebrates Grand Opening of First U.S. Smart Factory Marking Milestone in Global Smart Manufacturing Strategy
PR Newswire
Wed, July 22, 2026 at 7:56 AM GMT+8 5 min read
- 3231.TW
+9.70%
- NVDA
+1.97%
FORT WORTH, Texas, July 21, 2026 /PRNewswire/ -- Wistron Corporation ("Wistron") celebrated the grand opening of its D1 AI smart facility in Fort Worth, Texas, the site where the first NVIDIA GB300 Grace Blackwell Ultra Superchip was built and mass-produced in the United States. The US$ 700 million facility, spanning approximately 324,000 square foot, was officially unveiled during a ceremony led by Wistron Chairman Simon Lin and NVIDIA Founder and CEO Jensen Huang. Jessica Rogers, Director of the Economic Development Department for the City of Fort Worth, and Alexander Tah-ray Yui, Taiwan's Representative to the United States, were among the government officials and business leaders who attended, marking a milestone in the expansion of Wistron's global footprint and advanced manufacturing capabilities.
From left to right: Jeff Lin, President and CEO of Wistron; Alexander Tah-ray Yui, Taiwan’s Representative to the United States; Simon Lin, Chairman of Wistron; Jensen Huang, Founder and CEO of NVIDIA; Debora Shoquist, Executive Vice President of Operations at NVIDIA; and Jessica Rogers, Director of Economic Development for the City of Fort Worth, commemorate the grand opening of Wistron’s D1 AI smart manufacturing facility and a historic milestone in U.S. AI manufacturing. This is a key hub in Wistron's global AI infrastructure manufacturing network. The facility runs on NVIDIA accelerated computing and integrates NVIDIA's Nemotron and Cosmos open frontier models and Omniverse and Metropolis libraries, using digital twin technology to optimize factory design, production workflows, and operational efficiency. It is Wistron's first U.S.-based manufacturing facility, established to serve customers locally and produce NVIDIA's most advanced and cutting-edge products. Wistron Chairman Simon Lin said "The operation here is not typical manufacturing. It is new, very comprehensive, and high-tech. Right now we produce the NVIDIA GB300 Grace Blackwell Ultra Superchip, and beyond, we are also going to produce the NVIDIA Vera Rubin Superchip here. In the next couple of years, this location will be one of the most important, as we build AI infrastructure here in the United States. I think this is the reason we say that there will be the next chapter, and we are going to empower AI from Texas."
Responding to Customer Needs: Texas, the Newest Global Manufacturing Hub
At this pivotal moment for global AI infrastructure, Wistron is drawing on decades of global manufacturing experience to expand its footprint in Texas, a state with a well-established ecosystem for logistics, talent recruitment, and advanced manufacturing. The new D1 facility produces the NVIDIA GB300 Grace Blackwell Ultra Superchip and soon, the NVIDIA Vera Rubin Superchip — critical to powering the next generation of AI computing. The new Fort Worth facility strengthens a critical upstream layer of the AI infrastructure supply chain by expanding domestic capacity to assemble and test NVIDIA AI systems. These servers can be integrated into NVIDIA DSX infrastructure, with DSX providing the common architecture and technologies needed to deploy and operate energy-efficient AI factories at scale.
Story Continues
One-Stop Operational Ecosystem Strengthens U.S. AI Supply Chain Resilience
Behind every breakthrough in AI computing lies the manufacturing capability to scale it. Wistron is expanding its AI server production capabilities from Taiwan to the United States, guided by a vision of precision, efficiency, and sustainability. This reflects a broader industry shift: AI leadership is determined not only by technological breakthroughs, but also by the operational capability to transform innovation into high-volume production with consistent quality, supply chain resilience, and predictable delivery. By establishing AI infrastructure manufacturing capacity in the United States, Wistron is building a one-stop operational ecosystem spanning manufacturing and after-sales service — shortening delivery timelines and customer support cycles, strengthening supply chain resilience, and laying the foundation for long-term competitive advantage as AI infrastructure continues to scale.
Partnering with NVIDIA to Pioneer a New Model for Smart Manufacturing and Energy Optimization
As the era of physical AI begins, Wistron is extending its smart manufacturing capabilities to the United States, creating a new model for AI infrastructure production built on digital manufacturing, energy optimization, and local operations. Jensen Huang said: "The largest infrastructure buildout in history is underway. Demand for AI factories—the engine of this next industrial revolution—is incredible, and they must be produced everywhere. Together, NVIDIA and Wistron are restoring US advanced manufacturing capacity in Texas, creating skilled jobs and strengthening America's AI supply chain." As demand for advanced manufacturing grows in Texas, smarter planning of production loads and energy use will give the plant greater control and flexibility over its electricity needs.
Turning Global Experience into Scalable AI Infrastructure
Simon Lin stressed that the speed the AI era demands comes with its own responsibility. "In the AI era, the pressure of speed is also a form of responsibility," Lin said. "We don't just need to build fast; we need to build right."
The Fort Worth plant will serve as the core engine of Wistron's U.S. manufacturing operations, the company said, connecting its global production network with ecosystem partners as it scales advanced AI manufacturing. Wistron said that the investment reflects efforts to deepen its technical capabilities, strengthen the resilience and efficiency of global supply chains, and support the next phase of AI infrastructure development.
About Wistron:
Wistron Corporation is a leading global technology service provider delivering advanced ICT products, AI infrastructure, and manufacturing solutions to technology brands worldwide. With more than 63,000 employees across North America, Europe, and Asia, Wistron continues to expand its AI, cloud, and advanced manufacturing capabilities to support the next generation of intelligent computing. For more information about Wistron, please visit the official website at www.wistron.com . Additional information about the event is available on the event website .
Media Contact:
Joyce WL Chou
joyce_wl_chou@wistron.com
Wistron Logo
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巴菲特主导伯克希尔投资谷歌
重要性3/5 中
决策归属澄清对 BRK-B 和 GOOG 有直接意义，但没有新的仓位或资本配置数字。
中文摘要
核心结论
巴菲特在近期采访中确认，伯克希尔持有 Alphabet 的决定由他发起，并非继任首席执行官格雷格·阿贝尔推动。文章据此强调 Alphabet 的搜索、YouTube（视频平台）和云业务已形成易于理解的消费入口与竞争壁垒。
重要性评级
评级：3/5（中）
信息直接关联 BRK-B 和 GOOG，并澄清投资决策归属；文章没有披露仓位规模、成本或增持计划，新增财务价值有限。
关键事实
- 伯克希尔于上一年披露 Alphabet 持仓，市场曾推测该决定与管理层交接有关。
- 格雷格·阿贝尔于2026年初正式接任伯克希尔首席执行官。
- 巴菲特在近期采访中称，Alphabet 投资由他本人发起。
- 伯克希尔过去长期持有 Apple，并以较小规模持有 Amazon，科技股并非全新领域。
- Alphabet 的主要广告收入来自 Google Search（谷歌搜索）和 YouTube。
- 公司还经营云计算及自动驾驶出租车等业务。
- 文章将 Alphabet 的行业地位和竞争壁垒视为巴菲特能够理解并接受的主要原因，但未提供巴菲特对此的完整原话。
作者观点与证据
作者认为大型科技平台的业务边界已足够广，消费入口和商业模式也较清晰，传统价值投资者可以理解。巴菲特确认决策归属是新增事实；有关买入原因和“优秀成长股”的评价主要是作者解释。
与相关标的的关系
BRK-B 的关联是资本配置与管理层交接；GOOG 获得知名长期投资者背书。NVDA 只出现在推广内容中，与正文没有直接关系。
时效性与限制
发布于美东时间 07/21 19:50（UTC+8 07/22 07:50）。文章未给采访日期、伯克希尔持仓数量、买入价格或当前权重，也未引用监管申报更新。
后续跟踪
- 伯克希尔后续持仓申报
- Alphabet 在组合中的仓位变化
- 阿贝尔接任后的资本配置权限
- 搜索、YouTube 和云业务的盈利贡献
英文原文
Warren Buffett Reveals He Was Behind Berkshire
Warren Buffett Reveals He Was Behind Berkshire's Decision to Invest in Alphabet
David Jagielski, CPA, The Motley Fool
Wed, July 22, 2026 at 7:50 AM GMT+8 3 min read
- BRK-B
-0.33%
- GOOG
-1.47%
- NVDA
+1.97%
When Berkshire Hathaway (NYSE: BRKA)(NYSE: BRKB) disclosed a position in tech giant Alphabet (NASDAQ: GOOG)(NASDAQ: GOOGL) last year, many people assumed it was a big sign of a changing of the guard at Berkshire, with Greg Abel about to take over as CEO from Warren Buffett (Abel formally took over at the start of 2026).
Ironically, however, it turns out that Buffett was the one who initiated the move to invest in Alphabet, admitting to it in a recent interview. For investors, it may come as a startling revelation, given that Buffett typically avoids tech and instead invests in businesses that he knows and understands very well.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
While the move may be a surprising one, it underscores a larger theme, which is that many top tech stocks have become so large and their businesses are so broad that investors don't need to have a strong tech background to understand them and be able to confidently invest in them.
Image source: Getty Images.
Buffett has invested in tech stocks before
Tech stocks aren't exactly foreign to Buffett. For years, Apple has been Berkshire's largest holding and a business that Buffett has been fond of. To a lesser and smaller extent, Amazon has also found its way into Berkshire's portfolio.
While these are considered tech stocks , they operate businesses, such as Alphabet, that Buffett and average consumers are highly familiar with. They aren't incredibly complex businesses, such as those involved in quantum computing, where it may be difficult to understand how they work, why they work, or why they're likely to succeed. Businesses like these are more relatable and easier to understand, making them more accessible to average investors.
It's critical for investors to know what they're investing in
Buffett says, "Risk comes from not knowing what you're doing." It's important, whether someone's considering investing in one of the "Magnificent Seven" stocks or a highly specialized tech company, to understand the core business and its strengths and weaknesses before buying it. Failing to understand it can expose an investor to risks they weren't aware of.
Alphabet, a leading tech company, isn't so specialized that people aren't familiar with how it works. Google Search and YouTube generate the bulk of the company's ad revenue. While there are other areas of its business, including cloud computing and robotaxis, its bread and butter centers around those two highly valuable assets. Buffett, recognizing the dominance that Alphabet has in its industry and the strong moat the company possesses, clearly recognized what many tech investors have known for a long time: it's a great growth stock to own.
Story Continues
Should you buy stock in Alphabet right now?
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David Jagielski, CPA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Amazon, Apple, and Berkshire Hathaway. The Motley Fool has a disclosure policy .
Warren Buffett Reveals He Was Behind Berkshire's Decision to Invest in Alphabet was originally published by The Motley Fool
英伟达持股推升Nebius关注度
重要性4/5 中高
监管申报为NBIS上涨提供直接证据，持股规模清晰；部分经营数据缺少合同细节。
中文摘要
核心结论
Nvidia披露持有Nebius 22,256,412股普通股及预融资认股权证，对应9.3%股权，成为NBIS当日上涨的主要公开信息。文章把该持股与双方人工智能云合作及Nebius逾400亿美元合同收入联系起来。
重要性评级
评级：4/5（中高）
美国证券交易委员会申报提供了直接持股证据，且与NBIS、NVDA高度相关；合同收入和长期增长判断仍主要采用公司及作者口径。
关键事实
- Nvidia通过普通股和预融资认股权证持有Nebius 22,256,412股，占9.3%。
- 文章估算该持股价值约50亿美元。
- 两家公司于3月宣布战略合作，部署面向AI（人工智能）负载的高性能云基础设施。
- Nvidia首席执行官黄仁勋称Nebius的平台从芯片到软件整合，并采用Nvidia下一代加速计算技术。
- Nebius还与Microsoft和Meta Platforms签订数十亿美元级基础设施协议。
- 文章称Nebius已取得超过400亿美元的客户合同收入。
作者观点与证据
作者将Nvidia持股视为对Nebius技术路线和需求前景的认可。9.3%持股来自监管文件，证据较强；逾400亿美元合同收入的确认节奏、期限和履约条件未展开，未来增量属于作者预期。
与相关标的的关系
NBIS直接受持股披露、合同兑现和人工智能算力扩张影响；NVDA由芯片供应商延伸为股东及合作伙伴，关系同时包含资本投入和潜在设备需求。
时效性与限制
发布于美东时间 07/21 19:23（UTC+8 07/22 07:23）。文章含付费选股推广，并披露出版方持有及推荐Nvidia等公司；未提供Nebius盈利能力、资本开支和合同客户集中度的完整数据。
后续跟踪
- 持股申报中的证券构成与权利限制
- 逾400亿美元合同收入的履约安排
- Microsoft和Meta项目的建设及确认进度
- 算力扩张对现金流和资本需求的影响
英文原文
Why Nebius Stock Soared Today
Why Nebius Stock Soared Today
Joe Tenebruso, The Motley Fool
Wed, July 22, 2026 at 7:23 AM GMT+8 2 min read
- NVDA
+1.97%
- NBIS
+18.78%
Shares of Nebius Group (NASDAQ: NBIS) surged on Tuesday after Nvidia (NASDAQ: NVDA) disclosed a sizable stake in the cloud infrastructure specialist.
Image source: Getty Images. Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Backed by an AI leader
In a filing with the U.S. Securities and Exchange Commission (SEC), Nvidia said it owns 22,256,412 shares of Nebius via common stock and prefunded warrants. That amounts to a 9.3% equity stake in the data center operator, currently valued at about $5 billion.
Nvidia and Nebius announced a strategic partnership in March. The two companies are working together to deploy high-performance cloud computing infrastructure geared toward artificial intelligence ( AI ) workloads.
"Nebius is building an AI cloud designed for the agentic era, fully integrated from silicon to software and powered by Nvidia's next-generation accelerated compute," Nvidia CEO Jensen Huang said at the time. "Together, we are scaling the cloud to meet the surging global demand for intelligence."
The tech giants have an insatiable appetite for compute
Nvidia isn't the only AI leader Nebius has partnered with. The neocloud provider has announced multibillion-dollar infrastructure deals with tech titans like Microsoft and Meta Platforms .
In all, Nebius has already secured over $40 billion in contracted revenue from its customers. With the AI boom still in its early innings, that figure is set to grow far larger in the coming years.
Should you buy stock in Nebius Group right now?
Before you buy stock in Nebius Group, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Nebius Group wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $364,562 ! Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,247,668 !
Now, it's worth noting Stock Advisor's total average return is 894% — a market-crushing outperformance compared to 207% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor , and join an investing community built by individual investors for individual investors.
Story Continues
See the 10 stocks »
*Stock Advisor returns as of July 21, 2026.
Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Meta Platforms, Microsoft, and Nvidia. The Motley Fool has a disclosure policy .
Why Nebius Stock Soared Today was originally published by The Motley Fool
微软财报前的增长兑现门槛
重要性4/5 中高
直接提供MSFT财报前的一致预期、公司指引和资本开支争议，可作为近期业绩核对基准，但价格结论带有明显作者预测色彩。
中文摘要
核心结论
作者预计微软07/29财报可能推动估值修复，依据是Azure增长、人工智能产能投放、Copilot采用和约20倍预期市盈率。标题使用“抛物线式上涨”等强烈表述，但决定性验证仍是新增资本开支能否转化为收入、利用率和利润率。
重要性评级
评级：4/5（中高）
文章发表于美东时间 07/21 19:20（UTC+8 07/22 07:20），直接围绕MSFT近期财报预期和核心指标，时效性较高；结论主要是作者预测。
关键事实
- 截至07/20（未给出具体时刻），MSFT年初至今下跌18%，同期S&P 500（标普500指数）上涨9%。
- 公司2026年资本开支指引预计为1,900亿美元，人工智能数据中心投入正压低自由现金流，并增加GPU（图形处理器）等硬件折旧压力。
- Azure（微软云服务）上季度收入增长40%，高于Amazon Web Services（亚马逊云服务）的28%。
- 华尔街一致预期微软当季收入877亿美元、EPS（每股收益）4.24美元；公司收入指引为867亿至878亿美元。
- 管理层预计Azure按固定汇率增长39%至40%。
- 作者认为新增产能、利用率提升及Copilot在Microsoft 365中的扩展可能支持云业务和生产力业务收入。
- 原文称MSFT预期市盈率约20倍，为数年来较低水平。
- 财报安排在07/29（未给出具体时刻），关键观察包括Azure是否超过指引、产能利用率及资本开支回报表述。
作者观点与证据
作者持积极立场，认为收入指引较易达到，Azure和Copilot可能带来超预期表现。收入预期、管理层指引和历史增长属于明确数据；产能上线后的利用率、Copilot利润率贡献和股价快速重估均为作者推断。文末包含订阅推广，且标题明显放大确定性。
与相关标的的关系
文章直接关系MSFT；NVDA作为其数据中心GPU供应链的一部分，会受到微软资本开支节奏和硬件折旧周期影响。文中未给出微软对NVDA的采购金额或芯片结构变化。
时效性与限制
文章在财报前约一周发布，适合作为预期基准。其约20倍预期市盈率、年内表现和一致预期均可能随股价及分析师更新变化，原文也未提供Copilot付费用户或人工智能工作负载利用率数据。
后续跟踪
- 07/29（未给出具体时刻）公布的收入、每股收益及Azure固定汇率增速。
- 1,900亿美元资本开支的后续节奏、折旧压力和自由现金流。
- Copilot付费采用率及生产力业务利润率贡献。
- 数据中心新增产能的利用率与人工智能需求兑现。
英文原文
Prediction: Microsoft Stock Will Go Parabolic After July 29. Here
Prediction: Microsoft Stock Will Go Parabolic After July 29. Here's Why.
Adam Spatacco, The Motley Fool
Wed, July 22, 2026 at 7:20 AM GMT+8 4 min read
- MSFT
-1.13%
- NVDA
+1.97%
- ^GSPC
+0.89%
Microsoft (NASDAQ: MSFT) stock has struggled mightily throughout 2026. As of this writing (July 20), shares are down 18% on the year -- a stark contrast to the S&P 500 's gain of 9%. Within the " Magnificent Seven " tech stocks, Microsoft stands out as the clear laggard.
Investor skepticism around the company's huge artificial intelligence (AI) infrastructure spending has weighed on sentiment despite the company's underlying business momentum. With earnings scheduled for July 29, I think there is a strong case for a sharp rebound in Microsoft stock. Read on to learn why.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Image source: Getty Images.
Why is Microsoft stock down this year?
The primary culprit behind the stock's decline is widespread concern over the return on the company's aggressive capital expenditures (capex). Management has accelerated spending on AI data centers, with 2026 capex guidance projected at $190 billion. These infrastructure investments are pressuring free cash flow, raising questions about near-term profit margins as depreciation on GPUs and related hardware accelerates.
MSFT Capital Expenditures (TTM) data by YCharts; TTM = trailing 12 months. Growth in its Azure cloud segment is also facing heightened scrutiny. It delivered 40% annual growth last quarter -- outpacing Amazon Web Services' (AWS) 28% pace -- but some investors are beginning to worry about Microsoft's ability to sustain leadership in the AI cloud landscape without even higher spending.
What is Wall Street expecting?
According to consensus estimates, Wall Street analysts are looking for Microsoft to report revenue of $87.7 billion and earnings per share (EPS) of $4.24. Management's own guidance calls for total revenue between $86.7 billion and $87.8 billion, with Azure forecast to have 39% to 40% growth based on constant currency.
These figures include continued enterprise momentum offset by softer consumer hardware trends. In my eyes, this is a relatively achievable bar that leaves room for an earnings beat if AI demand proves stronger than forecast.
Analyzing Microsoft's valuation
I see a few reasons that could drive better-than-expected results in Microsoft's upcoming earnings report. Azure growth could accelerate even further as newly added capacity comes online and utilization improves, allowing the company to capture incremental AI workloads.
Moreover, if Copilot adoption continues expanding across Microsoft 365, the company's revenue profile should shift toward higher-margin, usage-based models -- supporting acceleration in the Productivity segment.
Story Continues
Microsoft's robust commercial backlog, ongoing AI infrastructure partnerships, and efficiencies in data center operations position the company for further revenue reacceleration and gradual margin expansion as fixed costs are leveraged more effectively. While these will take time to fully manifest themselves, I think investors may be underestimating the potential here.
On valuation, Microsoft trades at a forward price-to-earnings (P/E) multiple of roughly 20. This is the cheapest the stock has been in several years -- making shares both reasonable and attractive at current prices.
MSFT PE Ratio (Forward) data by YCharts. With AI tailwinds still early in the adoption curve, smart investors will see that the current discount to historical averages reflects short-term concerns around capex and competition rather than a fundamental weakness for Microsoft. A clean beat on Azure forecasts and encouraging commentary on capacity utilization could swiftly rerate Microsoft stock higher.
Overall, the upcoming report offers Microsoft a chance to reset the growth narrative. If the company demonstrates that its infrastructure investments are translating into revenue growth and improving profitability, shares could fly as investors shift from worrying about spending to acknowledging the payoff.
Should you buy stock in Microsoft right now?
Before you buy stock in Microsoft, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Microsoft wasn't one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $364,562 ! Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,247,668 !
That performance is why people listen. With a track record of beating the S&P 500 by 4x , Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor , and join an investing community built for the long haul.
See the 10 stocks »
*Stock Advisor returns as of July 21, 2026.
Adam Spatacco has positions in Amazon and Microsoft. The Motley Fool has positions in and recommends Amazon and Microsoft. The Motley Fool has a disclosure policy .
Prediction: Microsoft Stock Will Go Parabolic After July 29. Here's Why. was originally published by The Motley Fool
嘉信交易量与收入双双增长
重要性3/5 中
核心交易指标明确并关联 SCHW，但视频摘要过短，缺少完整财务数据和预期差。
中文摘要
核心结论
嘉信理财第二季度业绩超过预期，零售投资者在地缘政治波动中频繁交易，日均创收交易量和交易收入均显著增长。简短访谈摘要显示，年轻客户、加密资产和预测市场仍是平台需求讨论重点。
重要性评级
评级：3/5（中）
交易量和收入数据可观察美国零售参与度，并直接关联 SCHW；正文仅为视频简介，缺少利润、资产净流入和预期差细节。
关键事实
- 嘉信理财第二季度日均创收交易达到创纪录的1,190万笔，同比增长57%。
- 交易收入增长28%至12亿美元。
- 公司公布的盈利超过市场预期，但文章未列实际每股收益及一致预期数字。
- 总裁兼首席执行官里克·沃斯特称，客户对平台的需求延伸至更广泛的个人财务服务。
- 访谈还涉及年轻交易者、AI（人工智能）投资应用、SpaceX 首次公开募股、预测市场和加密资产。
作者观点与证据
彭博将业绩改善与市场波动下的零售交易活跃联系起来。日均交易量和交易收入为明确公司指标，但关于客户信任及业务延伸的内容来自管理层表述，摘要没有给出独立验证。
与相关标的的关系
SCHW 与交易活跃度和平台收入直接相关。SPCX 只作为管理层访谈议题出现，文章未披露嘉信对 SpaceX 的收入、持仓或业务敞口。
时效性与限制
发布于美东时间 07/21 19:10（UTC+8 07/22 07:10）。正文为视频简介，无法核对完整采访语境，也缺少净利息收入、客户资产、存款及成本数据。
后续跟踪
- 零售交易量能否延续至第三季度
- 交易收入占总收入比例
- 客户资产净流入与现金配置
- 年轻客户及加密产品的实际贡献
英文原文
Schwab Beats 2Q Estimates as Retail Traders Pile Into Market
Schwab Beats 2Q Estimates as Retail Traders Pile Into Market
Bloomberg
Wed, July 22, 2026 at 7:10 AM GMT+8
- SCHW
-2.52%
- SPCX
+3.08%
Charles Schwab Corp. reported earnings that topped estimates as retail investors continued to jump in and out of the market amid volatility sparked by geopolitical uncertainty. Schwab reported a record 11.9 million daily average revenue trades in the second quarter, a 57% increase from a year earlier. Trading revenue also rose, climbing 28% to $1.2 billion. President and CEO Rick Wurster joins Bloomberg Businessweek Daily to discuss, saying clients are trusting the platform not just for investing but also for "help with their financial lives." Wurster also discusses continued demand from retail and younger traders, AI use cases in investing, the impact of this summer's SpaceX IPO, prediction markets, crypto, and more. He speaks with Carol Massar and Tim Stenovec.
美国推动核能供电人工智能中心
重要性4/5 中高
政策资金、参与主体和盘后反应均具时效性，对先进核能及人工智能基础设施链条直接相关；内部文件尚未获得完整官方确认。
中文摘要
核心结论
美国能源部拟以2亿美元计划加快面向人工智能数据中心的先进核反应堆开发，Oklo与X-Energy加入已有微软和英伟达参与的合作框架。政策方向有利于核能与数据中心供电叙事，但资金分配、审批提速和商业化时间仍待正式文件确认。
重要性评级
评级：4/5（中高）
文章发表于美东时间 07/21 18:58（UTC+8 07/22 06:58），涉及OKLO、XE、MSFT和NVDA，并包含政策资金与盘后反应；关键信息源是Bloomberg看到的能源部内部文件，尚需官方公告补强。
关键事实
- 美国能源部计划规模为2亿美元，其中6,000万美元将在三年内分配给多个国家实验室及包括得州大学奥斯汀分校在内的学术机构。
- Oklo和X-Energy将加入微软、英伟达等企业参与的先进核能与人工智能数据中心计划。
- 消息传出后，XE盘后最高上涨12%，OKLO最高上涨9.9%。
- 美国能源部预计，到2050年需要新增300吉瓦核电容量；美国先进核反应堆目前尚未实现规模化商业运营。
- Goldman Sachs（高盛）根据World Nuclear Association（世界核协会）数据称，中国有39座核反应堆在建；文章引用社交媒体说法称美国没有大型商业核反应堆在建。
-特朗普政府推出Ratepayer Protection Pledge（电费缴纳者保护承诺），Amazon（亚马逊）、Google（谷歌）、Meta、Microsoft、OpenAI、Oracle和xAI承诺采购或建设电源，并承担输电网升级成本。
- 白宫另宣布175亿美元贷款计划，用于支持建设10座大型商业核反应堆。
- Stocktwits上的OKLO和XE散户情绪均为“看涨”，消息量较高；OKLO年初至今下跌41%，XE下跌27%。
作者观点与证据
文章将核电审批和建设提速视为缓解人工智能能源瓶颈的重要政策路径。2亿美元计划及6,000万美元分配来自内部文件报道，电力需求与政策背景有机构和政府数据支撑；盘后涨幅与散户情绪只能反映短期市场反应，无法证明项目经济性。
与相关标的的关系
OKLO和XE是计划的直接参与者；MSFT和NVDA通过数据中心电力需求及既有合作框架相关。政策若推进，可增加先进核能示范项目和算力基础设施的连接，但文章未说明各公司获得的资金、合同义务、项目地点或收入确认方式。
时效性与限制
内部文件可能在正式发布前调整。文章未提供反应堆牌照时间表、建设成本、单位电价、燃料供应或最终投资决定，分析师对OKLO的86.50美元目标价也不构成项目兑现证据。
后续跟踪
- 美国能源部正式公告、获资名单及各机构金额。
- Oklo和X-Energy的牌照、示范堆建设与商业运行时间表。
- 科技公司自建电源及输电网成本承诺的合同化进展。
- 项目单位电价、资本成本与长期购电协议。
英文原文
OKLO, XE Stocks Jump After-Hours — Trump Administration Taps Oklo, X-Energy In $200M Push To Power AI Data Centers
OKLO, XE Stocks Jump After-Hours — Trump Administration Taps Oklo, X-Energy In $200M Push To Power AI Data Centers
OKLO, XE Stocks Jump After-Hours — Trump Administration Taps Oklo, X-Energy In $200M Push To Power AI Data Centers · Stocktwits
Shashank Nayar
Wed, July 22, 2026 at 6:58 AM GMT+8 3 min read
- OKLO
+6.31%
- MSFT
-1.13%
- XE
+7.22%
- NVDA
+1.97%
- Advanced nuclear developers Oklo Inc. and X-Energy Inc. are joining tech giants Microsoft and Nvidia in a U.S. Department of Energy program to accelerate reactor development for AI data centers.
- The $200-million federal effort includes allocating $60 million across three years to several DOE national laboratories and academic institutions like the University of Texas at Austin.
- 25 analysts have a 12-month price target of $86.50 on Oklo stock, representing 96% upside from Tuesday's closing price.
Advanced nuclear reactor developers Oklo Inc. (OKLO) and X-Energy Inc. (XE) have joined tech industry leaders in a federal initiative led by the Trump administration to expedite the construction of nuclear power plants dedicated to powering AI data centers.
The $200-million initiative builds on prior partnerships that already include Microsoft Corp. (MSFT) and chipmaker Nvidia Corp.(NVDA). Under the framework, $60 million will be distributed over three years to several national laboratories and educational institutions, including the University of Texas at Austin, according to an internal Department of Energy document viewed by Bloomberg.
See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox
Wall Street reacted swiftly to news of the document, with X-Energy shares rising up to 12% in extended trading and Oklo gaining as much as 9.9%.
Addressing The AI Energy Bottleneck
The federal push comes as the rapid expansion of data centers driving the artificial intelligence boom is fueling nationwide electricity price increases. Leading technology companies, including OpenAI and Nvidia, have cited energy supply constraints as a central obstacle to domestic AI expansion and maintaining technological dominance over China.
For instance, China now has 39 nuclear reactors under construction, according to data compiled by Goldman Sachs from the World Nuclear Association. Meanwhile, the U.S. currently has no large commercial nuclear reactors under construction, The Kobeissi Letter said in a post on X.
The Department of Energy projects that 300 gigawatts of new nuclear capacity will be required by 2050 to keep pace with demand, even as commercial advanced nuclear reactors have yet to operate at scale in the United States.
The initiative aims to significantly reduce the time required to design, license, and construct new nuclear plants, while reducing the operational staffing requirements for future reactors.
Trump's Nuclear And AI Power Strategy
Story Continues
To address grid strain and public backlash over rising household electricity prices, President Trump introduced the Ratepayer Protection Pledge. Under this agreement, tech industry leaders—including Amazon, Google, Meta, Microsoft, OpenAI, Oracle, and xAI—committed to procuring or building their own power generation resources and covering transmission grid upgrade costs.
Additionally, the White House has announced substantial federal backing to revitalize the nuclear sector, including a $17.5 billion loan program to support the construction of 10 large-scale commercial nuclear reactors.
OKLO, XE Stock: Retail View
Retail sentiment on Stocktwits was 'bullish' with 'high' message volumes on both Oklo and X-Energy shares.
One user highlighted that X-Energy is backed by Amazon and Cathie Wood and the stock price currently sits below IPO levels.
Oklo stock has lost 41% year-to-date and XE has dropped 27% during the same period.
Read More: S&P 500, Dow Snap Three-Day Losses, Nasdaq Ends Best Day In Three Weeks As Earnings Take Centerstage — GOOGL, AAPL, AMD, TSLA, DIS In Focus
For updates and corrections, email newsroom[at]stocktwits[dot]com.
Shashank Nayar has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy . This article was originally published on StockTwits .
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迈威尔有线网络业务定位
重要性2/5 中低
与MRVL直接相关且来源专业，但正文严重不完整，只能提供静态业务画像。
中文摘要
核心结论
晨星将迈威尔科技（MRVL）定位为专注有线网络的无晶圆芯片设计商，市场份额位居第二。公司产品覆盖数据中心、运营商、企业和消费终端，但现有摘录不含估值、增长、盈利或评级结论。
重要性评级
评级：2/5（中低）
来源质量较高且与MRVL直接相关，但可用正文只有一段公司简介，无法支撑当日经营或估值判断。
关键事实
- 迈威尔是一家无晶圆芯片设计公司。
- 公司聚焦有线网络，晨星称其市场份额位居第二。
- 服务市场包括数据中心、通信运营商、企业和消费终端。
- 产品包括处理器、光学与铜缆收发器、交换芯片和存储控制器。
- 摘录页面显示MRVL当时涨幅为6.68%，但没有解释价格对应时点或驱动因素。
作者观点与证据
现有内容只提供业务分类，没有呈现分析师立场、份额数据来源、竞争对手比较或财务证据。标题称为分析师报告，但归档正文不足以还原完整报告观点。
与相关标的的关系
文章直接描述MRVL的业务边界，可用于理解其与数据中心网络、光互连和存储基础设施的关系。由于缺少收入结构和客户数据，无法判断各终端市场对业绩的具体贡献。
时效性与限制
摘录发布于美东时间 07/21 18:46（UTC+8 07/22 06:46）。正文仅479个字符并以“继续阅读”结束，缺少完整晨星分析、估值和评级。
后续跟踪
- 有线网络市场份额的口径与竞争对手。
- 数据中心收入、光互连和定制芯片增速。
- 客户集中度及各终端市场收入占比。
- 晨星完整估值、护城河和风险评级。
英文原文
Analyst Report: Marvell Technology, Inc.
Analyst Report: Marvell Technology, Inc.
Analyst Report: Marvell Technology, Inc. · Morningstar Research
William Kerwin
Wed, July 22, 2026 at 6:46 AM GMT+8
- MRVL
+6.68%
Marvell Technology is a fabless chip designer focused on wired networking, where it has the second-highest market share. Marvell serves the data center, carrier, enterprise, and consumer end markets with processors, optical and copper transceivers, switches, and storage controllers.
Continue Reading
人工智能受益股股息仍偏低
重要性2/5 中低
与VRT直接相关并提供分红数字，但缺少订单、估值和现金流覆盖分析，新增事实有限。
中文摘要
核心结论
Broadcom、Vertiv和Caterpillar同时具备人工智能基础设施收入敞口和现金分配记录，但当前股息率仅0.1%—0.8%，收益属性弱于其增长叙事。
重要性评级
评级：2/5（中低）
文章直接提及VRT并提供股息和现金分配数字，但内容偏筛选型推广，对盈利、估值和订单没有新增分析。
关键事实
- Vertiv（维谛技术）为数据中心、通信网络和工商业设施提供电力、冷却及信息技术基础设施，年化股息率约0.1%。
- Broadcom（博通）提供人工智能基础设施相关技术，年化股息率约0.7%。
- Broadcom过去五年股息年化增长率为13.3%。
- Caterpillar（卡特彼勒）的大型往复式发动机用于数据中心供电，年化股息率约0.8%。
- Caterpillar在2025财年（未给出具体日期）用于股份回购和股息的现金合计79亿美元。
- 三家公司均获得Zacks二级买入评级。
作者观点与证据
作者将人工智能敞口与股息支付并列为筛选条件，证据集中在业务描述、当前收益率和历史分红。文章未提供自由现金流覆盖率、估值、人工智能相关收入占比或未来分红指引，难以比较三者的收入质量。
与相关标的的关系
VRT是直接输入标的，受数据中心电力和冷却需求影响；AVGO涉及芯片与网络基础设施，CAT通过备用及现场发电设备间接受益。三者的人工智能收入路径和周期敏感度差异较大。
时效性与限制
发布于美东时间 07/21 18:41（UTC+8 07/22 06:41）。收益率会随股价变化，Zacks评级具有推荐属性，文章没有说明计算日期和分红预测口径。
后续跟踪
- VRT订单、积压和自由现金流
- 三家公司人工智能相关收入占比
- 股息覆盖率及未来增速
- 数据中心资本开支周期
英文原文
These Stocks Offer AI Exposure and Dividend Payouts
These Stocks Offer AI Exposure and Dividend Payouts
Derek Lewis
Wed, July 22, 2026 at 6:41 AM GMT+8 2 min read
- AVGO
+2.21%
- VRT
+4.40%
- CAT
+2.97%
Dividends come with many great perks, with the payouts essentially reflecting a form of 'payday' in the market. Technology sector stocks are often overlooked by income-focused investors, as these companies commonly use spare cash to fuel further growth.
And several stocks with favorable AI tailwinds – Broadcom AVGO, Vertiv VRT, and Caterpillar CAT – shell out dividend payments. For those interested in getting paid with some AI exposure, let's take a closer look at each.
Vertiv Benefits from Data Center Buildout
Vertiv, a current Zacks Rank #2 (Buy), provides services for data centers, communication networks, and commercial and industrial facilities with a portfolio of power, cooling, and IT infrastructure solutions and services.
While shares currently yield a modest 0.1% annually, the stock still reflects a strong play for those seeking a combination of growth and yield.
Broadcom Generates Huge Cash
Broadcom, currently a Zacks Rank #2 (Buy), has quickly entered the AI race, evolving a broad portfolio of technologies to extend its leadership in enabling next-generation AI infrastructure. Shares currently yield 0.7% annually, with the company sporting a shareholder-friendly 13.3% five-year annualized dividend growth rate.
The stock has long been a favorite among those seeking tech exposure paired with paydays, with the company's strong cash-generating abilities allowing it to consistently reward shareholders over its history.
Caterpillar Powers Data Centers
Caterpillar's products generate the raw power for data centers, with higher demand for power products used in data center applications, primarily large reciprocating engines, reflecting a catalyst. Like those above, the stock sports a favorable Zacks Rank #2 (Buy).
The company deployed $7.9 billion in cash for share repurchases and dividend payouts throughout its FY25. Keep in mind that the company also holds the elite Dividend Aristocrat title, with shares currently yielding 0.8% annually.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Caterpillar Inc. (CAT) : Free Stock Analysis Report
Broadcom Inc. (AVGO) : Free Stock Analysis Report
Vertiv Holdings Co. (VRT) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
Nebius获微软长期算力合同
重要性3/5 中
170亿美元微软合同对NBIS具有直接重要性，但信息主体来自2025年，且归档正文严重不完整，限制了当日增量价值。
中文摘要
核心结论
Nebius是一家聚焦人工智能与高性能计算的垂直整合云服务商，微软在2025年签订的多年期170亿美元算力协议构成其最重要的客户验证。当前摘录极短，无法评估合同履约节奏、客户集中度和盈利能力。
重要性评级
评级：3/5（中）
Morningstar Research（晨星研究）条目发表于美东时间 07/21 18:34（UTC+8 07/22 06:34），与NBIS和MSFT直接相关，但可用正文只有公司简介，事实密度有限。
关键事实
- Nebius Group（Nebius集团）专注人工智能和HPC（高性能计算）云服务。
- 公司由原俄罗斯科技企业Yandex（扬德克斯）在俄乌战争相关制裁后拆分形成。
- Nebius自行设计并运营数据中心和服务器，在欧洲及美国拥有数百兆瓦总容量。
- 2025年09月（未给出具体日期和时刻），微软成为Nebius的重要客户。
- 双方签订多年期算力供应协议，原文给出的收入规模为170亿美元。
- 发布时NBIS页面显示涨幅18.78%，MSFT显示跌幅1.13%，但原文未解释价格变动区间或原因。
作者观点与证据
现有内容主要是晨星的公司业务描述，没有展开估值、盈利预测或评级论证。170亿美元合同和数百兆瓦容量是决定性事实，但摘录未附合同原文、确认收入计划、资本支出或融资安排。
与相关标的的关系
NBIS通过微软合同获得长期算力需求验证；MSFT则借助外部供应商补充人工智能基础设施容量。合同规模较大，双方的执行风险涉及数据中心交付、能源接入、GPU供应和客户集中度。
时效性与限制
条目发布时间较新，主体事实来自2025年，缺少新增事件。原文仅显示“继续阅读”前的摘要，不能据此还原完整晨星评级、估值方法或风险清单。
后续跟踪
- 170亿美元合同的期限、最低采购承诺和年度收入确认。
- Nebius数据中心投产容量、利用率与资本开支。
- 微软在Nebius收入中的占比及客户集中风险。
- 项目融资、能源供应和GPU交付进展。
英文原文
Analyst Report: Nebius Group N.V.
Analyst Report: Nebius Group N.V.
Analyst Report: Nebius Group N.V. · Morningstar Research
Javier Correonero
Wed, July 22, 2026 at 6:34 AM GMT+8
- NBIS
+18.78%
- MSFT
-1.13%
Nebius is a vertically integrated cloud provider focusing on AI and high-performance computing. It is a carve-out of the previous Russian tech firm Yandex, following the Russian sanctions since the Ukraine-Russia war. Nebius designs and operates its own data centers and servers across Europe and the US, with a total capacity of several hundred megawatts. In September 2025, Microsoft became a major Nebius client under a multiyear $17 billion revenue agreement to provide computing capacity.
Continue Reading
英伟达Vera Rubin进入量产
重要性5/5 高
新一代平台进入生产并获得多家云厂商部署，对NVDA产品周期和MSFT基础设施均有直接影响，且包含多项可继续验证的性能数据。
中文摘要
核心结论
英伟达宣布Vera Rubin平台进入生产阶段，并披露每兆瓦吞吐量、装配和冷却设计的显著改进。微软、Google Cloud（谷歌云）、Oracle Cloud Infrastructure（甲骨文云基础设施）及Mistral等伙伴的部署扩大了商业验证，但关键性能数字主要来自合作伙伴基准测试。
重要性评级
评级：5/5（高）
文章发表于美东时间 07/21 18:21（UTC+8 07/22 06:21），直接涉及NVDA新一代平台量产、MSFT部署及多家云服务商采用，产品和供应链信息密度较高。
关键事实
- 英伟达称Vera Rubin平台已进入生产阶段，覆盖30个国家、350个工厂站点和超过300家全球合作伙伴。
- CoreWeave、Google Cloud、Microsoft Azure（微软Azure云服务）、Oracle Cloud Infrastructure和Mistral正在部署Vera Rubin机架级人工智能系统。
- CoreWeave基准测试显示，运行DeepSeek-R1（深度求索R1模型）时，Vera Rubin NVL72每兆瓦吞吐量为Grace Blackwell NVL72的10倍。
- NVL72平台由7款芯片和5个机架托盘构成统一系统；计算托盘不使用线缆、风扇或软管，组装时间缩短至1分钟。
- 系统采用45摄氏度液冷入口温度设计，可使用无冷水机的干式冷却器。
- 微软与Mistral宣布数十亿美元合作，计划在欧洲使用数千个Vera Rubin GPU扩大人工智能算力；Mistral Medium 3.5和OCR 4已进入Microsoft Foundry（微软模型与代理平台），并接入Microsoft Copilot Studio（微软智能助手开发平台）。
- Google Cloud推出由Vera Rubin NVL72驱动的A5X裸金属实例，伦敦初创公司Ineffable Intelligence成为早期用户。
- DeepInfra测试显示，Vera CPU（中央处理器）在同等服务质量下可支持最多1.6倍并发人工智能代理，编排速度最高提高至2.2倍。
- 平台包含第六代NVLink（英伟达高速互连技术）及102.4T Spectrum-6交换系统；CoreWeave、Microsoft、SpaceXAI和Tesla（特斯拉）正在部署Spectrum-6。
作者观点与证据
文章以英伟达公告和合作伙伴部署为主，倾向于强调能效、系统集成及生态规模。10倍吞吐量、1.6倍并发量和2.2倍编排速度分别来自CoreWeave与DeepInfra测试，工作负载、软件版本及完整测试条件未披露，跨平台外推需要更多独立基准。
与相关标的的关系
NVDA是平台和互连技术供应方；MSFT既部署Vera Rubin和Spectrum-6，也通过Foundry与Copilot Studio分发Mistral模型。更高每兆瓦吞吐量可能缓解数据中心电力约束，但文章未量化微软采购规模、部署时间或经济回报。
时效性与限制
“进入生产”与“正在部署”不等同于已完成大规模交付。原文没有Vera Rubin收入、平均售价、毛利率、交付季度或相对于Blackwell的总拥有成本数据。
后续跟踪
- Vera Rubin实际出货、云实例开放范围及客户上线时间。
- 独立机构对能效、吞吐量和总体拥有成本的复测。
- 微软与Mistral数十亿美元合作的期限、采购量和算力利用率。
- NVLink、Spectrum-6及液冷系统对机架成本和数据中心建设周期的影响。
英文原文
Nvidia Vera Rubin shown to provide 10x more throughput per megawatt than Blackwell
Nvidia Vera Rubin shown to provide 10x more throughput per megawatt than Blackwell
Frank DeMatteo
Wed, July 22, 2026 at 6:21 AM GMT+8 2 min read
- MSFT
-1.13%
- NVDA
+1.97%
Investing.com -- Nvidia announced Tuesday that its Vera Rubin platform is entering production with more than 300 global partners across 350 factory sites in 30 countries. Partners including CoreWeave, Google Cloud, Microsoft Azure, Oracle Cloud Infrastructure and Mistral are deploying the new rack-scale AI system.
Shares of Nvidia closed up 2% on Tuesday as semiconductor stocks rebounded from their recent sell-off.
CoreWeave reported benchmark results showing Vera Rubin NVL72 delivers 10 times more throughput per megawatt than Grace Blackwell NVL72 when running DeepSeek-R1. The platform combines seven chips and five rack trays designed as a single system.
The Vera Rubin NVL72 system features no cables, fans or hoses in the tray, reducing compute tray assembly time to one minute. The platform uses a 45-degree Celsius liquid cooling inlet temperature design that enables chiller-free dry-cooler operation.
Microsoft and Mistral announced a multibillion-dollar partnership to expand AI infrastructure in Europe using Vera Rubin GPUs. Mistral is adding GPU capacity with thousands of Vera Rubin units to increase AI compute availability for customers. Mistral Medium 3.5 and OCR 4 are now available in Microsoft Foundry, with Mistral models integrated into Microsoft Copilot Studio.
Google Cloud launched its A5X instance powered by Vera Rubin NVL72, with London-based startup Ineffable Intelligence as an early user. The A5X instances are bare-metal systems built on Vera Rubin NVL72 rack-scale configurations.
The Vera CPU, positioned at the center of the platform, features a custom Olympus core. DeepInfra benchmark results showed the Vera CPU supports up to 1.6 times more concurrent AI agents at the same quality of service and delivers up to 2.2 times faster orchestration than alternative CPUs.
The platform includes sixth-generation NVLink scale-up technology and Spectrum-X Ethernet with 102.4T Spectrum-6 switch systems. Infrastructure builders including CoreWeave, Microsoft, SpaceXAI and Tesla are deploying Spectrum-6 switches.
Related articles
Nvidia Vera Rubin shown to provide 10x more throughput per megawatt than Blackwell
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Wolfe Research outlines eight risks that could spark stock declines in 2026
员工持股与财富分配实验
重要性2/5 中低
对 SPCX 的人才激励和上市效应有背景价值，但主体是政策倡议，缺少公司经营层面的新增证据。
中文摘要
核心结论
马克·库班主张企业向所有员工按工资的相同比例授予股权，并用企业所得税优惠推动普及。SpaceX 上市带来的员工财富案例为这一观点提供样本，但政策可行性和普遍适用性仍未验证。
重要性评级
评级：2/5（中低）
文章与 SPCX 的薪酬制度及上市影响有关，主要内容属于财富分配与政策倡议，对当日公司经营和市场变量的直接解释有限。
关键事实
- 焊工胡安·埃尔南德斯2015年加入 SpaceX，时薪28美元并获10,000美元股票；公司以1.77万亿美元估值上市后，其6,500股价值略高于100万美元。
- 文章称超过4,400名 SpaceX 现任及前员工因上市成为百万富翁，其中约400人的持股价值超过1亿美元。
- 库班在 Broadcast.com 被雅虎于1999年以57亿美元收购前，向全部330名员工授予股权，约300人成为百万富翁。
- 美国劳工联合会—产业工会联合会数据显示，2024年标普500首席执行官薪酬为员工中位数的285倍，前一年为268倍；平均薪酬为1,890万美元。
- 库班建议：若企业向全体员工授予与首席执行官相同工资比例的股票，可获得低于现行21%的企业所得税率。
- 2021年哈佛商学院研究估算，若美国所有私营企业实现30%员工持股，家庭财富可能约翻倍，财富前1%人群的净财富约下降14%。
- 罗格斯大学研究称，员工持股至少5%的公司存续概率更高。
作者观点与证据
文章明显支持库班的广泛员工持股主张，以 SpaceX、Broadcast.com 和学术研究作为证据。SpaceX 财富数字来自媒体转述，且上市时点、授予条件、税负和流动性差异未展开；宏观模拟也不能直接证明单家公司采用后的结果。
与相关标的的关系
SPCX 的关联来自股权薪酬、员工激励和上市后的财富效应。广泛授予股权可能影响人才留存与稀释，但文章没有量化 SpaceX 的股份支付费用或未来授予计划。
时效性与限制
发布于美东时间 07/21 18:17（UTC+8 07/22 06:17）。政策方案尚未转化为法案，学术研究分别基于2021年模型和其他企业样本。
后续跟踪
- SpaceX 股份支付费用和员工持股披露
- 内部人士解禁后的实际流动性
- 税收激励方案是否进入立法程序
- 员工持股对留任率和稀释的影响
英文原文
Mark Cuban has strong words on income and inequality
Mark Cuban has strong words on income and inequality
Hillary Remy
Wed, July 22, 2026 at 6:17 AM GMT+8 5 min read
- SPCX
+3.08%
Juan Hernandez joined SpaceX in 2015 as a welder making $28 an hour. The company offered him $10,000 in stock alongside his wages. He accepted without giving it much thought. He'd never been offered equity at any job before and didn't really know what to do with it.
When SpaceX went public this year at a $1.77 trillion valuation, Hernandez's 6,500 shares were worth just over $1 million, according to CBS News . He now works at Blue Origin. He's teaching his kids how to invest.
Mark Cuban saw that story and said it should be the rule, not the exception.
What Mark Cuban said about company stock and income inequality
"I would like to see it so that every single CEO, founder, entrepreneur does what I did, which was to give equity to every single employee," Cuban said on the "What It Takes" podcast . "The way you're going to reduce income inequality for anybody who works with somebody is making sure they get shares of stock, and then they benefit."
He's not just theorizing. Cuban gave equity to all 330 employees at Broadcast.com before Yahoo bought it for $5.7 billion in 1999. About 300 of them became millionaires. He did the same at his first company, MicroSolutions.
He's made, in his own words, at least a thousand millionaires in his career, and says he plans to keep that number climbing.
The SpaceX IPO gave him fresh ammunition for the argument. More than 4,400 current and former SpaceX employees became millionaires when the company listed this year.
About 400 of them hold stakes above $100 million. Most of them aren't executives. They're welders, machinists, technicians, and factory workers who built the rockets with their hands and accepted stock grants when they joined.
Why income inequality in America makes Cuban's argument urgent right now
The numbers aren't subtle. S&P 500 CEOs made 285 times the median pay of their workers in 2024, up from 268 times the year before, according to the AFL-CIO .
The average CEO took home $18.9 million, up $1.4 million from the prior year. The people who work for those CEOs didn't see anything like that.
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The reason is not complicated. Stock options, equity grants, and performance bonuses go to the people at the top. The janitor gets a wage. The welder clocking in at $28 an hour gets a wage. They build the thing, but they don't own any of it. That's the gap Cuban keeps pointing at.
Story Continues
Cuban's argument is that this doesn't have to be the default. SpaceX proved it isn't. The question is why more companies haven't copied the model.
Mark Cuban's specific plan for how to incentivize employee stock ownership
Cuban isn't just making a moral case. He's outlined a specific mechanism for how to actually get more companies to do this.
His idea is to use the tax code. If a CEO gives the same percentage of stock they receive in equity to every employee, the company pays a lower corporate tax rate than the current 21%.
"So if the CEO gets $100,000 worth of stock because they make $1 million in cash, and the janitor makes $50,000, then they deserve the same percentage in stock, and that will change the game," Cuban said.
The percentage model is the key part of his pitch. Nobody is saying the janitor gets the same dollar amount as the CEO. The janitor gets the same percentage.
If the CEO makes $1 million in cash and gets 10% of that in stock, the janitor making $50,000 gets 10% of that in stock, too. Different numbers, same rule. That's the idea.
Companies with employee ownership stakes tend to see higher productivity and lower turnover.Natalie/Getty Images
What the research says about employee stock ownership and wealth inequality
The Harvard Business School did the math on this in 2021. If all private firms in the U.S. became 30% employee-owned, household wealth in the country would effectively double. The top 1% of wealth holders would see their net wealth drop by roughly 14% as a result, according to Harvard Business School research .
The benefits go beyond wealth distribution. Companies with employee ownership stakes tend to see higher productivity and lower turnover. A Rutgers University study found that companies offering employees ownership stakes of at least 5% had a higher likelihood of survival than those without it, because workers with equity have more reason to care whether the business does well.
"When you align everyone's incentives with a common goal, everyone will work harder to achieve that goal," said Ethan Rouen, a Harvard Business School professor, in an interview about the research. "When you have an equity stake, all of a sudden you have a claim on the upside, and so that incentivizes you to work harder to increase that upside."
What Mark Cuban's employee ownership model means for workers, businesses
Cuban is not the only billionaire making this argument. Elon Musk told Texas Governor Greg Abbott that his philosophy has always been that everyone at the company should receive stock so they can participate in the upside. That philosophy is now visible in the form of 4,400 SpaceX millionaires.
Cuban's other major project, Cost Plus Drugs , follows the same principle of cutting out the middlemen and distributing the benefits more broadly. Where Cost Plus goes after pharmaceutical middlemen to make drugs cheaper, the employee equity model goes after the structural gap in how compensation is designed to funnel upside to the top.
Whether the tax incentive mechanism he's describing gets traction in Washington is a separate question. But the SpaceX IPO just gave the argument the most concrete real-world example yet.
A welder who joined a company in 2015 for $28 an hour, who never expected to own anything more than his tools, is now a millionaire.
Cuban's point is that Hernandez shouldn't be a feel-good story. He should be the norm.
Related: Mark Cuban has strong words on AI companies and job losses
This story was originally published by TheStreet on Jul 21, 2026, where it first appeared in the Employment section. Add TheStreet as a Preferred Source by clicking here.
超微电脑订单与毛利预期跃升
重要性5/5 高
公司初步披露包含巨额订单和毛利率指引重估，对 SMCI 及服务器需求判断具有直接且及时的证据价值。
中文摘要
核心结论
超微电脑披露2026财年第四季度新增订单超过600亿美元，并将季度毛利率指引从8.2%—8.4%上调至15%—17%，推动盘后股价大涨。订单交付节奏、客户身份和收入确认仍未披露，零售投资者关于 SpaceX 客户关系的说法只是猜测。
重要性评级
评级：5/5（高）
订单与毛利率指引均为公司级重大增量，直接关联 SMCI，并可能映射 AI（人工智能）服务器需求；文章也明确列出收入指引、分析师预期和财报日期。
关键事实
- SMCI 常规交易时段上涨约7%，初步业绩公布后盘后一度上涨逾25%，写作时盘后涨幅约18%。
- 公司称第四季度收到超过600亿美元新订单，将在未来数季交付，总积压订单创纪录。
- 第四季度毛利率预期上调至15%—17%，此前指引为8.2%—8.4%；公司预计约为16%。
- 第四季度收入预计接近110亿—125亿美元指引区间低端。
- 公司将于08/11（未给出具体时刻）公布业绩；分析师预计每股收益0.70美元，上年同期为0.41美元，同比增长近71%。
- 分析师预计收入由57.5亿美元增至117.3亿美元，超过翻倍。
- 19名覆盖分析师中，11名给予“持有”，5名给予“买入”或“强力买入”，其余3名为负面评级。
- 文章称 SMCI 年初至今仍下跌约15%。
作者观点与证据
文章强调订单、毛利率和需求改善，核心数据来自公司初步更新。分析师预期提供参照，Stocktwits 用户关于估值和客户身份的言论缺乏合同证据，其中“SpaceX 可能是客户”不能视为事实。
与相关标的的关系
SMCI 直接受订单转化、产品组合和毛利率影响。SPCX 只因散户猜测被关联，文章没有披露双方合同或采购关系。
时效性与限制
发布于美东时间 07/21 18:10（UTC+8 07/22 06:10）。初步数据尚待08/11正式财报确认，600亿美元订单未披露取消条款、客户集中度、交付期限或收入确认计划。
后续跟踪
- 600亿美元订单的客户及交付结构
- 正式毛利率与现金流表现
- 收入为何位于原指引低端
- 08/11管理层对订单可执行性的说明
英文原文
Why SMCI Stock Rocketed Over 25% After-Hours — A $60B Backlog Has Retail Buzzing
Why SMCI Stock Rocketed Over 25% After-Hours — A $60B Backlog Has Retail Buzzing
Why SMCI Stock Rocketed Over 25% After-Hours — A $60B Backlog Has Retail Buzzing · Stocktwits
Aveek Bhowmik
Wed, July 22, 2026 at 6:10 AM GMT+8 3 min read
- SMCI
+7.01%
- SPCX
+3.08%
- Super Micro raised its Q4 gross margin forecast to 15%-17% from 8.2%-8.4%, citing a favorable customer and product mix.
- Stocktwits retail traders said the company appeared undervalued, with one speculating that SpaceX could be among the customers behind the record backlog.
- Despite the upbeat business update, Wall Street maintains an overall 'Hold' consensus on the stock, even as analysts expect EPS to jump nearly 71% and revenue to more than double.
Shares of Super Micro Computer Inc. (SMCI) rocketed over 25% in after-hours trading on Tuesday after the company issued a strong preliminary Q4 fiscal 2026 update.
The stock had already ended the regular session around 7% higher before extending gains following the announcement.
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At the time of writing, SMCI stock had pared some of those after-hours gains and was up around 18%.
SMCI Reports Record Backlog, Strong Demand
Super Micro said its backlog reached record levels at the end of fiscal 2026, driven by a major surge in demand. The company received more than $60 billion in new orders during the fourth quarter, with the orders expected to be "delivered over future quarters," the company said in a release.
The company said the strong order flow pushed its total backlog to record levels, highlighting continued demand for its AI, enterprise, storage and 5G/Edge IT solutions.
Gross Margin Outlook Improves
Alongside the backlog update, Super Micro raised its fourth-quarter gross margin expectations to 15%-17%, significantly above its previous guidance of 8.2%-8.4%.
The company attributed the improvement primarily to a favorable customer and product mix, with gross margins expected to come in around 16%.
Super Micro expects fiscal Q4 revenue to be near the lower end of its $11 billion-$12.5 billion guidance range.
SMCI Earnings: What Analysts Expect
Super Micro is scheduled to report its earnings on August 11. According to Fiscal.ai, analysts expect the company to report fourth-quarter EPS of $0.70, up nearly 71% from $0.41 in the year-ago period. Revenue is projected to more than double to $11.73 billion from $5.75 billion in the same quarter last year.
Despite the strong growth outlook, Wall Street's consensus on SMCI remains cautious, with an overall 'Hold' rating. According to Koyfin, 11 of the 19 analysts covering the stock rate it 'Hold,' while five recommend 'Buy' or 'Strong Buy.' Of the remaining three, two rate it 'Sell' and one rates it 'Strong Sell.'
Story Continues
The 12-month average price target is $37.38, implying nearly 57% upside from Tuesday's close.
SMCI Stock: Stocktwits Retail Sentiment
Retail sentiment on Stocktwits for SMCI improved to 'neutral' from 'bearish' in the past 24 hours, while message volume was 'normal.'
Super Micro's preliminary Q4 update sparked a wave of bullish reactions on Stocktwits, with retail traders focusing on the company's record backlog, stronger margin outlook and potential customer wins.
One retail trader questioned why the stock was "lingering down here," adding that "the earnings power has completely doubled" following the preliminary Q4 update.
Another retail trader said , "they just pre announced 60 billion more... with 20% margins," adding that "the company is only 15 billion capitalization! This is insanely under valued."
A third retail trader said they "can't wait to hear who the customers are" behind the $60 billion backlog on the conference call, speculating that SpaceX could be among them.
SMCI shares have fallen around 15% year-to-date.
Also Read: BA Stock Slips Despite Boeing's Farnborough Order Spree — Retail Stays Bullish As One Trader Sees $50 Pop After Earnings
For updates and corrections, email newsroom[at]stocktwits[dot]com.
Aveek Bhowmik has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy . This article was originally published on StockTwits .
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- S&P 500, Nasdaq, Dow Futures Ease As Oil Rally Tempers AI Optimism Ahead of Big Tech Earnings: SMCI, OKLO, XE, SKHY, GOOG In Focus
- NOK Stock Rises Overnight: Retail Bulls Charged After SMCI's Backlog Surge, Call Nokia 'Pillar Of Infrastructure' Ahead Of Earnings
克雷默转向银行与运输板块
重要性3/5 中
财报数字和跨板块比较具有当日参考价值，但核心轮动判断来自媒体评论，且原文日期出现可核验的内部矛盾。
中文摘要
核心结论
Jim Cramer（吉姆·克雷默）因科技股波动上升，主张把关注重点转向银行、运输及现金流较稳定的工业企业。文章以JPMorgan（摩根大通）和J.B. Hunt的季度业绩支撑板块轮动叙事，但日期存在内部矛盾，且多个结论来自电视评论与媒体判断。
重要性评级
评级：3/5（中）
文章发表于美东时间 07/21 18:04（UTC+8 07/22 06:04），覆盖JPM、JBHT、MSFT、CRM、NVDA和GLW，可用于观察市场风格；公司业绩数据较具体，轮动结论的证据强度较低。
关键事实
- 文章称10年期美国国债收益率为4.55%，VIX（芝加哥期权交易所波动率指数）为18.77，一周上涨24.9%；芯片股相对大盘的波动达到30年高位。
- JPM二季度EPS（每股收益）为7.70美元，高于5.80美元预期；收入573.5亿美元，ROTCE（有形普通股权益回报率）23%。
- 摩根大通股票市场业务收入同比增长86%至60.3亿美元，董事会批准新的500亿美元股票回购计划。
- JPM收盘价为345.23美元，分析师目标价367.45美元，过去12个月市盈率约15倍。
- JBHT二季度每股收益1.91美元，高于1.73美元预期；收入35亿美元，同比增长19.4%。
- J.B. Hunt多式联运收入同比增长22%至17.5亿美元，营业利润增长58%；股价年初至今上涨50.11%，过去一年上涨97.05%。
- Corning（康宁）光通信收入同比增长36%至18.5亿美元，并称新增两项超大规模客户协议，规模和期限接近此前与Meta达成的最高60亿美元多年期协议。
- 文章称MSFT过去一年下跌20%，Salesforce（赛富时）年初至今下跌34%，用于说明大型科技股的波动压力。
作者观点与证据
克雷默偏好银行与运输，证据包括摩根大通、富国银行和J.B. Hunt的盈利表现，以及波动率和国债收益率上升。将这些数据扩展为持续板块轮动仍是观点；J.B. Hunt股价已大幅上涨，也削弱了“低波动”描述的普遍性。文中多次插入人工智能股票推广。
与相关标的的关系
JPM和JBHT是文章偏好的直接案例；MSFT、NVDA、CRM及GLW被置于科技波动和人工智能资本开支框架中。文章没有提供资金流、行业盈利修正或估值分位数据，无法确认轮动范围和持续时间。
时效性与限制
原文称克雷默在“07/20（未给出具体时刻）的周二”发表观点，但2026年07/20并非周二，且与文章07/21发布时间存在冲突。相关市场点位和财报日期需要回查原始行情、公司公告及CNBC节目记录。
后续跟踪
- VIX、10年期国债收益率及科技板块相对波动率。
- 银行净利息收入、信贷成本与资本回报。
- 运输货量、定价和多式联运利润率。
- 科技与金融、工业板块的资金流及盈利预期修正。
英文原文
Jim Cramer Says Stop Betting on Volatile Tech Stocks and Buy These “Boring” Sectors Instead
Jim Cramer Says Stop Betting on Volatile Tech Stocks and Buy These “Boring” Sectors Instead
Thomas Richmond
Wed, July 22, 2026 at 6:04 AM GMT+8 3 min read
- JPM
+1.88%
- MSFT
-1.13%
- CRM
-2.15%
- NVDA
+1.97%
- JBHT
+0.91%
Quick Read
- JPMorgan crushed Q2 with $7.70 EPS versus $5.80 expected and authorized a $50 billion buyback; J.B. Hunt has surged 97% over the past year.
- Microsoft fell 20% over the past year despite a $37 billion AI run rate, while Salesforce dropped 34% year to date with Cramer holding no conviction below $160.
- Cramer is fleeing tech as the VIX jumps 25% in a week and chip volatility hits a 30-year high versus the broader market.
- Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and JPMorgan Chase didn't make the cut. Grab the names FREE today .
Jim Cramer used his Tuesday, July 20, CNBC Squawk on the Street appearance to lay out one of his most emphatic sector rotation calls of the year: move away from semiconductors, software, and AI-linked mega-caps, and toward banks, trucking, and steadier cash-flow industrials. The 10-year Treasury sits at 4.55%, the VIX at 18.77 has jumped 24.9% in a week, and Cramer says chip volatility is at a 30-year high versus the market.
Spencer Platt / Getty Images Cramer framed the daily experience of owning tech vividly: "Every day when you come in, when you're with tech... you're basically tied up in front of a freight train on the tracks, and someone cuts it just before you die. And I don't want that. I would rather be in JP Morgan. " He added, " With the exception of Apple, I fully expect at the end of the day to be down. Maybe today's the day where I make some money in Micron. But right now... can I please be in a trucking company that's about to report?"
Cramer Rotates Into Banks as JPMorgan's Earnings Soar
JPMorgan Chase ( NYSE:JPM ) posted Q2 2026 EPS of $7.70 versus a $5.80 estimate, revenue of $57.35 billion, and ROTCE of 23%. Equity Markets revenue jumped 86% year over year to $6.03 billion, and the board authorized a fresh $50 billion buyback. Wells Fargo ( NYSE:WFC ) reported similarly strong results on July 14.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and JPMorgan Chase didn't make the cut. Grab the names FREE today .
JPMorgan CEO Jamie Dimon said the U.S. economy has "demonstrated notable resiliency this year, with stronger business investment and hiring," aided by AI-driven capital investment and fiscal stimulus. Shares trade at a trailing P/E of 15 with an analyst price target of $367.45 , indicating analysts see a sliver of upside from the stock's $345.23 share price at the market's close on Tuesday.
JPM Earnings Quotes — 24/7 Wall St.
J.B. Hunt's Intermodal Profit Climbs 58%
J.B. Hunt Transport Services ( NASDAQ:JBHT ) delivered Q2 EPS of $1.91 versus $1.73 expected on revenue of $3.50 billion, up 19.4%. Intermodal revenue rose 22% to $1.75 billion with operating income up 58%. These are terrific results, and similar strength might be coming for the rest of the sector.
Story Continues
The stock is up 50.11% year to date and 97.05% over the past year, making it a low-drama compounding profile that might be worth a look today.
Corning's 100-Point Reversal Shows Why Cramer Is Leaving Volatility Behind
Corning ( NYSE:GLW ) crystallized Cramer's frustration. "I owned Corning for the trust. It went up 100 [basis] points over a period of a month. I was a genius then. It lost 100 points in two days. I'm an idiot," he said. Shares are down 21.45% over the past month, yet still up 186.6% over the past year.
Optical Communications revenue rose 36% year over year to $1.85 billion on AI data center demand, and CEO Wendell Weeks said Corning "finalized two more hyperscaler deals similar in size and duration to our recently announced multiyear, up-to-$6 billion agreement with Meta."
What to Watch Next
Cramer believes extreme volatility has made technology stocks tough to own right now. Today, he prefers banks and trucking companies such as JPMorgan and J.B. Hunt , which offer strong earnings growth and steadier cash flow. The broader-market rotation could continue if AI spending slows and investors keep moving away from speculative technology stocks.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and JPMorgan Chase didn't make the cut. Grab the names FREE today .
Contact editorial@247wallst.com for any questions or corrections.
芯片股带动美股止跌反弹
重要性4/5 中高
收盘指数、半导体行情和财报季早期数据完整，能为多个直接相关标的提供及时市场背景。
中文摘要
核心结论
半导体板块大涨和企业盈利超预期推动美股主要指数结束三日连跌，纳斯达克100录得三周最佳表现。接下来的市场验证集中于大型科技公司财报、AI（人工智能）资本开支回报及高估值下的盈利兑现。
重要性评级
评级：4/5（中高）
文章提供完整的指数、行业和财报季数据，并列出 GOOG、AAPL、AMD、TSLA 等当周事件；属于及时的收盘综述，但部分公司消息只是预告。
关键事实
- 07/21（未给出具体时刻），标普500上涨0.9%至7,509.20点，纳斯达克100上涨1.9%至29,155.18点，道指上涨0.7%至52,224.64点。
- 罗素2000小盘股指数上涨1.5%。
- SPY（标普500交易所交易基金）上涨0.8%，QQQ（纳斯达克100交易所交易基金）上涨1.9%，DIA（道指交易所交易基金）上涨0.6%。
- SMH（半导体交易所交易基金）上涨4.7%，VGT（信息技术交易所交易基金）上涨约2.4%。
- 已公布业绩的约66家标普500公司中，近88%的每股收益超过预期。
- 3M 和 General Motors（通用汽车）的收入与利润均超过分析师预期，3M 股价上涨逾7%。
- Alphabet、Tesla 和 IBM 将于07/22收盘后公布业绩，未给出具体时刻。
- Apple 计划于07/28（未给出具体时刻）推出由 Klarna 支持的 Apple Upgrade（苹果设备租赁计划）。
- GF Securities（广发证券）预计 AMD 的 MI450X 芯片将缩小与 Nvidia 的硬件差距。
作者观点与证据
文章将指数上涨归因于芯片股和财报超预期，行业涨幅及盈利胜率支持该判断。有关 AI 长期趋势、估值重置和未来盈利的表述来自分析师，仍需大型科技公司的正式财报与指引验证。
与相关标的的关系
GOOG、TSLA 面临财报检验；AMD 与半导体算力竞争直接相关；AAPL 受设备租赁模式影响；SPY、QQQ、DIA 和 SMH 分别反映大盘、科技及芯片板块表现。
时效性与限制
发布于美东时间 07/21 18:02（UTC+8 07/22 06:02）。文章是单日收盘快照，盈利超预期比例仅覆盖财报季早期的约66家公司，代表性仍会变化。
后续跟踪
- GOOG、TSLA 和 IBM 财报及指引
- 半导体板块涨幅能否扩展至盈利
- 财报季样本扩大后的超预期比例
- Apple 租赁计划的定价与采用率
英文原文
S&P 500, Dow Snap Three-Day Losses, Nasdaq Ends Best Day In Three Weeks As Earnings Take Centerstage — GOOGL, AAPL, AMD, TSLA, DIS In Focus
S&P 500, Dow Snap Three-Day Losses, Nasdaq Ends Best Day In Three Weeks As Earnings Take Centerstage — GOOGL, AAPL, AMD, TSLA, DIS In Focus
S&P 500, Dow Snap Three-Day Losses, Nasdaq Ends Best Day In Three Weeks As Earnings Take Centerstage — GOOGL, AAPL, AMD, TSLA, DIS In Focus · Stocktwits
Shashank Nayar
Wed, July 22, 2026 at 6:02 AM GMT+8 3 min read
- AAPL
+0.35%
- ^GSPC
+0.89%
- ^NDX
+1.93%
- ^DJI
+0.74%
- AMD
+8.11%
- The S&P 500 ended 0.9% higher, while the Nasdaq 100 gained 1.9% and the Dow Jones Industrial Average added 0.7%.
- 3M shares jumped more than 7% after the industrial giant's second-quarter earnings came in better than expected.
- Apple is set to launch Apple Upgrade, a leasing program for iPhones, iPads and Mac.
U.S. stock indices ended higher on Tuesday, as a surge in chipmaker stocks and a strong set of earnings reports boosted investor sentiment.
The S&P 500 ended 0.9% higher, while the Nasdaq 100 gained 1.9% and the Dow Jones Industrial Average added 0.7%. The Russell 2000, which tracks stocks with small market capitalizations, gained 1.5%.
See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox
Among ETFs tracking benchmark indexes, the SPDR S&P 500 ETF (SPY) rose 0.8% and Invesco QQQ Trust (QQQ) ended Monday 1.9% higher, while the SPDR Dow Jones Industrial Average ETF Trust (DIA) gained 0.6%.
Meanwhile, the VanEck Semiconductor ETF (SMH) rallied 4.7%, aided by strength in Nvidia (NVDA), Advanced Micro Devices (AMD), Micron Technology (MU) and Broadcom (AVGO) shares. The broader Vanguard Information Technology ETF (VGT) gained about 2.4%, taking support from strength in Tesla (TSLA), SpaceX (SPCX) and Intel (INTC).
Retail sentiment on Stocktwits for SPY was 'bearish', while sentiment for QQQ and DIA were in 'bullish' zones with 'normal' to 'high' message volumes.
A user highlighted that staying bearish on semiconductor stocks could be a dangerous move.
US Market Drivers
Index
Move
Close
Dow Jones Industrial Average
0.7%
52,224.64
S&P 500
0.9%
7,509.20
Nasdaq 100
1.9%
29,155.18
Kicking off the earnings season for the quarter ending June 2026, 3M (MMM) and General Motors (GM) beat analysts' top- and bottom-line estimates. Of the roughly 66 S&P 500 names that have reported, nearly 88% have topped bottom-line estimates, per FactSet.
"The next two weeks will be a defining stretch for earnings, and not just for tech," Bret Kenwell, U.S. investment analyst at eToro told CNBC in an interview. "The broader message is already clear: companies that fail to clear Wall Street's elevated bar are being punished."
All eyes remain on earnings from semiconductor and mega-cap tech stocks, and investors look to assess the depth and breadth of AI demand and the profitability metrics behind bloated capital expenditures.
Alphabet (GOOG, GOOGL), Tesla (TSLA) and IBM (IBM) are scheduled to report earnings after the bell on Wednesday.
Story Continues
"The long-term AI backdrop appears to be intact," Adam Turnquist at LPL Financial told Bloomberg. "The recent correction appears more consistent with a healthy reset following a parabolic advance than a fundamental breakdown in the AI investment theme."
Trending Stocks To Watch
Alphabet (GOOG, GOOGL): Alphabet introduced Gemini 3.6 Flash, Gemini 3.5 Flash-Lite and Gemini 3.5 Flash Cyber, expanding its family of AI models with a focus on faster, cheaper and more efficient agentic AI applications.
Apple (AAPL): Apple is preparing to launch a new leasing program called Apple Upgrade on July 28, backed by Klarna.
Advanced Micro Devices (AMD): GF Securities projects AMD's upcoming MI450X will narrow the hardware gap with Nvidia.
Tesla (TSLA): Cybercabs will rely on SpaceX's (SPCX) Starlink integration for purposes besides safety, company AI chief Ashok Elluswamy said.
Walt Disney (DIS): The company is reportedly laying off employees across its different brands, including ESPN and Pixar, as part of ongoing efforts to streamline operations across its entertainment divisions.
Read More: OpenAI Expands Board With Fintech, Banking Leaders Ahead Of Potential IPO — Launches ChatGPT Program For Small Businesses
For updates and corrections, email newsroom[at]stocktwits[dot]com.
Shashank Nayar has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy . This article was originally published on StockTwits .
Related:
- SLS Stock Tracks Worst Month Since March: Investor Slashes Stake By Over 30% As Quiet Period Begins Ahead Of AML Readout
- S&P 500, Nasdaq, Dow Futures Ease As Oil Rally Tempers AI Optimism Ahead of Big Tech Earnings: SMCI, OKLO, XE, SKHY, GOOG In Focus
- NOK Stock Rises Overnight: Retail Bulls Charged After SMCI's Backlog Surge, Call Nokia 'Pillar Of Infrastructure' Ahead Of Earnings
比特币财富目标的算术边界
重要性1/5 低
静态算术和名人财富比较缺少新的市场驱动或公司事实，只适合作为低优先级背景阅读。
中文摘要
核心结论
文章以约65,000美元的比特币价格测算不同财富目标所需币量，并指出巴菲特和马斯克的财富主要来自长期企业股权。测算具有直观教育意义，但依赖静态价格、媒体净资产估值和高波动远期目标。
重要性评级
评级：1/5（低）
内容属于财富叙事和静态算术，对当日 BTC、TSLA 或 SPCX 基本面没有新增证据，标题的名人比较成分较强。
关键事实
- 文章采用2026年7月21日约65,000美元的比特币价格。
- 达到100万美元、1,000万美元、1亿美元和10亿美元分别需要约15.4枚、154枚、1,538枚和15,385枚比特币。
- 以文中估算的1,478亿美元净资产匹配巴菲特，需要约230万枚比特币。
- 以9,170亿美元净资产匹配马斯克，需要约1,430万枚；当时流通量约2,006万枚，终身上限为2,100万枚。
- 按每枚200,000美元计算，100万美元需要5枚；按500,000美元计算则需要2枚。
- 文章称渣打银行维持2026年末100,000美元目标价，另有长期预测指向200,000美元以上。
- 文章称马斯克个人确认持有0.25枚比特币；计入 Tesla 和 SpaceX 的比例敞口后约为6.03亿美元，不足其净资产的0.07%。
作者观点与证据
作者借算术说明名人财富来自企业股权积累，并提醒读者检验夸张目标。当前价格和供应上限可用于计算，名人净资产、公司间接敞口及远期币价来自估算，方法和来源披露不足。
与相关标的的关系
BTC-USD 是测算对象；TSLA 与 SPCX 仅用于说明马斯克的企业股权及间接加密敞口，文章没有提供两家公司新的经营信息。
时效性与限制
发布于美东时间 07/21 18:00（UTC+8 07/22 06:00）。静态币价会迅速变化，名人净资产随股价及估值波动，远期价格目标不构成可验证的当前事实。
后续跟踪
- 比特币实际流通供应与长期持有比例
- 机构远期目标的假设变化
- Tesla 与 SpaceX 加密资产披露
- 名义财富与可变现资产之间的差异
英文原文
Here is how much Bitcoin you actually need to get rich like Warren Buffett or Elon Musk
Here is how much Bitcoin you actually need to get rich like Warren Buffett or Elon Musk
Here is how much Bitcoin you actually need to get rich like Warren Buffett or Elon Musk · TheStreet
Bibhu Pattnaik
Wed, July 22, 2026 at 6:00 AM GMT+8 2 min read
- BTC-USD
+1.42%
- SPCX
+3.08%
- TSLA
+2.53%
Bitcoin is trading at approximately $65,000 today, July 21, 2026. Two of the most invoked names in every crypto conversation right now are Warren Buffett and Elon Musk.
One built $147.8 billion through six decades of disciplined compounding. The other crossed $917 billion, briefly becoming history's first trillionaire, through equity in SpaceX and Tesla.
So how much Bitcoin do you actually need to match them? The answer is more complicated than anyone will tell you.
The math at $65,000
At today's price, here is what the numbers look like across different wealth targets.
Related: If Musk had bought Bitcoin and gold instead of Twitter, here's what it would be worth today
Reaching $1 million requires approximately 15.4 Bitcoin. A $10 million position needs roughly 154 coins. Crossing $100 million requires approximately 1,538 Bitcoin. Getting to $1 billion, the threshold that separates wealthy from ultra-wealthy, requires around 15,385 Bitcoins.
Now for the number that stops the conversation cold. Matching Warren Buffett's current net worth of $147.8 billion requires approximately 2.3 million Bitcoin .
Matching Elon Musk's $917 billion fortune requires roughly 14.3 million coins. There are only 20.06 million Bitcoin in circulation, with 21 million as the hard lifetime cap.
What higher prices change
The math does not work. There is not enough of the asset in existence for any individual to match either fortune through Bitcoin alone at current prices .
Trending on TheStreet Roundtable:
- White House official postpones military duty right before a major vote
- Analyst reveals Bitcoin is massively undervalued at $65,000
- Bernie Sanders rallies against crypto, AI in new campaign
Standard Chartered recently renewed its $100,000 Bitcoin price target for year-end 2026. Longer-term analyst forecasts point to $200,000 and beyond within this decade.
At $200,000 per coin, reaching $1 million requires just five Bitcoin. At $500,000, it requires two. Those numbers change the conversation entirely, because they bring genuine financial independence within reach for anyone who accumulated patiently and held through every downturn.
The Musk number nobody talks about
Here is the detail worth pausing on. Musk's confirmed personal Bitcoin holding is 0.25 BTC, worth roughly $16,250 at today's price.
Including his proportional exposure through Tesla and SpaceX, his total crypto position amounts to approximately $603 million, less than 0.07 percent of his net worth.
The world's most recognizable face in crypto built his fortune through equity in transformative companies. Not through Bitcoin.
Story Continues
That is not an argument against Bitcoin. It is an argument for running honest numbers rather than borrowing famous names to make a point that does not survive scrutiny.
Related: If you invested $1,000 in Bitcoin when Satoshi created it, here's what you'd have today
This story was originally published by TheStreet on Jul 21, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
中子火箭延期压缩客户窗口
重要性4/5 中高
Neutron 商业化是 RKLB 的关键增长变量，延误与竞争时序直接相关，但文章证据以分析判断为主。
中文摘要
核心结论
Rocket Lab 的中型运载火箭 Neutron（中子号）将单次载荷能力从 Electron（电子号）的660磅提升至28,000磅，但首飞已由2026年2月推迟至2026年末。竞争项目陆续接近首飞，继续延期可能造成现有客户流失及未来订单机会损失。
重要性评级
评级：4/5（中高）
Neutron 时间表直接影响 RKLB 的增长路径和与 SpaceX 的竞争位置。文章以项目进度和竞争格局为主，但缺少公司最新测试数据、合同取消条款和资金消耗数字。
关键事实
- Neutron 设计最大载荷为28,000磅，Electron 最大载荷为660磅。
- Neutron 于2021年初公布，原计划2026年2月首飞，后推迟至2026年末。
- 已知潜在客户包括美国空军、NASA（美国国家航空航天局）和一家未具名卫星运营商。
- Firefly Aerospace 与 Northrop Grumman 合作开发 Eclipse（中型运载火箭），文中称最早可能于下一年飞行。
- Relativity Space、Stoke Space、Isar Aerospace、Galactic Energy、Space Pioneer 和 Blue Origin 也在推进中型或中重型火箭。
- Rocket Lab 的 Electron 已完成逾91次飞行，部署超过260颗卫星。
- Rocket Lab 还具备卫星制造能力，可提供从航天器到发射的一体化服务。
作者观点与证据
作者判断 Rocket Lab 需要在下一年同期前完成至少数次 Neutron 成功发射，以免竞争者抢占客户。Electron 的飞行记录及竞争项目构成分析依据，但竞争者的时间表同样存在执行风险，文章没有引用客户明确退出或转单的证据。
与相关标的的关系
RKLB 的收入规模、市场份额和估值叙事高度依赖 Neutron 商业化。SPCX 是现有中型发射服务竞争者；NVDA 只出现在推广内容中，与正文分析无直接关系。
时效性与限制
发布于美东时间 07/21 17:48（UTC+8 07/22 05:48）。文章未提供试验台进度、首飞具体日期、研发支出或合同收入贡献，结论主要是竞争时序分析。
后续跟踪
- Neutron 发动机与整级试验进度
- 2026年末首飞窗口是否保持
- 已签客户的任务安排与退出条款
- 竞争火箭首飞及商业订单时间
英文原文
Rocket Lab CEO Peter Beck Says Watch the Test Stands. Here
Rocket Lab CEO Peter Beck Says Watch the Test Stands. Here's Why the Neutron Timeline Means Everything for Investors.
James Brumley, The Motley Fool
Wed, July 22, 2026 at 5:48 AM GMT+8 3 min read
- RKLB
+5.14%
- SPCX
+3.08%
- NVDA
+1.97%
Anyone keeping tabs on orbital-launch service provider Rocket Lab (NASDAQ: RKLB) knows it's working on a company-changing solution. That's its so-called Neutron rocket, capable of lifting up to 28,000 pounds of payload. That's a huge leap from its similarly reusable Electron rocket, with a maximum payload of 660 pounds. This medium-lift portion of the space-launch business that Space Exploration Technologies can also serve is the biggest.
Still, Rocket Lab can't afford any further delays in the development of Neutron, which has already suffered too many. Here's why.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Image source: Getty Images.
Rocket Lab's customers are waiting
Introduced in early 2021, the rocket's early delays weren't particularly surprising or unusual. February's decision to postpone the first flight planned for that month to late 2026 was as alarming as it was surprising. By that time, Rocket Lab had already made agreements with the U.S. Air Force, NASA, and one unnamed satellite operator, each of which was likely counting on regular flights being possible by now. Although these contracts allow for contingencies like developmental delays, the deals aren't necessarily inescapable either.
And that matters.
See, alternatives (in addition to SpaceX) are materializing. In cooperation with defense contractor Northrop Grumman , for instance, a company called Firefly Aerospace is working on a medium-lift launch vehicle of its own -- the Eclipse -- that could start flying as soon as next year. Relativity Space's reusable, 3D-printed "Terran" medium-to-heavy lift rocket could see its first launch soon, too. Stoke Space, Isar Aerospace, Galactic Energy, Space Pioneer, and Blue Origin are just some of the other names specifically looking to serve the medium-lift space-launch market with rockets that could be flying within the next couple of years, if not sooner.
With the arguable exception of Blue Origin, none of these companies is as proven as Rocket Lab, thanks to its smaller Electron rocket, which, at over 91 flights, has successfully deployed more than 260 satellites. Not all of Rocket Lab's confirmed Neutron customers are necessarily in a hurry either; they'll likely hold off until the vehicle is reliably ready.
Others may not be in a position to wait, though, if another option materializes before the end of this year or in the first half of next year, if Rocket Lab runs into another delay (which is certainly conceivable).
Story Continues
Perhaps the bigger risk to Rocket Lab shareholders, however, is the medium-lift business it may never win in the future because would-be customers have already had acceptable experiences with other launch-service providers.
In other words, this sliver of the orbital launch business just turned into a horse race, and Rocket Lab seems to have about as much to lose as it does to win.
The clock is ticking on Rocket Lab
The company also has something of a not-so-secret weapon. That's its capabilities beyond mere launch. Rocket Lab can also help its customers build the very satellites they need the company to put into orbit. This integrated, one-stop-shop offering certainly makes otherwise complicated things simpler for its users.
That alone may not be enough, though. Rocket Lab's long-term future largely depends on at least a few successful launches of Neutron by this time next year.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again
In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. If you'd invested $5,000 then, you'd be sitting on $2,639,477 today.*
Now, for the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. It's a key player in the $1.8 trillion space race, and with the stock recently sitting 20% off its highs, the window to get in early is closing fast.
Continue »
*Stock Advisor returns as of July 20, 2026
James Brumley has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Firefly Aerospace and Rocket Lab. The Motley Fool has a disclosure policy .
Rocket Lab CEO Peter Beck Says Watch the Test Stands. Here's Why the Neutron Timeline Means Everything for Investors. was originally published by The Motley Fool
加密市场结构法案接近表决
重要性4/5 中高
监管事件时效性和标的相关性很高，但存档内容过短，确认度不足。
中文摘要
核心结论
报道称，特朗普同意一项有争议的加密伦理条款后，Clarity Act（加密市场结构明晰法案）接近本周参议院表决，COIN和CRCL等加密相关股票随之上涨。存档只有导语，协议文本、表决安排和支持票数均未提供。
重要性评级
评级：4/5（中高）
法案若推进将直接影响美国加密交易与稳定币企业的监管环境，时效性强；现有证据过于简略，不能确认法案已具备通过条件。
关键事实
- 报道称Clarity Act接近在本周进入参议院表决。
- 特朗普据报同意纳入一项受到争议的伦理条款。
- 文章称加密相关股票上涨。
- 元数据显示CRCL上涨8.60%、COIN上涨9.61%、比特币上涨1.42%，但正文未说明价格统计时点。
- 存档未提供伦理条款文字、法案修订稿、投票日期或议员支持名单。
作者观点与证据
文章把伦理条款妥协视为法案推进的重要进展，并将加密股票上涨与该消息并列。现有正文没有引用法案文本、白宫声明或参议院程序文件，事件状态只能视为媒体快讯。
与相关标的的关系
CRCL和COIN直接受美国加密市场结构规则影响；BTC-USD（比特币兑美元）可能通过市场风险偏好和交易活动间接受益。对CRCL的具体影响取决于稳定币、交易场所和监管权限条款的最终文本。
时效性与限制
文章发布于美东时间 07/21 17:15（UTC+8 07/22 05:15）。存档仅含标题、导语和继续阅读提示，无法核验表决门槛、伦理条款适用范围及最终文本。
后续跟踪
- 参议院正式议程和具体表决时间。
- 伦理条款及市场结构条款的公开文本。
- 两党支持票数和可能修正案。
- CRCL与COIN对最终法案的公开回应。
英文原文
Trump Oversees Ethics Provisions As Clarity Act Nears Vote
Trump Oversees Ethics Provisions As Clarity Act Nears Vote
Trump Oversees Ethics Provisions As Clarity Act Nears Vote · Investor's Business Daily
HARRISON MILLER
Wed, July 22, 2026 at 5:15 AM GMT+8 3 min read
- BTC-USD
+1.42%
- CRCL
+8.60%
- COIN
+9.61%
The Clarity Act nears a Senate vote this week after President Trump reportedly agreed to a debated ethics provision. Crypto stocks surge.
Continue Reading
破发新股的高波动历史样本
重要性3/5 中
对 SPCX 上市后价格路径具有直接参考性，但未披露样本量且存在明显选择偏差。
中文摘要
核心结论
SpaceX 股价跌破135美元发行价后符合文章定义的“破发新股”。历史样本显示，此类股票短期平均收益受少数大赢家拉高，六个月中位收益为-13%，同期标普500的胜率和稳定性更高。
重要性评级
评级：3/5（中）
研究直接针对 SPCX 的上市后价格状态，并给出历史收益分布；样本非全面、存在幸存者偏差，无法形成高置信度预测。
关键事实
- SpaceX 发行价为135美元，06/12（未给出具体时刻）首笔交易为150美元，上市首日收于略高于200美元，随后跌破发行价。
- 研究筛选条件为：首次公开募股后股价曾至少高于发行价25%，并在六个月内收盘跌破发行价。
- 历史样本信号出现后的首月平均收益超过7%，但仅约一半样本上涨，跑赢标普500的比例不足一半。
- 首月赢家平均上涨28%，输家平均下跌15%，均值受少数大涨样本显著影响。
- 六个月平均收益仅略高于零，中位收益为-13%；上涨或跑赢标普500的样本不足三分之一。
- 六个月赢家平均涨幅超过60%；同期标普500平均回报7.4%，74%的样本期为正收益。
- 一年期样本平均回报8.85%，与标普500接近，但跑赢指数的比例只有37%。
作者观点与证据
作者认为发行价是心理锚，机构在反弹至发行价附近时可能减仓，从而形成压力。历史分布支持高波动和较低中期胜率，但机制解释没有持仓或订单流证据；作者也承认样本偏向热门且仍在交易的公司。
与相关标的的关系
SPCX 是研究的直接案例。历史统计可作为上市后路径参照，SpaceX 的盈利、解禁、估值和业务结构与样本公司不同，不能由样本均值推导其实际回报。
时效性与限制
发布于美东时间 07/21 17:06（UTC+8 07/22 05:06）。样本量未披露，名单不完整且存在幸存者偏差；文中图表数据未转写为可复核明细。
后续跟踪
- SPCX 对135美元发行价的价格反应
- 内部人士及机构解禁后的供给
- 可比新股的样本数量和行业分布
- 公司财报对上市估值的验证
英文原文
What History Says About Buying Broken IPOs
What History Says About Buying Broken IPOs
Rocky White
Wed, July 22, 2026 at 5:06 AM GMT+8 3 min read
- SPCX
+3.08%
Space Exploration Technologies Corp (SPCX) -- or SpaceX -- is now what Wall Street calls a "broken IPO," meaning a stock trading below its IPO price. The company was valued at $135 in the largest IPO in history. The stock's first trade on June 12 was $150, and it closed just above $200 on that day. Since then, however, it has fallen back to Earth and even investors who got in at the IPO price are now at a loss.
The IPO price is a psychological benchmark that traders anchor to as a fair valuation. Falling below this level can cause the belief that the stock was overhyped causing selling pressure and a reluctance to purchase the stock until it settles. Additionally, institutions who got in at the IPO price are now in a losing position and may look to sell shares on any rally back toward that level.
This week I'll look at other broken IPOs and see if we can determine the chance of further losses compared to overtaking that important IPO price.
iotwchart1jul21
Looking at Broken IPOs
We've been tracking the major IPOs for some time now. Our list is by no means a comprehensive list and consists mainly of more popular IPOs. Survivorship bias is also prevalent in the list since it includes only stocks currently trading. Despite that caveat, I think this is an insightful study.
Using the list of IPOs, I identified instances in which a stock closed at least 25% above its IPO price and then, at some point within the next six months, closed below its IPO price. The table below summarizes the stock returns after a signal was generated. The second table shows what returns would have been achieved by purchasing the S&P 500 Index instead.
Based on the table below, expect a lot of volatility. These stocks performed well in the short term based on the average return. Purchasing the stocks led to an average return of more than 7% in the first month. However, only about half of the returns were positive and fewer than half beat the S&P 500 Index. The average return was bullish due to the large upside in the winners. The positive stocks gained 28% on average over the next month and losing stocks fell 15% on average.
The longer-term returns are still very volatile but less bullish as far as average return. Purchasing these broken IPOs in these situations would have averaged a six-month return barely above breakeven. The median return was -13%. Not even a third of the returns were positive or beat the S&P 500. The only bright side over the six-month timeframe is that if did land on a winner, it averaged a return of over 60%. Purchasing the S&P 500 Index instead would have returned 7.4% on average with 74% of the returns positive.
Story Continues
The one-year returns were still unlikely to beat the index (37%) but the average return of 8.85% was in line with S&P 500 returns.
iotwchart2jul21 Finally, the table below lists broken IPO signals since 2022. These have been bullish as far as average returns go despite a small percentage of positive returns.
iotwchart3jul21
Lasting Implications
Based on the analysis above, buying SPCX here could be a risky play. Broken IPOs within the first six months after being up by a large amount have led to bearish returns over the next six months. Buying the S&P 500 Index would have yielded better returns with a lot less volatility. However, in cases where the stock did gain, returns were huge, averaging a return above 60% over the next six months.
科技巨头财报聚焦AI回报
重要性4/5 中高
直接覆盖GOOG与TSLA财报，并可能影响大型科技股和人工智能主题，但证据仅为财报前观察清单。
中文摘要
核心结论
Alphabet与Tesla将于07/22发布季度业绩，市场关注人工智能投入能否转化为云业务、搜索韧性和汽车需求等可验证成果。
重要性评级
评级：4/5（中高）
财报涉及GOOG与TSLA，并可能影响大型科技股和人工智能主题的短期定价；视频提供的是前瞻观察点，尚无实际业绩数据。
关键事实
- Alphabet上季度Google Cloud（谷歌云）增长63%。
- Gemini（谷歌生成式人工智能模型）使用量继续上升。
- Alphabet的观察点包括云业务增速、订单积压规模，以及搜索业务面对OpenAI和Anthropic竞争时的表现。
- Tesla业绩将提供电动车行业和全球需求信号。
- Tesla此前宣布在佛罗里达州扩大无人驾驶出租车服务，电话会还可能涉及三排座Model Y。
- IBM、AT&T、ServiceNow和Texas Instruments也将发布业绩。
作者观点与证据
视频认为Alphabet与Tesla可能为本轮大型科技股财报和人工智能叙事定调。支撑材料主要是谷歌云历史增速与两家公司待披露事项，缺少业绩预测、利润率和估值数据。
与相关标的的关系
GOOG直接关联云业务、搜索竞争和人工智能资本开支回报；TSLA关联电动车需求、无人驾驶出租车和车型进展。IBM、NOW、T等同期财报可能补充企业技术支出与通信需求线索。
时效性与限制
发布于美东时间 07/21 17:00（UTC+8 07/22 05:00），属于07/22财报前瞻。原文为约一分钟的视频文字稿，信息覆盖有限，所有观察点仍待正式业绩与管理层说明验证。
后续跟踪
- 谷歌云增速、订单积压与利润率
- 搜索业务增长及人工智能竞争影响
- Tesla交付、汽车毛利率和全球需求
- 无人驾驶出租车及三排座Model Y时间表
英文原文
Google & Tesla kick off Big Tech earnings: What to Watch
Google & Tesla kick off Big Tech earnings: What to Watch
Yahoo Finance Video and Josh Lipton
Wed, July 22, 2026 at 5:00 AM GMT+8
- GOOGL
-1.38%
- TSLA
+2.53%
- IBM
-1.17%
- T
+1.41%
- NOW
-2.52%
Yahoo Finance's Josh Lipton takes a closer look at the top stories for investors to watch on Wednesday, Jul. 22, including Alphabet ( GOOG , GOOGL ) and Tesla ( TSLA ) quarterly earnings results.
Video Transcript
00:04 Speaker A
Coming up for to watch Wednesday, July 22nd.
00:09 Speaker A
Earnings taking center stage with Alphabet and Tesla setting the tone for one of the market's biggest stories, artificial intelligence.
00:20 Speaker A
For Alphabet, the big question is whether its massive AI spending is producing real results. Google Cloud grew 63% last quarter while use of its Gemini AI model continues to climb.
00:33 Speaker A
And let's watch in cloud growth, the size of the backlog and whether its core search business can hold up as Open AI and Anthropic gain ground.
00:43 Speaker A
Another Mag 7 name announced results for the second quarter on Wednesday. Tesla's report given a pulse on the EV industry and global demand.
00:50 Speaker A
It's coming after Elon Musk company announced robo taxi service expansion in Florida.
00:56 Speaker A
And let's also listening for any commentary on the earnings call about the launch of the three-row Model Y.
01:03 Speaker A
Other reports to keep an eye on Wednesday are tech earnings from IBM, AT&T and ServiceNow and Texas instruments.
Nebius机构持仓显著扩张
重要性4/5 中高
提供NBIS机构持仓变化和技术合作细节，但基金数据并非实时持仓，且需外部申报复核。
中文摘要
核心结论
Nvidia取得Nebius 9.3%股权后，NBIS连续第三日上涨；Insider Monkey数据还显示，一季度持仓对冲基金由54家增至60家，合计头寸从10.6亿美元升至23.6亿美元。
重要性评级
评级：4/5（中高）
文章同时提供战略合作和机构持仓变化，对NBIS资金结构具有直接参考价值；对冲基金数据来自媒体自有数据库，需结合正式申报复核。
关键事实
- NBIS周二上涨18.78%，收于216.92美元，连续第三日上涨。
- Nvidia取得Nebius 9.3%股权，并于早前投入20亿美元。
- 合作范围涵盖人工智能工厂设计、系统验收、早期样品、软件支持和定期技术评审。
- Nebius计划采用Rubin平台、Vera中央处理器和BlueField存储系统等Nvidia架构。
- 一季度持有NBIS的对冲基金从54家增至60家。
- 对冲基金合计头寸环比从10.6亿美元增至23.6亿美元，超过翻倍。
- 截至07/20（未给出具体时刻），文章列示Zevenbergen Capital Investments持仓620万美元、Ardsley Partners持仓190万美元。
作者观点与证据
作者认为Nvidia合作与机构头寸增长共同强化了市场信心。合作内容和股权比例有公司披露支持；基金数量及金额源于Insider Monkey统计，样本口径、申报滞后和衍生品处理方式未说明。
与相关标的的关系
NBIS直接关联合作落地、机构持仓与股价反应；NVDA既是股东，也是下一代计算架构和软件的供应方。
时效性与限制
发布于美东时间 07/21 16:55（UTC+8 07/22 04:55）。一季度基金持仓相对当前日期存在申报滞后，不能代表07/21实时头寸；文末含高回报潜力的营销引流内容。
后续跟踪
- Nvidia合作项目的实际部署节点
- 二季度机构持仓数量与金额
- Rubin、Vera和BlueField产品导入进度
- NBIS合同转化与资本开支
英文原文
Nebius (NBIS) Soars on Nvidia 9.3% Stake; Hedge Fund Bets More Than Double
Nebius (NBIS) Soars on Nvidia 9.3% Stake; Hedge Fund Bets More Than Double
Angelica Ballesteros
Wed, July 22, 2026 at 4:55 AM GMT+8 3 min read
- NBIS
+18.78%
Nebius Group extended its winning streak to a third consecutive day on Tuesday, jumping 18.78 percent to finish at $216.92 apiece, after Nvidia Corp. helped boost investor confidence in the company following its acquisition of a 9.3 percent stake.
The purchase followed the two companies' investment and partnership announcement earlier this year, under which they will collaborate on developing and deploying next-generation hyperscale cloud for the AI market.
Nvidia also invested $2 billion in Nebius Group NV (NASDAQ:NBIS), reflecting its confidence in the latter's business and unique depth of engineering expertise across the full AI technology stack.
For illustration purposes only. Photo by Brett Sayles on Pexels
AI Factory Design Partnership
Under the terms of the partnership, Nebius Group NV (NASDAQ:NBIS) and Nvidia will collaborate on AI factory design and support, including access to partner design material, design review processes and acceptance, early samples and system software support, bring-up support, and regular system partner business and technical reviews.
They also aim to create a best-in-class inference and agentic AI stack for developers and enterprises with Nvidia's latest software technologies, optimized models and libraries, and deploy multiple generation of the latter's infrastructure across Nebius's platform through early adoption of NVIDIA computing architectures, including the Rubin platform, Vera CPUs and BlueField storage systems.
The partnership will also deploy Nvidia's latest GPU health monitoring and software recommendations to help optimize Nebius Group NV's (NASDAQ:NBIS) holistic fleet health.
"AI is at another inflection point—agentic AI, driving incredible compute demand and accelerating infrastructure buildout," Nvidia CEO Jensen Huang said earlier
"Nebius is building an AI cloud designed for the agentic era, fully integrated from silicon to software and powered by NVIDIA's next-generation accelerated compute. Together, we are scaling the cloud to meet the surging global demand for intelligence," he said.
Hedge Fund Ownership Improves
Nebius Group's hedge fund popularity, based on data by Insider Monkey
Nvidia is not the only investor becoming more bullish on Nebius Group NV (NASDAQ:NBIS).
Based on data by Insider Monkey, 60 hedge funds held positions in the company as of the end of the first quarter, marking a jump from 54 in the quarter prior.
More importantly, their combined positions more than doubled to $2.36 billion from $1.06 billion quarter-on-quarter, signaling that institutional investors were not only adding new positions but materially increasing their exposure to the stock.
Story Continues
Zevenbergen Capital Investments remained its top hedge fund investor as of July 20, 2026, owning a $6.2 million stake in its shares, while Ardsley Partners followed with a $1.9 million investment.
While we acknowledge the risk and potential of NBIS as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than NBIS and that has 10,000% upside potential, check out our report about the cheapest AI stock .
Disclosure: None. Follow Insider Monkey on Google News .
芯片板块反弹由估值修复推动
重要性4/5 中高
与MRVL及芯片板块当日行情直接相关，价格和范围数据丰富，但基本面增量有限。
中文摘要
核心结论
芯片股在前一周急跌后出现广泛反弹，文章将其归因于低位资金回流、人工智能资本开支信心和早期财报超预期。当前证据主要反映板块情绪修复，尚未显示英特尔、迈威尔或设备商的公司基本面发生同步变化。
重要性评级
评级：4/5（中高）
文章覆盖MRVL、INTC、KLAC、LRCX、MU和TSM的同日表现，并给出板块及盈利季背景；但涨幅归因缺少单一公司催化，部分美光数据来自分析师估计。
关键事实
- 台积电（TSM）与联发科（2454.TW）分别上涨3.2%和9.9%，美国半导体行业指标上涨超过4%。
- 英特尔（INTC）、科磊（KLAC）、泛林集团（LRCX）、迈威尔（MRVL）和美光（MU）盘中分别上涨7.2%、4.4%、4.6%、7.1%和9.8%。
- 文章称前一周芯片板块经历一年多以来最差单周表现，部分龙头一度进入熊市区间。
- 美光过去一年出现60次单日涨幅超过5%的波动，显示该股自身波动率很高。
- 瑞银预计美光到2028年可产生超过4000亿美元自由现金流，并可能在2026年12月后恢复回购；该预测数值很高，原文没有附模型。
- 美光2026年以来累计上涨207%，969.20美元股价仍较2026年6月1154美元的52周高点低16%。
- 文章称已披露业绩的早期公司多数超过华尔街预期，但未给出样本数量。
作者观点与证据
作者把反弹解释为急跌后的估值修复与人工智能长期需求信心回升。跨市场同步上涨支持板块性解释，但没有资金流、成交结构或新订单证据；关于美光回购能力和现金流的内容依赖瑞银及受访投资人的预测。
与相关标的的关系
MRVL直接参与板块反弹，但文章未提供公司专属消息。INTC、KLAC、LRCX、MU和TSM分别代表处理器、半导体设备、存储和晶圆代工环节，可用于判断行情扩散范围。
时效性与限制
文章发布于美东时间 07/21 16:54（UTC+8 07/22 04:54），反映当日盘中市场。价格变化和市场归因可能随收盘修正，文末含股票推广内容。
后续跟踪
- 芯片板块反弹能否获得成交量和后续财报确认。
- 超大规模云厂商的人工智能资本开支指引。
- 美光自由现金流、回购限制和存储供需。
- MRVL、INTC及设备厂商的订单与盈利指引。
英文原文
Intel, KLA Corporation, Lam Research, Marvell Technology, and Micron Shares Skyrocket, What You Need To Know
Intel, KLA Corporation, Lam Research, Marvell Technology, and Micron Shares Skyrocket, What You Need To Know
Anthony Lee
Wed, July 22, 2026 at 4:54 AM GMT+8 4 min read
- TSM
+5.55%
- KLAC
+4.80%
- LRCX
+4.97%
- INTC
+8.64%
- MRVL
+6.68%
What Happened?
A number of stocks jumped in the morning session after dip buyers returned to the market to capitalize on more attractive valuations following the sector's steep selloff in the previous week, driven by continued optimism surrounding the long-term artificial intelligence investment cycle. The recovery comes after a sharp decline that briefly pushed semiconductor powerhouses into bear market territory, marking their worst weekly drop in over a year. Despite recent market jitters regarding elevated valuations and questions over whether major technology firms will sustain their massive spending on AI infrastructure, underlying confidence in the AI-driven bull market remains intact. This renewed optimism triggered a broad rally across the globe. In Asia, major contract chip manufacturers and designers like Taiwan Semiconductor Manufacturing Company (TSMC) and MediaTek saw significant gains, jumping 3.2% and 9.9%, respectively. The positive momentum carried over into U.S. markets, where premarket futures pointed higher and industry gauges tracking semiconductor performance surged over 4%. Furthermore, a strong start to the corporate earnings season, with a vast majority of early reporters topping Wall Street estimates, provided additional macroeconomic tailwinds. Investors are now closely monitoring upcoming U.S. technology earnings reports for further validation of the semiconductor sector's growth trajectory.
The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks.
Among others, the following stocks were impacted:
- Processors and Graphics Chips company Intel(NASDAQ:INTC) jumped 7.2%.Is now the time to buy Intel? Access our full analysis report here, it's free.
- Semiconductor Manufacturing company KLA Corporation(NASDAQ:KLAC) jumped 4.4%.Is now the time to buy KLA Corporation? Access our full analysis report here, it's free.
- Semiconductor Manufacturing company Lam Research(NASDAQ:LRCX) jumped 4.6%.Is now the time to buy Lam Research? Access our full analysis report here, it's free.
- Semiconductor Manufacturing company Marvell Technology(NASDAQ:MRVL) jumped 7.1%.Is now the time to buy Marvell Technology? Access our full analysis report here, it's free.
- Memory Semiconductors company Micron(NASDAQ:MU) jumped 9.8%.Is now the time to buy Micron? Access our full analysis report here, it's free.
Zooming In On Micron (MU)
Micron's shares are extremely volatile and have had 60 moves greater than 5% over the last year. In that context, today's move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.
Story Continues
The previous big move we wrote about was 1 day ago when the stock gained 3.2% on the news that the company could repurchase more than 40% of its outstanding stock by 2028, sparking a rebound alongside a broader rotation back into semiconductor stocks, according to UBS. The investment firm expected Micron to generate over $400 billion in free cash flow through 2028. While the chipmaker was restricted from buying back stock until December 2026, UBS noted the company could allocate all free cash flow toward repurchases once the restriction lifted. Adding to the positive sentiment, Alger executive vice president Ankur Crawford stated that Micron's earnings power was underappreciated during a CNBC interview. Crawford estimated the company could generate cash flow equal to roughly 30% of its current market value over the subsequent 18 months. The stock's rise also reflected a wider market rotation back into artificial intelligence and memory trades following a recent sell-off. Reassuring investors about underlying industry fundamentals, KeyBanc analyst John Vinh pointed out that memory shortages remained persistent. Demand for the computing power required to run AI systems continued to be strong, helping Micron stabilize and attract buyers after pulling back from a recent peak.
Micron is up 207% since the beginning of the year, but at $969.20 per share, it is still trading 16% below its 52-week high of $1,154 from June 2026. Investors who bought $1,000 worth of Micron's shares 5 years ago would now be looking at an investment worth $12,556.
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伦理妥协扫除法案障碍
重要性4/5 中高
高时效监管消息且来源质量较好，但正文残缺显著限制证据价值。
中文摘要
核心结论
《华尔街日报》称，白宫与由Cynthia Lummis（辛西娅·卢米斯）和Bernie Moreno（伯尼·莫雷诺）带领的一组参议员解决了加密法案的一项主要障碍，Coinbase（币库，COIN）股价随之上涨。存档内容不完整，具体妥协、程序进度和最终文本无法核验。
重要性评级
评级：4/5（中高）
消息来自质量较高的财经媒体，且直接关系COIN、CRCL监管环境；正文被截断，无法判断障碍是否已构成正式立法突破。
关键事实
- 报道称Coinbase股价周二上涨。
- 上涨发生在加密法案的一项主要障碍据称被清除之后。
- 白宫参与了相关协商。
- 参议员Cynthia Lummis和Bernie Moreno带领一组议员参与谈判。
- 元数据显示COIN上涨9.61%、CRCL上涨8.60%、比特币上涨1.42%，但正文未提供统计时点。
- 存档在首句中途结束，没有法案名称、条款文字或立法程序文件。
作者观点与证据
报道把政策进展与Coinbase上涨联系起来，但可见内容没有展示消息来源、谈判文本或市场反应的进一步分析。由于正文截断，因果关系和事件完成度均需外部原始材料确认。
与相关标的的关系
COIN是直接市场反应标的，CRCL可能受美国加密市场结构和稳定币监管预期影响；比特币更多反映广义风险偏好。对CRCL的具体经营影响无法从现有文字判断。
时效性与限制
文章发布于美东时间 07/21 16:40（UTC+8 07/22 04:40）。存档只有约一段未完导语，信息完整性明显不足。
后续跟踪
- 白宫与参议员公布的协议文本。
- 法案名称、委员会或全院程序节点。
- COIN与CRCL管理层对条款的正式评价。
- 股价上涨能否由成交量和后续消息确认。
英文原文
Coinbase Stock Jumps After Clarity Act Clears Major Hurdle
Coinbase Stock Jumps After Clarity Act Clears Major Hurdle
Coinbase Stock Jumps After Clarity Act Clears Major Hurdle · The Wall Street Journal · Marketwatch
Vicky Ge Huang
Wed, July 22, 2026 at 4:40 AM GMT+8 1 min read
- COIN
+9.61%
- CRCL
+8.60%
- BTC-USD
+1.42%
Shares of Coinbase Global jumped Tuesday after a major hurdle facing a crypto bill was cleared. The White House and a group of senators led by Sen. Cynthia Lummis (R., Wyo.) and Sen. Bernie Moreno (R.
Continue Reading
通用上调指引诺华恢复增长
重要性2/5 中低
事件时效性尚可、来源质量较高，但正文残缺且与MRVL缺少直接关系。
中文摘要
核心结论
华尔街日报的简短市场观察显示，通用汽车（GM）上调盈利指引，诺华（NVS）在核心药物推动下恢复第二季度销售增长。现有摘录没有提供MRVL相关信息。
重要性评级
评级：2/5（中低）
来源质量较高且事件新鲜，但正文仅两条简讯，缺少指引数值、财务基数和完整观察名单；与输入标的MRVL的直接关联很弱。
关键事实
- 诺华股价上涨约2%。
- 诺华第二季度恢复销售增长，动力来自部分畅销药。
- 通用汽车上调盈利指引。
- 页面行情栏显示GM上涨4.91%、NVS上涨2.88%、BAE Systems（英国航空航天系统公司，BA.L）上涨1.81%。
- 摘录没有说明通用汽车新旧指引区间，也没有提供诺华销售额或药品贡献。
作者观点与证据
内容属于盘中观察清单，只陈述公司动作与价格反应，没有展开作者观点。诺华增长和通用汽车指引均缺少财报原文、管理层说明及同比基数。
与相关标的的关系
GM和NVS为直接事件标的。MRVL、AMD、INTC、MU和AMAT虽出现在元数据关联列表中，但正文没有提及，不能据此建立半导体行业影响。
时效性与限制
文章发布于美东时间 07/21 16:25（UTC+8 07/22 04:25）。归档正文只有564个字符并以“继续阅读”结束，信息不完整。
后续跟踪
- 通用汽车更新后的盈利和现金流指引区间。
- 诺华第二季度销售、利润及主要药品贡献。
- 完整观察名单中是否存在半导体相关事件。
英文原文
Stocks to Watch: GM, BAE Systems, Novartis, Swatch
Stocks to Watch: GM, BAE Systems, Novartis, Swatch
Stocks to Watch: GM, BAE Systems, Novartis, Swatch · The Wall Street Journal · David Paul Morris/Bloomberg News
Julia Amann
Wed, July 22, 2026 at 4:25 AM GMT+8 1 min read
- GM
+4.91%
- NVS
+2.88%
- BA.L
+1.81%
- COF
-0.27%
- UTZ
+88.72%
↗️ Novartis (CH:NOVN): Shares in the Swiss pharmaceutical company climbed 2% after it returned to sales growth in the second quarter, driven by some of its top-selling drugs. ↗️ General Motors (GM): The automaker raised its earnings guidance.
Continue Reading
人工智能交易带动存储股回升
重要性2/5 中低
当日行情与MRVL直接相关，但正文过短，市场归因缺少可验证证据。
中文摘要
核心结论
Barron's（巴伦周刊）把当日市场特征概括为人工智能交易回归，投资者对中国低成本大语言模型的担忧暂时下降。美光、Western Digital（西部数据）和Sandisk（闪迪）领涨，但现有摘录不足以验证这一情绪归因。
重要性评级
评级：2/5（中低）
文章与MRVL及存储芯片板块同日行情相关，来源质量较高；然而归档正文只有一句观点和行情栏，缺少证据链。
关键事实
- 美光（MU）上涨12.17%。
- 西部数据（WDC）上涨12.51%。
- 闪迪（SNDK）上涨14.27%。
- 英特尔（INTC）上涨8.64%，迈威尔（MRVL）上涨6.68%。
- 文章称投资者淡化了对中国低成本large language model（大语言模型）的担忧，人工智能交易随之回归。
- 摘录未提供指数表现、成交量、新闻催化或公司基本面变化。
作者观点与证据
作者给出市场叙事，认为中国低成本模型引发的担忧减弱，推动人工智能相关股票反弹。可见证据只有多只芯片和存储股同步上涨，无法区分空头回补、估值修复、财报预期或新基本面因素。
与相关标的的关系
MRVL随人工智能及芯片板块上涨6.68%，但没有公司专属信息。MU、WDC和SNDK涨幅更高，显示当日强势集中于存储环节。
时效性与限制
文章发布于美东时间 07/21 16:24（UTC+8 07/22 04:24），属于当日市场观察。正文仅487个字符并以“继续阅读”结束，标题列出的大部分公司没有对应解释。
后续跟踪
- 存储股上涨是否有价格、库存或订单数据支持。
- 中国低成本模型对算力资本开支的实际影响。
- MRVL后续财报与光互连、定制芯片需求。
- 板块成交量和涨幅持续性。
英文原文
SpaceX, Micron, Western Digital, Sandisk, Danaher, and More Stocks That Explain Today’s Market
SpaceX, Micron, Western Digital, Sandisk, Danaher, and More Stocks That Explain Today’s Market
SpaceX, Micron, Western Digital, Sandisk, Danaher, and More Stocks That Explain Today’s Market · Barrons.com · Courtesy NYSE
George Glover
Wed, July 22, 2026 at 4:24 AM GMT+8 2 min read
- MU
+12.17%
- WDC
+12.51%
- SNDK
+14.27%
- INTC
+8.64%
- MRVL
+6.68%
The AI trade is back as investors shrug off fears about a slew of cheap Chinese large-language models.
Continue Reading
纳指走强伴随芯片股普涨
重要性2/5 中低
MRVL和大盘相关性直接、信息较新，但直播正文缺失，证据密度低。
中文摘要
核心结论
Investor's Business Daily（投资者商业日报）称，芯片股上涨推动纳斯达克指数走强，标普500指数在关键支撑附近企稳。可见摘录确认美光、闪迪、台积电和迈威尔参与上涨，但没有保留直播正文和技术位细节。
重要性评级
评级：2/5（中低）
报道与MRVL及当日大盘直接相关，时效性高；归档内容只有导语和行情栏，无法判断所谓关键支撑或行情持续性。
关键事实
- 美光（MU）上涨12.17%。
- 闪迪（SNDK）上涨14.27%。
- 台积电（TSM）上涨5.55%。
- 页面标题称迈威尔、英特尔、美光和闪迪共同上涨，但摘录未列迈威尔具体涨幅。
- 标普500指数上涨0.89%，Alphabet（谷歌母公司，GOOG）下跌1.47%。
- 文章称纳斯达克指数上涨，标普500指数找到关键支撑，但没有给出点位或技术定义。
作者观点与证据
报道采用市场直播框架，把指数上行与芯片股普涨联系起来。行情栏支持板块贡献方向，但缺少指数权重、成交量、支撑位和公司新闻，无法完整复核技术判断。
与相关标的的关系
MRVL被列为推动道琼斯指数上涨的芯片股之一，但现有正文没有公司专属催化。MU、SNDK和TSM的涨幅提供了板块广度参照。
时效性与限制
文章发布于美东时间 07/21 16:19（UTC+8 07/22 04:19），反映盘中直播状态。归档正文仅532个字符，收盘结果可能与直播时不同。
后续跟踪
- 标普500关键支撑位及收盘确认。
- 纳斯达克和芯片股成交量。
- MRVL、MU、SNDK和TSM的公司级消息。
- 芯片板块对指数涨幅的权重贡献。
英文原文
Stock Market Today: Nasdaq Pops As S&P 500 Finds Key Support; Micron, Sandisk Shares Soar (Live Coverage)
Stock Market Today: Nasdaq Pops As S&P 500 Finds Key Support; Micron, Sandisk Shares Soar (Live Coverage)
Stock Market Today: Nasdaq Pops As S&P 500 Finds Key Support; Micron, Sandisk Shares Soar (Live Coverage) · Investor's Business Daily
VIDYA RAMAKRISHNAN and SCOTT LEHTONEN
Wed, July 22, 2026 at 4:19 AM GMT+8 6 min read
- MU
+12.17%
- SNDK
+14.27%
- GOOG
-1.47%
- TSM
+5.55%
- ^GSPC
+0.89%
Stock Market Today: The Dow Jones index rises Tuesday as chip stocks Marvell, Micron and Sandisk rally.
Continue Reading
比特币反弹带动加密股票
重要性4/5 中高
对CRCL当日行情解释力较强，且包含资金流与清算数据，但缺少公司基本面增量。
中文摘要
核心结论
比特币在07/21重新站上66,000美元并触发空头平仓，加密相关股票同步上涨；Circle（圆环公司，CRCL）上涨逾8%。资金流数据显示现货比特币ETF连续五日净流入，但单日价格和清算数据只能说明短期风险偏好改善。
重要性评级
评级：4/5（中高）
文章与CRCL当日价格表现直接相关，包含比特币、ETF资金流和清算数据；对Circle自身经营没有新增信息，市场数据来自第三方平台。
关键事实
- 比特币于07/21（未给出具体时刻）一个多月来首次重新站上66,000美元，随后约上涨2%至66,700美元。
- 66,000美元自6月中旬以来构成价格阻力区域。
- CoinGlass统计过去24小时加密仓位清算逾2.23亿美元，其中空头约1.81亿美元。
- Farside Investors称美国现货比特币ETF（交易所交易基金）07/20净流入2.268亿美元，为连续第五个净流入日。
- CRCL上涨逾8%至约71美元，Robinhood上涨近9%至108美元上方，Strategy上涨近5%至102美元上方。
- MARA上涨逾7%，Cipher Digital上涨近17%。
- 市场关注67,500至68,000美元的下一阻力区域。
作者观点与证据
作者把加密股票上涨归因于比特币突破、空头清算和机构资金回流。价格、清算和ETF流量提供短期证据，但CRCL、Robinhood和Strategy的商业模式差异很大，同步上涨不代表基本面同步改善。
与相关标的的关系
CRCL是直接相关标的，其股价对加密交易活动、稳定币使用和风险偏好较敏感。BTC-USD是主要市场驱动线索；文章没有提供USDC（美元稳定币）流通量、储备收入或Circle业务数据。
时效性与限制
文章发布于美东时间 07/21 15:55（UTC+8 07/22 03:55）。价格和清算数据变化快，且第三方平台口径可能调整；报道反映当日行情，不能作为持续经营趋势的独立证据。
后续跟踪
- 比特币能否维持66,000美元及突破67,500至68,000美元。
- 现货比特币ETF净流入是否延续。
- USDC流通量、链上结算量和Circle储备收入。
- 清算后衍生品未平仓量与资金费率变化。
英文原文
Circle, Robinhood, Strategy stocks surge on Bitcoin comeback
Circle, Robinhood, Strategy stocks surge on Bitcoin comeback
Circle, Robinhood, Strategy stocks surge on Bitcoin comeback · TheStreet · Sam Valadi, Flickr
Arjun Parashar
Wed, July 22, 2026 at 3:55 AM GMT+8 2 min read
- BTC-USD
+1.42%
- CRCL
+8.60%
Bitcoin (BTC) reclaimed the $66,000 price level on July 21 for the first time in more than a month, extending its recovery as traders rotated back into risk assets.
BTC rose about 2% to trade near $66,700, after breaking through a key resistance zone around $66,000 that had capped prices since mid-June.
Crypto market heatmap: Coinmarketcap The rally also triggered a wave of short liquidations.
More than $223 million worth of crypto positions were wiped out over the past 24 hours, with shorts accounting for roughly $181 million, according to CoinGlass.
The rebound follows renewed institutional demand.
U.S. spot Bitcoin ETFs recorded $226.8 million in net inflows on July 20, marking a fifth consecutive day of positive flows, according to Farside Investors.
Trending on TheStreet Roundtable:
- Bitcoin miner stock surges on $9.8 billion AI deal
- Analyst cuts crypto firm's price target after 25% layoffs
- XXI stock plunges 18% after CEO's abrupt exit
Crypto-linked stocks climb alongside Bitcoin
The recovery in crypto markets spilled over into publicly traded crypto companies.
Stablecoin issuer Circle Internet Group (NYSE: CRCL) climbed more than 8% to around $71, while Robinhood Markets (Nasdaq: HOOD) jumped nearly 9% to above $108.
Robinhood has continued expanding its crypto offerings and remains one of the largest retail trading platforms for digital assets.
Bitcoin treasury firm Strategy (Nasdaq: MSTR) also gained almost 5%, trading above $102 as Bitcoin's price recovery boosted sentiment toward companies with large BTC exposure.
Bitcoin mining stocks joined the rally.
MARA Holdings (Nasdaq: MARA) rose more than 7%, while Cipher Digital (Nasdaq: CIFR) advanced nearly 17%, reflecting improving risk appetite across the sector.
The gains come after weeks of pressure on crypto-linked equities as Bitcoin traded below key resistance levels.
Traders are now watching whether BTC can reclaim the $67,500-$68,000 range, which several market analysts view as the next major resistance before a potential move toward $70,000.
Related: Edtech stock surges 150% on AI deal
This story was originally published by TheStreet on Jul 21, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
Nebius领涨新型云服务商
重要性2/5 中低
与NBIS直接相关且时效较高，但归档仅有短摘录，无法支撑深入判断。
中文摘要
核心结论
Barron's短摘录称，Nvidia投资细节推动Nebius股价继续上涨，并将其描述为新型云服务商中的突出标的。
重要性评级
评级：2/5（中低）
主题与NBIS和NVDA直接相关，但归档正文只有标题、导语和继续阅读入口，没有持股规模、估值或经营数据。
关键事实
- 文章关注Nebius在新型云服务商中的相对表现。
- 摘录称Nebius股价在投资者获得Nvidia投资的更多细节后继续上涨。
- 元数据关联NBIS、NVDA、CRWV和IREN。
- 页面列示NBIS上涨18.78%、NVDA上涨1.97%、CRWV上涨8.92%、IREN上涨2.71%。
作者观点与证据
作者倾向于把Nebius视为该细分领域的突出公司，但现有摘录没有展示比较框架、财务指标或完整论证，无法判断结论如何形成。
与相关标的的关系
NBIS是直接对象；NVDA投资构成新闻背景。CRWV和IREN仅在元数据及行情中出现，摘录未说明具体业务比较。
时效性与限制
发布于美东时间 07/21 15:46（UTC+8 07/22 03:46）。归档内容不足，不能据此确认投资条款或行业领先程度。
后续跟踪
- Barron's完整正文及比较指标
- Nvidia投资条款和证券构成
- NBIS与CRWV、IREN的收入及产能对比
英文原文
How Nebius Stock Became the Neocloud Standout
How Nebius Stock Became the Neocloud Standout
How Nebius Stock Became the Neocloud Standout · Barrons.com · Courtesy Nebius
Adam Clark
Wed, July 22, 2026 at 3:46 AM GMT+8 2 min read
- NBIS
+18.78%
- NVDA
+1.97%
- CRWV
+8.92%
- IREN
+2.71%
Nebius stock was rising again after investors got more detail on Nvidia’s investment in the highflying neocloud.
Continue Reading
半导体与财报推高美股指数
重要性3/5 中
包含MRVL直接行情和较完整的市场广度数据，但仍是盘中短讯，缺少公司级增量。
中文摘要
核心结论
半导体股普涨和早期财报超预期共同推动美国三大股指上行，市场暂时消化中东地缘冲突。迈威尔（MRVL）上涨约7%，与美光、英特尔及Astera Labs（ALAB）形成板块共振，但报道没有给出MRVL专属催化。
重要性评级
评级：3/5（中）
文章提供指数、行业ETF（交易所交易基金）、个股涨幅和财报样本比例，可用于解释当日市场广度；篇幅较短，因果判断仍停留在新闻层面。
关键事实
- 道琼斯工业平均指数上涨约0.7%，标普500指数上涨约0.8%，纳斯达克综合指数上涨约1.3%。
- VanEck Semiconductor ETF（范艾克半导体交易所交易基金，SMH）上涨约4%。
- 美光（MU）上涨约10%，英特尔（INTC）上涨约7%，迈威尔（MRVL）上涨约7%，Astera Labs上涨近6%。
- 3M（MMM）在季度业绩超过预期后上涨超过9%。
- 通用汽车（GM）第二季度业绩优于预期，股价上涨约5%。
- FactSet（金融数据服务商）数据显示，已披露业绩的66家标普500公司中约88%利润超过分析师预期。
- 市场仍在关注美国与伊朗冲突、油价，以及Alphabet、IBM和特斯拉后续财报。
作者观点与证据
作者将指数上涨归因于芯片板块和财报季开局强劲。行业ETF与多只芯片股同步上涨支持板块解释，66家公司中88%超预期也提供盈利证据；报道没有讨论预期下调、收入超预期比例或指数权重贡献。
与相关标的的关系
MRVL当日上涨约7%，直接受益于芯片板块风险偏好回升。MU、INTC和ALAB提供同业参照；GM与MMM则说明上涨并非只集中于半导体。
时效性与限制
文章发布于美东时间 07/21 15:21（UTC+8 07/22 03:21），属于当日盘中快照。涨幅均为约数，且后续大型科技公司财报可能改变市场叙事。
后续跟踪
- MRVL涨势是否获得公司消息或成交量支持。
- 后续大型科技财报对人工智能资本开支预期的影响。
- 财报季收入与利润超预期比例。
- 中东冲突和油价对指数风险偏好的影响。
英文原文
Nasdaq, Dow and S&P 500 Jumps as Chip Stocks Power Wall Street Higher
Nasdaq, Dow and S&P 500 Jumps as Chip Stocks Power Wall Street Higher
Nauman Khan
Wed, July 22, 2026 at 3:21 AM GMT+8 1 min read
- SMH
+4.52%
- ^GSPC
+0.89%
- MU
+12.17%
- INTC
+8.64%
- GM
+4.91%
This article first appeared on GuruFocus .
U.S. stocks moved higher in Tuesday trading as gains in semiconductor shares and another round of stronger-than-expected corporate earnings helped investors look past ongoing geopolitical tensions in the Middle East.
The Dow Jones Industrial Average rose about 0.7%, while the S&P 500 gained roughly 0.8% and the Nasdaq Composite advanced about 1.3%. Semiconductor stocks led the market higher, with the VanEck Semiconductor ETF ( NASDAQ:SMH ) climbing around 4%. Micron Technology ( NASDAQ:MU ) jumped about 10%, Intel ( NASDAQ:INTC ) gained roughly 7%, Marvell Technology (MRVL) rose about 7%, and Astera Labs (ALAB) added nearly 6%.
- Warning! GuruFocus has detected 3 Warning Signs with MU.
- Is MU fairly valued? Test your thesis with our free DCF calculator.
Earnings also supported sentiment. 3M (MMM) surged more than 9% after reporting quarterly results that exceeded expectations, while General Motors (GM) climbed about 5% following better-than-expected second-quarter earnings. According to FactSet data, nearly 88% of the 66 S&P 500 companies that have reported earnings so far have topped analysts' profit estimates.
Investors also continued monitoring developments in the U.S.-Iran conflict and oil prices while awaiting earnings reports from Alphabet (GOOGL), IBM ( NYSE:IBM ) and Tesla ( NASDAQ:TSLA ) later this week.
英特尔财报检验复苏进度
重要性4/5 中高
临近明确财报节点，预期数字和观察变量完整，并与MRVL所在芯片板块直接相关。
中文摘要
核心结论
芯片板块急跌后反弹，英特尔（INTC）即将公布的第二季度业绩将检验18A制程、晶圆代工客户和人工智能业务能否支撑其高涨幅。市场一致预期收入同比增长12%至144亿美元、调整后每股收益由亏损0.10美元转为盈利0.21美元。
重要性评级
评级：4/5（中高）
文章提供临近财报的明确预期、历史业绩和关键观察项，并覆盖MRVL、NVDA、AMD、MU与TSM的板块背景。Zacks评级和超预期预测属于模型及媒体立场，需与公司披露区分。
关键事实
- 费城半导体指数当日上涨近5%，英特尔、迈威尔（MRVL）、AMD、英伟达（NVDA）和美光（MU）普遍反弹。
- 英特尔过去一年累计上涨超过350%，在所列同业中仅落后于美光。
- 公司计划在07/23（未给出具体时刻）盘后公布第二季度业绩。
- Zacks一致预期第二季度收入约144亿美元，同比增长12%。
- 调整后每股收益预计为0.21美元，上年同期为亏损0.10美元；最准确分析师估计为0.22美元。
- 英特尔过去四个季度中有三个季度每股收益超过预期，平均超预期幅度为996.88%；极高百分比受低基数影响。
- 第一季度调整后净利润为15亿美元，每股收益0.29美元，显著高于0.01美元预期。
- 财报重点包括18A制程、数据中心与人工智能业务、晶圆代工客户、下半年展望和企业人工智能资本开支。
作者观点与证据
作者认为盈利改善、预期上修及代工进度支持复苏叙事，并引用Zacks Rank #1（Zacks最高等级）表达积极立场。论证仍依赖财报前一致预期和管理层潜在表态，尚未获得第二季度实际数据确认。
与相关标的的关系
INTC是直接事件标的。MRVL、AMD、NVDA、MU和TSM用于说明芯片板块同步反弹及竞争环境；英特尔18A代工和人工智能产品进展可能影响同业估值比较，但文章没有量化份额变化。
时效性与限制
文章发布于美东时间 07/21 15:12（UTC+8 07/22 03:12），距离07/23（未给出具体时刻）财报很近。所有第二季度数字均为预测，期权市场预期较大波动但原文未给出隐含幅度。
后续跟踪
- 第二季度收入、每股收益与指引相对一致预期的差异。
- 18A良率、量产进度和外部客户。
- 数据中心与人工智能收入及毛利率。
- 下半年资本开支、现金流与代工亏损。
英文原文
Chip Stocks Are Rebounding - Should Investors Buy Intel (INTC) Before Q2 Earnings?
Chip Stocks Are Rebounding - Should Investors Buy Intel (INTC) Before Q2 Earnings?
Shaun Pruitt
Wed, July 22, 2026 at 3:12 AM GMT+8 4 min read
- INTC
+8.64%
- MRVL
+6.68%
- AMD
+8.11%
- NVDA
+1.97%
- MU
+12.17%
After a sharp pullback over the last several trading sessions, semiconductor stocks are staging an impressive rebound on Tuesday as investors return to AI-related names ahead of a busy week of earnings.
The Philadelphia Semiconductor Index (SOX) is surging nearly 5%, with broad-based gains across Intel INTC), Micron MU), Marvell MRVL), AMD AMD), Nvidia NVDA), and other chipmakers helping to lift the broader Nasdaq.
The rally appears to reflect renewed optimism following last week's sector-wide correction, improving sentiment surrounding AI infrastructure spending, and investors positioning ahead of several closely watched technology earnings reports.
For Intel, the improving backdrop comes at an important time. To that point, the chipmaker has enjoyed a remarkable turnaround this year but has also experienced heightened volatility as investors evaluate whether its foundry ambitions, AI initiatives, and manufacturing roadmap can support a sustained recovery.
With Intel set to report Q2 earnings after market hours on Thursday, July 23, investors may be wondering if now is an opportune time to buy INTC, which has soared more than 350% over the last year to outperform all of its aforementioned chip peers outside of Micron.
Zacks Investment Research
Image Source: Zacks Investment Research
Intel's Optimistic Q2 Expectations
Wall Street is expecting another meaningful step forward in Intel's turnaround.
The Zacks Consensus Estimate calls for Q2 revenue of approximately $14.4 billion, representing 12% year-over-year growth.
On the bottom line, Intel's Q2 adjusted earnings are projected to come in at $0.21 per share, a dramatic improvement from a loss of -$0.10 a share in the year-ago period.
Investors will likely focus on several key themes during the earnings call:
- Progress of Intel's 18A manufacturing process
- Growth within the Data Center & AI business
- Updates on Intel Foundry customer wins
- Outlook for the second half of 2026
- Management's commentary regarding enterprise AI demand and capital spending
Perhaps most importantly, investors will want reassurance that Intel's turnaround remains on schedule and that its manufacturing investments are beginning to translate into sustainable financial improvements.
The Zacks ESP
Optimistically, the Zacks ESP (Expected Surprise Prediction) indicates Intel could once again surpass earnings expectations, with the Most Accurate and recent estimate among Wall Street analysts having Q2 EPS slated at $0.22 and slightly above the underlying Zacks Consensus of $0.21 (Current Qtr below).
Story Continues
Zacks Investment Research
Image Source: Zacks Investment Research
This comes as Intel has impressively exceeded earnings expectations in three of its last four quarterly reports with an average EPS surprise of 996.88%. Intel most recently reported Q1 adjusted net income of $1.5 billion or $0.29 per share, which crushed EPS expectations of $0.01.
Zacks Investment Research
Image Source: Zacks Investment Research
AI and Foundry Progress Remain the Biggest Catalysts
While Intel continues to face intense competition from AMD and Taiwan Semiconductor TSM), the company's long-term investment thesis has become increasingly centered around two opportunities: expanding its AI portfolio and rebuilding its semiconductor manufacturing leadership.
Recent announcements surrounding Intel's expanding AI ecosystem and growing enterprise partnerships, including with Nvidia, have reinforced confidence that management is making tangible progress.
Meanwhile, continued improvements in manufacturing yields and increased production on Intel's next-generation process technologies could eventually position the company as a more competitive foundry alternative for third-party chip designers.
If management delivers encouraging commentary regarding foundry customer demand and AI-related revenue opportunities, earnings estimate revisions could continue trending higher following the report.
Summary & Conclusion
Although Intel still has work to do before fully re-establishing itself as a semiconductor leader, the company's turnaround appears to be gaining momentum.
Improving profitability, rising earnings estimates, AI-related growth opportunities, and continued progress within its foundry business all suggest Intel is moving in the right direction and starting to grow back into its valuation after a sharp rebound.
Naturally, Thursday's earnings report could introduce additional volatility, especially with options markets pricing in a sizable post-earnings move. However, if management delivers another solid quarter and reinforces confidence in its long-term roadmap, INTC could have further room to run.
For now, Intel stock currently sports a Zacks Rank #1 (Strong Buy) , indicating favorable earnings estimate revisions and suggesting INTC may warrant consideration ahead of Q2 results.
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Intel Corporation (INTC) : Free Stock Analysis Report
Advanced Micro Devices, Inc. (AMD) : Free Stock Analysis Report
Micron Technology, Inc. (MU) : Free Stock Analysis Report
NVIDIA Corporation (NVDA) : Free Stock Analysis Report
Marvell Technology, Inc. (MRVL) : Free Stock Analysis Report
Taiwan Semiconductor Manufacturing Company Ltd. (TSM) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
AI云股齐涨下的估值分化
重要性4/5 中高
同时呈现人工智能云板块联动、估值与信用风险差异，对多标的日报有较强信息价值。
中文摘要
核心结论
Nvidia披露持有Nebius 9.3%股权后，NBIS、CoreWeave和Oracle同步上涨，但三者的驱动和风险差异明显：NBIS有直接申报事件，CRWV缺少公司特定消息，ORCL则同时面对估值吸引力与信用利差压力。
重要性评级
评级：4/5（中高）
文章横向连接NBIS、CRWV、ORCL和云计算ETF（交易所交易基金），数据密度较高；部分估值和价格目标来自媒体或券商观点，需与原始资料交叉核对。
关键事实
- NBIS当日一度上涨16%至212美元，年内涨幅约155%。
- Nvidia通过Schedule 13G（被动持股申报）披露持有22,256,412股Nebius A类股，占9.3%。
- 多数持股来自与3月20亿美元私募相关的预融资认股权证，合同限制Nvidia在09/11前行权或出售相关股份。
- Nebius过去十二个月市盈率为82.36倍，市值约460亿美元。
- CRWV上涨8%至79美元，年内涨幅约10%，公司过去十二个月仍未盈利。
- ORCL上涨5%至127美元，年内仍跌35%；Mizuho维持320美元目标价和“跑赢大市”评级。
- Oracle五年期信用违约互换成本升至2.03个百分点，为2008年有记录以来最高；标普评级为BBB-，穆迪评级为Baa2、展望负面。
- First Trust Cloud Computing ETF（第一信托云计算交易所交易基金，SKYY）提供行业组合敞口，但持仓仍集中于云和数据基础设施。
作者观点与证据
作者认为NBIS的上涨有监管申报支撑，CRWV主要受同业情绪带动，ORCL则呈现股票估值与债券市场风险信号的分歧。持股数据和信用指标较具体；320美元目标价、相对价值判断及股价支撑位属于分析口径。
与相关标的的关系
NBIS和NVDA直接受持股与合作关系影响；CRWV反映人工智能云同业联动；ORCL连接云基础设施支出、盈利兑现和信用风险；SKYY体现行业组合表现。
时效性与限制
发布于美东时间 07/21 14:53（UTC+8 07/22 02:53）。文中多次夹带选股推广，且将短线价格变化与叙事并置；ORCL信用指标和评级需以评级机构及市场原始数据为准。
后续跟踪
- Nebius认股权证限制及后续持股变化
- CRWV是否出现独立经营催化
- Oracle信用利差、评级与现金流
- Oracle 09/09业绩中的产能变现情况
英文原文
Nebius Explodes 16% Higher on NVIDIA Stake Stunner; CoreWeave Surges 8%, Oracle Adds 5% as AI Cloud Plays Pay Off
Nebius Explodes 16% Higher on NVIDIA Stake Stunner; CoreWeave Surges 8%, Oracle Adds 5% as AI Cloud Plays Pay Off
David Moadel
Wed, July 22, 2026 at 2:53 AM GMT+8 4 min read
- NVDA
+1.97%
- NBIS
+18.78%
- ORCL-PD
+4.03%
- CRWV
+8.92%
- SKYY
-0.47%
Quick Read
- NVIDIA's 9.3% stake disclosure sent Nebius (NBIS) stock surging 16% and pulled CoreWeave (CRWV) stock up 8% on a sympathy bid.
- Mizuho's $320 Oracle (ORCL) stock price target implies 164% upside, yet credit default swaps just hit their highest level since 2008, flagging serious bond-market stress.
- The First Trust Cloud Computing ETF (SKYY) offers diversified AI cloud exposure, sidestepping single-stock risk from Nebius's 82x P/E or CoreWeave's unprofitable balance sheet.
- Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Oracle didn't make the cut. Grab the names FREE today .
Nebius Group 's ( NASDAQ:NBIS ) stock is catapulting 16% higher Tuesday to $212 after NVIDIA ( NASDAQ:NVDA ) disclosed a 9.3% beneficial ownership stake in the AI cloud specialist. The move extends Nebius stock's run to 155% year to date (YTD), a pace that has Wall Street debating whether the valuation has outrun the fundamentals.
metamorworks / Shutterstock.com CoreWeave ( NASDAQ:CRWV ) stock is following Nebius higher, up 8% to $79 versus a milder 10% YTD gain. Meanwhile, Oracle ( NYSE:ORCL ) stock is climbing 5% to $127, though Oracle shares remain down 35% YTD even after today's bounce.
NVIDIA's Stake Filing Ignites the Rally
NVIDIA disclosed in a Schedule 13G filing that it beneficially owns 22,256,412 Class A shares of Nebius stock, or 9.3% of the class. Most of that stake comes from a pre-funded warrant tied to a $2 billion private placement Nebius completed in March, with the rest held outright.
Contractual restrictions bar NVIDIA from exercising the warrant or selling the underlying shares before September 11, and NVIDIA's use of a 13G rather than a 13D signals it isn't seeking control of Nebius. Nebius stock's trailing 12-month (TTM) P/E ratio of 82.36x, along with a roughly $46 billion market value, shows just how much the company's assumed growth is already priced in.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Oracle didn't make the cut. Grab the names FREE today .
CoreWeave Catches a Sympathy Bid
CoreWeave stock doesn't have an obvious company-specific catalyst behind today's 8% pop to $79. The move looks more like a sympathy trade off Nebius's headline news, layered on top of the NASDAQ 100's 1.9% advance today. That leaves CoreWeave stock's 10% YTD gain lagging Nebius stock's 155% climb by a wide margin, especially since CoreWeave carries no TTM P/E ratio while it remains unprofitable on a trailing twelve-month basis.
Traders adding CoreWeave stock here are largely betting on momentum continuing rather than on any fresh, company-specific data point. That makes CoreWeave's move today more fragile than Nebius stock's catalyst-driven surge, even though both stocks are moving in the same direction.
Story Continues
Oracle's Bulls and Bears Square Off
Mizuho reiterated its Outperform rating and kept a $320 price target on Oracle stock, implying 164% upside from Monday's close. The brokerage noted Oracle stock trades at just 14x projected 2027 non-GAAP earnings, a discount to peers, while Oracle stock's TTM P/E ratio of 21.74x looks comparatively reasonable next to Nebius stock's 82.36x multiple.
On the other hand, Oracle's credit market signals point to rising unease. The cost of five-year credit default swaps on Oracle's debt climbed to 2.03 percentage points this week, the highest level since records began in 2008. S&P Global Ratings recently cut Oracle to BBB-, just one notch above junk status, and Moody's Ratings holds Oracle at Baa2 with a negative outlook.
A Diversified Play, and the Next Catalysts to Watch
For investors who don't want to pick a single winner among Nebius, CoreWeave, and Oracle stock, they may choose to get exposure via a cloud-focused ETF. In that vein, the First Trust Cloud Computing ETF ( NASDAQ:SKYY ) offers diversified exposure to the AI cloud theme. The ETF isn't immune to sector risk, though, since its holdings stay concentrated in cloud and data-infrastructure names rather than spread across unrelated industries.
Nebius stock appears to be the most speculative of the trio given its rich multiple and reliance on NVIDIA's stamp of approval, while CoreWeave's sympathy rally could prove fragile without a catalyst of its own. Oracle stock's comparatively modest TTM P/E ratio of 21.74x may make it the best value of the three, provided the widening credit spreads don't point to deeper trouble ahead.
Considering how differently these three stocks are priced for risk, investors might choose to keep their position sizes modest across the group, especially in the richer-multiple names. Investors can watch for whether Oracle's September 9 earnings report shows capacity monetization catching up with the AI-spending worries pressuring Oracle's bonds, and whether Nebius stock holds above $210 throughout the week.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Oracle didn't make the cut. Grab the names FREE today .
Contact editorial@247wallst.com for any questions or corrections.
Nebius董事长减持规模有限
重要性3/5 中
内部人交易数据可靠且与NBIS直接相关，但出售比例较小，对经营基本面的增量有限。
中文摘要
核心结论
Nebius董事长John Wilson Boynton IV于07/15出售6,958股A类股，交易额约140万美元，仅占其直接持股约2%；交易后仍持有约42.1万股，文章据此认为减持规模有限。
重要性评级
评级：3/5（中）
SEC（美国证券交易委员会）Form 4（内部人持股变动申报）提供直接交易证据，但单笔减持较小，文章对董事长动机和长期态度的解释无法由申报单独验证。
关键事实
- Boynton于07/15出售6,958股Nebius A类股，约占其持股2%。
- 加权平均成交价为197美元，单笔价格区间为187.74至202.59美元。
- 交易金额约140万美元。
- 交易后直接持股约42.1万股；按07/15收盘价199.51美元估算，价值约8,402万美元。
- 截至07/17（未给出具体时刻），文章称公司内部人合计持股比例为0.18%。
- 公司市值约412亿美元，员工1,543人。
- 过去十二个月收入为8.779亿美元、净利润为8.364亿美元。
- 文章称一季度收入同比增长684%至3.99亿美元。
作者观点与证据
作者将该交易解释为股价大涨后兑现部分收益，并把保留逾40万股视作态度积极的信号。出售数量、价格和剩余持股有Form 4支持；出售动机和董事长后续预期属于推断。
与相关标的的关系
该事件仅直接关联NBIS，主要影响内部人交易观察。其信息价值应结合其他董事及高管交易、既定出售计划和股权激励安排判断。
时效性与限制
文章发布于美东时间 07/21 14:49（UTC+8 07/22 02:49），交易发生于07/15。正文含选股服务推广，且部分市值、净利润和股价数据采用不同日期口径。
后续跟踪
- Form 4是否注明预设出售计划
- 其他高管及董事的同期交易
- 剩余持股和股权激励变化
- 收入增长与现金流质量
英文原文
Nebius Chairman Sells Company Shares Worth $1.4 Million. Here
Nebius Chairman Sells Company Shares Worth $1.4 Million. Here's a Closer Look at the Transaction.
Robert Izquierdo, The Motley Fool
Wed, July 22, 2026 at 2:49 AM GMT+8 4 min read
- NBIS
+18.78%
John Wilson Boynton IV, Chairman of the Board of Directors at Nebius Group N.V. (NASDAQ:NBIS), sold 6,958 Class A Shares on July 15, 2026 according to the SEC Form 4 filing .
Transaction summary
Metric
Value
Shares sold (directly held)
6,958
Transaction value
~$1.4 million
Post-transaction shares (directly held)
~421,000
Post-transaction value
$84.02 million
Transaction value based on SEC Form 4 weighted average sale price ($197.00); post-transaction value based on July 15, 2026 market close ($199.51).
Key questions
- How significant was this liquidation relative to the director's total position?
The sale of 6,958 shares represented 2% of Boynton's equity stake, leaving him with ~421,000 Class A Shares held directly.
- What were the execution details of the transaction?
The shares were sold at a weighted average price of $197.00, though individual trade prices ranged from $187.74 to $202.59 during the July 15 session.
- What is the company's current scale and operational focus?
Based in Amsterdam, the firm operates in the Communication Services sector with a market capitalization of $41.2 billion and a workforce of 1,543 employees focused on AI cloud infrastructure.
- How does the director's residual stake compare to the broader insider base?
Following the transaction, Boynton maintains a direct position valued at $84.02 million, contributing to a total insider ownership level of 0.18% as of the July 17, 2026 filing.
Company Overview
Metric
Value
Share Price (as of market close 2026-07-16)
$171.77
Market Capitalization
$41.2 billion
Revenue (TTM)
$877.9 million
Net Income (TTM)
$836.4 million
Company Snapshot
- Nebius Group develops and operates a comprehensive AI-focused cloud infrastructure platform designed to serve the global artificial intelligence industry, featuring GPU computing clusters, cloud services, and developer tools.
- The company generates revenue through its Nebius cloud platform by providing essential infrastructure services to enterprises and developers requiring high-performance computing resources for AI workloads and applications.
- Nebius targets technology companies, enterprises, and developers globally who require scalable GPU computing and cloud infrastructure to support artificial intelligence development and deployment initiatives.
Nebius Group N.V. is a technology infrastructure provider specializing in AI-centric cloud computing solutions with a market capitalization of $41.2 billion as of July 2026. The company has demonstrated exceptional growth momentum, with a one-year share price appreciation of 272.71%, reflecting strong investor demand for AI infrastructure providers.
Story Continues
With 1,543 employees and headquarters in Amsterdam, Nebius maintains a focused operational structure while scaling its GPU computing and cloud service offerings to meet accelerating global demand for AI infrastructure.
What this transaction means for investors
The July 15 sale of Nebius Group stock by the company's Chairman of the Board, John Boynton IV, occurred after shares soared nearly 300% over the past 12 months, although well after dropping from a 52-week high of $299.86 on June 22. The disposition represented just 2% of his holdings, which suggests he wanted to lock in some of his gains, but is holding on to over 400,000 shares in a sign he has a bullish outlook towards the stock.
Nebius shares are up because of its success as a neocloud, which is a cloud computing provider that specializes in data center infrastructure optimized for AI. Its first-quarter revenue rose an impressive 684% year over year to $399 million. It also disclosed a $2 billion investment from Nvidia , which demonstrates the AI semiconductor chip leader's high conviction in Nebius' infrastructure approach.
Unlike other neocloud rivals, Nebius is focused on carefully managing the financial impact of its data center expansion, as costs can quickly spiral out of control. It seeks prepayments from customers in order to reduce the capital needed from equity and debt financing, which has encouraged Wall Street to invest in the stock.
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Robert Izquierdo has positions in Nvidia. The Motley Fool has positions in and recommends Nvidia. The Motley Fool has a disclosure policy .
Nebius Chairman Sells Company Shares Worth $1.4 Million. Here's a Closer Look at the Transaction. was originally published by The Motley Fool
加密伦理协议仍待文本确认
重要性5/5 高
监管影响和标的相关性均高，且文章清楚揭示协议文本与两党支持仍缺失。
中文摘要
核心结论
Barron's（《巴伦周刊》）称，共和党参议员与白宫据报就覆盖特朗普的加密伦理条款达成协议，为Clarity Act（加密市场结构明晰法案）扫除一项障碍。作者明确提醒，条文尚未公布，民主党也未确认支持，法案前景仍不确定。
重要性评级
评级：5/5（高）
事件直接影响COIN与CRCL的美国监管预期，发布时间接近日报截点；文章同时给出关键证据缺口，适合列为优先核验事项。
关键事实
- Punchbowl News援引知情人士称，部分共和党参议员与白宫就加密伦理条款达成协议。
- 据报道，该条款覆盖特朗普本人。
- 伦理条款被视为Clarity Act通过的一项关键障碍。
- 法案拟把多数加密交易移出SEC（美国证券交易委员会）的管辖范围。
- Coinbase等企业长期推动该法案。
- COIN元数据涨幅为9.61%，CRCL为8.60%，但正文未说明统计时点。
- 法案文本尚未公开，民主党议员也未表示接受协议。
作者观点与证据
作者对市场庆祝保持谨慎，理由清楚：报道来自匿名知情人士，正式条文和民主党支持均未出现。协议若属实可改善立法概率，但尚不能据此认定法案将通过。
与相关标的的关系
COIN直接受交易监管权限变化影响；CRCL作为稳定币发行商，也会受到美国市场结构、交易场所和相关合规规则变化影响。文章没有说明最终条款对Circle储备、发行或分销业务的具体作用。
时效性与限制
文章发布于美东时间 07/21 14:21（UTC+8 07/22 02:21）。正文只有一段和继续阅读提示，初始消息来自匿名来源，正式文本与两党票数仍缺失。
后续跟踪
- 伦理条款和Clarity Act修订文本公开。
- 民主党关键议员是否表态支持。
- 参议院程序安排和票数统计。
- SEC权限及稳定币相关条款的最终范围。
英文原文
Coinbase Stock Is Rallying. Can Donald Trump’s Ethics Compromise Save the Clarity Act?
Coinbase Stock Is Rallying. Can Donald Trump’s Ethics Compromise Save the Clarity Act?
Coinbase Stock Is Rallying. Can Donald Trump’s Ethics Compromise Save the Clarity Act? · Barrons.com · Gabby Jones/Bloomberg
Joe Light
Wed, July 22, 2026 at 2:21 AM GMT+8 3 min read
- COIN
+9.61%
- CRCL
+8.60%
Until lawmakers unveil the text—and Democrats signal they’re on board—it’s too soon for investors to celebrate. A late Monday report by Punchbowl News, citing sources familiar with the matter, said some Republican senators and the White House had come to an agreement on a crypto ethics provision that covered Trump. Reaching a deal on such a provision is seen as a key hurdle to passing the so-called Clarity Act, which would also put most crypto trading outside the purview of the Securities and Exchange Commission, and that firms, including Coinbase, have fought to pass.
Continue Reading
英伟达扩大Nebius持股解析
重要性4/5 中高
持股结构、增长数据和估值信息完整，对NBIS与NVDA关系判断价值较高，但标题金额口径容易误读。
中文摘要
核心结论
Nvidia将Nebius持股增至约9.3%，文章估算新增持股市值超过38亿美元，并把这一动作视为对新型云基础设施需求的认可。Nebius收入高速增长，但64倍市销率和持续亏损显示市场已计入很高预期。
重要性评级
评级：4/5（中高）
持股变化、收入增速和行业规模预测均与NBIS、NVDA直接相关；文章对投资金额和持股价值的表述需要区分历史现金投入与当前市值。
关键事实
- Nvidia此前持有约119万股，随后通过一季度取得的认股权证增加约2,100万股，持股扩大逾18倍。
- 最新持股约占Nebius 9.3%，文章称该头寸占Nvidia投资组合的12%。
- 新增股份在09/11前受到出售限制。
- Nebius提供GPUaaS（图形处理器即服务）及面向人工智能负载的云平台。
- 一季度收入为3.99亿美元，同比增长684%。
- 核心人工智能服务年化收入运行率为19.2亿美元，增长674%。
- Synergy Research Group预测新型云服务商收入将从2025年的250亿美元增至2031年的4,000亿美元，对应58%的复合年增长率。
- 华尔街预期Nebius 2026年收入增长541%、2027年增长238%；文章称公司尚未盈利，市销率约64倍。
作者观点与证据
作者把Nvidia的持股扩张及黄仁勋对Nebius的公开评价视为强认可，并对公司前景持积极立场。监管申报和财务数据构成主要证据；行业预测、分析师增长预期和估值容忍度带有较强假设。
与相关标的的关系
NBIS直接受持股、算力需求、收入增长和高估值影响；NVDA通过投资和设备供应扩大其在人工智能云基础设施中的经济关系。
时效性与限制
发布于美东时间 07/21 14:17（UTC+8 07/22 02:17）。标题所称“投入近40亿美元”主要反映新增股份市值，原文同时提到认股权证及既有安排，不能直接等同于当期新增现金投资。正文含选股推广，作者持有NVDA。
后续跟踪
- 认股权证来源、成本和行权条款
- 2026至2027年收入预期兑现程度
- 数据中心资本开支与融资需求
- 市销率随收入和利润率变化的调整
英文原文
Nvidia Just Plowed Nearly $4 Billion Into a Company That
Nvidia Just Plowed Nearly $4 Billion Into a Company That's Reshaping the Cloud Industry, Increasing Its Stake by 18-Fold. Investors Should Be Paying Attention.
Danny Vena, CPA, The Motley Fool
Wed, July 22, 2026 at 2:17 AM GMT+8 4 min read
- NVDA
+1.97%
- NBIS
+18.78%
For more than three years now, Nvidia (NASDAQ:NVDA) has been at the center of the most significant technology shift in decades. The company was a linchpin in the early 2023 advent of artificial intelligence (AI) and has been at the heart of the AI boom ever since. The chipmaker has been investing in ancillary products and adjacent industries, thereby expanding its reach. In the latest development, Nvidia significantly increased its position in one area of AI infrastructure: neoclouds.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
According to a recent filing with the Securities and Exchange Commission (SEC), Nvidia now has 12% of its investment portfolio in Nebius (NASDAQ:NBIS), after increasing its stake by more than $3.8 billion. Nvidia previously owned roughly 1.1 million shares of Nebius stock, but boosted its stake by more than 21 million shares and now owns roughly 9.3% of the company.
Let's take a look at what prompted that move and why investors should be paying attention.
Image source: The Motley Fool.
Neocloud 101
To understand why this is a big deal, it's worth taking a step back to review what Nebius does. The concept of cloud computing is well known to most investors. The cloud, as it's commonly called, allows internet users to access applications, data storage, data processing, and AI. Cloud use provides improved security, increased flexibility, and scalability, making it an attractive option for many companies. Furthermore, cloud access to AI models and processing has supercharged adoption.
Neocloud operators fill a special function in the AI boom. These companies have stockpiled the graphics processing units (GPUs) and other infrastructure needed to facilitate AI and other high-performance computing. The offering has been dubbed GPU-as-a-service (GPUaaS).
Nebius is one of the leading providers of these services, offering an "AI-centric cloud platform building large, cost-efficient GPU clusters to service the explosive growth of the global AI industry," according to its website.
The company's financial results are telling. In the first quarter, it generated revenue of $399 million, which soared 684% year over year, albeit from a small base. Perhaps more telling is the annualized run rate for its core AI services of $1.92 billion, an increase of 674%.
Story Continues
Does Huang know something Wall Street doesn't?
Nvidia CEO Jensen Huang is the architect of this investment, which includes the ownership of 1.19 million shares previously reported and the addition of 21 million shares from a warrant Nvidia acquired in Q1. In the regulatory filing, Nvidia revealed that it was prohibited from selling the newly acquired shares before Sept. 11, 2026.
This increased investment marks a huge vote of confidence from Nvidia. This shouldn't come as a surprise. At the keynote address at the Computex technology trade show in Taipei, Taiwan, last month, Huang lauded Nebius as one of a select group of "world-class AI clouds." He cited the neocloud's impressive customer list and Nvidia's own experience working with the company. "We worked with Nebius, and they are growing incredibly fast," Huang said.
Don't take his word for it. Neocloud revenues are expected to grow from $25 billion in 2025 to $400 billion by 2031, a compound annual growth rate of 58%, according to a report by Synergy Research Group. The report goes on to say, "Neocloud providers are capturing an increasing share of the fastest-growing segments of the cloud market, fundamentally reshaping the competitive dynamics of AI infrastructure."
Nebius isn't yet profitable, as the company scrambles to build out its infrastructure to meet its soaring customer demand. Wall Street expects revenue growth of 541% in 2026 and 238% in 2027, and 63% of analysts rate the stock a buy or strong buy.
At 64 times sales, the stock certainly doesn't look cheap. That said, Jensen Huang has his finger on the pulse of all things AI and just increased Nvidia's stake by more than 18x, which suggests he believes strongly in Nebius's future.
That's why investors should be paying attention -- and why Nebius stock is a buy .
Should you buy stock in Nvidia right now?
Before you buy stock in Nvidia, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Nvidia wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $364,562 ! Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,247,668 !
Now, it's worth noting Stock Advisor's total average return is 894% — a market-crushing outperformance compared to 207% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor , and join an investing community built by individual investors for individual investors.
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*Stock Advisor returns as of July 21, 2026.
Danny Vena, CPA has positions in Nvidia. The Motley Fool has positions in and recommends Nvidia. The Motley Fool has a disclosure policy .
Nvidia Just Plowed Nearly $4 Billion Into a Company That's Reshaping the Cloud Industry, Increasing Its Stake by 18-Fold. Investors Should Be Paying Attention. was originally published by The Motley Fool
稳定币清算银行完成大额融资
重要性4/5 中高
大额融资和银行牌照进展体现稳定币机构化趋势，但对CRCL只有间接影响，运营证据尚少。
中文摘要
核心结论
Augustus完成1.8亿美元B轮融资，估值10亿美元，计划建设连接传统支付网络与稳定币的联邦特许清算银行。项目显示稳定币基础设施正向机构跨境结算延伸，但公司只有有条件银行牌照批准，规模化运营和监管落地尚未完成。
重要性评级
评级：4/5（中高）
融资规模、参与方和银行牌照进展具有行业信号意义，并与Circle及Coinbase生态相关；Augustus为私营初创企业，对CRCL的财务影响只是间接路径。
关键事实
- Augustus完成1.8亿美元B轮融资，公司估值10亿美元，累计融资2.1亿美元。
- Tiger Global（老虎环球）领投，Hummingbird、QED以及Nubank、Ramp、Circle和Deel创始人参与。
- Circle联合创始人Sean Neville、Coinbase前首席技术官Balaji Srinivasan等个人也参与投资。
- 公司不发行自有稳定币，目标是让银行和金融科技企业通过传统及区块链网络进行结算。
- 其接口平台支持运营账户和FBO（客户资金受益人账户），并连接Swift（环球银行金融电信协会网络）、ACH（美国自动清算系统）、SEPA（单一欧元支付区）和稳定币。
- 公司于2026年5月获得OCC（美国货币监理署）全国性银行牌照的有条件批准，并称自己是2010年以来第八家获此类批准的银行。
- Kraken（海妖交易所）已是其客户；融资将用于拉丁美洲、东南亚、中东和非洲扩张。
作者观点与证据
文章把Augustus定位为稳定币与传统代理银行之间的基础设施桥梁，融资金额、投资者名单、产品接口和有条件牌照构成主要证据。24小时结算及人工智能后台效率来自公司表述，缺少交易量、收入、客户数量和正式牌照完成条件。
与相关标的的关系
CRCL与COIN通过创始人投资和稳定币生态形成间接关联。更多受监管银行接入稳定币可能扩大USDC等代币的机构使用场景，也可能培养新的发行商或基础设施竞争者；文章未披露Augustus采用哪种稳定币及各自份额。
时效性与限制
文章发布于美东时间 07/21 14:13（UTC+8 07/22 02:13）。作者标注为Decrypt Agent（Decrypt自动写作代理），主要依赖公司融资公告；有条件批准不等同于正式开业许可。
后续跟踪
- OCC正式牌照条件及获批时间。
- Augustus采用的稳定币、结算量和客户数量。
- 与CRCL、COIN或其他生态企业的商业合同。
- 跨境扩张中的资本、合规和流动性要求。
英文原文
Augustus Raises $180 Million to Build a Stablecoin-Ready
Augustus Raises $180 Million to Build a Stablecoin-Ready 'Global Dollar Bank'
Augustus Raises $180 Million to Build a Stablecoin-Ready 'Global Dollar Bank' · decrypt
Decrypt Agent
Wed, July 22, 2026 at 2:13 AM GMT+8 2 min read
- USDG33793-USD
-0.01%
- CRCL
+8.60%
- COIN
+9.61%
- NU
+2.86%
- RAMP.PVT
Augustus, a startup building a federally chartered clearing bank designed around stablecoins and programmable money, said Tuesday it raised $180 million in a Series B round that values the company at $1 billion.
The round was led by Tiger Global, with participation from Hummingbird, QED, and the founders of Nubank, Ramp, Circle, and Deel. A roster of fintech and crypto figures also backed the deal, including Circle co-founder Sean Neville, former Coinbase Chief Technology Officer Balaji Srinivasan, and Rain's Farooq Malik. Augustus said it has raised $210 million to date.
The company is targeting correspondent banking, the plumbing that lets money move between institutions across borders. Rather than issuing its own stablecoin, Augustus is building infrastructure that lets banks and fintechs transact across both traditional rails and blockchain networks.
Its API-first platform supports operating and FBO accounts and settles via Swift, ACH, SEPA and stablecoins, running on a proprietary core banking system called Marble that the firm says enables faster settlement and 24/7 availability by deploying AI across the back office.
Stablecoins are central to why the deal matters to financial markets. Stablecoins are tokens designed to hold a steady value, usually pegged one-to-one to U.S. dollars, which allow market participants to enter and exit trades without the need to access dollars directly.
Dollar-pegged stablecoins have grown into a multibillion-dollar settlement layer, extending the reach of the U.S. dollar and pressuring the slow, weekday-bound correspondent system that still underpins cross-border payments. By wiring stablecoin rails directly into a chartered bank, Augustus is positioning that emerging crypto infrastructure as a plumbing upgrade for mainstream institutions, rather than a workaround.
The financing follows Augustus' conditional approval in May for a U.S. national bank charter from the Office of the Comptroller of the Currency, which the company said made it the eighth bank to win conditional approval since 2010. The startup already counts crypto exchange Kraken among its customers.
"We started Augustus with a simple thesis: the Dollar is the greatest product in the world but its distribution is fundamentally broken," said Ferdinand Dabitz, CEO and co-founder. "This financing lets us execute on our mission to provide high-quality dollar access to international fintechs and banks. It's time to dollarize the world."
Augustus framed the effort partly as a geopolitical bet, noting China's digital yuan and Russia's proposed BRICS Pay as challenges to Western currency dominance. It plans to use the capital to expand across Latin America, Southeast Asia, the Middle East and Africa, where dollar access remains limited.
迈威尔暴涨依赖增长预期
重要性4/5 中高
直接覆盖MRVL，历史涨幅、财务数据和估值信息完整，但长期结论受媒体持仓及高预期影响。
中文摘要
核心结论
迈威尔科技（MRVL）2026年上半年上涨251%，涨幅由人工智能基础设施预期、业绩增长、黄仁勋背书和纳入标普500指数共同推动。作者承认价格上涨幅度超过同期基本面兑现，20倍市销率使后续表现更依赖增长加速。
重要性评级
评级：4/5（中高）
文章直接解释MRVL上半年涨幅，并给出季度收入、每股收益、估值和指数纳入节点。来源为持有并推荐MRVL的媒体，且黄仁勋关于万亿美元公司的表述属于观点。
关键事实
- 标普全球市场财智数据显示，MRVL在2026年上半年上涨251%，主要涨幅集中在第二季度。
- 2026财年第四季度截至01/31（未给出具体时刻），收入同比增长22%至22.2亿美元，调整后每股收益由0.60美元升至0.80美元。
- 第一季度收入同比增长28%至24.2亿美元，调整后每股收益由0.62美元升至0.80美元。
- 英伟达（NVDA）首席执行官黄仁勋在台北国际电脑展称迈威尔可能成为下一家万亿美元公司，随后股价单日上涨33%。
- 文章将黄仁勋的判断与迈威尔的数据基础设施和光通信能力联系起来。
- 迈威尔在6月中旬获纳入标普500指数，替代Pool Corporation（泳池用品公司）。
- 股价7月随芯片板块回调，市销率仍约20倍，明显高于其历史水平。
作者观点与证据
作者对长期增长持积极立场，但明确指出上半年涨幅更多来自市场情绪和远期预期，季度业绩只能提供部分支撑。华尔街预计未来两年增长逐步加速，原文未给出一致预期数字或估值敏感性分析。
与相关标的的关系
MRVL是直接研究对象，其定制ASIC（专用集成电路）、光通信和数据基础设施业务受人工智能资本开支影响。NVDA通过管理层背书和产业需求间接关联，文章没有披露两家公司新增合同。
时效性与限制
文章发布于美东时间 07/21 14:05（UTC+8 07/22 02:05），回顾2026年上半年表现。媒体披露作者持有NVDA，出版方持有并推荐MRVL和NVDA；文中含订阅推广。
后续跟踪
- MRVL未来两年的收入增速和利润率兑现。
- 定制芯片、光互连及数据中心收入。
- 20倍市销率对增长预期变化的敏感度。
- 标普500纳入后的被动资金影响是否消退。
英文原文
Why Marvell Jumped 251% in the First Half of the Year
Why Marvell Jumped 251% in the First Half of the Year
Jeremy Bowman, The Motley Fool
Wed, July 22, 2026 at 2:05 AM GMT+8 3 min read
- MRVL
+6.68%
- NVDA
+1.97%
Semiconductor stocks have skyrocketed this year, and Marvell Technologies (NASDAQ: MRVL) has been one of the biggest winners.
The fabless chipmaker, which designs custom ASIC chips and optical components, has benefited from the AI boom, strong results, and a prediction from Nvidia CEO Jensen Huang that it would become the "next trillion-dollar company."
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
According to data from S&P Global Market Intelligence , the stock jumped 251% over the first six months of the year. As you can see from the chart below, the stock didn't really start to gain until the second quarter, when the broader chip sector went parabolic in response to strong demand signals for AI components and a surge in investor sentiment. The jump in Marvell stock in early June was due to comments from Nvidia's Huang.
MRVL data by YCharts
What's behind Marvell's massive surge
The chart above illustrates that Marvell's gains were more about overall investor sentiment and forward expectations, rather than quarterly numbers. Nonetheless, the company delivered solid results with revenue for Q4 2026, which ended on Jan. 31, up 22% to $2.22 billion, and adjusted earnings per share increasing from $0.60 to $0.80.
The company also offered strong guidance for the first quarter, indicating that revenue growth was expected to reaccelerate. Several Wall Street analysts upgraded the stock on the news.
Marvell followed that up with accelerating growth in the first quarter, as revenue rose 28% to $2.42 billion, and adjusted earnings per share improved from $0.62 to $0.80. The stock again climbed on the news as Wall Street responded enthusiastically.
Marvell's biggest gain of the year came days later when the stock jumped 33% on Jensen Huang's endorsement. The Nvidia chief called Marvell the next trillion-dollar company at the Computex trade show in Taiwan, noting Marvell's prowess in data infrastructure and the growth of optical communications.
Finally, the stock popped on news in mid-June that it would be added to the S&P 500 , replacing Pool Corporation .
Image source: Getty Images.
What's next for Marvell
The stock has pulled back in July, in line with a broader retreat in semiconductor stocks. After the first-half surge, the stock looks expensive by historical standards, trading at a price-to-sales ratio of 20.
Story Continues
However, Wall Street expects its growth rate to steadily accelerate over the next two years. The stock is likely to move with broader sentiment in the chip sector in the coming months, but if it can deliver on that growth forecast, the stock should be a winner over the longer term.
Should you buy stock in Marvell Technology right now?
Before you buy stock in Marvell Technology, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Marvell Technology wasn't one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $364,562 ! Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,247,668 !
That performance is why people listen. With a track record of beating the S&P 500 by 4x , Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor , and join an investing community built for the long haul.
See the 10 stocks »
*Stock Advisor returns as of July 21, 2026.
Jeremy Bowman has positions in Nvidia. The Motley Fool has positions in and recommends Marvell Technology, Nvidia, and Pool. The Motley Fool has a disclosure policy .
Why Marvell Jumped 251% in the First Half of the Year was originally published by The Motley Fool
Nebius持股披露再获定价
重要性3/5 中
直接覆盖NBIS与NVDA事件，但关键持股数量疑似笔误，降低了材料可靠性。
中文摘要
核心结论
Nvidia披露持有Nebius 9.3%股权后，NBIS反弹；文章认为这一关系可提高Nebius在下一代人工智能基础设施生态中的商业可信度，但持股数量表述存在明显内部矛盾。
重要性评级
评级：3/5（中）
事件与NBIS、NVDA直接相关，并补充收入与分析师数据；正文把事实、技术分析和乐观推断混合，且关键股数疑似笔误。
关键事实
- Nvidia通过美国证券交易委员会申报确认持有Nebius 9.3%股权。
- 正文一处写Nvidia持有226万股，随后又称其中2,107万股来自与3月20亿美元投资相关的预融资认股权证，两项数字无法同时成立。
- NBIS相较6月高点仍低约30%。
- 文章称Nebius一季度收入接近增长8倍至3.99亿美元。
- 公司目标是在年末达到70亿至90亿美元年度经常性收入。
- Meta Platforms已与Nebius达成数十亿美元级协议。
- Freedom Capital本周将NBIS评级上调至“买入”。
- 华尔街平均目标价约238美元，较文中股价水平高近10%。
作者观点与证据
作者认为Nvidia持股可带来机构信用、企业需求和下一代架构获取优势，并可能缓解近期融资压力。9.3%比例有申报依据；需求导流、稀释风险下降和技术突破位主要属于推断或技术分析。
与相关标的的关系
NBIS直接关联持股、收入增长和融资能力；NVDA同时扮演股东、供应商与生态伙伴角色。
时效性与限制
发布于美东时间 07/21 13:35（UTC+8 07/22 01:35）。关键股数存在内部不一致，目标收入、目标价和技术位需与公司申报及分析师原文复核。
后续跟踪
- 监管申报中的准确持股数量
- 70亿至90亿美元年度经常性收入目标
- Meta合同执行进度
- 后续融资及股份稀释情况
英文原文
NBIS Stock Alert: What to Know as Nvidia Reveals 9.3% Stake in Nebius
NBIS Stock Alert: What to Know as Nvidia Reveals 9.3% Stake in Nebius
Wajeeh Khan
Wed, July 22, 2026 at 1:35 AM GMT+8 2 min read
- NBIS
+18.78%
- NVDA
+1.97%
Nvidia logo and sign on headquarters by Michael Vi via Shutterstock Nebius (NBIS) stock is charging higher on Tuesday after a fresh SEC filing confirmed the artificial intelligence (AI) darling, Nvidia (NVDA), holds a 9.3% stake in the neocloud operator. Of the 2.26 million NBIS shares Nvidia owns, 21.07 million came from a pre-funded warrant tied to its $2 billion investment in March.
Still, the formal disclosure reenergized investors, bringing a much-needed reprieve to Nebius shares that are otherwise down some 30% versus their June high.
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Significance of Nvidia Stake for Nebius Stock
For investors, the regulatory filing reinforces Nebius as a vital cog in global AI infrastructure buildouts.
Nvidia's stake also strengthens its long-term commercial pipeline by anchoring it inside the giant's preferred ecosystem for next‑gen artificial intelligence workloads.
This may funnel enterprise demand, accelerate qualification for large‑scale deployments, and boost NBIS's access to cutting‑edge architectures as they're released.
All in all, Nebius is in the green today because the market is reading the NVDA news as a structural, durable tailwind rather than a one-off catalyst.
Note that NBIS stock is now headed to challenge its 20-day moving average (MA), with a clear break above the $220 level expected to boost upward momentum in the near term.
Is It Worth Buying NBIS Shares Today?
Nvidia's backing provides crucial institutional credibility as Nebius scales capital expenditures to meet surging demand, as evidenced in a nearly 8x increase in its Q1 revenue to $399 million.
The chipmaker's stake materially strengthens NBIS's balance sheet and reduces near-term dilution risk as well.
With long-term enterprise commitments like Meta Platforms' (META) multi-billion-dollar deal and target annual recurring revenue reaching $7 billion to $9 billion by year-end, Nvidia's stake cements Nebius's premier position in AI cloud computing.
Note that the explosive revenue surge and toned-down valuation following a massive pullback in recent weeks also made Freedom Capital upgrade NBIS shares to "Buy" this week.
Wall Street Remains Bullish on Nebius Group
Other Wall Street analysts are bullish on NBIS's strategic alignment with Nvidia as well.
Story Continues
The consensus rating on Nebius stock sits at "Moderate Buy" currently, with the mean price objective of about $238 indicating potential upside of nearly 10% from here.
www.barchart.com On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
光模块扩产加剧行业竞争
重要性4/5 中高
对COHR光模块竞争格局具有直接参考价值，数据丰富，但部分协议与产能口径需原始披露验证。
中文摘要
核心结论
Applied Optoelectronics（应用光电，AAOI）受益于AI数据中心对400G、800G和1.6T高速光模块的需求，并大幅扩建美国制造能力。对Coherent（相干公司，COHR）而言，AAOI扩产构成竞争压力，但英伟达与COHR、Lumentum的长期合作仍是重要壁垒。
重要性评级
评级：4/5（中高）
文章直接涉及COHR所在的光网络竞争格局，包含产能、收入、估值和竞争协议数据；部分合作时间表及金额需要公司原始公告复核。
关键事实
- AAOI第一季度数据中心收入同比增长154%。
- 公司预计2026年末美国工厂每月可生产逾65万件800G和1.6T产品，2027年末提高至逾93万件。
- 2026年7月，AAOI在得州Pearland开建两座工厂，新增近40万平方英尺制造空间。
- AAOI预计2026年第二季度收入为1.80亿至1.98亿美元。
- 年内AAOI股价上涨195.5%，同期Zacks计算机与科技板块上涨11.8%，电子半导体行业上涨27.4%。
- AAOI过去12个月市销率为15.44倍，高于行业的14.37倍；Zacks价值评分为F。
- 文章称英伟达与COHR的合作包括20亿美元股权投资及延续至本十年末的多年供货协议；与Lumentum的安排也包含20亿美元投资和数十亿美元采购承诺。
作者观点与证据
Zacks认为AAOI的高速光模块需求和产能扩张将支持收入增长，同时提示竞争与估值风险。需求证据来自数据中心收入增幅、公司指引和扩产计划；盈利预测仍是一致预期，扩产后的利用率、良率和客户集中度没有披露。
与相关标的的关系
COHR是AAOI在高速光网络市场的直接竞争者。AAOI提高美国800G和1.6T产能可能影响供给、价格和客户份额；COHR与英伟达的资本及供货关系提供差异化支撑。
时效性与限制
文章发布于美东时间 07/21 13:20（UTC+8 07/22 01:20）。文章将竞争协议和产能规划集中呈现，但没有附原始合同条款，也未比较各公司的实际出货量、良率和产品组合。
后续跟踪
- AAOI新增工厂的投产、良率和月度产量。
- 800G与1.6T光模块价格和交付周期。
- COHR与英伟达合作的订单及产能落地。
- AAOI第二季度收入和客户集中度。
英文原文
AAOI
AAOI's Optical Networking Demand Rise: A Sign for More Upside?
Nilanshi Mukherjee
Wed, July 22, 2026 at 1:20 AM GMT+8 3 min read
Applied Optoelectronics AAOI is benefiting from a significant surge in demand for optical networking products, particularly driven by the rapid expansion of AI infrastructure and hyperscale data centers. In the first quarter of 2026, both the data center and CATV (cable TV) businesses experienced strong momentum, with data center revenues up 154% year over year. This growth is being fueled by hyperscale customers ramping up investments in next-generation infrastructure, which requires high-speed optical transceivers such as AOI's 400G, 800G and 1.6T products.
The company is aggressively expanding its manufacturing footprint, especially in Texas. The company's U.S. facilities are expected to produce over 650,000 units of 800G and 1.6T products per month by the end of 2026, with further expansion to over 930,000 units monthly by the end of 2027.
Building on this momentum, in July 2026, Applied Optoelectronics began the construction of two facilities in Pearland, TX, adding nearly 400,000 square feet of manufacturing capacity. The expansion will increase production of 800G and 1.6T optical transceivers used in AI data centers.
The expansion supports rising demand for high-speed optical connectivity and strengthens AOI's ability to serve hyperscale cloud customers. The company expects the new facilities to enhance manufacturing scale, create high-quality jobs, and reinforce its position as a key supplier of advanced optical networking products for AI and cloud infrastructure markets.
AAOI's robust demand for its next-generation data center products, particularly driven by the rapid expansion of AI infrastructure and the company's ongoing investments in manufacturing capacity, is expected to benefit the company's top-line growth. For the second quarter of 2026, the company expects revenues in the range of $180 million to $198 million, implying continued sequential growth.
AAOI Faces Stiff Competition
Applied Optoelectronics is facing stiff competition from Lumentum LITE and Coherent COHR in the optical networking market. Coherent and Lumentum's partnerships with NVIDIA pose a significant threat to AAOI.
During the third quarter of fiscal 2026, Coherent announced a strategic partnership with NVIDIA focused on advanced optical networking and CPO technologies for AI data centers. The agreement includes a $2 billion equity investment from NVIDIA and a multi-year supply agreement extending through the end of the decade.
In March 2026, Lumentum entered into a multi-year strategic agreement with NVIDIA to accelerate the development of advanced optical technologies for next-generation AI infrastructure. The partnership includes a multibillion-dollar purchase commitment and a $2 billion NVIDIA investment to expand Lumentum's U.S. manufacturing capacity and R&D capabilities.
Story Continues
AAOI's Share Price Performance, Valuation, and Estimates
Applied Optoelectronics shares have skyrocketed 195.5% in the year-to-date period, outperforming the Zacks Computer & Technology sector's rise of 11.8% and the Zacks Electronics - Semiconductors increase of 27.4%.
AAOI Stock's Performance
Zacks Investment Research
Image Source: Zacks Investment Research
Applied Optoelectronics shares are currently overvalued, as suggested by its Value Score of F. AAOI stock is trading at a premium with a trailing 12-month Price/Sales of 15.44X compared with the Electronics - Semiconductors industry's 14.37X.
AAOI's Valuation
Zacks Investment Research
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for 2026 earnings is pegged at 80 cents per share, which has been unchanged over the past 30 days. This suggests 407.69% year-over-year growth.
Applied Optoelectronics, Inc. Price and Consensus
Applied Optoelectronics, Inc. Price and Consensus Applied Optoelectronics, Inc. price-consensus-chart | Applied Optoelectronics, Inc. Quote
AAOI's Zacks Rank
Applied Optoelectronics currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .
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Applied Optoelectronics, Inc. (AAOI) : Free Stock Analysis Report
Coherent Corp. (COHR) : Free Stock Analysis Report
Lumentum Holdings Inc. (LITE) : Free Stock Analysis Report
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Zacks Investment Research
监管进展提振加密资产链
重要性4/5 中高
财政部长的最新表述直接影响加密监管预期及多个相关标的，但正式法案文本和投票结果仍缺失。
中文摘要
核心结论
美国财政部长斯科特·贝森特称《CLARITY Act（数字资产市场清晰法案）》已接近参议院通过，推动 Coinbase、Circle、Strategy 及 XRP 等加密相关资产上涨。法案仍处于谈判阶段，伦理、DeFi（去中心化金融）等条款尚未解决，当前行情反映的是政策预期。
重要性评级
评级：4/5（中高）
政策进度直接关系 COIN、CRCL、XRP 及稳定币行业，且发布时间接近当日日报；决定性表述来自财政部长，但文章没有提供参议院正式文本或投票安排。
关键事实
- Coinbase（COIN）早盘一度上涨逾11%，创3月以来最大单日涨幅；文中行情栏显示涨幅9.61%。
- Circle（CRCL）早盘上涨逾6%，Strategy（MSTR）上涨逾4.5%，Bitmine（BMNR）上涨近2%。
- 比特币（BTC）24小时上涨逾3%，自6月中旬以来首次升破66,000美元；XRP 上涨逾4%至约1.15美元。
- 年初至今，COIN、CRCL 和比特币仍分别下跌21%、11%和24%。
- Stocktwits（散户投资者社交平台）上的 COIN 消息量24小时增加逾350%，情绪由中性转为看涨。
- 瑞穗分析师认为法案可能引入更多机构级稳定币竞争，维持 CRCL“跑输大盘”评级和50美元目标价。
作者观点与证据
文章将跨资产上涨与贝森特的政策表述联系起来，并引用实时价格、Stocktwits 情绪和分析师评论。有关机构采用加速及 XRP 法律地位改善的判断主要来自行业参与者和分析师，尚缺正式立法结果支持。
与相关标的的关系
COIN 受益路径来自美国数字资产交易规则清晰度；CRCL 同时面对稳定币市场扩容和竞争加剧；MSTR、BMNR 与 BTC 主要承接风险偏好变化；XRP 对代币法律分类进展更敏感。
时效性与限制
发布于美东时间 07/21 12:14（UTC+8 07/22 00:14）。法案仍在参议院谈判，文章未给出委员会程序、最终条文或确定投票日期；Stocktwits 数据只代表该平台用户。
后续跟踪
- 参议院正式文本、修正案和投票日程
- DeFi、伦理及稳定币条款的最终处理
- CRCL 面临的机构级稳定币竞争变化
- COIN 消息热度与成交活动能否持续
英文原文
COIN Stock Jumps, XRP Leads Crypto Majors After Scott Bessent Signals CLARITY Act Is On Senate’s ‘One-Yard Line’
COIN Stock Jumps, XRP Leads Crypto Majors After Scott Bessent Signals CLARITY Act Is On Senate’s ‘One-Yard Line’
Prabhjote Gill
Wed, July 22, 2026 at 12:14 AM GMT+8 4 min read
- COIN
+9.61%
- XRP-USD
+2.12%
- CRCL
+8.60%
- BTC-USD
+1.42%
- MSTR
+4.22%
- U.S. Treasury Secretary Scott Bessent's comments lifted sentiment across crypto-linked stocks, with Circle, Strategy, and Bitmine also posting strong gains.
- Retail sentiment around Coinbase turned 'bullish' on Stocktwits, with message volume rising more than 350% in the past 24 hours.
- Despite Tuesday's rally, Coinbase, Circle, and Bitcoin remain well below their levels at the start of the year.
Shares of Coinbase (COIN) jumped in morning trade on Tuesday after U.S. Treasury Secretary Scott Bessent said in an interview that the Digital Asset Market Clarity Act (CLARITY) is on the 'one-yard line' for passage in the Senate.
COIN's stock rocketed over 11% in morning trade and was among the top trending tickers on Stockwits at the time of writing. The uptick was the largest single-day gain for the stock since March.
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COIN stock's performance year-to-date. | Source: Koyfin "I think we are on the 1-yard line on the CLARITY Act in the Senate," Bessent said in an interview with Fox Business. He also added that the Trump administration has plans to scrutinize open-source AI models to check for evidence of intellectual property theft.
Crypto-Linked Stocks Rally Alongside Bitcoin
The optimism spread quickly across crypto-linked equities including Circle (CRCL), Strategy (MSTR) and Bitmine Immersion Technologies (BMNR). CRCL's stock jumped over 6% in morning trade amid the surge in crypto-linked equities. Mizuho analyst Dan Dolev noted that the act could potentially open the door for more institutional scale competition for stablecoins, "further commoditizing" Circle's USDC (USDC.X). The firm reiterated its 'Underperform' rating and $50 price target on Circle shares.
Shares of Michael Saylor-backed MSTR rallied more than 4.5%, and Tom Lee's BMNR rose nearly 2%. The move came alongside a recovery in Bitcoin (BTC). Bitcoin's price rose over 3% in the last 24 hours, climbing above $66,000 for the first time since mid-June. On Stocktwits, retail sentiment around Bitcoin improved to 'bullish' from 'neutral' territory over the past day.
BTC retail sentiment on July 21 as of 10:30 a.m. ET | Source: Stocktwits However, Ripple's XRP (XRP) led gains among the top 10 cryptocurrencies by market capitalization. XRP's price jumped over 4% in the last 24 hours to around $1.15. Ripple CEO Brad Garlinghouse, alongside Coinbase CEO Brian Armstrong, is one of the few crypto stakeholders who helped frame the CLARITY Act as the regulatory fix that would give XRP and the broader crypto market clearer legal status in the U.S.
Story Continues
Brad Garlinghouse sees the CLARITY Act as the bill that could move XRP from "court-defined clarity" to "law-defined clarity," opening the door for more institutional adoption.
Is Crypto Winter Coming To An End?
Tuesday's rally comes against a difficult backdrop for the sector this year. COIN's stock remains down 21% year-to-date, CRCL is down 11%, and Bitcoin itself is down 24%, underscoring how far these assets still need to climb before erasing 2026's losses, even after today's sharp move higher.
COIN, CRCL and Bitcoin price performance year-to-date. | Source: Koyfin
Retail Traders Turn More Bullish On Coinbase
On Stockwits, retail sentiment around Coinbase rose to 'bullish' from 'neutral' territory over the past day, and chatter climbed to 'normal' from 'low' levels. Platform data showed an over 350% jump in message volume.
Retail traders on Stockwits stated that they expect COIN's stock to rally even further, with one investor eyeing gains akin to Tesla (TSLA) and Nvidia (NVDA).
Another pointed to the technical setup behind the rally, stating that the next point of focus is whether COIN's stock continues upward towards overhead resistance and pauses for a "healthy reset" before the next rally.
The CLARITY Act is still in the Senate and appears to be in a high-stakes negotiation phase rather than a finished bill. Lawmakers are racing to get it passed before the August recess and settle remaining disputes over ethics, decentralized finance (DeFi), and other unresolved provisions.
Read also: ADBE Stock Drops After Morgan Stanley Downgrade – Sees 'Cleaner Growth And AI Monetization Elsewhere'
For updates and corrections, email newsroom[at]stocktwits[dot]com
Prabhjote Gill has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy . This article was originally published on StockTwits .
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IREN转型进入合同兑现期
重要性4/5 中高
合同、容量、损益和APLD同业估值数据完整，直接关系人工智能数据中心板块，但执行与融资尚待验证。
中文摘要
核心结论
IREN正从比特币挖矿转向人工智能云和数据中心，34亿美元英伟达合同、28亿美元新增合同及5吉瓦电力储备提高了收入能见度。扩建尚未完全投运，247.8百万美元季度净亏损、融资需求和潜在稀释仍是兑现合同价值的主要约束。
重要性评级
评级：4/5（中高）
文章直接覆盖APLD同业比较，并提供IREN合同、产能、现金、损益与估值倍数。关键数字较多，但部分现金包含受限资金，未来产能和收入均依赖施工与融资。
关键事实
- IREN在5月与英伟达（NVDA）签署五年34亿美元人工智能云合同，覆盖Childress园区约60兆瓦Blackwell（英伟达人工智能计算架构）系统。
- 公司随后新增28亿美元多年期合同，把2026年末人工智能云年化经常性收入目标从37亿美元上调至超过40亿美元，其中约85%已有合同覆盖。
- 3月末季度人工智能云收入为3360万美元，环比接近翻倍；公司同步淘汰部分挖矿设备以部署GPU（图形处理器）。
- 公司称已在北美和欧洲锁定5吉瓦电力，计划2026年交付480兆瓦人工智能云容量，2027年增至约1.2吉瓦。
- 截至04/30（未给出具体时刻）现金为26亿美元；截至06/30（未给出具体时刻）初步现金及等价物约76亿美元，其中包含GPU融资相关受限资金。
- 新客户预付款约覆盖相关GPU资本开支的45%。
- 最近季度收入1.448亿美元，调整后EBITDA（息税折旧摊销前利润）5950万美元，净亏损2.478亿美元，部分来自挖矿设备非现金减值。
- IREN过去十二个月企业价值与销售额之比约16.05倍，低于Applied Digital（应用数字，APLD）的25.54倍和TeraWulf（WULF）的57倍。
作者观点与证据
作者认为大客户、合同覆盖率和电力资产已使转型具备商业可信度，同时把施工延期、客户集中、资本成本和股权稀释列为主要风险。相对估值低于两家同业只能说明定价差异，16.05倍销售额仍反映大量未投产容量。
与相关标的的关系
APLD和WULF是人工智能数据中心同业，倍数更高但商业模式及合同结构可能不同。NVDA既是五年合同客户，也是IREN所部署GPU的供应方；比特币（BTC-USD）收入的重要性随挖矿设备退出而下降。
时效性与限制
文章发布于美东时间 07/21 12:10（UTC+8 07/22 00:10）。现金、合同和容量来自公司披露，76亿美元初步现金不能全部视作自由可用资金；未来产能仍存在建设和融资不确定性。
后续跟踪
- 85%合同覆盖目标向实际收入的转换速度。
- 480兆瓦与1.2吉瓦容量的投运进度。
- 受限现金、债务、股权融资和客户预付款结构。
- 人工智能云毛利率、客户集中度及持续现金流。
英文原文
IREN
IREN's AI Pivot Gains Strong Momentum: Time to Buy or Hold the Stock?
Moumita C. Chattopadhyay
Wed, July 22, 2026 at 12:10 AM GMT+8 5 min read
- IREN
+2.71%
- WULF
+5.36%
- BTC-USD
+1.43%
- APLD
+7.90%
IREN Limited IREN is moving beyond its Bitcoin-mining roots and building an identity around AI cloud services and data-center infrastructure. New contracts, secured power and a wider construction pipeline are giving investors a clearer view of how AI could become the company's main earnings engine.
The market has rewarded the story, but the ride remains rough. IREN shares were up nearly 19.5% from the prior session on July 20 after the company announced $2.8 billion of new multiyear AI cloud contracts and lifted its year-end 2026 annualized AI cloud revenue target.
Over the past year, IREN shares have climbed strongly, although recent trading has shown sharp swings as investors weigh capital needs, dilution and execution risk. Over comparable trailing periods, TeraWulf Inc. WULF and Applied Digital Corporation APLD have also delivered large gains, highlighting the enthusiasm surrounding the crypto operators moving into AI infrastructure.
One-Year Price Performance
Zacks Investment Research
Image Source: Zacks Investment Research
IREN now sits at an important stage. Management must convert contracted capacity into live revenues while funding a very large buildout. That creates a mix of strong growth potential and meaningful risk. The next few quarters should show whether IREN can turn its growing AI pipeline into durable cash flow and justify the market's expectations.
AI Contracts Are Changing IREN's Revenue Mix
The strongest part of the investment case is the speed of IREN's commercial progress. In May, the company announced a five-year, $3.4 billion AI cloud contract with NVIDIA NVDA. The agreement covers managed cloud services using Blackwell systems deployed across roughly 60 megawatts at its Childress campus.
IREN subsequently added $2.8 billion of multiyear contracts with AI developers and raised its year-end 2026 AI cloud annualized run-rate revenue target from $3.7 billion to more than $4 billion. About 85% of that target is now under contract, while the customer list includes Microsoft, NVIDIA, Perplexity and several AI software developers.
This suggests IREN is no longer selling only a distant plan. AI cloud revenues reached $33.6 million in the March-end quarter, almost doubling sequentially, while Bitcoin-mining revenues fell as equipment was retired to make room for GPU deployments. Management described the quarter as part of a deliberate transition toward the higher-value AI cloud market.
Power and Construction Scale Offer an Advantage for IREN
IREN said that it has assembled 5 gigawatts of secured power across North America and Europe, with additional development opportunities in Australia. It plans to deliver 480 megawatts of AI cloud capacity during 2026 and expand to roughly 1.2 gigawatts in 2027.
Its existing mining facilities may provide an additional advantage. Some can be converted for air-cooled GPUs faster and at a lower cost than building entirely new liquid-cooled data centers. This could help IREN bring computing capacity to market while supply remains tight.
Story Continues
Funding Needs and Execution Risks Remain High for IREN
The main concern is the cost of delivering the plan. IREN reported $2.6 billion of cash as of April 30, and preliminary cash and equivalents of about $7.6 billion as of June 30, including restricted funds connected with GPU financing. Recent customers are also providing prepayments equal to roughly 45% of associated GPU spending.
Even so, the full expansion will require considerable capital. Additional borrowing, equity issuance or partner funding could reduce future shareholder returns.
The latest results also showed the near-term cost of the pivot. Quarterly revenues were $144.8 million, adjusted EBITDA was $59.5 million, and the company recorded a $247.8 million net loss, partly because of noncash mining-equipment impairments.
IREN may have a large contracted AI cloud opportunity, but its valuation is increasingly based on capacity that has not yet been fully commissioned. Construction delays, weaker pricing or higher financing costs could therefore produce another sharp stock correction.
IREN's Estimates and Valuation
Estimates for IREN's 2026 and 2027 earnings have remained unchanged in the past 30 days. However, the company is expected to report a profit in the next year.
Zacks Investment Research
Image Source: Zacks Investment Research
On an enterprise-value-to-sales basis, IREN appears cheaper than both TeraWulf and Applied Digital. IREN trades at about 16.05 times trailing sales compared with roughly 25.54 times for Applied Digital and 57.00 times for TeraWulf. All three multiples remain high because investors are valuing future AI capacity that has not yet fully contributed to reported revenues. IREN's lower multiple offers some relative valuation support, but it does not make the stock inexpensive in absolute terms.
Valuation
Zacks Investment Research
Image Source: Zacks Investment Research
Investment View: Hold IREN for Now
IREN's AI pivot has moved from an attractive idea to a credible growth platform backed by major customers, expanding capacity and valuable power assets. The NVIDIA relationship, rising contracted revenues and rapid cloud buildout support a positive long-term view.
However, the stock already reflects strong execution expectations, while construction delays, customer concentration, funding needs and possible dilution remain important risks. Current shareholders can reasonably stay invested while watching contract conversion, margins and cash requirements. New investors may be better served waiting for a calmer entry point or clearer evidence of recurring profitability.
At present, IREN carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .
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IREN Limited (IREN) : Free Stock Analysis Report
NVIDIA Corporation (NVDA) : Free Stock Analysis Report
Applied Digital Corporation (APLD) : Free Stock Analysis Report
TeraWulf Inc. (WULF) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
Solana稳定币规模突破新高
重要性4/5 中高
链上规模和发行人结构数据与 SOL、CRCL 直接相关，事实密度较高，但跨平台口径及时间错位降低了结论确定性。
中文摘要
核心结论
Solana 链上稳定币总规模首次超过150亿美元，新增发行人推动非 USDC（美元稳定币）和 USDT（美元稳定币）资产占比升至近三分之一。供给扩张同时受到投机交易与机构结算需求推动，其跨周期稳定性仍待检验。
重要性评级
评级：4/5（中高）
文章提供较密集的链上规模、结构和活动指标，直接关联 SOL、CRCL 与 USDC；多个数字来自不同数据平台，口径和时间点并未完全统一。
关键事实
- DeFiLlama（去中心化金融数据平台）显示，Solana 稳定币总规模为151.6亿美元，其中 USDC 为70.9亿美元、USDT 为29.1亿美元。
- Circle 在 Solana 新铸造2.5亿美元 USDC；Token Terminal（链上数据平台）称单个24小时窗口新增稳定币超过9亿美元。
- 非 USDC、USDT 稳定币规模达到48.1亿美元，主要由 USD1 和 USDG 推动，占总规模近三分之一。
- Anchorage Digital 推出的 USDGO 于2026年2月上线，规模达到10亿美元，较2026年1月约增长20倍。
- Solana 去中心化交易所周成交量增长13.1%，日交易笔数增长17.3%，TVL（总锁仓价值）增长12.5%。
- BlockEden 数据称，Solana 在2026年2月处理6,500亿美元调整后稳定币交易量，高于以太坊与波场合计。
- 2026年第二季度，Solana 链上代币化资产达到创纪录的60亿美元。
作者观点与证据
作者认为发行人多元化和机构结算形成结构性支撑，同时承认迷因币活动贡献了大量可迁移的短期流动性。供给、成交量和锁仓指标支持网络活动增强，但“机构底部需求”仍属于推断，缺少发行人客户结构和资金留存数据。
与相关标的的关系
SOL-USD 与链上交易、抵押和结算活动直接相关；CRCL 可从 USDC 扩张获益，也面临 USD1、USDG、USDGO 等新品竞争；USDC-USD 的价格通常锚定美元，相关性主要体现在发行规模及市场份额。
时效性与限制
发布于美东时间 07/21 10:56（UTC+8 07/21 22:56）。文中混用了实时供给、周度活动、2026年2月结算量及第二季度代币化资产数据，不能将各指标视作同一观测时点。
后续跟踪
- 稳定币净铸造后的30日和90日留存
- 非 USDC、USDT 发行人的市场份额变化
- 迷因币成交降温时稳定币供给表现
- 机构结算量与实际活跃地址变化
英文原文
Solana News: Stablecoin Supply Hits $15Bn With New Issuers Reshaping the Mix
Solana News: Stablecoin Supply Hits $15Bn With New Issuers Reshaping the Mix
Solana News: Stablecoin Supply Hits $15Bn With New Issuers Reshaping the Mix · Cryptonews
Ahmed Barakat
Tue, July 21, 2026 at 10:56 PM GMT+8 4 min read
- SOL-USD
+0.21%
- USDC-USD
-0.00%
- CRCL
+8.60%
In Solana news today, the network's total stablecoin market cap crossed $15Bn for the first time, according to Token Terminal data. The question the number forces onto the table is whether this supply base holds structural depth or remains tethered to cyclical retail flows.
USDC accounts for a large share of Solana's stablecoin supply, with DeFiLlama reporting USDC at $7.09Bn and total Solana stablecoins at $15.16Bn. Circle's $250M USDC minting on Solana has been reported as part of a pattern of supply growth contributing to the $15Bn milestone.
This Stablecoin surge across the Solana network comes as SOL USD spiked +3% over the past 24-hours, reaching over $78, with a daily trading volume of $1.94Bn.
SOURCE: DefiLlama
Solana News: Beyond USDC/USDT and the New Stablecoins on the Block
The more structurally significant development sits outside the USDC/USDT duopoly. The non-USDC/USDT stablecoin segment on Solana hit an all-time high of $4.81Bn, driven by USD1 and USDG, according to SolanaFloor data. That segment now accounts for nearly one-third of Solana's total stablecoin market cap.
USD1, a dollar-pegged stablecoin associated with World Liberty Financial, and USDG (Global Dollar) are the primary drivers of that growth.
USDT sits at $2.91Bn on Solana per DeFiLlama, leaving the remaining $4.81Bn distributed across these newer entrants. The diversification of the issuer base matters: it signals that dollar liquidity on Solana is no longer a two-party dependency.
Anchorage Digital's USDGO reached a $1Bn market cap on Solana, up approximately 20x since January 2026. USDGO is a regulated, USD-pegged stablecoin launched on Solana in February 2026.
Two Demand Drivers, One Supply Stack
Solana's stablecoin boom is being driven by two overlapping forces that reinforce each other but do not depend on each other. The first is renewed retail activity: DEX trading volume on Solana rose 13.1% week over week, daily transactions climbed 17.3%, and TVL expanded 12.5%, per DeFiLlama metrics.
Memecoin cycle activity is generating real on-chain dollar demand, with Jupiter and Raydium as notable liquidity venues. More than $900M in new stablecoins were minted in a single 24-hour window per Token Terminal.
The second driver is settlement-layer adoption. BlockEden reports Solana processed $650Bn in adjusted stablecoin volume in February 2026, surpassing Ethereum and Tron combined. That figure predates the current $15Bn supply milestone by several months, implying settlement throughput has likely expanded further since then.
Story Continues
DeFi protocols on Solana benefit directly from deeper stablecoin liquidity, tighter spreads, higher utilization rates, and more capital-efficient collateral pools, all of which follow from a larger on-chain dollar base. The growing dominance of Solana in tokenized assets , which hit a record $6Bn in Q2, compounds this dynamic: real-world asset settlement and stablecoin liquidity are co-locating on the same chain.
The regulatory context is not peripheral here. Stablecoin legislation moving through Congress, including a Crypto Clarity Act framework discussed toward a Senate vote , could create clearer rules of the road for stablecoin issuers. A clear federal standard accelerates institutional issuance and removes regulatory ambiguity that has kept some treasury desks from deploying at scale on public chains.
Discover: The Best Token Presales
What the $15Bn Figure Does and Does Not Confirm
In other Solana news, the $15Bn supply level confirms that Solana has accumulated a dollar base large enough to sustain serious DeFi and settlement activity independent of any single issuer.
It does not confirm that this base is cycle-resistant. A meaningful portion of current stablecoin demand on Solana is memecoin-adjacent, speculative liquidity that migrates when retail attention rotates.
The non-USDC/USDT segment's 15x growth since January 2025 is impressive, but some of that reflects specific product launches (USDGO's February debut, USD1's expansion) rather than purely organic demand accumulation.
The credible bear case is a memecoin cycle cooling combined with stalled stablecoin legislation, which would simultaneously slow both retail-driven USDC minting and institutional USDGO deployment.
The bull case is that institutional settlement demand, evidenced by USDGO's trajectory and Solana's stablecoin volume market share, provides a structural floor that persists through retail drawdowns.
Circle's aggressive minting cadence and Anchorage Digital's institutional positioning suggest at least one major issuer is betting on the latter.
Discover: The Best Crypto to Diversify Your Portfolio
Read original story Solana News: Stablecoin Supply Hits $15Bn With New Issuers Reshaping the Mix by Ahmed Barakat at Cryptonews.com
IREN上调云收入目标
重要性4/5 中高
最新合同与容量数据可直接用于APLD同业比较，时效性和事实密度高，但仍以公司目标为主。
中文摘要
核心结论
IREN新增28亿美元人工智能云多年期合同后，将2026年末年化经常性收入目标从37亿美元上调至超过40亿美元，约85%已获合同覆盖。客户预付款和欧洲电力资产缓解部分融资压力，但盈利预期下修和4.38倍远期市销率显示扩张质量仍需经营数据确认。
重要性评级
评级：4/5（中高）
文章提供最新合同、目标上调、客户名单、产能与同业规模，和APLD直接可比。内容主要复述公司规划，对合同利润率、客户集中度和建设进度披露不足。
关键事实
- IREN签署28亿美元新增多年期合同，覆盖bare-metal infrastructure（裸金属基础设施）和托管云服务。
- 客户包括微软、英伟达、Perplexity、Figure AI、Together AI、Fluidstack、Fireworks AI、Fal AI、Hume AI及一家未披露开发商。
- 2026年末人工智能云年化经常性收入目标由37亿美元上调至超过40亿美元，约85%已有合同覆盖。
- 客户预付款约覆盖相关GPU（图形处理器）资本开支的45%。
- 人工智能云容量计划由约一年前的3兆瓦增至2026年末480兆瓦，并在2027年达到1.2吉瓦。
- 公司收购西班牙Nostrum Group（诺斯特鲁姆集团），获得约490兆瓦已锁定并接入电网的电力、开发管线和50余名专业人员。
- CoreWeave（CRWV）拥有超过1吉瓦运行电力、3.5吉瓦以上合同电力，并计划2030年超过8吉瓦，收入积压接近1000亿美元。
- Applied Digital（APLD）五个园区有1.4吉瓦合同IT负载、约2.15吉瓦并网电力及约360亿美元基础租期合同收入。
- IREN未来十二个月市销率为4.38倍，高于行业均值2.8倍；2026财年每股收益一致预期过去两个月显著下修。
作者观点与证据
作者认可长期合同、客户出资和欧洲扩张带来的规模潜力，同时指出执行仍是决定因素。收入目标和容量计划均来自公司口径，市销率溢价与盈利预期下修构成相反证据。
与相关标的的关系
APLD与IREN竞争人工智能数据中心客户、电力和融资资源。CRWV提供更大规模的GPU云参照；微软与英伟达既是需求方，也提高IREN客户质量，但未披露各客户合同占比。
时效性与限制
文章发布于美东时间 07/21 10:44（UTC+8 07/21 22:44），合同和目标调整较新。原文没有合同利润率、终止条款、资本预算或收购价格，年化目标不能等同已实现收入。
后续跟踪
- 28亿美元合同的履约时间、利润率及客户集中度。
- 480兆瓦容量的施工、并网和投运节奏。
- Nostrum资产整合和欧洲客户落地。
- 每股收益预期、资本开支和自由现金流。
英文原文
IREN Expands AI Cloud Platform: Can It Sustain the Momentum?
IREN Expands AI Cloud Platform: Can It Sustain the Momentum?
Zacks Equity Research
Tue, July 21, 2026 at 10:44 PM GMT+8 3 min read
- APLD
+7.90%
- CRWV
+8.92%
- IREN
+2.71%
IREN Limited IREN continues to strengthen its AI cloud business, signing $2.8 billion in new multi-year contracts with leading AI developers, underscoring robust demand for its infrastructure and cloud services. The agreements, covering both bare-metal infrastructure and managed cloud offerings, include customers such as Microsoft, NVIDIA, Perplexity, Figure AI, Together AI, Fluidstack, Fireworks AI, Fal AI, Hume AI and another undisclosed AI developer.
Supported by this demand, IREN raised its year-end 2026 AI Cloud annualized run-rate revenue (ARR) target to more than $4 billion, up from $3.7 billion. About 85% of the revised target is already under contract, enhancing revenue visibility. Recent customer agreements also include prepayments covering roughly 45% of related GPU capital expenditure, helping reduce the company's upfront funding needs. To support future growth, IREN plans to expand AI Cloud capacity to 480 MW by the end of 2026 and 1.2 GW in 2027, up from roughly 3 MW a year ago.
The company also recently completed the acquisition of Spain-based Nostrum Group, marking its entry into Europe. The deal adds approximately 490 MW of secured, grid-connected power, an additional development pipeline and a team of more than 50 specialists, strengthening IREN's ability to meet growing AI infrastructure demand across the region.
IREN's growing customer base, expanding capacity and European expansion reinforce its ambition to become a leading global AI cloud infrastructure provider. While execution remains key, the combination of long-term contracts, customer-backed investments and strategic expansion positions the company to benefit from the accelerating adoption of AI computing.
How Are IREN's Competitors Faring?
CoreWeave CRWV operates a GPU-focused AI cloud. CRWV surpassed 1 GW of active power, secured more than 3.5 GW of contracted power and targets more than 8 GW by 2030. CRWV's revenue backlog is nearly $100 billion.
Applied Digital APLD develops and leases AI data-center campuses. APLD's five-campus portfolio includes 1.4 GW of contracted IT load and about 2.15 GW of grid-connected power. APLD has approximately $36 billion of contracted base-term lease revenues.
IREN's Price Performance, Valuation and Estimates
Shares of IREN have fallen 16.9% over the past three months, underperforming the broader industry and the S&P 500 Composite.
Zacks Investment Research
Image Source: Zacks Investment Research
In terms of forward 12-month Price/Sales (P/S), IREN is currently trading at 4.38X, which is at a premium to the industry average of 2.8X.
Story Continues
Zacks Investment Research
Image Source: Zacks Investment Research
IREN's estimate revisions do not reflect an optimistic view. The Zacks Consensus Estimate for fiscal 2026 EPS has been revised downward significantly over the past two months. The consensus estimate for 2026 calls for a significant dip year over year.
Zacks Investment Research
Image Source: Zacks Investment Research
Currently, IREN carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
IREN Limited (IREN) : Free Stock Analysis Report
Applied Digital Corporation (APLD) : Free Stock Analysis Report
CoreWeave Inc. (CRWV) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
代币化美债一年扩张一点五倍
重要性4/5 中高
一年期规模变化清晰且覆盖多个直接相关标的，但资产质量、资金流和底层结构信息不足。
中文摘要
核心结论
代币化美国国债规模从2025年7月20日的65.1亿美元增至2026年7月19日的159.2亿美元，一年达到原来的约2.45倍。市场集中于 Circle、BlackRock、Ondo 和 Franklin Templeton 的产品，以太坊仍是最大承载网络。
重要性评级
评级：4/5（中高）
数据直接反映代币化现实世界资产的发展速度，并关联 CRCL、BLK、ONDO 和 ETH；文章较短，主要依赖 rwa.xyz 单一聚合平台。
关键事实
- 代币化美债分布规模截至2026年7月19日为159.2亿美元，2025年7月20日为65.1亿美元。
- Circle 的 USYC 规模为29.5亿美元，BlackRock（贝莱德）的美元机构流动性基金为26.1亿美元。
- Ondo U.S. Dollar Yield（Ondo 美元收益产品）为21.6亿美元，Franklin iBENJI 链上机构流动性基金为16.3亿美元。
- 以太坊承载71亿美元代币化美债，BNB Chain（币安智能链）为46亿美元。
- Stellar、Solana、Avalanche C-Chain 和 XRP Ledger 分别承载12亿美元、9.969亿美元、9.47亿美元和2.926亿美元。
- 统计范围包括国库券、中期国债、长期国债和以美国国债为重点的货币市场基金。
作者观点与证据
作者将规模增长解读为传统金融加速采用区块链，并强调全天候、可拆分持有及链上流动性。规模数据支持产品扩张，但文章没有拆分净申购、价格变化、重复抵押或底层托管结构，也未比较链上产品与传统基金的成本及风险。
与相关标的的关系
CRCL 通过 USYC 与相关基础设施获得直接敞口；BLK 和 ONDO 对应主要产品发行方；ETH-USD 的关联来自以太坊作为最大结算网络，不能据此直接推导代币需求或费用收入。
时效性与限制
发布于美东时间 07/21 10:30（UTC+8 07/21 22:30），最新规模截至07/19（未给出具体时刻）。单一数据聚合源及较短正文限制了对资产质量和资金来源的判断。
后续跟踪
- 各产品净申购与赎回
- 底层国债托管、期限和费用结构
- 各链结算量及活跃持有人数量
- 监管对链上基金分销的要求
英文原文
Tokenized U.S. Treasuries surge 2.5 times in a year
Tokenized U.S. Treasuries surge 2.5 times in a year
Tokenized U.S. Treasuries surge 2.5 times in a year · TheStreet · Getty Images
Anand Sinha
Tue, July 21, 2026 at 10:30 PM GMT+8 1 min read
- ETH-USD
+0.66%
- CRCL
+8.60%
- BLK
-1.51%
- ONDO-USD
+11.72%
- DX-Y.NYB
-0.04%
The value of tokenized U.S. Treasuries has surged nearly 2.5 times in a year, latest data from rwa.xyz reveals.
The value of tokenized U.S. Treasuries, which stood at $6.51 billion on July 20, 2025, has surged to $15.92 billion within a span of a year.
Tokenized U.S. Treasuries, Source: rwa.xyz In simple words, tokenization is the process of converting real-world assets (RWAs)—like real estate, stocks, or government bonds—into digital tokens on a blockchain.
Each such token represents full or fractional ownership of the underlying asset, offering the exposure to a popular asset with the efficiency of digital assets.
Ethereum tops the list
As per rwa.xyz, tokenized U.S. government debt, including T-bills, notes, bonds, and Treasury-focused money market funds have a distributed value of $15.92 billion as of July 19.
- Circle's USYC: $2.95 billion
- BlackRock's USD Institutional Liquidity Fund: $2.61 billion
- Ondo U.S. Dollar Yield: $2.16 billion
- Franklin iBENJI OnChain Institutional Liquidity Fund: $1.63 billion
Among the blockchain networks, Ethereum (ETH) tops the list as tokenized U.S. Treasuries worth $7.1 billion are available on this network.
Tokenized Treasury Value, Source: rwa.xyz BNB Chain ($4.6 billion) comes a distant second, followed by Stellar ($1.2 billion), Solana ($996.9 million), Avalanche C-Chain ($947 million), XRP Ledger ($292.6 million), and other blockchain networks.
The surge of nearly 2.5 times in the value of tokenized U.S. Treasuries demonstrates how quickly the finance industry has caught up with the technology to make premium products available to retail traders in fractional, economical offerings round-the-clock.
This way, retail traders can earn stable, on-chain yields by owning tokenized U.S. treasuries and easily provide liquidity to the markets.
Related: What is tokenization? Explained
This story was originally published by TheStreet on Jul 21, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
维谛扩建意大利冷却产能
重要性2/5 中低
事件与VRT直接相关，但付费墙导致正文严重残缺，同批次已有更完整的一手公司新闻稿。
中文摘要
核心结论
Vertiv计划扩充意大利数据中心冷却系统的制造和集成测试能力，但该存档仅保留一句截断导语，无法确认投资规模、完工时间和产能增幅。
重要性评级
评级：2/5（中低）
事件直接关联VRT及数据中心冷却需求，但正文受付费墙限制，证据不足；同批次另一篇公司新闻稿提供了更完整资料。
关键事实
- Vertiv（维谛技术）计划扩大数据中心冷却系统制造能力。
- 公司同时计划扩充集成测试能力。
- 扩建地点位于意大利。
- 元数据显示VRT当日上涨4.40%。
- 存档正文在首句中途截断，未披露投资金额、产能目标或实施时间表。
作者观点与证据
MT Newswires导语只确认扩产方向，没有给出足以判断财务影响的量化证据。标题与导语均未说明订单支持、资本开支和预期回报。
与相关标的的关系
VRT是直接标的，扩建若按计划执行，将增加其数据中心热管理设备供给能力；当前存档不足以估算收入或利润影响。
时效性与限制
发布于美东时间 07/21 10:20（UTC+8 07/21 22:20）。正文受付费订阅限制，仅存458个字符，不宜将标题信息扩展为已确认的财务结论。
后续跟踪
- 公司完整公告和投资金额
- 新增产能与投产时间
- 冷却系统订单及积压变化
- 扩建对资本开支和利润率的影响
英文原文
Vertiv to Expand Italy Manufacturing Capacity for Data Center Cooling Systems
PREMIUM
Vertiv to Expand Italy Manufacturing Capacity for Data Center Cooling Systems
MT Newswires
Tue, July 21, 2026 at 10:20 PM GMT+8
- VRT
+4.40%
Vertiv (VRT) plans to expand manufacturing and integrated testing capacity for data center cooling s
PREMIUM
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存储芯片反弹依赖盈利验证
重要性4/5 中高
直接关联DRAM及主要存储芯片公司，包含近期反弹、业绩和后续催化数据；关键远期数字依赖卖方模型。
中文摘要
核心结论
Micron目标价上调和行业看多研报推动存储芯片连续两日反弹，但SanDisk与Western Digital当日缺少公司特定催化；后续持续性取决于资本开支、HBM（高带宽存储器）定价及NAND（闪存）供给指引。
重要性评级
评级：4/5（中高）
文章直接覆盖DRAM及多只存储芯片股，给出业绩、估值和事件日程；部分远期数字来自卖方预测，数值异常强劲，需回到公司文件核验。
关键事实
- 文中盘中口径显示，SanDisk（闪迪）上涨8%至1,504美元，Western Digital（西部数据）上涨9%至531美元，Micron（美光科技）上涨7%至923美元。
- 三家公司在07/20（未给出具体时刻）已上涨4%至6%，形成连续两日反弹。
- 美国银行分析师Vivek Arya将Micron目标价从1,500美元上调至1,550美元，并维持买入评级。
- Micron连续八个季度每股收益超过预期，最新季度高出市场共识24%。
- 美国银行估计2030年（未给出具体日期）HBM市场规模为2,460亿美元，全球半导体销售额为2.7万亿美元。
- Micron称已签署16项多年战略客户协议；2026财年第四季度指引为营收500亿±10亿美元、非通用会计准则每股收益31±1美元、毛利率86%。
- 瑞银估计Micron到2028年底（未给出具体日期）可回购逾40%股份，并在2028年前产生逾4,000亿美元自由现金流。
- DRAM基金中三星电子、SK海力士和Micron权重分别约25%、24%和24%。
作者观点与证据
作者将反弹建立在人工智能存储需求、HBM定价权、客户协议和卖方目标价之上，同时承认SanDisk和Western Digital缺少独立催化。远期自由现金流、回购比例及2030年市场规模均属分析师预测，原文未附模型假设。
与相关标的的关系
DRAM对三家头部存储厂商高度集中，前三大持仓合计约73%。MU、SNDK和WDC直接受存储价格与数据中心需求影响；INTC、GOOGL及SK海力士后续业绩将提供资本开支和供需验证。
时效性与限制
发布于美东时间 07/21 10:20（UTC+8 07/21 22:20）。文章盘中价格可能与收盘数据不同，且含推广内容；瑞银和美国银行预测需以原始研报及公司公告复核。
后续跟踪
- Intel与Alphabet业绩中的数据中心资本开支
- SK海力士07/29（未给出具体时刻）业绩及HBM指引
- NAND供应与价格变化
- DRAM前三大持仓权重和资金流
英文原文
SanDisk Rises 8%, Western Digital Jumps 9%, Micron Adds 7% as Memory Rebound Accelerates
SanDisk Rises 8%, Western Digital Jumps 9%, Micron Adds 7% as Memory Rebound Accelerates
David Moadel
Tue, July 21, 2026 at 10:20 PM GMT+8 4 min read
- MU
+12.17%
- SNDK
+14.27%
- WDC
+12.51%
- INTC
+8.64%
Quick Read
- Bank of America's Vivek Arya raised his Micron stock price target to $1,550, with SanDisk and Western Digital surging alongside on the same AI memory thesis.
- The DRAM ETF is rebounding with the group, while Intel's Thursday earnings could confirm or crack the hyperscaler capex thesis driving the rally.
- UBS projects that Micron could repurchase over 40% of its shares and generate $400 billion in free cash flow through 2028.
- Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Micron Technology didn't make the cut. Grab the names FREE today .
Memory stocks are extending their rebound Tuesday morning, with SanDisk ( NASDAQ:SNDK ) up 8% to $1,504, Western Digital ( NASDAQ:WDC ) up 9% to $531, and Micron Technology ( NASDAQ:MU ) up 7% to $923. Today's gains build on a July 20 session in which the same names rose 4% to 6%, turning a summer pullback into a two-day rebound for the group.
Thinkstock The specific catalyst on the tape today belongs to Micron. Bank of America analyst Vivek Arya raised his Micron price target to $1,550 from $1,500 and reiterated Buy. SanDisk and Western Digital are riding the broader memory tape and a constructive UBS note.
Bank of America Fuels the Micron Leg
Arya characterized Micron's latest quarter as "another memorable beat," pointing to the company's eighth straight quarterly EPS beat, which topped consensus by 24%. He framed the recent chip pullback as a "summer reset."
The Bank of America note pegs the high-bandwidth memory (HBM) opportunity at $246 billion by 2030 and global semiconductor sales at $2.7 trillion by 2030. Micron has locked in 16 multi-year Strategic Customer Agreements, including a supply-and-investment partnership with private AI lab Anthropic.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Micron Technology didn't make the cut. Grab the names FREE today .
Micron's Q4 FY2026 guidance calls for revenue of $50 billion plus or minus $1 billion, non-GAAP EPS of $31 plus or minus $1, and gross margin of 86%. The stock's forward P/E ratio of 5x looks unusually low for a name compounding at this pace, and analyst targets reflect that view: TD Cowen sits at $1,500, with the Street's consensus at $1,491.95.
UBS piled on Monday, writing that Micron could repurchase more than 40% of its shares by the end of 2028 and generate over $400 billion in free cash flow through 2028. The bank flagged Micron, SanDisk, Western Digital, Seagate Technology ( NASDAQ:STX ), Broadcom, and Advanced Micro Devices ( NASDAQ:AMD ) as attractive at current levels.
Story Continues
SanDisk and Western Digital Ride the Memory Wave
SanDisk stock has run 533% year to date (YTD), and Western Digital shares are up 207% YTD. Both moves sit on top of sharp monthly pullbacks, so today's gains function as much as a snap-back trade as a fresh leg higher.
Neither name printed a company-specific catalyst overnight. SanDisk stock and Western Digital shares are moving on the same AI memory thesis that lifted Micron, along with UBS's constructive read across the storage complex. The setup mirrors the earnings cadence, where SanDisk posted datacenter segment revenue of $1.47 billion, up 645% year over year (YoY) in its most recent quarter, and Western Digital crossed 50% non-GAAP gross margin for the first time.
For diversified exposure, the Roundhill Memory ETF ( NYSEARCA:DRAM ) is extending its rebound alongside the group. The fund is heavily concentrated, with Samsung Electronics at 25%, SK Hynix ( NASDAQ:SKHY ) at 24%, and Micron Technology at 24% of net assets. It's a narrow, single-theme thematic vehicle (but not leveraged), and the concentration risk in a handful of mega-cap memory makers is real.
What to Watch Into a Heavy Earnings Week
The next catalysts arrive fast. Intel ( NASDAQ:INTC ) reports Thursday, Alphabet ( NASDAQ:GOOGL ) reports this week, and SK Hynix reports July 29. Any commentary on hyperscaler capex, HBM pricing, or NAND supply from those calls can either extend the memory rally or trigger another rotation out of the group.
Investors may want to size their positions modestly here. These are high-beta names with powerful YTD runs, and the memory tape can turn on a single guidance data point. The bull case rests on structural AI demand, HBM pricing power, and multi-year customer agreements; the bear case is that memory pricing peaks earlier than Street models assume, and July's drawdown showed how quickly that fear can compress multiples.
Market watchers can check for whether today's gains hold into the close and whether Intel's report Thursday validates the hyperscaler capex thesis. That's the next real information point for the memory/storage trade.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Micron Technology didn't make the cut. Grab the names FREE today .
Contact editorial@247wallst.com for any questions or corrections.
维谛意大利冷却产能将翻倍
重要性4/5 中高
扩产目标、地点和时间表明确，直接影响VRT的数据中心冷却供给能力；财务量化信息仍然缺失。
中文摘要
核心结论
Vertiv投资意大利Tognana园区，计划在2026年底前把当地冷水机组产能翻倍，并于2027年初建成大型测试实验室，以支持人工智能和高密度计算的液冷需求。
重要性评级
评级：4/5（中高）
公告直接关联VRT的供给能力和数据中心冷却需求，目标与时间表明确；缺少投资金额、订单规模和预期财务回报。
关键事实
- 扩建地点为意大利帕多瓦附近的Tognana技术园区。
- 公司预计在2026年底（未给出具体日期）前把该地区冷水机组生产能力提高一倍。
- 新建大型测试实验室计划于2027年初（未给出具体日期）完工。
- 实验室将测试大型冷水机组，并验证其与液冷系统在高密度负载和极端温度下的集成表现。
- Tognana园区整合研发、产品管理、制造、测试及客户互动。
- 园区现有客户体验中心可让客户和顾问在接近真实运行条件下见证测试。
- 公司业务覆盖130多个国家。
作者观点与证据
公司将扩建解释为应对人工智能带来的更高热密度、更快部署和可靠性要求。产能翻倍与实验室完工时间属于明确计划，但公告没有披露资本投入、现有基数、客户订单或利用率，因此财务贡献尚不能量化。
与相关标的的关系
VRT是直接标的。新增制造和验证能力有望缓解冷却设备供给瓶颈，并提升复杂液冷系统的交付验证能力，实际影响取决于订单转化、投产进度和成本控制。
时效性与限制
发布于美东时间 07/21 09:48（UTC+8 07/21 21:48）。该文为Vertiv付费分发的公司新闻稿，前瞻性目标可能因需求、工程进度和供应链变化而调整。
后续跟踪
- 扩建资本投入与施工进度
- 冷水机组订单和产能利用率
- 2026年底产能翻倍目标
- 2027年测试实验室投用情况
英文原文
Vertiv Expands Global Manufacturing Capacity for AI-Ready Data Center Cooling Solutions
This is a paid press release. Contact the press release distributor directly with any inquiries.
Vertiv Expands Global Manufacturing Capacity for AI-Ready Data Center Cooling Solutions
PR Newswire
Tue, July 21, 2026 at 9:48 PM GMT+8 3 min read
- VRT
+4.40%
Expansions at the company's Tognana, Italy, technology campus support growing worldwide demand for advanced thermal infrastructure and strengthen Vertiv's cooling innovation capabilities
COLUMBUS, Ohio, July 21, 2026 /PRNewswire/ -- Vertiv (NYSE: VRT), a global leader in critical digital infrastructure, today announced investments at its Tognana campus near Padua, Italy, to expand manufacturing and integrated testing capabilities for data center cooling systems. The company expects the investments to double chiller production capacity in the region by the end of 2026 and plans to complete a new large-scale testing laboratory in early 2027, supporting growing demand for AI and high-density computing infrastructure.
Vertiv expects to double regional chiller manufacturing capacity with the expansion of its Tognana, Italy facility. The new laboratory will enable testing of large-scale chillers and validate their integration with liquid cooling systems under high-density load conditions and extreme temperature ranges. The expanded capability is intended to help customers validate thermal performance under expected site conditions and deploy increasingly complex cooling systems with greater speed and confidence.
"AI is driving thermal demands that didn't exist two years ago, with higher densities, faster deployment demands, and no room to compromise on reliability," said Gio Albertazzi, CEO of Vertiv. "The expansion at Tognana puts us further ahead with more manufacturing capacity, integrated testing, and advanced thermal management systems built for current and future generations of silicon. This investment reinforces our position at the front of the curve."
The campus serves as one of Vertiv's principal centers for cooling technology development, integrating research and development, product management, manufacturing, testing, and customer engagement. The site includes a Customer Experience Center where customers and consultants can participate in witness testing of a broad range of cooling technologies across the thermal chain under real-world operating conditions.
For more information on Vertiv's leading portfolio of power and thermal management, infrastructure solutions, IT systems, and services for critical digital applications, visit Vertiv.com .
About Vertiv
Vertiv (NYSE: VRT) brings together hardware, software, analytics and ongoing services to enable its customers' vital applications to run continuously, perform optimally and grow with their business needs. Vertiv solves the most important challenges facing today's data centers, communication networks and commercial and industrial facilities with a portfolio of power, cooling and IT infrastructure solutions and services that extends from the cloud to the edge of the network. Headquartered in Westerville, Ohio, USA, Vertiv does business in more than 130 countries. For more information, and for the latest news and content from Vertiv, visit Vertiv.com .
Story Continues
Forward-looking statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27 of the Securities Act, and Section 21E of the Securities Exchange Act. These statements are only a prediction. Actual events or results may differ materially from those in the forward-looking statements set forth herein. Readers are referred to Vertiv's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q for a discussion of these and other important risk factors concerning Vertiv and its operations. Vertiv is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT
Vertiv@ruderfinn.com
Vertiv logo
Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/vertiv-expands-global-manufacturing-capacity-for-ai-ready-data-center-cooling-solutions-302830933.html
相干公司显著跑赢所属行业
重要性2/5 中低
直接涉及COHR，但新增信息限于模型评级、相对回报和一致预期。
中文摘要
核心结论
Zacks以盈利预期修正和年内回报衡量，认为Coherent（相干公司，COHR）显著跑赢其划分的商业服务板块与技术服务行业。材料主要反映价格动量和分析师预期，未提供光通信业务、订单或利润率的新信息。
重要性评级
评级：2/5（中低）
文章与COHR直接相关且数据较新，但内容集中于Zacks排名、股价表现和一致预期，增量基本面信息较少。
关键事实
- Zacks把COHR归入含247只股票的商业服务板块，该板块排名第6。
- COHR的Zacks评级为第2级“买入”。
- 过去90天，COHR全年盈利一致预期上调15.2%。
- COHR年内回报为54.6%，同期商业服务板块平均回报为负8.8%。
- 技术服务行业含121只股票，行业排名第99，年内平均下跌约9.1%。
- Enpro（恩普罗，NPO）年内上涨51.6%，其全年每股收益一致预期三个月内上调3.3%。
作者观点与证据
作者依据Zacks评级模型、盈利预测调整和相对回报，将COHR列为板块内表现领先者。模型偏重一至三个月盈利预期变化；文章没有解释预测上调来源，也未检验估值、订单质量或行业分类是否适合COHR。
与相关标的的关系
COHR为直接标的，NPO仅用于同板块相对比较。对COHR的投研价值主要是确认预期和价格动量，无法替代光通信、激光与材料业务分析。
时效性与限制
文章发布于美东时间 07/21 09:40（UTC+8 07/21 21:40）。Zacks行业分类将业务差异很大的公司放入同一组，相对回报可能受分类口径影响。
后续跟踪
- COHR盈利一致预期继续上调或回落的幅度。
- 光网络收入、订单积压和利润率。
- 股价表现与盈利修正是否保持同步。
英文原文
Are Business Services Stocks Lagging COHERENT CORP (COHR) This Year?
Are Business Services Stocks Lagging COHERENT CORP (COHR) This Year?
Are Business Services Stocks Lagging COHERENT CORP (COHR) This Year? · Zacks
Zacks Equity Research
Tue, July 21, 2026 at 9:40 PM GMT+8 2 min read
- COHR
+11.15%
- NPO
+4.38%
Investors interested in Business Services stocks should always be looking to find the best-performing companies in the group. Is Coherent (COHR) one of those stocks right now? Let's take a closer look at the stock's year-to-date performance to find out.
Coherent is a member of the Business Services sector. This group includes 247 individual stocks and currently holds a Zacks Sector Rank of #6. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.
The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. Coherent is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for COHR's full-year earnings has moved 15.2% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Based on the most recent data, COHR has returned 54.6% so far this year. Meanwhile, the Business Services sector has returned an average of -8.8% on a year-to-date basis. This shows that Coherent is outperforming its peers so far this year.
One other Business Services stock that has outperformed the sector so far this year is Enpro (NPO). The stock is up 51.6% year-to-date.
For Enpro, the consensus EPS estimate for the current year has increased 3.3% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Coherent belongs to the Technology Services industry, which includes 121 individual stocks and currently sits at #99 in the Zacks Industry Rank. Stocks in this group have lost about 9.1% so far this year, so COHR is performing better this group in terms of year-to-date returns. Enpro is also part of the same industry.
Investors interested in the Business Services sector may want to keep a close eye on Coherent and Enpro as they attempt to continue their solid performance.
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Coherent Corp. (COHR) : Free Stock Analysis Report
Enpro Inc. (NPO) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
芯片反弹等待英特尔业绩验证
重要性4/5 中高
SOXX 及主要成分股相关性直接，业绩预测和经营数字丰富，且临近英特尔财报。
中文摘要
核心结论
英特尔业绩预期和 AMD 目标价上调推动芯片股反弹，SOXX（半导体交易所交易基金）早盘上涨4%。文章同时指出板块一个月仍跌18%，此次上涨需要英特尔业绩、AMD 产品进展和人工智能收入继续验证。
重要性评级
评级：4/5（中高）
文章发布接近日报日期，直接覆盖 SOXX 及主要成分股，并给出业绩预测和收入数据；部分市场数字来自媒体汇总和预测平台。
关键事实
- 美东时间 07/21 09:21（UTC+8 07/21 21:21）前后，英特尔上涨6%至102.53美元，AMD 上涨4%至523美元，博通上涨3%至390美元。
- SOXX 上涨4%至547美元，但过去一个月仍下跌18%；英特尔同期下跌28%。
- 加拿大皇家银行预计英特尔第二季度收入高于预期5%，指引上调3%至5%，毛利率高出预期1至2个百分点。
- 该行仍给予英特尔“与行业表现一致”评级和80美元目标价，低于报道价格，并提示其预期市盈率超过60倍。
- 英特尔上一季度调整后每股收益0.29美元、收入135.77亿美元，数据中心与人工智能收入同比增长22%。
- Rosenblatt 将 AMD 目标价由490美元调至665美元，瑞银调至700美元；AMD 2026年第一季度收入102.5亿美元，同比增长38%。
- 博通上一期人工智能半导体收入108亿美元，同比增长143%，并指引下一财季约160亿美元。
- 英特尔将于07/23（未给出具体时刻）公布业绩。
作者观点与证据
作者把反弹归因于英特尔业绩前瞻和 AMD 分析师上调，同时认为走势仍处于前期抛售后的修复阶段。英特尔预测来自卖方机构，预测市场给出的84%超预期概率及目标价均不能代替实际财报。
与相关标的的关系
SOXX 对英特尔、AMD、博通、英伟达等大市值芯片股集中度较高，单家公司业绩和目标价调整会显著影响基金。苹果、Meta 和台积电通过芯片合同、部署需求和制造环节影响板块收入预期。
时效性与限制
文章数据为盘中快照，发布于美东时间 07/21 09:21（UTC+8 07/21 21:21），不能代表当日收盘。文中夹有股票推广，且未提供各机构研报全文。
后续跟踪
- 英特尔收入、毛利率和数据中心业务指引
- AMD MI450 系列出货及大型客户部署
- 博通人工智能收入能否达到160亿美元指引
- SOXX 反弹的成交量和成分股广度
英文原文
Intel Jumps 6% on RBC’s Q2 Beat Call, AMD Rises 4%, Broadcom Climbs 3% as Chip Rally Resumes
Intel Jumps 6% on RBC’s Q2 Beat Call, AMD Rises 4%, Broadcom Climbs 3% as Chip Rally Resumes
David Moadel
Tue, July 21, 2026 at 9:21 PM GMT+8 4 min read
- INTC
+8.64%
- AVGO
+2.21%
- AMD
+8.11%
- NVDA
+1.97%
- AAPL
+0.35%
Quick Read
- Intel surged 6% on RBC's Q2 beat preview while AMD jumped 4% after Rosenblatt and UBS raised their price targets to $665 and $700, respectively.
- The SOXX ETF gained 4% as NVIDIA and broader chip names joined the rebound, though the sector remains down 18% over the past month.
- Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Broadcom didn't make the cut. Grab the names FREE today .
Intel ( NASDAQ:INTC ) shares are up 6% to $102.53 in early Tuesday trading, leading a broad chip rebound after a preview note from RBC Capital Markets flagged a likely Q2 revenue beat. The move extends day two of a semiconductor rally following last week's rout.
24/7 WallSt Advanced Micro Devices ( NASDAQ:AMD ) stock is up 4% to $523, while Broadcom ( NASDAQ:AVGO ) shares are climbing 3% to $390. The iShares Semiconductor ETF ( NASDAQ:SOXX ), which holds all three names, is up 4% to $547.
The rally lines up with strength overseas. South Korea's Kospi closed up 3.6%, Japan's Nikkei rose 3.3%, and Taiwan gained 4.2%, per Yahoo Finance and AP reports.
RBC's Q2 Beat Call Sets the Tone for Intel
RBC Capital Markets, previewing Intel's Thursday earnings, told clients to expect a 5% Q2 revenue beat, a 3% to 5% guidance raise, and gross margins 1 to 2 points above expectations, citing server-CPU strength. Intel also confirmed Data Center Group layoffs as part of an efficiency push, with more color expected on the call.
To be clear, RBC left its INTC rating unchanged. RBC maintains a Sector Perform rating with an $80 price target, which sits below where Intel stock trades today, and the firm warned that Intel's 60x-plus forward earnings multiple already reflects much of the optimism.
The setup is consistent with recent operating trends. Intel's last reported quarter delivered non-GAAP EPS of $0.29 on revenue of $13.577 billion, with Data Center and AI revenue up 22% year over year. Polymarket traders currently assign an 84% probability of an earnings beat this week.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Broadcom didn't make the cut. Grab the names FREE today .
AMD Rides Analyst Upgrades, Broadcom Follows the Tape
AMD stock is extending Monday's momentum after two aggressive analyst calls. Rosenblatt named AMD a top pick and raised its price target to $665 from $490, and UBS lifted its target to $700 ahead of AMD's AI conference this week.
AMD shares were up 135% year to date heading into today, backed by Q1 2026 revenue of $10.25 billion and 38% year-over-year growth. CEO Lisa Su has pointed to accelerating AI infrastructure demand, MI450 Series traction, and a Meta Platforms ( NASDAQ:META ) 6 gigawatt deployment as key drivers.
Story Continues
Broadcom shares are along for the ride. Broadcom last reported AI semiconductor revenue of $10.80 billion, up 143% year over year, and guided Q3 FY2026 AI semiconductor revenue to roughly $16 billion. The $30 billion multiyear Apple ( NASDAQ:AAPL ) chip agreement through 2031, announced July 8, remains a live tailwind.
Sector Breadth and Recent Context
The bounce comes after a challenging stretch. Intel stock is down 28% over the past month, and the SOXX ETF fell 18% over the same window, so today's rally reads as a reset rather than a breakout. Note that SOXX is concentrated in a small number of large chipmakers, so single-name news can swing it hard.
Breadth is showing up elsewhere in the group. NVIDIA ( NASDAQ:NVDA ), Marvell Technology ( NASDAQ:MRVL ), Taiwan Semiconductor ( NYSE:TSM ), SK Hynix ( NASDAQ:SKHY ), and Nebius ( NASDAQ:NBIS ) are all catching a bid alongside the majors. U.S. chip names are shrugging off higher oil prices tied to the U.S.-Iran conflict for now.
What to Watch
Intel's earnings report on Thursday, July 23 is the next real test. Investors can watch for whether management confirms RBC's guidance-raise thesis, quantifies the Data Center Group cuts, and holds gross margin above the 39% Q2 outlook already on the tape.
The AMD AI conference this week is another catalyst worth tracking, particularly for any commentary on MI450 volumes and hyperscaler deployments. Momentum traders may keep INTC, AMD, and AVGO active into the close.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Broadcom didn't make the cut. Grab the names FREE today .
Contact editorial@247wallst.com for any questions or corrections.
大和下调维谛目标价
重要性2/5 中低
目标价调整与VRT直接相关且时间较新，但缺乏理由、模型和盈利预测，证据价值有限。
中文摘要
核心结论
大和证券将Vertiv目标价从400美元下调至340美元，同时维持买入评级；市场平均评级仍为增持，平均目标价为377.65美元。
重要性评级
评级：2/5（中低）
目标价调整直接关联VRT，但付费墙隐藏了下调原因、估值模型和盈利假设，信息量有限。
关键事实
- Daiwa Securities（大和证券）将Vertiv目标价由400美元下调至340美元，降幅15%。
- 大和证券维持买入评级。
- MT Newswires导语称，VRT市场平均评级为增持。
- 市场平均目标价为377.65美元。
- 元数据显示VRT当日上涨4.40%。
- 存档正文受付费墙限制，未披露分析师姓名、报告日期、盈利预测或下调理由。
作者观点与证据
可见内容只呈现评级与目标价结果。维持买入同时下调目标价通常意味着预期回报或估值上限收窄，但原文没有提供原因，不能据此推断订单、利润率或行业需求变化。
与相关标的的关系
VRT是唯一直接标的。340美元目标价低于市场平均377.65美元，但缺少目标价对应期限和基准股价，无法计算可比预期空间。
时效性与限制
发布于美东时间 07/21 09:09（UTC+8 07/21 21:09）。全文受订阅限制，仅有476个字符；目标价属于卖方观点，不构成公司经营事实。
后续跟踪
- 大和证券完整下调理由
- VRT盈利和利润率预测变化
- 其他机构目标价调整
- 目标价对应期限与估值倍数
英文原文
Daiwa Securities Adjusts Price Target on Vertiv Holdings to $340 From $400, Maintains Buy Rating
PREMIUM
Daiwa Securities Adjusts Price Target on Vertiv Holdings to $340 From $400, Maintains Buy Rating
MT Newswires
Tue, July 21, 2026 at 9:09 PM GMT+8
- VRT
+4.40%
Vertiv Holdings (VRT) has an average rating of overweight and mean price target of $377.65, accordin
PREMIUM
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半导体修复托起盘前大盘
重要性2/5 中低
具有当日市场时效，但正文残缺且盘前信息衰减快，对 SOXX 的直接证据不足。
中文摘要
核心结论
MT Newswires 的可见导语显示，半导体板块修复带动美股盘前交易所交易基金和股指期货走高，SPY（标普500交易所交易基金）上涨0.4%。正文受付费墙限制，无法确认 SOXX 的具体涨幅、推动个股及宏观背景。
重要性评级
评级：2/5（中低）
报道时间较新并与 SOXX 有关，但可用正文只有截断导语，盘前数据时效短且缺少细节。
关键事实
- 报道主题为半导体复苏支撑盘前市场。
- SPY 在可见导语中上涨0.4%。
- 元数据同时列出科技、比特币和主要指数相关标的。
- 文章发布于美东时间 07/21 09:03（UTC+8 07/21 21:03）。
- 正文需付费订阅，当前文本在首段中断。
作者观点与证据
现有内容是市场快讯，没有足够文本识别作者判断。唯一明确价格事实是 SPY 盘前上涨0.4%，标题所述半导体支持路径缺少成分股和成交数据。
与相关标的的关系
SOXX 与科技板块方向相关，但本篇没有可见的 SOXX 涨幅或资金流。SPY、QQQ 和 XLK 的盘前表现可作为风险偏好背景，不能替代半导体板块内部证据。
时效性与限制
盘前报价会在开盘后迅速变化，且文章正文受付费墙遮挡。现有材料不足以判断上涨是否延续至收盘。
后续跟踪
- SOXX 与主要成分股开盘后表现
- 股指期货能否转化为现货涨幅
- 半导体板块成交量和上涨广度
英文原文
Exchange-Traded Funds, Equity Futures Higher Pre-Bell Tuesday as Semiconductor Recovery Supports Markets
PREMIUM
Exchange-Traded Funds, Equity Futures Higher Pre-Bell Tuesday as Semiconductor Recovery Supports Markets
MT Newswires
Tue, July 21, 2026 at 9:03 PM GMT+8 3 min read
- BTC-USD
+1.43%
- XLK
+2.89%
- BITO
+2.15%
- QQQ
+1.85%
- ^GSPC
+0.89%
The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.4%, and the actively tra
PREMIUM
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监管文件确认Nebius持股规模
重要性4/5 中高
报道直接采用监管申报，股数、比例、估值和盘前反应均清楚，适合作为同主题事实基准。
中文摘要
核心结论
Dow Jones依据监管申报确认Nvidia持有Nebius近2,230万股、占9.3%，按前一交易日收盘价估值约40.6亿美元；该消息推动NBIS盘前上涨6.7%。
重要性评级
评级：4/5（中高）
报道篇幅短，但直接引用美国证券交易委员会申报和可核算的市场价格，是本批Nebius持股主题中事实链较清晰的新闻来源。
关键事实
- Nvidia持有Nebius近2,230万股A类股，占公司9.3%。
- 按周一收盘价182.62美元计算，持股价值约40.6亿美元。
- NBIS周二盘前上涨6.7%至194.90美元。
- 截至周一收盘，NBIS年内涨幅约一倍。
- 页面后续行情显示NBIS收于216.92美元，当日上涨18.78%；这属于聚合页面补充数据。
作者观点与证据
Dow Jones仅陈述股权申报和即时价格反应，没有扩展到盈利、估值或合作前景。持股比例来自监管文件，市值由股数与收盘价计算，证据路径明确。
与相关标的的关系
NBIS是直接受影响公司；NVDA的资本关系连接其人工智能芯片业务与Nebius云基础设施。页面所列云计算基金仅为聚合信息，正文未讨论影响路径。
时效性与限制
发布于美东时间 07/21 08:39（UTC+8 07/21 20:39），记录的是盘前反应。原始报道很短，页面混入收盘行情、公司资料和其他新闻，需区分报道当时数据与盘后更新。
后续跟踪
- 完整申报中的证券类型
- 盘前涨幅与收盘表现差异
- Nvidia与Nebius商业合作条款
- 后续持股变动申报
英文原文
Nebius Group Shares Climb After Nvidia Discloses 9.3% Stake
NEBIUS GROUP
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NL0009805522
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00:00:00 22/07/2026 +04
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04:00:00
216.92 USD
+18.78%
219.95
+1.40%
06-18
Social Buzz: Wallstreetbets Stocks Mostly Higher Premarket Thursday; Nebius Group, Micron to Advance
MT
06-16
Nebius Group Insider Sold Shares Worth $1,472,093, According to a Recent SEC Filing
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Nebius Group Shares Climb After Nvidia Discloses 9.3% Stake
Published on 07/21/2026
at 04:39 pm +04
Dow Jones
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NEBIUS GROUP +18.78%
NVIDIA CORPORATION +1.97%
WISDOMTREE CLOUD COMPUTING UCITS ETF - ACC - USD -3.11%
By Connor Hart
Shares of Nebius Group rose after Nvidia disclosed holding a stake in the artificial-intelligence cloud provider.
The stock climbed 6.7%, to $194.90, in premarket trading Tuesday. Through Monday's close, shares have roughly doubled year to date.
Nvidia in a filing with the Securities and Exchange Commission disclosed that it owns nearly 22.3 million Class A shares of Nebius, worth around $4.06 billion at Monday's closing price of $182.62. That represents a 9.3% stake in the company.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
07-21-26 0839ET
© Dow Jones -
2026
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Capi.
NEBIUS GROUP
216.92 USD +18.78% +11.76%
46.76B
NVIDIA CORPORATION
207.29 USD +1.97% -2.13%
4,924B
WISDOMTREE CLOUD COMPUTING UCITS ETF - ACC - USD
33.34 USD -3.11% -3.07%
265M
###
Latest news about Nebius Group
06-18
Social Buzz: Wallstreetbets Stocks Mostly Higher Premarket Thursday; Nebius Group, Micron to Advance
MT
06-16
Nebius Group Insider Sold Shares Worth $1,472,093, According to a Recent SEC Filing
MT
06-10
AI boom sparks rally, frenzy and fear
RE
06-09
Nebius Group Launches Physical AI Living Lab for Robotics Startups in UK, Europe
MT
06-09
Nebius Launches Physical AI Living Lab For UK And European Robotics Startups Built With NVIDIA Technologies
CI
06-08
Nebius Chooses Kao Data's Harlow Campus for Major AI Infrastructure Deployment
CI
06-08
Nebius Expands UK Operations With Additional NVIDIA Infrastructure And Increased Capacity
CI
06-08
Nebius Commits $2.26 Billion Investment for UK AI Data Center Expansion
MT
06-05
Nebius Group Insider Sold Shares Worth $3,746,448, According to a Recent SEC Filing
MT
06-05
Nebius: The former Yandex becomes industrial bet on AI factories
06-05
Cloud and AI Development Act: Europe wants to regain control over cloud, AI and chips
06-04
Nebius Group N.V. Presents at Bank of America 2026 Global Technology Conference, Jun-03-2026 01:20 PM
06-02
BNP Paribas Initiates Nebius Group at Neutral With $255 Price Target
MT
06-02
Infineon rival STMicro raises revenue targets for data center division
RE
06-01
Major investment pledges at Choose France summit
RE
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Chart Nebius Group
Duration Auto. 2 months 3 months 6 months 9 months 1 year 2 years 5 years 10 years Max.
Period Day Week
NBIS: Dynamic Chart
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Company Profile
Nebius Group NV is a Netherlands-based infrastructure company operating in the technology industry. The Company is engaged in developing a portfolio of artificial intelligence-related technology assets. It is involved in creating an artificial intelligence-centric player to integrate the essential elements of artificial intelligence development with infrastructure, data and advisory globally. It offers products and services such as a cloud platform for artificial intelligence-related workloads, development team services for autonomous vehicles, development of generative artificial intelligence. Nebius builds full-stack infrastructure to service the growth of the global AI industry, including GPU clusters, cloud platforms and tools and services for developers. Company is developing three other businesses that operate under their own brands: Toloka AI, TripleTen and Avride.
Employees
1,543
Sector
Business Support Services
More about the company
###
Income Statement and Estimates
More financial data
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Analysis / Opinion
Nebius: The former Yandex becomes industrial bet on AI factories
June 05, 2026 at 01:42 pm
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###
Ratings
Trader
Trader
This super rating is the result of a weighted average of the rankings based on the following ratings: Valuation (Composite), EPS Revisions (4 months), and Visibility (Composite). We recommend that you carefully review the associated descriptions.
Investor
Investor
This super composite rating is the result of a weighted average of the rankings based on the following ratings: Fundamentals (Composite), Valuation (Composite), EPS Revisions (1 year), and Visibility (Composite). We recommend that you carefully review the associated descriptions.
Global
Global
This composite rating is the result of an average of the rankings based on the following ratings: Fundamentals (Composite), Valuation (Composite), Financial Estimates Revisions (Composite), Consensus (Composite) and Visibility (Composite). The company must be covered by at least 4 of these 5 ratings for the calculation to be carried out. We recommend that you carefully review the associated descriptions.
Quality
Quality
This composite rating is the result of an average of rankings based on the following ratings: Returns (Composite), Profitability (Composite) and Quality of Financial Reporting (Composite), and Financial Health (Composite). The company must be covered by at least 2 of these 3 ratings for the calculation to be performed. We recommend that you carefully read the associated descriptions.
ESG MSCI
ESG MSCI
The MSCI ESG score assesses a company’s environmental, social, and governance practices relative to its industry peers. Companies are rated from CCC (laggard) to AAA (leader). This rating helps investors incorporate sustainability risks and opportunities into their investment decisions.
AA
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Analysts' Consensus
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Buy
Mean consensus
OUTPERFORM
Number of Analysts
16
Last Close Price
216.92 USD
Average target price
258.71 USD
Spread / Average Target
+19.27%
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液冷扩容支撑维谛增长叙事
重要性4/5 中高
与VRT业务和AI基础设施需求直接相关，事实密度较高，但行业规划数据与增长延续判断仍需公司披露验证。
中文摘要
核心结论
文章认为，AI（人工智能）芯片功耗和机架密度上升，使液冷成为数据中心扩建中的必要基础设施；维谛技术（VRT）的设备、维护服务和在手订单因此具备持续增长条件。该判断依赖英伟达需求及规划数据中心最终落地，文章没有讨论估值压力。
重要性评级
评级：4/5（中高）
材料与VRT直接相关，汇集收入、利润、积压订单和行业容量数据；但主要结论来自作者推演，且夹有订阅产品营销内容。
关键事实
- 维谛技术年内股价已上涨逾60%。
- 英伟达（NVDA）2027财年第一季度收入同比增长85%，被作者用作AI芯片需求依据。
- Cleanview称美国已有1,214座大型数据中心，另有1,714座处于规划阶段。
- 现有数据中心容量为55,509兆瓦，规划容量为369,555兆瓦；九个最大在建项目各自规划容量超过5吉瓦。
- 维谛技术第一季度收入同比增长30%，净利润增长超过一倍，净利率保持两位数。
- 公司2025年末订单积压为150亿美元，同比增长109%，并在马来西亚开设新制造设施。
作者观点与证据
作者看好液冷设备和后续维护形成的设备销售与经常性收入。支撑材料包括数据中心规划容量、维谛技术的收入和利润增长，以及150亿美元积压订单；规划项目能否按期建设、液冷份额和价格能力均缺少独立验证。Motley Fool披露其持有并推荐英伟达和维谛技术，文中也含推广内容。
与相关标的的关系
VRT是文章的直接研究对象，NVDA需求被视为液冷基础设施订单的上游驱动。英伟达芯片出货、数据中心开工及维谛产能兑现共同决定增长路径。
时效性与限制
文章发布于美东时间 07/21 08:00（UTC+8 07/21 20:00）。行业容量来自Cleanview汇总，文章未说明项目审批状态、建设周期或取消率；2025年末积压订单也不是最新季度余额。
后续跟踪
- 维谛技术最新订单积压、订单收入比及交付周期。
- 液冷收入占比、服务收入和净利率变化。
- 美国规划数据中心的开工率与供电接入进度。
- 马来西亚新工厂的产能爬坡情况。
英文原文
AI Chips Need Liquid Cooling. That
AI Chips Need Liquid Cooling. That's Why Vertiv's Stock Rally Can Continue.
Marc Guberti, The Motley Fool
Tue, July 21, 2026 at 8:00 PM GMT+8 3 min read
- NVDA
+1.97%
- VRT
+4.40%
AI chips are fueling the latest technology. For example, chatbots, autonomous vehicles, and humanoid robots all need powerful parallel processors that can process massive amounts of data rapidly so they can respond to questions or what's happening in the environment around them in real-time.
However, when they're working, those AI chips get extremely hot, which can result in reduced performance, component damage, shortened chip lifespans, and even fires. That's why liquid cooling systems are a part of every data center. They prevent the chips from overheating, and those systems are as vital to the AI boom as the chips themselves.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Vertiv (NYSE: VRT) is among the leaders in data center liquid cooling. Its stock is up by more than 60% year to date, soundly outperforming the S&P 500 over that period. Its key role in AI infrastructure suggests that its momentum could be sustainable.
Image source: Getty Images.
More data centers increase the demand for liquid cooling solutions
Vertiv's revenue growth will depend on the success of Nvidia and the continuation of the data center build-out. The leading chipmaker's 85% year-over-year revenue growth in its fiscal 2027 first quarter shows that chips are still in high demand. Each of those chips will need liquid cooling to actually function.
The data center narrative is even more compelling. Market intelligence company Cleanview asserts that there are 1,214 large-scale data centers operating in the U.S., with another 1,714 data centers planned. The site also lists 55,509 megawatts in operating capacity, compared to 369,555 megawatts in planned capacity.
Iren 's Childress site tops the list as the largest operating data center in the U.S., at 750 megawatts. Meanwhile, the nine largest data centers in development will all exceed 5 gigawatts. That indicates just how huge the market is for liquid cooling solutions of the type that Vertiv provides.
Vertiv's pricing power is growing
Naturally, all of the upcoming data centers have boosted demand for Vertiv's services, which has given it strong pricing power. The company reported 30% year-over-year revenue growth in the first quarter while more than doubling its net income.
Vertiv's net profit margins comfortably sit in the double digits and may continue to inch higher if current growth rate trends prevail. Given the soaring demand for new data center capacity, that's likely. However, Vertiv also benefits since its services are required to maintain the liquid cooling systems it installs. Every new data center site represents a potential customer and a potential recurring revenue source.
Story Continues
In its Q1 report, management did not mention the company's backlog, but Vertiv wrapped up 2025 with a book-to-bill backlog of $15 billion, which was a 109% year-over-year increase. And Vertiv recently opened a new manufacturing facility in Malaysia so it can serve more customers, evidence that it expects AI demand to keep growing.
Should you buy stock in Vertiv right now?
Before you buy stock in Vertiv, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Vertiv wasn't one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $371,842 ! Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,244,783 !
That performance is why people listen. With a track record of beating the S&P 500 by 4x , Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor , and join an investing community built for the long haul.
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*Stock Advisor returns as of July 21, 2026.
Marc Guberti has positions in Iren. The Motley Fool has positions in and recommends Nvidia and Vertiv. The Motley Fool has a disclosure policy .
AI Chips Need Liquid Cooling. That's Why Vertiv's Stock Rally Can Continue. was originally published by The Motley Fool
FTXL高集中度与高波动画像
重要性2/5 中低
基金结构数据完整且直接关联FTXL，但属于常规产品介绍，对当日日报的新增信息和催化解释较少。
中文摘要
核心结论
FTXL提供美国半导体因子指数敞口，但约35只持仓、前十大占66.04%，组合集中度和波动均较高；0.6%的费率也高于SOXX和SMH。
重要性评级
评级：2/5（中低）
文章适合作为FTXL产品档案，包含规模、费用、持仓和风险指标；内容偏常规基金推广，对当日市场变化的解释有限。
关键事实
- FTXL（First Trust纳斯达克半导体ETF）成立于2016/09/20（未给出具体时刻），资产规模超过22.2亿美元。
- 基金跟踪Nasdaq US Smart Semiconductor Index（纳斯达克美国智慧半导体指数），采用修正后的因子加权方法。
- 年费率为0.6%，过去12个月股息率为0.11%。
- 信息技术行业占组合约100%；Intel（英特尔）占11.88%，其后为Micron（美光科技）和Marvell（迈威尔科技）。
- 前十大持仓占资产的66.04%，基金约持有35只证券。
- 截至07/21（未给出具体时刻），年内上涨76.35%，过去一年上涨130.42%；52周价格区间为95.32至297.05美元。
- 三年期贝塔为1.71，标准差为38.43%。
- SOXX和SMH规模分别为441.4亿和673.8亿美元，费率分别为0.34%和0.35%。
作者观点与证据
Zacks给予FTXL一级评级，并将预期资产类别回报、费用和动量列为依据。文章同时披露了高集中度、高贝塔和较高费率，但没有展开因子权重、跟踪误差或估值比较，评级带有发行平台常见的推广色彩。
与相关标的的关系
FTXL是唯一直接标的；SOXX和SMH构成规模及费用对照。FTXL对Intel权重较高，其表现可能与市值加权半导体ETF产生明显差异。
时效性与限制
发布于美东时间 07/21 06:20（UTC+8 07/21 18:20）。绩效数据较新，但持仓权重会随指数调整和市场价格变化；文章没有提供完整持仓表及跟踪误差。
后续跟踪
- FTXL最新完整持仓与因子权重
- 相对SOXX、SMH的跟踪差异
- 费用后的长期超额表现
- Intel、Micron和Marvell的权重变化
英文原文
Should You Invest in the First Trust NASDAQ Semiconductor ETF (FTXL)?
Should You Invest in the First Trust NASDAQ Semiconductor ETF (FTXL)?
Should You Invest in the First Trust NASDAQ Semiconductor ETF (FTXL)? · Zacks
Zacks Equity Research
Tue, July 21, 2026 at 6:20 PM GMT+8 3 min read
- FTXL
If you're interested in broad exposure to the Technology - Semiconductors segment of the equity market, look no further than the First Trust NASDAQ Semiconductor ETF (FTXL), a passively managed exchange traded fund launched on September 20, 2016.
Passively managed ETFs are becoming increasingly popular with institutional as well as retail investors due to their low cost, transparency, flexibility and tax efficiency. They are excellent vehicles for long term investors.
Investor-friendly, sector ETFs provide many options to gain low risk and diversified exposure to a broad group of companies in particular sectors. Technology - Semiconductors is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 2, placing it in top 13%.
Index Details
The fund is sponsored by First Trust Advisors. It has amassed assets over $2.22 billion, making it one of the larger ETFs attempting to match the performance of the Technology - Semiconductors segment of the equity market. FTXL seeks to match the performance of the Nasdaq US Smart Semiconductor Index before fees and expenses.
The Nasdaq US Smart Semiconductor Index is a modified factor weighted index, designed to provide exposure to US companies within the semiconductor industry.
Costs
When considering an ETF's total return, expense ratios are an important factor, and cheaper funds can significantly outperform their more expensive counterparts in the long term if all other factors remain equal.
Annual operating expenses for this ETF are 0.6%, making it on par with most peer products in the space.
It has a 12-month trailing dividend yield of 0.11%.
Sector Exposure and Top Holdings
Even though ETFs offer diversified exposure which minimizes single stock risk, it is still important to look into a fund's holdings before investing. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.
This ETF has heaviest allocation in the Information Technology sector -- about 100% of the portfolio.
Looking at individual holdings, Intel Corporation (INTC) accounts for about 11.88% of total assets, followed by Micron Technology, Inc. (MU) and Marvell Technology, Inc. (MRVL).
The top 10 holdings account for about 66.04% of total assets under management.
Performance and Risk
So far this year, FTXL has added roughly 76.35%, and was up about 130.42% in the last one year (as of 07/21/2026). During this past 52-week period, the fund has traded between $95.32 and $297.05.
The ETF has a beta of 1.71 and standard deviation of 38.43% for the trailing three-year period. With about 35 holdings, it has more concentrated exposure than peers.
Story Continues
Alternatives
First Trust NASDAQ Semiconductor ETF holds a Zacks ETF Rank of 1 (Strong Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, FTXL is an outstanding option for investors seeking exposure to the Technology ETFs segment of the market. There are other additional ETFs in the space that investors could consider as well.
iShares Semiconductor ETF (SOXX) tracks PHLX SOX Semiconductor Sector Index and the VanEck Semiconductor ETF (SMH) tracks MVIS US Listed Semiconductor 25 Index. iShares Semiconductor ETF has $44.14 billion in assets, VanEck Semiconductor ETF has $67.38 billion. SOXX has an expense ratio of 0.34%, and SMH charges 0.35%.
Bottom Line
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
First Trust NASDAQ Semiconductor ETF (FTXL): ETF Research Reports
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
美国防务稀土采购规则收紧
重要性4/5 中高
新近政策直接影响 USAR 及关键矿产同业，产业链数字和公司资产对应清楚，但执行细则仍缺失。
中文摘要
核心结论
美国行政命令拟提高国防承包商使用特定外国关键材料的豁免门槛，并推动关键防务材料供应链制图。CRML、MP、UAMY 和 USAR 因本土或盟国矿产、加工及磁体布局获得政策关联，但执行细则和实际采购增量尚未形成。
重要性评级
评级：4/5（中高）
政策事件新近发生，直接覆盖 USAR 及稀土同业；文章列出产业结构和公司项目，但零售情绪与盘前涨幅的证据价值有限。
关键事实
- 特朗普于07/20（未给出具体时刻）签署行政命令，要求收紧国防部对特定外国材料采购的豁免。
- 指令要求相关部门启动监管程序，并更细致地绘制关键防务材料供应链。
- 文章称中国约占全球稀土产量70%，并承担约90%的加工与精炼。
- MP Materials 与美国国防部签有长期协议，涵盖磁体采购承诺、价格支持和政府股权投资；五角大楼持股约15%。
- CRML 正推进格陵兰 Tanbreez 项目，UAMY 推进 Thompson Falls 锑冶炼项目。
- USAR 计划与 Serra Verde Group 合并，并开发得州 Round Top 项目。
- 截至文中时点，MP 与 CRML 年内均下跌近10%，UAMY 和 USAR 分别上涨6%和27%。
作者观点与证据
文章倾向认为国内关键矿产企业将受益，依据是行政命令方向、供应链集中度及各公司现有资产。具体受益幅度仍取决于最终规则、合资格来源、采购预算和项目投产；Stocktwits 用户评论只能反映平台情绪。
与相关标的的关系
USAR 的巴西、美国和英国资产可对应西方“矿山到磁体”供应链；MP 已有政府协议，政策兑现路径相对明确。CRML 与 UAMY 分别提供稀土和锑项目参照。
时效性与限制
文章发布于美东时间 07/21 04:42（UTC+8 07/21 16:42）。行政命令文本、实施时间表及豁免标准未在正文中完整呈现，盘前涨幅也不代表项目收入已经增加。
后续跟踪
- 最终监管文本与豁免审查标准
- 国防部采购承诺、预算和合资格供应商
- USAR 与 Serra Verde 合并及 Round Top 进度
- MP、CRML、UAMY 项目产能和投产日期
英文原文
CRML, MP, UAMY, USAR, Stocks Gain Premarket: Retail Cheers Trump
CRML, MP, UAMY, USAR, Stocks Gain Premarket: Retail Cheers Trump's Defense Critical Metals Supply Chain Push
CRML, MP, UAMY, USAR, Stocks Gain Premarket: Retail Cheers Trump's Defense Critical Metals Supply Chain Push · Stocktwits
Shivani Kumaresan
Tue, July 21, 2026 at 4:42 PM GMT+8 4 min read
- MP
+1.31%
- CRML
+2.25%
- USAR
+3.74%
- UAMY
+8.96%
- President Trump signed an executive order to strengthen U.S. defense supply chains by tightening foreign material waiver rules.
- The move aims to reduce reliance on China, which dominates global rare earth production and processing.
- Critical Metals' Tanbreez project, MP Materials' magnet production, and United States Antimony's growing domestic processing could benefit.
Critical Metals (CRML), MP Materials (MP), United States Antimony (UAMY), and USA Rare Earth (USAR) stocks gained premarket on Tuesday as President Donald Trump's latest defense supply chain order pushes contractors toward domestic critical mineral sources.
The critical minerals and rare earth stocks gained between 0.2% and over 1% in Tuesday's premarket.
See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox
Trump Strengthens Defense Supply Chain Controls
On Monday, Trump signed an executive order to strengthen U.S. military supply chains by addressing risks in the materials and parts needed for advanced weapons. The order encourages defense companies to use more domestic and allied suppliers.
The order makes it harder for the Defense Department to allow contractors to buy important materials from certain foreign suppliers. Companies will need to provide stronger reasons for using those sources and may need to shift their supply chains closer to the U.S. to protect national security.
The directive instructs the Department of War to begin regulatory steps to create more detailed supply chain maps for critical defense materials. The move comes as Washington increases efforts to reduce reliance on overseas sources for materials used in advanced defense technology.
Right now, China is the world's leading supplier of rare earth minerals, producing about 70% of global output and handling around 90% of the world's rare earth processing and refining. Hence, the new requirements could benefit companies with existing mining operations, processing facilities or plans to build integrated supply networks outside China.
Critical Metals Advances Greenland Project
Critical Metals has been strengthening its position in the rare earth sector through its Tanbreez Project in Greenland , one of the company's flagship assets. The company has retained Clear Street to review strategic options, including possible partnerships and asset restructuring, while continuing development efforts at the site.
MP Materials, which operates a major U.S. rare earth production platform, continues expanding beyond mining into refining and magnet manufacturing. The company has signed a long-term agreement with the U.S. Department of Defense that includes magnet purchase commitments, pricing support and a government equity investment. The deal gives the Pentagon an approximately 15% stake in the company.
Story Continues
Antimony Supply Becomes Priority
United States Antimony is making progress in domestic antimony processing capabilities through its Thompson Falls smelter project. Antimony is used in defense products including ammunition, protective equipment and specialized military systems, making supply security a growing concern.
Meanwhile, USA Rare Earth is pursuing a broader supply chain strategy through its planned combination with Serra Verde Group and development of the Round Top project in Texas.
CRML, MP, USAR, UAMY Stocks: Retail View
On Stocktwits, retail sentiment around CRML, MP, USAR and UAMY stocks was in 'bullish' territory.
A user said , "China over last few decades pump into so much money to establish that rare earth supply chain to choke every countries . It is now that U.S. to do the same but we just want to do it to be independent away from commie 's threat."
Another user said , "Holy cow looks like Trump means business. I knew UAMY would take off: its share price decline did NOT make sense given the war with Iran and the fact that Antimony is used as a bullet hardening material."
A third user added , "Huge Implications To Our Future In Providing For Future Conflicts!!! Retaliatory Threats From Iran Has Complicated This Whole China Rare Earths Strategy. Replenishing Military Resources For US and Israel Is Critical!!"
So far this year, MP and CRML stocks are down nearly 10%, while UAMY and USAR stocks have gained 6% and 27%, respectively.
Also See: DPZ Stock Eyes Best Month In Over A Year: TD Cowen Sees More Upside From Traffic Growth But Flags Franchise Challenges
For updates and corrections, email newsroom[at]stocktwits[dot]com.
Shivani Kumaresan has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy . This article was originally published on StockTwits .
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应用数字高估值考验建设兑现
重要性4/5 中高
直接覆盖APLD且估值、合同、融资和风险数字完整，主要疑点是部分历史比较口径和推广偏向。
中文摘要
核心结论
Applied Digital（应用数字，APLD）拥有约360亿美元长期租约和高速收入增长，但26.2倍市销率、负23%营业利润率及大型建设融资使估值高度依赖未来园区按期投产。过去一个月下跌44%反映市场对工期、资本结构和风险偏好的重新定价。
重要性评级
评级：4/5（中高）
文章直接分析APLD估值、增长、合同、融资和历史回撤，事实密度较高。部分历史回撤比较可能沿用前身证券数据，且文章后半包含自有投资组合推广。
关键事实
- APLD过去一年累计上涨156%，最近一个月下跌44%。
- 公司市销率为26.2倍，标普500指数约为3.4倍。
- 过去三年收入年均增长118%，同期市场增长率约5.9%。
- 当前营业利润率为负23%，公司仍在消耗现金。
- 五个人工智能工厂园区已签约租赁收入约360亿美元，管理层称主要项目按时且符合预算。
- 债务约相当于市值的38%，现金占资产约28%。
- Macquarie Asset Management（麦格理资产管理）计划提供41亿美元优先股融资，以降低对公开资本市场的依赖。
- 文章称APLD在2022年通胀冲击期间下跌78%，2008年金融危机期间下跌92%；没有解释当前公司与历史证券数据的可比性。
- 期权市场隐含波动率约99，显示市场预期价格大幅波动。
作者观点与证据
作者把APLD描述为高增长、高执行风险的人工智能基础设施建设商。360亿美元租约和118%的历史收入增速支持需求叙事；负利润率、现金消耗、潜在项目延期和高估值说明合同转化仍受建设与融资制约。
与相关标的的关系
APLD是直接研究对象。CleanSpark、Core Scientific、Hut 8、MARA和Riot等由加密挖矿转向算力基础设施的公司可作电力与园区竞争参照，但文章没有展开逐家公司比较。
时效性与限制
文章发布于美东时间 07/20 20:19（UTC+8 07/21 08:19），比批次日期早约一天。合同数字和融资安排需以公司文件核验；2008年与2022年回撤序列的公司连续性没有说明。
后续跟踪
- 新租约签署、园区施工与并网节点。
- 360亿美元合同转化为收入和现金流的速度。
- 41亿美元优先股融资条款及资本成本。
- 营业利润率、现金消耗和潜在项目延期。
英文原文
Applied Digital Sheds 44%: Buy the Dip or Run?
Applied Digital Sheds 44%: Buy the Dip or Run?
Trefis Team
Tue, July 21, 2026 at 8:19 AM GMT+8 4 min read
- APLD
+7.90%
- ROAD
+0.74%
- HUT
+7.98%
- RIOT
+7.99%
- MARA
+4.97%
Photo by ArtsyBee on Pixabay The company is building large data centers for the AI boom and has billions in contracts, but you are buying a story of future growth that carries significant execution risk.
Applied Digital (APLD) has had a volatile ride. After soaring 156% over the past year, the stock has fallen 44% in just the last month. This is a company racing to build the large, power-hungry data centers that the artificial intelligence revolution demands. It has secured billions in long-term leases from major players and is in the middle of a large construction program. For an investor, the question is direct: are you looking at a temporary pullback in a company that is successfully laying the physical foundation of the AI economy, or is this the kind of high-stakes bet where the slightest delay could unravel the whole story?
How Expensive Is It
You are not paying for what Applied Digital is today, but for what it promises to become. The stock trades at a price-to-sales ratio of 26.2, a steep figure compared to the S&P 500's 3.4. This is the kind of premium the market typically reserves for companies with rapid growth potential. And on that front, Applied Digital delivers, with revenue growing at an average annual rate of 118% over the last three years, far outpacing the market's 5.9%. The trade-off is a complete lack of current profitability. The company's operating margin is deeply negative, at -23%, and it burns through cash. In essence, you are paying a high price for a ticket to a large growth story, betting that today's heavy investment will translate into a dominant market position and substantial profits down the road.
What That Price Buys
That price buys you a stake in a pure-play builder of AI infrastructure at a time of frantic demand. The engine is the company's HPC hosting business , which builds and operates specialized data centers. Management reports that all its major construction projects, like the Polaris Forge 1 and Polaris Forge 2 campuses, are progressing "on time and on budget." The company has already secured approximately $36 billion in contracted lease revenue across five AI Factory campuses - Polaris Forge 1, Polaris Forge 2, Delta Forge 1, Polaris Forge 3, and Delta Forge 2, providing a long-term view of its potential income stream.
To fund this expansion, the company is executing a clear strategy. While debt is high at 38% of its market value, it also holds a significant cash position, making up 28% of its assets. Management has a plan to finance future sites with $4.1 billion in preferred equity from Macquarie Asset Management, a structure designed to "significantly reduce reliance on the public capital markets."
Story Continues
When Markets Turn
When broader markets have stumbled, this stock has often fallen harder. During the 2022 inflation shock, APLD shares dropped 78%, a far deeper cut than the S&P 500's 24% decline. It was a similar story in the 2008 financial crisis, when the stock plunged 92% versus the market's 53% fall. While it did hold up better during the 2020 pandemic crash, its history suggests a heightened sensitivity to market turmoil. This isn't a stock that offers a quiet ride. The options market seems to agree, pricing in an implied volatility of 99. That figure suggests traders are braced for significant price swings, reinforcing the idea that this is a name that demands a strong stomach for risk.
Where That Leaves You
Weighing a stock like Applied Digital comes down to your conviction in its ability to execute a large, complex construction and leasing plan. The appeal is undeniable: a company building essential infrastructure for one of the biggest technological shifts in a generation, with large, long-term contracts already in hand. The caution comes from the sheer scale of the task. These are multi-year, billion-dollar projects, and the company itself has noted delays at one potential site. The key thing to watch is the pace of new lease signings for its development pipeline. Continued success there would validate the growth story, while any slowdown could signal that turning a land plot into a revenue-generating AI factory is harder than it looks.
How Do You Own Quality Without Betting On One Name?
A buy decision like this asks you to be right about a lot at once: what you pay, what you get, whether it can fund its plans, and how it holds up when markets break. Even when you do the work, a single stock concentrates all of that judgment into one position. The discipline that protects you is not a better guess; it does not need any one guess to carry the day.
That is what the Trefis High Quality (HQ) Portfolio is for. It weighs the full quality picture across thousands of names, holds the 30 best, and sizes and re-balances them with rules so one stock can never sink the whole. It has a track record of outpacing a benchmark that combines the three major indices - the S&P 500, S&P Mid-cap, and Russell 2000.
NVIDIA披露Nebius 9.3%受益所有权，持仓构成包含预付认股权证
重要性未评级
中文摘要
- 该二手申报摘要称，约2225万股受益所有权包括约119万股直接持有普通股和约2107万股预付认股权证对应股份。
- 摘要称相关认股权证在2026年9月11日前不可行权。
英文原文
NVIDIA披露Nebius 9.3%受益所有权，持仓构成包含预付认股权证
本地未取得可读全文：HTTP 403。可使用上方“打开原文”核查。
美国期权成交再创新高
重要性4/5 中高
官方行业数据覆盖成交规模、期限结构和集中度，对当日期权背景判断有较高价值。
中文摘要
核心结论
2026年二季度美国上市期权日均成交量达到7,280万张，同比增长逾19%；指数、ETF、0DTE（到期日当天到期期权）和FLEX（条款可定制期权）共同推动市场扩张，成交仍高度集中于SPX、SPY、Nvidia和Tesla。
重要性评级
评级：4/5（中高）
Cboe提供行业级成交、产品结构和参与者数据，可补充期权市场流动性与集中度背景；材料由交易所发布，部分制度归因及零售流量为估算。
关键事实
- 二季度期权日均成交量为7,280万张，同比增长逾19%。
- 年度成交量从约十年前的40亿张增至2026年预计超过180亿张的速度。
- 年初至二季度末，指数期权成交增长25%，ETF期权增长27%，个股期权增长6%。
- FLEX期权成交同比增长近47%，未平仓量增长逾40%；其日均成交约280万张，占市场3.8%。
- SPX（标普500指数期权）占全部指数期权成交81%，SPY占ETF期权成交42%。
- Nvidia和Tesla各占个股期权成交9%，Apple占3%。
- 逾1,000张的大宗交易日均接近1,000万张。
- 0DTE成交年内增长46.2%，日均超过2,000万张；SPX 0DTE自2024年初以来接近增长三倍。
- 多只大型科技股及IBIT的周一、周三短期期权合计日均成交接近600万张。
作者观点与证据
Cboe认为期权市场正由新参与者、电子交易、指数及ETF产品和更短期限合约共同扩张，并称零售活动在二季度回升。成交与未平仓数据来自Cboe LiveVol及期权清算公司；零售券商流量依据Rule 606（美国订单路由披露规则）估算，废除日内交易者规则对活跃度的影响只被列为可能因素。
与相关标的的关系
Nvidia、Tesla、Apple及多只大型科技股的高成交占比显示个股期权活动集中；SPX、SPY和IBIT分别连接指数、ETF与比特币基金期权需求。材料未提供方向性净敞口。
时效性与限制
发布日期为07/21（未给出具体时刻），统计覆盖2026年二季度及上半年。成交量反映活跃度，无法单独说明看涨或看跌方向；交易所同时是相关产品运营方。
后续跟踪
- 三季度日均成交量与产品集中度
- 0DTE平均交易规模及参与者结构
- FLEX未平仓量和机构使用情况
- 个股周一、周三到期合约扩容
英文原文
State of the Options Industry: Options Market Continued to Break Records in Q2 2026 | Cboe
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Bell Ringings
State of the Options Industry: Options Market Continued to Break Records in Q2 2026
Henry Schwartz
|
July 21, 2026
Listed options trading continued at record levels through the first half of 2026. Average Daily Volume (ADV) in the second quarter of 2026 reached 72.8 million contracts, up more than 19% from a year earlier, according to the Q2 2026 State of the Options Industry report. The gains were led by index and ETF options, while a rebound in retail activity, faster growth in contracts with same-day expirations and a rise in FLEX options all pointed to a broadening options market heading into the second half of the year.
A Broad-Based Climb in Volume
The second quarter extended a decade-long expansion of industry volume. Total annual options volume has grown from roughly 4 billion contracts a decade ago to an estimated pace well above 18 billion contracts in 2026, a run built on new market entrants, electronic trading and a wave of index- and ETF-linked strategies.
Annual Options Volume
Source: Options Clearing Corp and Cboe LiveVol
Within that trend, growth was uneven by product type. Index options volume rose 25% and ETF options volume climbed 27% in the year-to-date period through the second quarter, while single-stock options grew a more modest 6%. Cboe's data shows FLEX options volume was up nearly 47% year over year, by far the fastest-growing segment of the market.
Average Daily Options Volume
Cboe LiveVol
Concentration at the Top
Volume remained heavily concentrated in a handful of underlying assets. S&P 500 Index options (SPX) accounted for 81% of all index options trading in the second quarter, while SPY represented 42% of ETF options volume. Among single-stock names, Nvidia and Tesla topped the leaderboard, each capturing 9% of single-stock volume, followed by Apple at 3%.
Top 10 Options Volume Leaders in Q2
Cboe LiveVol
Retail Activity Rebounds
Retail options activity staged a strong rebound after a moderate pullback at the end of the first quarter, when equities struggled to hold on to their year-to-date gains. The repeal of the Pattern Day Trader rule may have been a contributing factor, as activity among smaller retail accounts holding less than $25,000 in capital increased in Q2 2026. Estimated retail broker option volume, based on Rule 606 disclosures, shows Charles Schwab, Robinhood and Interactive Brokers among the highest-volume venues for retail options flow.
Estimated Retail Broker Options Volume
Source: Cboe LiveVol
Institutional Flow and FLEX Options Set Highs
Institutional activity remained robust alongside the retail rebound, with nearly 10 million contracts a day trading in block transactions of more than 1,000 contracts. FLEX options grew even faster: FLEX volume is 46% above 2025 levels and open interest is up more than 40%, with FLEX activity now making up nearly 2.8 million contracts, or 3.8% of daily market volume.
FLEX Options Activity
Cboe LiveVol
Same-Day Expirations Keep Climbing
Zero-days-to-expiration (0DTE) options contract extended their multiyear expansion, with volume up 46.2% year-to-date to more than 20 million contracts a day. SPX 0DTE volume has nearly tripled since the start of 2024, even as average trade size has continued to shrink, a sign that adoption is broadening beyond large institutional flow. Growth was also driven by a widening slate of short-dated Monday and Wednesday expirations in single stocks such as Tesla, Nvidia, Apple, IBIT, Amazon, Meta, Broadcom, Alphabet and Microsoft, which together now approach 6 million contracts a day in combined volume. Cboe expects additional single-stock symbols to list short-dated expirations in the third quarter.
SPX 0DTE
Source: Cboe LiveVol
New Products, New Venues
Cboe also expanded its options offering during the quarter, launching Cboe Predicts and its first binary financial event contract on the Mini-SPX Index (XSP) . Starting with XSP binary options, Cboe’s binary options are tied to useful economic data and market events — products that may be additive to the ever-expanding range of financial tools that investors need to manage risks, optimize portfolio performance, and achieve investment objectives. Currently, the contracts are available to trade on Interactive Brokers, with more retail brokers expected to list the contracts soon.
The Q2 Takeaway
Options volume continues to grow, even as the industry continues evolving with new products — especially aimed at retail traders. Cboe will continue to develop options products and education to support traders as the market environment changes.
Download the full Q2 2026 State of the Options Industry report for even more data about trends from the quarter .
There are important risks associated with transacting in any of the Cboe Company products discussed here. Before engaging in any transactions in those products, it is important for market participants to carefully review the disclosures and disclaimers contained at: https://www.cboe.com/global-_disclaimers/. These products are complex and are suitable only for sophisticated market participants. In certain jurisdictions, Cboe Company products are only permitted for investment professionals, certified sophisticated investors, or high net worth corporations and associations. These products involve the risk of loss, which can be substantial and, depending on the type of product, can exceed the amount of money deposited in establishing the position. Market participants should put at risk only funds that they can afford to lose without affecting their lifestyle. © 2026 Cboe Exchange, Inc. All Rights Reserved.
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State of the Options Industry: Options Market Continued to Break Records in Q2 2026 | Cboe
地缘风险压过半导体早盘涨势
重要性3/5 中
跨资产市场信息较完整，但COHR仅被列入板块表现，缺少公司层面证据。
中文摘要
核心结论
07/20美股早盘半导体和AI基础设施上涨，但美国与伊朗紧张局势、油价上行及风险偏好转弱使主要指数收低。COHR随半导体板块上涨，文章未给出其涨幅、成交量或公司层面催化。
重要性评级
评级：3/5（中）
材料能解释COHR所处交易日的跨资产环境，并包含指数、油价、黄金和利率数据；对COHR自身的证据较弱，事件归因主要来自媒体叙述。
关键事实
- 标普500指数下跌0.19%至7,443点，纳斯达克综合指数下跌0.05%至25,508点，道琼斯工业平均指数下跌0.59%至51,839点。
- 黄金在美国收盘时上涨0.10%至4,008.09美元，10年期美国国债收益率上升0.02个百分点至4.59%。
- 西得州中质原油接近每桶83美元，文章归因于美国与伊朗紧张局势升级。
- Hut 8宣布价值98亿美元的AI数据中心租约后上涨。
- Alphabet（谷歌母公司）因内部AI芯片报道盘中上涨逾3%，随后回吐部分涨幅。
- AMD（超威半导体）、美光、英特尔和COHR均上涨，但文章未逐项提供涨幅。
- 通信服务和能源板块领涨，科技和工业板块跌幅居前。
作者观点与证据
作者认为地缘担忧压过半导体早盘韧性，并把接下来大型科技公司业绩视为AI资本开支叙事的检验。指数和资产价格可核验；地缘风险对收盘走势的影响程度、Hut 8租约质量及COHR上涨原因没有进一步证据。
与相关标的的关系
COHR仅作为上涨的半导体和AI基础设施公司之一出现，属于交易环境线索。AMD、MU、INTC、GOOG和HUT提供板块参照，原油、黄金和国债收益率体现跨资产压力。
时效性与限制
文章发布于美东时间 07/20 18:17（UTC+8 07/21 06:17），回顾07/20（未给出具体时刻）的市场表现。来源披露持有并推荐多只文中股票，且正文含投资产品推广。
后续跟踪
- 美国与伊朗局势及西得州中质原油价格。
- 大型科技公司业绩中的AI资本开支和回报表述。
- COHR相对半导体指数的表现及成交量。
- 10年期美国国债收益率与科技股估值联动。
英文原文
Stock Market Today, July 20: Hut 8 Surges 10% as Geopolitical Tensions Weigh on Broader Market
Stock Market Today, July 20: Hut 8 Surges 10% as Geopolitical Tensions Weigh on Broader Market
Emma Newbery, The Motley Fool
Tue, July 21, 2026 at 6:17 AM GMT+8 2 min read
- HUT
+7.98%
- GOOG
-1.47%
- ^GSPC
+0.89%
- ^DJI
+0.74%
- NKE
-1.17%
The S&P 500 (SNPINDEX:^GSPC) slipped 0.19% to 7,443, the Nasdaq Composite (NASDAQINDEX:^IXIC) edged 0.05% lower to 25,508, and the Dow Jones Industrial Average (DJINDICES:^DJI) lost 0.59% to 51,839 as an early-session semiconductor rally lost steam amid mounting geopolitical concerns.
Gold prices gained 0.10% to $4,008.09 as of U.S. market close, and the 10-Year Treasury yield gained 0.02% to 4.59%. Communications and energy stocks led gainers, while technology and industrials fell the most.
Today's biggest moves
Alphabet gained over 3% in intraday trading following reports of a new internal AI chip, before slipping back slightly. Hut 8 surged after announcing a $9.8 billion (artificial intelligence) AI data center lease. Semiconductor and AI infrastructure stocks edged upwards, with Advanced Micro Devices , Micron Technology , Intel , and Coherent all rising. Nike shares fell as geopolitical tensions weighed on global consumer sentiment.
What this means for investors
Escalating U.S.-Iran tensions drove crude oil higher, taking WTI crude to almost $83 per barrel and boosting energy stocks such as Chevron and ExxonMobil . Tech leaders such as Nvidia seemed to erase last week's losses this morning. However, broader pressure outweighed early resilience, and many heavyweights finished the day with only slight gains.
A slew of earnings due this week from many major companies will give investors more information on the AI trade. Tech stocks could fall further if companies can't justifiy AI spending levels and think the rally has run its course. However, strong earnings could ease current jitters and see stocks rebound on renewed optimism.
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Stock Market Today, July 20: Hut 8 Surges 10% as Geopolitical Tensions Weigh on Broader Market was originally published by The Motley Fool
维谛收购补强高密度液冷
重要性4/5 中高
收购直接影响VRT的液冷竞争力，但条款和财务信息缺失，使量化判断受限。
中文摘要
核心结论
维谛技术收购Strategic Thermal Labs（战略热实验室，简称STL），旨在补充冷板设计、服务器侧液冷和高密度热验证能力，强化面向AI数据中心的综合电力与热管理方案。交易条款未披露，短期财务贡献无法量化，整合效果是主要观察点。
重要性评级
评级：4/5（中高）
这是VRT直接公司行动，能够解释其液冷技术布局；现有材料缺少交易金额、目标公司收入及利润，财务证据有限。
关键事实
- 维谛技术宣布收购专攻液冷架构的STL。
- STL提供复杂液冷系统、冷板设计和高性能计算负载验证能力。
- 收购面向AI及高密度数据中心不断上升的功率和散热要求。
- 维谛此前已在欧洲、中东和非洲地区完成ThermoKey交易，本次收购增加新的整合任务。
- 公司希望把电力、热管理、控制和全生命周期服务组合成一体化方案。
- 交易金额、目标公司规模和预期财务贡献均未披露。
作者观点与证据
文章将交易解读为技术能力补强，潜在收益来自复杂项目竞标和一体化交付。证据主要是收购公告及STL的工程能力描述；客户订单、收入增量和协同效应没有量化，部分竞争分析属于Simply Wall St的叙事判断。
与相关标的的关系
VRT是直接标的。STL能否带来AI项目订单、提高液冷方案差异化并与既有业务顺利整合，将影响市场对维谛技术增长质量的判断。Schneider Electric（施耐德电气）和Eaton（伊顿）被列为竞争参照。
时效性与限制
文章发布于美东时间 07/20 17:08（UTC+8 07/21 05:08）。公告信息较新，但缺少交易对价、交割安排、客户名单和财务数据，无法据此估计每股收益影响。
后续跟踪
- 交易对价、交割时间和STL经营规模。
- 新增AI项目及电力与液冷捆绑订单。
- STL与ThermoKey团队、技术和产能的整合进度。
- 同业液冷能力是否快速标准化。
英文原文
Vertiv (VRT) Is Buying Strategic Thermal Labs For AI Cooling Growth
Vertiv (VRT) Is Buying Strategic Thermal Labs For AI Cooling Growth
Bailey Pemberton
Tue, July 21, 2026 at 5:08 AM GMT+8 4 min read
- VRT
+4.40%
Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE.
- Vertiv Holdings Co (NYSE:VRT) announced the acquisition of Strategic Thermal Labs, adding specialized liquid cooling expertise to its portfolio.
- The deal targets advanced solutions for AI and high density data center environments that face rising power and thermal requirements.
- Strategic Thermal Labs contributes engineering capabilities focused on complex liquid cooling architectures for high performance computing workloads.
Vertiv sits at the intersection of power, cooling, and infrastructure management for data centers, telecom, and industrial facilities, and AI is pushing those systems harder than ever. As processors draw more power and rack densities rise, traditional air cooling can become more difficult to manage in some environments. The addition of Strategic Thermal Labs gives Vertiv further technical resources in liquid based approaches that are being applied to these demanding use cases.
For you as an investor, this acquisition relates to Vertiv's effort to address the growing complexity of AI infrastructure with more integrated thermal solutions. The financial terms and potential impact are not detailed here, but the move is consistent with Vertiv's broader push into liquid cooling alongside earlier deals, including the ThermoKey transaction in EMEA. How effectively Vertiv integrates STL's expertise into its existing portfolio is a factor that investors may wish to monitor over time.
Stay updated on the most important news stories for Vertiv Holdings Co by adding it to your watchlist or portfolio . Alternatively, explore our Community to discover new perspectives on Vertiv Holdings Co.
NYSE:VRT Earnings & Revenue Growth as at Jul 2026 4 things going right for Vertiv Holdings Co that this headline doesn't cover.
For Vertiv Holdings Co, buying Strategic Thermal Labs looks like a focused move to deepen its engineering bench in liquid cooling for AI and high density data center projects. Rather than adding scale for its own sake, STL contributes niche capabilities in complex liquid cooling architectures that can sit alongside Vertiv's existing power and thermal portfolio. That matters because AI servers from companies such as Nvidia, as well as deployments run by hyperscale operators that also work with Schneider Electric or Eaton, often require custom thermal designs rather than off the shelf air cooling.
How This Fits Into The Vertiv Holdings Co Narrative
Story Continues
- The STL deal supports the narrative that Vertiv is leaning into more complex AI driven data center projects by expanding its liquid cooling toolkit and engineering depth.
- At the same time, it adds another integration task to a business that already faces operational and regional execution challenges, which the narrative flags as a key watchpoint.
- The narrative focuses heavily on scale, margins, and demand backdrop, while this transaction highlights technical differentiation in cold plate design and high density validation that may not be fully captured.
Knowing what a company is worth starts with understanding its story. Check out one of the top narratives in the Simply Wall St Community for Vertiv Holdings Co to help decide what it's worth to you.
The Risks and Rewards Investors Should Consider
- Execution risk if Vertiv struggles to integrate STL's engineering team and processes with prior acquisitions such as ThermoKey while maintaining quality and delivery timelines.
- Competitive pressure if large cloud customers or rivals such as Schneider Electric and Eaton invest in their own liquid cooling solutions, reducing Vertiv's ability to stand out on technology alone.
- Potential for Vertiv to win more AI and high performance computing projects by offering tightly integrated power, cooling, and lifecycle services that address rising rack power densities.
- Added engineering capabilities in liquid cooling that could strengthen Vertiv's position with chipmakers and data center operators looking for turnkey high density thermal solutions.
What To Watch Going Forward
From here, focus on how Vertiv describes the STL acquisition in future updates, particularly any references to new AI centric wins, bundled liquid cooling and power deals, or progress integrating teams and technologies from STL and ThermoKey. Investors may also want to watch competitive commentary from other data center equipment providers to see whether liquid based AI cooling becomes a clear differentiator or starts to look more like a standard capability across the sector.
To ensure you're always in the loop on how the latest news impacts the investment narrative for Vertiv Holdings Co, head to the community page for Vertiv Holdings Co to never miss an update on the top community narratives.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include VRT .
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
芯片基金逆势吸金四十亿美元
重要性5/5 高
近期基金流量数据完整，直接量化 SOXX 和 DRAM 在抛售期间的资金承接，日报证据价值高。
中文摘要
核心结论
截至07/17的一周，美国上市交易所交易基金净流入超过460亿美元；芯片板块下跌期间，SOXX 与 DRAM（存储芯片交易所交易基金）合计吸引约40.5亿美元。资金流显示投资者主动承接半导体回撤，但无法单独证明基本面或价格已经见底。
重要性评级
评级：5/5（高）
文章提供完整、近期且可量化的基金申赎数据，直接关系 SOXX 和 DRAM，并能补充价格走势之外的资金行为证据。
关键事实
- 截至07/17（未给出具体时刻）的一周，美国上市交易所交易基金净流入460.62亿美元，年内流入接近1.15万亿美元。
- 美国股票基金流入251.12亿美元，国际股票基金流入111.06亿美元，美国债券基金流入39.34亿美元。
- 标普500指数当周下跌约1.6%，收益率曲线仅上移数个基点。
- SOXX 流入23.9645亿美元，相当于资产管理规模的5.23%。
- DRAM 流入16.5614亿美元，相当于资产管理规模的6.43%；该基金自高位一度下跌40%。
- 韩国基金 EWY 流入30.2875亿美元，此前自6月高点下跌约25%。
- 杠杆半导体基金 SOXL 流入13.7692亿美元，QQQM 流入10.8283亿美元。
- IWM、LQD 和 GLD 分别流出7.7552亿、4.5021亿和4.4351亿美元。
作者观点与证据
作者认为部分投资者把芯片和韩国市场回撤视为进入机会。证据来自基金份额申赎数据，能证明资金进入相关产品，但无法区分长期配置、短线交易、做市活动或套利需求。
与相关标的的关系
SOXX 与 DRAM 是直接资金流对象，流入规模可衡量回撤期间的承接力度。EWY 的流入也连接三星电子和 SK海力士等高带宽存储器企业，为全球芯片资金偏好提供旁证。
时效性与限制
文章发布于美东时间 07/20 17:00（UTC+8 07/21 05:00），表格数据截至发布日美东时间 06:00 对应的统一口径；基金流量可能由交易所后续修订。周度净流入不揭示持有人、成本或持有期限。
后续跟踪
- SOXX、DRAM 后续一周申赎是否延续
- 流入与基金份额、成交量和净值表现的对应关系
- EWY 与存储芯片权重股的资金分化
- 杠杆基金流入是否放大短期波动
英文原文
Investors Added $46B To ETFs Last Week
Investors Added $46B To ETFs Last Week
Sumit Roy
Tue, July 21, 2026 at 5:00 AM GMT+8 4 min read
- ^GSPC
+0.89%
- SKHY
+13.75%
- 005930.KS
+5.60%
ETF Investing Tools Investors added more than $46 billion to US-listed ETFs during the week ending Friday, July 17, pushing year-to-date inflows to nearly $1.15 trillion.
US equity ETFs led the way with $25.1 billion, while international equity ETFs pulled in $11.1 billion. US fixed income took in $3.9 billion. Commodities lagged, shedding $115 million.
The buying came even as stocks slipped. The S&P 500 fell about 1.6% last week as a selloff in high-flying tech, semiconductors especially, weighed on the index. Over in the bond market, yields ticked slightly higher, just a handful of basis points across the curve.
A few names cracked the top 10 that don't show up there week after week. The iShares MSCI South Korea ETF (EWY) hauled in $3 billion. Some investors treated the pullback in the fund, driven by a steep drop in heavyweights Samsung and SK Hynix, the two biggest makers of high-bandwidth memory, as a chance to get in. EWY has lost roughly a quarter of its value since peaking in June.
The same dynamic played out in the iShares Semiconductor ETF (SOXX) and the Roundhill Memory ETF (DRAM) , the latter down as much as 40% from its highs. They pulled in $2.4 billion and $1.7 billion, respectively, last week as investors leaned into the chip selloff. The Invesco NASDAQ 100 ETF (QQQM) took in another $1.1 billion from investors who want broader exposure with a tech tilt.
On the outflows side of the ledger, the notable losers included the iShares Russell 2000 ETF (IWM) , the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) , the SPDR Gold Shares (GLD) , and the Invesco MSCI North America Climate ETF (KLMN) , which shed between $390 million and $775 million.
For a full list of the top inflows and outflows from last week, see the tables below.
Top 10 Creations (All ETFs)
Ticker
Name
Net Flows ($, mm)
AUM ($, mm)
AUM % Change<
SPY
SPDR S&P 500 ETF Trust
5,141.51
794,171.90
0.65
QQQ
Invesco QQQ Trust Series I
4,753.10
472,965.01
1.00
EWY
iShares MSCI South Korea ETF
3,028.75
22,410.61
13.51
SOXX
iShares Semiconductor ETF
2,396.45
45,834.45
5.23
VOO
Vanguard S&P 500 ETF
2,172.78
999,764.68
0.22
SPYM
SPDR Portfolio S&P 500 ETF
1,823.34
161,091.39
1.13
DRAM
Roundhill Memory ETF
1,656.14
25,762.22
6.43
EFV
iShares MSCI EAFE Value ETF
1,470.83
27,642.41
5.32
SOXL
Direxion Daily Semiconductor Bull 3x Shares
1,376.92
20,042.91
6.87
QQQM
Invesco NASDAQ 100 ETF
1,082.83
98,966.07
1.09
Top 10 Redemptions (All ETFs)
Ticker
Name
Net Flows ($, mm)
AUM ($, mm)
AUM % Change
IQMM
ProShares GENIUS Money Market ETF
-1,649.14
18,186.47
-9.07
IWM
iShares Russell 2000 ETF
-775.52
82,459.40
-0.94
LQD
iShares iBoxx $ Investment Grade Corporate Bond ETF
-450.21
35,081.17
-1.28
GLD
SPDR Gold Shares
-443.51
128,248.05
-0.35
KLMN
Invesco MSCI North America Climate ETF
-390.84
2,320.22
-16.84
SCZ
iShares MSCI EAFE Small-Cap ETF
-383.19
13,328.90
-2.87
SCHX
Schwab U.S. Large-Cap ETF
-370.18
72,407.98
-0.51
MTUM
iShares MSCI USA Momentum Factor ETF
-367.37
25,420.74
-1.45
ARKK
ARK Innovation ETF
-357.74
6,073.58
-5.89
VLUE
iShares MSCI USA Value Factor ETF
-334.06
9,175.37
-3.64
Story Continues
ETF Weekly Flows By Asset Class
Net Flows ($, mm)
AUM ($, mm)
% of AUM
Alternatives
730.17
144,044.54
0.51%
Asset Allocation
178.45
42,491.41
0.42%
Commodities E T Fs
-115.06
303,861.36
-0.04%
Currency
141.78
97,764.87
0.15%
International Equity
11,106.02
2,831,752.22
0.39%
International Fixed Income
2,934.81
444,148.99
0.66%
Inverse
-210.56
13,168.61
-1.60%
Leveraged
2,249.86
180,271.81
1.25%
Us Equity
25,112.22
9,621,964.99
0.26%
Us Fixed Income
3,934.01
2,153,963.22
0.18%
Total:
46,061.69
15,833,432.02
0.29%
Disclaimer: All data as of 6 a.m. Eastern time the date the article is published. Data is believed to be accurate; however, transient market data is often subject to subsequent revision and correction by the exchanges.
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扩产预期压低稀土股估值
重要性3/5 中
对 USAR 与稀土板块的近期价格压力有直接解释，但原文严重截断，无法验证供需测算。
中文摘要
核心结论
国际能源署预计矿山产能规划增速将明显超过精炼和磁体制造需求预期，市场据此担忧上游供应过剩。MP、USAR、CRML、UUUU 和 AREC 上周均下跌超过10%，显示稀土股同时承受产业供给与拥挤交易降温压力。
重要性评级
评级：3/5（中）
文章直接覆盖 USAR 且引用国际能源署展望，但可用原文只有导语，缺少矿种、地区、产能年份和供需测算细节。
关键事实
- 国际能源署发布《2026年全球关键矿产展望》。
- 该展望指出，规划中的矿山扩产幅度超过精炼和磁体生产的预期增长。
- 下跌动能在07/16（未给出具体时刻）后增强。
- MP、USAR、CRML、UUUU 和 AREC 上周均下跌超过10%。
- 部分标的在07/20（未给出具体时刻）继续下跌。
- 文章发布于美东时间 07/20 16:26（UTC+8 07/21 04:26）。
作者观点与证据
作者将板块下跌与国际能源署的供应扩张判断相连。现有摘录未给出具体稀土元素、项目投产概率、精炼瓶颈或磁体需求假设，因此只能确认市场叙事和价格反应，无法复核过剩规模。
与相关标的的关系
USAR 与 MP、CRML、UUUU、AREC 同受稀土供需预期影响。USAR 的整合布局涵盖矿山、加工和磁体，实际敏感度取决于各环节产能、产品结构及长期合同。
后续跟踪
- 国际能源署分矿种供需预测和项目投产概率
- 精炼与磁体产能是否继续落后于采矿扩张
- USAR 产品结构、成本曲线和承购协议
- 板块跌幅是否伴随基本面预测下调
英文原文
Rare Earth Stocks Slide On Oversupply Fears
Rare Earth Stocks Slide On Oversupply Fears
Rare Earth Stocks Slide On Oversupply Fears · Investor's Business Daily
JED GRAHAM
Tue, July 21, 2026 at 4:26 AM GMT+8 3 min read
- MP
+1.31%
- USAR
+3.74%
- UUUU
+5.20%
- AREC
+10.83%
- CRML
+2.25%
Rare earth stocks have been a ticket for riding a roller coaster for over a year, but the latest descent has been particularly brutal. Downward momentum gathered steam last Thursday, after the International Energy Agency's Global Critical Minerals Outlook 2026 edition highlighted a planned surge in mining capacity well beyond expectations of refining and magnet production. MP Materials, USA Rare Earth, Critical Metals, Energy Fuels and American Resources all fell by more than 10% last week and some stocks continued to fall on Monday.
Continue Reading
巴克莱上调光迅科技评级
重要性3/5 中
评级事件对COHR同业环境有参考意义，但原文严重截断，证据强度有限。
中文摘要
核心结论
巴克莱将Lumentum（光迅科技，LITE）评级由“与大盘持平”上调至“增持”，维持1,000美元目标价，认为经历数月波动后其AI光通信逻辑重新具备吸引力。存档正文只有开头，缺少估值模型、盈利假设和完整风险论证。
重要性评级
评级：3/5（中）
评级调整与COHR的同业估值和竞争环境相关，也能解释LITE当日上涨；但可用原文极短，证据无法完整审查。
关键事实
- 巴克莱在周一研究报告中上调LITE评级。
- 新评级为“增持”，此前为“与大盘持平”。
- 巴克莱维持1,000美元目标价。
- 文章称LITE年初曾是AI交易中的热门标的，随后经历数月波动。
- 元数据显示LITE上涨9.41%，COHR上涨11.15%，但正文未说明价格统计时点。
作者观点与证据
巴克莱的倾向明确偏多，文章仅透露评级和目标价，没有提供收入、利润率、订单、估值倍数或目标价测算。现有证据不足以独立评估升级理由。
与相关标的的关系
LITE是直接标的，COHR是光通信领域的相关竞争者。评级变化可能影响同业估值比较和板块情绪，但文章没有对COHR业务作出判断。
时效性与限制
文章发布于美东时间 07/20 16:17（UTC+8 07/21 04:17）。归档正文只有导语和“继续阅读”提示，完整巴克莱报告未提供。
后续跟踪
- 巴克莱上调评级所依据的盈利与订单假设。
- LITE下一次业绩中的光通信需求和利润率。
- LITE与COHR的估值及盈利预期差异。
英文原文
Lumentum Stock Surges After Barclay’s Says It’s Time to Buy
Lumentum Stock Surges After Barclay’s Says It’s Time to Buy
Lumentum Stock Surges After Barclay’s Says It’s Time to Buy · Barrons.com · Dreamstime
Nate Wolf
Tue, July 21, 2026 at 4:17 AM GMT+8 2 min read
- LITE
+9.41%
- ^GSPC
+0.89%
- NVDA
+1.97%
- COHR
+11.15%
- GLW
+6.08%
Lumentum Holdings was among the hottest names in the artificial-intelligence trade at the start of the year. After a couple rocky months, it is time to buy, according to Barclays. The firm upgraded Lumentum shares to Overweight from Equal Weight and reiterated a price target of $1,000 in a research note Monday.
Continue Reading
美元周内先弱后稳日元承压
重要性4/5 高优先级数据
美联储官方数据与四个相关汇率标的直接对应，事实密度高；周度频率使其对最新盘面的覆盖略有滞后。
中文摘要
核心结论
美联储H.10（外国汇率周报）显示，07/13至07/17美元广义指数先降后回升，周末仍略低于周初；美元兑日元维持在162以上，人民币和欧元兑美元的周度变化相对有限。
重要性评级
评级：4/5（高优先级数据）
官方周度汇率数据与DXY（美元指数）、EURUSD（欧元兑美元）、USDCNY（美元兑人民币）和USDJPY（美元兑日元）直接相关，发布时间接近当日日报，但频率和时点低于实时市场数据。
关键事实
- 美联储美元广义指数由07/13（未给出具体时刻）的120.7413降至07/15（未给出具体时刻）的120.3088，07/17（未给出具体时刻）回升至120.5315。
- 发达经济体美元指数由114.0382降至113.4919，周内美元对发达市场货币整体走弱。
- 新兴市场美元指数由129.2765升至129.4359，周末美元对新兴市场货币略强于周初。
- USDJPY由162.32升至162.43，日元保持弱势。
- USDCNY由6.7795降至6.7760，人民币周度变化较小。
- EURUSD由1.1402升至1.1440，欧元对美元小幅升值。
- 英镑兑美元由1.3382升至1.3446；美元兑加拿大元由1.4138降至1.4014。
作者观点与证据
美联储页面只发布汇率和美元指数，没有提供政策或事件归因。美元在发达市场和新兴市场方向分化由两个加权指数直接支持，但各货币权重及日内波动未在正文表格中展开。
与相关标的的关系
DXY可参考美元广义及分组指数方向；EURUSD、USDCNY和USDJPY均有官方观测值。美元兑日元处于162以上，对日本政策预期和日元敏感资产具有直接背景意义。
时效性与限制
周报发布于美东时间07/20 16:15（UTC+8 07/21 04:15），数据截至07/17（未给出具体时刻）。H.10是周度参考序列，无法反映07/20以后盘中变化，也不能替代可交易平台的实时双边报价。
后续跟踪
- 美元广义指数能否重新突破周初水平
- USDJPY在日本央行会议前的变化
- 发达市场与新兴市场美元指数分化
- EURUSD和USDCNY的后续周度方向
英文原文
Board of Governors of the Federal Reserve System
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During the week of November 9, the “Build Your Package” feature in the Data Download Program (DDP) will be removed in preparation for the eventual retirement of the DDP . Users can access data and expanded download options through the Federal Reserve Bank of St. Louis's
Federal Reserve Economic Data (FRED) . Learn more about the
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Effective June 24, 2019, the Federal Reserve Board staff will make a change
to the indexation of the daily Broad, AFE, and EME dollar indexes. For more
information, see the
"Technical Q&As" .
Release Date: July 20, 2026
Foreign Exchange Rates -- H.10 Weekly
(Rates in currency units per U.S. dollar except as noted by an asterisk)
COUNTRY
CURRENCY
Jul. 13
Jul. 14
Jul. 15
Jul. 16
Jul. 17
*AUSTRALIA
DOLLAR
0.6935
0.6974
0.6999
0.7004
0.6985
BRAZIL
REAL
5.1201
5.0768
5.0796
5.0927
5.1080
CANADA
DOLLAR
1.4138
1.4067
1.4047
1.4033
1.4014
CHINA, P.R.
YUAN
6.7795
6.7700
6.7682
6.7726
6.7760
DENMARK
KRONE
6.5555
6.5417
6.5368
6.5298
6.5340
*EMU MEMBERS
EURO
1.1402
1.1428
1.1436
1.1447
1.1440
HONG KONG
DOLLAR
7.8384
7.8378
7.8387
7.8395
7.8398
INDIA
RUPEE
95.6200
96.2000
96.2600
96.3500
96.2800
JAPAN
YEN
162.3200
162.1400
162.1300
162.4200
162.4300
MALAYSIA
RINGGIT
4.0680
4.0760
4.0760
4.0709
4.0939
MEXICO
PESO
17.4961
17.4287
17.3858
17.4280
17.5120
*NEW ZEALAND
DOLLAR
0.5771
0.5808
0.5839
0.5845
0.5848
NORWAY
KRONE
9.7733
9.6867
9.6756
9.6657
9.6467
SINGAPORE
DOLLAR
1.2930
1.2910
1.2895
1.2901
1.2911
SOUTH AFRICA
RAND
16.3990
16.3858
16.3249
16.3976
16.4972
SOUTH KOREA
WON
1492.6300
1490.2600
1488.3900
1478.2000
1489.4400
SRI LANKA
RUPEE
335.6900
335.9300
336.2000
335.9900
336.1000
SWEDEN
KRONA
9.6790
9.6555
9.6340
9.6387
9.6417
SWITZERLAND
FRANC
0.8123
0.8091
0.8067
0.8079
0.8069
TAIWAN
DOLLAR
32.1600
32.1500
32.2000
32.2500
32.3700
THAILAND
BAHT
33.4300
33.4600
33.5600
33.5500
33.6200
*UNITED KINGDOM
POUND
1.3382
1.3383
1.3497
1.3485
1.3446
VENEZUELA
BOLIVAR
719.5422
722.1890
722.1890
725.6326
725.6326
Memo:
UNITED STATES
DOLLAR
1) BROAD
JAN06=100
120.7413
120.4728
120.3088
120.3310
120.5315
2) AFE
JAN06=100
114.0382
113.7154
113.5007
113.4655
113.4919
3) EME
JAN06=100
129.2765
129.0652
128.9555
129.0412
129.4359
* U.S. dollars per currency unit.
ND = No data for this date.
Please visit the Currency Weights page (http://www.federalreserve.gov/releases/H10/Weights) for current weights and country composition of the Broad Index.
1) A weighted average of the foreign exchange value of the U.S. dollar against the currencies of a broad group of major U.S. trading partners.
2) A weighted average of the foreign exchange value of the U.S. dollar against a subset of the broad index currencies that are advanced foreign economies.
3) A weighted average of the foreign exchange value of the U.S. dollar against a subset of the broad index currencies that are emerging market economies.
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Last Update: July 20, 2026
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光迅利润率扩张领先相干公司
重要性4/5 中高
提供LITE与COHR直接利润率比较和近期业绩验证节点，数据相关性较强。
中文摘要
核心结论
巴克莱分析师Tom O'Malley因Lumentum（光迅科技，LITE）利润率快速改善、产品短缺带来的定价和光路交换机需求，上调其评级并维持1,000美元目标价。文章以Coherent（相干公司，COHR）利润率改善较慢作为对比，对COHR形成直接同业基准。
重要性评级
评级：4/5（中高）
材料包含LITE与COHR利润率变化、估值及业绩预期，能解释光通信板块定价差异；预测和目标价均来自卖方观点，需等待公司业绩验证。
关键事实
- 巴克莱于07/20（未给出具体时刻）把LITE上调至“增持”，维持1,000美元目标价，对应文章所述约30%潜在空间。
- LITE股价2026年已超过年初的两倍。
- LITE毛利率过去一年提高约1,300个基点至约48%。
- 同期COHR毛利率提高约100个基点至39.6%。
- 分析师认为电吸收调制激光器短缺带来的提价和OCS（光路交换机）需求有利于LITE。
- LITE计划于08/11（未给出具体时刻）公布业绩，一致预期每股收益2.62美元，同比增长718%。
- 文章称LITE约以24倍市销率交易；华尔街平均目标价约1,098美元。
作者观点与证据
作者转述巴克莱的积极观点，主要证据是毛利率扩张、短缺定价和盈利增速预期。技术面关于788美元突破位的描述属于短期图表判断；24倍市销率是否合理取决于高增长和利润率能否持续。
与相关标的的关系
COHR是直接竞争参照。LITE毛利率提高至48%，而COHR为39.6%，凸显产品组合、定价和执行差异；COHR当日上涨并不能证明该利润率差距已经收窄。
时效性与限制
文章发布于美东时间 07/20 16:12（UTC+8 07/21 04:12）。盈利数字为一致预期，目标价和技术位来自分析师判断；文章未给出LITE利润率口径的完整调节项。
后续跟踪
- LITE在08/11业绩中公布的毛利率与每股收益。
- 电吸收调制激光器供给、价格和客户需求。
- LITE与COHR毛利率差距及光路交换机收入。
- 高市销率对应的收入增长持续性。
英文原文
Lumentum Just Scored a New Upgrade. Here
Lumentum Just Scored a New Upgrade. Here's What to Know.
Wajeeh Khan
Tue, July 21, 2026 at 4:12 AM GMT+8 2 min read
- LITE
+9.41%
- COHR
+11.15%
Semiconductor chip by Mykola Pokhodzhay via iStock Lumentum Holdings (LITE) stock is extending gains on Monday after a senior Barclays analyst issued a bullish note in favor of the semiconductor equipment specialist. In a research note on July 20, Tom O'Malley upgraded LITE to "Overweight" and maintained a bold $1,000 price target, indicating potential upside of nearly 30% from current levels.
Note that Lumentum shares have already been an outperformer in 2026 — currently trading at more than 2x their price at the start of this year.
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Why Barclays Recommends Owning Lumentum Stock
O'Malley turned bullish on LITE stock mostly because of the firm's rapidly improving profitability metrics.
"Lumentum Holdings has seen gross margins expand ~1300bps over the past year to ~48%," he told clients. In comparison, peer Coherent (COHR) has grown margins by about 100 bps only, to 39.6% over the same period.
In the trailing 12 months, LITE has executed significantly better than industry rivals — something O'Malley believes will remain true through the remainder of 2026.
Note that Lumentum currently sits just below its 20-day moving average (MA), with a clear break above $788 expected to accelerate bullish momentum in the near term.
LITE Shares Are Attractively Priced
Barclays recommends owning Lumentum shares at the current price also because it stands to benefit from "higher pricing on EML lasers in the shortage and OCS."
In the near term, the company's earnings scheduled for Aug. 11 are expected to prove a tailwind as well. Consensus is for LITE to report $2.62 a share of earnings, up a whopping 718% on a year-over-year basis.
At the time of writing, Lumentum Holdings is trading at roughly 24x sales, which Tom O'Malley dubbed palatable for an artificial intelligence (AI) beneficiary in his research report.
Barclays' view on LITE is particularly significant given it downgraded peer Allegro MicroSystems (ALGM) to "Equal-Weight" and Penguin Systems (PENG) to "Underweight" this morning.
What's the Consensus Rating on Lumentum Holdings?
Interestingly, Barclays is among the more conservative Wall Street firms on Lumentum.
Story Continues
The consensus rating on LITE shares sits at "Moderate Buy," with the mean price objective of about $1,098 signaling potential for another 42% upside from current levels.
www.barchart.com On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
Circle披露稳定币储备框架
重要性3/5 公司一手资料
页面提供Circle储备治理和赎回机制的一手说明，但缺失当期核心数值，无法完成储备覆盖率和资金流验证。
中文摘要
核心结论
Circle称USDC（美元稳定币）和EURC（欧元稳定币）分别可按1:1兑换美元和欧元，储备与运营资金隔离，并以现金、短期美国国债及隔夜国债回购为主。页面说明了储备治理框架，但本次提取未保留流通量、储备总额及铸造赎回数值。
重要性评级
评级：3/5（公司一手资料）
资料来自Circle，与CRCL和USDC直接相关，且页面标注07/20储备状态；关键余额字段缺失，限制了对覆盖率和资金流的验证。
关键事实
- Circle表示USDC与美元、EURC与欧元均支持1:1赎回。
- 储备资产包括银行存款、隔夜美国国债逆回购和3个月以内美国国债。
- USDC大部分储备存放于Circle Reserve Fund（Circle储备基金，代码USDXX），该基金是由BlackRock（贝莱德）管理、在SEC（美国证券交易委员会）注册的2a-7政府货币市场基金。
- Circle每周披露USDC储备持仓及铸造、销毁流量，并由四大会计师事务所每月验证储备价值高于流通量。
- 月度验证按AICPA（美国注册会计师协会）鉴证标准编制。
- Deloitte & Touche LLP（德勤会计师事务所）自2022财年起担任Circle独立审计机构，此前由Grant Thornton LLP（致同会计师事务所）担任。
- 截至10/12/2023（未给出具体时刻）的过去12个月，Circle称通过USDC铸造和赎回在银行系统与区块链之间转移超过2770亿美元。
作者观点与证据
页面明确主张储备具有高流动性、足以应对压力赎回。储备结构、第三方基金报告和月度鉴证为其支撑，但“始终可赎回”和压力韧性属于公司陈述；提取文本没有当期余额，无法独立复算覆盖率。
与相关标的的关系
CRCL的稳定币业务信誉、储备收益基础和赎回能力均依赖该框架；USDC持有者直接面对储备质量、托管银行及赎回通道风险。短期美债和隔夜回购占比较高，也使储备收益与美元短端利率相关。
时效性与限制
页面数据状态标注07/20（未给出具体时刻），元数据发布时间为美东时间07/20 16:00（UTC+8 07/21 04:00）。本次正文提取遗漏动态加载的余额、发行量及7日、30日、365日流量，不能据此确认当期储备规模或净发行变化。
后续跟踪
- USDC流通量与储备总额
- 7日及30日铸造、赎回净流量
- 银行存款与储备基金的占比
- 最新月度第三方鉴证报告
英文原文
Transparency & Stability | Circle
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Transparency & Stability
Transparency & stability
USDC is always redeemable 1:1 for US dollars, and EURC is always redeemable 1:1 for euros. Always.
Reserves composition
As of Jul 20, 2026
USDC
EURC
Balances
In circulation
###
Total Reserves
###
Reserves
Other Bank Deposits 1
Deposits at Systemically Important Institutions 2
Overnight Reverse Treasury Repo 3
<3-Month Treasuries 3
Issuance & redemption
7 Day Change
Issued
###
Redeemed
###
change in circulation
30 Day Change
Issued
###
Redeemed
###
change in circulation
365 Day Change
Issued
###
Redeemed
###
change in circulation
- Deposits held as reserves for the benefit of USDC holders that are not held with Systemically Important Institutions ("SIIs", defined as globally or domestically significant financial institutions and national central banks).
- Deposits at SIIs, held as reserves for the benefit of USDC holders.
- Treasuries and overnight reverse repurchase agreements (Overnight Reverse Treasury Repo) held as reserves for the benefit of USDC holders may be held by the Issuer in custodial accounts, as part of a separately managed account, or within the Circle Reserve Fund, a 2a-7 money market fund managed by BlackRock. Further information on the Circle Reserve Fund (USDXX) and its holdings may be found on BlackRock’s website .
Balances
In circulation
###
Total Reserves 1
###
Reserves
Other Bank Deposits 1
Deposits at Systemically Important Institutions 2
Issuance & redemption
7 Day Change
Issued
###
Redeemed
###
change in circulation
30 Day Change
Issued
###
Redeemed
###
change in circulation
365 Day Change
Issued
###
Redeemed
###
change in circulation
- Deposits held as reserves for the benefit of USDC holders that are not held with Systemically Important Institutions ("SIIs", defined as globally or domestically significant financial institutions and national central banks).
- Deposits at SIIs, held as reserves for the benefit of USDC holders.
Stability you can trust
USDC and EURC are fully backed by highly liquid fiat reserves held separately from Circle’s operating funds at leading financial institutions for the benefit of our stablecoin holders. As part of our strong commitment to transparency, we’ve issued reports on all reserve assets since 2018, along with SEC filings in 2021 and 2022.
Monthly assurance and transparency
USDC reserve holdings are fully disclosed on a weekly basis, along with associated mint/burn flows. Additionally, a Big Four accounting firm provides monthly third-party assurance that the value of USDC reserves are greater than the amount of USDC in circulation. The reports are prepared according to attestation standards set out by the American Institute of Certified Public Accountants (AICPA).
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How we manage USDC
Fully backed, always redeemable 1:1 for US dollars
USDC is a digital dollar backed 100% by highly liquid cash and cash-equivalent assets and is always redeemable 1:1 for US dollars.
The majority of the USDC reserve is held in the Circle Reserve Fund (USDXX), an SEC-registered 2a-7 government money market fund.
The Circle Reserve Fund can contain cash, short-dated US Treasuries and overnight US Treasury repurchase agreements with leading global banks. These are commonly used assets in money market funds because of their liquidity and stability. Daily, independent, third-party reporting on the portfolio is publicly available via BlackRock .
The remainder of the reserve is held in cash, mostly among a handful of the world's largest banks with the highest capital, liquidity and supervisory requirements in the world.
The reserve is designed to provide holders with ready liquidity, even under extremely stressed conditions.
Banking infrastructure and fiat capacity
Deep connectivity to the banking system is critical to maintaining price stability, ensuring timely redemption, and mitigating operating risks.
During the 12 months ending on October 12, 2023, Circle bridged more than $277 billion between the banking system and blockchains through minting and redeeming USDC.
We are continually strengthening our global banking infrastructure to facilitate local creation and redemption of our stablecoins, and to ensure USDC stability.
Independently audited
Deloitte & Touche LLP is Circle’s independent auditor and has audited Circle’s financials since fiscal 2022. Prior to Deloitte, Grant Thornton LLP served as Circle’s independent auditor from 2015.
维谛液冷收购扩展验证能力
重要性4/5 中高
提供VRT收购的具体技术能力和行业约束，但缺乏交易经济性及客户验证数据。
中文摘要
核心结论
维谛技术收购得州液冷企业Strategic Thermal Labs（战略热实验室，简称STL），获得冷板设计、服务器侧液冷及高密度环境验证能力，可在接近真实负载的条件下测试并部署方案。文章同时提出数据中心用水压力，但没有证明本次技术能降低具体项目的耗水量。
重要性评级
评级：4/5（中高）
事件与VRT直接相关，并补充了STL具体能力和数据中心用水背景；交易条款与经营贡献仍为空白，零售情绪数据参考价值有限。
关键事实
- 维谛技术于周一收购位于得州的STL，财务条款未披露。
- 报道撰写时VRT上涨近2%，年内上涨83%，过去12个月涨幅超过一倍。
- STL具备冷板设计、服务器侧液冷和高密度热验证专长。
- 维谛可借此模拟真实高密度计算条件，并覆盖热管理链和电力链的方案部署。
- 国际能源署2025年4月报告的基准情景估计，2030年全球数据中心年用水量可能达到约1.2万亿升。
- Stocktwits平台上的零售情绪在24小时内由“看空”降至“极度看空”。
作者观点与证据
文章认为收购有助于维谛处理AI数据中心日益复杂的电力和散热需求。STL能力来自公司交易描述；1.2万亿升数据用于呈现行业环境压力，未建立本次收购与节水效果之间的直接证据。零售情绪属于平台样本，不能代表机构或全市场判断。
与相关标的的关系
VRT为唯一直接标的。交易可能扩展其高密度液冷设计和验证范围，但收入、利润率与订单影响需等公司后续披露。
时效性与限制
文章发布于美东时间 07/20 13:57（UTC+8 07/21 01:57）。交易信息及时，但文章未提供收购对价、目标公司财务、客户合同或用水效率测试数据。
后续跟踪
- STL技术纳入维谛产品组合的时间表。
- 高密度液冷订单、客户验证和部署数量。
- 液冷方案的能耗、用水和可靠性指标。
- 交易对价及财务影响披露。
英文原文
VRT Stock Is Rising Today – What’s The Deal With Strategic Thermal Labs About?
VRT Stock Is Rising Today – What’s The Deal With Strategic Thermal Labs About?
VRT Stock Is Rising Today – What’s The Deal With Strategic Thermal Labs About? · Stocktwits
Ahmed Farhath
Tue, July 21, 2026 at 1:57 AM GMT+8 2 min read
- VRT
+4.40%
- Through the deal, Vertiv will be able to simulate real-world high-density compute conditions and deploy the necessary solutions for its customers.
- The deal also aligns with the company's broader strategy of helping data center customers manage increasing infrastructure complexity.
- An IEA report from April 2025 estimates that global water consumption for data centers could rise to around 1,200 billion liters per year in 2030 according to its base case.
AI and IT infrastructure management company Vertiv Holdings (VRT) on Monday acquired Strategic Thermal Labs, a Texas-based company specializing in liquid cooling solutions for data center campuses.
At the time of writing, VRT stock was up nearly 2%. The financial terms of the deal were not disclosed.
See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox
Why Does The Deal Matter?
As hyperscalers bring their data centers online to power artificial intelligence, water consumption to cool those facilities has also surged, in tandem with high electricity usage. Technology companies are hence actively looking for alternative energy sources and liquid cooling solutions for their infrastructure to reduce environmental impact during operation.
An International Energy Agency (IEA) report from April 2025 estimates that global water consumption for data centers could rise to around 1,200 billion liters per year in 2030 according to its base case.
Zooming In On Strategic Thermal Labs Deal
Vertiv's acquisition of Strategic Thermal Labs will bolster the company with proven cold-plate design, server-side liquid cooling, and high-density thermal validation expertise and engineering capabilities.
Through the deal, Vertiv will be able to simulate real-world high-density compute conditions and deploy the necessary solutions across the thermal chain and powertrain for its data center customers.
The deal also aligns with the company's broader strategy of helping data center customers manage increasing infrastructure complexity through integrated power, thermal, controls, and lifecycle services.
On Stocktwits, retail sentiment toward the stock turned 'extremely bearish' from 'bearish' over the last 24 hours. VRT stock has surged 83% so far this year and has more than doubled in value over the past 12 months, outperforming the S&P 500.
For updates and corrections, email newsroom[at]stocktwits[dot]com
Ahmed Farhath has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy . This article was originally published on StockTwits .
Story Continues
Related:
- CRM Stock Snags Second Rating Downgrade This Month – Analyst Says Risk/Reward On Salesforce Balanced In Absence Of Notable Growth Inflection
- Forget The AI Bubble — Ex-Morgan Stanley Executive Says Billions Of AI Agents Will Drive Crypto's Next Boom
- Novo Nordisk Lawsuit Against Eli Lilly: Wegovy Maker Alleges Misleading Zepbound, Mounjaro Ads
维谛回撤与基本面出现分化
重要性3/5 中
财务和价格数据较丰富，但关键的强制平仓解释仅来自媒体评论。
中文摘要
核心结论
Jim Cramer（吉姆·克莱默）将维谛技术和Microchip Technology（微芯科技）的下跌归因于杠杆投资者被迫平仓，并判断抛压可能尚未结束。文章用维谛强劲的第一季度业绩与积压订单支持“经营未恶化”的说法，但强制平仓归因没有仓位或融资数据验证。
重要性评级
评级：3/5（中）
材料汇总VRT业绩、指引和价格表现，适合识别市场叙事与经营事实的分化；主要催化判断来自电视评论，证据强度一般。
关键事实
- VRT过去一个月下跌11.88%；07/20（未给出具体时刻）开盘价为289.56美元，五个交易日下跌9.19%。
- 年内股价仍上涨78.81%，过去一年上涨121.07%。
- 2026年第一季度调整后稀释每股收益为1.17美元，高于1.01美元的一致预期；收入26.49亿美元，同比增长30.1%。
- 调整后营业利润率提高430个基点至20.8%，经营现金流增长152.82%。
- 公司把2026年收入指引提高至135亿至140亿美元，调整后每股收益指引为6.30至6.40美元。
- 2025年第四季度积压订单150亿美元，同比增长109%，订单收入比约2.9倍。
- 美洲收入18.14亿美元、增长53.1%，欧洲、中东和非洲收入下降20.3%。
作者观点与证据
克莱默认为VRT和MCHP落入投机资金手中，保证金压力导致被动出售。文章以价格回撤和经营数据支撑“股价与基本面分化”，但没有融资余额、持仓结构或强平数据；因此抛售成因仍是评论性判断。
与相关标的的关系
VRT是主要标的，MCHP被作为同类抛压案例，NVDA仅为AI产业链背景。VRT下一次业绩与欧洲、中东和非洲业务变化可检验经营叙事。
时效性与限制
文章发布于美东时间 07/20 13:43（UTC+8 07/21 01:43）。业绩数字来自4月22日披露，价格数据较新；强制平仓解释缺少可核验市场数据，文中含多处推广内容。
后续跟踪
- VRT第二季度收入32.5亿至34.5亿美元指引的兑现情况。
- 调整后每股收益1.37至1.43美元指引及利润率。
- 欧洲、中东和非洲地区收入变化。
- 成交量、融资状况及抛压是否持续。
英文原文
Jim Cramer Says Wait Before Buying the Dip on Vertiv: “You’ll Get A Better Price.”
Jim Cramer Says Wait Before Buying the Dip on Vertiv: “You’ll Get A Better Price.”
Thomas Richmond
Tue, July 21, 2026 at 1:43 AM GMT+8 3 min read
- VRT
+4.40%
- MCHP
+3.56%
- NVDA
+1.97%
- MCHPP
+2.90%
Quick Read
- Cramer diagnosed VRT and MCHP selloffs as margin-driven forced selling, not fundamental deterioration, and told buyers to wait for a better entry price.
- Vertiv's Q1 beat consensus EPS by 16 cents, grew revenue 30%, and holds a $15B backlog up 109% year over year, supporting the fundamentals-intact case.
- Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Microchip Technology didn't make the cut. Grab the names FREE today .
On a recent Mad Money segment, a caller who identified herself as Sunshine from Florida asked Jim Cramer about Vertiv ( NYSE:VRT ). Her framing: " Vertiv took a bigger hit today than my air conditioner does in a Florida summer. " The stock is down 11.88% in the past month, and she was wondering whether she should buy the dip.
24/7 Wall St. Jim Cramer's answer was to wait. He acknowledged that Vertiv's fundamentals remained intact, but sellers might still have more to unload.
"You'll Get a Better Price": Why Cramer Says to Wait Before Buying the Dip
Cramer's read on the tape: " Vertiv is in speculative hands right now. The speculative hands are being margined out." His follow-up was equally direct: "They're going to get rid of them, and you'll get a better price if you want to buy. " On timing, he suggested the bottom was close but not in, telling the caller, "We're not far from it, but we're not there yet."
Vertiv opened the week on July 20, 2026, at $289.56 , a 9.19% decline over the prior five sessions and roughly 8.82% below its June 17 level. Year to date, the stock is still up 78.81% , and one-year performance sits at 121.07%. The stock's pullback after a parabolic run might be causing levered longs to sell into weakness regardless of the story.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Microchip Technology didn't make the cut. Grab the names FREE today .
Vertiv's Business Is Booming Even as the Stock Drops
Vertiv's most recent numbers look strong. First-quarter 2026 results, reported April 22, 2026, delivered adjusted diluted EPS of $1.17 against a $1.01 consensus on revenue of $2.649 billion, up 30.1% year over year . Adjusted operating margin expanded 430 basis points to 20.8%, and operating cash flow soared 152.82% . Management raised full-year 2026 guidance to $13.50B to $14.00B in net sales and $6.30 to $6.40 in adjusted EPS. Americas revenue was $1.814 billion at 53.1% growth , offset by EMEA down 20.3%.
The Q4 2025 backlog stood at $15.0 billion, up 109% year over year, with a book-to-bill near 2.9x. Vertiv was added to the S&P 500 in March 2026 and picked up inaugural investment-grade ratings from Moody's (Baa3) and S&P (BBB-). CEO Giordano Albertazzi framed the setup: "As infrastructure density increases and deployment timelines compress, we're positioned to be the partner customers need to bring their most ambitious projects to life, at scale. "
Story Continues
VRT Earnings Explorer — 24/7 Wall St.
Cramer Sees the Same Forced Selling Hammering Microchip
Cramer extended the same "wait out the forced sellers" diagnosis in the segment to Microchip Technology ( NASDAQ:MCHP ), arguing margin unwinds were distorting prices across semis and data center infrastructure names alike.
Microchip opened July 20 at $80.96, down 8.61% on the week and 13.97% over one month, even as the operational turnaround under CEO Steve Sanghi keeps producing. Q4 fiscal 2026 revenue was $1.311 billion, up 35.1% year over year; non-GAAP EPS came in at $0.57, and June-quarter guidance calls for $1.442 billion to $1.469 billion in sales with distributor inventory now at 26 days.
What to Watch Next
Cramer's message is simple: Vertiv's decline may reflect forced selling rather than weakness in the underlying business. The company reports Q2 earnings next, with guidance calling for $3.25 billion to $3.45 billion in sales and adjusted EPS of $1.37 to $1.43. Investors should watch whether the selling pressure fades and whether Vertiv reports improving conditions in Europe, the Middle East, and Africa.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Microchip Technology didn't make the cut. Grab the names FREE today .
Contact editorial@247wallst.com for any questions or corrections.
USAR转向矿业整合执行
重要性4/5 中高
管理层交接与 Serra Verde 合并直接决定 USAR 下一阶段执行，事实明确且时效较高。
中文摘要
核心结论
USA Rare Earth 任命 Serra Verde 负责人 Thras Moraitis 为下一任首席执行官，反映公司在合并临近完成后将重心转向整合与运营。管理层交接与巴西矿山并购、美国磁体产能和跨区域加工资产形成同一执行链条。
重要性评级
评级：4/5（中高）
事件直接影响 USAR 的管理层、并购整合和项目执行，日期与职责明确；文章对产业地位的描述主要沿用公司口径。
关键事实
- Moraitis 将于10/01（未给出具体时刻）出任 USAR 首席执行官。
- 现任首席执行官兼董事 Barbara Humpton 将于同日退休。
- Serra Verde 交易预计在08/31前（未给出具体时刻）完成；交割后至10/01期间，Moraitis 将任合并公司总裁。
- 董事长 Michael Blitzer 已立即转任执行董事长。
- Moraitis 自2023年起领导 Serra Verde，此前曾任 Xstrata 执行委员会成员。
- USAR 的资产包括得州 Round Top 矿床、英国 Less Common Metals、俄克拉何马州磁体工厂及拟纳入的巴西矿山。
- 文章称 Serra Verde 是亚洲以外少数大规模关键磁性稀土生产商之一。
作者观点与证据
文章将人事变化解释为从平台搭建转向运营执行。任命、时间表和资产组合属于可核验公司事件；“唯一大规模生产商”等产业定位来自公司相关表述，正文未提供独立产量比较。
与相关标的的关系
USAR 的近期评价变量从并购宣布转向交割、整合和产能兑现。Moraitis 的矿业运营经验与 Serra Verde 连续性有助于降低交接摩擦，但项目建设、融资和跨国整合风险仍存在。
时效性与限制
文章发布于美东时间 07/20 12:28（UTC+8 07/21 00:28）。合并完成日期属于预期，正文未披露监管、股东批准、融资条件或整合成本的最新状态。
后续跟踪
- Serra Verde 交易能否在8月底前完成
- Moraitis 上任后的整合计划和产量目标
- 俄克拉何马磁体工厂商业化进度
- Round Top 开发与资本需求
英文原文
USA Rare Earth Names Serra Verde CEO as Barbara Humpton Steps Down
USA Rare Earth Names Serra Verde CEO as Barbara Humpton Steps Down
USA Rare Earth Names Serra Verde CEO as Barbara Humpton Steps Down · Oilprice.com
Charles Kennedy
Tue, July 21, 2026 at 12:28 AM GMT+8 2 min read
- USAR
+3.74%
USA Rare Earth has named Serra Verde CEO Thras Moraitis as its next chief executive officer, signaling a leadership shift as the company moves toward completing its planned merger with the Brazilian rare earth producer and focuses on operational execution.
Moraitis will assume the CEO role on October 1, succeeding Barbara Humpton, who will retire as chief executive and board director after leading the company's transformation into an integrated rare earths platform. Until then, Moraitis will serve as president of the combined company following the anticipated completion of the Serra Verde transaction by the end of August.
The company also appointed current board chairman Michael Blitzer as executive chairman, effective immediately.
The leadership change comes as USA Rare Earth advances its strategy to build a Western "mine-to-magnet" supply chain spanning mining, processing, metal production and permanent magnet manufacturing. The proposed acquisition of Serra Verde, announced earlier this year, is expected to give the company control of one of the few large-scale producers of key magnetic rare earth elements outside Asia, strengthening efforts to diversify global supply chains away from China.
Humpton, who joined the company in 2025, oversaw major strategic milestones, including public-private partnerships and expansion across critical minerals processing, metals and magnet manufacturing. She said the approaching completion of the Serra Verde deal makes this an appropriate time to hand over leadership as the company's priorities shift from building its platform to executing its growth plans.
Moraitis brings decades of mining industry experience, having previously served on Xstrata's executive committee before leading Serra Verde since 2023. Under his leadership, Serra Verde became the only large-scale producer of the four key magnetic rare earths outside Asia.
USA Rare Earth is developing a fully integrated rare earth supply chain through assets including its Round Top deposit in Texas, Less Common Metals in the United Kingdom, magnet manufacturing facilities in Oklahoma, and the planned addition of Serra Verde's Brazilian mining operations. The company has positioned itself as a key supplier of materials used in defense, semiconductors, electric vehicles, renewable energy, and artificial intelligence infrastructure as governments seek to establish secure domestic critical mineral supply chains.
By Charles Kennedy for Oilprice.com
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Burry转向低估值港股
重要性3/5 中
为 SOXX 提供跨市场拥挤与轮动视角，但直接基本面证据较少，主要依赖个人观点。
中文摘要
核心结论
Michael Burry（基金经理）认为，香港股票相对韩国、日本和半导体板块涨幅落后，若人工智能交易动能减弱，低估值港股可能获得相对表现。他近期增持京东，文章将其行为与香港市场年内下跌、SOXX 大涨形成对照。
重要性评级
评级：3/5（中）
文章提供跨市场轮动观点并直接提及 SOXX，但主要依据个人观点和指数涨跌，缺少估值分位、仓位规模及完整申报数据。
关键事实
- Burry 建议关注香港低价股票，并认为韩国、日本与 SOXX 的强势动能可能减弱。
- 他在7月上旬（未给出具体日期及时刻）披露增持京东。
- 恒生指数2026年内下跌4.9%。
- 韩国基准指数年内上涨62%，日本日经225指数上涨26%。
- SOXX 年内上涨76%。
- 文章称全球芯片股近期因人工智能商业化和资本开支回报疑虑而遭遇抛售。
- 摩根士丹利也基于盈利预期表达了对香港股票的支持。
作者观点与证据
文章认可 Burry 的相对价值判断，证据集中在各市场年内收益差。收益差只能说明价格表现分化，无法证明香港股票整体低估；正文没有提供市盈率、盈利修正、Burry 的增持数量或持仓占比。
与相关标的的关系
SOXX 是被比较的强势资产，文章提示其高涨幅可能伴随拥挤和轮动风险。京东是 Burry 行动的直接标的，香港大盘与 SOXX 业务联系较弱，主要提供跨市场资金偏好背景。
时效性与限制
文章发布于美东时间 07/20 11:11（UTC+8 07/20 23:11）。Burry 的评论出处和完整原文未展示，跨市场收益可能采用不同交易日截止点。
后续跟踪
- SOXX 与恒生指数的相对强弱
- 香港企业盈利预测和估值分位
- Burry 后续监管申报中的京东仓位
- 韩国、日本半导体权重股资金流
英文原文
Michael Burry Urges Hong Kong Stocks as SOXX Surges 76%
Michael Burry Urges Hong Kong Stocks as SOXX Surges 76%
Khac Phu Nguyen
Mon, July 20, 2026 at 11:11 PM GMT+8 1 min read
- JD
-0.56%
- SOXX
+5.45%
This article first appeared on GuruFocus .
Michael Burry ( Trades , Portfolio ), the investor known for betting against the U.S. housing market before the 2008 financial crisis, has recommended bargain hunting in Hong Kong after the market trailed major Asian and semiconductor benchmarks during the global artificial intelligence rally. Burry, founder of Scion Asset Management, said Hong Kong may offer inexpensive stocks that could perform well as momentum weakens in South Korea, Japan, and the iShares Semiconductor ETF ( NASDAQ:SOXX ). The comments came after Burry disclosed earlier this month that he had purchased additional shares of JD.com Inc. ( NASDAQ:JD ), a Chinese e-commerce company.
- Warning! GuruFocus has detected 5 Warning Signs with AMD.
- Is SOXX fairly valued? Test your thesis with our free DCF calculator.
Burry's view comes as a global selloff in chip stocks intensifies amid rising concerns about whether artificial intelligence companies can monetize their technologies and support their elevated spending. The investor joins a growing group of market participants expressing optimism toward Hong Kong equities. Morgan Stanley, a financial services firm supporting Hong Kong stocks partly because of its earnings outlook, has also encouraged investors to consider the city's equity market, suggesting that sentiment may be shifting toward cheaper opportunities after substantial gains in AI-related markets.
Hong Kong's Hang Seng Index has declined 4.9% in 2026 as weak consumer spending and fading confidence in China's e-commerce sector weighed on investor sentiment. In comparison, South Korea's benchmark has surged 62%, supported by gains in the country's two major chipmakers, while Japan's Nikkei 225 Index has risen 26% since the beginning of the year. The iShares Semiconductor ETF has advanced 76%, highlighting the wide performance gap that Burry believes may create opportunities in Hong Kong if momentum begins to fade across some of the strongest AI-linked markets.
芯片股超卖反弹与拥挤并存
重要性3/5 中
与 SOXX、DRAM 的短期状态直接相关，但原文截断且缺少量化拥挤证据。
中文摘要
核心结论
芯片股经历约一个月超过20%的下跌后出现反弹，前期跌幅较大的标的领涨。文章把当前状态概括为仓位拥挤与技术超卖并存，短期修复尚未消除技术性熊市压力。
重要性评级
评级：3/5（中）
直接覆盖 SOXX、DRAM 和费城半导体指数，近期市场相关性高；可访问正文只有一段，缺少拥挤度和超卖指标。
关键事实
- 费城半导体指数在约一个月内下跌超过20%，进入技术性熊市区间。
- 07/20（未给出具体时刻），该指数上涨2.1%。
- DRAM 上涨2.3%。
- 领涨者包括上周抛售中跌幅较大的芯片股。
- 文章发布于美东时间 07/20 11:06（UTC+8 07/20 23:06）。
- 归档内容在导语后中断，没有完整正文。
作者观点与证据
作者认为反弹同时带有超卖修复和拥挤交易特征。现有文本只提供指数跌幅与单日反弹，未展示持仓调查、资金流、相对强弱指标或期权定位，无法验证“拥挤”程度。
与相关标的的关系
SOXX、DRAM 和费城半导体指数均直接反映芯片板块风险偏好。DRAM 聚焦存储芯片，其反弹可与 SOXX 的广义半导体走势对照。
时效性与限制
数据是美东时间 07/20 11:06（UTC+8 07/20 23:06）附近的盘中状态，不能代表收盘。正文截断使技术指标和样本范围不可见。
后续跟踪
- 费城半导体指数能否收复技术性熊市阈值
- SOXX 与 DRAM 的成交量和基金申赎
- 领涨是否扩散至更多成分股
- 可量化的仓位拥挤和超卖指标
英文原文
Chips Stocks Are Both Overcrowded and Oversold
Chips Stocks Are Both Overcrowded and Oversold
Chips Stocks Are Both Overcrowded and Oversold · Barrons.com · Marketwatch
Barrons.com
Mon, July 20, 2026 at 11:06 PM GMT+8 1 min read
- ^SOX
+5.21%
- DRAM
+10.91%
- SOXX
+5.45%
Monday’s market moves signaled chip stocks were on the rebound, with some of the same names that drove last week’s selloff leading today's gains. The PHLX Semiconductor Index was 2.1% higher and the Roundhill Memory ETF was up 2.3%. Chip maker stocks were some of the hardest hit names in last week’s selloff with the SOX index dipping into a technical bear market, down over 20% in roughly a month.
Continue Reading
黄仁勋押注万亿级智能体需求
重要性3/5 中
提供 NVDA 与 SOXX 的长期需求叙事，但缺少可验证的近期经营数据，日报优先级居中。
中文摘要
核心结论
黄仁勋预计未来将有数万亿个自主人工智能智能体运行于工厂、家庭和个人设备，由此推导半导体需求可能被低估。作者据此支持英伟达长期增长叙事及500美元高端目标价，但文章没有用订单、产能或现金流模型验证需求规模。
重要性评级
评级：3/5（中）
文章直接覆盖 NVDA 和 SOXX，能反映管理层长期产业判断；证据以愿景和作者推演为主，对当日基本面增量有限。
关键事实
- 黄仁勋提出未来可能运行数万亿个自主人工智能智能体。
- 设想应用覆盖工厂机器人、家庭机器人、个人设备及工作场景中的多个智能体。
- 作者认为硬件约束可能是人工智能扩张的主要限制因素。
- SOXX 近期走势在作者观察中已进入熊市，并呈现圆弧顶部形态。
- 英伟达的华尔街最高目标价为500美元，文章称相对当时价格隐含148%涨幅。
- 作者称英伟达估值已收缩至“七大科技巨头”中相对较低水平，但未提供具体估值倍数。
- 文章发布于美东时间 07/20 10:42（UTC+8 07/20 22:42）。
作者观点与证据
作者明显赞同黄仁勋的长期需求判断，并将其与英伟达平台、合作关系和估值收缩结合。数万亿智能体属于远期设想，500美元目标价仅在“各项进展顺利”的条件下成立；正文缺少销量、资本开支、竞争份额及贴现模型。
与相关标的的关系
NVDA 是观点的直接受益主体，SOXX 则提供行业价格背景。若智能体数量和算力需求快速增长，芯片、网络和制造链可能受益；需求商业化、客户回报和供给扩张决定该路径能否兑现。
时效性与限制
文章发布时间接近日报日期，但讨论偏长期。黄仁勋作为英伟达首席执行官对行业增长存在明确利益关联，作者还夹带推广内容。
后续跟踪
- 智能体应用的实际用户量和推理调用增长
- 大型客户人工智能资本开支与投资回报
- 英伟达订单、交付和毛利率
- SOXX 成分股盈利预测及估值变化
英文原文
Jensen Huang Thinks Semiconductors Will Be the Largest Industry in the World “By Far” — and This Might Be Key to Getting Nvidia Stock to $500
Jensen Huang Thinks Semiconductors Will Be the Largest Industry in the World “By Far” — and This Might Be Key to Getting Nvidia Stock to $500
Joey Frenette
Mon, July 20, 2026 at 10:42 PM GMT+8 4 min read
- NVDA
+1.97%
- SOXX
+5.45%
Quick Read
- Jensen Huang envisions trillions of autonomous AI agents running across factories, homes, and devices, suggesting semiconductor demand is vastly underestimated.
- Nvidia's valuation has contracted to rank among the cheaper Magnificent Seven stocks, with a Street-high target of $500 implying a 148% gain.
- Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .
Nvidia ( NASDAQ:NVDA ) CEO Jensen Huang didn't seem phased in the slightest by the recent volatility hitting the semiconductor industry. Despite Michael Burry's shorts and calls for an AI bubble, volatility is really nothing new for Nvidia's legendary founder. In the meantime, it's going to be tough to stop traders from trying to time the top of the cycle.
Looking at the chart of the iShares Semiconductor ETF ( NASDAQ:SOXX ), it certainly feels like a rounded top is in the books. The negative momentum is picking up, and the bear market has officially arrived for the industry.
pestoverde / Flickr If you're like Mr. Huang and don't think this is it (it probably isn't, given where AI demand is at), this latest plunge might be nothing more than another opportunity to buy in the multi-year AI infrastructure buildout, one that could mean the same old chip winners just keep on posting wins. It's tempting to bet against the explosive momentum trade as it exhibits its first prolonged period of choppiness, but, at the same time, timing peaks can be as hard as timing tops.
Jensen Huang comments on semis are profound
Jensen Huang seems to think that the market is missing the structural shift that's happening. The man envisions "trillions of AIs" (or trillions of autonomous AI agents) running. Does it sound kind of far-fetched to think about having more agents than humans on Earth?
Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .
Perhaps at this stage, but if you consider agentics, factory and home robots, as well as consumer AI agents in the pockets (or another device) of just about every person who owns a smart device, I think Jensen Huang's comments are not only realistic, they're inevitable. When you consider multiple agents per person in the workforce (the agents-to-employee ratio could really start to rise), there's a chance that the semiconductor demand might be vastly underestimated.
For now, the semi companies are going to just hang onto their licenses to print cash. And time will tell how long they'll have it. Jensen Huang's words suggest the demand is just getting started and that the revolution is only being held back by hardware constraints. He very well may be right.
Story Continues
Nvidia's ready for semis to keep rising up the ranks
As Nvidia moves up the stack (or five-layer cake, as Mr. Huang put it), perhaps his firm will be even better positioned for what's next in the AI revolution. It has the partnerships, the visionary, and until Jensen Huang starts showing that he's worried, I certainly wouldn't throw in the towel on Nvidia shares, especially as shares contract and the valuation plunges to depths that actually make it one of the cheaper members of the Magnificent Seven.
And while Nvidia might no longer be the world's largest company, at least as of the time of this writing, I do think it's hard to argue against where Nvidia could go if Nvidia's top boss is proven right. For now, the Street-high price target of $500, which implies a 148% gain, seems plausible if all goes right and the second half delivers on the front of AI-driven value.
If we have a few more Mythos moments, I do see the momentum returning to the semis. Whether semi can become the largest industry in the world or experience a 2000-style bubble burst, though, remains the big question that the market's grappling with right now.
The bottom line
While AI chip demand probably won't see infinite demand, I do acknowledge that it could reach a very large number over a very lengthy period of time. Of course, investors should be skeptical when a semiconductor executive talks up his industry. At the same time, though, Jensen Huang has been right in big ways before, and given his vantage point, his comments are more than notable.
Don't wait: the analyst who called NVIDIA in 2010 just revealed his top 10 AI stocks. See the full list FREE now .
Contact editorial@247wallst.com for any questions or corrections.
数据中心股反弹缺少新催化
重要性3/5 中
直接覆盖APLD与同业经营差异，但事件已滞后两天，反弹缺少新基本面证据。
中文摘要
核心结论
IREN、Applied Digital（应用数字，APLD）、TeraWulf和Core Scientific在连续大跌后同步反弹，报道判断这是超跌后的技术修复，未发现新的公司催化。板块基本面分化明显：APLD与Core Scientific收入增速较强，IREN仍有较大收入缺口和净亏损。
重要性评级
评级：3/5（中）
文章直接覆盖APLD及人工智能数据中心同业，并区分价格反弹与经营改善。发布时间比批次日期早两天，价格为盘中数据，部分情绪证据来自社交平台。
关键事实
- 盘中IREN上涨17%至39.28美元，APLD上涨9%至28.06美元，TeraWulf（WULF）上涨7%至19.44美元，Core Scientific（CORZ）上涨7%至22.31美元。
- 截至前一交易日，过去一个月IREN、APLD、WULF和CORZ分别下跌42%、43%、35%和26%。
- 报道没有确认四家公司出现新的基本面催化，并将反弹归为低位技术修复。
- IREN此前收于33.62美元，低于52.71美元的50日移动均线。
- IREN第三财季收入1.448亿美元，低于约2.193亿美元分析师预期，净亏损2.478亿美元；其增长叙事包括与英伟达（NVDA）的五年34亿美元合同和2026年末部署15万块GPU（图形处理器）的目标。
- APLD第三财季收入同比增长139%至1.266亿美元，调整后EBITDA（息税折旧摊销前利润）4410万美元。
- Core Scientific收入同比增长45%至1.152亿美元，高密度托管收入同比增至九倍。
- IREN与CORZ的贝塔系数分别约4.279和5.5，四家公司过去十二个月均未盈利。
作者观点与证据
作者认为当日上涨由仓位和情绪主导，理由是缺少新闻催化、此前跌幅大且股价低于均线。APLD与Core Scientific的收入增长提供经营支撑，IREN的预期落空和亏损则显示板块不能按统一叙事评价。
与相关标的的关系
APLD是直接相关标的，其139%收入增长优于IREN当前收入表现。NVDA通过IREN合同进入产业链；CRWV是APLD锚定客户和行业需求来源之一。文章没有提供APLD合同转化或利润率的新数据。
时效性与限制
文章发布于美东时间 07/20 09:47（UTC+8 07/20 21:47），价格均为周一早盘快照，距批次日期已有两天。StockTwits和Reddit情绪属于非结构化样本，不能代表完整投资者群体。
后续跟踪
- 反弹能否在收盘及后续交易日获得成交量确认。
- APLD收入增长向现金流和利润的转化。
- IREN合同收入、GPU部署和亏损收窄。
- 大型云厂商资本开支及数据中心融资条件。
英文原文
IREN Soars 17%; Applied Digital, TeraWulf, Core Scientific Surge in a Data Center Rebound
IREN Soars 17%; Applied Digital, TeraWulf, Core Scientific Surge in a Data Center Rebound
David Moadel
Mon, July 20, 2026 at 9:47 PM GMT+8 4 min read
- IREN
+2.71%
- WULF
+5.36%
- APLD
+7.90%
- CORZZ
+6.84%
- CRWV
+8.92%
Quick Read
- IREN spiked 16% and APLD jumped 9% in a technical rebound after both shed over 40% of their value in the past month; meanwhile, WULF added 7% in risk-on Monday morning trading action.
- Applied Digital CEO Wes Cummins noted CoreWeave demand helped drive 139% revenue growth as hyperscaler capex climbed from roughly $400 billion to $700 billion.
- Core Scientific posted 45% revenue growth with colocation surging 9x year-over-year, while IREN and TeraWulf still carry heavy losses despite the sector bounce.
- Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Iren didn't make the cut. Grab the names FREE today .
Shares of AI infrastructure names are bouncing hard in early Monday trading, led by IREN ( NASDAQ:IREN ), up 17% to $39.28. Applied Digital ( NASDAQ:APLD ) is up 9% to $28.06, TeraWulf ( NASDAQ:WULF ) is up 7% to $19.44, and Core Scientific ( NASDAQ:CORZ ) is up 7% to $22.31.
Gorodenkoff / Shutterstock.com The moves come after a punishing stretch. IREN shares fell 42% over the past month into Friday's close, while APLD stock slid 43%, WULF shares dropped 35%, and CORZ stock lost 26%. Today's bounce reads as a technical recovery rather than a fresh catalyst.
A Bounce Off of Deeply Depressed Levels
There is no confirmed news catalyst behind Monday's rebound in the four former Bitcoin (CRYPTO:BTC) miners turned AI infrastructure operators. The group has been at the center of a sector-wide AI infrastructure de-rating, and each name entered the day trading well below its 50-day moving average. IREN stock, for instance, closed Friday at $33.62 versus a 50-day moving average of $52.71.
The fundamentals underneath the moves remain mixed. IREN's Q3 FY2026 revenue came in at $144.8 million, well short of the roughly $219.3 million analyst estimate, with a net loss of $247.8 million. The bull case rests on a 5-year, $3.4 billion AI Cloud contract with NVIDIA ( NASDAQ:NVDA ) and a target of 150,000 deployed GPUs by end of CY2026.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Iren didn't make the cut. Grab the names FREE today .
Applied Digital told a different story. Its Q3 FY2026 revenue rose 139% year over year to $126.6 million, with adjusted EBITDA of $44.1 million. Applied Digital CEO Wes Cummins noted that hyperscaler annual capex reportedly grew from roughly $400 billion to nearly $700 billion, with anchor customer CoreWeave ( NASDAQ:CRWV ) driving Polaris Forge demand.
Sector Context and Peer Reaction
TeraWulf and Core Scientific are riding similar structural tailwinds. TeraWulf's HPC lease revenue reached $21 million in Q1 FY2026, over 60% of total revenue, backed by anchor tenants including an Alphabet 's ( NASDAQ:GOOGL ) Google credit-supported financing package. Core Scientific posted 45% year-over-year revenue growth to $115.2 million, with high-density colocation surging 9x YoY.
Story Continues
The Global X Data Center & Digital Infrastructure ETF ( NASDAQ:DTCR ) offers a lower-volatility angle on the same theme, and it's up 2% to $27.91 in early Monday trading. The ETF holds Applied Digital at only 3.2% and doesn't hold IREN, CORZ, or WULF. Instead, its top positions are data center REITs like Equinix ( NASDAQ:EQIX ), Digital Realty Trust ( NYSE:DLR ), and American Tower ( NYSE:AMT ), plus chip names including Broadcom ( NASDAQ:AVGO ) and Marvell Technology ( NASDAQ:MRVL ).
Retail sentiment tells a more cautious story. StockTwits's AI sentiment summary suggests the community is divided, with bulls citing AI cloud demand and a raised ARR target and bears pointing to share dilution and management compensation concerns. Separately, Reddit chatter on IREN skewed bearish to very bearish across the past week.
What to Watch Now
All four names remain unprofitable on a trailing basis, and each carries a high beta (IREN's beta sits at 4.279, CORZ at 5.5). Investors can watch for whether today's bounce holds through the close and whether volume confirms the reversal.
The next fundamental catalyst is earnings season, when hyperscaler capex commentary from Microsoft ( NASDAQ:MSFT ) and its peers can reset the trajectory for this cohort. Until then, price action in this sector will likely be dictated by positioning and sentiment rather than fresh operating data.
The takeaway: Monday's rebound appears to be a technical relief rally off deeply oversold levels, not a confirmed change in trend. The fundamentals remain bifurcated (Applied Digital and Core Scientific are showing operating leverage, while IREN and TeraWulf still carry heavier losses), and investors should treat the bounce accordingly.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Iren didn't make the cut. Grab the names FREE today .
Contact editorial@247wallst.com for any questions or corrections.
USAR确认首席执行官更替
重要性2/5 中低
USAR 相关性直接，但付费墙导致正文残缺，同批次完整来源已覆盖主要事实。
中文摘要
核心结论
MT Newswires 披露 USA Rare Earth 已选择 Thras Moraitis 接替即将退休的首席执行官。可访问正文在首句中断，只能确认任命方向，无法从该来源核对生效日期、过渡安排和 Serra Verde 合并细节。
重要性评级
评级：2/5（中低）
事件与 USAR 直接相关，但付费墙只留下不完整导语，新增事实少于同批次完整报道。
关键事实
- USA Rare Earth 股票代码为 USAR。
- 公司于07/20（未给出具体时刻）表示已选择 Thras Moraitis 接任首席执行官。
- 现任首席执行官将退休，但截断文本未显示姓名及日期。
- 文章发布于美东时间 07/20 09:29（UTC+8 07/20 21:29）。
- 正文需要付费订阅，现有归档没有完整文章。
作者观点与证据
现有文本是简短事实快讯，没有可识别的作者立场。证据限于新闻社导语，且句子在“首席执行官”处被截断。
与相关标的的关系
任命关系 USAR 管理层连续性及 Serra Verde 整合，但此篇无法单独证明具体职责、交接日期或并购安排。
时效性与限制
该快讯时间较新，信息完整度很低；同批次其他完整来源提供了更多细节，不能用其内容反向填充本篇缺失正文。
后续跟踪
- 公司正式公告中的生效日期
- 现任管理层过渡安排
- Serra Verde 交易交割条件
英文原文
USA Rare Earth Appoints Thras Moraitis as Chief Executive Officer
PREMIUM
USA Rare Earth Appoints Thras Moraitis as Chief Executive Officer
MT Newswires
Mon, July 20, 2026 at 9:29 PM GMT+8
- USAR
+3.74%
USA Rare Earth (USAR) said Monday it selected Thras Moraitis to succeed retiring chief executive off
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财报周前美股盘前走高
重要性2/5 中低
只能提供大盘盘前背景，正文缺失且对 SOXX 没有可见的直接数据。
中文摘要
核心结论
MT Newswires 的可见导语显示，在重要公司业绩发布前，美股大盘交易所交易基金和股指期货盘前上涨，SPY 上涨0.5%。正文受付费墙限制，无法确认 SOXX 的表现、具体财报名单及推动市场的其他因素。
重要性评级
评级：2/5（中低）
报道提供近期盘前风险偏好背景，但与 SOXX 的直接事实很少，且价格快照已经失去大部分时效价值。
关键事实
- SPY 在盘前上涨0.5%。
- 标题称交易所交易基金和股指期货在重要业绩发布前走高。
- 元数据关联 QQQ、SOXX、台积电、阿里巴巴及多个行业基金。
- 文章发布于美东时间 07/20 09:07（UTC+8 07/20 21:07）。
- 当前归档只保留被截断的首句，完整正文需要付费订阅。
作者观点与证据
可访问部分属于市场快讯，没有完整作者分析。除 SPY 盘前涨幅外，标题所述财报驱动没有公司名单、期货点位或市场成交数据支持。
与相关标的的关系
SOXX 仅出现在关联标的中，现有正文没有其涨跌数据。SPY 与 QQQ 可提供大盘和科技风险偏好背景，但不能说明半导体板块内部变化。
时效性与限制
盘前快照发布于美东时间 07/20 09:07（UTC+8 07/20 21:07），之后可能迅速反转。正文严重缺失，无法用该篇评估财报预期或收盘走势。
后续跟踪
- SOXX 与主要芯片股的实际收盘表现
- 关键公司财报与指引
- 盘前期货和现货市场的偏差
英文原文
Exchange-Traded Funds, Equity Futures Higher Pre-Bell Monday Ahead of Key Earnings Reports
PREMIUM
Exchange-Traded Funds, Equity Futures Higher Pre-Bell Monday Ahead of Key Earnings Reports
MT Newswires
Mon, July 20, 2026 at 9:07 PM GMT+8 4 min read
- BTC-USD
+1.43%
- QQQ
+1.85%
- SPY
+0.83%
- ^GSPC
+0.89%
- ^DJI
+0.74%
The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.5%, and the actively tra
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芯片回撤考验人工智能估值
重要性3/5 中
覆盖多个相关半导体ETF并提供回撤与盈利数字，但结论带有明显推荐倾向，且部分证据为二手市场叙事。
中文摘要
核心结论
文章把半导体急跌解释为前期涨幅过大后的估值修正，认为人工智能基础设施需求尚未出现决定性逆转；这一立场主要依赖盈利增长、资金轮动和期权活动。
重要性评级
评级：3/5（中）
文章覆盖SOXL、SMH等多个半导体ETF并汇总一周跌幅与盈利数据，但Zacks带有产品推荐倾向，多项判断转引二手报道。
关键事实
- 费城半导体指数周五下跌1.6%，全周下跌约10%，为一年多来最大单周跌幅。
- 该指数较06月底（未给出具体日期）高点回撤逾20%，年内仍上涨逾60%。
- SOXL（每日三倍做多半导体ETF）较06月底高点下跌逾50%，文章所述一周跌幅为22.8%。
- 高盛称，多家大型对冲基金在此前建立较大仓位后削减了人工智能基础设施龙头敞口。
- 月之暗面发布开放权重模型Kimi K3；另有报道称Google（谷歌）的Gemini 3.5 Pro模型进度延后数月。
- 文章称Micron（美光科技）季度盈利增长1,350.1%，营收增长345.7%。
- 若剔除Micron与NVIDIA（英伟达），Zacks科技板块二季度盈利预计增长25.3%；计入二者则为48.8%。
- DRAM一周下跌8.3%、一个月下跌逾30%，年内仍上涨约90%。
作者观点与证据
作者主张本轮波动属于估值调整，并以半导体盈利增长、看涨期权活动及投资者继续保留人工智能敞口为依据。期权交易不能单独证明基本面见底，Google产品延迟与Kimi K3对资本开支回报的影响也尚未量化。
与相关标的的关系
SOXL对板块日内波动提供三倍杠杆暴露，回撤幅度显著高于指数。SMH、SMHX、SHOC和CHPX分别提供半导体、无晶圆厂芯片及人工智能芯片主题敞口，持仓结构并不相同。
时效性与限制
发布于美东时间 07/20 09:00（UTC+8 07/20 21:00）。价格和一周表现已可能随07/21反弹变化；文章包含Zacks评级及推广内容，部分市场事实源自Reuters（路透社）和Bloomberg（彭博社）的二次转述。
后续跟踪
- 芯片公司二季度业绩与资本开支指引
- SOXL相对费城半导体指数的波动放大程度
- Kimi K3的实际成本与算力需求
- 对冲基金人工智能基础设施仓位变化
英文原文
AI-Driven Chip Rally Hits a Speed Bump: Buy the Dip in ETFs?
AI-Driven Chip Rally Hits a Speed Bump: Buy the Dip in ETFs?
Sanghamitra Saha
Mon, July 20, 2026 at 9:00 PM GMT+8 4 min read
- SHOC
+5.15%
- SOXL
+15.88%
- CHPX
+5.79%
- SMHX
+4.21%
- SMH
+4.52%
A sharp selloff in semiconductor stocks last week has rattled markets globally, raising questions about whether the AI-fueled rally had become overextended.
Investors across Asia, Europe and the United States pulled back from AI-linked and momentum stocks that have driven market gains for much of the year.
The Philadelphia SE Semiconductor Index fell 1.6% on Friday and tumbled about 10% for the week, marking its sharpest weekly decline in more than a year, per Reuters, as quoted on Yahoo Finance. The index is now down more than 20% from its late-June record high, placing it in bear market territory, though it remains up more than 60% year to date.
Profit-Taking and Valuation Concerns
Market participants attributed much of the weakness to profit-taking following a massive rally. Chuck Carlson, chief executive of Horizon Investment Services, suggested that the decline was driven more by portfolio repositioning than by deteriorating business fundamentals, per the same Reuters source.
Fresh AI Developments Fuel Investor Anxiety
Several developments intensified concerns over AI spending during the month.
Chinese AI startup Moonshot unveiled what it described as the world's largest open-weight AI model, renewing investor scrutiny over whether U.S. technology companies will generate adequate returns on their enormous AI investments.
Separately, a Bloomberg report indicated that Alphabet's Google is running months behind schedule in launching its flagship Gemini 3.5 Pro AI model, adding to worries about the pace of AI innovation.
Global Technology Stocks Come Under Pressure
The semiconductor selloff coincided with weakness across global equity markets.
South Korea's KOSPI briefly entered bear market territory last, while Japan's Nikkei slipped into correction territory. Europe's technology sector also ranked among the week's weakest performers, per the above-mentioned source.
Leveraged Semiconductor ETFs Hit Hard
The pullback has been even more pronounced in leveraged semiconductor ETFs.
The Direxion Daily Semiconductor Bull 3X ETF SOXL has plunged more than 50% from its late-June high. The fund slumped 22.8% last week.
Goldman Sachs indicated that several large hedge funds have recently reduced exposure to leading AI infrastructure companies after building sizable positions earlier in the year, per the above-mentioned Reuters source.
According to Walter Todd, chief investment officer at Greenwood Capital, many investors had become overly confident that AI-related stocks would continue climbing. Those who borrowed money to buy these names may now be facing margin calls as prices decline.
Story Continues
Investors Rotate Rather Than Exit AI: How to Trade AI Now?
Despite the volatility, market participants do not appear to be abandoning AI investments altogether. Options activity also suggested bargain hunting. Several semiconductor names, including SK Hynix , Micron Technology and SanDisk , attracted bullish options trades in recent sessions.
Should You Be Selective in AI Trades?
U.S.-listed shares of SK Hynix briefly traded below their offering price before recovering to finish modestly higher on Friday. So, Direxion Daily SK Hynix Bull 2X ETF (SKHL), Leverage Shares 2x Long SK Hynix Daily ETF (SKHX) and T-REX 2X Long SKHY Daily Target ETF (HYNX) could be options to play (read: Tap SK Hynix's Memory Leadership With These New Leveraged ETFs).
Note that 16 single-stock leverage products tied to Samsung Electronics and SK Hynix, including two inverse products, fetched about 7 trillion won over one month, as quoted on Seoul Economics Daily. So, who says AI trade is dead?
Micron 's MU underperformance last Friday was respectable as the stock slipped only 0.5%. The company has already reported Q2 results, with earnings up 1350.1% on 345.7% higher revenues. So, MU-heavy ETFs like iShares MSCI USA Value Factor ETF VLUE, Strive U.S. Semiconductor ETF SHOC and Global X AI Semiconductor & Quantum ETF CHPX should be in focus.
Earnings Paint the True Story of AI Companies
The Q2 earnings season has started strong. Many S&P 500 companies will report over the coming weeks. Two companies — Micron and NVIDIA — are significant contributors to the Tech sector's robust growth expectations, per the Earnings Trends.
Barring the contribution from Micron and NVIDIA, Q2 earnings for the rest of the Zacks Tech sector would be up 25.3% (vs. 48.8% otherwise). Hence, although NVIDIA is down 3.7% over the past month, one can consider this a buying opportunity. VanEck Fabless Semiconductor ETF SMHX and VanEck Semiconductor ETF SMH are some NVDA-heavy ETFs.
Bottom Line
AI mania is not over yet. What's happening currently is a valuation correction. Despite the immense demand for memory, the Roundhill Memory ETF DRAM lost 8.3% last week and more than 30% past month. Even with these selloffs, the DRAM ETF is still up about 90% this year.
So, recent corrections can be seen as healthy. Investors can take this as a buying opportunity as long as the AI boom remains in place (read: Memory Stocks & ETF DRAM in Bear Market: Time to Buy the Dip?).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Micron Technology, Inc. (MU) : Free Stock Analysis Report
VanEck Semiconductor ETF (SMH): ETF Research Reports
iShares MSCI USA Value Factor ETF (VLUE): ETF Research Reports
Strive U.S. Semiconductor ETF (SHOC): ETF Research Reports
VanEck Fabless Semiconductor ETF (SMHX): ETF Research Reports
Global X AI Semiconductor & Quantum ETF (CHPX): ETF Research Reports
This article originally published on Zacks Investment Research (zacks.com).
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Moraitis将执掌合并后USAR
重要性3/5 中
来源质量较高并补充28亿美元交易规模，但正文缺失限制了可验证细节。
中文摘要
核心结论
《华尔街日报》导语确认，USA Rare Earth 计划在与 Serra Verde 完成28亿美元合并后，由 Serra Verde 首席执行官 Thras Moraitis 领导合并公司。现有归档只有一段导语，无法评估交易条款和整合计划。
重要性评级
评级：3/5（中）
权威媒体导语确认交易金额和继任安排，对 USAR 有直接价值，但正文缺失，事实密度较低。
关键事实
- USA Rare Earth 与 Serra Verde 的合并规模为28亿美元。
- Serra Verde 首席执行官 Thras Moraitis 将领导合并后的公司。
- 任命以两家公司完成合并为前提。
- 文章发布于美东时间 07/20 07:59（UTC+8 07/20 19:59）。
- 可访问文本只有导语，后续内容未归档。
作者观点与证据
导语采用事实报道口径，没有展开作者判断。28亿美元交易规模和继任安排由《华尔街日报》报道，但现有文本未呈现公司文件、支付结构或审批状态。
与相关标的的关系
该事件直接关系 USAR 的控制、整合和管理责任。Moraitis 来自被合并方，显示 Serra Verde 的运营团队将在合并后承担重要角色。
时效性与限制
交易完成仍是任命生效的前置条件；归档缺少正文，不能确认28亿美元采用何种股权价值口径，也无法判断条款是否变化。
后续跟踪
- 合并审批与交割进度
- 28亿美元交易价值的计算口径
- 合并后管理层和董事会构成
- Serra Verde 资产整合计划
英文原文
USA Rare Earth Names Serra Verde CEO Moraitis to Lead Combined Company
USA Rare Earth Names Serra Verde CEO Moraitis to Lead Combined Company
USA Rare Earth Names Serra Verde CEO Moraitis to Lead Combined Company · The Wall Street Journal · Roger Kisby for The Wall Street Journal
Paul Ziobro
Mon, July 20, 2026 at 7:59 PM GMT+8 1 min read
- USAR
+3.74%
USA Rare Earth named Serra Verde Group Chief Executive Thras Moraitis to lead the company following the completion of a $2.8 billion combination of the two mining companies.
Continue Reading
USAR管理层与并购同步交接
重要性5/5 高
第一方公告完整覆盖 USAR 管理层、并购、政府融资和执行风险，是同批次该事件的主要证据。
中文摘要
核心结论
USAR 官方公告把管理层交接与 Serra Verde 合并、政府融资及“矿山到磁体”扩张明确连接：Moraitis 将负责整合和规模化生产，Blitzer 转任执行董事长。公告提供最完整的日期、履历和风险清单，但关于产能、协同与交易完成的表述均含前瞻性。
重要性评级
评级：5/5（高）
这是 USAR 对管理层变动的第一方完整公告，直接影响并购、运营和融资；同时需要按发行人新闻稿识别其利益倾向。
关键事实
- Barbara Humpton 将于10/01（未给出具体时刻）辞去首席执行官和董事职务，Thras Moraitis 同日接任。
- Serra Verde 合并预计于8月底前完成；过渡期内 Moraitis 将以总裁身份管理合并公司运营。
- Michael Blitzer 已立即出任执行董事长，并为重要股东。
- Serra Verde 于04/01至04/30期间（均未给出具体时刻）签署与 USAR 合并的最终协议；公告未给出具体签署日。
- Moraitis 自2023年1月领导 Serra Verde，职业生涯参与约40宗交易，并曾共同创办56亿美元矿业投资基金 X2 Resources。
- 公告称 Blitzer 自 USAR 2025年上市后推动超过50亿美元资本募集，并参与16亿美元美国政府公私合作项目。
- USAR 资产覆盖巴西 Pela Ema 矿山、得州 Round Top、英国 Less Common Metals 和俄克拉何马州 Stillwater 磁体设施。
- 前瞻风险包括并购无法按期完成、产能延期、资本成本上升、股权稀释、政府融资条件、原料供应及客户意向无法转为正式订单。
作者观点与证据
公司将交接描述为平台建设完成后进入运营阶段，并突出 Moraitis 的并购整合经验。任命、生效日和履历属于第一方事实；“行业冠军”“全球领先”等表述属于发行人宣传。风险章节清楚表明交易、产能、融资和盈利均未获得保证。
与相关标的的关系
公告直接重塑 USAR 的管理责任和执行评价标准。Moraitis 同时熟悉 Serra Verde，有利于交割后的运营衔接；Blitzer 的执行董事长角色及政府融资约束也意味着治理、资本与政策条件将持续影响项目进度。
时效性与限制
公告发布于美东时间 07/20 07:00（UTC+8 07/20 19:00），属于付费新闻稿。公司是信息利益相关方，产能、协同、交易时间和政府资金释放均需后续申报文件及实际运营验证。
后续跟踪
- Serra Verde 合并交割和代理投票文件
- 政府融资里程碑与资金释放
- Stillwater 商业投产时间和产能爬坡
- Pela Ema、Round Top 的资本开支与许可进度
英文原文
USA Rare Earth Announces Leadership Transition
This is a paid press release. Contact the press release distributor directly with any inquiries.
USA Rare Earth Announces Leadership Transition
USA Rare Earth, Inc.
Mon, July 20, 2026 at 7:00 PM GMT+8 13 min read
- USAR
+3.74%
USA Rare Earth, Inc. Barbara Humpton to retire and Thras Moraitis to become CEO, both effective October 1, 2026
Michael Blitzer elected Executive Chairman, effective immediately
STILLWATER, Okla., July 20, 2026 (GLOBE NEWSWIRE) -- USA Rare Earth, Inc. (Nasdaq: USAR) ("USAR", "USA Rare Earth", or the "Company"), announced today that Barbara Humpton will retire as Chief Executive Officer and Board Director on October 1, 2026. USAR's Board of Directors has named Thras Moraitis, current CEO of the Serra Verde Group ("Serra Verde") and a highly experienced operator in the rare earths industry, as Ms. Humpton's successor. Mr. Moraitis will assume the CEO role on October 1, 2026, following the anticipated completion of USAR's combination with Serra Verde by the end of August. During the interim period, Mr. Moraitis will continue to oversee the combined company's operations as President.
Michael Blitzer, current Chairman of USAR's Board and significant shareholder in the Company, has been elected Executive Chairman, effective immediately. Since its public listing, he has played a central role in setting USAR's strategic direction, anchoring its vision to build a global mine-to-magnet value chain and identifying organic and inorganic growth opportunities. He also helped lead USAR's efforts to obtain U.S. government financing, including by personally agreeing to restrictions on the transfer of his USAR common stock until certain strategic funding release milestones under the government financing are satisfied.
Ms. Humpton has been instrumental in steering USAR's mine-to-magnet strategy, overseeing company milestones that have fundamentally transformed the Western critical minerals landscape. Under her leadership, USAR secured landmark public-private partnerships and established a global footprint spanning critical processing, metals, and magnet capabilities. She has also helped establish a culture that attracts the best and brightest minds across the sector.
Mr. Moraitis has served as Chief Executive Officer of Serra Verde since January 2023 and has an unparalleled track record of operational execution, strategic development and transaction leadership in the rare earths sector. Over his tenure, Serra Verde transformed into the only large-scale producer of the four critical magnetic rare earths outside of Asia and a pioneer of the Brazilian rare earths sector. In April 2026, Serra Verde entered into a definitive agreement to combine with USAR, creating a platform to support the first fully integrated, Western mine-to-magnet supply chain. Prior to Serra Verde, Mr. Moraitis served on the Executive Committee of Xstrata, led by CEO Sir Mick Davis, where he and the team grew Xstrata into a US$65B company, ultimately selling it to Glencore in 2013.
Story Continues
"On behalf of the Board of Directors, I want to thank Barbara for her leadership and contributions to USA Rare Earth – including securing landmark public-private agreements, advancing our global mine-to-magnet strategy and building an exceptional portfolio of industry leading assets," said Michael Blitzer, Executive Chairman of USA Rare Earth's Board of Directors. "With the Serra Verde combination nearing completion and our overall focus shifting to execution, Barbara and the Board agree this is the right time for a leadership transition. Thras is among a rare group of leaders in this industry, with a proven record of carrying companies through integration and large-scale project execution, honed over his many years helping build Xstrata. He knows what it takes to build an industry champion, and his relentless focus on operational excellence will be invaluable as we ramp to full production and scale. We are confident Thras is the right leader to guide USAR through this pivotal next chapter and deliver lasting value for all our stakeholders."
"When I joined USAR, I said this work was about being part of a mission that matters: strengthening national security, advancing American industrial competitiveness and building the critical supply chains required for the future," said Ms. Humpton. "With the close of the Serra Verde transaction approaching and focus shifting to execution, the Board and I agree this is the right time to pass the torch to Thras. I could not be more grateful to the USAR team for what we have built, and the Board and our partners for their collaboration and commitment to those efforts. I look forward to supporting Thras and the team, and watching them execute on the transformative work that lies ahead."
Mr. Moraitis concluded, "I am honored and excited to take on this role and grateful to Barbara for the strong foundation she has built. Over the past year, under Barbara's leadership, the company has been transformed into a leading rare earth platform with enormous potential for growth. Through the merger integration preparation, I have become deeply familiar with USAR's operations across all steps in the value chain, its mission-critical ambitions and the importance of what it is building. Mike, the Board and I are all closely aligned in our vision for USAR: to create a platform comprising all components of the rare earth value chain, with the scale and capabilities to lead this industry globally. The rare earth industry and our customers are facing the unprecedented challenge of building secure, integrated supply chains to power the vital technologies propelling our society forward. Together, with our team and partners around the world, we will rise to this challenge."
Additional Details About Thras Moraitis
Prior to joining Serra Verde in 2023, Mr. Moraitis served as Chief Development Officer and a member of the Executive Board of EuroChem Group AG. Mr. Moraitis was also a co-founder of X2 Resources, a US$5.6B mining investment fund. He previously served as Group Head of Strategy and Corporate Affairs and as a member of the Executive Committee of Xstrata Plc, where he was responsible for strategic development, post-acquisition integration, leadership development, external affairs and investor relations as well as Xstrata's technology business. He has been involved in approximately 40 transactions over the course of his career and currently serves as an advisor to Vision Blue Resources. Mr. Moraitis holds an honors BSc in Electrical Engineering, a postgraduate qualification in Computer Science and an MBA.
About Michael Blitzer
Michael Blitzer is a Founder and Managing Partner of Inflection Point, the leading financial sponsor of companies at the intersection of national security, technology, and critical infrastructure. Across eight announced or closed public listings, he has led Inflection Point's portfolio of strategically important assets, including more than US$5B of capital raised to catalyze growth across the portfolio. He has led billions of dollars in strategic M&A to scale portfolio companies into public leaders in their respective industries. As the financial sponsor and Chairman of USA Rare Earth since its 2025 public listing, Mr. Blitzer has overseen a nearly tenfold increase in market capitalization through M&A and the landmark US$1.6B public-private partnership with the United States Government.
About USA Rare Earth, Inc.
USA Rare Earth, Inc. (Nasdaq: USAR) is building a fully integrated rare earth and permanent magnet value chain across the United States, the United Kingdom, as well as plans for expansion in France and Brazil. Through its ownership of Less Common Metals (LCM), one of the world's leading producers of rare earth metals and alloys, its magnet manufacturing capacity in Stillwater, Oklahoma, the planned acquisition of the Pela Ema mine in Brazil (subject to closing the Serra Verde Group transaction) and the Round Top deposit in Texas, USA Rare Earth operates across the entire value chain from mining to metal-making, alloy production and neodymium magnet manufacturing. USA Rare Earth is establishing a secure, Western supply of materials essential to the aerospace and defense, semiconductor, energy, data center, physical AI, mobility, healthcare and other key industrial sectors. For more information, visit www.usare.com .
Forward Looking Statements
Cautionary Note Regarding Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding USAR's expectations for future development, operations, strategies, transactions and financial performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as "anticipate," "can," "continue," "could," "growth," "may," "might," "plan," "potential," "project," "propose," "should," "target," "vision," "will," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
Forward-looking statements are subject to risks and uncertainties and potentially inaccurate assumptions that could cause actual results to differ materially from our expectations, including without limitation: risks that the proposed transactions with Serra Verde Group, Carester SAS and Texas Mineral Resources Corp. may not be consummated on their anticipated timelines or at all; we may not realize the anticipated benefits of our proposed and prior acquisitions, including expected synergies, financial performance, estimated earnings before interest, taxes, depreciation and amortization and, in the case of Serra Verde, integration of operations, on the anticipated timeline or at all; the ability of our magnet manufacturing facility in Stillwater, Oklahoma (the "Stillwater facility") or other future magnet manufacturing facilities to commence commercial operations on the timing and with the production capacity anticipated or at all; our limited operating history; our ability to commercially extract minerals from the Round Top deposit in Texas on our anticipated timeline or at all; risks that we may experience delays, unforeseen expenses, increased capital costs, and other complications in operating our business; our ability to raise necessary capital on acceptable terms or at all; potential dilution to existing stockholders and adverse effect on our stock price if we issue additional common stock or equity-linked securities; the volatility of our stock price; our ability to satisfy project milestones and other conditions to disbursement under our financing arrangement with the DOC on the anticipated timeline or at all; our dependence on continued governmental support for the DOC financing transactions, which remains subject to changes in laws, regulations, administrations and appropriations; extensive affirmative and negative covenants, domestic content and national security guardrail provisions and ongoing reporting obligations in the DOC financing agreements that restrict our operational and financial flexibility; the risk that defaults under the DOC funding agreements could trigger cross-defaults across our financing arrangements; the impact of the DOC's equity interest in us on our ability to pursue strategic transactions and on our relationships with customers, suppliers, partners and other counterparties; the availability of rare earth oxide, metal feedstock and other materials, utilities (including power and water) and equipment in quantities and prices that allow us to develop and commercially operate our Stillwater facility and other facilities; our ability to meet individual customer specifications and manufacture a consistently high quality product; fluctuations in demand for and prices of our products, including without limitation as a result of dumping, predatory pricing and other tactics by our competitors or state actors or the overall competitive environment; our ability to achieve positive cash flow or profitability or the ability to access cash flow within our corporate structure due to restrictions contained in our financing agreements; our ability to convert current commercial discussions and/or memorandums of understanding with customers for the sale of our neo magnets and other products into definitive orders; geopolitical developments or disruptions, such as changes in the political environment, export/import or environmental policy of the People's Republic of China, the United States or other countries in which we operate or sell products or otherwise; limitations imposed on our business by the Chinese government; war, terrorism, natural disasters or public health emergencies; our ability to retain or recruit key personnel; environmental, health and safety regulations; and our ability to comply with requirements for federal, state and local government incentives and financing.
Additional risks and detailed information regarding factors that may cause actual results to differ materially has been and will be included in our filings with the SEC. Any forward-looking statements speak only as of the date of this report (or such other date as is specified in such statements), and USAR undertakes no obligation to update any forward-looking statements as a result of new information or future events or developments, except to the extent required by law.
Additional Information and Where to Find It
In connection with our business combination with Serra Verde (the "Serra Verde Merger"), USAR filed the Preliminary Proxy Statement and, following SEC review, intends to file a definitive proxy statement (together with any amendments or supplements thereto, the "Proxy Statement"), to be distributed to USAR's stockholders in connection with USAR's solicitation of proxies for the vote by USAR's stockholders with respect to the issuance of USAR common stock as merger consideration and other matters described in the Proxy Statement. SVRE's shareholders approved the merger by written consent which was delivered concurrently with the signing of the merger agreement and will not receive a proxy statement or prospectus. USAR also plans to file with or furnish to the SEC other relevant documents regarding the Serra Verde Merger. After SEC review of the preliminary proxy statement is completed, the definitive Proxy Statement will be mailed to stockholders of USAR. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ALL OTHER RELEVANT DOCUMENTS THAT ARE OR WILL BE FILED WITH OR FURNISHED TO THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER AND RELATED MATTERS.
Investors and security holders will be able to obtain free copies of the Proxy Statement and other documents containing important information about USAR and the Serra Verde Merger, once such documents are filed with or furnished to the SEC through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with or furnished to the SEC by USAR will be available free of charge on USAR's website at investors.usare.com or by contacting USAR's Investor Relations department by email at IR@usare.com. The information included on, or accessible through, USAR's website is not incorporated by reference into this communication.
Participants in the Solicitation
USAR and certain of its directors and executive officers and other members of its management and employees may be deemed to be participants in the solicitation of proxies in respect of the Serra Verde Merger.
Information about the directors and executive officers of USAR, including a description of their direct or indirect interests, by security holdings or otherwise, is contained in USAR's Preliminary Proxy Statement. Any changes in the holdings of USAR's securities by USAR's directors or executive officers from the amounts described in the Preliminary Proxy Statement will be reflected in Statements of Changes in Beneficial Ownership on Form 4 ("Form 4") or Annual Statements of Changes in Beneficial Ownership of Securities on Form 5 ("Form 5") subsequently filed with the SEC and available at the SEC's website at www.sec.gov. Additional information regarding the interests of such participants will be contained in the Proxy Statement when available.
No Offer or Solicitation
This communication is for informational purposes only and is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval on the Serra Verde Merger or otherwise, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or pursuant to an applicable exemption therefrom.
Investor Contact
JB Lowe
Vice President, Investor Relations
USA Rare Earth, Inc.
ir@usare.com
Media Contact
Collected Strategies
USAR-CS@collectedstrategies.com
半导体熊市仍有下探风险
重要性4/5 中高
直接涉及SOXX的熊市回撤和进一步下探判断，数字明确且时效较强，但预测及归因集中于单一策略师观点。
中文摘要
核心结论
Ed Yardeni认为，半导体板块虽年内仍大幅上涨，但近期回撤尚未充分释放风险；标普500半导体指数可能再跌12%，测试200日均线。
重要性评级
评级：4/5（中高）
文章直接覆盖SOXX及大盘与科技板块的显著背离，数据和风险判断清晰；主要结论来自单一策略师，事件归因仍需其他来源验证。
关键事实
- SOXX（iShares半导体交易所交易基金）较06/02（未给出具体时刻）高点下跌20.3%，进入技术性熊市。
- 标普500指数约处于7,500点，距离06/02（未给出具体时刻）历史高点仅2.0%。
- DRAM（Roundhill存储芯片交易所交易基金）从06/22（未给出具体时刻）的80.72美元高点回落约35%。
- Yardeni预计标普500半导体指数还可能下跌12%至200日均线。
- 文章将近期压力联系到韩国三星电子、SK海力士的保证金追缴，以及月之暗面发布的2.8万亿参数开放权重模型Kimi K3。
- 截至文章口径，SOXX年内仍上涨71.13%，标普500和纳斯达克100分别上涨8.94%和12.29%。
作者观点与证据
文章采纳Yardeni的谨慎立场，以指数回撤幅度、技术均线及跨市场压力为依据。保证金追缴和Kimi K3被列作抛售诱因，但原文未提供资金流、仓位清算规模或模型经济性数据，因果强度有限。
与相关标的的关系
SOXX是直接研究对象；标普500指数用于显示大盘平静与半导体剧烈回撤的差异。DRAM和SK海力士提供存储芯片子行业的风险参照。
时效性与限制
发布于美东时间 07/20 04:02（UTC+8 07/20 16:02），检索于美东时间 07/21 22:52（UTC+8 07/22 10:52）。文章由Benzinga编辑审核，但注明部分内容由人工智能工具协助制作；Yardeni的12%预测属于技术分析判断。
后续跟踪
- SOXX与200日均线的距离及成交量
- 韩国科技股保证金压力是否缓解
- Kimi K3的实际推理成本与企业采用情况
- 半导体相对标普500的强弱变化
英文原文
SOXX Enters Bear Market: Why Ed Yardeni Says Semiconductor Stocks Could Fall Another 12%
SOXX Enters Bear Market: Why Ed Yardeni Says Semiconductor Stocks Could Fall Another 12%
Rishabh Mishra
Mon, July 20, 2026 at 4:02 PM GMT+8 3 min read
- ^GSPC
+0.89%
- SOXX
+5.45%
The broader stock market remains seemingly calm, but a brutal 20% semiconductor plunge has veteran strategist Ed Yardeni warning that high-flying tech equities have even further to fall.
While the S&P 500 is hovering securely around the 7,500 level—just 2.0% below its June 2 all-time high—momentum tech stocks are in freefall.
Tech Wreck Beneath the Surface
"The surface stayed calm while the engine broke," Yardeni noted, highlighting the stark divergence between the broader market and the tech sector.
The ETF tracking the semiconductor index, iShares Semiconductor ETF (NASDAQ: SOXX ), has plummeted 20.3% from its June 2 peak, officially entering bear market territory.
The damage is even more severe in hyper-growth momentum names. The Roundhill Memory ETF (BATS: DRAM ), which skyrocketed from its April launch to peak at $80.72 on June 22, is down roughly 35% since then.
Read Also: Tech Rout Deepens on China's AI Shock, Crude Rises to $81: Stock Market Today
Margin Calls and AI Competition Trigger Selloff
According to Yardeni's QuickTakes analysis, this violent tech correction is being driven by a sudden convergence of international pressures. Heavy margin calls on South Korean tech giants Samsung and SK Hynix Inc. (NASDAQ: SKHY ) have severely weighed on U.S. memory chip and semiconductor equities in recent trading sessions.
Adding fuel to the fire, Chinese AI lab Moonshot recently launched Kimi K3, a massive 2.8-trillion-parameter open-weight model. The release, which Moonshot claims rivals top-tier models from OpenAI and Anthropic , has revived DeepSeek -era fears regarding AI commoditization.
Because of these cascading pressures, Yardeni is not calling the bottom just yet. He explicitly warned that the "S&P 500 Semiconductors stock price index is likely to fall another 12% to its 200-day moving average."
Strategic Rotations: Financials and Healthcare
This aggressive selloff validates Yardeni Research's earlier defensive posturing. The firm proactively downgraded the S&P 500 Information Technology sector to market weight on Dec. 7, 2025.
Instead of catching falling knives in the semiconductor space, Yardeni is advocating for a sector rotation strategy. The firm maintains an overweight rating on the Financials and Health Care sectors, which have successfully weathered the recent storm.
Yardeni emphasized that these traditional sectors are holding up well, buoyed by a booming investment banking environment and strong performance across the biotechnology industry.
Price Action in Tech and Broader Market
Story Continues
While the SOXX ETF has risen by 71.13% year-to-date, the S&P 500 and Nasdaq 100 indices have gained 8.94% and 12.29%, respectively. Meanwhile, the DRAM ETF has advanced by 95.26% since its listing in April.
Additionally, futures for the S&P 500, Dow Jones, and Nasdaq 100 indices were mixed in overnight trading, with Dow and S&P 500 futures falling and Nasdaq 100 futures advancing.
Read Also: SanDisk's 40% Drop From Peak: Value Trap or Once-in-a-Generation Buy?
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
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This article SOXX Enters Bear Market: Why Ed Yardeni Says Semiconductor Stocks Could Fall Another 12% originally appeared on Benzinga.com
© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
USA Rare Earth管理层交接
重要性4/5 中高
官方披露管理层更替并直接连接重大合并与产能执行，对USAR研究优先级较高。
中文摘要
核心结论
USA Rare Earth将于10/01完成首席执行官交接：Barbara Humpton退休，Serra Verde现任首席执行官Thras Moraitis接任；Michael Blitzer已立即转任执行董事长。调整发生在两家公司合并预计于8月底完成、战略重心转向整合与量产执行之际。
重要性评级
评级：4/5（中高）
这是USAR官方发布的重大管理层与并购整合信息，对稀土供应链项目执行具有直接意义；合并完成时间、产能扩张和政府融资仍属前瞻安排。
关键事实
- Humpton将于10/01退休，并离任首席执行官及董事。
- Moraitis将于10/01接任首席执行官，过渡期继续以总裁身份管理合并后业务。
- USAR预计在8月底前完成与Serra Verde的合并。
- Blitzer立即出任执行董事长；公司称其协助取得美国政府融资，并接受与资金释放里程碑相关的股份转让限制。
- Moraitis自2023年1月起担任Serra Verde首席执行官。
- 公司称Serra Verde是亚洲以外唯一大规模生产四种关键磁性稀土的企业。
- Moraitis曾参与约40项交易，并曾参与将Xstrata发展为650亿美元公司。
- USAR称其2025年上市以来市值增长近十倍，并建立16亿美元美国政府公私合作项目。
- 合并完成后，公司计划连接巴西Pela Ema矿、得州Round Top矿、英国金属与合金能力及俄克拉荷马磁体制造。
作者观点与证据
公司把此次交接描述为从平台搭建转向并购整合、满产爬坡和大规模项目执行。任命和生效日期属于正式公司决定；市场地位、全球领先能力及未来价值创造主要是管理层陈述。
与相关标的的关系
USAR直接受管理层交接、Serra Verde合并、政府融资和矿到磁体产业链执行影响。Moraitis的整合经验与项目按期交付将成为公司战略兑现的重要观察变量。
时效性与限制
公告日期为07/20（未给出具体时刻）。Serra Verde交易仍需完成相关程序；新闻稿包含前瞻性陈述，并列出审批、融资、许可、建设、技术和客户订单转化等风险。
后续跟踪
- Serra Verde合并能否在8月底前完成
- 10/01管理层交接与整合计划
- 政府资金释放里程碑
- 矿山、金属合金和磁体产能爬坡
英文原文
USA Rare Earth Announces Leadership Transition - Mon, 07/20/2026 - 07:00
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Release Details
##
USA Rare Earth Announces Leadership Transition
Jul 20, 2026
PDF Version
Barbara Humpton to retire and Thras Moraitis to become CEO, both effective October 1, 2026
Michael Blitzer elected Executive Chairman, effective immediately
STILLWATER, Okla., July 20, 2026 (GLOBE NEWSWIRE) -- USA Rare Earth, Inc. (Nasdaq: USAR) (“USAR”, “USA Rare Earth”, or the “Company”), announced today that Barbara Humpton will retire as Chief Executive Officer and Board Director on October 1, 2026. USAR’s Board of Directors has named Thras Moraitis, current CEO of the Serra Verde Group (“Serra Verde”) and a highly experienced operator in the rare earths industry, as Ms. Humpton’s successor. Mr. Moraitis will assume the CEO role on October 1, 2026, following the anticipated completion of USAR’s combination with Serra Verde by the end of August. During the interim period, Mr. Moraitis will continue to oversee the combined company’s operations as President.
Michael Blitzer, current Chairman of USAR's Board and significant shareholder in the Company, has been elected Executive Chairman, effective immediately. Since its public listing, he has played a central role in setting USAR’s strategic direction, anchoring its vision to build a global mine-to-magnet value chain and identifying organic and inorganic growth opportunities. He also helped lead USAR’s efforts to obtain U.S. government financing, including by personally agreeing to restrictions on the transfer of his USAR common stock until certain strategic funding release milestones under the government financing are satisfied.
Ms. Humpton has been instrumental in steering USAR’s mine-to-magnet strategy, overseeing company milestones that have fundamentally transformed the Western critical minerals landscape. Under her leadership, USAR secured landmark public-private partnerships and established a global footprint spanning critical processing, metals, and magnet capabilities. She has also helped establish a culture that attracts the best and brightest minds across the sector.
Mr. Moraitis has served as Chief Executive Officer of Serra Verde since January 2023 and has an unparalleled track record of operational execution, strategic development and transaction leadership in the rare earths sector. Over his tenure, Serra Verde transformed into the only large-scale producer of the four critical magnetic rare earths outside of Asia and a pioneer of the Brazilian rare earths sector. In April 2026, Serra Verde entered into a definitive agreement to combine with USAR, creating a platform to support the first fully integrated, Western mine-to-magnet supply chain. Prior to Serra Verde, Mr. Moraitis served on the Executive Committee of Xstrata, led by CEO Sir Mick Davis, where he and the team grew Xstrata into a US$65B company, ultimately selling it to Glencore in 2013.
”On behalf of the Board of Directors, I want to thank Barbara for her leadership and contributions to USA Rare Earth – including securing landmark public-private agreements, advancing our global mine-to-magnet strategy and building an exceptional portfolio of industry leading assets,” said Michael Blitzer, Executive Chairman of USA Rare Earth’s Board of Directors. “With the Serra Verde combination nearing completion and our overall focus shifting to execution, Barbara and the Board agree this is the right time for a leadership transition. Thras is among a rare group of leaders in this industry, with a proven record of carrying companies through integration and large-scale project execution, honed over his many years helping build Xstrata. He knows what it takes to build an industry champion, and his relentless focus on operational excellence will be invaluable as we ramp to full production and scale. We are confident Thras is the right leader to guide USAR through this pivotal next chapter and deliver lasting value for all our stakeholders."
“When I joined USAR, I said this work was about being part of a mission that matters: strengthening national security, advancing American industrial competitiveness and building the critical supply chains required for the future,” said Ms. Humpton. “With the close of the Serra Verde transaction approaching and focus shifting to execution, the Board and I agree this is the right time to pass the torch to Thras. I could not be more grateful to the USAR team for what we have built, and the Board and our partners for their collaboration and commitment to those efforts. I look forward to supporting Thras and the team, and watching them execute on the transformative work that lies ahead.”
Mr. Moraitis concluded, “I am honored and excited to take on this role and grateful to Barbara for the strong foundation she has built. Over the past year, under Barbara’s leadership, the company has been transformed into a leading rare earth platform with enormous potential for growth. Through the merger integration preparation, I have become deeply familiar with USAR's operations across all steps in the value chain, its mission-critical ambitions and the importance of what it is building. Mike, the Board and I are all closely aligned in our vision for USAR: to create a platform comprising all components of the rare earth value chain, with the scale and capabilities to lead this industry globally. The rare earth industry and our customers are facing the unprecedented challenge of building secure, integrated supply chains to power the vital technologies propelling our society forward. Together, with our team and partners around the world, we will rise to this challenge.”
Additional Details About Thras Moraitis
Prior to joining Serra Verde in 2023, Mr. Moraitis served as Chief Development Officer and a member of the Executive Board of EuroChem Group AG. Mr. Moraitis was also a co-founder of X2 Resources, a US$5.6B mining investment fund. He previously served as Group Head of Strategy and Corporate Affairs and as a member of the Executive Committee of Xstrata Plc, where he was responsible for strategic development, post-acquisition integration, leadership development, external affairs and investor relations as well as Xstrata’s technology business. He has been involved in approximately 40 transactions over the course of his career and currently serves as an advisor to Vision Blue Resources. Mr. Moraitis holds an honors BSc in Electrical Engineering, a postgraduate qualification in Computer Science and an MBA.
About Michael Blitzer
Michael Blitzer is a Founder and Managing Partner of Inflection Point, the leading financial sponsor of companies at the intersection of national security, technology, and critical infrastructure. Across eight announced or closed public listings, he has led Inflection Point’s portfolio of strategically important assets, including more than US$5B of capital raised to catalyze growth across the portfolio. He has led billions of dollars in strategic M&A to scale portfolio companies into public leaders in their respective industries. As the financial sponsor and Chairman of USA Rare Earth since its 2025 public listing, Mr. Blitzer has overseen a nearly tenfold increase in market capitalization through M&A and the landmark US$1.6B public-private partnership with the United States Government.
About USA Rare Earth, Inc.
USA Rare Earth, Inc. (Nasdaq: USAR) is building a fully integrated rare earth and permanent magnet value chain across the United States, the United Kingdom, as well as plans for expansion in France and Brazil. Through its ownership of Less Common Metals (LCM), one of the world’s leading producers of rare earth metals and alloys, its magnet manufacturing capacity in Stillwater, Oklahoma, the planned acquisition of the Pela Ema mine in Brazil (subject to closing the Serra Verde Group transaction) and the Round Top deposit in Texas, USA Rare Earth operates across the entire value chain from mining to metal-making, alloy production and neodymium magnet manufacturing. USA Rare Earth is establishing a secure, Western supply of materials essential to the aerospace and defense, semiconductor, energy, data center, physical AI, mobility, healthcare and other key industrial sectors. For more information, visit www.usare.com .
Forward Looking Statements
Cautionary Note Regarding Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding USAR’s expectations for future development, operations, strategies, transactions and financial performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as “anticipate,” “can,” “continue,” “could,” “growth,” “may,” “might,” “plan,” “potential,” “project,” “propose,” “should,” “target,” “vision,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
Forward-looking statements are subject to risks and uncertainties and potentially inaccurate assumptions that could cause actual results to differ materially from our expectations, including without limitation: risks that the proposed transactions with Serra Verde Group, Carester SAS and Texas Mineral Resources Corp. may not be consummated on their anticipated timelines or at all; we may not realize the anticipated benefits of our proposed and prior acquisitions, including expected synergies, financial performance, estimated earnings before interest, taxes, depreciation and amortization and, in the case of Serra Verde, integration of operations, on the anticipated timeline or at all; the ability of our magnet manufacturing facility in Stillwater, Oklahoma (the “Stillwater facility”) or other future magnet manufacturing facilities to commence commercial operations on the timing and with the production capacity anticipated or at all; our limited operating history; our ability to commercially extract minerals from the Round Top deposit in Texas on our anticipated timeline or at all; risks that we may experience delays, unforeseen expenses, increased capital costs, and other complications in operating our business; our ability to raise necessary capital on acceptable terms or at all; potential dilution to existing stockholders and adverse effect on our stock price if we issue additional common stock or equity-linked securities; the volatility of our stock price; our ability to satisfy project milestones and other conditions to disbursement under our financing arrangement with the DOC on the anticipated timeline or at all; our dependence on continued governmental support for the DOC financing transactions, which remains subject to changes in laws, regulations, administrations and appropriations; extensive affirmative and negative covenants, domestic content and national security guardrail provisions and ongoing reporting obligations in the DOC financing agreements that restrict our operational and financial flexibility; the risk that defaults under the DOC funding agreements could trigger cross-defaults across our financing arrangements; the impact of the DOC’s equity interest in us on our ability to pursue strategic transactions and on our relationships with customers, suppliers, partners and other counterparties; the availability of rare earth oxide, metal feedstock and other materials, utilities (including power and water) and equipment in quantities and prices that allow us to develop and commercially operate our Stillwater facility and other facilities; our ability to meet individual customer specifications and manufacture a consistently high quality product; fluctuations in demand for and prices of our products, including without limitation as a result of dumping, predatory pricing and other tactics by our competitors or state actors or the overall competitive environment; our ability to achieve positive cash flow or profitability or the ability to access cash flow within our corporate structure due to restrictions contained in our financing agreements; our ability to convert current commercial discussions and/or memorandums of understanding with customers for the sale of our neo magnets and other products into definitive orders; geopolitical developments or disruptions, such as changes in the political environment, export/import or environmental policy of the People’s Republic of China, the United States or other countries in which we operate or sell products or otherwise; limitations imposed on our business by the Chinese government; war, terrorism, natural disasters or public health emergencies; our ability to retain or recruit key personnel; environmental, health and safety regulations; and our ability to comply with requirements for federal, state and local government incentives and financing.
Additional risks and detailed information regarding factors that may cause actual results to differ materially has been and will be included in our filings with the SEC. Any forward-looking statements speak only as of the date of this report (or such other date as is specified in such statements), and USAR undertakes no obligation to update any forward-looking statements as a result of new information or future events or developments, except to the extent required by law.
Additional Information and Where to Find It
In connection with our business combination with Serra Verde (the “Serra Verde Merger”), USAR filed the Preliminary Proxy Statement and, following SEC review, intends to file a definitive proxy statement (together with any amendments or supplements thereto, the “ Proxy Statement ”), to be distributed to USAR’s stockholders in connection with USAR’s solicitation of proxies for the vote by USAR’s stockholders with respect to the issuance of USAR common stock as merger consideration and other matters described in the Proxy Statement. SVRE’s shareholders approved the merger by written consent which was delivered concurrently with the signing of the merger agreement and will not receive a proxy statement or prospectus. USAR also plans to file with or furnish to the SEC other relevant documents regarding the Serra Verde Merger. After SEC review of the preliminary proxy statement is completed, the definitive Proxy Statement will be mailed to stockholders of USAR. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ALL OTHER RELEVANT DOCUMENTS THAT ARE OR WILL BE FILED WITH OR FURNISHED TO THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER AND RELATED MATTERS.
Investors and security holders will be able to obtain free copies of the Proxy Statement and other documents containing important information about USAR and the Serra Verde Merger, once such documents are filed with or furnished to the SEC through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with or furnished to the SEC by USAR will be available free of charge on USAR’s website at investors.usare.com or by contacting USAR’s Investor Relations department by email at IR@usare.com. The information included on, or accessible through, USAR’s website is not incorporated by reference into this communication.
Participants in the Solicitation
USAR and certain of its directors and executive officers and other members of its management and employees may be deemed to be participants in the solicitation of proxies in respect of the Serra Verde Merger.
Information about the directors and executive officers of USAR, including a description of their direct or indirect interests, by security holdings or otherwise, is contained in USAR’s Preliminary Proxy Statement. Any changes in the holdings of USAR’s securities by USAR’s directors or executive officers from the amounts described in the Preliminary Proxy Statement will be reflected in Statements of Changes in Beneficial Ownership on Form 4 (“Form 4”) or Annual Statements of Changes in Beneficial Ownership of Securities on Form 5 (“Form 5”) subsequently filed with the SEC and available at the SEC’s website at www.sec.gov. Additional information regarding the interests of such participants will be contained in the Proxy Statement when available.
No Offer or Solicitation
This communication is for informational purposes only and is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval on the Serra Verde Merger or otherwise, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or pursuant to an applicable exemption therefrom.
Investor Contact
JB Lowe
Vice President, Investor Relations
USA Rare Earth, Inc.
ir@usare.com
Media Contact
Collected Strategies
USAR-CS@collectedstrategies.com
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萨凡纳河AI算力能源项目
重要性4/5 中高
官方披露的算力和电源规模较大，对人工智能基础设施与能源政策研究有直接价值，但项目仍处早期谈判阶段。
中文摘要
核心结论
美国能源部国家核安全管理局选定Amentum就萨凡纳河基地分阶段租约展开谈判，拟建设1吉瓦人工智能数据中心及约2吉瓦现场发电设施，能源方案计划由天然气过渡至核能。
重要性评级
评级：4/5（中高）
官方公告给出大型数据中心与配套电源的明确规模，反映美国联邦土地、人工智能基础设施和能源政策结合；项目目前仅进入谈判阶段，尚未获得最终租约。
关键事实
- DOE/NNSA（美国能源部国家核安全管理局）通过竞争性征求方案选定Amentum进入租约谈判。
- 项目位于南卡罗来纳州萨凡纳河基地。
- 规划包括1吉瓦人工智能数据中心和约2吉瓦现场发电能力。
- 发电组合拟以天然气作为过渡能源，后续转向核能。
- 项目目标之一是满足自身用电，并提高电网可用电力，避免向现有公用事业客户转移成本。
- 美国能源部于2025年4月识别16处可支持人工智能数据中心及能源设施的联邦场址。
- 萨凡纳河基地与另外三处场址获选推进私营开发。
- 最终协议仍取决于租约谈判、许可、安全与安保评估及其他联邦审批。
作者观点与证据
NNSA把项目定位为人工智能领导力、可靠发电和国家安全的结合，并强调公私合作可加快建设。选定谈判方和规划容量属于官方事实；建设速度、对电网的净贡献及天然气转核能路径尚未形成最终协议。
与相关标的的关系
输入未提供直接股票代码。Amentum是谈判主体，项目可为数据中心建设、电力设备、天然气和核能供应链提供政策背景，但公告没有披露承包商、投资额、开工日期或设备采购安排。
时效性与限制
公告日期为07/20（未给出具体时刻）。进入谈判不等于最终授标，容量、技术路线和建设计划均可能在审批及合同阶段变化。
后续跟踪
- 分阶段租约能否签署
- 项目投资额与建设时间表
- 2吉瓦电源的天然气和核能配置
- 许可、安全评估及供应商名单
英文原文
NNSA Selects Amentum for AI Data Center and Energy Project at Savannah River Site
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NNSA Selects Amentum for AI Data Center and Energy Project at Savannah River Site
Proposed public-private partnership would pair a 1-gigawatt data center with on-site energy generation
National Nuclear Security Administration
July 20, 2026
Estimated Read Time min
WASHINGTON — The U.S. Department of Energy’s National Nuclear Security Administration (DOE/NNSA) today announced the selection of Amentum to enter negotiations for a phased lease to develop an artificial intelligence data center and dedicated on-site energy generation source at the Savannah River Site in South Carolina. The selection follows a competitive request for proposals issued by NNSA for the Savannah River Site Artificial Intelligence Infrastructure and Energy Generation Project.
This project supports the Trump administration’s goals of utilizing Federal lands to lower energy costs and help power the global AI race, as outlined in President Trump’s Executive Orders on Accelerating Federal Permitting of Data Center Infrastructure, Deploying Advanced Nuclear Reactor Technologies for National Security, and Unleashing American Energy.
“This proposed partnership represents an opportunity to strengthen America’s leadership in artificial intelligence, expand reliable energy generation, and strengthen our national security,” said NNSA Administrator Brandon Williams . “By working with the private sector, we can move faster, apply innovative technologies, and make productive use of federal land while maintaining our commitment to mission delivery.”
Consistent with the Trump Administration’s Ratepayer Protection Pledge, the proposed project pairs new AI infrastructure with dedicated on-site energy generation, helping ensure the project’s electricity needs are met without shifting costs to existing utility customers. The project includes a 1-gigawatt data center and approximately 2-gigawatts of on-site energy generation consisting of natural gas bridging to nuclear energy.
Through the proposed project, NNSA and Amentum intend to:
- Rapidly construct a data center supported by sufficient on-site power generation while increasing the availability of power to the grid.
- Accelerate the development of AI and energy infrastructure.
- Use public-private partnerships to advance innovative technologies and strategies.
In April 2025, DOE identified 16 federal sites that could support the construction of AI data centers and associated energy infrastructure. The Savannah River Site and three other locations were selected to move forward with efforts to invite private-sector development. Selection for negotiations does not constitute a final lease award. Any agreement will be subject to successful negotiations and all applicable permitting requirements, safety and security evaluations, and other federal approvals.
Additional information about the project and lease negotiations will be released through the appropriate channels as it becomes available.
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两家人工智能基建商的规模落差
重要性4/5 中高
公司申报数据清楚展示 APLD 与 CRWV 的收入、债务及估值差异，对 APLD 基本面阅读价值较高。
中文摘要
核心结论
CoreWeave（人工智能云服务商）的收入规模和增速远超数据中心运营商 Applied Digital，但双方均依赖高负债扩张。文章认为，两者商业模式不同，单看收入增长不足以覆盖盈利、债务与估值风险。
重要性评级
评级：4/5（中高）
文章以公司申报文件量化 APLD 与 CRWV 的收入、债务和估值差异，直接关系 APLD，但部分结论带有作者持仓与推广内容影响。
关键事实
- CoreWeave 季度收入由2024年第二季度的3.954亿美元增至2026年第一季度的21亿美元。
- Applied Digital 同期季度收入由1,470万美元增至1.266亿美元；截至02/28（未给出具体时刻）的财季同比增长139%。
- CoreWeave 截至03/31（未给出具体时刻）的季度净利润率为-36%，业务积压接近1,000亿美元，债务约250亿美元。
- Applied Digital 截至02/28（未给出具体时刻）的季度净利润率为-78%，资产负债表债务约26亿美元。
- Applied Digital 已于05/05（未给出具体时刻）分拆云业务，并向 CoreWeave 出租数据中心。
- 文章列示 CoreWeave 市销率约6倍，Applied Digital 约21倍；数据截至07/16（未给出具体时刻）。
作者观点与证据
作者倾向认可 CoreWeave 的收入扩张和积压订单支撑，同时强调设备投入、亏损及债务压力。比较数据主要来自公司申报文件，文末的历史荐股业绩和订阅推广不能证明两家公司未来回报。
与相关标的的关系
APLD 的收入和租赁需求与主要客户 CoreWeave 的扩张直接相连，但21倍市销率、负自由现金流及26亿美元债务提高了执行要求。CRWV 的规模优势伴随更大的绝对债务和客户需求争议。
时效性与限制
文章发布于美东时间 07/19 19:51（UTC+8 07/20 07:51），使用截至07/16（未给出具体时刻）的财务数据。两家公司财季截止日不同，收入比较未调整资本结构、租约期限和客户集中度；作者披露持有 CRWV。
后续跟踪
- CoreWeave 积压订单转化速度及利息支出
- Applied Digital 数据中心投产、出租率和融资条件
- 两家公司自由现金流与净利润率变化
- APLD 对 CoreWeave 的客户集中度
英文原文
CoreWeave vs. Applied Digital: Evaluating Disparities in Revenue Scale for These Artificial Intelligence Companies
CoreWeave vs. Applied Digital: Evaluating Disparities in Revenue Scale for These Artificial Intelligence Companies
Robert Izquierdo, The Motley Fool
Mon, July 20, 2026 at 7:51 AM GMT+8 4 min read
- CRWV
+8.92%
- APLD
+7.90%
CoreWeave: Consistent Revenue Expansion
CoreWeave (NASDAQ:CRWV) operates a specialized cloud computing environment that provides bare-metal virtual servers, storage solutions, and advanced networking resources for enterprise clients.
It recently faced a class action lawsuit regarding customer demand statements, and it reported a -36% net income margin for the quarter ended March 31, 2026.
Applied Digital: Managing Data Center Operations
Applied Digital (NASDAQ:APLD) designs, develops, and manages digital infrastructure and data center solutions for high-performance computing industries and specialized hosting customers across North America.
It completed the separation of its cloud business into a new entity on May 5, 2026, while recording a -78% net income margin for the quarter ended Feb. 28, 2026.
Why Revenue Matters for Retail Investors
Revenue shows the total money a business brings in during a specific period before any expenses are deducted, helping investors gauge the overall size and scale of operations.
Quarterly Revenue for CoreWeave and Applied Digital
Quarter (Period End)
CoreWeave Revenue
Applied Digital Revenue
Q2 2024
$395.4 million (period ended June 2024)
$14.7 million (period ended May 2024)
Q3 2024
$583.9 million (period ended Sept. 2024)
$60.7 million (period ended Aug. 2024)
Q4 2024
$747.4 million (period ended Dec. 2024)
$63.9 million (period ended Nov. 2024)
Q1 2025
$981.6 million (period ended March 2025)
$52.9 million (period ended Feb. 2025)
Q2 2025
$1.2 billion (period ended June 2025)
$38.0 million (period ended May 2025)
Q3 2025
$1.4 billion (period ended Sept. 2025)
$64.2 million (period ended Aug. 2025)
Q4 2025
$1.6 billion (period ended Dec. 2025)
$126.6 million (period ended Nov. 2025)
Q1 2026
$2.1 billion (period ended March 2026)
$126.6 million (period ended Feb. 2026)
Data source: Company filings. Data as of July 16, 2026.
Foolish Take
CoreWeave and Applied Digital share a symbiotic relationship. Applied Digital rents out its data centers to CoreWeave. That adds an interesting twist to the revenue comparison between the two, since CoreWeave sales are soaring while Applied Digital is showing a more modest pace of growth, an indication of the differences in their business models.
CoreWeave's focus on renting out computing power to artificial intelligence customers is driving its spectacular sales expansion. In the first quarter, revenue surpassed $2 billion, and the company announced a backlog of business worth nearly $100 billion. This bodes well for a continuation of its sales growth trend. However, supplying the equipment needed to support AI is expensive, and the company has amassed about $25 billion in debt at the end of Q1.
Story Continues
As a data center landlord, Applied Digital enjoyed a 139% year-over-year increase in revenue to $126.6 million for its fiscal third quarter ended Feb. 28. But like CoreWeave, it had to take on debt to continue building data centers with about $2.6 billion on its fiscal Q3 balance sheet.
The high debt load for each has turned off Wall Street investors, leading to a drop in share price for both companies. But of the two, CoreWeave's price-to-sales ratio of six is around a low point for the past year, while Applied Digital is far more expensive with a sales multiple of 21.
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Robert Izquierdo has positions in CoreWeave. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy .
CoreWeave vs. Applied Digital: Evaluating Disparities in Revenue Scale for These Artificial Intelligence Companies was originally published by The Motley Fool
芯片ETF越跌资金越涌入
重要性4/5 中高
同时提供价格回撤和基金净流入数据，能直接观察DRAM、SOXX、SMH及SOXL的承接强度；数据存在数日滞后。
中文摘要
核心结论
半导体ETF在大幅回撤期间仍录得约247亿美元净流入，资金行为显示投资者把下跌视作增加板块敞口的窗口；高流入没有消除高估值、集中度和人工智能资本开支持续性风险。
重要性评级
评级：4/5（中高）
文章给出DRAM、SOXX、SMH和SOXL的价格与资金流对照，对判断回撤期间的承接强度很有价值，数据截至07/17附近，较日报日期略有滞后。
关键事实
- 自06/22（未给出具体时刻）高点以来，DRAM从80.72美元最低跌至48.64美元，回撤接近40%。
- 同期SOXX下跌24%、SMH下跌20%，三倍杠杆SOXL下跌61%。
- 不足一个月内，DRAM流入88亿美元、SOXX流入85亿美元、SOXL流入51亿美元、SMH流入23亿美元，合计247亿美元。
- DRAM当前资产约234亿美元，接近06月底（未给出具体日期）259亿美元的峰值，新增资金抵消了大部分市值损失。
- 各基金此前高点对应的年内涨幅分别为SOXX 118%、SMH 86%、DRAM 191%、SOXL 616%。
- Kimi K3引发开放模型可能压低人工智能基础设施需求的讨论，但早期分析认为其能力有竞争力，单位任务成本仍不占优。
作者观点与证据
作者倾向把回撤归因于获利了结，并用巨额净流入支持投资者仍认可人工智能基础设施长期逻辑的判断。资金流只能证明买方承接，无法确认盈利预期或估值已经稳定；文章也承认人工智能资本开支持续多久仍无确定答案。
与相关标的的关系
DRAM、SOXX、SMH和SOXL均为直接研究对象。SOXL的三倍日内杠杆使其61%的回撤不能与非杠杆基金作线性比较，DRAM则集中于存储芯片主题。
时效性与限制
发布于美东时间 07/17 18:49（UTC+8 07/18 06:49），数据早于07/21板块反弹。原文未说明资金流数据供应商及逐日明细，流入规模需结合基金资产变化进一步核验。
后续跟踪
- 四只ETF后续净流入是否延续
- DRAM资产规模与净值的分解
- 人工智能资本开支指引变化
- 杠杆ETF在高波动期的路径损耗
英文原文
Investors Pour $25B Into Semiconductor ETFs as DRAM Plunges 40%
Investors Pour $25B Into Semiconductor ETFs as DRAM Plunges 40%
Sumit Roy
Sat, July 18, 2026 at 6:49 AM GMT+8 3 min read
- SMH
+4.52%
- SOXL
+15.88%
ETF Investing Tools Semiconductor stocks ripped higher through the second quarter. Then the third quarter started, profit-taking kicked in, familiar worries about the AI trade resurfaced, and the whole group rolled over.
ETF investors have responded by buying with both hands.
The big semiconductor ETFs peaked on June 22. Since that date, the Roundhill Memory ETF (DRAM) has fallen from 80.72 to an intraday low of 48.64 on Friday, a drop of nearly 40%.
The iShares Semiconductor ETF (SOXX) lost 24% over the same stretch and the VanEck Semiconductor ETF (SMH) lost 20%. The leveraged Direxion Daily Semiconductor Bull 3X Shares (SOXL) fell 61%.
All four have taken in enormous amounts of money anyway. DRAM pulled in $8.8 billion, SOXX $8.5 billion, SOXL $5.1 billion and SMH $2.3 billion, a combined $24.7 billion in under a month.
The DRAM figures highlight just how forceful the buying has been. The fund lost close to 40% of its value, yet the amount of money invested in the fund sits at $23.4 billion today, only a touch below the late-June peak of $25.9 billion. Inflows have almost entirely offset the market losses.
High Flyers Retreat
The hardest hit semiconductor stocks have been the ones that ran the furthest. Micron Technology, one of the biggest beneficiaries of high bandwidth memory demand, Marvell Technology, which sells custom AI silicon and optical interconnect products to hyperscalers, and the semicap giant Applied Materials have all given back a large chunk of their gains.
There is a simple explanation for what happened. These stocks went up an extraordinary amount in a short amount of time, and some of the air came out.
At its high, SOXX was up 118% year to date, SMH was up 86%, and DRAM, which only launched in April, was up 191%. The 3x leveraged SOXL was up an incredible 616%.
Even after the pullback, all four remain solidly higher on the year.
Other Explanations
While profit taking is the simplest read, there are more elaborate explanations available for anyone who wants one.
Investors have questioned the sustainability of the AI buildout for a few years now, and even though capital expenditure budgets at the largest technology companies keep rising, the questions about whether it can all last resurface every few months.
More recently, the release of Kimi K3, a Chinese open source model that reportedly rivals US frontier models from Anthropic and OpenAI, has prompted comparisons to the DeepSeek episode in early 2025, when the prospect of cheap Chinese models briefly convinced the market that AI infrastructure spending would come down.
The concerns are real and worth considering. Nobody knows how much longer capex on AI infrastructure can keep climbing, and nobody knows what a credible open source frontier model does to demand for closed frontier models, and by extension to demand for the infrastructure underneath them.
The early read from analysts is that Kimi K3 is competitive on capability but not on cost per task, which complicates the picture.
Still, despite the concerns and the pullback, the broader bull case for AI infrastructure has not changed much, and flows suggest investors are treating the drawdown as a buying opportunity rather than a sign that the top is in.
Permalink | © Copyright 2026 etf.com. All rights reserved
美债曲线全线抬升并维持陡峭
重要性5/5 当日关键数据
数据更新至最近交易日，来自美国财政部，直接刻画美国国债期限结构及跨资产贴现率环境。
中文摘要
核心结论
美国财政部数据显示，07/21美国国债期限利率普遍高于前一交易日，2年期为4.26%、10年期为4.63%、30年期为5.13%。长端继续明显高于短端，期限溢价与长期融资成本处于高位。
重要性评级
评级：5/5（当日关键数据）
数据来自美国财政部，更新至最近交易日，直接覆盖UST（美国国债）曲线，并为美元、权益估值和跨资产贴现率提供基准。
关键事实
- 07/21（未给出具体时刻）的1个月、3个月、6个月和1年期利率分别为3.75%、3.87%、4.02%和4.08%。
- 2年、5年、10年、20年和30年期分别为4.26%、4.37%、4.63%、5.14%和5.13%。
- 相比07/20（未给出具体时刻），2年期上升5个基点，10年期上升3个基点，30年期上升2个基点。
- 10年期较2年期高37个基点，30年期较3个月期高126个基点，曲线保持正斜率。
- CMT（固定期限国债）利率由财政部根据最新发行国债的场外市场指示性买方报价插值得出。
- 报价由纽约联储在美东时间07/21 15:30（UTC+8 07/22 03:30）前后取得，属于买方侧市场指示，不代表实际成交。
作者观点与证据
页面提供官方利率序列和方法说明，没有方向性市场观点。曲线抬升与陡峭程度可直接由相邻交易日及不同期限数据计算，但原文未解释利率上升的事件原因。
与相关标的的关系
UST直接对应美国国债期限结构。较高的长端利率会进入美元资产贴现率、按揭及企业融资成本；页面自身没有提供DXY（美元指数）、股票或信用利差数据，无法单凭该表判断其他资产的实际反应。
时效性与限制
元数据时间为美东时间07/17 15:30（UTC+8 07/18 03:30），但正文表格已包含07/21数据，并于美东时间07/21 22:53（UTC+8 07/22 10:53）抓取。利率基于指示性买方报价和模型插值，不能替代具体债券的实时可执行卖价收益率。
后续跟踪
- 2年与10年期限利差
- 20年和30年长端利率
- 后续交易日曲线是否继续整体上移
- 实际成交收益率与官方指示性曲线的差异
英文原文
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Date
20 YR
30 YR
Extrapolation Factor
6 WEEKS BANK DISCOUNT
COUPON EQUIVALENT
8 WEEKS BANK DISCOUNT
COUPON EQUIVALENT
17 WEEKS BANK DISCOUNT
COUPON EQUIVALENT
52 WEEKS BANK DISCOUNT
COUPON EQUIVALENT
1 Mo
1.5 Mo
2 Mo
3 Mo
4 Mo
6 Mo
1 Yr
2 Yr
3 Yr
5 Yr
7 Yr
10 Yr
20 Yr
30 Yr
01/02/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.72
3.71
3.66
3.65
3.62
3.58
3.47
3.47
3.55
3.74
3.95
4.19
4.81
4.86
01/05/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.71
3.68
3.64
3.64
3.61
3.57
3.47
3.46
3.53
3.71
3.92
4.17
4.79
4.85
01/06/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.70
3.70
3.61
3.63
3.58
3.56
3.48
3.47
3.54
3.72
3.93
4.18
4.80
4.86
01/07/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.70
3.69
3.60
3.62
3.60
3.56
3.48
3.47
3.53
3.70
3.91
4.15
4.76
4.82
01/08/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.70
3.69
3.63
3.62
3.60
3.56
3.48
3.49
3.56
3.74
3.95
4.19
4.79
4.85
01/09/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.70
3.68
3.63
3.62
3.62
3.57
3.52
3.54
3.59
3.75
3.95
4.18
4.76
4.82
01/12/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.71
3.68
3.64
3.67
3.63
3.58
3.53
3.54
3.59
3.77
3.97
4.19
4.78
4.83
01/13/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.72
3.72
3.66
3.67
3.63
3.59
3.51
3.53
3.57
3.75
3.95
4.18
4.77
4.83
01/14/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.72
3.71
3.66
3.67
3.65
3.58
3.50
3.51
3.56
3.72
3.92
4.15
4.73
4.79
01/15/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.75
3.73
3.69
3.68
3.66
3.60
3.54
3.56
3.62
3.77
3.96
4.17
4.74
4.79
01/16/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.75
3.72
3.68
3.67
3.66
3.60
3.55
3.59
3.67
3.82
4.02
4.24
4.79
4.83
01/20/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.75
3.71
3.69
3.70
3.65
3.61
3.53
3.60
3.68
3.86
4.08
4.30
4.87
4.91
01/21/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.75
3.71
3.70
3.70
3.67
3.62
3.53
3.60
3.66
3.83
4.04
4.26
4.82
4.87
01/22/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.79
3.71
3.72
3.71
3.67
3.61
3.53
3.61
3.68
3.85
4.05
4.26
4.79
4.84
01/23/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.78
3.71
3.72
3.70
3.67
3.61
3.53
3.60
3.67
3.84
4.03
4.24
4.78
4.82
01/26/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.77
3.71
3.70
3.67
3.67
3.62
3.52
3.56
3.66
3.82
4.02
4.22
4.75
4.80
01/27/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.77
3.72
3.70
3.67
3.66
3.61
3.50
3.53
3.65
3.81
4.03
4.24
4.79
4.83
01/28/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.76
3.72
3.71
3.68
3.70
3.63
3.52
3.56
3.66
3.83
4.05
4.26
4.81
4.85
01/29/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.72
3.73
3.75
3.67
3.69
3.62
3.50
3.53
3.63
3.80
4.01
4.24
4.80
4.85
01/30/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.72
3.73
3.75
3.67
3.69
3.61
3.48
3.52
3.60
3.79
4.01
4.26
4.82
4.87
02/02/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.72
3.72
3.74
3.69
3.70
3.62
3.49
3.57
3.64
3.83
4.05
4.29
4.85
4.90
02/03/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.72
3.72
3.74
3.69
3.70
3.62
3.49
3.57
3.64
3.83
4.04
4.28
4.85
4.90
02/04/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.72
3.72
3.74
3.69
3.70
3.62
3.49
3.57
3.64
3.83
4.05
4.29
4.86
4.91
02/05/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.72
3.71
3.74
3.67
3.68
3.58
3.44
3.47
3.55
3.74
3.97
4.21
4.79
4.85
02/06/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.72
3.72
3.74
3.68
3.70
3.59
3.45
3.50
3.57
3.76
3.98
4.22
4.80
4.85
02/09/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.72
3.72
3.73
3.69
3.70
3.59
3.43
3.48
3.56
3.75
3.97
4.22
4.79
4.85
02/10/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.72
3.72
3.74
3.69
3.69
3.58
3.40
3.45
3.50
3.70
3.92
4.16
4.73
4.78
02/11/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.71
3.71
3.73
3.70
3.70
3.60
3.47
3.52
3.55
3.75
3.96
4.18
4.76
4.82
02/12/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.72
3.71
3.74
3.70
3.70
3.58
3.45
3.47
3.49
3.67
3.87
4.09
4.68
4.72
02/13/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.72
3.71
3.73
3.68
3.70
3.59
3.42
3.40
3.43
3.61
3.81
4.04
4.64
4.69
02/17/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.72
3.75
3.73
3.69
3.70
3.59
3.48
3.43
3.47
3.63
3.82
4.05
4.63
4.68
02/18/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.71
3.74
3.73
3.70
3.70
3.60
3.49
3.47
3.50
3.66
3.86
4.09
4.65
4.71
02/19/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.72
3.74
3.75
3.69
3.70
3.60
3.50
3.47
3.50
3.65
3.85
4.08
4.64
4.70
02/20/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.72
3.73
3.74
3.69
3.71
3.61
3.51
3.48
3.50
3.65
3.85
4.08
4.66
4.72
02/23/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.72
3.74
3.74
3.69
3.70
3.62
3.50
3.43
3.45
3.59
3.79
4.03
4.63
4.70
02/24/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.72
3.75
3.73
3.69
3.70
3.62
3.52
3.43
3.47
3.61
3.81
4.04
4.63
4.70
02/25/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.71
3.74
3.73
3.69
3.68
3.62
3.53
3.45
3.49
3.61
3.82
4.05
4.63
4.70
02/26/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.74
3.74
3.75
3.68
3.68
3.61
3.52
3.42
3.46
3.57
3.78
4.02
4.60
4.67
02/27/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.74
3.73
3.73
3.67
3.67
3.60
3.48
3.38
3.39
3.51
3.72
3.97
4.57
4.64
03/02/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.74
3.74
3.74
3.72
3.68
3.68
3.54
3.47
3.49
3.62
3.82
4.05
4.64
4.70
03/03/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.75
3.75
3.74
3.71
3.67
3.68
3.55
3.51
3.50
3.63
3.83
4.06
4.65
4.70
03/04/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.75
3.75
3.75
3.71
3.68
3.68
3.58
3.54
3.55
3.67
3.87
4.09
4.67
4.72
03/05/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.75
3.74
3.72
3.70
3.68
3.68
3.59
3.57
3.59
3.72
3.92
4.13
4.71
4.74
03/06/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.75
3.74
3.72
3.69
3.67
3.66
3.55
3.56
3.59
3.72
3.93
4.15
4.74
4.77
03/09/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.75
3.73
3.72
3.71
3.68
3.68
3.56
3.56
3.58
3.71
3.90
4.12
4.70
4.72
03/10/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.75
3.74
3.71
3.71
3.69
3.68
3.56
3.57
3.58
3.73
3.93
4.15
4.74
4.78
03/11/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.75
3.73
3.70
3.71
3.69
3.68
3.60
3.64
3.64
3.79
3.98
4.21
4.82
4.86
03/12/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.76
3.74
3.72
3.72
3.69
3.70
3.66
3.76
3.75
3.88
4.06
4.27
4.86
4.88
03/13/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.75
3.74
3.71
3.72
3.69
3.70
3.66
3.73
3.74
3.87
4.07
4.28
4.89
4.90
03/16/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.75
3.73
3.72
3.72
3.69
3.72
3.64
3.68
3.69
3.80
4.00
4.23
4.83
4.86
03/17/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.74
3.72
3.72
3.72
3.69
3.71
3.63
3.68
3.68
3.79
3.98
4.20
4.81
4.85
03/18/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.73
3.72
3.72
3.73
3.71
3.74
3.68
3.76
3.76
3.87
4.05
4.26
4.84
4.88
03/19/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.73
3.71
3.72
3.73
3.71
3.76
3.73
3.79
3.79
3.88
4.06
4.25
4.82
4.83
03/20/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.73
3.71
3.72
3.74
3.73
3.79
3.80
3.88
3.90
4.01
4.20
4.39
4.97
4.96
03/23/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.73
3.71
3.72
3.74
3.72
3.77
3.76
3.83
3.85
3.95
4.15
4.34
4.93
4.91
03/24/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.74
3.72
3.72
3.74
3.73
3.78
3.81
3.90
3.93
4.03
4.21
4.39
4.95
4.94
03/25/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.73
3.72
3.72
3.73
3.72
3.76
3.77
3.84
3.88
3.96
4.15
4.33
4.90
4.89
03/26/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.74
3.73
3.73
3.73
3.73
3.77
3.83
3.96
4.00
4.08
4.25
4.42
4.96
4.93
03/27/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.74
3.73
3.72
3.73
3.72
3.75
3.77
3.88
3.94
4.06
4.25
4.44
4.99
4.98
03/30/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.74
3.72
3.71
3.71
3.71
3.73
3.71
3.82
3.85
3.97
4.16
4.35
4.92
4.91
03/31/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.74
3.73
3.72
3.70
3.70
3.72
3.68
3.79
3.81
3.92
4.11
4.30
4.88
4.88
04/01/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.74
3.72
3.71
3.70
3.70
3.72
3.68
3.81
3.84
3.97
4.15
4.33
4.91
4.91
04/02/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.72
3.72
3.73
3.70
3.71
3.72
3.68
3.79
3.82
3.94
4.12
4.31
4.88
4.88
04/03/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.71
3.73
3.73
3.71
3.71
3.73
3.72
3.84
3.88
3.99
4.17
4.35
4.91
4.91
04/06/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.72
3.72
3.74
3.72
3.72
3.74
3.72
3.84
3.88
3.98
4.16
4.34
4.89
4.89
04/07/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.68
3.70
3.72
3.71
3.71
3.73
3.68
3.81
3.82
3.95
4.13
4.33
4.90
4.90
04/08/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.67
3.69
3.71
3.69
3.69
3.73
3.69
3.79
3.78
3.92
4.10
4.29
4.87
4.89
04/09/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.66
3.67
3.69
3.68
3.68
3.71
3.68
3.78
3.77
3.91
4.10
4.29
4.88
4.90
04/10/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.67
3.69
3.70
3.69
3.69
3.72
3.70
3.81
3.80
3.94
4.12
4.31
4.89
4.91
04/13/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.69
3.71
3.71
3.71
3.70
3.74
3.70
3.78
3.79
3.92
4.10
4.30
4.88
4.90
04/14/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.71
3.72
3.72
3.71
3.70
3.73
3.71
3.76
3.76
3.87
4.06
4.26
4.84
4.87
04/15/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.72
3.72
3.74
3.71
3.71
3.72
3.70
3.76
3.79
3.90
4.08
4.29
4.87
4.89
04/16/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.69
3.70
3.73
3.70
3.70
3.71
3.69
3.78
3.80
3.91
4.10
4.32
4.90
4.93
04/17/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.69
3.70
3.73
3.70
3.69
3.69
3.64
3.71
3.72
3.84
4.04
4.26
4.85
4.88
04/20/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.69
3.70
3.72
3.71
3.70
3.72
3.65
3.72
3.73
3.86
4.04
4.26
4.85
4.88
04/21/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.67
3.72
3.71
3.69
3.70
3.73
3.69
3.78
3.80
3.91
4.09
4.30
4.87
4.89
04/22/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.68
3.71
3.70
3.69
3.69
3.72
3.69
3.79
3.81
3.91
4.10
4.30
4.87
4.90
04/23/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.69
3.72
3.72
3.69
3.70
3.72
3.70
3.83
3.84
3.96
4.13
4.34
4.90
4.92
04/24/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.69
3.72
3.71
3.69
3.69
3.71
3.67
3.78
3.80
3.92
4.10
4.31
4.88
4.91
04/27/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.70
3.72
3.72
3.68
3.70
3.72
3.69
3.78
3.83
3.94
4.14
4.35
4.92
4.94
04/28/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.68
3.70
3.72
3.68
3.69
3.72
3.71
3.84
3.86
3.97
4.16
4.36
4.92
4.94
04/29/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.68
3.70
3.72
3.68
3.77
3.73
3.75
3.92
3.94
4.05
4.23
4.42
4.97
4.98
04/30/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.72
3.71
3.71
3.68
3.76
3.71
3.72
3.88
3.91
4.02
4.20
4.40
4.97
4.98
05/01/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.71
3.71
3.70
3.68
3.76
3.71
3.73
3.88
3.91
4.02
4.20
4.39
4.96
4.97
05/04/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.71
3.70
3.70
3.70
3.76
3.76
3.78
3.95
3.98
4.08
4.26
4.45
5.01
5.02
05/05/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.70
3.70
3.70
3.69
3.75
3.75
3.77
3.93
3.97
4.08
4.25
4.43
4.98
4.98
05/06/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.70
3.70
3.69
3.69
3.75
3.74
3.73
3.87
3.89
3.99
4.17
4.36
4.92
4.94
05/07/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.72
3.70
3.69
3.69
3.75
3.74
3.76
3.92
3.94
4.04
4.22
4.41
4.96
4.97
05/08/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.71
3.70
3.68
3.69
3.75
3.74
3.75
3.90
3.92
4.02
4.19
4.38
4.93
4.95
05/11/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.71
3.70
3.69
3.70
3.77
3.77
3.79
3.95
3.96
4.07
4.24
4.42
4.97
4.98
05/12/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.71
3.72
3.69
3.70
3.77
3.77
3.80
4.00
4.01
4.12
4.29
4.46
5.02
5.03
05/13/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.71
3.71
3.70
3.69
3.76
3.77
3.79
3.98
4.00
4.12
4.28
4.46
5.03
5.03
05/14/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.72
3.71
3.70
3.69
3.76
3.76
3.79
4.00
4.04
4.13
4.29
4.47
5.01
5.02
05/15/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.71
3.70
3.69
3.69
3.76
3.77
3.82
4.09
4.14
4.26
4.43
4.59
5.14
5.12
05/18/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.69
3.68
3.68
3.68
3.76
3.77
3.81
4.07
4.14
4.27
4.43
4.61
5.14
5.14
05/19/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.66
3.66
3.66
3.67
3.75
3.77
3.83
4.13
4.20
4.32
4.50
4.67
5.19
5.18
05/20/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.65
3.65
3.65
3.65
3.74
3.75
3.79
4.04
4.11
4.22
4.39
4.57
5.10
5.11
05/21/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.72
3.68
3.69
3.68
3.76
3.78
3.83
4.08
4.13
4.25
4.41
4.57
5.09
5.10
05/22/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.72
3.69
3.69
3.68
3.78
3.79
3.86
4.13
4.18
4.27
4.41
4.56
5.06
5.07
05/26/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.72
3.70
3.69
3.68
3.78
3.80
3.82
4.01
4.10
4.19
4.33
4.50
5.03
5.03
05/27/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.72
3.70
3.69
3.68
3.77
3.79
3.80
4.00
4.09
4.17
4.32
4.48
5.01
5.01
05/28/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.72
3.71
3.71
3.69
3.78
3.79
3.80
3.99
4.07
4.15
4.29
4.45
4.98
4.98
05/29/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.72
3.71
3.71
3.69
3.78
3.78
3.79
3.98
4.06
4.13
4.27
4.45
4.98
4.99
06/01/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.72
3.71
3.73
3.78
3.80
3.79
3.83
4.05
4.09
4.18
4.32
4.47
4.99
4.99
06/02/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.72
3.71
3.73
3.77
3.79
3.78
3.82
4.05
4.09
4.17
4.31
4.46
4.97
4.97
06/03/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.71
3.71
3.72
3.78
3.77
3.78
3.84
4.08
4.14
4.21
4.34
4.49
5.00
4.99
06/04/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.71
3.70
3.70
3.78
3.76
3.78
3.82
4.05
4.10
4.18
4.32
4.47
4.98
4.97
06/05/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.71
3.71
3.71
3.78
3.78
3.81
3.88
4.17
4.22
4.29
4.41
4.55
5.03
5.01
06/08/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.70
3.70
3.71
3.80
3.79
3.83
3.85
4.15
4.21
4.29
4.42
4.56
5.05
5.03
06/09/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.69
3.69
3.71
3.79
3.79
3.82
3.90
4.13
4.16
4.26
4.39
4.53
5.02
5.01
06/10/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.69
3.70
3.72
3.79
3.80
3.82
3.90
4.13
4.17
4.27
4.40
4.55
5.04
5.03
06/11/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.69
3.69
3.70
3.78
3.79
3.81
3.85
4.05
4.09
4.18
4.31
4.45
4.96
4.95
06/12/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.69
3.70
3.70
3.78
3.79
3.82
3.86
4.09
4.12
4.21
4.34
4.48
4.98
4.97
06/15/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.69
3.70
3.71
3.79
3.79
3.81
3.84
4.07
4.10
4.18
4.32
4.47
4.97
4.97
06/16/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.67
3.69
3.71
3.79
3.79
3.81
3.84
4.05
4.08
4.16
4.28
4.43
4.92
4.93
06/17/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.68
3.70
3.74
3.83
3.85
3.91
3.98
4.20
4.23
4.27
4.37
4.49
4.95
4.93
06/18/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.69
3.69
3.74
3.83
3.85
3.92
4.00
4.19
4.19
4.23
4.34
4.46
4.91
4.90
06/22/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.66
3.71
3.77
3.85
3.89
3.98
4.04
4.24
4.25
4.29
4.39
4.51
4.97
4.95
06/23/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.65
3.71
3.76
3.85
3.89
3.96
4.01
4.16
4.22
4.27
4.38
4.50
4.96
4.94
06/24/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.66
3.71
3.76
3.85
3.90
3.95
3.99
4.11
4.15
4.17
4.28
4.41
4.87
4.86
06/25/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.70
3.71
3.75
3.84
3.90
3.95
3.96
4.09
4.13
4.15
4.26
4.40
4.87
4.86
06/26/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.70
3.70
3.75
3.83
3.89
3.94
3.94
4.07
4.09
4.12
4.23
4.38
4.87
4.87
06/29/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.71
3.71
3.76
3.87
3.92
4.00
3.97
4.10
4.10
4.14
4.24
4.38
4.86
4.86
06/30/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.70
3.74
3.77
3.87
3.92
4.01
3.98
4.14
4.15
4.19
4.30
4.44
4.93
4.91
07/01/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.67
3.71
3.72
3.85
3.95
4.00
4.00
4.17
4.19
4.24
4.35
4.48
4.97
4.97
07/02/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.70
3.73
3.81
3.82
3.91
3.98
3.96
4.14
4.16
4.23
4.35
4.49
4.99
4.98
07/06/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.69
3.75
3.81
3.87
3.93
3.98
3.95
4.13
4.14
4.21
4.33
4.48
4.99
4.99
07/07/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.69
3.74
3.82
3.86
3.94
3.99
4.06
4.19
4.18
4.27
4.40
4.55
5.05
5.05
07/08/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.67
3.74
3.82
3.87
3.94
3.99
4.06
4.21
4.21
4.31
4.43
4.56
5.07
5.06
07/09/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.72
3.72
3.79
3.83
3.91
3.96
4.02
4.16
4.18
4.27
4.40
4.54
5.06
5.05
07/10/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.71
3.74
3.81
3.85
3.94
3.99
4.06
4.21
4.22
4.30
4.42
4.56
5.08
5.06
07/13/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.73
3.76
3.82
3.89
3.97
4.03
4.12
4.26
4.30
4.37
4.48
4.62
5.11
5.10
07/14/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.73
3.75
3.82
3.84
3.91
3.95
4.02
4.18
4.23
4.31
4.44
4.58
5.09
5.08
07/15/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.73
3.76
3.82
3.83
3.89
3.93
3.97
4.13
4.18
4.26
4.39
4.55
5.07
5.08
07/16/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.76
3.75
3.81
3.84
3.90
3.94
3.99
4.16
4.20
4.28
4.41
4.57
5.09
5.09
07/17/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.73
3.75
3.80
3.85
3.91
3.96
4.01
4.18
4.21
4.28
4.40
4.55
5.07
5.06
07/20/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.72
3.76
3.81
3.86
3.93
4.00
4.03
4.21
4.25
4.33
4.45
4.60
5.12
5.11
07/21/2026
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
3.75
3.81
3.81
3.87
3.96
4.02
4.08
4.26
4.31
4.37
4.50
4.63
5.14
5.13
Tuesday Jul 21, 2026
Tuesday Jul 21, 2026
*Series Break - Treasury updated its methodology for deriving yield curves. On 12/6/2021, Treasury began using a monotone convex spline (MC) method for deriving its official par yield curves and discontinued the use of the quasi-cubic Hermite spline (HS) methodology. All Treasury yield curve rates derived from yield curves that used the HS methodology - prior to implementation of the MC method - remain official. See the Yield Curve Methodology Change Information Sheet for more details.
** The 1.5-month constant maturity series began on February 18,
2025, with the first auction of a 6-week Treasury bill as a benchmark
Treasury security. Prior to this date, Treasury had issued Treasury bills
with 6-week maturities as cash management bills.
** The 4-month constant maturity series began on October 19, 2022, with the first auction of a 17-week Treasury bill as a benchmark Treasury security. Prior to this date, Treasury had issued Treasury bills with 17-week maturities as cash management bills.
The 2-month constant maturity series began on October 16, 2018, with the first auction of the 8-week Treasury bill.
30-year Treasury constant maturity series was discontinued on February 18, 2002 and reintroduced on February 9, 2006. From February 18, 2002 to February 8, 2006, Treasury published alternatives to a 30-year rate. See Long-Term Average Rate for more information.
Treasury discontinued the 20-year constant maturity series at the end of calendar year 1986 and reinstated that series on October 1, 1993. As a result, there are no 20-year rates available for the time-period January 1, 1987 through September 30, 1993.
Treasury Par Yield Curve Rates: These rates are commonly referred to as "Constant Maturity Treasury" rates, or CMTs. Yields are interpolated by the Treasury from the daily par yield curve. This curve, which relates the yield on a security to its time to maturity, is based on the closing market bid prices on the most recently auctioned Treasury securities in the over-the-counter market. These par yields are derived from indicative, bid-side market price quotations (not actual transactions) obtained by the Federal Reserve Bank of New York at or near 3:30 PM each trading day. The CMT yield values are read from the par yield curve at fixed maturities, currently 1, 1.5, 2, 3, 4 and 6 months and 1, 2, 3, 5, 7, 10, 20, and 30 years. This method provides a par yield for a 10-year maturity, for example, even if no outstanding security has exactly 10 years remaining to maturity.
Treasury Par Yield Curve Methodology: The Treasury par yield curve is estimated daily using a monotone convex spline method. Inputs to the model are indicative bid-side prices for the most recently auctioned nominal Treasury securities. Treasury reserves the option to make changes to the yield curve as appropriate and in its sole discretion. See our Treasury Yield Curve Methodology page for details.
Negative Yields and Nominal Constant Maturity Treasury Series Rates (CMTs): At times, financial market conditions, in conjunction with extraordinarily low levels of interest rates, may result in negative yields for some Treasury securities trading in the secondary market. Negative yields for Treasury securities most often reflect highly technical factors in Treasury markets related to the cash and repurchase agreement markets and are at times unrelated to the time value of money.
At such times, Treasury will not restrict the use of prices that correspond to negative yields as inputs to the monotone convex spline method. However, the derived par yield curve from these input prices for the Treasury nominal Constant Maturity Treasury series (CMTs) will be floored at zero. This decision is consistent with Treasury not accepting negative yields in Treasury nominal security auctions.
In addition, given that CMTs are used in many statutorily and regulatory determined loan and credit programs as well as for setting interest rates on non-marketable government securities, establishing a floor of zero more accurately reflects borrowing costs related to various programs.
For more information regarding these statistics contact the Office of Debt Management by email at debt.management@do.treas.gov
For other Public Debt information contact (202) 504-3550
Tuesday Jul 21, 2026
Tuesday Jul 21, 2026
Daily Treasury Bill Rates: These rates are the daily secondary market quotations on the most recently auctioned Treasury Bills for each maturity tranche (4-week, 6-week, 8-week, 13-week, 17-week, 26-week, and 52-week) for which Treasury currently issues new bills. Market quotations are obtained at approximately 3:30 PM each business day by the Federal Reserve Bank of New York. The Bank Discount rate is the rate at which a bill is quoted in the secondary market and is based on the par value, amount of the discount and a 360-day year. The Coupon Equivalent, also called the Bond Equivalent, or the Investment Yield, is the bill's yield based on the purchase price, discount, and a 365- or 366-day year. The Coupon Equivalent can be used to compare the yield on a discount bill to the yield on a nominal coupon security that pays semiannual interest with the same maturity date.
For more information regarding these statistics contact the Office of Debt Management by email at debt.management@do.treas.gov
For other Public Debt information contact (202) 504-3550.
Tuesday Jul 21, 2026
Tuesday Jul 21, 2026
Treasury Long-Term Average Rate and Extrapolation Factors. Beginning February 18, 2002, Treasury ceased publication of the 30-year constant maturity series. Instead, from February 19, 2002 through May 28, 2004, Treasury published a Long-Term Average Rate, "LT>25," (not to be confused with the Long-Term Composite Rate, definitions below). In addition, Treasury published daily linear extrapolation factors that could be added to the Long-Term Average Rate to allow interested parties to compute an estimated 30-year rate. On June 1, 2004, Treasury discontinued the "LT>25" average due to a dearth of eligible bonds. In place of the "LT>25" average, Treasury published the Treasury 20-year Constant Maturity rate on this page along with an extrapolation factor that was added to the 20-year Constant Maturity to obtain an estimate for a theoretical 30-year rate. On February 9, 2006, Treasury reintroduced the 30-year constant maturity and is no longer publishing the extrapolation factor.
The Long-Term Average Rate, "LT>25," was the arithmetic average of the bid yields on all outstanding fixed-coupon securities (i.e., excluding Inflation-Indexed securities) with 25 years or more remaining to maturity. This series first appeared on February 19, 2002, following discontinuation of the 30-year Treasury constant maturity series. Subsequently, the "LT>25" average was discontinued on June 1, 2004.
Linear Extrapolation Factors were determined by considering the slope of the yield curve at it's long end and extrapolating out to a theoretical 30-year point. To use the Extrapolation Factor to determine a 30-year proxy rate, add the factor to the 20-year Constant Maturity Rate. For example, if on a particular day the 20-year Constant Maturity was 5.40% and the Extrapolation Factor was 0.02%, then a 30-year theoretical rate would have been 5.40% + 0.02% = 5.42%. Publishing of the Linear Extrapolation Factors was discontinued on February 9, 2006 with the reintroduction of the 30-year Constant Maturity Rate.
The Long-Term Composite Rate is the unweighted average of bid yields on all outstanding fixed-coupon bonds neither due nor callable in less than 10 years.
For more information regarding these statistics contact the Office of Debt Management by email at debt.management@do.treas.gov
Tuesday Jul 21, 2026
Tuesday Jul 21, 2026
*Series Break - Treasury updated its methodology for deriving yield curves. On 12/6/2021, Treasury began using a monotone convex spline (MC) method for deriving its official par yield curves and discontinued the use of the quasi-cubic Hermite spline (HS) methodology. All Treasury yield curve rates derived from yield curves that used the HS methodology - prior to implementation of the MC method - remain official. See the Yield Curve Methodology Change Information Sheet for more details.
Treasury Par Real Yield Curve Rates: These rates are commonly referred to as "Real Constant Maturity Treasury" rates, or R-CMTs. Par real yields on Treasury Inflation Protected Securities (TIPS) at "constant maturity" are interpolated by the U.S. Treasury from Treasury's daily par real yield curve. These par real yields are calculated from indicative secondary market quotations obtained by the Federal Reserve Bank of New York. The par real yield values are read from the par real yield curve at fixed maturities, currently 5, 7, 10, 20, and 30 years. This method provides a par real yield for a 10-year maturity, for example, even if no outstanding security has exactly 10 years remaining to maturity.
On February 22, 2010, Treasury sold a new 30-Year TIP security and expanded this table to include a 30-Year Real CMT rate.
**Series Break - Starting 12/01/2008, the TIPS yield curve began using the most recently auctioned TIPS as knot points rather than all securities. The reported values from September 2 to November 28, 2008, utilize the old methodology and remain official.
On July 27, 2004, Treasury sold a new long-term TIP security and expanded this table to include a 20-year Real CMT rate. The 20-Year was discontinued at the November 2009 Quarterly Refunding in favor of a 30-Year TIP security.
Treasury Par Yield Curve Methodology: The Treasury par real yield curve is estimated daily using a monotone convex spline method. Inputs to the model are bid-side prices for the most recently auctioned TIPS securities.
For more information regarding these statistics contact the Office of Debt Management by email at debt.management@do.treas.gov
For other Public Debt information contact (202) 504-3550.
Tuesday Jul 21, 2026
Tuesday Jul 21, 2026
Long Term Real Rate Average: The Long-Term Real Rate Average is the unweighted average of bid real yields on all outstanding TIPS with remaining maturities of more than 10 years and is intended as a proxy for long-term real rates.
For more information regarding these statistics contact the Office of Debt Management by email at debt.management@do.treas.gov
For other Public Debt information contact (202) 504-3550
Meta自建算力冲击云商估值
重要性4/5 中高
直接解释 CRWV 与 APLD 同步重估的市场叙事，并提供合同、积压订单和财务风险数字，但分析师观点占比较高。
中文摘要
核心结论
Meta Compute（Meta 商业云服务）引发市场对大型客户自建算力、削弱专业云商需求的担忧。看多分析师依据 Meta 合同禁止转售、全球图形处理器短缺和990亿美元积压订单，继续维持 CoreWeave 的高目标价，但其亏损、利息负担和内部人减持仍是实质风险。
重要性评级
评级：4/5（中高）
文章直接覆盖 CRWV、APLD 及人工智能云服务板块的估值重定价，数字丰富；关键合同条款和分析师目标价来自二手转述，证据需进一步核验。
关键事实
- CRWV 报道时股价72.91美元，过去一个月下跌35%，过去一周下跌18.72%，过去一年下跌49.03%。
- 37名分析师中，4名给予强力买入、20名买入、11名持有、1名卖出、1名强力卖出；一致目标价141.15美元。
- Rosenblatt 分析师 John McPeake 维持250美元目标价，较报道价格高约243%。
- 文章称 Meta 与 CoreWeave 的352亿美元合同禁止 Meta 转售或转租所租图形处理器容量。
- CoreWeave 2026年第一季度净亏损7.4亿美元，利息支出同比翻倍，资本开支远高于经营现金流。
- 首席执行官 Michael Intrator 自6月初按10b5-1预设交易计划出售数千万美元股票，其中06/30（未给出具体时刻）出售3,770万美元。
- APLD、IREN、NBIS 过去一个月分别下跌42.86%、41.15%和35.21%；APLD 的11名覆盖分析师均给出买入或强力买入评级。
作者观点与证据
作者认为板块跌幅反映市场对客户内部化算力的担忧，并较多采用分析师目标价构建反向论证。禁止转售条款只能说明 Meta 无法转售从 CRWV 租入的容量，无法排除 Meta 自有算力扩张对新增租赁需求的影响。
与相关标的的关系
APLD 的看多逻辑高度依赖 CoreWeave 作为主要租户；CRWV 需求或融资能力变化可能传导至 APLD 的租赁、建设和融资预期。NVDA、NBIS、IREN 同属算力供给链，受图形处理器稀缺程度和大型客户自建节奏影响。
时效性与限制
文章发布于美东时间 07/17 10:33（UTC+8 07/17 22:33），距日报日期已有数日。目标价不是已实现价值，且文中夹有股票推广内容；Meta 合同全文、积压订单取消条款及债务期限结构均未展示。
后续跟踪
- Meta Compute 的客户范围与自有算力投放规模
- CRWV 积压订单转化、利息支出和经营现金流
- APLD 与 CoreWeave 租约履约及项目融资
- 图形处理器供需与专业云服务定价
英文原文
Coreweave Down 35% . This Analyst Reiterated His $250 Target Even After ‘Meta Compute’ Was Announced.
Coreweave Down 35% . This Analyst Reiterated His $250 Target Even After ‘Meta Compute’ Was Announced.
Alex Sirois
Fri, July 17, 2026 at 10:33 PM GMT+8 5 min read
- CRWV
+8.92%
- NVDA
+1.97%
- META
-0.32%
- APLD
+7.90%
- NBIS
+18.78%
Quick Read
- CRWV crashed 38% in one month on fears Meta's new cloud cannibalizes its GPU rental business, but 24 of 37 analysts still rate it Buy.
- McPeake reiterated his $250 target citing META's $35.2B contract bars GPU reselling, shielding CoreWeave from direct cannibalization by Meta Compute.
- META's launch triggered a sector rout that sent APLD down 43% in a month, yet all 11 analysts covering Applied Digital still rate it Buy or Strong Buy.
- Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and CoreWeave, Inc. Class A Common Stock didn't make the cut. Grab the names FREE today .
Shares of CoreWeave ( NASDAQ:CRWV ) currently trade at $72.91, down 35% over the past month and well below the Wall Street consensus price target of $141.15, an implied gap of roughly 94%.
Travis Wolfe / Shutterstock.com CoreWeave rents specialized NVIDIA GPU capacity to AI labs and hyperscalers. Its $99 billion contracted revenue backlog anchored by Meta and OpenAI made it one of the most-watched AI infrastructure names of the year. That backlog now collides with fear that its largest customer might build its own version of what CoreWeave sells.
The gap matters because the core bull thesis—that structural GPU scarcity gives CoreWeave durable pricing power—is exactly what the "Meta Compute" story is designed to undermine.
A Free Fall Sparked by One Word: Cannibalization
CoreWeave shares collapsed 35% in the last month and 19% in the last week alone, triggered by Meta's launch of a commercial cloud service built on its internal GPU fleet. Investors read it as the opening act of hyperscaler in-sourcing.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and CoreWeave, Inc. Class A Common Stock didn't make the cut. Grab the names FREE today .
Other pressures amplified the pain. Meta Platforms ( NASDAQ:META ) raised 2026 capex guidance to $125 to $145 billion, reinforcing the "build, don't rent" narrative. CoreWeave's Q1 2026 print showed $740 million net loss, interest expense doubling, and capex vastly outrunning operating cash flow. CEO Michael Intrator sold tens of millions in stock under a 10b5-1 plan since early June, including $37.7 million on June 30, 2026, and a securities fraud class action remains outstanding. The result is a one-year decline of 49.03%, deeper than any AI cloud peer of comparable size.
Why Rosenblatt Is Still Standing on $250
The consensus upside to $141.15 is roughly 94%, well above the 40% threshold where analysts effectively bet the market has misread the story. Rosenblatt's John McPeake reiterated the street-high $250 price target immediately after the Meta Compute announcement, implying about 243% upside from current levels.
Story Continues
McPeake's defense rests on three structural points. First, a no-sublease firewall: the terms of Meta's $35.2 billion contract reportedly prevent Meta from reselling or subleasing any of the GPU capacity it rents from CoreWeave, meaning Meta's commercial cloud cannot cannibalize CoreWeave's owned capacity. Second, persistent global GPU shortages mean demand continues to outpace the industry's ability to build data centers, protecting CoreWeave's pricing power despite a new entrant. Third, McPeake reads Meta Compute as a utility optimization play to monetize idle internal clusters and pacify shareholder concerns over return on capital, rather than predatory against specialized neoclouds.
The broader ratings breakdown reflects that conviction:
- 4 Strong Buy
- 20 Buy
- 11 Hold
- 1 Sell
- 1 Strong Sell
Cantor Fitzgerald reiterated Buy with a $167 price target in June. Recent revisions skew toward reiterations rather than downgrades, with the bull camp focused on backlog conversion and CoreWeave's ramp toward its 8+ GW long-term power target.
Every Neocloud Got Hit, But Not Equally
The AI cloud group sold off together, so this is a sector event as much as a CoreWeave event.
Nebius Group ( NASDAQ:NBIS ) trades at $171.77 against an average target of $244.21, roughly 42% upside. Shares are down 35.21% in the last month yet still up 105% year to date. Coverage skews Buy with recent revisions largely reiterations.
Applied Digital ( NASDAQ:APLD ) trades at $26.44 versus a $76.70 average target, roughly 190% upside, the largest in the group. Shares fell 42.86% in the last month, and all 11 covering analysts rate it Buy or Strong Buy.
IREN ( NASDAQ:IREN ) trades at $34.83 against an $80.93 target, roughly 132% upside. Shares dropped 41.15% over the past month, and coverage is majority Buy with one Strong Sell outlier.
Applied Digital commands the largest implied upside, with its bull case leaning heavily on CoreWeave as principal tenant. On absolute dollars, CoreWeave still commands the deepest customer roster and the sector's largest dollar-value target gap.
What the Consensus Actually Says
CoreWeave trades at $72.91 with a consensus target of $141.15 drawn from 37 covering analysts, implying about 94% upside. Rosenblatt's $250 street-high implies roughly 243%.
The recent tape is ugly. CRWV is down 18.72% on the week and 49.03% over the past year, against an S&P 500 up roughly 10.05% year to date. CRWV sits at just 1.82% year to date, having erased essentially all its 2026 gains in the last month.
A Real Setup With Real Landmines
Buy CoreWeave here if the no-sublease firewall in Meta's contract holds, GPU scarcity persists into 2027, and management grows into its debt through backlog conversion. That path leads back to $141 and, in Rosenblatt's view, well beyond.
Stay away if interest expense keeps outrunning operating cash flow, insider selling accelerates, or Meta and other hyperscalers stand up in-house capacity faster than CoreWeave can deliver contracted GPUs. Analyst targets are one data point, not a guarantee, and this balance sheet leaves little cushion if execution slips even one quarter.
The dislocation looks real, though position size should respect a stock that can move 15% in a week in either direction.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and CoreWeave, Inc. Class A Common Stock didn't make the cut. Grab the names FREE today .
Contact editorial@247wallst.com for any questions or corrections.
相干公司押注高速光网扩产
重要性4/5 中高
COHR业务、产能和技术路线信息密集，但发布时间稍早且市场空间多来自公司叙事。
中文摘要
核心结论
Zacks认为Coherent（相干公司，COHR）受益于800G、1.6T光模块和CPO（共封装光学）需求，制造瓶颈缓解及磷化铟产能升级有助于把积压订单转成收入。文章同时显示，COHR过去一年涨幅很大，而2026财年盈利一致预期仅小幅上调，预期兑现要求较高。
重要性评级
评级：4/5（中高）
文章提供COHR订单、产能、市场空间和技术路线信息，与公司经营直接相关；但它是行业选股稿，混入大量其他公司材料和推广内容。
关键事实
- Zacks技术服务行业排名第97，位于247个行业的前39%。
- 该行业过去一年上涨5.8%，商业服务板块下跌16.7%，标普500上涨25.4%。
- 行业企业价值与息税折旧摊销前利润比为17.73倍，低于标普500的18.68倍，高于板块的10.18倍和五年中位数13.93倍。
- COHR的800G和1.6T光模块需求推动订单积压达到纪录水平。
- 公司称OCS（光路交换机）市场机会超过40亿美元。
- COHR与英伟达合作后，CPO潜在市场规模超过150亿美元；文章称初步规模化收入可能在2026年末出现，进一步放量在2027年末。
- 公司由3英寸磷化铟晶圆转向6英寸后，单片器件数超过原来的四倍，单位成本低于原来的一半。
- COHR的2026财年盈利一致预期过去90天上调1.5%，过去一年股价上涨198.5%。
作者观点与证据
Zacks看好AI数据中心带来的带宽和能效需求，证据包括积压订单、制造瓶颈改善、市场空间和晶圆升级。市场规模与收入时间表主要来自公司或合作叙事，文章未提供客户拆分、订单取消率、资本支出和实际良率。
与相关标的的关系
COHR是文章重点公司之一。高速光模块、光路交换机、共封装光学和磷化铟扩产直接决定其光网络收入及利润率；DAVE和VVX仅为同一行业选股清单中的其他公司。
时效性与限制
文章发布于美东时间 07/17 10:08（UTC+8 07/17 22:08），较日报日期早五天。行业归类宽泛，且Zacks排名和历史选股业绩带有模型营销属性。
后续跟踪
- 800G与1.6T产品出货、积压订单转化和毛利率。
- 6英寸磷化铟产线的良率、成本和产能。
- 2026年末共封装光学收入是否开始规模化。
- 客户预付款和长期协议的具体金额及条件。
英文原文
Zacks Industry Outlook Highlights Dave, V2X and Coherent
Zacks Industry Outlook Highlights Dave, V2X and Coherent
Zacks Equity Research
Fri, July 17, 2026 at 10:08 PM GMT+8 9 min read
- VVX
+3.57%
- COHR
+11.15%
- DAVE
+0.14%
For Immediate Release
Chicago, IL – July 17, 2026 – Today, Zacks Equity Research discusses Dave Inc. DAVE, V2X Inc. VVX and Coherent Corp. COHR.
Industry: Technology Services
Link: https://www.zacks.com/commentary/2954556/3-stocks-to-consider-from-the-growing-technology-services-market
The Technology Services industry is expected to reach the pre-pandemic levels eventually, enabling regular dividend payments. The rising adoption of remote work, swift global digital transition and technological advancements like 5G, blockchain, artificial intelligence (AI) and machine learning (ML) will propel industry expansion. Also, concerns about data security will provide an impetus for the industry to grow.
Dave Inc. , V2X Inc. and Coherent Corp. are poised to gain from the prevailing trends.
About the Industry
The Zacks Technology Services industry encompasses companies involved in producing, developing and designing various software support, data processing, computing hardware and communications equipment. These offerings range from integrated powertrain technologies, advanced analytics, technology solutions and contract research services to semiconductor packaging and interconnect technologies, collaboration software, specialty printers, and data acquisition and analysis systems.
This industry caters to consumer and business markets, and serves diverse end markets and customer segments. Additionally, some industry players offer advanced analytics, clinical research services, data storage technology and solutions, and technology-enabled financial services for consumers and small business owners.
Factors Structuring the Future of Technology Services
Rising Demand Environment: The industry is mature, with the demand for services remaining healthy over time. Revenues and cash flows are expected to eventually reach the pre-pandemic levels, aiding most industry players to pay out stable dividends.
Economic Recovery: According to the Bureau of Economic Analysis, GDP rose at an annual rate of 2.1% in the first quarter of 2026 compared with 0.5% in the fourth quarter of 2025. The growth rate has increased, leading to a velocity with which the economy is moving that is still forward. Economic activities in the non-manufacturing sector are in good shape. The Services PMI measured by the Institute for Supply Management has stayed above the 50% mark for 24 months.
Technological Advancement Takes Center Stage: The global shift toward digitization creates opportunities in various markets, including 5G, blockchain and AI. The United States, a significant player in the IT sector, is positioned for growth on the widespread adoption of smart technologies and increased investments in security. Companies are increasingly adopting generative AI, ML, blockchain and data science to gain a competitive advantage. Per Statista, the GenAI market is anticipated to reach $804.3 billion by 2032, witnessing a 12.6% CAGR from 2026 to 2032.
Story Continues
Zacks Industry Rank Indicates Bright Near-T erm Prospects
The Zacks Technology Services industry, which is housed within the broader Zacks Business Services sector, currently carries a Zacks Industry Rank #97. This rank places it in the top 39% of 247 Zacks industries.
The group's Zacks Industry Rank, which is the average of the Zacks Rank of all the member stocks, indicates continued outperformance in the near term. Our research shows that the top 50% of Zacks-ranked industries outperform the bottom 50% by a factor of more than two to one.
Before we present a few stocks that you may want to consider for your portfolio, let us look at the industry's recent stock market performance and current valuation.
Industry Beats Sector But Lags S&P 500
The Zacks Technology Services industry has outperformed the broader Zacks Business Services sector but underperformed the Zacks S&P 500 composite over the past year.
The industry has moved up 5.8% over this period against the 16.7% decline of the broader sector and compared with the 25.4% rally of the Zacks S&P 500 composite.
Industry's Current Valuation
On the basis of EV-to-EBITDA (enterprise value to earnings before interest, tax, depreciation and amortization), which is commonly used for valuing staffing stocks because of their high debt levels, the industry is currently trading at 17.73X compared with the S&P 500's 18.68X and the sector's 10.18X.
Over the past five years, the industry has traded as high as 28.97X and as low as 10.26X, with the median being 13.93X.
3 Technology Services Poised for Growth
Dave: This financial technology company offers digital banking, budgeting tools and credit facilities like ExtraCash. Dave's first-quarter 2026 earnings release reveals positive momentum in its revenues that gained 47% year over year, with adjusted EBITDA rising 57%, resulting in a 44% margin.
DAVE's customer-first strategy bears fruit as the new member count went up 22% year over year in the first quarter of 2026, with customer acquisition costs of $18, flat with the preceding quarter. The company strengthened its relationship with customers as monthly transacting members (MTM) increased 18% year over year, with average revenue per use (ARPU) moving up 24%.
Despite an upsurge in MTM, which could raise credit risks, Dave gracefully managed to mitigate the threat, leveraging its proprietary AI and machine learning-based CashAI v5.5 model. This credit risk management apparatus led to the lowest loss rate on record in first-quarter 2026, lowering the 28-day past-due metric to 1.69%. Dave introduced Dave Flex, a "Pay in 4" credit product, to a small testing group of existing members. The company deduced the following results that include exponential growth in total originations per customer and an anticipated rise in ARPU.
The company remains on track to transition ExtraCash receivables to an off-balance sheet funding structure with Coastal Community Bank, which is expected to unlock $200 million in incremental liquidity, reduce costs of capital and support the repayment of the existing credit facility.
DAVE currently sports a Zacks Rank #1 (Strong Buy). The Zacks Consensus Estimate for 2026 EPS has moved up 14.1% in the past 90 days. Daveshares have surged 114.8% over the past year.
You can see the complete list of today's Zacks #1 Rank stocks here.
V2X: This company offers critical mission solutions and support services to defense clients globally. VVX reported an outstanding performance in the first quarter of 2026 during its earnings release. The top line gained 23% year over year, with adjusted net income accelerating 53%, leading to bottom-line growth of 55%.
V2X's total backlog reached a record $13.8 billion, providing strong visibility into long-term revenues, with 94% of the top line in 2026 already visible in the backlog and under contract. Across all businesses, the company held $4.1 billion in total bookings and awards.
The company's contract execution was impressive, as evidenced by the full operational execution and initial operational capability on the large-scale T-6 aircraft program during the first quarter of 2026. It led management to expect revenues of $175-$180 million from this program. V2X managed to provide a $70-$80-million boost to the mid-point of the top-line guidance on the back of a discrete time-and-materials contract with a national security customer expansion and extension.
V2X is no less on the AI front, launching three internal AI platforms operating on enterprise IT infrastructure. It has resulted in a significant expansion in AI-enabled productivity and operational efficiency in support functions. Partnerships with Google, NVIDIA, Amazon and Tactile assisted the company in building differentiated, AI-backed predictive platforms for aerospace sustainment and client bids.
VVX presently flaunts a Zacks Rank #1. The Zacks Consensus Estimate for its 2026 bottom line increased 4.4% in the past 90 days. V2X shares have gained 59.1% in a year.
Coherent: This prominent player in the materials, networking and lasers domain is riding the AI wave. The rapid expansion of AI data centers and the rising demand for bandwidth and energy efficiency are fueling the expansion in optical networking infrastructure. It has led to a step-function increase in its order book, resulting in a record level of backlog.
The upsurge in Coherent's transceiver demand can be attributed to the rapid adoption of 800-gig and 1.6T transceivers by customers. On the Optical Circuit Switch front, the market opportunity exceeds $4 billion. The company resolved a critical manufacturing bottleneck, enabling output to increase rapidly across two production facilities and convert backlog into top-line growth.
Coherent's partnership with NVIDIA is instrumental to raising Co-Packaged Optics' (CPO) addressable market opportunity over $15 billion. The company anticipates initial scaled-out CPO revenues in late 2026, followed by scaled-out CPO revenues in late 2027.
Supply-chain headwinds are prevalent within the AI market. To address this concern, COHR expanded internal Indium Phosphide (InP) capacity. The shift from 3-inch InP to 6-inch yields more than 4X as many devices at less than half the cost. The company's strategy to sign and finalize long-term agreements with customers, including upfront capital investments from customers, helps fund and mitigate challenges encircling COHR's capacity expansion.
COHR currently flaunts a Zacks Rank #3 (Hold). The Zacks Consensus Estimate for its fiscal 2026 bottom line has increased 1.5% in the past 90 days. Coherent shares have skyrocketed 198.5% in a year.
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This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
IPG收购扩展眼科激光版图
重要性3/5 中
交易证据和数字完整，但与输入标的COHR只有行业层面的间接关系。
中文摘要
核心结论
IPG Photonics（IPG光子，IPGP）拟以3亿欧元收购Lumibird Medical，并设置最高5,000万欧元的或有支付，以扩大眼科医疗激光业务。交易可提高先进解决方案收入占比并在首年增厚利润指标，但短期没有成本协同，医疗监管周期也会推迟产品整合收益。
重要性评级
评级：3/5（中）
交易条款和目标资产数据较完整，对激光行业及COHR有间接参考价值；事件主体是IPGP，与COHR的直接业务影响有限。
关键事实
- 基础对价为3亿欧元，相当于目标公司2025年调整后EBITDA（息税折旧摊销前利润）的15.9倍。
- 另有最高5,000万欧元或有支付，取决于2026和2027年财务表现。
- IPG计划以手头现金支付，预计2026年第四季度末前完成交易。
- 按2025年备考数据，先进解决方案收入占比将由16%提高至约26%，医疗业务收入约2.04亿美元。
- 公司预计交易首年增厚毛利率、EBITDA和调整后每股收益，但拆分收购短期不产生成本协同。
- Lumibird Medical拥有逾8万套装机、450多名员工，其中研发人员逾50名，覆盖110多个国家。
- 交易预计新增约10亿美元可服务市场，使IPG医疗业务可服务市场超过20亿美元。
作者观点与证据
管理层将交易描述为从工业激光向医疗、定向能和微加工等先进解决方案扩展的重要一步。财务条款、装机量和收入组合提供了量化依据；首年增厚判断由公司给出，Lumibird未提供2026全年指引，调整后EBITDA还涉及研发资本化、租赁会计等国际财务报告准则调整。
与相关标的的关系
IPGP和Lumibird是直接交易主体。COHR同处激光、光学和光子行业，交易反映同行通过医疗市场降低工业激光周期暴露，但文章没有显示COHR客户、收入或份额受到直接影响。
时效性与限制
文章发布于美东时间 07/17 10:05（UTC+8 07/17 22:05）。报道由MarketBeat的自动叙事技术生成，主要依赖公司电话会；监管审批、拆分执行和跨地区整合仍有不确定性。
后续跟踪
- 交易审批和2026年第四季度交割进度。
- 首年毛利率、EBITDA及每股收益增厚幅度。
- 眼科产品研发、监管和商业化时间表。
- 或有支付条件及Lumibird 2026至2027年业绩。
英文原文
IPG Photonics Targets Medical Laser Growth With €300M Lumibird Medical Deal
IPG Photonics Targets Medical Laser Growth With €300M Lumibird Medical Deal
IPG Photonics logo
MarketBeat
Fri, July 17, 2026 at 10:05 PM GMT+8 6 min read
- IPGP
+4.99%
Key Points
- Interested in IPG Photonics Corporation? Here are five stocks we like better.
- IPG Photonics has signed a binding offer to acquire Lumibird Medical for €300 million , plus a potential €50 million earn-out , in a move aimed at expanding its medical laser business.
- The deal would strengthen IPG's exposure to higher-margin medical markets, especially ophthalmology , and raise advanced solutions to about 26% of total sales on 2025 pro forma results, up from 16% currently.
- IPG expects the acquisition to be accretive to gross margin, EBITDA and adjusted EPS in the first year, and it plans to fund the purchase with cash on hand while keeping a strong balance sheet.
- Coherent gains from the AI chip boom
IPG Photonics (NASDAQ:IPGP) said it has signed a binding offer with Lumibird SA to acquire Lumibird Medical, a medical laser systems business focused primarily on ophthalmology, in a transaction the company said would expand its exposure to higher-margin medical markets.
On a conference call discussing the proposed acquisition, IPG Chief Executive Officer Mark Gitin said the deal would be "an important milestone in IPG's strategic evolution" and would add Lumibird Medical's ophthalmology business to IPG's existing medical laser presence in urology and dermatology.
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Gitin said the acquisition would increase IPG's advanced solutions revenue mix and create a broader medical laser platform spanning ophthalmology, urology and dermatology. Based on 2025 pro forma results, advanced solutions would represent about 26% of IPG's total sales, up from 16% currently, with about $204 million in medical sales, he said.
Deal Terms and Financial Impact
IPG Senior Vice President and Chief Financial Officer Tim Mammen said the purchase price is 300 million euros, representing about 15.9 times Lumibird Medical's 2025 adjusted EBITDA. The agreement also includes a contingent earn-out of up to 50 million euros based on financial performance in 2026 and 2027.
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Mammen said IPG expects to fund the acquisition with cash on hand and anticipates the deal will close by the end of the fourth quarter of 2026. He said the company expects to maintain a strong balance sheet and financial flexibility after closing.
The company expects the acquisition to be accretive to gross margin, EBITDA and adjusted earnings per share in the first year. Mammen noted that because the transaction is a carve-out, IPG does not expect cost synergies in the near term. Longer-term opportunities may include new product co-development and the use of IPG's technical and operational capabilities in lasers, optics and photonics across the combined portfolio, he said.
Story Continues
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Mammen also discussed adjustments made to Lumibird's reported IFRS EBITDA to arrive at the adjusted EBITDA measure used in IPG's presentation. He said the adjustments included differences related to capitalized research and development, lease accounting and other IFRS-related items.
Lumibird Medical's Market Position
Gitin described Lumibird Medical as a global leader in diagnostic and treatment solutions primarily for ophthalmology, with more than 80,000 systems installed globally. The business has more than 450 employees, including more than 50 in research and development, and facilities in France, Australia and Slovenia.
Lumibird Medical serves more than 110 countries and operates under brands including Quantel Medical, Ellex and Optotek Medical. Gitin said the company holds strong positions in ophthalmology segments including glaucoma, retinal conditions and secondary cataracts, as well as some diagnostic areas such as ultrasound.
Gitin said the ophthalmology medical laser market is attractive because it is highly regulated, driven by medical necessity and supported by demographic demand trends. He said Lumibird Medical has historically produced "mid-single digit" growth over the past several years and has a strong margin profile.
The acquisition would add about $1 billion in addressable market opportunity, Gitin said. In response to an analyst question, he said the transaction would bring IPG's addressable medical market above $2 billion, including urology, dermatology and ophthalmology.
Strategic Rationale
IPG positioned the proposed acquisition as part of a broader strategy to expand beyond industrial laser applications into advanced solutions markets, including medical, directed energy and micromachining. Gitin said IPG is targeting applications where precision, accuracy, control, efficiency and reliability are required.
Gitin said Lumibird Medical is complementary to IPG's existing medical laser business. IPG is a leader in thulium laser systems for urology and supplies OEM lasers used in dermatology, while Lumibird Medical provides ophthalmology laser treatment and diagnostic systems.
During the question-and-answer portion of the call, analysts asked about potential overlap between urology and ophthalmology sales channels. Gitin said the go-to-market approaches are "quite separate," but that the global nature of both businesses could provide benefits over time. He also said Lumibird Medical's established ophthalmology sales organization is a strong addition to IPG.
Gitin said IPG may eventually be able to incorporate its lasers and photonics capabilities into Lumibird Medical products, but he emphasized that medical regulatory timelines could make those opportunities longer term. He said the combination of IPG's U.S. regulatory experience and Lumibird Medical's European experience could support future technology development.
Growth Opportunities
Gitin said Lumibird Medical's future growth drivers include its product roadmap, geographic expansion and newer market segments such as dry eye. He said the company has built those growth initiatives into its operating model and does not require major incremental investment to operate as a standalone business.
Asked about 2026 performance, Mammen said Lumibird Medical had not provided full-year guidance. He said the business's first quarter was "a little bit impacted by some of the geopolitical events," but IPG is evaluating the acquisition based on its medium- and longer-term growth profile.
Gitin said IPG looks forward to welcoming Lumibird Medical's team and views the transaction as a step toward building "a leading medical laser platform." IPG said it will provide further details closer to closing.
About IPG Photonics (NASDAQ:IPGP)
IPG Photonics Corporation is a global leader in the design and manufacture of high-performance fiber lasers and amplifiers used in industrial, medical, scientific, and telecommunications applications. The company's core products include ytterbium and erbium fiber lasers, diode lasers, and fiber amplifiers that deliver high power and efficiency for precision cutting, welding, marking, and engraving. IPG's systems are engineered to optimize process speed, reliability, and energy consumption, making them a preferred choice for advanced manufacturing environments.
In addition to stand-alone laser sources, IPG offers turnkey laser systems and integrated solutions tailored to sectors such as automotive, electronics, aerospace, additive manufacturing, and life sciences.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
The article " IPG Photonics Targets Medical Laser Growth With €300M Lumibird Medical Deal " was originally published by MarketBeat.
View MarketBeat's top stocks for July 2026 .
Applied Digital融资压力透视
重要性3/5 中
与 APLD 直接相关，能补充融资和现金流风险框架，但数据解释有限且推广色彩较重。
中文摘要
核心结论
StockStory 将 Applied Digital 列入三只基本面偏弱的小盘股，主要依据收入规模有限、自由现金流为负和现金储备不足。文章认为其人工智能数据中心扩张可能需要成本较高或具有稀释性的融资。
重要性评级
评级：3/5（中）
APLD 相关性直接并包含估值与现金流线索，但正文以筛选式观点和产品推广为主，缺少完整财务表及预测假设。
关键事实
- Applied Digital 市值约75.6亿美元，文章引用收入3.555亿美元。
- 报道价格为26.13美元，对应预期企业价值与税息折旧摊销前利润比率38.7倍。
- 作者指出公司自由现金流为负、现金储备有限，后续融资可能稀释股东。
- Sotera Health 市值52.1亿美元、收入11.9亿美元，预期市盈率18.5倍。
- Walker & Dunlop 市值17.6亿美元，过去五年净利息收入年均下降37.8%，每股收益年均下降14.4%。
- 文章发布于美东时间 07/17 10:01（UTC+8 07/17 22:01）。
作者观点与证据
作者对 APLD 持谨慎立场，证据集中在规模、自由现金流和融资能力。38.7倍估值缺少所用预测期及调整项目，收入数字也未与公司最新财季逐项勾稽；文末历史案例和动量产品推广不构成 APLD 证据。
与相关标的的关系
APLD 是文章直接评价对象。负自由现金流与有限现金储备会影响数据中心建设进度、融资成本和每股价值；SHC 与 WD 仅作为同篇小盘股筛选样本，与 APLD 业务没有直接联系。
后续跟踪
- APLD 现金余额、资本开支和自由现金流
- 项目融资利率、担保条件与潜在稀释
- 数据中心投产及租赁收入确认
- 估值所依据的税息折旧摊销前利润预测
英文原文
3 Small-Cap Stocks That Fall Short
3 Small-Cap Stocks That Fall Short
Adam Hejl
Fri, July 17, 2026 at 10:01 PM GMT+8 3 min read
- WD
-0.80%
- APLD
+7.90%
- SHC
-0.11%
3 Small-Cap Stocks That Fall Short Investors looking for hidden gems should keep an eye on small-cap stocks because they're frequently overlooked by Wall Street. Many opportunities exist in this part of the market, but it is also a high-risk, high-reward environment due to the lack of reliable analyst price targets.
These trade-offs can cause headaches for even the most seasoned professionals, which is why we started StockStory - to help you separate the good companies from the bad. That said, here are three small-cap stocks to avoid and some other investments you should consider instead.
Sotera Health Company (SHC)
Market Cap: $5.21 billion
With a critical role in ensuring the safety of millions of patients worldwide, Sotera Health (NASDAQGS:SHC) provides sterilization services, lab testing, and advisory services to ensure medical devices, pharmaceuticals, and food products are safe for use.
Why Do We Think Twice About SHC?
- Absence of organic revenue growth over the past two years suggests it may have to lean into acquisitions to drive its expansion
- Subscale operations are evident in its revenue base of $1.19 billion, meaning it has fewer distribution channels than its larger rivals
- Capital intensity has ramped up over the last five years as its free cash flow margin decreased by 8.4 percentage points
Sotera Health Company is trading at $18.28 per share, or 18.5x forward P/E. Check out our free in-depth research report to learn more about why SHC doesn't pass our bar .
Applied Digital (APLD)
Market Cap: $7.56 billion
Pivoting from its origins in cryptocurrency mining to become a key player in the AI infrastructure boom, Applied Digital (NASDAQ:APLD) designs and operates specialized data centers that provide high-performance computing infrastructure for artificial intelligence and blockchain applications.
Why Are We Cautious About APLD?
- Modest revenue base of $355.5 million means it has less operating leverage but can also grow faster if it executes the right sales strategy
- Negative free cash flow raises questions about the return timeline for its investments
- Limited cash reserves may force the company to seek unfavorable financing terms that could dilute shareholders
Applied Digital's stock price of $26.13 implies a valuation ratio of 38.7x forward EV-to-EBITDA. Read our free research report to see why you should think twice about including APLD in your portfolio, it's free .
Walker & Dunlop (WD)
Market Cap: $1.76 billion
Originating as a small mortgage banking firm during the Great Depression in 1937, Walker & Dunlop (NYSE:WD) provides commercial real estate financing, property sales, appraisal, and investment management services with a focus on multifamily properties.
Story Continues
Why Should You Dump WD?
- Loans are facing significant end-market challenges during this cycle as net interest income has declined by 37.8% annually over the last five years
- Performance over the past five years shows its incremental sales were much less profitable, as its earnings per share fell by 14.4% annually
- Tangible book value per share tumbled by 7.5% annually over the last five years, showing banking sector trends are working against it during this cycle
At $51.23 per share, Walker & Dunlop trades at 0.9x forward P/B. To fully understand why you should be careful with WD, check out our full research report (it's free) .
Stocks We Like More
ALSO WORTH WATCHING: Top 5 Momentum Stocks. The best time to own a great stock is when the market is finally noticing it. These aren't just high-quality businesses. Something is happening with them right now. Elite fundamentals meet near-term momentum — both boxes checked at the same time.
Find out which stocks our AI platform is flagging this week. See this week's Strong Momentum stocks — FREE. Get Our Strong Momentum Stocks for Free HERE .
Stocks that made our list in 2020 include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,552% between June 2020 and June 2025). Find your next big winner with StockStory today .
美国工业生产低速增长
重要性4/5 中高
美联储官方工业生产数据对宏观与周期行业判断具有较强证据价值，虽非当日发布且后续可能修订。
中文摘要
核心结论
美联储数据显示，美国6月工业生产环比增长0.1%，二季度折年增长4.0%；制造业6月持平，产能利用率维持76.1%，仍低于长期均值，显示产出扩张与闲置产能并存。
重要性评级
评级：4/5（中高）
G.17工业生产数据来自美联储官方发布，覆盖制造业、采矿和公用事业，是判断美国实体经济与通胀供给背景的重要宏观事实。
关键事实
- 6月工业生产环比增长0.1%，同比增长1.1%，指数为2017年均值的102.6%。
- 二季度工业生产折年增长4.0%。
- 6月制造业产出持平，二季度折年增长4.7%。
- 采矿和公用事业产出6月均增长0.4%。
- 总体产能利用率维持76.1%，比1972至2025年长期均值低3.3个百分点。
- 制造业产能利用率下降0.1个百分点至75.7%，比长期均值低2.5个百分点。
- 商业设备6月产出下降0.4%，但同比增长5.4%。
- 石油和煤炭产品产出增长2.1%，带动非耐用品制造业增长。
- 采矿业二季度产出折年增长7.5%，公用事业产出折年下降2.8%。
- 美联储计划于2026年秋季进行年度修订，并将指数基年更新为2022年。
作者观点与证据
美联储发布稿按行业和市场组报告经季节调整后的产出与利用率，没有给出政策判断。6月初值显示工业部门温和增长，制造业当月缺乏增量；年度修订可能改变部分历史序列。
与相关标的的关系
输入没有直接股票代码。数据可影响宏观、工业、材料、能源及利率研究背景；制造业停滞、商业设备回落和石油煤炭产出上升分别提供行业层面线索，但不能直接映射到单家公司盈利。
时效性与限制
发布日期为07/17（未给出具体时刻），相对07/22日报已有五日时滞。6月数据包含初值和修订值，2026年秋季年度修订还将引入人口普查局及其他机构的新基准数据。
后续跟踪
- 7月工业生产与制造业产出
- 商业设备和信息处理设备产量
- 制造业产能利用率
- 秋季年度修订对历史增速的影响
英文原文
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Data
Industrial Production and Capacity Utilization - G.17
- Current Release
- Release Dates
- Monthly Supplement
- Annual Revision
- Data Download
- Other Data
- About
- 100 Years
- Announcements
- Technical Q&As
During the week of November 9, the “Build Your Package” feature in the Data Download Program (DDP) will be removed in preparation for the eventual retirement of the DDP . Users can access data and expanded download options through the Federal Reserve Bank of St. Louis's
Federal Reserve Economic Data (FRED) . Learn more about the
DDP and FRED partnership .
###
Current Release
ASCII
RSS
Data Download
FRED
XML
Release Date: July 17, 2026
Revision of Industrial Production and Capacity Utilization Notice Below
Industrial production (IP) ticked up 0.1 percent in June and grew at an annual rate of 4.0 percent in the second quarter. Manufacturing output was unchanged in June but rose at an annual rate of 4.7 percent in the second quarter. The indexes for mining and for utilities both grew 0.4 percent in June. At 102.6 percent of its 2017 average, total IP in June was 1.1 percent above its year-earlier level. Capacity utilization was unchanged at 76.1 percent, a rate that is 3.3 percentage points below its long-run (1972–2025) average.
Industrial Production and Capacity Utilization: Summary
Seasonally adjusted
Industrial production
2017=100
Percent change
2026
2026
June '25 to
June '26
Jan. [r]
Feb. [r]
Mar. [r]
Apr. [r]
May [r]
June [p]
Jan. [r]
Feb. [r]
Mar. [r]
Apr. [r]
May [r]
June [p]
Total index
101.0
101.9
101.6
102.4
102.6
102.6
-.4
.9
-.3
.8
.1
.1
1.1
Previous estimates
101.1
101.9
101.6
102.5
102.6
-.4
.8
-.3
.9
.1
Major market groups
Final Products
96.6
98.0
97.4
98.3
98.2
98.3
-1.2
1.4
-.6
1.0
-.1
.1
.7
Consumer goods
96.0
97.7
96.9
97.5
96.9
97.2
-1.9
1.8
-.8
.7
-.6
.3
-1.2
Business equipment
95.6
96.1
96.1
97.7
98.6
98.3
.8
.5
-.1
1.7
.9
-.4
5.4
Nonindustrial supplies
98.4
98.5
99.2
99.4
99.7
99.6
.4
.1
.7
.2
.3
-.2
1.8
Construction
100.0
99.9
100.6
100.3
101.3
100.9
1.2
-.1
.7
-.2
1.0
-.4
1.5
Materials
106.1
106.8
106.4
107.3
107.6
107.8
-.1
.7
-.4
.9
.3
.1
1.3
Major industry groups
Manufacturing (see note below)
96.3
96.9
97.1
97.8
98.0
97.9
.0
.7
.2
.7
.1
.0
1.1
Previous estimates
96.3
96.9
97.1
97.8
97.9
.1
.7
.2
.7
.0
Mining
120.0
122.9
120.7
122.3
123.7
124.2
-.1
2.5
-1.8
1.3
1.1
.4
2.4
Utilities
110.8
111.3
109.1
110.0
109.2
109.6
-3.5
.4
-1.9
.8
-.7
.4
.3
###
Capacity utilization
Percent of capacity
Capacity
growth
Average
1972-
2025
1988-
89
high
1990-
91
low
1994-
95
high
2009
low
2025
June
2026
June '25 to
June '26
Jan. [r]
Feb. [r]
Mar. [r]
Apr. [r]
May [r]
June [p]
Total industry
79.4
85.2
78.8
85.0
66.5
76.2
75.2
75.8
75.5
76.1
76.1
76.1
1.3
Previous estimates
75.3
75.8
75.5
76.1
76.2
Manufacturing (see note below)
78.2
85.5
77.2
84.6
63.4
75.6
74.7
75.2
75.2
75.7
75.8
75.7
1.1
Previous estimates
74.7
75.1
75.2
75.7
75.7
Mining
85.2
86.3
84.4
88.6
78.3
85.1
84.3
86.5
84.9
86.0
87.0
87.4
-.4
Utilities
84.0
93.2
84.7
93.2
78.1
71.7
71.1
71.1
69.6
70.0
69.3
69.5
3.6
Stage-of-process groups
Crude
84.5
87.9
84.9
90.0
76.5
83.4
82.2
83.7
82.9
83.4
84.1
84.1
-.3
Primary and semifinished
80.1
86.4
77.9
87.7
63.5
76.0
75.4
75.7
75.4
75.7
75.9
75.9
1.6
Finished
76.6
83.3
77.4
80.7
66.3
73.7
72.4
73.0
72.9
73.7
73.4
73.3
1.4
[r] Revised. [p] Preliminary.
Market Groups
The major market groups posted mixed results in June. The output of consumer goods stepped up 0.3 percent, reflecting increases in the indexes for both durable and nondurable consumer goods. The output of business equipment decreased 0.4 percent, with declines in the indexes for information processing and for industrial and other equipment more than offsetting an increase in the index for transit equipment. The output of defense and space equipment stepped up 0.2 percent, while production of construction supplies declined 0.4 percent. The index for business supplies was unchanged, while the index for materials ticked up 0.1 percent.
Industry Groups
Manufacturing output was unchanged in June, with a decrease of 0.1 percent in the index for durable manufacturing offsetting an increase of 0.2 percent in the index for nondurable manufacturing. Within durables, more industry groups posted losses than gains, with the indexes for wood products, for nonmetallic mineral products, for machinery, and for electrical equipment, appliances, and components each declining more than 0.5 percent. The uptick in nondurable manufacturing output was led by a 2.1 percent increase in the production of petroleum and coal products.
Mining output rose 0.4 percent in June after moving up in both April and May. The index for utilities rose 0.4 percent in June, with an increase in the index for electric utilities more than offsetting a drop in the index for natural gas utilities. In the second quarter, mining output grew at an annual rate of 7.5 percent, while utilities output declined at an annual rate of 2.8 percent.
Capacity utilization for manufacturing edged down 0.1 percentage point to 75.7 percent in June, which is 2.5 percentage points below its long-run (1972–2025) average. The operating rate for mining rose 0.4 percentage point to 87.4 percent, and the operating rate for utilities edged up 0.2 percentage point to 69.5 percent. The utilization rate for mining was 2.2 percentage points above its long-run average, while the rate for utilities remained substantially below its long-run average.
Revision of Industrial Production and Capacity Utilization
The Federal Reserve Board plans to issue its annual revision to the indexes of industrial production (IP) and the related measures of capacity utilization in the autumn of 2026. The base year for the revised indexes will be 2022. New annual benchmark data for manufacturing from the Census Bureau for 2023 will be incorporated, as well as other annual data, including information on the mining of metallic and nonmetallic minerals (except fuels). The updated IP indexes will include revisions to the monthly indicator (either product data or input data) and to seasonal factors for each industry. In addition, the estimation methods for some series may be changed. Any modifications to the methods for estimating the output of an industry will affect the index from 1972 to the present.
Capacity and capacity utilization will be revised to incorporate data for manufacturing through the fourth quarter of 2025 from the U.S. Census Bureau's Quarterly Survey of Plant Capacity Utilization, along with new data on capacity from the U.S. Geological Survey, the U.S. Department of Energy, and other organizations.
Note. The statistics in this release cover output, capacity, and capacity
utilization in the U.S. industrial sector, which is defined by the Federal
Reserve to comprise manufacturing, mining, and electric and gas utilities.
Mining is defined as all industries in sector 21 of the North American
Industry Classification System (NAICS); electric and gas utilities are those
in NAICS sectors 2211 and 2212. Manufacturing comprises NAICS manufacturing
industries (sector 31-33) plus the logging industry and the newspaper,
periodical, book, and directory publishing industries (except exclusive Internet
publishing). Logging and publishing are classified elsewhere in NAICS (under
agriculture and information respectively), but historically they were considered to
be manufacturing and were included in the industrial sector under the Standard
Industrial Classification (SIC) system. In December 2002, the Federal Reserve
reclassified all of its industrial output data from the SIC system to NAICS.
G.17 Release Tables:
- Summary: Industrial Production and Capacity Utilization
- Chart 1: Industrial Production, Capacity, and Capacity Utilization
- Chart 2: Industrial Production and Capacity Utilization
- Chart 3: Industrial Production of Selected Industries
- Table 1: Industrial Production: Market and Industry Groups (percent change)
- Table 2: Industrial Production: Special Aggregates and Selected Detail (percent change)
- Table 3: Motor Vehicle Assemblies
- Table 4: Industrial Production Indexes: Market and Industry Group Summary
- Table 5: Industrial Production Indexes: Special Aggregates
- Table 6: Diffusion Indexes of Industrial Production
- Table 7: Capacity Utilization: Manufacturing, Mining, and Utilities
- Table 8: Industrial Capacity: Manufacturing, Mining, and Utilities (percent change)
- Table 9: Industrial Production: Gross Value of Products and Nonindustrial Supplies
- Table 10: Gross-Value-Weighted Industrial Production: Stage-of-Process Groups
- Table 11: Historical Statistics for IP, Capacity, and Utilization: Total Industry
- Table 12: Historical Statistics for IP, Capacity, and Utilization: Manufacturing
- Table 13: Historical Statistics for IP, Capacity, and Utilization: Total Industry excluding Selected High-Technology Industries
- Table 14: Historical Statistics for IP, Capacity, and Utilization: Manufacturing excluding Selected High-Technology Industries
- Table 15: Industrial Production: Reliability Estimates
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Last Update: July 17, 2026
Monthly New Residential Construction, June 2026
重要性未评级
中文摘要
- 6月住宅开工年化142.7万套，环比增长19.0%；其中独栋开工89.5万套，环比下降0.2%。
- 建筑许可年化136.7万套，环比下降3.0%；独栋许可环比下降2.4%。
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ETF League Tables: Roundhill Pulls In $643M
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英文原文
ETF League Tables: Roundhill Pulls In $643M
ETF League Tables: Roundhill Pulls In $643M
ETF.com Staff
Fri, July 17, 2026 at 5:00 AM GMT+8 49 min read
- DRAM
+10.91%
Hero image 760x520 green (Table below reflects daily flows on July 15, 2026 and asset totals as of that date.)
ETF Brand League Table
Welcome to the etf.com league table. On this page, you'll find the U.S. ETF market through different lenses: brand and issuer. What's the difference? The brand is what the ETF says on the tin. For example, "iShares" is the brand of issuer "BlackRock's" ETFs. Because many issuers license their ETF infrastructure to third parties, we present the data in both ways. The identification of the correct brand and legal issuer is done by our key data provider, FactSet.
Brand
AUM ($, mm)
Net Flows ($, mm)
% of AUM
YTD 2026 Net Flows($,M)
iShares
4,578,450.28
-153.07
0.00%
322,319.56
Vanguard
4,524,008.89
2,085.98
0.05%
290,676.36
SPDR
1,915,746.73
-1,708.40
-0.09%
29,482.73
Invesco
969,324.99
-2,474.20
-0.26%
51,422.48
Schwab
586,940.69
-402.99
-0.07%
37,159.30
JPMorgan
333,268.02
482.99
0.14%
41,420.63
Dimensional
301,551.28
234.12
0.08%
28,888.42
First Trust
224,213.66
74.02
0.03%
18,702.41
Fidelity
175,401.93
126.96
0.07%
18,848.11
Tradr
166,671.48
161.19
0.10%
53,083.73
VanEck
160,397.33
239.69
0.15%
12,127.83
Capital Group
151,534.56
112.33
0.07%
34,979.28
Avantis
140,662.49
237.02
0.17%
29,664.45
ProShares
121,241.31
-111.41
-0.09%
3,446.28
WisdomTree
99,599.50
15.37
0.02%
4,085.70
Global X
93,225.76
54.10
0.06%
11,391.76
Direxion
72,496.56
-37.32
-0.05%
-11,344.10
Goldman Sachs
64,670.03
10.19
0.02%
7,697.60
PIMCO
57,785.95
20.66
0.04%
11,565.77
FT Vest
55,951.22
-48.12
-0.09%
5,316.06
Franklin
47,438.92
22.46
0.05%
9,246.54
Janus Henderson
44,634.62
-3.74
-0.01%
5,934.55
Pacer
40,787.89
-22.39
-0.05%
-896.92
Innovator
35,455.99
34.69
0.10%
3,374.22
Roundhill
35,405.43
642.66
1.82%
25,129.91
PGIM
34,546.75
158.27
0.46%
11,334.75
Xtrackers
32,351.21
29.04
0.09%
1,240.19
T. Rowe Price
31,018.43
57.94
0.19%
8,088.23
Neos
30,773.76
52.47
0.17%
12,734.53
FlexShares
26,451.41
4.40
0.02%
1,150.59
VictoryShares
23,841.57
41.73
0.18%
3,224.01
AB Funds
19,939.62
98.79
0.50%
5,118.90
Amplify
19,542.64
43.64
0.22%
1,842.38
abrdn
18,439.40
6.05
0.03%
-1,063.55
BNY Mellon
18,279.65
44.78
0.24%
1,524.27
Nuveen
18,016.45
3.14
0.02%
1,464.72
Alpha Architect
16,602.12
24.21
0.15%
3,729.90
Grayscale
15,875.96
6.56
0.04%
-1,463.72
ARK
15,872.26
-207.86
-1.31%
-1,042.32
John Hancock
15,325.71
1.09
0.01%
5,507.45
Simplify
14,012.55
-8.47
-0.06%
2,241.13
Alerian
13,164.67
-4.03
-0.03%
670.62
Putnam
13,142.92
331.29
2.52%
5,049.22
Columbia
12,908.05
0.00
0.00%
1,270.08
Principal
12,480.37
260.34
2.09%
3,055.90
Eaton Vance
11,864.32
0.00
0.00%
3,470.12
GraniteShares
11,857.35
-58.92
-0.50%
-484.20
Defiance
11,300.30
201.95
1.79%
4,608.73
YieldMax
9,486.54
19.73
0.21%
1,419.24
US Benchmark Series
9,204.16
4.62
0.05%
1,134.33
ALPS
8,928.27
13.38
0.15%
693.58
KraneShares
8,522.11
65.59
0.77%
548.27
SEI
8,150.53
751.98
9.23%
1,779.27
REX Microsectors
8,091.86
0.00
0.00%
386.05
Hartford
8,032.58
1.95
0.02%
1,383.74
BondBloxx
7,947.12
10.22
0.13%
4,903.12
New York Life Investments
7,794.21
29.60
0.38%
1,294.69
Harbor
7,580.33
12.54
0.17%
1,668.49
TCW
7,295.22
5.30
0.07%
1,570.38
American Century
6,456.57
2.31
0.04%
567.25
Aptus
5,862.96
-123.71
-2.11%
528.79
GMO
5,828.46
1.36
0.02%
1,748.75
Allianz
5,828.17
16.45
0.28%
14,735.46
Virtus
5,372.11
-5.91
-0.11%
599.47
Akre
5,188.35
-22.01
-0.42%
-3,109.31
Morgan Stanley
5,085.23
7.40
0.15%
474.24
Fundstrat
4,976.60
0.00
0.00%
314.03
Sprott
4,968.80
0.00
0.00%
1,144.17
Bitwise
4,800.29
3.50
0.07%
371.50
ActivePassive
4,798.03
0.00
0.00%
279.06
Bahl & Gaynor
4,622.88
7.32
0.16%
1,756.99
Main Funds
4,544.29
4.27
0.09%
376.79
Cambria
4,506.31
6.73
0.15%
282.44
US Commodity Funds
4,473.39
-74.84
-1.67%
847.41
Eagle
4,426.74
0.00
0.00%
747.22
Invesco DB
4,356.77
5.14
0.12%
769.92
SP Funds
4,162.50
6.71
0.16%
1,114.14
Neuberger Berman
3,933.92
3.79
0.10%
964.06
iM
3,898.06
0.77
0.02%
1,616.39
Tema
3,690.17
5.09
0.14%
2,728.41
Calamos
3,666.13
26.37
0.72%
2,108.64
First Eagle
3,645.64
24.26
0.67%
2,147.10
Freedom
3,485.43
8.56
0.25%
800.36
Inspire
3,371.03
5.03
0.15%
508.51
Angel Oak
3,222.15
5.34
0.17%
944.69
MFS
3,171.16
16.55
0.52%
1,539.89
Thrivent
3,016.54
1.48
0.05%
160.09
DoubleLine
2,890.92
16.85
0.58%
604.63
Strive
2,866.30
0.00
0.00%
205.17
Bridgeway
2,830.41
0.00
0.00%
141.30
Federated Hermes
2,824.50
5.08
0.18%
1,008.13
Bluemonte
2,803.48
0.62
0.02%
514.48
Brown Advisory
2,742.58
4.97
0.18%
244.11
Motley Fool
2,736.37
2.14
0.08%
-95.93
2,597.23
-23.78
-0.92%
457.50
Davis
2,593.77
0.00
0.00%
297.26
Volatility Shares
2,520.49
-7.54
-0.30%
956.64
ROBO Global
2,486.54
4.16
0.17%
515.76
T-Rex
2,408.62
14.58
0.61%
7,877.28
Horizon
2,219.24
0.64
0.03%
207.49
Leverage Shares
2,208.91
10.84
0.49%
11,805.23
Rockefeller Capital Management
2,062.27
-0.84
-0.04%
123.23
Distillate
2,060.17
0.00
0.00%
-52.10
ERShares
2,054.20
-1.56
-0.08%
552.86
VistaShares
2,021.29
-5.35
-0.26%
983.22
Lazard
2,020.70
0.00
0.00%
998.90
Tortoise
1,913.17
-1.12
-0.06%
139.27
BlackRock
1,913.01
-20.24
-1.06%
-352.07
Touchstone
1,901.70
17.21
0.91%
683.34
Horizons
1,897.50
0.53
0.03%
472.84
AdvisorShares
1,783.70
0.00
0.00%
32.61
Portfolio Building Block
1,779.23
0.00
0.00%
1,664.86
Alger
1,728.22
-14.25
-0.82%
768.02
Vident
1,667.24
0.00
0.00%
0.37
Calvert
1,637.54
0.00
0.00%
227.63
TrueShares
1,518.55
1.90
0.13%
399.08
Meridian
1,457.83
0.03
0.00%
45.30
Return Stacked
1,445.67
9.92
0.69%
240.08
iPath
1,438.06
4.72
0.33%
9.83
HCM
1,411.97
-6.45
-0.46%
-8.41
Sapient
1,402.99
0.00
0.00%
-5.33
Kovitz
1,401.97
0.00
0.00%
14.90
Timothy
1,368.45
6.25
0.46%
131.60
Sterling Capital
1,348.37
40.33
2.99%
790.69
Allspring
1,339.06
0.00
0.00%
88.92
Burney
1,272.76
0.00
0.00%
62.70
CCM
1,257.18
1.04
0.08%
-12.97
Natixis
1,241.97
0.87
0.07%
283.77
ETRACS
1,234.51
0.00
0.00%
321.32
Wahed
1,212.59
0.00
0.00%
152.12
Oakmark
1,198.28
0.00
0.00%
175.55
Congress
1,171.09
0.00
0.00%
-7.41
Cohen & Steers
1,166.60
9.12
0.78%
568.21
Monarch
1,132.61
0.00
0.00%
193.32
Select
1,112.91
0.00
0.00%
134.91
REX
1,094.46
0.00
0.00%
169.06
Oneascent
1,085.03
0.00
0.00%
175.78
Macquarie
1,081.03
1.41
0.13%
296.10
USCF Advisers
1,080.96
-2.94
-0.27%
173.50
Panagram
1,069.69
0.00
0.00%
31.23
Summit Global Investments
1,051.08
0.88
0.08%
97.55
American Beacon
1,044.34
0.00
0.00%
532.39
US Global
1,037.01
-29.31
-2.83%
-41.43
CoRe
1,005.92
0.90
0.09%
110.80
BBH
993.65
-4.76
-0.48%
-47.62
Gotham
977.45
0.00
0.00%
36.88
Northern Trust
976.16
0.00
0.00%
45.47
Brandes
974.88
0.80
0.08%
74.57
Strategas
967.24
3.93
0.41%
443.33
AAM
959.85
1.51
0.16%
116.68
3Edge
889.05
1.32
0.15%
223.59
Teucrium
864.62
21.12
2.44%
580.45
Castellan
841.23
0.00
0.00%
41.02
InfraCap
840.29
0.88
0.11%
148.36
Zacks
839.01
14.46
1.72%
204.20
Range
837.80
-0.01
0.00%
86.00
SMI Funds
837.39
0.00
0.00%
46.90
Scharf
828.43
0.00
0.00%
-53.13
Twin Oak
812.64
0.00
0.00%
37.20
Thornburg
799.13
1.01
0.13%
342.88
Bushido
779.99
0.00
0.00%
32.91
SoFi
777.06
1.17
0.15%
47.75
Russell Investments
774.37
1.90
0.25%
183.45
Longview
770.18
0.00
0.00%
52.29
Strategy Shares
765.96
-0.68
-0.09%
-53.46
Convergence
761.09
4.44
0.58%
393.11
Corgi
756.11
1.74
0.23%
826.13
The Brinsmere Funds
740.75
0.00
0.00%
-19.96
Swan
733.24
-2.82
-0.39%
75.07
Baron
726.96
-27.54
-3.79%
280.40
Opus Capital Management
697.02
0.00
0.00%
-24.23
Tidal ETFs
685.23
-9.54
-1.39%
4.17
Day Hagan
684.66
0.00
0.00%
-56.46
Overlay Shares
684.20
0.00
0.00%
209.57
Barclays
670.09
0.00
0.00%
17.98
Counterpoint
661.48
0.00
0.00%
209.57
Procure
660.24
-8.01
-1.21%
563.31
LSV
644.91
0.12
0.02%
3.07
NPF
639.73
0.00
0.00%
0.70
RPAR
637.56
0.00
0.00%
-2.39
CoinShares
634.79
0.00
0.00%
-44.89
TappAlpha
632.65
4.70
0.74%
388.77
Brookstone
605.79
0.00
0.00%
-32.18
Nicholas
602.66
1.06
0.18%
238.15
Matthews
595.89
0.00
0.00%
93.48
F/m
594.74
0.50
0.08%
370.33
GQG Partners
591.25
2.10
0.35%
213.15
Arlington
587.22
0.00
0.00%
13.85
Parametric
586.46
1.35
0.23%
128.43
Applied Finance
586.42
-5.90
-1.01%
144.98
ClearBridge
585.23
-0.03
-0.01%
8.21
Elm
578.39
0.00
0.00%
39.79
FPA
575.74
0.19
0.03%
238.74
Max
555.25
0.00
0.00%
3.76
Kurv
553.83
0.00
0.00%
345.48
FundX
551.47
0.00
0.00%
47.87
FCF Advisors
547.77
0.00
0.00%
-328.07
Voya
542.39
0.00
0.00%
212.19
Anfield
531.93
0.70
0.13%
122.13
Vert
530.71
3.72
0.70%
33.17
Eventide
529.77
1.52
0.29%
153.24
Kensington
506.79
0.00
0.00%
157.05
Astoria
504.58
1.06
0.21%
103.82
Adaptive
498.84
3.26
0.65%
17.97
PlanRock
496.59
-0.14
-0.03%
79.27
Beyond
477.92
2.91
0.61%
113.71
REX Shares
460.12
0.00
0.00%
304.53
AXS Investments
455.09
0.98
0.21%
65.58
Myriad Capital
448.22
0.00
0.00%
6.27
Equable
444.38
26.35
5.93%
91.41
Toews
436.61
0.00
0.00%
16.76
Tweedy, Browne Co.
426.81
0.00
0.00%
170.51
Saba
426.73
0.00
0.00%
24.13
EA Series Trust
413.46
0.00
0.00%
99.83
Palmer Square
411.91
0.00
0.00%
220.73
Westwood
409.34
-0.05
-0.01%
164.15
Wisdom
385.22
-0.51
-0.13%
19.70
ClearShares
376.48
0.00
0.00%
-15.95
Subversive
368.21
0.00
0.00%
0.73
Pacific Funds
357.66
0.00
0.00%
242.82
Segall Bryant & Hamill
355.07
0.00
0.00%
13.87
Aberdeen
348.71
0.00
0.00%
83.73
Themes
343.79
2.23
0.65%
125.87
ROC
332.89
-0.82
-0.25%
-29.63
Canary
332.84
0.00
0.00%
107.89
MarketDesk
329.01
2.84
0.86%
203.37
CastleArk
327.46
0.04
0.01%
-8.06
Hedgeye
326.57
-1.91
-0.59%
196.43
Optimize
316.90
0.00
0.00%
25.37
Northern Funds
313.09
0.00
0.00%
180.15
Transamerica
310.30
0.00
0.00%
266.41
Essential 40
300.68
1.98
0.66%
73.75
Adasina
300.61
0.00
0.00%
6.27
Faith Investor Services
297.23
-1.58
-0.53%
80.82
Frontier
297.18
-0.01
0.00%
6.62
NestYield
297.10
1.88
0.63%
87.16
AGF
292.09
0.00
0.00%
65.76
Mango
288.03
-0.08
-0.03%
1,399.73
Bancreek
287.04
0.00
0.00%
88.64
Fairlead
286.25
0.00
0.00%
1.00
Amplius
278.29
0.00
0.00%
4.93
Nomura
277.46
0.00
0.00%
220.19
Quadratic
275.90
0.12
0.04%
-186.21
State Street
274.08
2.44
0.89%
110.37
Rareview Funds
268.31
-2.00
-0.75%
45.94
JLens
266.57
0.63
0.24%
37.61
EMQQ
264.51
0.05
0.02%
-26.67
THOR
260.52
-12.01
-4.61%
0.72
SRH
259.36
0.00
0.00%
-1.52
Tuttle Capital
254.30
0.51
0.20%
3,052.42
Little Harbor Advisors
253.05
-5.32
-2.10%
-4.30
Weitz
251.73
0.00
0.00%
119.82
21Shares
250.16
0.00
0.00%
34.70
Regan
247.14
0.00
0.00%
62.92
Cabana
246.64
3.38
1.37%
-59.38
Pathfinder
242.91
12.30
5.06%
238.29
Oak Funds
239.66
0.00
0.00%
-30.04
CresAlta
233.41
5.38
2.30%
7.23
Spear
229.79
1.22
0.53%
44.15
Hilton
226.69
2.25
0.99%
-11.14
Hashdex
226.19
0.00
0.00%
128.98
LeaderShares
225.38
0.00
0.00%
-98.99
Pabrai
221.73
0.00
0.00%
103.04
North Square
215.34
0.00
0.00%
157.64
Dana
214.07
0.00
0.00%
21.06
Towle
213.36
0.00
0.00%
87.99
Gadsden
207.77
0.00
0.00%
17.41
Madison
207.76
0.00
0.00%
-18.18
Guggenheim
203.88
2.51
1.23%
21.27
Parnassus Investments
198.14
0.00
0.00%
77.05
Unlimited
197.89
0.00
0.00%
102.29
BeeHive
195.97
0.00
0.00%
1.55
Argent
193.55
0.00
0.00%
15.72
DB
191.73
0.00
0.00%
-30.59
Alexis
185.79
0.00
0.00%
18.05
Obra
185.17
0.00
0.00%
114.24
McElhenny Sheffield
184.73
0.00
0.00%
30.68
OPAL
183.02
1.03
0.56%
47.30
Tremblant
182.65
0.00
0.00%
6.73
Adaptiv
182.62
-7.84
-4.29%
7.49
Leuthold
178.72
0.00
0.00%
33.78
Renaissance
178.24
0.00
0.00%
3.79
Gabelli
177.14
0.68
0.38%
62.16
Ballast
176.58
0.00
0.00%
2.19
Liberty One
171.87
0.00
0.00%
78.98
DFA
168.87
1.28
0.76%
146.19
Polen
168.66
0.00
0.00%
-161.30
Praxis
167.77
0.00
0.00%
18.46
Rayliant
166.11
1.77
1.07%
-39.60
RiverFront
163.70
0.00
0.00%
-20.49
DWS
163.41
0.00
0.00%
33.15
SoundWatch Capital
161.95
0.00
0.00%
-7.32
Shelton Capital
161.49
0.00
0.00%
94.58
Emerald
157.95
0.00
0.00%
16.27
Pictet
155.50
0.00
0.00%
76.32
Raymond James
154.40
0.00
0.00%
84.95
Hull
154.24
0.00
0.00%
12.08
ACV
152.80
0.00
0.00%
2.57
ETC
151.86
0.00
0.00%
-3.30
SWP
147.99
0.00
0.00%
9.25
Hoya
144.76
0.00
0.00%
6.31
The Future Fund
144.08
0.00
0.00%
5.44
WBI Shares
141.55
0.00
0.00%
-13.75
Absolute
140.51
0.00
0.00%
14.38
River1
139.93
0.00
0.00%
18.17
Genter Capital
138.57
0.00
0.00%
456.76
Impact Shares
132.10
-0.01
-0.01%
-12.15
Relative Sentiment
131.66
0.00
0.00%
54.00
Conductor Fund
128.69
0.00
0.00%
2.19
REX-Osprey
128.45
0.00
0.00%
-34.57
Donoghue Forlines
128.26
0.00
0.00%
64.72
Euclidean
127.35
0.00
0.00%
-24.48
Reckoner
125.95
0.00
0.00%
69.94
Texas Capital
122.09
0.00
0.00%
3.89
MC
119.67
0.00
0.00%
0.59
Impax
119.62
0.00
0.00%
-411.83
First Manhattan
116.75
0.00
0.00%
0.69
Altshares
116.23
-0.01
-0.01%
2.61
Sparkline
115.96
0.00
0.00%
23.51
STF
115.59
1.40
1.21%
-5.79
Clough
115.53
0.00
0.00%
16.45
Keating
114.63
0.00
0.00%
5.00
Founder
114.14
0.00
0.00%
97.44
Q3
111.60
0.00
0.00%
43.02
Academy
111.48
0.00
0.00%
25.92
Logan
110.35
0.00
0.00%
0.06
PLUS
108.48
0.00
0.00%
74.50
Miller
108.22
0.00
0.00%
12.88
Avos
107.62
0.00
0.00%
3.93
Indexperts
105.29
0.00
0.00%
-0.15
AOT
104.44
0.00
0.00%
0.51
Mohr Funds
104.35
0.00
0.00%
4.57
SmartETFs
101.68
0.00
0.00%
16.58
Sophus
100.44
0.00
0.00%
106.47
ARS
98.38
-0.99
-1.01%
1.01
Arin
96.39
0.00
0.00%
3.71
Sovereign's
96.10
0.00
0.00%
-8.66
Hennessy
93.86
0.00
0.00%
-8.35
Matrix
92.56
1.03
1.11%
-1.66
IDX
91.62
-0.99
-1.08%
9.59
Ocean Park
91.14
0.26
0.29%
41.58
Pinnacle
89.36
0.00
0.00%
34.05
Diamond Hill
89.33
0.00
0.00%
27.25
Affinity
89.08
0.00
0.00%
20.49
Jensen
88.76
0.00
0.00%
-34.02
Acuitas
87.97
0.00
0.00%
77.72
Smart
87.94
0.26
0.29%
1,093.30
ArrowShares
87.22
0.00
0.00%
6.46
Stone Ridge
82.94
0.00
0.00%
4.77
Fitzgerald
81.13
0.00
0.00%
81.97
WealthTrust
80.88
0.00
0.00%
11.15
BrandywineGLOBAL
80.51
0.00
0.00%
-60.45
Pzena
80.18
0.00
0.00%
41.17
Golden Eagle
78.87
0.00
0.00%
68.13
aberdeen
78.33
0.00
0.00%
-14.36
M.D. Sass
77.32
0.00
0.00%
6.49
SonicShares
73.93
0.00
0.00%
15.96
Carbon Collective
73.17
0.40
0.54%
7.83
BufferLABS
72.20
0.00
0.00%
4.95
Discipline Funds
72.20
0.25
0.35%
10.97
Performance Trust
69.86
0.00
0.00%
34.44
Symmetry Panoramic
69.10
-0.01
-0.01%
8.32
Moonvest
69.03
0.00
0.00%
43.70
Aztlan
69.01
0.00
0.00%
3.51
FM
68.27
0.00
0.00%
0.47
Anydrus
68.01
0.00
0.00%
11.89
Sound Income Strategies
67.46
0.00
0.00%
-4.41
PMV
67.15
-0.01
-0.02%
11.47
Cambiar Funds
66.60
-0.34
-0.51%
0.30
RAM
66.11
0.00
0.00%
6.50
Suncoast
64.03
0.00
0.00%
8.01
Peak
63.37
0.00
0.00%
7.17
WarCap
62.41
0.00
0.00%
13.42
Osprey
60.97
0.00
0.00%
-50.78
Warren
60.63
0.00
0.00%
14.64
Even Herd
59.88
0.00
0.00%
-2.60
North Shore
58.72
0.00
0.00%
-0.87
Man
58.02
0.00
0.00%
4.59
RiverNorth
57.88
0.00
0.00%
6.21
LOGIQ
55.41
0.00
0.00%
0.05
Sarmaya Partners
55.37
0.00
0.00%
35.68
Ritholtz
55.31
0.00
0.00%
7.18
Cullen
54.95
0.01
0.01%
12.55
CRM
54.63
0.28
0.51%
51.48
Breakwave
54.44
-1.26
-2.32%
-44.34
NETL
54.31
0.00
0.00%
5.85
Nelson
53.95
0.29
0.53%
6.52
UVA
52.84
0.00
0.00%
2.20
PL
52.56
0.00
0.00%
9.73
Worth Charting
51.38
0.00
0.00%
50.59
QRAFT
51.22
0.00
0.00%
-0.69
Franklin Templeton
50.09
0.00
0.00%
0.00
UBS
49.34
0.00
0.00%
0.00
Mairs & Power
47.70
0.00
0.00%
11.90
ChinaAMC
47.28
0.00
0.00%
31.22
Tuttle
46.20
0.00
0.00%
6.87
Crossmark
45.96
0.00
0.00%
7.05
Variant Perception
45.59
0.00
0.00%
5.84
TimesSquare
45.33
0.00
0.00%
40.11
Alternative Access
44.98
0.01
0.02%
2.51
India
44.36
0.01
0.01%
-4.47
Bridges
42.96
0.00
0.00%
-4.17
Dakota
42.77
0.00
0.00%
-0.01
Morgan Dempsey
42.24
0.00
0.00%
4.64
Stacked
42.20
0.00
0.00%
-28.21
Formidable
41.47
0.00
0.00%
-1.37
Goose Hollow
41.02
-1.52
-3.70%
-0.70
Cultivar
40.47
0.00
0.00%
2.59
RAFI Indices
39.42
0.00
0.00%
-2.14
Man GLG
38.74
0.00
0.00%
1.63
Chesapeake
38.60
0.00
0.00%
38.21
Peerless
38.51
0.00
0.00%
12.56
Concourse
37.85
0.00
0.00%
1.45
Guru
37.20
0.00
0.00%
-0.98
Tactical Funds
36.49
0.00
0.00%
1.56
Grizzle
35.12
0.00
0.00%
13.02
ZEGA
34.92
0.00
0.00%
-1.75
Bastion
34.73
0.00
0.00%
3.14
ADRhedged
33.98
-0.61
-1.80%
11.32
Advent
32.57
0.00
0.00%
3.76
The Nightview
31.78
0.00
0.00%
1.50
Acquirers Fund
31.30
0.00
0.00%
-3.84
Point Bridge Capital
30.99
0.00
0.00%
-2.77
OTG
28.82
0.00
0.00%
4.28
Core Alternative
27.52
0.00
0.00%
-9.90
MUFG
25.19
0.00
0.00%
0.94
Intelligent Investor
23.70
0.00
0.00%
-0.85
Manzil
23.57
0.00
0.00%
20.03
NovaTide
22.18
0.00
0.00%
8.20
Defender
21.64
0.00
0.00%
21.25
Brendan Wood
21.28
0.00
0.00%
0.00
Draco
21.16
0.00
0.00%
-2.75
Wedbush
20.81
0.00
0.00%
19.63
FMQQ
20.61
0.00
0.00%
-2.83
DGA
20.48
0.00
0.00%
-0.01
Vegashares
20.08
0.00
0.00%
20.31
AMG Funds
20.02
0.00
0.00%
9.52
Altrius
19.83
0.00
0.00%
3.77
GGM
19.48
0.00
0.00%
0.74
StockSnips
19.17
0.00
0.00%
-1.02
Yorkville
17.81
0.00
0.00%
14.29
Atlas
17.71
0.00
0.00%
0.01
Leatherback
17.68
0.00
0.00%
-5.25
Alki
17.55
0.00
0.00%
17.34
iMGP
17.39
0.00
0.00%
7.48
Rainwater
17.28
0.00
0.00%
-1.96
Pareto
16.92
0.00
0.00%
2.38
DAC
15.78
0.00
0.00%
3.11
Humilis
15.34
0.00
0.00%
15.09
Clockwise Capital
15.23
0.00
0.00%
3.85
Archer Funds
14.35
0.00
0.00%
10.12
MKAM
13.10
0.00
0.00%
0.61
Free Market
12.74
0.00
0.00%
-6.35
Build
12.51
0.00
0.00%
1.27
CLS
12.17
0.00
0.00%
9.12
Alpha
11.95
0.00
0.00%
-0.01
Arimathea
11.92
0.00
0.00%
12.02
Billionaires
11.61
0.76
6.52%
11.45
Ionic
11.35
0.00
0.00%
0.97
Truth Social
11.01
0.00
0.00%
8.35
WEBs
10.74
0.00
0.00%
6.89
FINQ
10.66
0.00
0.00%
9.77
MRBL
10.56
0.00
0.00%
3.84
Measured Risk Portfolios
10.32
0.00
0.00%
7.26
SanJac Alpha
10.02
0.00
0.00%
4.78
Hypatia Capital
9.98
0.00
0.00%
1.76
Oasis
9.98
0.00
0.00%
2.95
FolioBeyond
9.96
0.00
0.00%
0.00
Armada ETF Advisors
9.73
0.00
0.00%
-1.70
Amana
9.73
0.00
0.01%
8.40
ETFB
9.67
0.00
0.00%
1.00
Coastal
9.27
0.00
0.00%
2.87
Vontobel
9.00
0.00
-0.01%
-0.01
GSR
8.48
0.00
0.00%
8.44
Fundsmith
7.78
0.00
0.00%
2.79
Armor
7.64
0.00
0.00%
7.29
Prospera Funds
7.59
0.00
0.00%
5.53
Onefund
7.42
0.00
0.00%
-0.75
WHITEWOLF
6.92
0.00
0.00%
0.47
Mason Capital
6.79
0.00
0.00%
0.30
Income STKd
6.52
0.00
0.00%
9.64
Reverb ETF
5.84
0.00
0.00%
0.00
Templeton
5.83
0.00
0.00%
0.00
Honeytree
5.71
0.00
0.00%
-2.70
ATAC
5.70
0.00
0.00%
-0.39
USCF
5.22
0.00
0.00%
-1.51
X-Square
5.14
-1.89
-36.76%
0.68
Fidelity Advisor
4.96
0.00
0.00%
2.50
Ned Davis Research
4.54
0.00
0.00%
2.26
Kingsbarn
4.32
0.00
0.00%
-0.66
AllianceBernstein
4.25
0.00
0.00%
0.00
Wilmington Funds
3.49
0.00
0.00%
4.78
Abacus
3.31
0.00
0.00%
0.20
Arrow Funds
3.20
0.00
0.00%
-0.02
Horizon Kinetics
2.93
0.00
0.00%
2.66
Aura
2.89
0.00
0.00%
2.85
Hotchkis & Wiley
2.77
0.00
0.00%
0.01
CoreValues Alpha
2.46
0.00
0.00%
0.83
Ruk
2.21
0.00
0.00%
2.11
Langar
2.06
0.00
0.00%
-1.37
Milliman
1.99
0.00
0.00%
1.51
COtwo
1.82
0.00
0.00%
0.00
Cyber Hornet
1.53
0.00
0.00%
1.52
Climate Global
1.35
0.00
0.00%
0.90
xETFs
0.87
0.00
0.00%
0.00
Opportunistic
0.76
0.00
0.00%
-4.94
Fortuna
0.73
0.00
0.00%
0.00
TradersAI
0.70
0.00
0.00%
0.00
CORE16
0.62
0.00
-0.03%
-0.44
L&G
0.46
0.00
0.00%
0.48
Guinness Atkinson
0.42
0.00
0.00%
0.00
Skylar
0.39
0.00
0.00%
0.19
Deutsche X-trackers
0.14
0.00
0.00%
0.00
Harrison Street
0.00
0.00
0.00%
0.00
Baillie Gifford Funds
0.00
0.00
0.00%
0.00
CrossingBridge Funds
0.00
0.00
0.00%
-3.71
Stance
0.00
0.00
0.00%
0.00
Story Continues
ETF Issuer League Table
Welcome to the etf.com league table. On this page, you'll find the U.S. ETF market through different lenses: brand and issuer. What's the difference? The brand is what the ETF says on the tin. For example, "iShares" is the brand of issuer "BlackRock's" ETFs. Because many issuers license their ETF infrastructure to third parties, we present the data in both ways. The identification of the correct brand and legal issuer is done by our key data provider, FactSet.
Issuer
AUM ($, mm)
Net Flows ($, mm)
% of AUM
YTD 2026 Net Flows($,M)
BlackRock, Inc.
4,580,363.30
-173.30
0.00%
321,967.49
Vanguard
4,523,873.07
2,085.35
0.05%
290,626.15
State Street
1,757,152.60
-1,409.72
-0.08%
34,853.99
Invesco
973,681.75
-2,469.06
-0.25%
52,192.40
Charles Schwab
584,654.89
-393.93
-0.07%
36,379.91
JPMorgan Chase
333,268.02
482.99
0.14%
41,420.63
Dimensional
301,720.16
235.40
0.08%
29,034.61
First Trust
278,645.73
18.05
0.01%
22,680.06
Fidelity
175,406.89
126.96
0.07%
18,850.61
AXS Investments
167,142.23
162.17
0.10%
53,163.74
VanEck
160,397.33
239.69
0.15%
12,127.83
World Gold Council
158,868.21
-296.24
-0.19%
-5,260.89
The Capital Group Companies
151,534.56
112.33
0.07%
34,979.28
American Century Investments
147,119.06
239.33
0.16%
30,231.70
ProShare Advisors LLC
121,241.31
-111.41
-0.09%
3,446.28
WisdomTree
97,727.93
12.51
0.01%
3,030.91
Mirae Asset Global Investments Co., Ltd.
93,019.00
54.11
0.06%
11,311.86
Rafferty Asset Management
72,496.56
-37.32
-0.05%
-11,344.10
Goldman Sachs
64,986.30
11.16
0.02%
8,010.82
Allianz
63,614.12
37.11
0.06%
26,301.23
Franklin Templeton
48,308.65
22.43
0.05%
9,340.10
Janus Henderson
44,634.62
-3.74
-0.01%
5,934.55
Pacer Advisors
40,787.89
-22.39
-0.05%
-896.92
Alpha Architect
35,885.12
10.91
0.03%
5,879.30
Innovator
35,067.10
33.72
0.10%
3,047.58
Prudential
34,546.75
158.27
0.46%
11,334.75
Roundhill Investments
32,716.28
663.53
2.03%
23,682.23
Deutsche Bank AG
32,706.49
29.04
0.09%
1,242.75
T. Rowe Price Group, Inc.
31,018.43
57.94
0.19%
8,088.23
Neos Investments LLC
30,773.76
52.47
0.17%
12,734.53
Northern Trust
26,868.02
4.40
0.02%
1,375.80
Victory Capital
23,841.57
41.73
0.18%
3,224.01
SS&C
22,242.49
9.35
0.04%
1,328.46
Amplify Investments
19,542.64
43.64
0.22%
1,842.38
Toroso Investments Topco LLC
19,526.44
203.38
1.04%
7,417.87
Morgan Stanley
19,173.55
8.75
0.05%
4,300.42
Tidal Investments LLC
19,060.31
17.53
0.09%
3,333.96
Abrdn Plc
18,919.60
6.05
0.03%
-970.74
BNY Mellon
18,279.65
44.78
0.24%
1,524.27
TIAA Board of Governors
17,995.18
3.14
0.02%
1,459.31
ARK Investment Management LP
15,866.24
-207.86
-1.31%
-1,087.45
Manulife
15,325.71
1.09
0.01%
5,507.45
Simplify
14,012.55
-8.47
-0.06%
2,241.13
Equitable
13,583.37
97.53
0.72%
3,022.29
Power Corporation of Canada
13,104.80
331.29
2.53%
5,036.62
Ameriprise Financial
12,908.05
0.00
0.00%
1,270.08
Principal
12,480.37
260.34
2.09%
3,055.90
GraniteShares
11,758.33
-101.30
-0.86%
-526.58
Exchange Traded Concepts
10,611.57
9.89
0.09%
1,374.56
1251 Capital Group Inc.
9,665.05
5.12
0.05%
1,266.81
Digital Currency Group, Inc.
8,965.28
0.00
0.00%
-2,016.29
CICC
8,798.01
65.71
0.75%
362.06
SEI Investments
8,795.44
752.10
8.55%
1,782.34
BMO
8,647.11
0.00
0.00%
389.81
Bondbloxx Investment Management Corp.
7,947.12
10.22
0.13%
4,903.12
New York Life
7,794.21
29.60
0.38%
1,294.69
The Hartford
7,724.17
1.95
0.03%
1,323.99
ORIX
7,580.33
12.54
0.17%
1,668.49
The TCW Group, Inc.
7,071.31
5.30
0.07%
1,554.55
Defiance ETFs
6,914.59
-14.99
-0.22%
1,243.84
Grayscale Investments LLC
6,730.67
6.56
0.10%
612.05
Virtus Investment Partners
5,953.65
-5.02
-0.08%
614.21
Grantham, Mayo, Van Otterloo & Co. LLC
5,828.46
1.36
0.02%
1,748.75
AllianceBernstein LP
5,656.04
1.25
0.02%
2,100.00
Aptus Capital Advisors
5,559.73
5.59
0.10%
163.46
Marygold
5,545.62
-77.78
-1.40%
1,012.28
Akre Capital Management LLC
5,188.35
-22.01
-0.42%
-3,109.31
Sprott
4,968.80
0.00
0.00%
1,144.17
Envestnet
4,798.03
0.00
0.00%
279.06
Bahl & Gaynor, Inc.
4,622.88
7.32
0.16%
1,756.99
Tuttle Capital Management LLC
4,592.45
-5.78
-0.13%
12,107.13
Main Management
4,544.29
4.27
0.09%
376.79
Eagle Capital Management LLC
4,426.74
0.00
0.00%
747.22
Bitwise Asset Management, Inc.
4,410.48
3.50
0.08%
401.22
Sun Life Financial, Inc.
4,131.02
18.06
0.44%
1,656.57
Eurazeo SA
3,950.56
0.77
0.02%
1,469.46
Neuberger Berman
3,933.92
3.79
0.10%
964.06
Cambria Investment Management LP
3,928.91
6.73
0.17%
309.60
Dawn Global Topco Ltd.
3,690.17
5.09
0.14%
2,728.41
Calamos Family Partners, Inc.
3,666.13
26.37
0.72%
2,108.64
BCP CC Holdings LP
3,622.25
24.26
0.67%
2,142.17
Inspire Impact Group LLC
3,371.03
5.03
0.15%
508.51
Angel Oak Cos. LLC
3,186.85
5.34
0.17%
927.86
Thrivent Financial for Lutherans
3,016.54
1.48
0.05%
160.09
Doubleline ETF Holdings LP
2,890.92
16.85
0.58%
604.63
Federated Hermes, Inc.
2,824.50
5.08
0.18%
1,008.13
Brown Advisory Management LLC
2,742.58
4.97
0.18%
244.11
The Motley Fool
2,736.37
2.14
0.08%
-95.93
Themes ETF
2,604.05
13.35
0.51%
11,979.79
Davis Advisers
2,593.77
0.00
0.00%
297.26
Acp Horizon Holdings LP
2,548.88
1.17
0.05%
684.60
Groupe BPCE
2,440.24
0.87
0.04%
459.32
The Charles Schwab Corp.
2,285.80
-9.05
-0.40%
779.40
Focus Financial Partners, Inc
2,172.15
0.00
0.00%
67.19
Volatility Shares LLC
2,154.08
-7.54
-0.35%
770.26
Barclays
2,108.15
4.72
0.22%
27.81
Distillate Capital
2,060.17
0.00
0.00%
-52.10
Capital Impact Advisors
2,054.20
-1.56
-0.08%
552.86
Lazard, Inc.
2,020.70
0.00
0.00%
998.90
Tortoise
1,913.17
-1.12
-0.06%
139.27
Western & Southern Mutual Holding Co.
1,901.70
17.21
0.91%
683.34
WisdomTree, Inc.
1,871.57
2.86
0.15%
1,054.79
AdvisorShares
1,783.70
0.00
0.00%
32.61
Alger
1,728.22
-14.25
-0.82%
768.02
MM VAM LLC
1,670.08
0.00
0.00%
0.37
Horizon Kinetics
1,542.56
0.00
0.00%
-5.48
First Trust Advisors LP
1,452.54
7.85
0.54%
1,275.44
Timothy Plan
1,368.45
6.25
0.46%
131.60
Allspring Group Holdings LLC
1,339.06
0.00
0.00%
88.92
Howard Capital Management Inc.
1,335.52
-6.45
-0.48%
-8.70
UBS
1,283.86
0.00
0.00%
321.32
Wahed
1,212.59
0.00
0.00%
152.12
Aptus Holdings LLC
1,184.99
-129.30
-10.91%
371.78
Lagan Holding Co. Trust
1,171.09
0.00
0.00%
-7.41
Cohen & Steers, Inc. (New York)
1,166.60
9.12
0.78%
568.21
TrueMark Group
1,144.38
2.94
0.26%
83.03
Kingsview Partners LLC
1,132.61
0.00
0.00%
193.32
Oneascent Holdings LLC
1,085.03
0.00
0.00%
175.78
Wedbush Fund Advisers LLC
1,073.01
0.00
0.00%
-73.64
NZC Capital LLC
1,069.69
0.00
0.00%
31.23
Twin Oak Holdings LP
1,052.30
0.00
0.00%
7.16
Summit Global LLC
1,051.08
0.88
0.08%
97.55
US Global Investors
1,037.01
-29.31
-2.83%
-41.43
Delaware Management Company Inc
1,024.75
1.41
0.14%
571.97
Brown Brothers Harriman
993.65
-4.76
-0.48%
-47.62
Brandes Worldwide Holdings
974.88
0.80
0.08%
74.57
Baird Financial Group Inc.
967.24
3.93
0.41%
443.33
Resolute Investment Managers, Inc.
956.61
0.00
0.00%
522.26
CI Financial
906.54
0.00
0.00%
61.75
3EDGE Asset Management LP
889.05
1.32
0.15%
223.59
Northern Trust Corp.
872.63
0.00
0.00%
0.41
Zacks
839.01
14.46
1.72%
204.20
Scharf Investments LLC
828.43
0.00
0.00%
-53.13
Thornburg Investment Management
799.13
1.01
0.13%
342.88
REX Shares LLC
789.61
0.00
0.00%
151.65
Russell Investments Group Ltd.
774.37
1.90
0.25%
183.45
Corgi Insurance Services, Inc.
771.09
1.74
0.23%
839.68
Rational Advisors Inc.
765.96
-0.68
-0.09%
-53.46
Convergence Investment Partners, LLC
761.09
4.44
0.58%
393.11
Estate Counselors LLC
740.75
0.00
0.00%
-19.96
Swan Global Investments
733.24
-2.82
-0.39%
75.07
Baron Capital Group
726.96
-27.54
-3.79%
280.40
AB Holding
704.46
0.00
0.00%
-3.38
Affiliated Managers Group
690.30
0.00
0.00%
297.19
Liquid Strategies
684.20
0.00
0.00%
209.57
The Burney Co.
682.79
0.00
0.00%
33.22
Teucrium
669.02
5.72
0.86%
436.27
Counterpoint Mutual Funds LLC
661.48
0.00
0.00%
209.57
ProcureAM
660.24
-8.01
-1.21%
563.31
Day Hagan Asset Management
646.44
0.00
0.00%
-52.85
FCF Advisors
642.18
0.00
0.00%
-277.43
Norris, Perne & French LLP
639.73
0.00
0.00%
0.70
Coinshares International Ltd.
634.79
0.00
0.00%
-44.89
Tapp Finance, Inc.
632.65
4.70
0.74%
388.77
Anfield Group
621.01
0.70
0.11%
142.63
AmeriLife
605.79
0.00
0.00%
-32.18
3Fourteen & SMI Advisory Services LLC
595.95
0.00
0.00%
50.25
Matthews International Capital Management
595.89
0.00
0.00%
93.48
Sterling Capital Management LLC
594.89
16.68
2.80%
119.35
GQG Partners Inc
591.25
2.10
0.35%
213.15
Killir Kapital Management LLC
588.71
1.91
0.32%
1,473.47
Arlington Capital Ltd.
587.22
0.00
0.00%
13.85
Applied Finance Group
586.42
-5.90
-1.01%
144.98
Cygnet Capital LLC
578.39
0.00
0.00%
39.79
First Pacific Advisors LP
575.74
0.19
0.03%
238.74
Truemark Group LLC
568.24
0.00
0.00%
365.44
Vert Asset Management LLC
530.71
3.72
0.70%
33.17
Eventide Asset Management, LLC
529.77
1.52
0.29%
153.24
Rex Advisers LLC
528.60
0.00
0.00%
96.29
Hedgeye Risk Management LLC
512.60
-1.91
-0.37%
307.51
Kensington Asset Management LLC
506.79
0.00
0.00%
157.05
Guardian Capital Group Ltd.
500.99
0.00
0.00%
448.54
Adaptive Investments
498.84
3.26
0.65%
17.97
PlanRock Wealth Management LLC
496.59
-0.14
-0.03%
79.27
TFG Parent Holdings LLC
451.64
27.66
6.12%
557.26
Myriad Asset Management Advisors LLC
448.22
0.00
0.00%
6.27
RDJ Associates LLC
444.38
26.35
5.93%
91.41
Toews Corp.
436.61
0.00
0.00%
16.76
Palmer Square Holdings LLC
411.91
0.00
0.00%
220.73
ShariaPortfolio, Inc.
410.84
2.41
0.59%
173.13
Westwood Holdings Group, Inc.
409.34
-0.05
-0.01%
164.15
Spend Life Wisely Co., Inc.
385.22
-0.51
-0.13%
19.70
ClearShares LLC
376.48
0.00
0.00%
-15.95
Rex Financial LLC
371.08
0.00
0.00%
197.07
Corpus Partners LLC
366.40
0.00
0.00%
186.38
Pacific Investments Ltd.
357.66
0.00
0.00%
242.82
Kurv Investment, Inc.
334.50
0.00
0.00%
280.67
Running Oak Capital LLC
332.89
-0.82
-0.25%
-29.63
Canary Capital Group, Inc.
332.84
0.00
0.00%
107.89
CastleArk Management LLC
327.46
0.04
0.01%
-8.06
Macquarie Group Ltd
327.45
0.00
0.00%
-56.92
Aegon
310.30
0.00
0.00%
266.41
Voya Financial, Inc.
309.73
0.00
0.00%
200.43
The Hartford Insurance Group, Inc.
308.41
0.00
0.00%
59.75
Faith Investor Services LLC
297.23
-1.58
-0.53%
80.82
Frontier Asset Management LLC
294.34
-0.01
0.00%
6.62
AGF
292.09
0.00
0.00%
65.76
F/m Investments LLC
291.81
0.00
0.00%
254.11
Cary Street Partners Financial LLC /VA/
286.25
0.00
0.00%
1.00
Optimize Financial Inc.
270.75
0.00
0.00%
10.09
Neil Azous Revocable Trust
268.31
-2.00
-0.75%
45.94
Paralel Technologies LLC
259.36
0.00
0.00%
-1.52
Infrastructure Capital Advisors LLC
258.75
0.00
0.00%
133.62
Little Harbor Advisors
253.05
-5.32
-2.10%
-4.30
Weitz Investment Management, Inc.
251.73
0.00
0.00%
119.82
Regan Capital, LLC
247.14
0.00
0.00%
62.92
Graff Capital
242.91
12.30
5.06%
238.29
Marathon Partners LLC
241.44
0.00
0.00%
-3.35
AMG National Corp.
233.41
5.38
2.30%
7.23
Spear Advisors LLC
229.79
1.22
0.53%
44.15
Sterling Fund Management LLC
227.21
23.66
10.41%
218.43
Redwood
225.38
0.00
0.00%
-98.99
Clipper Holding LP
223.91
0.00
0.00%
15.83
Dhandho Holdings LP
221.73
0.00
0.00%
103.04
Kurv Investment Management LLC
219.33
0.00
0.00%
64.81
Rayliant
213.39
1.77
0.83%
-8.37
Hashdex Ltd.
211.55
0.00
0.00%
123.42
Teucrium Trading LLC
211.29
15.40
7.29%
168.02
Madison Investment Holdings, Inc.
207.76
0.00
0.00%
-18.18
Guggenheim Capital LLC
203.88
2.51
1.23%
21.27
Thor Trading Advisors LLC
200.37
-12.01
-5.99%
-6.80
Mcivy Co. LLC
191.41
0.00
0.00%
458.97
Beyond Investing
186.54
0.00
0.00%
8.62
Alexis Investment Partners LLC
185.79
0.00
0.00%
18.05
Tremblant Capital
182.65
0.00
0.00%
6.73
Client First Investment Management LLC
182.62
-7.84
-4.29%
7.49
Obra Capital, Inc.
180.09
0.00
0.00%
114.24
Grayscale Operating LLC
180.01
0.00
0.00%
-59.48
The Leuthold Group LLC
178.72
0.00
0.00%
33.78
Renaissance Capital
178.24
0.00
0.00%
3.79
GAMCO Investors, Inc.
177.14
0.68
0.38%
62.16
Inverdale Capital Management LLC
176.58
0.00
0.00%
2.19
Belpointe
174.52
0.29
0.17%
28.14
818, Inc.
171.87
0.00
0.00%
78.98
Everence Holdings Inc.
164.04
0.00
0.00%
14.79
Soundwatch Capital LLC
161.95
0.00
0.00%
-7.32
Shelton Capital Management
161.49
0.00
0.00%
94.58
Unlimited Funds, Inc.
157.65
0.00
0.00%
88.61
Amun Holdings Ltd.
156.25
0.00
0.00%
-46.45
Pictet & Partners
155.50
0.00
0.00%
76.32
Astoria Portfolio Advisors LLC
154.90
1.06
0.69%
31.25
Raymond James Financial
154.40
0.00
0.00%
84.95
Hull Investments LLC
154.24
0.00
0.00%
12.08
Ridgeline Research LLC
152.80
0.00
0.00%
2.57
SWP Investment Management LLC
147.99
0.00
0.00%
9.25
Pettee Investors
144.76
0.00
0.00%
6.31
Future Fund Advisors
144.08
0.00
0.00%
5.44
WBI
141.55
0.00
0.00%
-13.75
Absolute Investment Advisers LLC
140.51
0.00
0.00%
14.38
Sound Capital Solutions LLC
139.93
0.00
0.00%
18.17
Peakshares LLC
137.28
0.00
0.00%
20.01
Wellington Management Group LLP
135.82
0.63
0.46%
50.21
Azimut Holding SpA
135.68
0.00
0.00%
135.04
Polen Capital Management LLC
133.54
0.00
0.00%
-6.88
IronHorse Holdings
128.69
0.00
0.00%
2.19
Texas Capital Bancshares, Inc.
122.09
0.00
0.00%
3.89
Impax Asset Management Group
119.62
0.00
0.00%
-411.83
First Manhattan Co.
116.75
0.00
0.00%
0.69
Water Island Capital
116.23
-0.01
-0.01%
2.61
Stf Management LP
115.59
1.40
1.21%
-5.79
Clough Capital Partners LLC
115.53
0.00
0.00%
16.45
Q3 Asset Management Corp.
111.60
0.00
0.00%
43.02
Logan Capital Management Inc.
110.35
0.00
0.00%
0.06
Avos Capital Management, LLC
107.62
0.00
0.00%
3.93
Indexperts LLC
105.29
0.00
0.00%
-0.15
Community Capital Management, Inc.
104.65
-0.02
-0.02%
-6.31
Retireful LLC
104.35
0.00
0.00%
4.57
Guinness Atkinson Asset Management
102.09
0.00
0.00%
16.58
Granite Group Advisors LLC
99.02
42.38
42.80%
42.38
Artemis Corp.
98.38
-0.99
-1.01%
1.01
Man Group Plc (Jersey)
96.77
0.00
0.00%
6.22
Sovereign's Capital Management LLC
96.10
0.00
0.00%
-8.66
Sparkline Capital LP
95.33
0.00
0.00%
19.60
Corgi Strategies LLC
94.83
0.00
0.00%
80.63
Miller Value Partners LLC
94.07
0.00
0.00%
0.30
Hennessy Advisors
93.86
0.00
0.00%
-8.35
IDX Advisors LLC
91.62
-0.99
-1.08%
9.59
Ocean Park Asset Management LLC
91.14
0.26
0.29%
41.58
Arrow Funds
90.42
0.00
0.00%
6.44
Diamond Hill Investment Group
89.33
0.00
0.00%
27.25
Jensen Investment Management, Inc.
88.76
0.00
0.00%
-34.02
Acuitas Investments LLC
87.97
0.00
0.00%
77.72
Stone Ridge Holdings Group LP
82.94
0.00
0.00%
4.77
Argent Capital Management
81.92
0.00
0.00%
13.45
WealthTrust Asset Management LLC
80.88
0.00
0.00%
11.15
Pzena Investment Management LP
80.18
0.00
0.00%
41.17
NSI Holdings, Inc.
79.66
0.00
0.00%
22.60
Brookmont Capital Management LLC
78.92
0.00
0.00%
44.74
Golden Eagle Asset Management Co., Ltd.
78.87
0.00
0.00%
68.13
M. D. Sass LLC
77.32
0.00
0.00%
6.49
Falconx Holdings Ltd.
76.82
0.00
0.00%
56.99
Argent Holdings, Inc.
76.45
0.00
0.00%
0.29
Impact Shares
76.21
0.00
0.00%
1.45
Milliman, Inc.
74.60
0.00
0.00%
14.93
Core Alternative Capital
73.67
0.00
0.00%
5.38
Public Trust Advisors LLC
69.86
0.00
0.00%
34.44
Symmetry Partners, LLC
69.10
-0.01
-0.01%
8.32
Moonvest LLC
69.03
0.00
0.00%
43.70
FMC Group Holdings LP
68.27
0.00
0.00%
0.47
Sammons Enterprises, Inc.
67.78
0.00
0.00%
-9.86
PMV Capital LLC
67.15
-0.01
-0.02%
11.47
Grace Partners of Dupage LP
66.61
0.00
0.00%
62.97
Cambiar Holdings
66.60
-0.34
-0.51%
0.30
Reflection Asset Management, LLC
66.11
0.00
0.00%
6.50
Suncoast Equity Management LLC
64.03
0.00
0.00%
8.01
Warren Capital Management, Inc.
62.41
0.00
0.00%
13.42
Redbird Capital Partners Alternative Holdings LLC
60.97
0.00
0.00%
59.93
Osprey Funds LLC
60.97
0.00
0.00%
-50.78
Thor Analytics LLC
60.15
0.00
0.00%
7.52
Split Rock Private Trading & Wealth Management LLC
58.72
0.00
0.00%
-0.87
Sarmaya Partners LLC
55.37
0.00
0.00%
35.68
Cullen Capital Management LLC
54.95
0.01
0.01%
12.55
ETFMG
54.44
-1.26
-2.32%
-44.34
Worth Charting Group LLC
51.38
0.00
0.00%
50.59
Mairs & Power, Inc.
47.70
0.00
0.00%
11.90
RiverNorth Holdings Co.
46.83
0.00
0.00%
4.13
AG Financial Services Group
45.96
0.00
0.00%
7.05
Alternative Access Funds LLC
44.98
0.01
0.02%
2.51
Dakota Wealth Management LLC
42.77
0.00
0.00%
-0.01
Formidable Asset Management
41.47
0.00
0.00%
-1.37
Goose Hollow Capital Management LLC
41.02
-1.52
-3.70%
-0.70
Bancreek Capital Management LP
40.70
0.00
0.00%
27.76
Cultivar Capital, Inc.
40.47
0.00
0.00%
2.59
Donald L. Hagan LLC
38.22
0.00
0.00%
-3.61
Concourse Capital Advisors LLC
37.85
0.00
0.00%
1.45
Brookfield Asset Management Ltd.
35.30
0.00
0.00%
16.83
Reckoner Capital Management LLC
35.06
0.00
0.00%
7.51
Precidian Investments LLC
33.98
-0.61
-1.80%
11.32
Donoghue Forlines LLC
33.84
0.00
0.00%
14.08
Advent Capital Management LLC
32.57
0.00
0.00%
3.76
Nightview Capital LLC
31.78
0.00
0.00%
1.50
Power Financial Corp.
31.48
0.00
0.00%
11.27
Acquirers Funds
31.30
0.00
0.00%
-3.84
Point Bridge Capital
30.99
0.00
0.00%
-2.77
Redbird Capital Partners LP
29.92
0.00
0.00%
2.51
S.C.M. Edge, LLC
29.10
0.00
0.00%
14.84
Msc Group SA
28.82
0.00
0.00%
4.28
Yorkville America LLC
28.82
0.00
0.00%
22.65
Horizon Kinetics Holding Corp.
28.21
0.00
0.00%
3.86
Carbon Collective Investing LLC
26.49
0.40
1.50%
3.82
Le Mouvement des caisses Desjardins
25.27
0.00
0.00%
4.38
Mitsubishi UFJ Financial Group Inc.
25.19
0.00
0.00%
0.94
Dvx Ventures LLC
24.56
0.00
0.00%
6.15
Sound Capital Holdings LLC
23.85
0.00
0.00%
23.36
Manzil Mortgage Services, Inc.
23.57
0.00
0.00%
20.03
First Eagle Investment Management LLC
21.70
0.00
0.00%
4.22
Nuveen Securities LLC
21.27
0.00
0.00%
5.41
Wedbush Family Partners LLC
20.81
0.00
0.00%
19.63
American Beacon Advisors, Inc.
19.95
0.00
0.00%
20.00
Grant/GrossMendelsohn LLC
19.48
0.00
0.00%
0.74
Vega Financial Group, LLC
17.97
0.00
0.00%
17.86
Atlas Capital Team, Inc.
17.71
0.00
0.00%
0.01
Nicholas Wealth LLC
15.71
0.00
0.00%
18.46
Clockwise Capital LLC
15.23
0.00
0.00%
3.85
Archer Investment Corp.
14.35
0.00
0.00%
10.12
SS&C Technologies Holdings, Inc.
14.15
0.00
0.00%
15.25
Wellesley Asset Management, Inc.
14.15
0.00
0.00%
12.58
Build Asset Management LLC
12.51
0.00
0.00%
1.27
WEBs Investments, Inc.
12.19
0.00
0.00%
5.62
Arimathea Corp.
11.92
0.00
0.00%
12.02
Dana Investment Advisors, Inc.
11.90
0.00
0.00%
10.09
Measured Risk Portfolios, Inc.
10.32
0.00
0.00%
7.26
LionShares LLC
10.02
0.00
0.00%
3.21
Saracen Energy Advisors LP
10.02
0.00
0.00%
4.78
Hypatia Capital Group LLC
9.98
0.00
0.00%
1.76
Saturna Capital Corp.
9.73
0.00
0.01%
8.40
Defiance Group Holdings LLC
9.41
0.00
0.00%
9.46
Vontobel Holding AG
9.00
0.00
-0.01%
-0.01
CYBER HORNET ETFs LLC
8.95
0.00
0.00%
0.76
8.63
0.00
0.00%
0.61
Framework Digital Advisors LLC
8.48
0.00
0.00%
8.44
The Eighth Wonder Foundation
7.78
0.00
0.00%
2.79
Prospera Funds, Inc.
7.59
0.00
0.00%
5.53
Albert D. Mason, Inc.
6.79
0.00
0.00%
0.30
Nomura Holdings
6.30
0.00
0.00%
1.25
ARK Invest LLC
6.02
0.00
0.00%
45.13
Distribution Cognizant LLC
5.84
0.00
0.00%
0.00
Founder ETFs LLC
5.16
0.00
0.00%
4.10
X-Square Capital
5.14
-1.89
-36.76%
0.68
Reverence Capital Partners LLC
5.08
0.00
0.00%
0.00
Epiris Managers LLP
4.54
0.00
0.00%
2.26
Kingsbarn Capital Management LLC
4.32
0.00
0.00%
-0.66
Everence Association, Inc.
3.74
0.00
0.00%
3.66
Abacus Life, Inc.
3.31
0.00
0.00%
0.20
The BAD Investment Company
3.28
0.00
0.00%
2.80
HWCap Holdings LLC
2.77
0.00
0.00%
0.01
AOT Invest LLC
2.32
0.00
0.00%
0.90
Langar Investment Management LLC
2.06
0.00
0.00%
-1.37
Hexis Capital Management Ltd.
1.75
0.00
0.00%
1.78
21Shares AG
1.41
0.00
0.00%
0.32
Fortuna Funds LLC
0.73
0.00
0.00%
0.00
Colliers International Group, Inc.
0.00
0.00
0.00%
0.00
Baillie Gifford & Co.
0.00
0.00
0.00%
0.00
Cohanzick Management
0.00
0.00
0.00%
-3.71
ONEFUND LLC
0.00
0.00
0.00%
0.00
Disclaimer: All data as of 6 a.m. Eastern time the date the article is published. Data is believed to be accurate; however, transient market data is often subject to subsequent revision and correction by the exchanges.
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Why Direxion Daily Semiconductor Bull 3X ETF Just Crashed
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Why Direxion Daily Semiconductor Bull 3X ETF Just Crashed
Why Direxion Daily Semiconductor Bull 3X ETF Just Crashed
Rich Smith, The Motley Fool
Fri, July 17, 2026 at 3:21 AM GMT+8 3 min read
- ^IXIC
+1.29%
- TSM
+5.55%
- SOXL
+15.88%
- NVDA
+1.97%
It's Thursday, 2:30 p.m., and do you know where the Nasdaq is?
It's down about 1.3% -- but the Direxion Daily Semiconductor Bull 3X Shares ETF (NYSEMKT: SOXL) is down much, much more, collapsing 14.5% as investors react to some caveats in Taiwan Semiconductor Manufacturing Company 's (NYSE: TSM) otherwise blockbuster Q2 earnings report.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Image source: Getty Images.
TSMC spooks the market
On the surface, everything seems to be going swimmingly for TSMC . Q2 revenue jumped 33% to $39.4 billion. Profits did even better, blowing past analyst estimates by growing 77% year over year to $21.9 billion.
Free cash flow came in significantly weaker than reported earnings, however, at just $8.9 billion, according to S&P Global Market Intelligence data, as TSMC continued to invest heavily to increase production of semiconductor chips -- and that's where TSMC spooked the market.
Prior to reporting earnings, TSMC had told investors it would need to spend about $54 billion this year on capital investment . Now it thinks it will need to spend $60 billion or more.
3x the risk, 3x the gain
Semiconductor investors worry that all this spending is proof that artificial intelligence is too expensive -- that the cost of building chip factories and manufacturing AI chips won't ever be recouped through selling AI services, and the whole AI revolution could short-circuit as a result. Shares of Nvidia (NASDAQ: NVDA), Micron (NASDAQ: MU), and Intel (NASDAQ: INTC) -- all components of the SOXL ETF -- are falling single-digits today.
Unfortunately for investors, because SOXL intentionally triples its exposure to these stocks, its losses today are multiples of the individual stocks' losses, and SOXL is down double digits.
That's the risk you take, though, when you invest in this heavily leveraged bet on semiconductors: Big risks, big (negative) rewards when the bet goes wrong.
Should you buy stock in Direxion Shares ETF Trust - Direxion Daily Semiconductor Bull 3x Shares right now?
Before you buy stock in Direxion Shares ETF Trust - Direxion Daily Semiconductor Bull 3x Shares, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Direxion Shares ETF Trust - Direxion Daily Semiconductor Bull 3x Shares wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Story Continues
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $397,351 ! Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,304,257 !
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Rich Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Intel, Micron Technology, Nvidia, and Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy .
Why Direxion Daily Semiconductor Bull 3X ETF Just Crashed was originally published by The Motley Fool
Applied Digital (APLD) Expands North Dakota AI Campus on Schedule
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Applied Digital (APLD) Expands North Dakota AI Campus on Schedule
Applied Digital (APLD) Expands North Dakota AI Campus on Schedule
Abdul Rahman
Fri, July 17, 2026 at 2:36 AM GMT+8 2 min read
- APLD
+7.90%
Applied Digital Corporation (NASDAQ: APLD ) is one of the best low priced technology stocks to invest in . On July 2, Compass Point reiterated its Buy rating and $70 price target on Applied Digital Corporation (NASDAQ:APLD). The call was the firm's reaction to Applied Digital completing an on-time expansion at its North Dakota data center campus.
Can Applied Digital (APLD) Keep Converting Power Into AI Infrastructure On Schedule? The milestone in focus was Applied Digital's Ready for Service achievement for Phase 1 of Building 2 at its Polaris Forge 1 campus in Ellendale, North Dakota. Applied Digital announced the milestone on July 1. This delivery added 75 megawatts of operational AI computing capacity and lifted the campus's total live capacity to 175 megawatts, up from 100 megawatts previously.
Compass Point highlighted that the buildout stayed on schedule and framed the achievement as proof of Applied Digital's ability to repeatedly convert power capacity into working AI infrastructure on time. To the analysts, this is a key concern for investors given the complexity of large-scale data center construction. The analysts also pointed out that the facility's six data halls are expected to power up in phases through July, August, and September, which should support revenue growth in the upcoming August and November fiscal quarters.
Compass Point also noted that Applied Digital's shares recently traded around $35, which was below closing prices following three recent lease announcements in April, May, and June. The analysts stated that those three leases bumped up Applied Digital's total contracted base-term revenue to nearly $36 billion from approximately $16 billion.
Applied Digital Corporation (NASDAQ:APLD) is a digital infrastructure company. It designs, develops, and operates data center solutions for high-performance computing and artificial intelligence industries in North America.
While we acknowledge the potential of APLD as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock .
Disclosure: None. Follow Insider Monkey on Google News .
daily-newsletter][/daily-newsletter]
NVDA, MRVL, SNDK, SKHY, And Other Chip Stocks Slide: Analyst Says Investors Are Rotating To Safety Amid Iran War Tensions
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NVDA, MRVL, SNDK, SKHY, And Other Chip Stocks Slide: Analyst Says Investors Are Rotating To Safety Amid Iran War Tensions
NVDA, MRVL, SNDK, SKHY, And Other Chip Stocks Slide: Analyst Says Investors Are Rotating To Safety Amid Iran War Tensions
NVDA, MRVL, SNDK, SKHY, And Other Chip Stocks Slide: Analyst Says Investors Are Rotating To Safety Amid Iran War Tensions · Stocktwits
Rounak Jain
Thu, July 16, 2026 at 11:37 PM GMT+8 3 min read
- NVDA
+1.97%
- MRVL
+6.68%
- SOXL
+15.88%
- CL=F
+0.70%
- SNDK
+14.27%
- Reitzes said that higher oil prices stemming from supply disruptions in the Strait of Hormuz could fuel inflation, pressure central banks to raise rates, and increase semiconductor input costs.
- He added that he is looking forward to upcoming capital expenditure plans from Big Tech companies and hyperscalers for clues about where chip stocks could head next.
- Reitzes said that he believes no hyperscaler would want to give up on AI and as a result, he does not foresee capex cuts from companies in this segment.
The rout in chip stocks continued into Thursday, with Nvidia Corp. (NVDA), Marvell Technology Inc. (MRVL), SanDisk Corp. (SNDK), SK Hynix Inc. (SKHY), and other semiconductor stocks declining between 2% and 8% in morning trade.
The Direxion Daily Semiconductor Bull 3X Shares (SOXL) ETF was down more than 10% at the time of writing, while the iShares Semiconductor ETF (SOXX) fell over 3%.
See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox
During an interview with CNBC, Melius's Head of Technology Research, Ben Reitzes, said that some of the decline can be attributed to investors flocking to safety and rotating out of chip stocks amid tensions over the war in Iran.
"I think the war… when something happens like this on a macro level and input costs could potentially spike up, the market may flock to safety. Some of this is really just rotation, I believe it is temporary, hopefully," he said.
Reitzes cautioned that it is too early to gauge how the Iran war could affect input costs across the semiconductor industry. His comments come amid a spate of strikes by the U.S. and Iran following the termination of the ceasefire between the two countries last week.
Reitzes Explains The Link Between Iran War And Input Costs For Chipmakers
Reitzes said that if crude oil prices go up as a result of the supply disruption due to the Strait of Hormuz standoff between the U.S. and Iran, it could put pressure on central banks to raise interest rates to contain inflation, thereby causing input costs to rise.
"There are some concerns about helium, LNG impacting electricity costs which can go through the [supply] chain," he said.
Reitzes downplayed concerns that AI and chip stocks are overvalued, adding that the AI trade remains on track.
"Just a few weeks ago, we were on that path, and I don't think anything's really changed," he said.
Reitzes Looks Forward To Hyperscaler Capex News For Clues Ahead
Reitzes said he is looking forward to upcoming capital expenditure plans from Big Tech companies and hyperscalers for clues about where chip stocks could head next.
Story Continues
Alphabet Inc. (GOOG, GOOGL), Intel Corp. (INTC), Microsoft Corp. (MSFT), Meta Platforms Inc. (META), Apple Inc. (AAPL), Amazon.com Inc. (AMZN), and other tech giants are scheduled to report their latest quarterly results over the next two weeks.
"I think when you see the fundamentals come out for hyperscalers, you'll see capex increases, not decreases," Reitzes said, while adding that he does not believe any hyperscaler would want to give up on AI. As a result, he does not foresee any company in this segment trimming its capex plans.
The tech-heavy Nasdaq Composite index was down nearly 1% at the time of writing.
The Invesco QQQ Trust (QQQ) is up 27% over the past 12 months, while the iShares U.S. Technology ETF (IYW) is up 38%.
Also See: MU Expands AI Memory Beyond Data Centers Into Next-Gen Cars — Locks In QCOM, Hyundai Mobis And Other Auto Suppliers
For updates and corrections, email newsroom[at]stocktwits[dot]com.
Rounak Jain has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy . This article was originally published on StockTwits .
Related:
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3 Stocks to Consider From the Growing Technology Services Market
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3 Stocks to Consider From the Growing Technology Services Market
3 Stocks to Consider From the Growing Technology Services Market
Arghyadeep Bose
Thu, July 16, 2026 at 10:42 PM GMT+8 8 min read
- DAVE
+0.14%
- VVX
+3.57%
- COHR
+11.15%
The Technology Services industry is expected to reach the pre-pandemic levels eventually, enabling regular dividend payments. The rising adoption of remote work, swift global digital transition and technological advancements like 5G, blockchain, artificial intelligence (AI) and machine learning (ML) will propel industry expansion. Also, concerns about data security will provide an impetus for the industry to grow.
Dave Inc. DAVE , V2X Inc. VVX and Coherent Corp. COHR, are poised to gain from the prevailing trends.
About the Industry
The Zacks Technology Services industry encompasses companies involved in producing, developing and designing various software support, data processing, computing hardware and communications equipment. These offerings range from integrated powertrain technologies, advanced analytics, technology solutions and contract research services to semiconductor packaging and interconnect technologies, collaboration software, specialty printers, and data acquisition and analysis systems. This industry caters to consumer and business markets, and serves diverse end markets and customer segments. Additionally, some industry players offer advanced analytics, clinical research services, data storage technology and solutions, and technology-enabled financial services for consumers and small business owners.
Factors Structuring the Future of Technology Services
Rising Demand Environment: The industry is mature, with the demand for services remaining healthy over time. Revenues and cash flows are expected to eventually reach the pre-pandemic levels, aiding most industry players to pay out stable dividends.
Economic Recovery: According to the Bureau of Economic Analysis, GDP rose at an annual rate of 2.1% in the first quarter of 2026 compared with 0.5% in the fourth quarter of 2025. The growth rate has increased, leading to a velocity with which the economy is moving that is still forward. Economic activities in the non-manufacturing sector are in good shape. The Services PMI measured by the Institute for Supply Management has stayed above the 50% mark for 24 months.
Technological Advancement Takes Center Stage: The global shift toward digitization creates opportunities in various markets, including 5G, blockchain and AI. The United States, a significant player in the IT sector, is positioned for growth on the widespread adoption of smart technologies and increased investments in security. Companies are increasingly adopting generative AI, ML, blockchain and data science to gain a competitive advantage. Per Statista, the GenAI market is anticipated to reach $804.3 billion by 2032, witnessing a 12.6% CAGR from 2026 to 2032.
Story Continues
Zacks Industry Rank Indicates Bright Near-Term Prospects
The Zacks Technology Services industry, which is housed within the broader Zacks Business Services sector, currently carries a Zacks Industry Rank #97. This rank places it in the top 39% of 247 Zacks industries.
The group's Zacks Industry Rank, which is the average of the Zacks Rank of all the member stocks, indicates continued outperformance in the near term. Our research shows that the top 50% of Zacks-ranked industries outperform the bottom 50% by a factor of more than two to one.
Before we present a few stocks that you may want to consider for your portfolio, let us look at the industry's recent stock market performance and current valuation.
Industry Beats Sector But Lags S&P 500
The Zacks Technology Services industry has outperformed the broader Zacks Business Services sector but underperformed the Zacks S&P 500 composite over the past year.
The industry has moved up 5.8% over this period against the 16.7% decline of the broader sector and compared with the 25.4% rally of the Zacks S&P 500 composite.
1-Year Price Performance
Industry's Current Valuation
On the basis of EV-to-EBITDA (enterprise value to earnings before interest, tax, depreciation and amortization), which is commonly used for valuing staffing stocks because of their high debt levels, the industry is currently trading at 17.73X compared with the S&P 500's 18.68X and the sector's 10.18X.
Over the past five years, the industry has traded as high as 28.97X and as low as 10.26X, with the median being 13.93X, as the charts below show.
EV-to-EBITDA
3 Technology Services Poised for Growth
Dave: This financial technology company offers digital banking, budgeting tools and credit facilities like ExtraCash. Dave's first-quarter 2026 earnings release reveals positive momentum in its revenues that gained 47% year over year, with adjusted EBITDA rising 57%, resulting in a 44% margin.
DAVE's customer-first strategy bears fruit as the new member count went up 22% year over year in the first quarter of 2026, with customer acquisition costs of $18, flat with the preceding quarter. The company strengthened its relationship with customers as monthly transacting members (MTM) increased 18% year over year, with average revenue per use (ARPU) moving up 24%.
Despite an upsurge in MTM, which could raise credit risks, Dave gracefully managed to mitigate the threat, leveraging its proprietary AI and machine learning-based CashAI v5.5 model. This credit risk management apparatus led to the lowest loss rate on record in first-quarter 2026, lowering the 28-day past-due metric to 1.69%. Dave introduced Dave Flex, a "Pay in 4" credit product, to a small testing group of existing members. The company deduced the following results that include exponential growth in total originations per customer and an anticipated rise in ARPU.
The company remains on track to transition ExtraCash receivables to an off-balance sheet funding structure with Coastal Community Bank, which is expected to unlock $200 million in incremental liquidity, reduce costs of capital and support the repayment of the existing credit facility.
DAVE currently sports a Zacks Rank #1 (Strong Buy). The Zacks Consensus Estimate for 2026 EPS has moved up 14.1% in the past 90 days. Daveshares have surged 114.8% over the past year.
You can see the complete list of today's Zacks #1 Rank stocks here.
V2X: This company offers critical mission solutions and support services to defense clients globally. VVX reported an outstanding performance in the first quarter of 2026 during its earnings release. The top line gained 23% year over year, with adjusted net income accelerating 53%, leading to bottom-line growth of 55%.
V2X's total backlog reached a record $13.8 billion, providing strong visibility into long-term revenues, with 94% of the top line in 2026 already visible in the backlog and under contract. Across all businesses, the company held $4.1 billion in total bookings and awards.
The company's contract execution was impressive, as evidenced by the full operational execution and initial operational capability on the large-scale T-6 aircraft program during the first quarter of 2026. It led management to expect revenues of $175-$180 million from this program. V2X managed to provide a $70-$80-million boost to the mid-point of the top-line guidance on the back of a discrete time-and-materials contract with a national security customer expansion and extension.
V2X is no less on the AI front, launching three internal AI platforms operating on enterprise IT infrastructure. It has resulted in a significant expansion in AI-enabled productivity and operational efficiency in support functions. Partnerships with Google, NVIDIA, Amazon and Tactile assisted the company in building differentiated, AI-backed predictive platforms for aerospace sustainment and client bids.
VVX presently flaunts a Zacks Rank #1. The Zacks Consensus Estimate for its 2026 bottom line increased 4.4% in the past 90 days. V2X shares have gained 59.1% in a year.
Coherent: This prominent player in the materials, networking and lasers domain is riding the AI wave. The rapid expansion of AI data centers and the rising demand for bandwidth and energy efficiency are fueling the expansion in optical networking infrastructure. It has led to a step-function increase in its order book, resulting in a record level of backlog.
The upsurge in Coherent's transceiver demand can be attributed to the rapid adoption of 800-gig and 1.6T transceivers by customers. On the Optical Circuit Switch front, the market opportunity exceeds $4 billion. The company resolved a critical manufacturing bottleneck, enabling output to increase rapidly across two production facilities and convert backlog into top-line growth.
Coherent's partnership with NVIDIA is instrumental to raising Co-Packaged Optics' (CPO) addressable market opportunity over $15 billion. The company anticipates initial scaled-out CPO revenues in late 2026, followed by scaled-out CPO revenues in late 2027.
Supply-chain headwinds are prevalent within the AI market. To address this concern, COHR expanded internal Indium Phosphide (InP) capacity. The shift from 3-inch InP to 6-inch yields more than 4X as many devices at less than half the cost. The company's strategy to sign and finalize long-term agreements with customers, including upfront capital investments from customers, helps fund and mitigate challenges encircling COHR's capacity expansion.
COHR currently flaunts a Zacks Rank #3 (Hold). The Zacks Consensus Estimate for its fiscal 2026 bottom line has increased 1.5% in the past 90 days. Coherent shares have skyrocketed 198.5% in a year.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Dave Inc. (DAVE) : Free Stock Analysis Report
Coherent Corp. (COHR) : Free Stock Analysis Report
V2X, Inc. (VVX) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
Advance Monthly Sales for Retail and Food Services, June 2026
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- 6月零售与餐饮销售额为7686亿美元，环比增长0.2%（误差范围±0.4%），同比增长6.7%。
- 数据未进行价格变化调整。
英文原文
Monthly Retail Trade - Sales Report
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TSMC 2026 Q2 Quarterly Results
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中文摘要
- TSMC第二季度美元收入402亿美元、毛利率67.7%、营业利润率60.3%。
- 第三季度收入指引为446亿至458亿美元，毛利率指引65%至67%。
英文原文
TSMC 2026 Q2 Quarterly Results
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Leveraged ETFs in 2026: How They Work, the Best Funds, and the Risks You Can't Ignore
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Leveraged ETFs in 2026: How They Work, the Best Funds, and the Risks You Can
Leveraged ETFs in 2026: How They Work, the Best Funds, and the Risks You Can't Ignore
ETF.com Staff
Thu, July 16, 2026 at 5:42 AM GMT+8 13 min read
- SPXL
+2.46%
- TECL
+8.39%
- SOXL
+15.88%
- UPRO
+2.47%
- NVDL
+3.64%
ETF Investing Tools Leveraged ETFs are designed for experienced traders. Used correctly, they are powerful tools for amplifying returns in a trending market. Used incorrectly, they are one of the most efficient wealth-destruction mechanisms available on a public exchange. Understanding exactly what they do and don't do is the difference between a well-timed tactical trade and a slow bleed that compounds against you.
This guide covers how leveraged ETFs actually work, why 2026's market environment has made them so popular, the best funds across each major category, and the specific risks you need to understand before putting a single dollar in.
What Is a Leveraged ETF?
A leveraged ETF uses financial derivatives, primarily swaps and futures contracts, to deliver a multiple of the daily return of an underlying index or asset. A 3x leveraged ETF targeting the Nasdaq-100 aims to return +3% on a day the Nasdaq-100 rises 1%, and -3% on a day it falls 1%. That's the whole concept.
The critical word in that description is daily . Leveraged ETFs reset their leverage exposure each night. The 3x target applies to a single trading session, not to any multi-day or multi-year period. Over longer horizons, the daily compounding of leveraged returns diverges significantly from 3x the index return, sometimes far better, sometimes far worse, depending on the path the market takes.
This daily reset is the source of both the opportunity and the primary risk in these products.
Why Leveraged ETFs Are Exploding in 2026
$193 billion in leveraged ETF assets didn't accumulate by accident. Three forces converged in 2026 to drive the boom:
The AI infrastructure build-out. Semiconductor stocks have gone parabolic as hyperscalers like Microsoft, Google, Amazon, and Meta compete to build AI data centers faster than their rivals. NVIDIA, Broadcom, Micron, and TSMC have posted record earnings. For investors who believe this trend continues, 3x semiconductor leverage turns what might be a 50% sector gain into a transformational return on capital.
Retail investor democratization. Commission-free trading and mobile-first brokerage apps have put leveraged ETFs in front of millions of investors who would never have accessed them through traditional channels. Average daily trading volumes for leveraged products have surged to approximately $45 billion in 2026 — a figure that dwarfs the entire category's AUM just a decade ago.
The momentum feedback loop. Strong near-term returns in leveraged funds attract inflows. Inflows from index rebalancing create additional mechanical demand for the underlying stocks. More AI chip demand drives higher stock prices, which generate better returns for leveraged funds, attracting more inflows. It's a reinforcing cycle — until it isn't.
Story Continues
The Best Leveraged ETFs in 2026
TQQQ — ProShares UltraPro QQQ
TQQQ is the largest leveraged ETF in the world with approximately $37 billion in assets, a number that itself reflects how dramatically the category has grown. The fund delivers 3x the daily return of the Nasdaq-100 Index, which means exposure to the same 100 non-financial companies that power QQQ and QQQM : Apple, Nvidia, Microsoft, Broadcom, Amazon, Meta, and their tech-adjacent peers.
TQQQ is up approximately +39% year-to-date in 2026 , which for a leveraged product reflects the more measured performance of the Nasdaq-100 versus the explosive gains in the semiconductor sector specifically. The fund carries an expense ratio of 0.82% (net after a 0.15% fee waiver from the gross 0.97%), which sounds manageable but compounds meaningfully over time alongside the inherent daily borrowing costs embedded in the swap structure.
TQQQ is best used as a short-term tactical vehicle for investors with a bullish view on large-cap technology. Its scale and options market depth make it the most liquid leveraged ETF available and the default vehicle for institutional-scale short-term positions.
SOXL — Direxion Daily Semiconductor Bull 3X ETF
SOXL has been the defining leveraged ETF story of 2026. The fund triples the daily return of the NYSE Semiconductor Index, which holds the world's leading chip designers, manufacturers, and equipment makers. In the year-to-date period through mid-July 2026, SOXL has returned an extraordinary +320% .
That number warrants context: it reflects the concentrated nature of 3x leverage applied to a sector (semiconductors) that has experienced one of the most powerful earnings cycles in its history. Micron reported $41.46 billion in Q3 FY2026 revenue at 74% gross margins. Nvidia's Vera Rubin platform is already in customer hands. The AI infrastructure capex cycle is driving chip demand that the supply chain is struggling to satisfy. SOXL captures all of that at 3x leverage.
The corollary is equally true: in a period of semiconductor underperformance, SOXL doesn't just fall — it collapses. The fund has historically experienced drawdowns exceeding 90% during sector corrections. Its Sharpe ratio of 4.62 on a one-year rolling basis reflects extraordinary recent performance, not a stable long-term profile. SOXL is appropriate for investors who have a specific, time-boxed view on the AI hardware trade and can tolerate and are prepared to act on extreme volatility in both directions.
SPXL — Direxion Daily S&P 500 Bull 3X ETF
SPXL is the 3x leveraged version of the S&P 500, offering amplified broad-market equity exposure with nearly $6.9 billion in AUM . Where TQQQ concentrates on the Nasdaq-100's tech tilt and SOXL concentrates on semiconductors, SPXL gives investors 3x leverage on the entire S&P 500's market-cap-weighted composition, with financials, healthcare, industrials, consumer, energy, and tech all included.
For investors who want leveraged upside without making a sector-specific bet, SPXL is the purest amplification of broad U.S. equity performance available in the ETF wrapper. Its expense ratio is competitive with other Direxion 3x products. It is also frequently paired with its inverse counterpart ( SPXS ) by sophisticated traders who dynamically hedge between bull and bear positions based on macro signals.
UPRO — ProShares UltraPro S&P 500
UPRO is ProShares' version of 3x S&P 500 exposure — functionally similar to SPXL in objective but with slightly different swap structure and expense ratio details. Like SPXL , UPRO offers the broadest-possible leveraged equity exposure without sector concentration. The competition between SPXL and UPRO means both funds maintain tight tracking of 3x daily S&P 500 returns, and investors often choose between them based on which brokerage platform offers better trading costs or commission structure.
TECL — Direxion Daily Technology Bull 3X Shares
TECL applies 3x leverage to the Technology Select Sector Index — the technology component of the S&P 500. Where TQQQ includes communication services names (Alphabet, Meta) and consumer discretionary (Amazon), TECL focuses purely on software, hardware, semiconductors, and IT services within the S&P 500 tech sector. This makes it a more concentrated tech bet than TQQQ and excludes some of the largest constituents that give TQQQ its broader composition.
In 2026's AI-driven market, TECL 's concentration in pure-play tech names — Apple, Nvidia, Microsoft, Broadcom, AMD — has made it a strong performer. Investors who want leveraged tech exposure but prefer the cleaner sector boundary of the S&P 500 sector classification over the Nasdaq-100's mixed composition often favor TECL .
NVDL — GraniteShares 2x Long NVDA Daily ETF
NVDL represents a newer category: single-stock leveraged ETFs. The fund delivers 2x the daily return of a single company — NVIDIA Corporation — rather than an index.
Single-stock leveraged ETFs are the highest-concentration, highest-volatility instruments in the leveraged ETF universe. NVDL 's fate is entirely tied to Nvidia's stock price movements, with 2x amplification. For investors with a strong conviction view specifically on Nvidia — rather than the semiconductor sector broadly — NVDL offers a surgical expression of that view. The risks are commensurately extreme: a 20% drawdown in Nvidia becomes a ~40% drawdown in NVDL .
The Mechanics Behind the Performance: How Leverage Creates and Destroys Value
Understanding why leveraged ETFs can dramatically outperform or underperform their stated multiple over time requires understanding the math of daily compounding.
Consider a simple example. An index starts at 100 and over two days: rises 10% on day one, then falls 10% on day two. The index ends at 99 — down 1% from start. Now apply 3x leverage: the 3x fund rises 30% on day one (from 100 to 130), then falls 30% on day two (from 130 to 91). The 3x fund is down 9% while the index is down only 1%.
This is volatility decay, also called beta slippage. In trending markets — where the index moves consistently in one direction with limited day-to-day reversal — leveraged ETFs can massively outperform their stated multiple over time. SOXL 's +320% YTD reflects exactly this: the semiconductor sector has trended strongly upward with limited sustained pullbacks, allowing the daily compounding to work in favor of holders.
In sideways, choppy markets — where the index oscillates without directional progress — volatility decay grinds down leveraged ETF holders even if the underlying index ends flat. This is the primary reason these products are not appropriate as long-term, buy-and-hold positions. The longer you hold in a non-trending environment, the more the daily rebalancing cost compounds against you.
Who Should — and Shouldn't — Own Leveraged ETFs
Leveraged ETFs serve a specific, legitimate function in a portfolio — but only for seasoned investors who understand them clearly and use them appropriately.
Suitable uses: Short-to-medium-term tactical positions in strong trending markets; expressing a high-conviction, time-limited directional view on an index or sector; sophisticated hedging strategies using paired bull/bear funds; intraday trading where the daily reset is irrelevant.
Unsuitable uses: Long-term wealth accumulation; retirement accounts where the volatility profile is incompatible with the investment horizon; situations where the investor cannot monitor positions regularly; any context where a 70-90% drawdown would materially damage financial wellbeing.
The SEC and most financial advisors caution retail investors against using leveraged ETFs as long-term holdings. That caution is well-founded — but it does not mean these products have no legitimate role. The key variable is time horizon and the investor's ability to actively manage the position.
The Risk Landscape in 2026
The current boom in leveraged ETF assets has drawn scrutiny from regulators and market structure analysts. The concern isn't just that individual investors can lose money; it's that the scale of daily rebalancing trades from leveraged ETFs can amplify market volatility in both directions.
When markets fall sharply, leveraged bull ETFs must sell their underlying exposures at day's end to maintain target leverage ratios. Inverse ETFs must buy. At $193 billion in total assets, those daily rebalancing flows represent tens of billions of dollars of mechanical buying and selling that can amplify intraday price movements — particularly in already-volatile moments.
Additionally, the AI-fueled concentration risk is significant. More than $50 billion of leveraged ETF assets is now concentrated in semiconductor-focused products. If the AI capex cycle shows signs of slowing — through earnings misses, export restrictions, or customer spending reductions — the unwind from that concentration could be rapid and severe.
Leveraged ETF Comparison: Key Facts at a Glance
TQQQ : 3x Nasdaq-100 | AUM ~$37.3B | Expense Ratio 0.82% | YTD +39% | Best for: leveraged large-cap tech exposure with maximum liquidity
SOXL : 3x NYSE Semiconductor Index | AUM ~$22B | Expense Ratio 0.75% | YTD +446% | Best for: high-conviction AI hardware bull thesis; extreme risk tolerance required
SPXL : 3x S&P 500 | AUM ~$6.9B | Expense Ratio 0.84% | Best for: leveraged broad-market exposure without sector concentration
UPRO : 3x S&P 500 | ProShares version | Best for: similar to SPXL ; compare brokerage trading costs
TECL : 3x S&P 500 Technology Sector | Best for: pure-play S&P 500 tech with 3x leverage, excluding communication services and consumer
NVDL : 2x NVIDIA | YTD +68.4% | Best for: single-stock Nvidia bulls who want defined 2x amplification
Leverage Is a Tool, Not a Strategy
The $198 billion in leveraged ETF assets is a testament to both the power of the AI trade and the appetite retail investors have developed for amplified exposure. SOXL 's +320% YTD return is a real number — but so are the 90%+ drawdowns these products have experienced in prior semiconductor downturns. Both are true simultaneously.
Leveraged ETFs work best in strong, directional markets with limited choppiness — exactly the environment 2026 has delivered for semiconductors and AI-adjacent technology. They work worst in volatile, sideways markets where daily compounding turns neutral index performance into steady losses.
If you have a specific, time-boxed view on the AI hardware cycle continuing through 2026, SOXL and TQQQ are the most direct expressions of that thesis with the largest asset bases and deepest liquidity. If you want broad leveraged equity exposure without sector concentration, SPXL or UPRO provide 3x amplification of the full S&P 500. And if your conviction is specifically on Nvidia as the central AI infrastructure pick, NVDL gives you 2x exposure to that single name.
Use any of them with clear entry and exit criteria, position sizing that reflects their volatility profile, and a realistic assessment of what a 50-80% drawdown would mean for your portfolio. Leverage is a tool — and like any tool, what matters most is whether it's the right one for the job.
Data as of July 2026. AUM and performance figures are approximate. Expense ratios sourced from fund providers. Leveraged ETFs involve substantial risk of loss and are not appropriate for all investors. This article is for informational purposes only and does not constitute investment advice.
This article was generated with the assistance of artificial intelligence and reviewed by ETF.com staff.
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The information provided on this website is for informational and educational purposes only and does not constitute investment advice, financial advice, trading advice, or any other sort of advice. Nothing on this site should be construed as a recommendation to buy, sell, or hold any security or financial product.
General Investment Risks
Investing involves risk, including the possible loss of principal. Past performance is not indicative of future results. The value of investments may fluctuate, and investors may receive back less than they originally invested. There is no guarantee that any investment strategy will achieve its objectives.
ETF-Specific Risks
Exchange-traded funds (ETFs) are subject to risks similar to those of stocks and other equity securities. ETF shares are bought and sold at market price, which may differ from the fund's net asset value (NAV). Brokerage commissions may apply and will reduce returns. ETFs may be subject to the following additional risks:
Market Risk: The value of an ETF may decline due to broad market fluctuations unrelated to the underlying securities.
Liquidity Risk: Some ETFs may have limited trading volume, which could make it difficult to buy or sell shares at a desired price.
Tracking Error Risk: An ETF may not perfectly replicate the performance of its benchmark index.
Concentration Risk: Sector or thematic ETFs may be concentrated in a particular industry or geography, increasing volatility.
Currency Risk: ETFs that invest in international securities may be affected by exchange rate fluctuations.
Leverage and Inverse Risk: Leveraged and inverse ETFs are designed for short-term trading and may not be suitable for long-term investors. These products use derivatives and may experience significant losses.
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The SOX Index Fell 16% in Less Than a Month
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The SOX Index Fell 16% in Less Than a Month
The SOX Index Fell 16% in Less Than a Month
The SOX Index Fell 16% in Less Than a Month · Barrons.com · Marketwatch
Barrons.com
Thu, July 16, 2026 at 2:50 AM GMT+8 1 min read
- SNDK
+14.27%
- ^SOX
+5.21%
- NVDA
+1.97%
- ^GSPC
+0.89%
- WDC
+12.51%
The same chipmakers that have been investors' AI darlings are some of the biggest drags on today's market. The PHLX Semiconductor Index is down 2.3% today, a 16% drop from the index's closing high, according to Dow Jones Market Data.
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Tech Stocks Are on the Rise Despite the Chip Dip
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Tech Stocks Are on the Rise Despite the Chip Dip
Tech Stocks Are on the Rise Despite the Chip Dip
Tech Stocks Are on the Rise Despite the Chip Dip · Barrons.com · Marketwatch
Barrons.com
Thu, July 16, 2026 at 2:14 AM GMT+8 2 min read
- ^GSPC
- ^IXIC
- ^DJI
Hardware names, including chip stocks, are having a tough trading session, but some of the biggest tech companies are climbing higher. The Nasdaq was up 0.5%, while the S&P 500 rose 0.3%, and the Dow increased 0.3% or 151 points. The Nasdaq leading gains would suggest that tech is outperforming, but under the surface things are a bit more complicated.
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Weekly Petroleum Status Report
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- 检索时页面最近一期仍为2026-07-15发布、数据截至2026-07-10的报告。
- 页面列出的下一发布日期为2026-07-22；常规摘要和表1-14安排在周三10:30 ET后发布，其余文件在13:00 ET后发布。
- 因此本次候选未写入尚未发布的截至2026-07-17周度库存数字。
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Weekly Petroleum Status Report - U.S. Energy Information Administration (EIA)
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Weekly Petroleum Status Report
Data for week ending July 10, 2026
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The petroleum supply situation is presented in the context of historical information and selected prices.
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Petroleum Supply Summary
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Explanatory Notes ( Stock Ranges )
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Northeast Reserves
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Statistical Methodology of Estimating Petroleum Exports Using Data from U.S. Customs
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Applied Digital Sets Fiscal Fourth Quarter and Full Year 2026 Conference Call for Monday, July 27, 2026, at 5:00 p.m. Eastern Time
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中文摘要
- Applied Digital确认于2026年7月27日17:00 ET讨论截至2026年5月31日的财年第四季度及全年结果。
- 公司称业绩稿将在同日美股收盘后发布。
英文原文
Applied Digital Sets Fiscal Fourth Quarter and Full Year 2026 Conference Call for Monday, July 27, 2026, at 5:00 p.m. Eastern Time
Applied Digital Sets Fiscal Fourth Quarter and Full Year 2026 Conference Call for Monday, July 27, 2026, at 5:00 p.m. Eastern Time
July 15, 2026 4:05pm EDT
Download as PDF
DALLAS, July 15, 2026 (GLOBE NEWSWIRE) -- Applied Digital Corporation (Nasdaq: APLD) ("Applied Digital" or the "Company") , a designer, builder and operator of high-performance, sustainably engineered data centers and colocation services for Artificial Intelligence (“AI”), networking, and blockchain workloads, will host a conference call on Monday, July 27, 2026, at 5:00 p.m. Eastern Time to discuss its operations and financial results for the fiscal fourth quarter and full year ended May 31, 2026. A press release detailing these results will be issued after the market closes on the same day.
Applied Digital management will provide prepared remarks, followed by a question-and-answer period.
Date: Monday, July 27, 2026
Time: 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time)
North America Dial-In: 1-833-461-5787
International Dial-In: +1 (585) 542-9983
Conference ID: 735983255
Please call the conference telephone number approximately 10 minutes before the start time. An operator will register your name and organization. If you have difficulty connecting with the conference call, please get in touch with Applied Digital’s investor relations team at 1-949-574-3860.
The conference call will also be broadcast live and available for replay for one year here .
About Applied Digital
Applied Digital (Nasdaq: APLD) named Best Data Center in the Americas 2025 by Datacloud — designs, builds, and operates high-performance, sustainably engineered data centers and colocation services for artificial intelligence, networking, and blockchain workloads. Headquartered in Dallas, TX, and founded in 2021, the company combines hyperscale expertise, closed-loop cooling, and rapid deployment capabilities to deliver secure, scalable compute at industry-leading speed and efficiency, while creating economic opportunities in underserved communities through its award-winning Polaris Forge AI Factory model.
Learn more at applieddigital.com or follow @APLDdigital on X and LinkedIn.
Caution About Forward-Looking Statements
This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, future operating and financial performance, product development, market position, business strategy and objectives and future financing plans. These statements use words, and variations of words, such as “will,” “continue,” “build,” “future,” “increase,” “drive,” “believe,” “look,” “ahead,” “confident,” “deliver,” “outlook,” “demonstrates,” “expect,” “project” and “predict.” Other examples of forward-looking statements may include, but are not limited to, (i) statements that reflect perspectives and expectations regarding the lease agreements and current and future campus development, (ii) statements about the HPC industry, (iii) statements of Company plans and objectives, including our evolving business model, or estimates or predictions of actions by suppliers and current and potential customers, (iv) statements of future economic performance, and (v) statements of assumptions underlying other statements and statements about the Company or its business. You are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the Company’s expectations and projections. These risks, uncertainties, and other factors include: our ability to complete construction of our data centers; changes to AI and HPC infrastructure needs and their impact on future plans; risks associated with the leasing business, including those associated with counterparties; costs related to the HPC operations and strategy; our ability to timely deliver any services required in connection with completion of installation under our lease agreements; our ability to raise additional capital to fund ongoing and future data center construction and operations; our ability to obtain financing of the lease agreements on acceptable financing terms, or at all; our dependence on principal customers, including our ability to execute and perform our obligations under our leases with key customers, including without limitation, the lease agreements; our ability to timely and successfully build hosting facilities with the appropriate contractual margins and efficiencies; power or other supply disruptions and equipment failures; the inability to comply with regulations, developments and changes in regulations; cash flow and access to capital; availability of project and other financing to continue to grow our business; decline in demand for our products and services; maintenance of third party relationships; and conditions in the debt and equity capital markets. A further list and description of these risks, uncertainties and other factors can be found in the company’s most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q, including in the sections captioned “Forward-Looking Statements” and “Risk Factors,” and in the company’s subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov, on the Company’s website (www.applieddigital.com) under “Investors,” or on request from the Company. Information in this release is as of the dates and time periods indicated herein, and the Company does not undertake to update any of the information contained in these materials, except as required by law.
Investor Relations Contacts
Matt Glover and Ralf Esper
Gateway Group, Inc.
(949) 574-3860
APLD@gateway-grp.com
Media Contact
JSA (Jaymie Scotto & Associates)
(856) 264-7827
jsa_applied@jsa.net
Source: Applied Digital Corporation
Released July 15, 2026
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How to Profit from the End of the AI Trade
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How to Profit from the End of the AI Trade
How to Profit from the End of the AI Trade
Rob Isbitts
July 15, 2026 5 min read
When a massive stock market boom starts to slow down, it rarely crashes overnight.
What I am seeing now is not a crash, but the signs that a slow down is starting to take hold. Given the outsized weightings of artificial intelligence and semiconductor stocks in the benchmark indexes, the broader market is only as good as the AI trade.
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How good, exactly, that AI trade is now is up for debate.
Why Are AI Stocks Falling?
To make money from a market slowdown, you first need to understand why booms end. It is rarely because the technology fails. Instead, it is usually because the market gets completely flooded with too much supply, of chips in this case.
When the top chip companies start raising tens of billions of dollars by selling massive amounts of new stock to the public, it's a sign. When company insiders use their ultra-high stock prices to gather cash and build massive new factories, they openly tell us a supply glut is coming.
Once those factories open, chip prices will drop, and the massive profit margins that Wall Street fell in love with will shrink. That's how the bear case could play out.
Who's Buying the Dips Here?
This is often when big Wall Street players quietly start selling their shares to lock in profits, while regular investors keep buying the daily dips. If you think the massive AI tech boom is finally running out of steam, you don't just have to sit there and watch your portfolio take a hit. You can actively prepare for the slowdown that is very much underway. The only question is whether it is a "pause that refreshes" or the start of a plunge that besets semiconductors.
This chart shows the past three years for the iShares Semiconductor ETF (SOXX), the biggest semiconductor ETF. I've marked with arrows the last pair of 30%-35% declines.
I've also marked on the right a rough price range where SOXX would have to go for us to again be talking about a one-third decline. With the percentage price oscillator (PPO) indicator at bottom perched just on top of the zero line, the 20-day moving average having rolled over, and the 50-day moving average about to follow it, I would not bet against a much steeper dive here. Albeit with the obligatory giant bounces along the way.
Story Continues
www.barchart.com Like I said, you don't have to just sit there and take it. There are inverse ETFs on SOXX, like the Direxion Daily Semiconductor Bear 3X Shares ETF (SOXS), which I've shown in this table below, alongside four semiconductor industry ETFs. Now, SOXS is a 3x inverse ETF, so you have to be very careful.
www.barchart.com But the list of ways to "short" semis has burst wide open this year. Not only can we try to profit from the stock prices declining across the board in that industry, we can do so at the stock-specific level.
Are All Semiconductor ETFs the Same?
There's overlap across several of the top semiconductor ETFs given the concentration in the chip industry. Here's a quick survey of some of these funds' top holdings. I show this not only so you can understand what's in them, but also as a "hit list" for considering being stock-specific, as a bull or bear, as this trade plays out.
SOXX is very crowded at the top, with about one-third of its assets in the four names I circled here. Still, there's some spread to another 10-15 names that each have some individual impact.
www.barchart.com This is the VanEck Semiconductor ETF (SMH), the original ETF in this market segment. It is purely capitalization-weighted, so Nvidia (NVDA) stands tall at the top. There's a lot of overlap between SMH and SOXX, as you can see.
www.barchart.com The same can be said about the Invesco Semiconductors ETF (PSI), except that its creator limited the ETF to 30 stocks. It is far from equal-weighted, but it is fairly diverse.
www.barchart.com We can get more granular via ETFs like the Roundhill Memory ETF (DRAM) and the Tema Memory ETF (DISK). DISK leans heavily on just Sandisk (SNDK), Kioxia, and SK Hynix (SKHY).
DRAM holds a much smaller allocation to SNDK, with focus on Samsung, Micron (MU), and SKHY.
To me, analyzing these holdings helps me figure out where it makes sense to short via inverse single stock ETFs. But for those looking for a quick and dirty solution with some leverage, SOXS is the most liquid choice.
www.barchart.com And that's a chart with some massive upside potential. Albeit with big risk attached. Not only due to the possibility that chip stocks do not fall further out of favor, but because inverse ETFs like this one, especially with three times leverage, can work against you quickly. Watch out if you consider this route.
The Bottom Line on the Semiconductor Trade
This is not a "go big or go home" type of trade. It is based in large part on the natural cyclicality of markets. And the simple belief that markets of today get hyper-overvalued. That sets them up for subsequent big drops.
Rob Isbitts is a semi-retired CIO, former fiduciary investment advisor, and Barchart columnist. Check out his other work at ETFYourself.com (featuring the Fresh Charts weekly trading post), and ROAR.PiTrade.com, helping investors to better-manage their own portfolios.
On the date of publication, Rob Isbitts did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com
Wedbush Delivers an Urgent Message for TSMC Stock Investors
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发布时间早于日报 5 天摘要窗口。
中文摘要
该文章早于本次日报摘要窗口，未生成新的中文摘要；可展开原文或打开来源核查。
英文原文
Wedbush Delivers an Urgent Message for TSMC Stock Investors
Wedbush Delivers an Urgent Message for TSMC Stock Investors
Nauman Khan
July 15, 2026 1 min read
- TSM
+5.55%
- GFS
+4.54%
- UMC
+4.38%
- TSM
+5.55%
- TSEM
+10.43%
This article first appeared on GuruFocus .
Taiwan Semiconductor Manufacturing ( NYSE:TSM ) is in focus after a Wedbush report indicated the chipmaker may raise prices for mature-node manufacturing processes beginning in early 2027.
The reported increase would mark the company's first adjustment to mature-node pricing in more than three years, with final pricing decisions expected later this year.
- Warning! GuruFocus has detected 6 Warning Signs with ORCL.
- Is TSM fairly valued? Test your thesis with our free DCF calculator.
Wedbush said the development could signal improving conditions across the mature-node foundry market. The firm noted that any pricing increase by Taiwan Semiconductor may support stronger industry pricing trends and reflect healthier demand dynamics for legacy chip production.
Wedbush added that other foundry companies, including United Microelectronics ( NYSE:UMC ), GlobalFoundries ( NASDAQ:GFS ) and Tower Semiconductor (TSEM), could also benefit if industry pricing strengthens.
The update comes as Taiwan Semiconductor continues to benefit from robust demand tied to artificial intelligence and advanced semiconductor manufacturing. Investors are also closely watching the company ahead of upcoming earnings results for further insight into pricing trends and market conditions.
The 2 Pressure Points That Will Determine SOXL’s Next 12 Months
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英文原文
The 2 Pressure Points That Will Determine SOXL’s Next 12 Months
The 2 Pressure Points That Will Determine SOXL’s Next 12 Months
Michael Williams
July 15, 2026 5 min read
- SOXL
+15.88%
- SMH
+4.52%
- AMD
+8.11%
Quick Read
- SOXL surged 293% year to date but has shed roughly 30% in the last month, including a brutal 16% single-day drop on July 7.
- Investors avoiding SOXL's daily reset penalty can access the same chip names through the unleveraged SMH ETF instead, which includes AMD among its holdings.
- A November put/call ratio of 22.68 signals options desks are hedging hard into fall, where 60%-plus realized volatility typically overwhelms SOXL's directional gains.
- Many financial professionals are salespeople paid on what they push, not whether you end up wealthier. A fiduciary is the opposite. The SEC legally requires them to put your interests first. Advisor.com's free matching tool pairs you with vetted fiduciaries from major national firms, all in under three minutes. See who you match with today.
The Direxion Daily Semiconductor Bull 3X Shares ( NYSEARCA:SOXL ) just handed investors a brutal reminder of how leverage cuts both ways. After ripping nearly 293% higher year to date, SOXL has given back roughly 30% in the last month alone, including a 16% single-day drop on July 7. For anyone still holding SOXL after this run, the next 12 months will hinge on two very specific pressure points that every SOXL holder needs to watch.
Thongden Studio / Shutterstock.com
The Fund and Its Current Position
SOXL delivers three times the daily performance of the ICE Semiconductors Index, using swaps and futures to amplify a basket that runs from foundries and fabless designers to equipment makers. The current fund holds $16.9 billion in net assets, with AMD (4.56%), Broadcom (4.51%), Micron (4.33%), NVIDIA (3.89%), and Intel (3.57%) anchoring the top of the book. Derivatives account for roughly 39.6% of net assets, with cash and short-term instruments backing the swaps at about 30.3%. That structure is why SOXL resets every single day, and why holding it for a year is a fundamentally different bet than holding the underlying chip stocks.
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The Macro Factor: AI Capex Durability and Fed Policy
The single biggest external variable for SOXL over the next 12 months is whether the AI infrastructure buildout keeps pulling semiconductor demand forward. Worldwide semiconductor revenue hit roughly $299 billion in Q1 2026, up about 79% year over year, and Taiwan's foundry revenue alone is expected to grow roughly 31% in 2026. That backdrop has powered SOXL's run. Vanguard's 2026 outlook flags the risk directly, noting that AI scalers' earnings track records will come under renewed scrutiny as they embark on unprecedented AI capital investment, with the Fed's neutral rate estimated near 3.5%, limiting room for aggressive cuts.
Story Continues
What to watch: the hyperscaler capex guidance updates from Microsoft, Meta, Amazon, and Alphabet during Q2 2026 earnings calls in late July and early August, and the September Fed dot plot. If any two of the four hyperscalers trim 2027 AI capex guidance, expect NVIDIA and Broadcom, the two names driving SOXL's largest swap exposures, to reprice quickly. The CME FedWatch tool and the BEA's monthly durable goods orders (semiconductor shipments line) are the highest-frequency reads. In the 2018 to 2019 memory downturn, the SOX index fell roughly 35% peak to trough as capex guidance rolled over. SOXL would translate that into something closer to a wipeout.
The Fund-Specific Factor: Volatility Decay in a Choppy Tape
Leverage decay is the mechanic most SOXL holders underestimate. The fund resets daily, so a 5% down day followed by a 5% up day leaves the underlying flat but SOXL down. With the VIX at just over 17 and up sharply in the last three sessions, and the put/call ratio at 2.05 across the full options chain, the market is bracing for exactly the two-sided chop that eats leveraged funds alive. Individual expirations tell an even louder story: the November 20 expiry shows a put/call ratio of 22.68, with December at 15.22. Options desks are hedging into the fall.
Watch AMD and NVIDIA implied volatility on the CBOE, and track SOXL's rolling 20-day realized volatility. Anything sustained above 60% annualized is where compounding drag typically overwhelms directional gains. For investors who want semiconductor exposure without the decay tax, the unleveraged VanEck Semiconductor ETF ( NYSEARCA:SMH ) captures the same names without the daily reset penalty.
The Close
The single macro signal is hyperscaler AI capex guidance on the late-July earnings calls. If the top four trim 2027 spending, SOXL's swap book reprices violently. The single fund-specific signal is realized volatility: if the SOX index chops sideways at 40%-plus vol for a quarter, SOXL will bleed even in a flat market, regardless of what chip fundamentals do.
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They pair you with a fiduciary (required by law to put YOUR interest first) with questions related to taxes, estate planning, retirement, insurance analysis, and more. See you who you match with today, and get the answers you need.
Contact editorial@247wallst.com for any questions or corrections.
美国2026年6月消费者价格指数
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发布时间早于日报 5 天摘要窗口。
中文摘要
- 2026年6月CPI季调环比下降0.4%，为2020年4月以来最大单月降幅。
- CPI同比上升3.5%。
- 能源指数6月环比下降5.7%，是当月总体指数下降的最大贡献项。
英文原文
Consumer Price Index News Release
Economic News Release
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CPI
Consumer Price Index
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Consumer Price Index News Release
Transmission of material in this release is embargoed until
8:30 a.m. (ET) Tuesday, July 14, 2026 USDL-26-1191
Technical information: (202) 691-7000 cpi_info@bls.gov www.bls.gov/cpi
Media contact: (202) 691-5902 * PressOffice@bls.gov
CONSUMER PRICE INDEX - JUNE 2026
The Consumer Price Index for All Urban Consumers (CPI-U) decreased 0.4 percent on a seasonally adjusted basis in June
after rising 0.5 percent in May, the U.S. Bureau of Labor Statistics reported today. This decline in the all items
index was the largest 1-month decrease since April 2020 when it fell 0.8 percent. Over the last 12 months, the all
items index increased 3.5 percent before seasonal adjustment.
The index for energy fell 5.7 percent in June after rising 3.9 percent in May, 3.8 percent in April, and 10.9 percent
in March. The energy index was the largest contributor to the monthly all items decrease, more than offsetting
increases in other indexes including those for shelter and food. The index for food increased 0.2 percent over the
month, as did the index for food at home and the index for food away from home.
The index for all items less food and energy was unchanged in June. Indexes that decreased over the month include
motor vehicle insurance, communication, apparel, medical care, and used cars and trucks. Conversely, the indexes for
recreation, household furnishings and operations, and personal care were among the major indexes that increased in
June.
The all items index rose 3.5 percent for the 12 months ending June after rising 4.2 percent for the 12 months ending
May. The all items less food and energy index rose 2.6 percent over the year, following a 2.9-percent increase over
the 12 months ending May. The energy index increased 15.7 percent for the 12 months ending June. The food index
increased 3.0 percent over the last year.
Table A. Percent changes in CPI for All Urban Consumers (CPI-U): U.S. city average
Seasonally adjusted changes from preceding month
Un-
adjusted
12-mos.
ended
Jun. 2026
Dec.
2025
Jan.
2026
Feb.
2026
Mar.
2026
Apr.
2026
May
2026
Jun.
2026
All items
0.3
0.2
0.3
0.9
0.6
0.5
-0.4
3.5
Food
0.7
0.2
0.4
0.0
0.5
0.2
0.2
3.0
Food at home
0.6
0.2
0.4
-0.2
0.7
0.1
0.2
2.7
Food away from home ( 1 )
0.7
0.1
0.3
0.2
0.2
0.3
0.2
3.4
Energy
0.3
-1.5
0.6
10.9
3.8
3.9
-5.7
15.7
Energy commodities
-0.3
-3.3
1.1
21.3
5.6
6.7
-9.5
27.1
Gasoline (all types)
-0.3
-3.2
0.8
21.2
5.4
7.0
-9.7
26.7
Fuel oil
-0.8
-5.7
11.1
30.7
5.8
3.8
-9.2
42.9
Energy services
1.0
0.2
0.2
0.4
1.6
0.4
-0.7
3.9
Electricity
0.2
-0.1
-0.7
0.8
2.1
0.6
-1.0
4.0
Utility (piped) gas service
3.7
1.0
3.1
-0.9
-0.1
-0.5
0.5
3.0
All items less food and energy
0.2
0.3
0.2
0.2
0.4
0.2
0.0
2.6
Commodities less food and energy commodities
0.0
0.0
0.1
0.1
0.0
-0.1
-0.1
0.8
New vehicles
0.0
0.1
0.0
0.1
-0.2
-0.3
0.0
0.5
Used cars and trucks
-0.9
-1.8
-0.4
-0.4
0.0
0.1
-0.2
-1.8
Apparel
0.3
0.3
1.3
1.0
0.6
0.3
-0.6
3.9
Medical care commodities ( 1 )
0.3
-0.1
0.0
-1.0
-0.4
-0.7
-0.2
-2.1
Services less energy services
0.3
0.4
0.3
0.2
0.5
0.3
0.0
3.2
Shelter
0.4
0.2
0.2
0.3
0.6
0.3
0.1
3.3
Transportation services
0.4
1.4
0.2
0.6
0.3
-0.6
-0.3
3.4
Medical care services
0.4
0.3
0.6
0.0
0.0
0.5
-0.1
2.9
Footnotes
(1) Not seasonally adjusted.
Food
The food index rose 0.2 percent in June, as it did in May. The index for food at home also increased 0.2 percent over
the month. Four of the six major grocery store food group indexes increased in June. The meats, poultry, fish, and
eggs index increased 0.6 percent over the month as the eggs index rose 4.3 percent. The index for other food at home
increased 0.5 percent in June, and the index for dairy and related products rose 1.2 percent. The cereals and bakery
products index increased 0.3 percent over the month.
In contrast, the index for nonalcoholic beverages fell 1.5 percent in June as the index for coffee declined 2.0 percent.
The fruits and vegetables index decreased 0.2 percent over the month.
The food away from home index rose 0.2 percent in June. The index for full service meals rose 0.4 percent, and the
index for limited service meals rose 0.1 percent over the month.
The index for food at home rose 2.7 percent over the 12 months ending in June. The fruits and vegetables index rose 5.3
percent over the last 12 months. The index for other food at home increased 2.4 percent, and the index for meats,
poultry, fish, and eggs rose 2.6 percent over the year. The nonalcoholic beverages index increased 2.9 percent over the
12 months ending in June, and the cereals and bakery products index rose 2.4 percent over the same period. The index
for dairy and related products rose 0.4 percent over the year.
The food away from home index rose 3.4 percent over the last year. The index for full service meals rose 3.7 percent,
and the index for limited service meals rose 3.1 percent over the 12 months ending in June.
Energy
The index for energy decreased 5.7 percent in June, the largest 1-month decline since April 2020. The gasoline index
decreased 9.7 percent over the month. (Before seasonal adjustment, gasoline prices also decreased 9.7 percent in June.)
The index for electricity fell 1.0 percent in June. Conversely, the index for natural gas increased 0.5 percent over
the same period.
The index for energy increased 15.7 percent over the past 12 months due in large part to the index for gasoline rising
26.7 percent over the same period. The electricity index increased 4.0 percent over the 12 months ending in June, and
the natural gas index rose 3.0 percent.
All items less food and energy
The index for all items less food and energy was unchanged in June after rising 0.2 percent in May. The shelter index
increased 0.1 percent over the month, the smallest 1-month change reported for that index since January 2021. The
index for owners' equivalent rent rose 0.2 percent in June, and the index for rent increased 0.1 percent. The lodging
away from home index fell 2.3 percent over the month.
The motor vehicle insurance index declined 2.0 percent in June after falling 1.7 percent in May. The index for
communication fell 1.5 percent over the month, and the index for apparel declined 0.6 percent. The used cars and
trucks index fell 0.2 percent in June.
The medical care index decreased 0.1 percent in June after rising 0.3 percent in May. The index for physicians'
services decreased 0.2 percent over the month, and the index for prescription drugs declined 0.1 percent. Conversely,
the hospital services index increased 0.1 percent in June.
The index for recreation increased 0.5 percent over the month after rising 0.3 percent in May. The household furnishings
and operations index rose 0.2 percent in June as did the personal care index. The index for new vehicles was unchanged
in June after declining 0.3 percent in May.
The index for all items less food and energy rose 2.6 percent over the past 12 months. The shelter index increased 3.3
percent over the last year. Other indexes with notable increases over the last year include airline fares (+26.5
percent), medical care (+2.0 percent), recreation (+2.8 percent), and household furnishings and operations (+2.5
percent).
Not seasonally adjusted CPI measures
The Consumer Price Index for All Urban Consumers (CPI-U) increased 3.5 percent over the last 12 months to an index
level of 333.952 (1982-84=100). For the month, the index decreased 0.3 percent prior to seasonal adjustment.
The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 3.5 percent over the last 12
months to an index level of 327.075 (1982-84=100). For the month, the index decreased 0.5 percent prior to seasonal
adjustment.
The Chained Consumer Price Index for All Urban Consumers (C-CPI-U) increased 3.4 percent over the last 12 months. For
the month, the index decreased 0.3 percent on a not seasonally adjusted basis. Please note that the indexes for the
past 10 to 12 months are subject to revision.
_______________
The Consumer Price Index news release for July 2026 is scheduled to be published on Wednesday, August 12, 2026, at
8:30 a.m. (ET).
Technical Note
Brief Explanation of the CPI
The Consumer Price Index (CPI) measures the change in prices paid by consumers for goods and services. The CPI reflects
spending patterns for each of two population groups: all urban consumers and urban wage earners and clerical workers.
The all urban consumer group represents over 90 percent of the total U.S. population. It is based on the expenditures
of almost all residents of urban or metropolitan areas, including professionals, the self-employed, the poor, the
unemployed, and retired people, as well as urban wage earners and clerical workers. Not included in the CPI are the
spending patterns of people living in rural nonmetropolitan areas, farming families, people in the Armed Forces, and
those in institutions, such as prisons and mental hospitals. Consumer inflation for all urban consumers is measured by
two indexes, namely, the Consumer Price Index for All Urban Consumers (CPI-U) and the Chained Consumer Price Index for
All Urban Consumers (C-CPI-U).
The Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) is based on the expenditures of households
included in the CPI-U definition that meet two requirements: more than one-half of the household's income must come
from clerical or wage occupations, and at least one of the household's earners must have been employed for at least 37
weeks during the previous 12 months. The CPI-W population represents approximately 30 percent of the total U.S.
population and is a subset of the CPI-U population.
The CPIs are based on prices of food, clothing, shelter, fuels, transportation, doctors' and dentists' services, drugs,
and other goods and services that people buy for day-to-day living. Prices are collected each month in 75 urban areas
across the country from about 6,000 housing units and approximately 22,000 retail establishments (department stores,
supermarkets, hospitals, and other types of stores and service establishments). All taxes directly associated with the
purchase and use of items are included in the index. Prices of fuels and a few other items are obtained every month in
all 75 locations. Prices of most other commodities and services are collected every month in the three largest
geographic areas and every other month in other areas. Prices of most goods and services are obtained by personal
visit, telephone call, web, or app collection by the Bureau's trained representatives.
In calculating the index, price changes for the various items in each location are aggregated using weights, which
represent their importance in the spending of the appropriate population group. Local data are then combined to obtain
a U.S. city average. For the CPI-U and CPI-W, separate indexes are also published by size of city, by region of the
country, for cross-classifications of regions and population-size classes, and for 23 selected local areas. Area
indexes do not measure differences in the level of prices among cities; they only measure the average change in prices
for each area since the base period. For the C-CPI-U, data are issued only at the national level. The CPI-U and CPI-W
are considered final when released, but the C-CPI-U is issued in preliminary form and subject to three subsequent
quarterly revisions.
The index measures price change from a designed reference date. For most of the CPI-U and the CPI-W, the reference base
is 1982-84 equals 100. The reference base for the C-CPI-U is December 1999 equals 100. An increase of 7 percent from
the reference base, for example, is shown as 107.000. Alternatively, that relationship can also be expressed as the
price of a base period market basket of goods and services rising from $100 to $107.
Sampling Error in the CPI
The CPI is a statistical estimate that is subject to sampling error because it is based upon a sample of retail prices
and not the complete universe of all prices. BLS calculates and publishes estimates of the 1-month, 2-month, 6-month,
and 12-month percent change standard errors annually for the CPI-U. These standard error estimates can be used to
construct confidence intervals for hypothesis testing. For example, the estimated standard error of the 1-month percent
change is 0.04 percent for the U.S. all items CPI. This means that if we repeatedly sample from the universe of all
retail prices using the same methodology, and estimate a percentage change for each sample, then 95 percent of these
estimates will be within 0.08 percent of the 1-month percentage change based on all retail prices. For example, for a
1-month change of 0.2 percent in the all items CPI-U, we are 95 percent confident that the actual percent change based
on all retail prices would fall between 0.12 and 0.28 percent. For the latest data, including information on how to use
the estimates of standard error, see www.bls.gov/cpi/tables/variance-estimates/home.htm.
Calculating Index Changes
Movements of the indexes from 1 month to another are usually expressed as percent changes rather than changes in index
points, because index point changes are affected by the level of the index in relation to its base period, while
percent changes are not. The following table shows an example of using index values to calculate percent changes:
Item A Item B Item C
Year I 112.500 225.000 110.000
Year II 121.500 243.000 128.000
Change in index points 9.000 18.000 18.000
Percent change 9.0/112.500 x 100 = 8.0 18.0/225.000 x 100 = 8.0 18.0/110.000 x 100 = 16.4
Use of Seasonally Adjusted and Unadjusted Data
The Consumer Price Index (CPI) program produces both unadjusted and seasonally adjusted data. Seasonally adjusted data
are computed using seasonal factors derived by the X-13ARIMA-SEATS seasonal adjustment method. These factors are
updated each February, and the new factors are used to revise the previous 5 years of seasonally adjusted data. The
factors are available at www.bls.gov/web/cpi/cpi-seasonal-factors.xlsx. For more information on data revision
scheduling, please see the Seasonal Adjustment questions and answers page at
www.bls.gov/cpi/seasonal-adjustment/questions-and-answers.htm and the Timeline of Seasonal Adjustment Methodological
Changes at www.bls.gov/cpi/seasonal-adjustment/timeline-seasonal-adjustment-methodology-changes.htm.
How to Use Seasonally Adjusted and Unadjusted Data
For analyzing short-term price trends in the economy, seasonally adjusted changes are usually preferred since they
eliminate the effect of changes that normally occur at the same time and in about the same magnitude every year-such as
price movements resulting from weather events, production cycles, model changeovers, holidays, and sales. This allows
data users to focus on changes that are not typical for the time of year.
The unadjusted data are of primary interest to consumers concerned about the prices they actually pay. Unadjusted data
are also used extensively for escalation purposes. Many collective bargaining contract agreements and pension plans,
for example, tie compensation changes to the Consumer Price Index before adjustment for seasonal variation. BLS advises
against the use of seasonally adjusted data in escalation agreements because seasonally adjusted series are revised
annually for five years.
Intervention Analysis
The Bureau of Labor Statistics uses intervention analysis seasonal adjustment (IASA) for some CPI series. Sometimes
extreme values or sharp movements can distort the underlying seasonal pattern of price change. Intervention analysis
seasonal adjustment is a process by which the distortions caused by such unusual events are estimated and removed from
the data prior to calculation of seasonal factors. The resulting seasonal factors, which more accurately represent the
seasonal pattern, are then applied to the unadjusted data.
For example, this procedure was used for the motor fuel series to offset the effects of the 2009 return to normal
pricing after the worldwide economic downturn in 2008. Retaining this outlier data during seasonal factor calculation
would distort the computation of the seasonal portion of the time series data for motor fuel, so it was estimated and
removed from the data prior to seasonal adjustment. Following that, seasonal factors were calculated based on this
"prior adjusted" data. These seasonal factors represent a clearer picture of the seasonal pattern in the data. The last
step is for motor fuel seasonal factors to be applied to the unadjusted data.
For the seasonal factors introduced for January 2026, BLS adjusted 57 series using intervention analysis seasonal
adjustment, including selected food and beverage items, motor fuels and vehicles.
Revision of Seasonally Adjusted Indexes
Seasonally adjusted data, including the U.S. city average all items index levels, are subject to revision for up to 5
years after their original release. Every year, economists in the CPI calculate new seasonal factors for seasonally
adjusted series and apply them to the last 5 years of data. Seasonally adjusted indexes beyond the last 5 years of
data are considered to be final and not subject to revision. For January 2026, revised seasonal factors and seasonally
adjusted indexes for 2021 to 2025 were calculated and published. For series which are directly adjusted using the
Census X-13ARIMA-SEATS seasonal adjustment software, the seasonal factors for 2025 will be applied to data for 2026 to
produce the seasonally adjusted 2026 indexes. Series which are indirectly seasonally adjusted by summing seasonally
adjusted component series have seasonal factors which are derived and are therefore not available in advance.
Determining Seasonal Status
Each year the seasonal status of every series is reevaluated based upon certain statistical criteria. Using these
criteria, BLS economists determine whether a series should change its status from "not seasonally adjusted" to
"seasonally adjusted", or vice versa. If any of the 81 components of the U.S. city average all items index change
their seasonal adjustment status from seasonally adjusted to not seasonally adjusted, not seasonally adjusted data
will be used in the aggregation of the dependent series for the last 5 years, but the seasonally adjusted indexes
before that period will not be changed. For 2026, 36 of the 81 components of the U.S. city average all items index are
not seasonally adjusted.
Contact Information
For additional information about the CPI visit www.bls.gov/cpi or contact the CPI Information and Analysis Section at
202-691-7000 or cpi_info@bls.gov.
For additional information on seasonal adjustment in the CPI visit www.bls.gov/cpi/seasonal-adjustment/home.htm
If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay
services.
Table 1. Consumer Price Index for All Urban Consumers (CPI-U): U.S. city average, by expenditure category, June 2026
[1982-84=100, unless otherwise noted]
Expenditure category
Relative
importance
May
2026
Unadjusted indexes
Unadjusted percent change
Seasonally adjusted percent change
Jun.
2025
May
2026
Jun.
2026
Jun.
2025-
Jun.
2026
May
2026-
Jun.
2026
Mar.
2026-
Apr.
2026
Apr.
2026-
May
2026
May
2026-
Jun.
2026
All items
100.000
322.561
335.123
333.952
3.5
-0.3
0.6
0.5
-0.4
Food
13.447
339.498
349.032
349.731
3.0
0.2
0.5
0.2
0.2
Food at home
8.188
313.028
321.047
321.631
2.7
0.2
0.7
0.1
0.2
Cereals and bakery products
1.016
360.040
367.300
368.800
2.4
0.4
0.1
0.4
0.3
Meats, poultry, fish, and eggs
1.943
342.058
349.340
350.974
2.6
0.5
1.3
-0.2
0.6
Dairy and related products ( 1 )
0.731
270.626
268.523
271.683
0.4
1.2
0.8
-0.6
1.2
Fruits and vegetables
1.288
351.414
372.644
370.090
5.3
-0.7
1.8
0.2
-0.2
Nonalcoholic beverages and beverage materials
0.993
229.103
239.443
235.793
2.9
-1.5
1.1
0.6
-1.5
Other food at home
2.217
277.737
282.209
284.373
2.4
0.8
-0.4
0.0
0.5
Food away from home ( 1 )
5.260
382.750
394.728
395.633
3.4
0.2
0.2
0.3
0.2
Energy
7.791
284.307
346.042
328.950
15.7
-4.9
3.8
3.9
-5.7
Energy commodities
4.551
289.326
406.301
367.630
27.1
-9.5
5.6
6.7
-9.5
Fuel oil
0.116
339.767
534.873
485.387
42.9
-9.3
5.8
3.8
-9.2
Motor fuel
4.377
283.750
399.294
360.912
27.2
-9.6
5.7
6.8
-9.6
Gasoline (all types)
4.250
282.914
396.961
358.518
26.7
-9.7
5.4
7.0
-9.7
Energy services
3.240
291.093
297.898
302.347
3.9
1.5
1.6
0.4
-0.7
Electricity
2.505
299.728
307.226
311.818
4.0
1.5
2.1
0.6
-1.0
Utility (piped) gas service
0.735
259.734
263.682
267.609
3.0
1.5
-0.1
-0.5
0.5
All items less food and energy
78.762
328.364
336.846
336.882
2.6
0.0
0.4
0.2
0.0
Commodities less food and energy commodities
18.737
166.655
167.785
168.019
0.8
0.1
0.0
-0.1
-0.1
Apparel
2.457
130.844
137.510
135.917
3.9
-1.2
0.6
0.3
-0.6
New vehicles
3.734
178.443
179.155
179.338
0.5
0.1
-0.2
-0.3
0.0
Used cars and trucks
2.629
186.671
180.554
183.360
-1.8
1.6
0.0
0.1
-0.2
Medical care commodities ( 1 )
1.409
417.575
409.628
408.974
-2.1
-0.2
-0.4
-0.7
-0.2
Alcoholic beverages ( 1 )
0.820
294.883
300.726
300.824
2.0
0.0
0.3
0.1
0.0
Tobacco and smoking products ( 1 )( 2 )
0.447
103.335
110.801
110.045
6.5
-0.7
0.5
1.0
-0.7
Services less energy services
60.025
431.800
445.580
445.448
3.2
0.0
0.5
0.3
0.0
Shelter
35.149
415.455
428.677
429.062
3.3
0.1
0.6
0.3
0.1
Rent of primary residence
7.680
434.594
446.380
446.945
2.8
0.1
0.5
0.4
0.1
Owners' equivalent rent of residences ( 3 )
25.700
427.470
440.357
441.365
3.3
0.2
0.5
0.3
0.2
Medical care services
6.821
633.659
652.587
652.152
2.9
-0.1
0.0
0.5
-0.1
Physicians' services ( 1 )
1.658
428.398
439.715
438.626
2.4
-0.2
0.6
0.0
-0.2
Hospital services ( 1 )( 4 )
2.145
435.037
456.655
457.320
5.1
0.1
-0.3
0.7
0.1
Transportation services
6.377
447.222
465.945
462.494
3.4
-0.7
0.3
-0.6
-0.3
Motor vehicle maintenance and repair ( 1 )
1.034
427.256
452.383
457.313
7.0
1.1
-0.2
0.8
1.1
Motor vehicle insurance
2.617
895.281
877.278
858.481
-4.1
-2.1
0.1
-1.7
-2.0
Airline fares
1.107
255.852
329.824
323.758
26.5
-1.8
2.8
2.7
0.2
Footnotes
(1) Not seasonally adjusted.
(2) Indexes on a December 2024=100 base.
(3) Indexes on a December 1982=100 base.
(4) Indexes on a December 1996=100 base.
Table 2. Consumer Price Index for All Urban Consumers (CPI-U): U.S. city average, by detailed expenditure category, June 2026
[1982-84=100, unless otherwise noted]
Expenditure category
Relative
importance
May
2026
Unadjusted percent change
Seasonally adjusted percent change
Jun.
2025-
Jun.
2026
May
2026-
Jun.
2026
Mar.
2026-
Apr.
2026
Apr.
2026-
May
2026
May
2026-
Jun.
2026
All items
100.000
3.5
-0.3
0.6
0.5
-0.4
Food
13.447
3.0
0.2
0.5
0.2
0.2
Food at home
8.188
2.7
0.2
0.7
0.1
0.2
Cereals and bakery products
1.016
2.4
0.4
0.1
0.4
0.3
Cereals and cereal products
0.306
2.4
1.0
0.7
-0.6
0.7
Flour and prepared flour mixes
0.037
-1.3
-0.1
-1.3
2.6
-1.1
Breakfast cereal ( 1 )
0.131
2.3
0.8
0.0
-0.5
0.8
Rice, pasta, cornmeal
0.137
3.2
1.5
1.3
-1.2
1.6
Rice ( 1 )( 2 )( 3 )
-
4.1
0.6
-0.4
-1.1
0.6
Bakery products ( 1 )
0.709
2.5
0.1
-0.3
0.9
0.1
Bread ( 1 )( 2 )
0.171
3.9
0.5
0.9
-0.7
0.5
White bread ( 1 )( 3 )
-
3.9
0.9
1.1
-0.9
0.9
Bread other than white ( 1 )( 3 )
-
4.3
0.0
0.8
-0.4
0.0
Fresh biscuits, rolls, muffins ( 1 )( 2 )
0.117
1.4
-1.2
-2.8
4.7
-1.2
Cakes, cupcakes, and cookies ( 1 )
0.207
3.5
-0.6
0.6
-0.4
-0.6
Cookies ( 1 )( 3 )
-
5.1
-1.0
0.5
0.4
-1.0
Fresh cakes and cupcakes ( 1 )( 3 )
-
1.1
-0.9
0.0
-1.0
-0.9
Other bakery products
0.215
1.8
1.2
-0.7
1.0
1.2
Fresh sweetrolls, coffeecakes, doughnuts ( 1 )( 3 )
-
2.2
2.0
0.7
-2.8
2.0
Crackers, bread, and cracker products ( 3 )
-
3.1
3.3
-2.3
0.8
3.2
Frozen and refrigerated bakery products, pies, tarts, turnovers ( 3 )
-
-1.2
0.7
-0.4
2.0
-0.1
Meats, poultry, fish, and eggs
1.943
2.6
0.5
1.3
-0.2
0.6
Meats, poultry, and fish
1.831
5.7
0.5
1.2
-0.4
0.4
Meats
1.158
7.4
1.0
1.8
-1.1
0.9
Beef and veal
0.629
11.8
1.4
2.7
-1.6
1.2
Uncooked ground beef
0.234
12.4
1.8
2.7
-1.3
1.3
Uncooked beef roasts ( 2 )
0.086
13.8
1.3
5.8
-3.6
1.7
Uncooked beef steaks ( 2 )
0.236
11.4
1.0
1.5
-1.9
0.5
Uncooked other beef and veal ( 1 )( 2 )
0.073
10.0
1.8
2.7
-0.2
1.8
Pork
0.337
2.4
0.1
0.6
0.3
-0.3
Bacon, breakfast sausage, and related products ( 2 )
0.131
-0.9
-1.0
0.3
0.0
-1.4
Bacon and related products ( 3 )
-
-1.5
-1.5
0.2
0.1
-1.8
Breakfast sausage and related products ( 2 )( 3 )
-
1.1
0.4
0.2
0.8
0.0
Ham
0.067
5.6
0.8
0.3
2.0
0.0
Ham, excluding canned ( 3 )
-
5.5
0.9
0.1
1.8
0.6
Pork chops ( 1 )
0.045
5.6
1.8
2.5
1.2
1.8
Other pork including roasts, steaks, and ribs ( 1 )( 2 )
0.094
2.6
0.2
1.2
-0.2
0.2
Other meats
0.192
2.9
1.4
1.2
-1.8
1.9
Frankfurters ( 3 )
-
7.2
7.7
5.8
-3.0
6.7
Lunchmeats ( 1 )( 2 )( 3 )
-
1.8
0.3
1.4
-1.5
0.3
Poultry
0.357
-0.1
-0.6
-0.9
0.6
-1.0
Chicken ( 2 )
0.280
-2.3
-0.5
-1.1
-0.1
-0.8
Fresh whole chicken ( 3 )
-
-2.3
0.2
-1.5
-0.3
-0.6
Fresh and frozen chicken parts ( 3 )
-
-2.2
-0.8
-0.9
0.3
-1.1
Other uncooked poultry including turkey ( 2 )
0.077
8.6
-0.7
0.1
2.4
-0.3
Fish and seafood ( 1 )
0.316
6.3
0.1
1.5
1.2
0.1
Fresh fish and seafood ( 1 )( 2 )
0.169
6.2
-0.5
0.8
1.8
-0.5
Processed fish and seafood ( 2 )
0.147
6.7
0.8
1.4
-0.8
1.1
Shelf stable fish and seafood ( 1 )( 3 )
-
6.6
1.4
2.5
0.2
1.4
Frozen fish and seafood ( 3 )
-
8.8
0.6
2.3
-1.6
0.2
Eggs
0.113
-27.9
-0.8
1.5
4.0
4.3
Dairy and related products ( 1 )
0.731
0.4
1.2
0.8
-0.6
1.2
Milk ( 1 )( 2 )
0.191
6.6
2.0
1.6
2.2
2.0
Fresh whole milk ( 1 )( 3 )
-
9.0
3.3
2.9
2.5
3.3
Fresh milk other than whole ( 1 )( 2 )( 3 )
-
5.5
1.4
1.2
2.2
1.4
Cheese and related products ( 1 )
0.242
-3.6
2.8
1.2
-2.9
2.8
Ice cream and related products
0.109
-1.3
-1.1
-1.1
0.0
-2.1
Other dairy and related products ( 2 )
0.189
0.5
-0.3
0.2
-0.3
0.1
Fruits and vegetables
1.288
5.3
-0.7
1.8
0.2
-0.2
Fresh fruits and vegetables
1.024
5.7
-1.1
2.3
0.3
-0.5
Fresh fruits
0.528
2.0
-0.9
0.8
0.1
0.4
Apples
0.076
7.1
2.8
1.2
2.4
1.8
Bananas ( 1 )
0.057
1.0
1.3
0.2
-1.8
1.3
Citrus fruits ( 2 )
0.079
6.3
1.6
1.9
-0.2
3.4
Oranges, including tangerines ( 3 )
-
0.8
2.9
0.6
-0.4
1.7
Other fresh fruits ( 2 )
0.316
-0.2
-2.9
0.5
0.8
0.7
Fresh vegetables
0.496
9.9
-1.2
3.9
0.5
-1.4
Potatoes
0.066
1.4
3.4
1.9
2.5
2.2
Lettuce
0.047
32.1
5.4
-4.8
16.4
6.5
Tomatoes
0.073
19.5
-7.7
15.1
-6.1
-10.0
Other fresh vegetables
0.309
6.4
-1.6
2.9
-0.3
-1.6
Processed fruits and vegetables ( 2 )
0.264
3.2
0.7
0.2
-0.2
0.6
Canned fruits and vegetables ( 2 )
0.100
5.0
0.6
0.0
0.0
0.3
Canned fruits ( 1 )( 2 )( 3 )
-
7.9
1.3
-0.1
0.5
1.3
Canned vegetables ( 2 )( 3 )
-
3.5
0.3
0.2
0.4
-0.2
Frozen fruits and vegetables ( 2 )
0.084
2.4
1.5
0.0
-0.9
1.5
Frozen vegetables ( 3 )
-
1.9
1.8
0.0
-2.1
2.1
Other processed fruits and vegetables including dried ( 2 )
0.080
2.0
0.1
0.9
-0.7
0.5
Dried beans, peas, and lentils ( 1 )( 2 )( 3 )
-
0.6
0.7
1.1
0.1
0.7
Nonalcoholic beverages and beverage materials
0.993
2.9
-1.5
1.1
0.6
-1.5
Juices and nonalcoholic drinks ( 2 )
0.670
0.9
-1.3
1.0
0.3
-1.2
Carbonated drinks
0.326
1.9
-0.7
0.8
0.4
-0.7
Frozen noncarbonated juices and drinks ( 1 )( 2 )
0.004
5.5
0.1
1.2
0.0
0.1
Nonfrozen noncarbonated juices and drinks ( 2 )
0.340
0.0
-1.9
0.9
0.3
-1.7
Beverage materials including coffee and tea ( 2 )
0.323
7.6
-2.0
1.3
1.1
-2.0
Coffee
0.227
12.9
-1.8
2.0
0.6
-2.0
Roasted coffee ( 3 )
-
12.2
-2.0
2.4
0.7
-2.1
Instant coffee ( 1 )( 3 )
-
15.9
-1.8
0.7
0.4
-1.8
Other beverage materials including tea ( 1 )( 2 )
0.096
-0.3
-2.3
0.4
2.1
-2.3
Other food at home
2.217
2.4
0.8
-0.4
0.0
0.5
Sugar and sweets
0.325
6.9
1.0
-1.1
1.4
0.6
Sugar and sugar substitutes
0.032
-1.1
-0.6
1.6
-0.1
-0.7
Candy and chewing gum ( 2 )
0.239
9.6
1.7
-1.7
2.1
0.9
Other sweets ( 1 )( 2 )
0.055
1.1
-0.8
-1.0
0.4
-0.8
Fats and oils
0.215
-2.0
1.5
-0.7
-2.4
1.5
Butter and margarine ( 2 )
0.062
-6.9
-0.2
1.2
-2.2
-0.2
Butter ( 3 )
-
-8.7
-1.5
2.8
-2.1
-1.4
Margarine ( 3 )
-
-4.1
2.6
-3.2
-2.3
1.8
Salad dressing ( 1 )( 2 )
0.048
-0.2
3.4
-2.8
-4.9
3.4
Other fats and oils including peanut butter ( 2 )
0.105
-0.8
1.6
-1.2
-1.0
1.4
Peanut butter ( 1 )( 2 )( 3 )
-
-0.8
1.9
-1.2
-2.2
1.9
Other foods
1.677
2.1
0.6
-0.3
0.1
0.3
Soups
0.088
1.8
0.5
0.5
1.0
-0.1
Frozen and freeze dried prepared foods
0.290
-0.2
1.8
-0.1
-1.0
1.6
Snacks
0.363
1.3
0.2
0.4
-0.3
0.1
Spices, seasonings, condiments, sauces
0.317
2.8
0.4
0.8
0.0
0.5
Salt and other seasonings and spices ( 2 )( 3 )
-
4.7
2.1
1.8
-0.6
2.0
Olives, pickles, relishes ( 2 )( 3 )
-
0.3
-0.5
-1.4
0.2
-1.6
Sauces and gravies ( 2 )( 3 )
-
1.7
-0.9
0.1
0.7
-0.8
Other condiments ( 3 )
-
4.7
-2.8
1.8
5.5
-3.0
Baby food and formula ( 1 )( 2 )
0.051
-0.1
1.8
-1.2
1.6
1.8
Other miscellaneous foods ( 1 )( 2 )
0.568
4.3
0.3
-0.9
0.3
0.3
Prepared salads ( 3 )( 4 )
-
1.1
-0.2
3.2
0.4
-0.8
Food away from home ( 1 )
5.260
3.4
0.2
0.2
0.3
0.2
Full service meals and snacks ( 1 )( 2 )
2.329
3.7
0.4
0.1
0.3
0.4
Limited service meals and snacks ( 1 )( 2 )
2.634
3.1
0.1
0.4
0.3
0.1
Food at employee sites and schools ( 1 )( 2 )
0.063
1.9
0.9
0.2
0.0
0.9
Food at elementary and secondary schools ( 1 )( 3 )( 5 )
-
-
-
-
-
-
Food from vending machines and mobile vendors ( 1 )( 2 )
0.052
2.3
-0.1
0.1
0.4
-0.1
Other food away from home ( 2 )
0.182
4.4
0.3
-0.1
0.1
-0.1
Energy
7.791
15.7
-4.9
3.8
3.9
-5.7
Energy commodities
4.551
27.1
-9.5
5.6
6.7
-9.5
Fuel oil and other fuels
0.173
23.4
-7.1
4.3
3.3
-6.6
Fuel oil
0.116
42.9
-9.3
5.8
3.8
-9.2
Propane, kerosene, and firewood ( 6 )
0.057
-1.6
-2.8
1.7
2.5
-1.5
Motor fuel
4.377
27.2
-9.6
5.7
6.8
-9.6
Gasoline (all types)
4.250
26.7
-9.7
5.4
7.0
-9.7
Gasoline, unleaded regular ( 3 )
-
27.3
-10.1
5.6
7.4
-10.1
Gasoline, unleaded midgrade ( 3 )( 7 )
-
25.1
-8.4
5.1
6.2
-8.4
Gasoline, unleaded premium ( 3 )
-
23.8
-7.4
4.5
5.5
-7.3
Other motor fuels ( 1 )( 2 )
0.128
44.5
-7.2
17.0
0.8
-7.2
Energy services
3.240
3.9
1.5
1.6
0.4
-0.7
Electricity
2.505
4.0
1.5
2.1
0.6
-1.0
Utility (piped) gas service
0.735
3.0
1.5
-0.1
-0.5
0.5
All items less food and energy
78.762
2.6
0.0
0.4
0.2
0.0
Commodities less food and energy commodities
18.737
0.8
0.1
0.0
-0.1
-0.1
Household furnishings and supplies ( 8 )
3.316
1.3
0.0
-0.5
-0.2
-0.1
Window and floor coverings and other linens ( 2 )
0.232
-1.9
0.1
-1.7
-0.7
-0.2
Floor coverings ( 1 )( 2 )
0.067
0.4
-0.3
-2.2
-1.3
-0.3
Window coverings ( 1 )( 2 )
0.044
5.7
2.6
0.9
-1.6
2.6
Other linens ( 2 )
0.121
-6.0
-0.5
-2.5
-0.9
-0.7
Furniture and bedding ( 1 )
0.848
1.4
0.5
-0.3
-0.7
0.5
Bedroom furniture ( 1 )
0.292
0.3
-0.5
0.8
-1.1
-0.5
Living room, kitchen, and dining room furniture ( 1 )( 2 )
0.424
2.6
1.5
-0.4
-0.5
1.5
Other furniture ( 2 )
0.128
0.1
-0.4
-1.5
-1.3
-0.8
Appliances ( 2 )
0.197
-2.7
-0.7
-0.4
0.5
-1.5
Major appliances ( 2 )
0.065
-4.3
-0.4
0.1
2.1
-0.8
Laundry equipment ( 1 )( 3 )
-
-0.2
1.3
1.5
5.6
1.3
Other appliances ( 2 )
0.129
-1.7
-0.8
-0.2
-0.3
-1.7
Other household equipment and furnishings ( 2 )
0.543
0.4
-0.3
0.3
-0.7
-0.4
Clocks, lamps, and decorator items ( 1 )
0.311
-5.2
-1.2
0.0
-2.1
-1.2
Indoor plants and flowers ( 9 )
0.116
5.5
0.8
-0.6
0.2
0.5
Dishes and flatware ( 1 )( 2 )
0.045
13.8
0.5
1.6
-1.9
0.5
Nonelectric cookware and tableware ( 2 )
0.070
12.1
1.7
1.1
0.8
0.7
Tools, hardware, outdoor equipment and supplies ( 1 )( 2 )
0.671
2.9
-0.6
-0.8
-0.6
-0.6
Tools, hardware and supplies ( 2 )
0.208
4.9
0.7
-1.1
0.2
1.2
Outdoor equipment and supplies ( 1 )( 2 )
0.287
1.5
-1.6
-0.7
-1.0
-1.6
Housekeeping supplies ( 1 )
0.825
2.4
0.3
-0.1
0.5
0.3
Household cleaning products ( 1 )( 2 )
0.298
2.9
1.1
-0.7
1.1
1.1
Household paper products ( 1 )( 2 )
0.171
-0.5
-1.1
1.2
-0.3
-1.1
Miscellaneous household products ( 1 )( 2 )
0.356
3.4
0.4
-0.2
0.4
0.4
Apparel
2.457
3.9
-1.2
0.6
0.3
-0.6
Men's and boys' apparel
0.609
1.9
-1.0
0.4
0.4
-0.1
Men's apparel
0.489
2.2
-1.1
0.1
0.4
0.1
Men's suits, sport coats, and outerwear
0.099
-2.7
-0.5
-2.0
1.2
0.3
Men's underwear, nightwear, swimwear, and accessories
0.134
5.8
0.3
1.1
-0.5
1.2
Men's shirts and sweaters ( 2 )
0.132
2.1
-2.8
3.7
-1.1
-1.0
Men's pants and shorts
0.121
2.0
-1.3
-2.0
1.3
0.3
Boys' apparel
0.120
0.8
-0.9
0.4
-0.6
-0.2
Women's and girls' apparel
0.976
3.8
-1.1
0.1
-0.5
0.0
Women's apparel
0.827
3.5
-1.0
0.0
-0.6
0.0
Women's outerwear
0.067
0.1
-2.1
2.2
-2.9
-2.1
Women's dresses
0.111
0.3
-1.1
-3.3
-3.2
0.0
Women's suits and separates ( 2 )
0.389
5.0
-1.4
-0.2
0.1
0.9
Women's underwear, nightwear, swimwear, and accessories ( 2 )
0.244
4.0
0.0
0.4
0.8
0.5
Girls' apparel
0.149
5.8
-1.8
0.8
0.2
-0.2
Footwear
0.592
4.1
-0.5
1.4
0.6
-0.3
Men's footwear
0.191
3.4
0.1
1.6
-0.2
0.1
Boys' and girls' footwear ( 1 )
0.125
4.7
0.7
0.4
-0.1
0.7
Women's footwear
0.276
4.3
-1.5
1.4
1.3
-1.0
Infants' and toddlers' apparel
0.099
2.0
-1.8
-1.3
1.0
-1.4
Jewelry and watches ( 6 )
0.181
12.4
-3.7
3.1
2.9
-5.2
Watches ( 1 )( 6 )
0.035
5.9
-1.0
0.1
-1.2
-1.0
Jewelry ( 6 )
0.146
14.1
-4.4
3.7
3.7
-6.0
Transportation commodities less motor fuel ( 8 )
6.772
-0.3
0.7
-0.1
-0.1
-0.1
New vehicles
3.734
0.5
0.1
-0.2
-0.3
0.0
New cars ( 3 )
-
1.1
0.0
-0.2
-0.1
-0.2
New trucks ( 3 )( 10 )
-
0.4
0.1
-0.2
-0.3
0.0
Used cars and trucks
2.629
-1.8
1.6
0.0
0.1
-0.2
Motor vehicle parts and equipment ( 1 )
0.336
1.7
0.2
-0.2
-0.7
0.2
Tires ( 1 )
0.282
1.5
0.1
-0.2
-0.8
0.1
Vehicle accessories other than tires ( 1 )( 2 )
0.054
3.1
1.0
-0.1
-0.3
1.0
Vehicle parts and equipment other than tires ( 1 )( 3 )
-
4.4
1.2
0.0
-0.3
1.2
Motor oil, coolant, and fluids ( 1 )( 3 )
-
-1.0
1.3
-
-
1.3
Medical care commodities ( 1 )
1.409
-2.1
-0.2
-0.4
-0.7
-0.2
Medicinal drugs ( 1 )( 8 )
1.277
-2.3
0.0
-0.3
-0.8
0.0
Prescription drugs ( 1 )
0.917
-2.5
-0.1
0.0
-0.9
-0.1
Nonprescription drugs ( 8 )
0.361
-1.7
0.1
-1.6
-0.8
0.1
Medical equipment and supplies ( 1 )( 8 )
0.132
0.0
-1.4
-0.9
0.0
-1.4
Recreation commodities ( 8 )
1.890
2.9
1.0
0.1
-0.1
0.9
Video and audio products ( 8 )
0.255
1.9
1.1
0.3
-0.6
0.7
Televisions ( 11 )
0.103
-2.2
1.3
1.2
-1.5
0.1
Other video equipment ( 11 )
0.018
6.8
6.1
-2.4
0.6
7.7
Audio equipment ( 1 )
0.045
0.4
0.0
0.2
-0.7
0.0
Recorded music and music subscriptions ( 1 )( 2 )
0.084
7.8
0.5
-0.1
0.4
0.5
Pets and pet products ( 1 )
0.597
1.5
0.1
-0.2
-0.7
0.1
Pet food and treats ( 1 )( 2 )( 3 )
-
1.3
0.2
-0.2
-0.4
0.2
Purchase of pets, pet supplies, accessories ( 1 )( 2 )( 3 )
-
0.9
0.0
-0.3
-1.3
0.0
Sporting goods ( 1 )
0.521
4.5
1.6
0.1
0.7
1.6
Sports vehicles including bicycles ( 1 )
0.277
6.2
2.5
0.5
0.9
2.5
Sports equipment ( 1 )
0.232
2.8
0.4
-0.4
0.6
0.4
Photographic equipment and supplies ( 1 )
0.026
3.5
-2.7
-1.5
-0.2
-2.7
Photographic equipment ( 1 )( 2 )( 3 )
-
2.9
-2.8
-1.4
-0.4
-2.8
Recreational reading materials ( 1 )
0.110
-0.2
0.0
-1.9
1.6
0.0
Newspapers and magazines ( 1 )( 2 )
0.054
7.6
2.2
-0.7
2.5
2.2
Recreational books ( 1 )( 2 )
0.056
-7.5
-2.2
-2.9
0.7
-2.2
Other recreational goods ( 2 )
0.381
4.4
2.2
0.9
-0.2
1.9
Toys
0.295
3.5
2.9
0.8
0.0
2.5
Toys, games, hobbies and playground equipment ( 2 )( 3 )
-
3.6
4.0
0.9
0.3
3.3
Sewing machines, fabric and supplies ( 1 )( 2 )
0.028
16.8
-1.6
3.4
-1.9
-1.6
Music instruments and accessories ( 1 )( 2 )
0.042
4.5
0.1
0.2
-0.2
0.1
Education and communication commodities ( 8 )
0.776
-6.8
-0.7
0.5
0.0
-0.8
Educational books and supplies ( 1 )
0.037
0.5
1.0
-
-
1.0
College textbooks ( 1 )( 3 )( 12 )
-
-0.7
1.2
-3.0
1.7
1.2
Information technology commodities ( 8 )
0.740
-7.2
-0.8
0.6
-0.1
-0.9
Computers, peripherals, and smart home assistants ( 1 )( 4 )
0.299
-0.8
-0.7
0.9
0.2
-0.7
Computer software and accessories ( 1 )( 2 )
0.030
17.4
2.3
5.0
0.0
2.3
Telephone hardware, calculators, and other consumer information items ( 11 )
0.410
-12.7
-1.0
0.2
-0.2
-1.3
Smartphones ( 1 )( 3 )( 13 )
-
-11.9
-0.8
1.0
-0.1
-0.8
Alcoholic beverages ( 1 )
0.820
2.0
0.0
0.3
0.1
0.0
Alcoholic beverages at home
0.386
0.7
-0.2
0.1
0.1
-0.2
Beer, ale, and other malt beverages at home ( 1 )
0.133
3.1
0.0
0.3
0.3
0.0
Distilled spirits at home ( 1 )
0.087
0.2
0.0
-0.1
-0.5
0.0
Whiskey at home ( 1 )( 3 )
-
1.2
0.2
-0.4
0.0
0.2
Distilled spirits, excluding whiskey, at home ( 1 )( 3 )
-
-0.1
-0.1
-0.1
-0.9
-0.1
Wine at home
0.166
-1.0
-0.6
-0.3
0.1
-0.5
Alcoholic beverages away from home ( 1 )
0.434
3.4
0.3
0.5
0.1
0.3
Beer, ale, and other malt beverages away from home ( 1 )( 2 )( 3 )
-
3.1
0.2
0.5
-0.1
0.2
Wine away from home ( 1 )( 2 )( 3 )
-
1.5
0.5
0.4
0.5
0.5
Distilled spirits away from home ( 1 )( 2 )( 3 )
-
2.9
0.6
0.9
0.1
0.6
Other goods ( 8 )
1.297
3.9
-0.3
0.5
0.1
-0.2
Tobacco and smoking products ( 1 )( 11 )
0.447
6.5
-0.7
0.5
1.0
-0.7
Cigarettes ( 1 )( 2 )
0.327
7.8
-0.5
0.3
1.2
-0.5
Tobacco products other than cigarettes ( 1 )( 2 )
0.115
2.3
-1.2
0.9
0.4
-1.2
Personal care products
0.667
2.7
0.2
0.7
-0.1
0.2
Hair, dental, shaving, and miscellaneous personal care products ( 1 )( 2 )
0.318
3.4
0.3
-0.1
-0.1
0.3
Cosmetics, perfume, bath, nail preparations and implements ( 1 )
0.339
2.2
0.1
1.3
-0.4
0.1
Miscellaneous personal goods ( 2 )
0.183
1.4
-1.1
0.1
-1.0
-0.6
Stationery, stationery supplies, gift wrap ( 3 )
-
2.1
-1.5
1.9
-0.1
-0.7
Services less energy services
60.025
3.2
0.0
0.5
0.3
0.0
Shelter
35.149
3.3
0.1
0.6
0.3
0.1
Rent of shelter ( 14 )
34.862
3.2
0.1
0.6
0.3
0.1
Rent of primary residence
7.680
2.8
0.1
0.5
0.4
0.1
Lodging away from home ( 2 )
1.483
4.9
-2.5
2.4
0.4
-2.3
Lodging while at school ( 14 )
0.214
3.0
0.0
0.3
0.2
0.1
Other lodging away from home including hotels and motels
1.269
4.8
-3.0
2.8
0.5
-2.8
Owners' equivalent rent of residences ( 14 )
25.700
3.3
0.2
0.5
0.3
0.2
Owners' equivalent rent of primary residence ( 14 )
24.743
3.2
0.2
0.5
0.3
0.2
Tenants' and household insurance ( 1 )( 2 )
0.287
5.9
0.2
0.1
0.5
0.2
Water and sewer and trash collection services ( 2 )
1.133
4.6
0.3
0.3
0.2
0.3
Water and sewerage maintenance ( 1 )
0.777
5.1
0.4
0.2
0.2
0.4
Garbage and trash collection ( 1 )( 10 )
0.356
3.6
0.1
0.3
0.2
0.1
Household operations ( 1 )( 2 )
-
-
-
-
-
-
Domestic services ( 1 )( 2 )
-
-
-
-
-
-
Gardening and lawncare services ( 1 )( 2 )
0.373
-
4.3
-
-2.6
4.3
Moving, storage, freight expense ( 2 )
0.077
-3.5
1.6
-1.5
-0.7
-0.2
Repair of household items ( 1 )( 2 )
-
-
-
-
-
-
Medical care services
6.821
2.9
-0.1
0.0
0.5
-0.1
Professional services ( 1 )
3.400
3.8
-0.1
0.2
0.5
-0.1
Physicians' services ( 1 )
1.658
2.4
-0.2
0.6
0.0
-0.2
Dental services ( 1 )
0.913
7.0
0.0
-0.3
1.9
0.0
Eyeglasses and eye care ( 1 )( 6 )
0.315
1.7
0.0
0.5
0.0
0.0
Services by other medical professionals ( 1 )( 6 )
0.512
4.1
-
-
-
-
Hospital and related services ( 1 )( 11 )
2.595
5.5
0.1
-0.3
0.6
0.1
Hospital services ( 1 )( 15 )
2.145
5.1
0.1
-0.3
0.7
0.1
Inpatient hospital services ( 1 )( 3 )( 15 )
-
-
-
-
-
-
Outpatient hospital services ( 1 )( 3 )( 6 )
-
6.1
0.2
0.7
0.6
0.2
Nursing homes and adult day services ( 1 )( 15 )
0.221
4.5
0.0
-0.1
0.5
0.0
Home health care ( 1 )( 5 )
0.229
10.7
0.0
-0.2
0.4
0.0
Health insurance ( 1 )( 5 )
0.827
-7.4
-0.5
-0.4
-0.1
-0.5
Transportation services
6.377
3.4
-0.7
0.3
-0.6
-0.3
Leased cars and trucks ( 1 )( 12 )
0.383
-1.9
-0.2
0.1
0.0
-0.2
Car and truck rental ( 2 )
0.141
-4.1
11.5
-3.7
-4.2
5.1
Motor vehicle maintenance and repair ( 1 )
1.034
7.0
1.1
-0.2
0.8
1.1
Motor vehicle body work ( 1 )
-
-
-
-
-
-
Motor vehicle maintenance and servicing ( 1 )
0.514
8.0
0.6
0.5
0.5
0.6
Motor vehicle repair ( 1 )( 2 )
0.394
6.0
1.9
-0.8
1.0
1.9
Motor vehicle insurance
2.617
-4.1
-2.1
0.1
-1.7
-2.0
Motor vehicle fees ( 1 )( 2 )
0.510
3.6
-0.4
-0.2
0.2
-0.4
State motor vehicle registration and license fees ( 1 )( 2 )
0.295
4.2
0.0
0.0
0.0
0.0
Parking and other fees ( 1 )( 2 )
0.195
2.8
-0.9
-0.4
0.7
-0.9
Parking fees and tolls ( 2 )( 3 )
-
3.8
-0.2
0.0
1.0
-0.2
Public transportation
1.693
16.9
-0.9
1.6
0.3
0.9
Airline fares
1.107
26.5
-1.8
2.8
2.7
0.2
Other intercity transportation
0.232
-3.4
-0.4
-0.2
-0.7
-1.6
Ship fare ( 1 )( 2 )( 3 )
-
-3.9
-1.7
0.2
-1.8
-1.7
Intracity transportation ( 1 )
0.348
6.7
1.6
0.2
-2.3
1.6
Intracity mass transit ( 1 )( 3 )( 8 )
-
-
-
0.1
-
-
Recreation services ( 8 )
3.141
2.7
0.1
0.1
0.5
0.3
Video and audio services ( 8 )
0.772
2.8
0.3
1.0
-0.1
0.5
Cable, satellite, and live streaming television service ( 10 )
0.591
2.2
0.4
1.0
0.4
0.7
Purchase, subscription, and rental of video ( 1 )( 2 )
0.181
6.1
-0.3
1.0
-1.7
-0.3
Video discs and other media ( 1 )( 2 )( 3 )
-
2.8
-6.6
0.4
-3.8
-6.6
Subscription and rental of video and video games ( 1 )( 2 )( 3 )
-
14.1
-0.5
2.1
-1.3
-0.5
Pet services including veterinary ( 2 )
0.540
5.1
0.2
-0.1
0.5
0.6
Pet services ( 2 )( 3 )
-
6.3
0.2
-0.2
1.4
0.5
Veterinarian services ( 1 )( 2 )( 3 )
-
5.1
0.2
0.2
-0.1
0.2
Photographers and photo processing ( 1 )( 2 )
0.037
1.9
-3.1
-
1.0
-3.1
Other recreation services ( 2 )
1.791
2.0
0.0
-0.3
0.7
0.2
Club membership for shopping clubs, fraternal, or other organizations, or participant sports fees ( 2 )
0.740
-1.4
-0.4
-0.2
0.5
0.0
Admissions ( 1 )
0.690
5.6
0.4
-0.3
1.1
0.4
Admission to movies, theaters, and concerts ( 1 )( 2 )( 3 )
-
3.6
-1.0
0.4
-0.4
-1.0
Admission to sporting events ( 1 )( 2 )( 3 )
-
6.2
3.3
-3.4
2.8
3.3
Fees for lessons or instructions ( 1 )( 6 )
0.155
2.7
-0.3
-0.2
0.3
-0.3
Education and communication services ( 8 )
4.925
1.0
-0.8
-0.1
0.9
-0.8
Tuition, other school fees, and childcare
2.487
2.5
0.1
0.2
0.0
0.1
College tuition and fees
1.307
1.8
0.1
0.2
0.0
0.1
Elementary and high school tuition and fees ( 11 )
0.396
3.0
0.5
0.2
0.0
-0.2
Day care and preschool ( 9 )
0.680
3.5
0.1
0.4
0.1
0.4
Technical and vocational school tuition and fixed fees ( 2 )
0.045
1.8
0.0
-0.1
0.0
-0.1
Postage and delivery services ( 2 )
0.066
14.6
-0.1
3.5
5.2
0.4
Postage
0.061
14.5
0.0
3.4
5.4
0.5
Delivery services ( 2 )
0.005
14.8
-0.9
4.3
2.6
-0.3
Telephone services ( 1 )( 2 )
1.451
-3.7
-3.0
0.0
2.0
-3.0
Wireless telephone services ( 1 )( 2 )
1.328
-4.3
-3.3
0.0
2.2
-3.3
Residential telephone services ( 1 )( 8 )
0.123
1.5
0.6
0.9
-0.6
0.6
Internet services and electronic information providers ( 1 )( 2 )
0.909
3.4
0.2
-1.4
1.2
0.2
Other personal services ( 1 )( 8 )
1.595
5.1
0.5
1.2
1.4
0.5
Personal care services ( 1 )
0.656
4.4
1.3
-0.7
0.5
1.3
Haircuts and other personal care services ( 1 )( 2 )
0.656
4.4
1.3
-0.7
0.5
1.3
Miscellaneous personal services ( 1 )
0.938
5.7
-0.1
2.6
2.1
-0.1
Legal services ( 1 )( 6 )
-
-
-
-
-
-
Funeral expenses ( 1 )( 6 )
0.164
3.2
-0.1
1.4
-1.1
-0.1
Laundry and dry cleaning services ( 1 )( 2 )
0.129
5.3
0.5
1.0
0.1
0.5
Apparel services other than laundry and dry cleaning ( 1 )( 2 )
0.029
7.2
0.6
-1.7
0.9
0.6
Financial services ( 1 )( 6 )
0.243
6.0
-0.8
8.5
8.3
-0.8
Checking account and other bank services ( 1 )( 2 )( 3 )
-
1.0
-0.1
0.0
0.4
-0.1
Tax return preparation and other accounting fees ( 1 )( 2 )( 3 )
-
8.3
-1.4
11.9
11.8
-1.4
Footnotes
(1) Not seasonally adjusted.
(2) Indexes on a December 1997=100 base.
(3) Special index based on a substantially smaller sample.
(4) Indexes on a December 2007=100 base.
(5) Indexes on a December 2005=100 base.
(6) Indexes on a December 1986=100 base.
(7) Indexes on a December 1993=100 base.
(8) Indexes on a December 2009=100 base.
(9) Indexes on a December 1990=100 base.
(10) Indexes on a December 1983=100 base.
(11) Indexes on a December 2024=100 base.
(12) Indexes on a December 2001=100 base.
(13) Indexes on a December 2019=100 base.
(14) Indexes on a December 1982=100 base.
(15) Indexes on a December 1996=100 base.
Table 3. Consumer Price Index for All Urban Consumers (CPI-U): U.S. city average, special aggregate indexes, June 2026
[1982-84=100, unless otherwise noted]
Special aggregate indexes
Relative
importance
May
2026
Unadjusted indexes
Unadjusted percent change
Seasonally adjusted percent change
Jun.
2025
May
2026
Jun.
2026
Jun.
2025-
Jun.
2026
May
2026-
Jun.
2026
Mar.
2026-
Apr.
2026
Apr.
2026-
May
2026
May
2026-
Jun.
2026
All items less food
86.553
319.929
332.934
331.486
3.6
-0.4
0.7
0.5
-0.5
All items less shelter
64.851
289.751
302.164
300.389
3.7
-0.6
0.7
0.6
-0.7
All items less food and shelter
51.404
277.596
290.576
288.270
3.8
-0.8
0.7
0.7
-1.0
All items less food, shelter, and energy
43.613
280.094
285.993
285.840
2.1
-0.1
0.2
0.1
-0.1
All items less food, shelter, energy, and used cars and trucks
40.984
285.290
292.278
291.821
2.3
-0.2
0.2
0.1
-0.1
All items less medical care
91.770
310.079
322.663
321.458
3.7
-0.4
0.7
0.5
-0.4
All items less energy
92.209
329.109
337.718
337.847
2.7
0.0
0.4
0.2
0.0
Commodities
36.735
225.355
237.075
234.622
4.1
-1.0
0.8
0.8
-1.1
Commodities less food, energy, and used cars and trucks
16.109
164.445
166.605
166.453
1.2
-0.1
0.0
-0.1
-0.1
Commodities less food
23.288
178.120
189.914
186.595
4.8
-1.7
1.0
1.1
-1.9
Commodities less food and beverages
22.468
174.216
186.061
182.688
4.9
-1.8
1.0
1.1
-1.9
Services
63.264
418.608
431.785
431.993
3.2
0.0
0.6
0.3
0.0
Services less rent of shelter ( 1 )
28.402
432.672
446.291
446.283
3.1
0.0
0.4
0.5
-0.2
Services less medical care services
56.444
402.092
414.831
415.089
3.2
0.1
0.6
0.4
0.0
Durables
10.457
123.810
123.025
123.592
-0.2
0.5
-0.1
-0.1
0.0
Nondurables
26.279
280.087
301.704
296.787
6.0
-1.6
1.4
1.2
-1.5
Nondurables less food
12.831
230.973
261.819
252.530
9.3
-3.5
2.7
2.2
-3.2
Nondurables less food and beverages
12.011
227.071
259.367
249.531
9.9
-3.8
2.9
2.4
-3.4
Nondurables less food, beverages, and apparel
9.554
291.835
340.946
325.707
11.6
-4.5
3.4
2.9
-4.2
Nondurables less food and apparel
10.374
290.558
335.609
321.803
10.8
-4.1
3.2
2.7
-3.9
Housing
43.896
347.593
358.388
359.189
3.3
0.2
0.7
0.2
0.0
Education and communication ( 2 )
5.701
146.592
147.628
146.505
-0.1
-0.8
0.0
0.8
-0.8
Education ( 2 )
2.524
308.250
315.413
315.867
2.5
0.1
0.2
0.0
0.1
Communication ( 2 )
3.177
73.167
72.689
71.613
-2.1
-1.5
-0.2
1.3
-1.5
Information and information processing ( 2 )
3.110
68.764
68.127
67.098
-2.4
-1.5
-0.3
1.2
-1.5
Information technology, hardware and services ( 3 )
1.659
101.029
99.888
99.663
-1.4
-0.2
-0.5
0.6
-0.3
Recreation ( 2 )
5.031
140.961
144.319
144.945
2.8
0.4
0.1
0.3
0.5
Video and audio ( 2 )
1.027
119.992
122.602
123.181
2.7
0.5
0.8
-0.2
0.5
Pets, pet products and services ( 2 )
1.137
228.744
235.585
236.007
3.2
0.2
-0.1
-0.1
0.4
Photography ( 2 )
0.063
84.410
89.105
86.488
2.5
-2.9
-0.5
0.5
-2.9
Food and beverages
14.267
336.555
345.846
346.505
3.0
0.2
0.5
0.2
0.2
Domestically produced farm food
6.822
323.064
330.034
331.439
2.6
0.4
0.6
0.0
0.4
Other services
9.660
425.829
436.685
435.418
2.3
-0.3
0.2
0.8
-0.2
Apparel less footwear
1.865
122.850
129.346
127.576
3.8
-1.4
0.4
0.2
-0.6
Fuels and utilities
4.546
337.495
350.027
353.080
4.6
0.9
1.4
0.4
-0.7
Household energy
3.413
284.631
294.715
297.827
4.6
1.1
1.8
0.5
-1.0
Medical care
8.230
580.978
593.239
592.750
2.0
-0.1
-0.1
0.3
-0.1
Transportation
17.527
273.391
298.409
291.226
6.5
-2.4
1.3
1.3
-2.5
Private transportation
15.834
273.742
296.443
288.841
5.5
-2.6
1.3
1.4
-2.8
New and used motor vehicles ( 2 )
6.960
126.483
124.791
125.880
-0.5
0.9
-0.2
-0.2
0.0
Utilities and public transportation
8.108
269.761
283.048
282.891
4.9
-0.1
1.0
1.1
-0.7
Household furnishings and operations
4.202
152.394
155.175
156.168
2.5
0.6
0.7
-0.6
0.2
Other goods and services
2.891
580.544
606.400
607.199
4.6
0.1
0.7
1.0
0.1
Personal care
2.444
291.684
303.119
303.969
4.2
0.3
0.7
1.0
0.2
Footnotes
(1) Indexes on a December 1982=100 base.
(2) Indexes on a December 1997=100 base.
(3) Indexes on a December 2024=100 base.
Table 4. Consumer Price Index for All Urban Consumers (CPI-U): Selected areas, all items index, June 2026
[1982-84=100, unless otherwise noted]
Area
Pricing
Schedule ( 1 )
Percent change to Jun. 2026 from:
Percent change to May 2026 from:
Jun.
2025
Apr.
2026
May
2026
May
2025
Mar.
2026
Apr.
2026
U.S. city average
M
3.5
0.3
-0.3
4.2
1.5
0.6
Region and area size ( 2 )
Northeast
M
4.3
0.6
-0.2
5.0
1.8
0.8
Northeast - Size Class A
M
4.1
0.4
-0.2
4.9
1.8
0.7
Northeast - Size Class B/C ( 3 )
M
4.6
0.7
-0.2
5.2
1.8
0.9
New England ( 4 )
M
4.2
0.6
-0.2
4.6
2.0
0.8
Middle Atlantic ( 4 )
M
4.4
0.5
-0.2
5.2
1.7
0.8
Midwest
M
3.8
0.7
-0.5
5.0
2.0
1.1
Midwest - Size Class A
M
3.3
0.7
-0.4
4.3
2.1
1.1
Midwest - Size Class B/C ( 3 )
M
4.2
0.7
-0.5
5.5
1.9
1.1
East North Central ( 4 )
M
3.6
0.6
-0.5
4.9
1.9
1.1
West North Central ( 4 )
M
4.4
0.9
-0.3
5.3
2.1
1.1
South
M
3.2
0.0
-0.4
3.9
1.3
0.5
South - Size Class A
M
2.7
-0.2
-0.5
3.5
1.0
0.2
South - Size Class B/C ( 3 )
M
3.5
0.2
-0.4
4.2
1.4
0.6
South Atlantic ( 4 )
M
3.5
0.4
-0.2
4.0
1.4
0.6
East South Central ( 4 )
M
3.8
0.2
-0.3
4.8
1.4
0.5
West South Central ( 4 )
M
2.3
-0.7
-0.9
3.3
0.9
0.2
West
M
3.2
0.1
-0.2
3.5
1.2
0.4
West - Size Class A
M
3.5
0.2
-0.3
3.9
1.2
0.5
West - Size Class B/C ( 3 )
M
2.9
0.1
-0.2
3.1
1.2
0.3
Mountain ( 4 )
M
3.0
0.0
-0.5
3.5
1.3
0.5
Pacific ( 4 )
M
3.3
0.2
-0.2
3.5
1.2
0.3
Size classes
Size Class A ( 5 )
M
3.3
0.2
-0.4
4.1
1.4
0.5
Size Class B/C ( 3 )
M
3.7
0.4
-0.3
4.4
1.6
0.7
Selected local areas
Chicago-Naperville-Elgin, IL-IN-WI
M
2.5
0.2
-0.9
3.7
2.0
1.1
Los Angeles-Long Beach-Anaheim, CA
M
3.3
-0.2
-0.3
3.6
0.9
0.0
New York-Newark-Jersey City, NY-NJ-PA
M
4.1
0.2
-0.2
5.1
1.5
0.4
Atlanta-Sandy Springs-Roswell, GA
2
2.8
0.5
-
-
-
-
Baltimore-Columbia-Towson, MD ( 6 )
2
2.7
-0.6
-
-
-
-
Detroit-Warren-Dearborn, MI
2
4.0
0.7
-
-
-
-
Houston-The Woodlands-Sugar Land, TX
2
0.8
-1.6
-
-
-
-
Miami-Fort Lauderdale-West Palm Beach, FL
2
3.4
0.1
-
-
-
-
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD
2
5.4
1.3
-
-
-
-
Phoenix-Mesa-Scottsdale, AZ ( 7 )
2
2.8
0.0
-
-
-
-
San Francisco-Oakland-Hayward, CA
2
3.8
0.2
-
-
-
-
Seattle-Tacoma-Bellevue, WA
2
4.5
1.0
-
-
-
-
St. Louis, MO-IL
2
2.9
0.5
-
-
-
-
Urban Alaska
2
3.3
-0.8
-
-
-
-
Boston-Cambridge-Newton, MA-NH
1
-
-
-
3.2
2.4
-
Dallas-Fort Worth-Arlington, TX
1
-
-
-
2.6
-0.3
-
Denver-Aurora-Lakewood, CO
1
-
-
-
5.0
1.8
-
Minneapolis-St.Paul-Bloomington, MN-WI
1
-
-
-
4.7
2.3
-
Riverside-San Bernardino-Ontario, CA ( 4 )
1
-
-
-
3.4
1.0
-
San Diego-Carlsbad, CA
1
-
-
-
3.8
1.1
-
Tampa-St. Petersburg-Clearwater, FL ( 8 )
1
-
-
-
3.2
1.5
-
Urban Hawaii
1
-
-
-
5.1
2.2
-
Washington-Arlington-Alexandria, DC-VA-MD-WV ( 6 )
1
-
-
-
4.1
1.3
-
Footnotes
(1) Foods, fuels, and several other items are priced every month in all areas. Most other goods and services are priced as indicated: M - Every month. 1 - January, March, May, July, September, and November. 2 - February, April, June, August, October, and December.
(2) Regions defined as the four Census regions.
(3) Indexes on a December 1996=100 base.
(4) Indexes on a December 2017=100 base.
(5) Indexes on a December 1986=100 base.
(6) 1998 - 2017 indexes based on substantially smaller sample.
(7) Indexes on a December 2001=100 base.
(8) Indexes on a 1987=100 base.
NOTE: Local area indexes are byproducts of the national CPI program. Each local index has a smaller sample size than the national index and is, therefore, subject to substantially more sampling and other measurement error. As a result, local area indexes show greater volatility than the national index, although their long-term trends are similar. Therefore, the Bureau of Labor Statistics strongly urges users to consider adopting the national average CPI for use in their escalator clauses.
Table 5. Chained Consumer Price Index for All Urban Consumers (C-CPI-U) and the Consumer Price Index for All Urban Consumers (CPI-U): U.S. city average, all items index, June 2026
[Percent changes]
Month Year
Unadjusted 1-month percent change
Unadjusted 12-month percent change
C-CPI-U ( 1 )
CPI-U
C-CPI-U ( 1 )
CPI-U
December 2013
1.3
1.5
December 2014
0.5
0.8
December 2015
0.4
0.7
December 2016
1.8
2.1
December 2017
1.7
2.1
December 2018
1.5
1.9
December 2019
1.8
2.3
December 2020
1.5
1.4
December 2021
6.5
7.0
December 2022
6.4
6.5
December 2023
2.9
3.4
January 2024
0.5
0.5
2.6
3.1
February 2024
0.6
0.6
2.8
3.2
March 2024
0.6
0.6
3.1
3.5
April 2024
0.4
0.4
3.0
3.4
May 2024
0.1
0.2
2.9
3.3
June 2024
0.0
0.0
2.6
3.0
July 2024
0.0
0.1
2.5
2.9
August 2024
0.0
0.1
2.2
2.5
September 2024
0.1
0.2
2.1
2.4
October 2024
0.1
0.1
2.3
2.6
November 2024
-0.1
-0.1
2.5
2.7
December 2024
0.0
0.0
2.6
2.9
January 2025
0.7
0.7
2.7
3.0
February 2025
0.4
0.4
2.6
2.8
March 2025
0.2
0.2
2.1
2.4
April 2025
0.3
0.3
2.1
2.3
May 2025
0.2
0.2
2.1
2.4
June 2025
0.3
0.3
2.4
2.7
July 2025
0.1
0.2
2.5
2.7
August 2025
0.3
0.3
2.8
2.9
September 2025
0.3
0.3
2.9
3.0
November 2025
-
-
2.6
2.7
December 2025
-0.1
0.0
2.5
2.7
January 2026
0.4
0.4
2.2
2.4
February 2026
0.5
0.5
2.2
2.4
March 2026
1.1
1.0
3.1
3.3
April 2026
0.8
0.9
3.6
3.8
May 2026
0.6
0.6
4.0
4.2
June 2026
-0.3
-0.3
3.4
3.5
Footnotes
(1) The C-CPI-U is designed to be a closer approximation to a cost-of-living index in that it, in its final form, accounts for any substitution that consumers make across item categories in response to changes in relative prices. Since the expenditure data required for the calculation of the C-CPI-U are available only with a time lag, the C-CPI-U is issued first in preliminary form using the latest available expenditure data at that time and is subject to four revisions.
Indexes are issued as initial estimates. Indexes are revised each quarter with the publication of January, April, July, and October data as updated expenditure estimates become available. The C-CPI-U indexes are updated quarterly until they become final. January-March indexes are final in January of the following year; April-June indexes are final in April of the following year; July-September indexes are final in July of the following year; October-December indexes are final in October of the following year.
Table 6. Consumer Price Index for All Urban Consumers (CPI-U): U.S. city average, by expenditure category, June 2026, 1-month analysis table
[1982-84=100, unless otherwise noted]
Expenditure category
Relative
importance
May
2026
One Month
Seasonally adjusted percent change
May 2026-
Jun. 2026
Seasonally adjusted effect on All Items
May 2026-
Jun. 2026 ( 1 )
Standard error, median price change ( 2 )
Largest (L) or Smallest (S) seasonally adjusted change since: ( 3 )
Date
Percent change
All items
100.000
-0.4
-
0.04
S-Apr. 2020
-0.8
Food
13.447
0.2
0.028
0.08
-
-
Food at home
8.188
0.2
0.016
0.13
L-Apr. 2026
0.7
Cereals and bakery products
1.016
0.3
0.003
0.33
S-Apr. 2026
0.1
Cereals and cereal products
0.306
0.7
0.002
0.68
L-Apr. 2026
0.7
Flour and prepared flour mixes
0.037
-1.1
0.000
0.71
S-Apr. 2026
-1.3
Breakfast cereal ( 4 )
0.131
0.8
0.001
1.07
L-Jan. 2026
2.1
Rice, pasta, cornmeal
0.137
1.6
0.002
0.87
L-May 2022
2.3
Rice ( 4 )( 5 )( 6 )
-
0.6
-
1.36
L-Mar. 2026
1.1
Bakery products ( 4 )
0.709
0.1
0.001
0.40
S-Apr. 2026
-0.3
Bread ( 4 )( 5 )
0.171
0.5
0.001
0.62
L-Apr. 2026
0.9
White bread ( 4 )( 6 )
-
0.9
-
0.70
L-Apr. 2026
1.1
Bread other than white ( 4 )( 6 )
-
0.0
-
1.06
L-Apr. 2026
0.8
Fresh biscuits, rolls, muffins ( 4 )( 5 )
0.117
-1.2
-0.001
1.06
S-Apr. 2026
-2.8
Cakes, cupcakes, and cookies ( 4 )
0.207
-0.6
-0.001
0.65
S-Mar. 2026
-0.9
Cookies ( 4 )( 6 )
-
-1.0
-
1.03
S-Feb. 2026
-1.6
Fresh cakes and cupcakes ( 4 )( 6 )
-
-0.9
-
1.00
L-Apr. 2026
0.0
Other bakery products
0.215
1.2
0.003
0.70
L-Jan. 2026
1.4
Fresh sweetrolls, coffeecakes, doughnuts ( 4 )( 6 )
-
2.0
-
1.26
L-Feb. 2026
3.6
Crackers, bread, and cracker products ( 6 )
-
3.2
-
1.14
L-Aug. 2013
3.5
Frozen and refrigerated bakery products, pies, tarts, turnovers ( 6 )
-
-0.1
-
1.10
S-Apr. 2026
-0.4
Meats, poultry, fish, and eggs
1.943
0.6
0.012
0.26
L-Apr. 2026
1.3
Meats, poultry, and fish
1.831
0.4
0.007
0.24
L-Apr. 2026
1.2
Meats
1.158
0.9
0.010
0.31
L-Apr. 2026
1.8
Beef and veal
0.629
1.2
0.008
0.41
L-Apr. 2026
2.7
Uncooked ground beef
0.234
1.3
0.003
0.62
L-Apr. 2026
2.7
Uncooked beef roasts ( 5 )
0.086
1.7
0.001
0.92
L-Apr. 2026
5.8
Uncooked beef steaks ( 5 )
0.236
0.5
0.001
0.86
L-Apr. 2026
1.5
Uncooked other beef and veal ( 4 )( 5 )
0.073
1.8
0.001
0.81
L-Apr. 2026
2.7
Pork
0.337
-0.3
-0.001
0.65
S-Mar. 2026
-0.6
Bacon, breakfast sausage, and related products ( 5 )
0.131
-1.4
-0.002
0.98
S-Mar. 2026
-1.7
Bacon and related products ( 6 )
-
-1.8
-
1.51
S-Mar. 2026
-2.7
Breakfast sausage and related products ( 5 )( 6 )
-
0.0
-
1.22
S-Mar. 2026
-0.6
Ham
0.067
0.0
0.000
1.06
S-Mar. 2026
-1.5
Ham, excluding canned ( 6 )
-
0.6
-
1.35
S-Apr. 2026
0.1
Pork chops ( 4 )
0.045
1.8
0.001
1.49
L-Apr. 2026
2.5
Other pork including roasts, steaks, and ribs ( 4 )( 5 )
0.094
0.2
0.000
1.23
L-Apr. 2026
1.2
Other meats
0.192
1.9
0.004
0.77
L-Jan. 2026
2.3
Frankfurters ( 6 )
-
6.7
-
1.13
L-Jun. 2025
7.2
Lunchmeats ( 4 )( 5 )( 6 )
-
0.3
-
0.80
L-Apr. 2026
1.4
Poultry
0.357
-1.0
-0.003
0.47
S-Apr. 2024
-1.4
Chicken ( 5 )
0.280
-0.8
-0.002
0.53
S-Apr. 2026
-1.1
Fresh whole chicken ( 6 )
-
-0.6
-
0.90
S-Apr. 2026
-1.5
Fresh and frozen chicken parts ( 6 )
-
-1.1
-
0.58
S-Apr. 2024
-1.8
Other uncooked poultry including turkey ( 5 )
0.077
-0.3
0.000
1.21
S-Mar. 2026
-0.7
Fish and seafood ( 4 )
0.316
0.1
0.000
0.49
S-Mar. 2026
-0.5
Fresh fish and seafood ( 4 )( 5 )
0.169
-0.5
-0.001
0.73
S-Feb. 2026
-0.6
Processed fish and seafood ( 5 )
0.147
1.1
0.002
0.86
L-Apr. 2026
1.4
Shelf stable fish and seafood ( 4 )( 6 )
-
1.4
-
1.22
L-Apr. 2026
2.5
Frozen fish and seafood ( 6 )
-
0.2
-
1.07
L-Apr. 2026
2.3
Eggs
0.113
4.3
0.005
0.85
L-Feb. 2025
9.2
Dairy and related products ( 4 )
0.731
1.2
0.009
0.37
L-Jul. 2022
1.7
Milk ( 4 )( 5 )
0.191
2.0
0.004
0.46
S-Apr. 2026
1.6
Fresh whole milk ( 4 )( 6 )
-
3.3
-
0.55
L-May 2022
3.4
Fresh milk other than whole ( 4 )( 5 )( 6 )
-
1.4
-
0.71
S-Apr. 2026
1.2
Cheese and related products ( 4 )
0.242
2.8
0.007
0.67
L-Aug. 2007
3.5
Ice cream and related products
0.109
-2.1
-0.002
1.02
S-Jun. 2009
-2.9
Other dairy and related products ( 5 )
0.189
0.1
0.000
0.76
L-Apr. 2026
0.2
Fruits and vegetables
1.288
-0.2
-0.003
0.35
S-Apr. 2025
-0.2
Fresh fruits and vegetables
1.024
-0.5
-0.005
0.41
S-Jan. 2026
-0.6
Fresh fruits
0.528
0.4
0.002
0.63
L-Apr. 2026
0.8
Apples
0.076
1.8
0.001
1.07
S-Apr. 2026
1.2
Bananas ( 4 )
0.057
1.3
0.001
0.69
L-Aug. 2025
2.1
Citrus fruits ( 5 )
0.079
3.4
0.003
0.92
L-Feb. 2022
4.2
Oranges, including tangerines ( 6 )
-
1.7
-
1.23
L-Mar. 2026
2.5
Other fresh fruits ( 5 )
0.316
0.7
0.002
1.09
S-Apr. 2026
0.5
Fresh vegetables
0.496
-1.4
-0.007
0.59
S-Jan. 2025
-1.5
Potatoes
0.066
2.2
0.001
1.08
S-Apr. 2026
1.9
Lettuce
0.047
6.5
0.003
1.42
S-Apr. 2026
-4.8
Tomatoes
0.073
-10.0
-0.008
1.19
S-Jan. 2015
-11.1
Other fresh vegetables
0.309
-1.6
-0.005
0.88
S-Jan. 2025
-2.4
Processed fruits and vegetables ( 5 )
0.264
0.6
0.002
0.41
L-Jan. 2026
2.4
Canned fruits and vegetables ( 5 )
0.100
0.3
0.000
0.55
L-Feb. 2026
0.6
Canned fruits ( 4 )( 5 )( 6 )
-
1.3
-
0.79
L-Feb. 2026
1.3
Canned vegetables ( 5 )( 6 )
-
-0.2
-
0.86
S-Mar. 2026
-0.3
Frozen fruits and vegetables ( 5 )
0.084
1.5
0.001
0.98
L-Jan. 2026
1.6
Frozen vegetables ( 6 )
-
2.1
-
1.33
L-Feb. 2023
3.7
Other processed fruits and vegetables including dried ( 5 )
0.080
0.5
0.000
0.57
L-Apr. 2026
0.9
Dried beans, peas, and lentils ( 4 )( 5 )( 6 )
-
0.7
-
0.79
L-Apr. 2026
1.1
Nonalcoholic beverages and beverage materials
0.993
-1.5
-0.015
0.40
S-Jul. 2003
-1.6
Juices and nonalcoholic drinks ( 5 )
0.670
-1.2
-0.008
0.47
S-May 2013
-1.2
Carbonated drinks
0.326
-0.7
-0.002
0.70
S-Mar. 2026
-1.0
Frozen noncarbonated juices and drinks ( 4 )( 5 )
0.004
0.1
0.000
0.79
L-Apr. 2026
1.2
Nonfrozen noncarbonated juices and drinks ( 5 )
0.340
-1.7
-0.006
0.56
S-EVER
-
Beverage materials including coffee and tea ( 5 )
0.323
-2.0
-0.007
0.72
S-EVER
-
Coffee
0.227
-2.0
-0.005
1.12
S-Aug. 2024
-2.1
Roasted coffee ( 6 )
-
-2.1
-
1.02
S-Aug. 2024
-2.1
Instant coffee ( 4 )( 6 )
-
-1.8
-
1.34
S-Dec. 2024
-2.0
Other beverage materials including tea ( 4 )( 5 )
0.096
-2.3
-0.002
0.98
S-Mar. 2026
-2.9
Other food at home
2.217
0.5
0.010
0.28
L-Feb. 2026
0.8
Sugar and sweets
0.325
0.6
0.002
0.50
S-Apr. 2026
-1.1
Sugar and sugar substitutes
0.032
-0.7
0.000
0.64
S-Mar. 2026
-1.9
Candy and chewing gum ( 5 )
0.239
0.9
0.002
0.68
S-Apr. 2026
-1.7
Other sweets ( 4 )( 5 )
0.055
-0.8
0.000
0.76
S-Apr. 2026
-1.0
Fats and oils
0.215
1.5
0.003
0.54
L-Dec. 2025
1.5
Butter and margarine ( 5 )
0.062
-0.2
0.000
0.56
L-Apr. 2026
1.2
Butter ( 6 )
-
-1.4
-
1.18
L-Apr. 2026
2.8
Margarine ( 6 )
-
1.8
-
1.24
L-Jan. 2025
3.0
Salad dressing ( 4 )( 5 )
0.048
3.4
0.002
1.05
L-Oct. 2022
3.6
Other fats and oils including peanut butter ( 5 )
0.105
1.4
0.002
0.81
L-May 2025
1.9
Peanut butter ( 4 )( 5 )( 6 )
-
1.9
-
1.04
L-Mar. 2026
2.2
Other foods
1.677
0.3
0.005
0.35
L-Feb. 2026
0.7
Soups
0.088
-0.1
0.000
0.99
S-Feb. 2026
-2.4
Frozen and freeze dried prepared foods
0.290
1.6
0.005
0.74
L-Jun. 2022
2.8
Snacks
0.363
0.1
0.000
0.91
L-Apr. 2026
0.4
Spices, seasonings, condiments, sauces
0.317
0.5
0.002
0.59
L-Apr. 2026
0.8
Salt and other seasonings and spices ( 5 )( 6 )
-
2.0
-
0.97
L-May 2025
2.3
Olives, pickles, relishes ( 5 )( 6 )
-
-1.6
-
1.72
S-May 2025
-1.8
Sauces and gravies ( 5 )( 6 )
-
-0.8
-
0.90
S-Feb. 2026
-1.1
Other condiments ( 6 )
-
-3.0
-
1.21
S-Mar. 2026
-7.8
Baby food and formula ( 4 )( 5 )
0.051
1.8
0.001
0.59
L-Sep. 2023
2.3
Other miscellaneous foods ( 4 )( 5 )
0.568
0.3
0.002
0.60
-
-
Prepared salads ( 6 )( 7 )
-
-0.8
-
0.59
S-Mar. 2026
-1.9
Food away from home ( 4 )
5.260
0.2
0.012
0.07
S-Apr. 2026
0.2
Full service meals and snacks ( 4 )( 5 )
2.329
0.4
0.009
0.14
L-Dec. 2025
0.8
Limited service meals and snacks ( 4 )( 5 )
2.634
0.1
0.002
0.08
S-Aug. 2025
0.1
Food at employee sites and schools ( 4 )( 5 )
0.063
0.9
0.001
0.32
L-Jun. 2025
2.7
Food at elementary and secondary schools ( 4 )( 6 )( 8 )
-
-
-
-
-
-
Food from vending machines and mobile vendors ( 4 )( 5 )
0.052
-0.1
0.000
0.21
S-Oct. 2024
-0.4
Other food away from home ( 5 )
0.182
-0.1
0.000
0.17
S-Apr. 2026
-0.1
Energy
7.791
-5.7
-0.437
0.14
S-Apr. 2020
-9.5
Energy commodities
4.551
-9.5
-0.414
0.16
S-Aug. 2022
-10.2
Fuel oil and other fuels
0.173
-6.6
-0.012
0.48
S-Dec. 2022
-11.5
Fuel oil
0.116
-9.2
-0.011
0.49
S-Feb. 2023
-9.2
Propane, kerosene, and firewood ( 9 )
0.057
-1.5
-0.001
0.76
S-Jan. 2026
-1.5
Motor fuel
4.377
-9.6
-0.403
0.16
S-Aug. 2022
-10.6
Gasoline (all types)
4.250
-9.7
-0.394
0.17
S-Aug. 2022
-10.7
Gasoline, unleaded regular ( 6 )
-
-10.1
-
0.35
S-Aug. 2022
-10.9
Gasoline, unleaded midgrade ( 6 )( 10 )
-
-8.4
-
0.29
S-Aug. 2022
-10.0
Gasoline, unleaded premium ( 6 )
-
-7.3
-
0.28
S-Aug. 2022
-9.0
Other motor fuels ( 4 )( 5 )
0.128
-7.2
-0.009
0.26
S-Dec. 2022
-8.5
Energy services
3.240
-0.7
-0.023
0.25
S-Apr. 2024
-0.7
Electricity
2.505
-1.0
-0.026
0.35
S-Jan. 2019
-1.0
Utility (piped) gas service
0.735
0.5
0.004
0.53
L-Feb. 2026
3.1
All items less food and energy
78.762
0.0
-0.013
0.05
S-Jan. 2021
0.0
Commodities less food and energy commodities
18.737
-0.1
-0.016
0.07
-
-
Household furnishings and supplies ( 11 )
3.316
-0.1
-0.004
0.20
L-Feb. 2026
0.2
Window and floor coverings and other linens ( 5 )
0.232
-0.2
0.000
0.81
L-Feb. 2026
3.5
Floor coverings ( 4 )( 5 )
0.067
-0.3
0.000
0.92
L-Mar. 2026
0.3
Window coverings ( 4 )( 5 )
0.044
2.6
0.001
1.61
L-Dec. 2025
3.6
Other linens ( 5 )
0.121
-0.7
-0.001
1.20
L-Feb. 2026
5.6
Furniture and bedding ( 4 )
0.848
0.5
0.004
0.38
L-Jan. 2026
0.7
Bedroom furniture ( 4 )
0.292
-0.5
-0.001
0.64
L-Apr. 2026
0.8
Living room, kitchen, and dining room furniture ( 4 )( 5 )
0.424
1.5
0.006
0.55
L-Apr. 2025
2.4
Other furniture ( 5 )
0.128
-0.8
-0.001
0.93
L-Mar. 2026
0.6
Appliances ( 5 )
0.197
-1.5
-0.003
0.68
S-Mar. 2026
-1.6
Major appliances ( 5 )
0.065
-0.8
-0.001
0.84
S-Mar. 2026
-2.4
Laundry equipment ( 4 )( 6 )
-
1.3
-
0.96
S-Mar. 2026
-2.3
Other appliances ( 5 )
0.129
-1.7
-0.002
0.87
S-Mar. 2026
-1.9
Other household equipment and furnishings ( 5 )
0.543
-0.4
-0.002
0.65
L-Apr. 2026
0.3
Clocks, lamps, and decorator items ( 4 )
0.311
-1.2
-0.004
0.74
L-Apr. 2026
0.0
Indoor plants and flowers ( 12 )
0.116
0.5
0.001
0.79
L-Feb. 2026
0.9
Dishes and flatware ( 4 )( 5 )
0.045
0.5
0.000
2.52
L-Apr. 2026
1.6
Nonelectric cookware and tableware ( 5 )
0.070
0.7
0.001
0.87
S-Mar. 2026
-0.5
Tools, hardware, outdoor equipment and supplies ( 4 )( 5 )
0.671
-0.6
-0.004
0.43
-
-
Tools, hardware and supplies ( 5 )
0.208
1.2
0.002
0.47
L-Mar. 2026
1.4
Outdoor equipment and supplies ( 4 )( 5 )
0.287
-1.6
-0.005
0.66
S-Jul. 2023
-1.7
Housekeeping supplies ( 4 )
0.825
0.3
0.003
0.25
S-Apr. 2026
-0.1
Household cleaning products ( 4 )( 5 )
0.298
1.1
0.003
0.48
-
-
Household paper products ( 4 )( 5 )
0.171
-1.1
-0.002
0.41
S-Dec. 2025
-1.6
Miscellaneous household products ( 4 )( 5 )
0.356
0.4
0.001
0.42
-
-
Apparel
2.457
-0.6
-0.014
0.37
S-Jan. 2025
-0.9
Men's and boys' apparel
0.609
-0.1
0.000
0.58
S-Jul. 2025
-0.8
Men's apparel
0.489
0.1
0.000
0.66
S-Apr. 2026
0.1
Men's suits, sport coats, and outerwear
0.099
0.3
0.000
1.76
S-Apr. 2026
-2.0
Men's underwear, nightwear, swimwear, and accessories
0.134
1.2
0.002
0.68
L-Dec. 2025
2.4
Men's shirts and sweaters ( 5 )
0.132
-1.0
-0.001
1.24
L-Apr. 2026
3.7
Men's pants and shorts
0.121
0.3
0.000
1.16
S-Apr. 2026
-2.0
Boys' apparel
0.120
-0.2
0.000
0.91
L-Apr. 2026
0.4
Women's and girls' apparel
0.976
0.0
0.000
0.69
L-Apr. 2026
0.1
Women's apparel
0.827
0.0
0.000
0.71
L-Apr. 2026
0.0
Women's outerwear
0.067
-2.1
-0.001
1.83
L-Apr. 2026
2.2
Women's dresses
0.111
0.0
0.000
1.98
L-Mar. 2026
1.0
Women's suits and separates ( 5 )
0.389
0.9
0.004
1.02
L-Mar. 2026
2.3
Women's underwear, nightwear, swimwear, and accessories ( 5 )
0.244
0.5
0.001
0.93
S-Apr. 2026
0.4
Girls' apparel
0.149
-0.2
0.000
1.83
S-Jan. 2026
-0.2
Footwear
0.592
-0.3
-0.002
0.46
S-Feb. 2026
-0.5
Men's footwear
0.191
0.1
0.000
0.61
L-Apr. 2026
1.6
Boys' and girls' footwear ( 4 )
0.125
0.7
0.001
0.80
L-Feb. 2026
2.8
Women's footwear
0.276
-1.0
-0.003
0.76
S-Feb. 2026
-1.1
Infants' and toddlers' apparel
0.099
-1.4
-0.001
0.91
S-Feb. 2026
-1.5
Jewelry and watches ( 9 )
0.181
-5.2
-0.010
1.07
S-EVER
-
Watches ( 4 )( 9 )
0.035
-1.0
0.000
1.28
L-Apr. 2026
0.1
Jewelry ( 9 )
0.146
-6.0
-0.009
1.33
S-EVER
-
Transportation commodities less motor fuel ( 11 )
6.772
-0.1
-0.005
0.02
-
-
New vehicles
3.734
0.0
-0.001
0.02
L-Mar. 2026
0.1
New cars ( 6 )
-
-0.2
-
0.06
S-Apr. 2026
-0.2
New trucks ( 6 )( 13 )
-
0.0
-
0.03
L-Mar. 2026
0.0
Used cars and trucks
2.629
-0.2
-0.006
0.03
S-Mar. 2026
-0.4
Motor vehicle parts and equipment ( 4 )
0.336
0.2
0.001
0.36
L-Mar. 2026
0.7
Tires ( 4 )
0.282
0.1
0.000
0.40
L-Mar. 2026
0.9
Vehicle accessories other than tires ( 4 )( 5 )
0.054
1.0
0.001
0.53
L-Feb. 2026
3.1
Vehicle parts and equipment other than tires ( 4 )( 6 )
-
1.2
-
0.65
L-Feb. 2026
3.4
Motor oil, coolant, and fluids ( 4 )( 6 )
-
1.3
-
0.76
L-Dec. 2025
1.6
Medical care commodities ( 4 )
1.409
-0.2
-0.002
0.25
L-Feb. 2026
0.0
Medicinal drugs ( 4 )( 11 )
1.277
0.0
0.000
0.27
L-Dec. 2025
0.5
Prescription drugs ( 4 )
0.917
-0.1
-0.001
0.29
L-Apr. 2026
0.0
Nonprescription drugs ( 11 )
0.361
0.1
0.000
0.54
L-Jan. 2026
0.3
Medical equipment and supplies ( 4 )( 11 )
0.132
-1.4
-0.002
0.58
S-Jan. 2024
-1.4
Recreation commodities ( 11 )
1.890
0.9
0.017
0.25
L-Jan. 2022
1.0
Video and audio products ( 11 )
0.255
0.7
0.002
0.53
L-Jan. 2026
2.2
Televisions ( 14 )
0.103
0.1
0.000
0.92
L-Apr. 2026
1.2
Other video equipment ( 14 )
0.018
7.7
0.001
0.81
L-EVER
-
Audio equipment ( 4 )
0.045
0.0
0.000
1.64
L-Apr. 2026
0.2
Recorded music and music subscriptions ( 4 )( 5 )
0.084
0.5
0.000
0.33
L-Feb. 2026
1.2
Pets and pet products ( 4 )
0.597
0.1
0.001
0.34
L-Mar. 2026
0.9
Pet food and treats ( 4 )( 5 )( 6 )
-
0.2
-
0.27
L-Mar. 2026
0.4
Purchase of pets, pet supplies, accessories ( 4 )( 5 )( 6 )
-
0.0
-
0.77
L-Mar. 2026
1.7
Sporting goods ( 4 )
0.521
1.6
0.008
0.53
L-Jan. 2024
2.0
Sports vehicles including bicycles ( 4 )
0.277
2.5
0.007
0.93
L-Jan. 2024
2.8
Sports equipment ( 4 )
0.232
0.4
0.001
0.59
S-Apr. 2026
-0.4
Photographic equipment and supplies ( 4 )
0.026
-2.7
-0.001
0.93
S-Jun. 2018
-5.6
Photographic equipment ( 4 )( 5 )( 6 )
-
-2.8
-
0.80
S-Dec. 2024
-2.8
Recreational reading materials ( 4 )
0.110
0.0
0.000
1.23
S-Apr. 2026
-1.9
Newspapers and magazines ( 4 )( 5 )
0.054
2.2
0.001
1.30
S-Apr. 2026
-0.7
Recreational books ( 4 )( 5 )
0.056
-2.2
-0.001
1.85
S-Apr. 2026
-2.9
Other recreational goods ( 5 )
0.381
1.9
0.007
0.50
L-Apr. 2021
2.2
Toys
0.295
2.5
0.007
0.59
L-Apr. 2021
2.5
Toys, games, hobbies and playground equipment ( 5 )( 6 )
-
3.3
-
0.72
L-EVER
-
Sewing machines, fabric and supplies ( 4 )( 5 )
0.028
-1.6
0.000
1.69
L-Apr. 2026
3.4
Music instruments and accessories ( 4 )( 5 )
0.042
0.1
0.000
0.59
L-Apr. 2026
0.2
Education and communication commodities ( 11 )
0.776
-0.8
-0.007
0.47
S-Feb. 2026
-3.0
Educational books and supplies ( 4 )
0.037
1.0
0.000
0.73
L-Mar. 2025
1.8
College textbooks ( 4 )( 6 )( 15 )
-
1.2
-
0.82
S-Apr. 2026
-3.0
Information technology commodities ( 11 )
0.740
-0.9
-0.007
0.49
S-Feb. 2026
-3.1
Computers, peripherals, and smart home assistants ( 4 )( 7 )
0.299
-0.7
-0.002
0.64
S-Dec. 2025
-1.3
Computer software and accessories ( 4 )( 5 )
0.030
2.3
0.001
1.27
L-Apr. 2026
5.0
Telephone hardware, calculators, and other consumer information items ( 14 )
0.410
-1.3
-0.005
0.75
S-Feb. 2026
-5.7
Smartphones ( 4 )( 6 )( 16 )
-
-0.8
-
0.77
S-Mar. 2026
-1.0
Alcoholic beverages ( 4 )
0.820
0.0
0.000
0.15
S-Dec. 2025
-0.1
Alcoholic beverages at home
0.386
-0.2
-0.001
0.21
S-Feb. 2026
-0.2
Beer, ale, and other malt beverages at home ( 4 )
0.133
0.0
0.000
0.22
S-Dec. 2025
-0.4
Distilled spirits at home ( 4 )
0.087
0.0
0.000
0.33
L-Feb. 2026
0.1
Whiskey at home ( 4 )( 6 )
-
0.2
-
0.42
L-Sep. 2025
0.6
Distilled spirits, excluding whiskey, at home ( 4 )( 6 )
-
-0.1
-
0.38
L-Apr. 2026
-0.1
Wine at home
0.166
-0.5
-0.001
0.33
S-Jan. 2026
-1.0
Alcoholic beverages away from home ( 4 )
0.434
0.3
0.001
0.18
L-Apr. 2026
0.5
Beer, ale, and other malt beverages away from home ( 4 )( 5 )( 6 )
-
0.2
-
0.24
L-Apr. 2026
0.5
Wine away from home ( 4 )( 5 )( 6 )
-
0.5
-
0.17
-
-
Distilled spirits away from home ( 4 )( 5 )( 6 )
-
0.6
-
0.32
L-Apr. 2026
0.9
Other goods ( 11 )
1.297
-0.2
-0.003
0.22
S-Dec. 2023
-0.2
Tobacco and smoking products ( 4 )( 14 )
0.447
-0.7
-0.003
0.31
S-Jul. 2014
-0.8
Cigarettes ( 4 )( 5 )
0.327
-0.5
-0.002
0.26
S-Jul. 2014
-0.8
Tobacco products other than cigarettes ( 4 )( 5 )
0.115
-1.2
-0.001
0.80
S-Feb. 2026
-2.2
Personal care products
0.667
0.2
0.001
0.31
L-Apr. 2026
0.7
Hair, dental, shaving, and miscellaneous personal care products ( 4 )( 5 )
0.318
0.3
0.001
0.43
L-Mar. 2026
0.4
Cosmetics, perfume, bath, nail preparations and implements ( 4 )
0.339
0.1
0.000
0.48
L-Apr. 2026
1.3
Miscellaneous personal goods ( 5 )
0.183
-0.6
-0.001
0.71
L-Apr. 2026
0.1
Stationery, stationery supplies, gift wrap ( 6 )
-
-0.7
-
0.89
S-May 2024
-0.7
Services less energy services
60.025
0.0
0.019
0.06
S-Jan. 2021
0.0
Shelter
35.149
0.1
0.041
0.08
S-Jan. 2021
0.1
Rent of shelter ( 17 )
34.862
0.1
0.047
0.08
S-Jan. 2021
0.1
Rent of primary residence
7.680
0.1
0.012
0.05
S-Feb. 2026
0.1
Lodging away from home ( 5 )
1.483
-2.3
-0.033
1.60
S-Mar. 2025
-3.3
Lodging while at school ( 17 )
0.214
0.1
0.000
0.06
S-Sep. 2025
0.0
Other lodging away from home including hotels and motels
1.269
-2.8
-0.033
1.96
S-Mar. 2025
-4.0
Owners' equivalent rent of residences ( 17 )
25.700
0.2
0.062
0.05
S-Feb. 2026
0.2
Owners' equivalent rent of primary residence ( 17 )
24.743
0.2
0.060
0.05
S-Feb. 2026
0.2
Tenants' and household insurance ( 4 )( 5 )
0.287
0.2
0.001
0.43
S-Apr. 2026
0.1
Water and sewer and trash collection services ( 5 )
1.133
0.3
0.004
0.09
L-Apr. 2026
0.3
Water and sewerage maintenance ( 4 )
0.777
0.4
0.003
0.11
L-Mar. 2026
0.6
Garbage and trash collection ( 4 )( 13 )
0.356
0.1
0.000
0.12
S-Sep. 2025
-0.5
Household operations ( 4 )( 5 )
-
-
-
-
-
-
Domestic services ( 4 )( 5 )
-
-
-
-
-
-
Gardening and lawncare services ( 4 )( 5 )
0.373
4.3
0.016
0.29
L-Sep. 2023
5.0
Moving, storage, freight expense ( 5 )
0.077
-0.2
0.000
0.55
L-Mar. 2026
1.9
Repair of household items ( 4 )( 5 )
-
-
-
-
-
-
Medical care services
6.821
-0.1
-0.009
0.12
S-Aug. 2025
-0.1
Professional services ( 4 )
3.400
-0.1
-0.004
0.13
S-Sep. 2025
-0.1
Physicians' services ( 4 )
1.658
-0.2
-0.004
0.18
S-May 2025
-0.3
Dental services ( 4 )
0.913
0.0
0.000
0.29
S-Apr. 2026
-0.3
Eyeglasses and eye care ( 4 )( 9 )
0.315
0.0
0.000
0.35
-
-
Services by other medical professionals ( 4 )( 9 )
0.512
-
0.000
0.09
-
-
Hospital and related services ( 4 )( 14 )
2.595
0.1
0.003
0.25
S-Apr. 2026
-0.3
Hospital services ( 4 )( 18 )
2.145
0.1
0.003
0.28
S-Apr. 2026
-0.3
Inpatient hospital services ( 4 )( 6 )( 18 )
-
-
-
-
-
-
Outpatient hospital services ( 4 )( 6 )( 9 )
-
0.2
-
0.29
S-Sep. 2025
0.0
Nursing homes and adult day services ( 4 )( 18 )
0.221
0.0
0.000
0.12
S-Apr. 2026
-0.1
Home health care ( 4 )( 8 )
0.229
0.0
0.000
0.45
S-Apr. 2026
-0.2
Health insurance ( 4 )( 8 )
0.827
-0.5
-0.004
0.14
S-Mar. 2026
-1.4
Transportation services
6.377
-0.3
-0.022
0.16
L-Apr. 2026
0.3
Leased cars and trucks ( 4 )( 15 )
0.383
-0.2
-0.001
0.13
S-Mar. 2026
-0.2
Car and truck rental ( 5 )
0.141
5.1
0.007
1.38
L-Mar. 2022
5.3
Motor vehicle maintenance and repair ( 4 )
1.034
1.1
0.011
0.17
L-Mar. 2026
1.3
Motor vehicle body work ( 4 )
-
-
-
-
-
-
Motor vehicle maintenance and servicing ( 4 )
0.514
0.6
0.003
0.17
L-Mar. 2026
1.4
Motor vehicle repair ( 4 )( 5 )
0.394
1.9
0.008
0.30
L-Aug. 2025
5.0
Motor vehicle insurance
2.617
-2.0
-0.053
0.24
S-Oct. 2020
-2.2
Motor vehicle fees ( 4 )( 5 )
0.510
-0.4
-0.002
0.31
S-Feb. 2026
-0.8
State motor vehicle registration and license fees ( 4 )( 5 )
0.295
0.0
0.000
0.15
-
-
Parking and other fees ( 4 )( 5 )
0.195
-0.9
-0.002
0.74
S-Feb. 2026
-1.9
Parking fees and tolls ( 5 )( 6 )
-
-0.2
-
0.49
S-May 2025
-0.2
Public transportation
1.693
0.9
0.015
0.47
L-Apr. 2026
1.6
Airline fares
1.107
0.2
0.002
0.69
S-May 2025
-2.2
Other intercity transportation
0.232
-1.6
-0.004
1.09
S-Jan. 2026
-4.0
Ship fare ( 4 )( 5 )( 6 )
-
-1.7
-
1.27
L-Apr. 2026
0.2
Intracity transportation ( 4 )
0.348
1.6
0.006
0.47
L-Jan. 2026
2.3
Intracity mass transit ( 4 )( 6 )( 11 )
-
-
-
-
-
-
Recreation services ( 11 )
3.141
0.3
0.008
0.20
S-Apr. 2026
0.1
Video and audio services ( 11 )
0.772
0.5
0.004
0.30
L-Apr. 2026
1.0
Cable, satellite, and live streaming television service ( 13 )
0.591
0.7
0.004
0.17
L-Apr. 2026
1.0
Purchase, subscription, and rental of video ( 4 )( 5 )
0.181
-0.3
-0.001
1.18
L-Apr. 2026
1.0
Video discs and other media ( 4 )( 5 )( 6 )
-
-6.6
-
2.25
S-Nov. 2017
-7.6
Subscription and rental of video and video games ( 4 )( 5 )( 6 )
-
-0.5
-
0.83
L-Apr. 2026
2.1
Pet services including veterinary ( 5 )
0.540
0.6
0.003
0.26
L-Dec. 2025
0.9
Pet services ( 5 )( 6 )
-
0.5
-
0.33
S-Apr. 2026
-0.2
Veterinarian services ( 4 )( 5 )( 6 )
-
0.2
-
0.47
L-Apr. 2026
0.2
Photographers and photo processing ( 4 )( 5 )
0.037
-3.1
-0.001
0.55
S-EVER
-
Other recreation services ( 5 )
1.791
0.2
0.003
0.33
S-Apr. 2026
-0.3
Club membership for shopping clubs, fraternal, or other organizations, or participant sports fees ( 5 )
0.740
0.0
0.000
0.17
S-Apr. 2026
-0.2
Admissions ( 4 )
0.690
0.4
0.003
0.73
S-Apr. 2026
-0.3
Admission to movies, theaters, and concerts ( 4 )( 5 )( 6 )
-
-1.0
-
0.58
S-Sep. 2024
-1.3
Admission to sporting events ( 4 )( 5 )( 6 )
-
3.3
-
4.14
L-Feb. 2026
6.5
Fees for lessons or instructions ( 4 )( 9 )
0.155
-0.3
0.000
0.26
S-Apr. 2025
-1.2
Education and communication services ( 11 )
4.925
-0.8
-0.039
0.08
S-Dec. 2025
-0.8
Tuition, other school fees, and childcare
2.487
0.1
0.003
0.07
L-Apr. 2026
0.2
College tuition and fees
1.307
0.1
0.001
0.09
L-Apr. 2026
0.2
Elementary and high school tuition and fees ( 14 )
0.396
-0.2
-0.001
0.08
S-Jul. 2020
-0.4
Day care and preschool ( 12 )
0.680
0.4
0.003
0.13
L-Apr. 2026
0.4
Technical and vocational school tuition and fixed fees ( 5 )
0.045
-0.1
0.000
0.12
S-Apr. 2026
-0.1
Postage and delivery services ( 5 )
0.066
0.4
0.000
0.02
S-Feb. 2026
-1.0
Postage
0.061
0.5
0.000
0.00
S-Feb. 2026
-1.1
Delivery services ( 5 )
0.005
-0.3
0.000
0.31
S-Dec. 2023
-1.3
Telephone services ( 4 )( 5 )
1.451
-3.0
-0.043
0.05
S-Mar. 2017
-5.0
Wireless telephone services ( 4 )( 5 )
1.328
-3.3
-0.044
0.01
S-Dec. 2025
-3.3
Residential telephone services ( 4 )( 11 )
0.123
0.6
0.001
0.20
L-Apr. 2026
0.9
Internet services and electronic information providers ( 4 )( 5 )
0.909
0.2
0.002
0.20
S-Apr. 2026
-1.4
Other personal services ( 4 )( 11 )
1.595
0.5
0.008
0.16
S-Mar. 2026
-0.8
Personal care services ( 4 )
0.656
1.3
0.009
0.20
L-Nov. 2022
1.4
Haircuts and other personal care services ( 4 )( 5 )
0.656
1.3
0.009
0.20
L-Nov. 2022
1.4
Miscellaneous personal services ( 4 )
0.938
-0.1
-0.001
0.20
S-Mar. 2026
-1.2
Legal services ( 4 )( 9 )
-
-
-
-
-
-
Funeral expenses ( 4 )( 9 )
0.164
-0.1
0.000
0.25
L-Apr. 2026
1.4
Laundry and dry cleaning services ( 4 )( 5 )
0.129
0.5
0.001
0.22
L-Apr. 2026
1.0
Apparel services other than laundry and dry cleaning ( 4 )( 5 )
0.029
0.6
0.000
0.75
S-Apr. 2026
-1.7
Financial services ( 4 )( 9 )
0.243
-0.8
-0.002
0.73
S-Feb. 2026
-1.3
Checking account and other bank services ( 4 )( 5 )( 6 )
-
-0.1
-
0.00
S-Aug. 2023
-0.8
Tax return preparation and other accounting fees ( 4 )( 5 )( 6 )
-
-1.4
-
2.09
S-Feb. 2026
-2.3
Special aggregate indexes
All items less food
86.553
-0.5
-0.450
0.05
S-Apr. 2020
-1.1
All items less shelter
64.851
-0.7
-0.464
0.05
S-Apr. 2020
-1.2
All items less food and shelter
51.404
-1.0
-0.492
0.06
S-Apr. 2020
-1.8
All items less food, shelter, and energy
43.613
-0.1
-0.054
0.06
S-May 2024
-0.1
All items less food, shelter, energy, and used cars and trucks
40.984
-0.1
-0.048
0.06
S-Sep. 2020
-0.1
All items less medical care
91.770
-0.4
-0.412
0.04
S-Apr. 2020
-0.9
All items less energy
92.209
0.0
0.015
0.04
S-Jan. 2021
0.0
Commodities
36.735
-1.1
-0.403
0.05
S-Apr. 2020
-1.6
Commodities less food, energy, and used cars and trucks
16.109
-0.1
-0.010
0.09
-
-
Commodities less food
23.288
-1.9
-0.430
0.07
S-Apr. 2020
-3.3
Commodities less food and beverages
22.468
-1.9
-0.431
0.07
S-Apr. 2020
-3.5
Services
63.264
0.0
-0.004
0.06
S-Jan. 2021
0.0
Services less rent of shelter ( 17 )
28.402
-0.2
-0.050
0.08
S-Jan. 2021
-0.2
Services less medical care services
56.444
0.0
-0.003
0.06
S-Jan. 2021
-0.1
Durables
10.457
0.0
-0.002
0.07
L-Mar. 2026
0.1
Nondurables
26.279
-1.5
-0.401
0.07
S-Apr. 2020
-2.0
Nondurables less food
12.831
-3.2
-0.410
0.12
S-Aug. 2022
-3.7
Nondurables less food and beverages
12.011
-3.4
-0.409
0.13
S-Aug. 2022
-3.9
Nondurables less food, beverages, and apparel
9.554
-4.2
-0.397
0.11
S-Aug. 2022
-4.8
Nondurables less food and apparel
10.374
-3.9
-0.399
0.10
S-Aug. 2022
-4.4
Housing
43.896
0.0
0.021
0.07
S-Jan. 2021
0.0
Education and communication ( 5 )
5.701
-0.8
-0.045
0.09
S-Dec. 2025
-0.9
Education ( 5 )
2.524
0.1
0.003
0.07
L-Apr. 2026
0.2
Communication ( 5 )
3.177
-1.5
-0.048
0.14
S-Dec. 2025
-1.9
Information and information processing ( 5 )
3.110
-1.5
-0.048
0.14
S-Dec. 2025
-1.9
Information technology, hardware and services ( 14 )
1.659
-0.3
-0.005
0.27
S-Apr. 2026
-0.5
Recreation ( 5 )
5.031
0.5
0.026
0.16
L-Jan. 2026
0.5
Video and audio ( 5 )
1.027
0.5
0.005
0.25
L-Apr. 2026
0.8
Pets, pet products and services ( 5 )
1.137
0.4
0.004
0.28
L-Mar. 2026
0.7
Photography ( 5 )
0.063
-2.9
-0.002
0.46
S-EVER
-
Food and beverages
14.267
0.2
0.028
0.08
-
-
Domestically produced farm food ( 4 )
6.822
0.4
0.029
0.14
L-Apr. 2026
0.6
Other services
9.660
-0.2
-0.022
0.09
S-Mar. 2026
-0.2
Apparel less footwear
1.865
-0.6
-0.012
0.46
S-Jan. 2025
-1.0
Fuels and utilities
4.546
-0.7
-0.031
0.19
S-May 2023
-0.9
Household energy
3.413
-1.0
-0.035
0.24
S-May 2023
-1.3
Medical care
8.230
-0.1
-0.011
0.12
S-Apr. 2026
-0.1
Transportation
17.527
-2.5
-0.430
0.07
S-Aug. 2022
-2.5
Private transportation
15.834
-2.8
-0.445
0.07
S-Apr. 2020
-5.7
New and used motor vehicles ( 5 )
6.960
0.0
0.000
0.04
L-Sep. 2025
0.0
Utilities and public transportation
8.108
-0.7
-0.056
0.13
S-May 2023
-0.7
Household furnishings and operations
4.202
0.2
0.010
0.18
L-Apr. 2026
0.7
Other goods and services
2.891
0.1
0.002
0.16
S-Mar. 2026
-0.4
Personal care
2.444
0.2
0.005
0.17
S-Mar. 2026
-0.5
Footnotes
(1) The 'effect' of an item category is a measure of that item's contribution to the All items price change. For example, if the Food index had an effect of 0.40, and the All items index rose 1.2 percent, then the increase in food prices contributed 0.40 / 1.2, or 33.3 percent, to that All items increase. Said another way, had food prices been unchanged for that month the change in the All items index would have been 1.2 percent minus 0.40, or 0.8 percent. Effects can be negative as well. For example, if the effect of food was a negative 0.1, and the All items index rose 0.5 percent, the All items index actually would have been 0.1 percent higher (or 0.6 percent) had food prices been unchanged. Since food prices fell while prices overall were rising, the contribution of food to the All items price change was negative (in this case, -0.1 / 0.5, or minus 20 percent).
(2) A statistic's margin of error is often expressed as its point estimate plus or minus two standard errors. For example, if a CPI category rose 0.6 percent, and its standard error was 0.15 percent, the margin of error on this item's 1-month percent change would be 0.6 percent, plus or minus 0.3 percent.
(3) If the current seasonally adjusted 1-month percent change is greater than the previous published 1-month percent change, then this column identifies the closest prior month with a 1-month percent change as (L)arge as or (L)arger than the current 1-month change. If the current 1-month percent change is smaller than the previous published 1-month percent change, the most recent month with a change as (S)mall or (S)maller than the current month change is identified. If the current and previous published 1-month percent changes are equal, a dash will appear. Standard numerical comparisons are used. For example, 0.8% is greater than 0.6%, -0.4% is less than -0.2%, and -0.2% is less than 0.0%. Note that a (L)arger change can be a smaller decline, for example, a -0.2% change is larger than a -0.4% change, but still represents a decline in the price index. Likewise, (S)maller changes can be increases, for example, a 0.6% change is smaller than 0.8%, but still represents an increase in the price index. In this context, a -0.2% change is considered to be smaller than a 0.0% change.
(4) Not seasonally adjusted.
(5) Indexes on a December 1997=100 base.
(6) Special indexes based on a substantially smaller sample. These series do not contribute to the all items index aggregation and therefore do not have a relative importance or effect.
(7) Indexes on a December 2007=100 base.
(8) Indexes on a December 2005=100 base.
(9) Indexes on a December 1986=100 base.
(10) Indexes on a December 1993=100 base.
(11) Indexes on a December 2009=100 base.
(12) Indexes on a December 1990=100 base.
(13) Indexes on a December 1983=100 base.
(14) Indexes on a December 2024=100 base.
(15) Indexes on a December 2001=100 base.
(16) Indexes on a December 2019=100 base.
(17) Indexes on a December 1982=100 base.
(18) Indexes on a December 1996=100 base.
Table 7. Consumer Price Index for All Urban Consumers (CPI-U): U.S. city average, by expenditure category, June 2026, 12-month analysis table
[1982-84=100, unless otherwise noted]
Expenditure category
Relative
importance
May
2026
Twelve Month
Unadjusted percent change
Jun. 2025-
Jun. 2026
Unadjusted effect on All Items
Jun. 2025-
Jun. 2026 ( 1 )
Standard error, median price change ( 2 )
Largest (L) or Smallest (S) unadjusted change since: ( 3 )
Date
Percent change
All items
100.000
3.5
-
0.09
S-Mar. 2026
3.3
Food
13.447
3.0
0.410
0.17
S-Mar. 2026
2.7
Food at home
8.188
2.7
0.225
0.20
-
-
Cereals and bakery products
1.016
2.4
0.026
0.51
L-Apr. 2026
2.6
Cereals and cereal products
0.306
2.4
0.008
0.74
L-Apr. 2026
2.5
Flour and prepared flour mixes
0.037
-1.3
0.000
0.96
L-Feb. 2026
0.8
Breakfast cereal
0.131
2.3
0.003
1.51
L-Apr. 2026
3.7
Rice, pasta, cornmeal
0.137
3.2
0.005
0.78
L-Sep. 2023
3.4
Rice ( 4 )( 5 )
-
4.1
-
1.60
L-Apr. 2026
4.9
Bakery products
0.709
2.5
0.018
0.63
S-Dec. 2025
2.3
Bread ( 4 )
0.171
3.9
0.006
0.80
L-Mar. 2026
4.6
White bread ( 5 )
-
3.9
-
1.02
L-Oct. 2023
7.1
Bread other than white ( 5 )
-
4.3
-
1.13
L-Apr. 2026
4.7
Fresh biscuits, rolls, muffins ( 4 )
0.117
1.4
0.002
1.93
S-Apr. 2026
-0.6
Cakes, cupcakes, and cookies
0.207
3.5
0.007
1.06
S-Dec. 2025
3.3
Cookies ( 5 )
-
5.1
-
1.07
L-Feb. 2026
5.9
Fresh cakes and cupcakes ( 5 )
-
1.1
-
1.37
S-Mar. 2025
0.7
Other bakery products
0.215
1.8
0.003
0.91
L-Feb. 2026
2.0
Fresh sweetrolls, coffeecakes, doughnuts ( 5 )
-
2.2
-
1.99
L-Apr. 2026
5.5
Crackers, bread, and cracker products ( 5 )
-
3.1
-
1.29
L-Feb. 2026
4.6
Frozen and refrigerated bakery products, pies, tarts, turnovers ( 5 )
-
-1.2
-
1.48
S-Mar. 2026
-2.8
Meats, poultry, fish, and eggs
1.943
2.6
0.047
0.44
L-Dec. 2025
3.9
Meats, poultry, and fish
1.831
5.7
0.092
0.39
S-Mar. 2026
5.6
Meats
1.158
7.4
0.073
0.52
S-Mar. 2026
6.8
Beef and veal
0.629
11.8
0.060
0.71
S-Jul. 2025
11.3
Uncooked ground beef
0.234
12.4
0.027
1.00
L-Apr. 2026
14.5
Uncooked beef roasts ( 4 )
0.086
13.8
0.009
1.74
S-Mar. 2026
11.7
Uncooked beef steaks ( 4 )
0.236
11.4
0.018
1.31
S-May 2025
6.3
Uncooked other beef and veal ( 4 )
0.073
10.0
0.006
1.22
L-Apr. 2026
10.5
Pork
0.337
2.4
0.008
0.95
S-Apr. 2026
2.3
Bacon, breakfast sausage, and related products ( 4 )
0.131
-0.9
0.000
1.43
S-Oct. 2024
-1.4
Bacon and related products ( 5 )
-
-1.5
-
1.56
S-Oct. 2024
-3.5
Breakfast sausage and related products ( 4 )( 5 )
-
1.1
-
1.89
S-Mar. 2026
0.0
Ham
0.067
5.6
0.004
2.17
L-Jul. 2023
5.7
Ham, excluding canned ( 5 )
-
5.5
-
2.15
L-Jul. 2023
6.1
Pork chops
0.045
5.6
0.003
2.11
L-Jul. 2024
7.3
Other pork including roasts, steaks, and ribs ( 4 )
0.094
2.6
0.002
1.99
L-Apr. 2026
2.9
Other meats
0.192
2.9
0.005
1.02
L-Apr. 2026
3.4
Frankfurters ( 5 )
-
7.2
-
3.98
S-Mar. 2026
-0.2
Lunchmeats ( 4 )( 5 )
-
1.8
-
1.23
L-Jan. 2026
5.4
Poultry
0.357
-0.1
0.001
0.81
S-Sep. 2023
-0.4
Chicken ( 4 )
0.280
-2.3
-0.006
0.81
S-Jul. 2023
-2.5
Fresh whole chicken ( 5 )
-
-2.3
-
1.29
S-Sep. 2017
-2.6
Fresh and frozen chicken parts ( 5 )
-
-2.2
-
0.91
S-Sep. 2023
-3.3
Other uncooked poultry including turkey ( 4 )
0.077
8.6
0.006
2.01
S-Apr. 2026
5.9
Fish and seafood
0.316
6.3
0.018
0.85
S-Apr. 2026
6.2
Fresh fish and seafood ( 4 )
0.169
6.2
0.010
1.14
S-Apr. 2026
5.5
Processed fish and seafood ( 4 )
0.147
6.7
0.008
1.23
L-Apr. 2026
7.5
Shelf stable fish and seafood ( 5 )
-
6.6
-
1.74
L-Feb. 2023
7.6
Frozen fish and seafood ( 5 )
-
8.8
-
1.85
L-Apr. 2026
12.0
Eggs
0.113
-27.9
-0.045
2.33
L-Dec. 2025
-20.9
Dairy and related products
0.731
0.4
0.003
0.47
L-Sep. 2025
0.7
Milk ( 4 )
0.191
6.6
0.012
0.76
L-Feb. 2023
8.1
Fresh whole milk ( 5 )
-
9.0
-
1.16
L-Jan. 2023
9.6
Fresh milk other than whole ( 4 )( 5 )
-
5.5
-
1.09
L-Mar. 2023
6.5
Cheese and related products
0.242
-3.6
-0.009
0.90
L-Apr. 2026
-3.1
Ice cream and related products
0.109
-1.3
-0.001
1.20
S-Nov. 2025
-1.7
Other dairy and related products ( 4 )
0.189
0.5
0.001
0.85
L-Aug. 2025
0.6
Fruits and vegetables
1.288
5.3
0.067
0.54
S-Mar. 2026
4.0
Fresh fruits and vegetables
1.024
5.7
0.058
0.67
S-Mar. 2026
4.2
Fresh fruits
0.528
2.0
0.011
0.88
S-Mar. 2026
1.2
Apples
0.076
7.1
0.005
1.76
L-Aug. 2025
9.6
Bananas
0.057
1.0
0.001
1.08
L-Apr. 2026
4.0
Citrus fruits ( 4 )
0.079
6.3
0.005
1.47
L-Apr. 2026
6.5
Oranges, including tangerines ( 5 )
-
0.8
-
2.27
S-Mar. 2026
0.4
Other fresh fruits ( 4 )
0.316
-0.2
-0.001
1.46
S-Mar. 2026
-0.8
Fresh vegetables
0.496
9.9
0.048
0.89
S-Mar. 2026
7.5
Potatoes
0.066
1.4
0.000
1.45
L-Sep. 2025
3.7
Lettuce
0.047
32.1
0.016
2.43
L-Dec. 2003
38.1
Tomatoes
0.073
19.5
0.013
1.83
S-Feb. 2026
5.8
Other fresh vegetables
0.309
6.4
0.019
1.10
S-Mar. 2026
5.8
Processed fruits and vegetables ( 4 )
0.264
3.2
0.009
0.60
L-Apr. 2026
4.1
Canned fruits and vegetables ( 4 )
0.100
5.0
0.005
0.79
S-Dec. 2025
1.6
Canned fruits ( 4 )( 5 )
-
7.9
-
1.70
L-Apr. 2026
9.0
Canned vegetables ( 4 )( 5 )
-
3.5
-
1.10
S-Dec. 2025
0.5
Frozen fruits and vegetables ( 4 )
0.084
2.4
0.002
1.35
L-Jan. 2024
3.8
Frozen vegetables ( 5 )
-
1.9
-
1.94
L-Jan. 2024
5.0
Other processed fruits and vegetables including dried ( 4 )
0.080
2.0
0.001
1.34
L-Apr. 2026
3.2
Dried beans, peas, and lentils ( 4 )( 5 )
-
0.6
-
2.41
L-Apr. 2026
1.1
Nonalcoholic beverages and beverage materials
0.993
2.9
0.028
0.51
S-Mar. 2025
2.4
Juices and nonalcoholic drinks ( 4 )
0.670
0.9
0.006
0.64
S-Jul. 2021
0.9
Carbonated drinks
0.326
1.9
0.006
1.04
S-Nov. 2025
0.7
Frozen noncarbonated juices and drinks ( 4 )
0.004
5.5
0.000
1.92
S-Apr. 2026
2.0
Nonfrozen noncarbonated juices and drinks ( 4 )
0.340
0.0
0.000
0.85
S-Aug. 2025
-0.1
Beverage materials including coffee and tea ( 4 )
0.323
7.6
0.022
1.02
S-May 2025
7.3
Coffee
0.227
12.9
0.021
1.69
S-May 2025
11.5
Roasted coffee ( 5 )
-
12.2
-
1.60
S-May 2025
11.8
Instant coffee ( 5 )
-
15.9
-
3.44
S-Jul. 2025
14.3
Other beverage materials including tea ( 4 )
0.096
-0.3
0.000
1.47
S-Apr. 2026
-0.5
Other food at home
2.217
2.4
0.055
0.41
L-Apr. 2026
2.5
Sugar and sweets
0.325
6.9
0.023
0.86
S-Apr. 2026
6.3
Sugar and sugar substitutes
0.032
-1.1
0.000
0.93
S-Feb. 2019
-1.2
Candy and chewing gum ( 4 )
0.239
9.6
0.022
1.25
L-Mar. 2026
10.6
Other sweets ( 4 )
0.055
1.1
0.000
1.13
S-Jan. 2026
0.9
Fats and oils
0.215
-2.0
-0.005
0.89
L-Apr. 2026
-0.2
Butter and margarine ( 4 )
0.062
-6.9
-0.004
1.47
L-Apr. 2026
-5.4
Butter ( 5 )
-
-8.7
-
1.55
S-Aug. 2012
-11.9
Margarine ( 5 )
-
-4.1
-
4.80
L-Mar. 2026
-0.6
Salad dressing ( 4 )
0.048
-0.2
0.001
1.55
L-Apr. 2026
2.0
Other fats and oils including peanut butter ( 4 )
0.105
-0.8
-0.001
1.39
L-Apr. 2026
1.0
Peanut butter ( 4 )( 5 )
-
-0.8
-
1.31
S-Jan. 2026
-1.3
Other foods
1.677
2.1
0.037
0.47
L-Apr. 2026
2.2
Soups
0.088
1.8
0.001
1.70
S-Feb. 2026
1.7
Frozen and freeze dried prepared foods
0.290
-0.2
-0.001
0.98
L-Apr. 2026
-0.1
Snacks
0.363
1.3
0.005
1.07
L-Apr. 2026
1.4
Spices, seasonings, condiments, sauces
0.317
2.8
0.008
0.87
S-Mar. 2026
2.7
Salt and other seasonings and spices ( 4 )( 5 )
-
4.7
-
1.33
L-Apr. 2026
7.1
Olives, pickles, relishes ( 4 )( 5 )
-
0.3
-
1.42
S-Feb. 2026
-0.8
Sauces and gravies ( 4 )( 5 )
-
1.7
-
1.20
S-Mar. 2026
1.1
Other condiments ( 5 )
-
4.7
-
2.64
S-Apr. 2026
1.3
Baby food and formula ( 4 )
0.051
-0.1
0.000
1.23
L-Dec. 2025
0.8
Other miscellaneous foods ( 4 )
0.568
4.3
0.024
1.02
L-Mar. 2026
5.2
Prepared salads ( 5 )( 6 )
-
1.1
-
1.06
L-Apr. 2026
1.1
Food away from home
5.260
3.4
0.185
0.18
S-Jan. 2025
3.4
Full service meals and snacks ( 4 )
2.329
3.7
0.089
0.31
S-Feb. 2025
3.7
Limited service meals and snacks ( 4 )
2.634
3.1
0.084
0.24
S-Nov. 2025
3.0
Food at employee sites and schools ( 4 )
0.063
1.9
0.001
1.49
S-Jul. 2022
-13.9
Food at elementary and secondary schools ( 5 )( 7 )
-
-
-
-
-
-
Food from vending machines and mobile vendors ( 4 )
0.052
2.3
0.001
1.37
S-Apr. 2026
2.0
Other food away from home ( 4 )
0.182
4.4
0.010
0.44
S-Jul. 2025
4.4
Energy
7.791
15.7
1.051
0.38
S-Mar. 2026
12.5
Energy commodities
4.551
27.1
0.924
0.26
S-Mar. 2026
19.4
Fuel oil and other fuels
0.173
23.4
0.032
0.98
S-Mar. 2026
22.9
Fuel oil
0.116
42.9
0.033
1.14
S-Feb. 2026
6.2
Propane, kerosene, and firewood ( 8 )
0.057
-1.6
-0.001
1.26
S-Mar. 2026
-4.1
Motor fuel
4.377
27.2
0.892
0.26
S-Mar. 2026
19.2
Gasoline (all types)
4.250
26.7
0.855
0.31
S-Mar. 2026
18.9
Gasoline, unleaded regular ( 5 )
-
27.3
-
0.78
S-Mar. 2026
19.4
Gasoline, unleaded midgrade ( 5 )( 9 )
-
25.1
-
0.73
S-Mar. 2026
17.4
Gasoline, unleaded premium ( 5 )
-
23.8
-
0.72
S-Mar. 2026
16.5
Other motor fuels ( 4 )
0.128
44.5
0.038
0.57
S-Mar. 2026
31.0
Energy services
3.240
3.9
0.127
0.73
S-Feb. 2025
3.3
Electricity
2.505
4.0
0.103
0.89
S-Apr. 2025
3.6
Utility (piped) gas service
0.735
3.0
0.024
1.04
-
-
All items less food and energy
78.762
2.6
2.070
0.11
S-Mar. 2026
2.6
Commodities less food and energy commodities
18.737
0.8
0.158
0.16
S-Jun. 2025
0.7
Household furnishings and supplies ( 10 )
3.316
1.3
0.046
0.45
S-May 2025
0.6
Window and floor coverings and other linens ( 4 )
0.232
-1.9
-0.005
1.78
S-Oct. 2024
-3.0
Floor coverings ( 4 )
0.067
0.4
0.000
4.22
S-Aug. 2025
0.1
Window coverings ( 4 )
0.044
5.7
0.003
3.46
L-Apr. 2026
8.2
Other linens ( 4 )
0.121
-6.0
-0.008
2.58
S-Sep. 2024
-7.3
Furniture and bedding
0.848
1.4
0.011
1.12
-
-
Bedroom furniture
0.292
0.3
0.000
1.88
S-Apr. 2026
-0.2
Living room, kitchen, and dining room furniture ( 4 )
0.424
2.6
0.011
1.59
L-Mar. 2026
4.0
Other furniture ( 4 )
0.128
0.1
0.000
2.31
S-Aug. 2025
-0.2
Appliances ( 4 )
0.197
-2.7
-0.007
1.52
S-Feb. 2025
-3.1
Major appliances ( 4 )
0.065
-4.3
-0.003
1.99
S-Mar. 2025
-5.9
Laundry equipment ( 5 )
-
-0.2
-
2.46
S-Apr. 2026
-2.8
Other appliances ( 4 )
0.129
-1.7
-0.003
2.08
S-Dec. 2025
-3.5
Other household equipment and furnishings ( 4 )
0.543
0.4
0.002
1.53
S-Jan. 2025
0.3
Clocks, lamps, and decorator items
0.311
-5.2
-0.017
1.90
S-Feb. 2020
-5.4
Indoor plants and flowers ( 11 )
0.116
5.5
0.006
2.34
L-Apr. 2026
6.0
Dishes and flatware ( 4 )
0.045
13.8
0.005
4.86
L-Apr. 2026
15.4
Nonelectric cookware and tableware ( 4 )
0.070
12.1
0.007
2.37
S-Dec. 2025
10.4
Tools, hardware, outdoor equipment and supplies ( 4 )
0.671
2.9
0.025
0.99
S-Jul. 2025
2.6
Tools, hardware and supplies ( 4 )
0.208
4.9
0.011
1.55
-
-
Outdoor equipment and supplies ( 4 )
0.287
1.5
0.008
1.49
S-Jul. 2025
1.4
Housekeeping supplies
0.825
2.4
0.019
0.55
S-Apr. 2026
2.2
Household cleaning products ( 4 )
0.298
2.9
0.009
0.79
L-Jan. 2024
3.0
Household paper products ( 4 )
0.171
-0.5
-0.001
1.02
S-Sep. 2024
-1.1
Miscellaneous household products ( 4 )
0.356
3.4
0.012
0.93
S-Apr. 2026
2.9
Apparel
2.457
3.9
0.093
0.82
S-Mar. 2026
3.4
Men's and boys' apparel
0.609
1.9
0.010
1.60
S-Apr. 2026
1.7
Men's apparel
0.489
2.2
0.009
1.76
S-Apr. 2026
1.5
Men's suits, sport coats, and outerwear
0.099
-2.7
-0.002
7.95
L-Dec. 2025
-1.8
Men's underwear, nightwear, swimwear, and accessories
0.134
5.8
0.008
1.49
L-Sep. 2023
6.2
Men's shirts and sweaters ( 4 )
0.132
2.1
0.002
2.83
S-Mar. 2026
1.8
Men's pants and shorts
0.121
2.0
0.002
2.19
S-Apr. 2026
0.2
Boys' apparel
0.120
0.8
0.001
2.15
L-Apr. 2026
2.2
Women's and girls' apparel
0.976
3.8
0.037
1.36
S-Feb. 2026
2.9
Women's apparel
0.827
3.5
0.027
1.35
S-Feb. 2026
3.2
Women's outerwear
0.067
0.1
0.000
4.53
S-Jul. 2025
0.0
Women's dresses
0.111
0.3
-0.001
3.68
S-Dec. 2025
-0.9
Women's suits and separates ( 4 )
0.389
5.0
0.020
2.01
L-Nov. 2022
5.9
Women's underwear, nightwear, swimwear, and accessories ( 4 )
0.244
4.0
0.008
1.70
S-Apr. 2026
3.9
Girls' apparel
0.149
5.8
0.009
3.09
L-Jan. 2025
8.0
Footwear
0.592
4.1
0.024
1.08
S-Mar. 2026
2.4
Men's footwear
0.191
3.4
0.007
1.43
S-Mar. 2026
1.4
Boys' and girls' footwear
0.125
4.7
0.006
1.97
L-Aug. 2022
6.8
Women's footwear
0.276
4.3
0.012
1.68
S-Mar. 2026
3.2
Infants' and toddlers' apparel
0.099
2.0
0.002
2.25
S-Apr. 2026
1.5
Jewelry and watches ( 8 )
0.181
12.4
0.020
3.17
S-Mar. 2026
9.4
Watches ( 8 )
0.035
5.9
0.002
2.99
S-Dec. 2025
3.9
Jewelry ( 8 )
0.146
14.1
0.018
3.90
S-Mar. 2026
9.9
Transportation commodities less motor fuel ( 10 )
6.772
-0.3
-0.019
0.07
L-Dec. 2025
0.9
New vehicles
3.734
0.5
0.018
0.05
L-Mar. 2026
0.5
New cars ( 5 )
-
1.1
-
0.14
L-Oct. 2025
1.2
New trucks ( 5 )( 12 )
-
0.4
-
0.06
L-Feb. 2026
0.4
Used cars and trucks
2.629
-1.8
-0.043
0.10
L-Dec. 2025
1.6
Motor vehicle parts and equipment
0.336
1.7
0.006
0.75
S-May 2025
1.7
Tires
0.282
1.5
0.004
0.80
S-May 2025
1.5
Vehicle accessories other than tires ( 4 )
0.054
3.1
0.002
1.45
L-Mar. 2026
4.6
Vehicle parts and equipment other than tires ( 5 )
-
4.4
-
1.47
L-Apr. 2026
4.4
Motor oil, coolant, and fluids ( 5 )
-
-1.0
-
1.93
L-Dec. 2025
0.6
Medical care commodities
1.409
-2.1
-0.031
0.93
S-Aug. 2021
-2.5
Medicinal drugs ( 10 )
1.277
-2.3
-0.031
1.00
S-Aug. 2021
-2.4
Prescription drugs
0.917
-2.5
-0.024
1.26
S-Aug. 2021
-2.7
Nonprescription drugs ( 10 )
0.361
-1.7
-0.006
1.04
L-Apr. 2026
-1.7
Medical equipment and supplies ( 10 )
0.132
0.0
0.000
1.17
S-Jun. 2025
-0.7
Recreation commodities ( 10 )
1.890
2.9
0.056
0.59
L-Apr. 2026
3.0
Video and audio products ( 10 )
0.255
1.9
0.005
1.22
S-Dec. 2025
1.2
Televisions ( 13 )
0.103
-2.2
-0.002
1.73
L-Apr. 2026
-1.2
Other video equipment ( 13 )
0.018
6.8
0.001
3.17
L-EVER
-
Audio equipment
0.045
0.4
0.000
3.47
S-Mar. 2025
-1.9
Recorded music and music subscriptions ( 4 )
0.084
7.8
0.006
2.22
L-Feb. 2026
9.1
Pets and pet products
0.597
1.5
0.009
0.78
-
-
Pet food and treats ( 4 )( 5 )
-
1.3
-
0.66
S-Dec. 2025
1.2
Purchase of pets, pet supplies, accessories ( 4 )( 5 )
-
0.9
-
2.08
L-Apr. 2026
1.9
Sporting goods
0.521
4.5
0.023
1.31
L-Mar. 2026
4.5
Sports vehicles including bicycles
0.277
6.2
0.016
2.06
L-Apr. 2022
8.0
Sports equipment
0.232
2.8
0.007
1.20
S-Jan. 2026
1.9
Photographic equipment and supplies
0.026
3.5
0.001
2.75
S-Jul. 2025
3.1
Photographic equipment ( 4 )( 5 )
-
2.9
-
2.53
S-Jul. 2025
2.8
Recreational reading materials
0.110
-0.2
0.000
2.40
L-Feb. 2026
1.9
Newspapers and magazines ( 4 )
0.054
7.6
0.004
3.27
L-May 2025
9.2
Recreational books ( 4 )
0.056
-7.5
-0.004
3.10
S-EVER
-
Other recreational goods ( 4 )
0.381
4.4
0.017
1.39
L-Sep. 2022
4.7
Toys
0.295
3.5
0.011
1.59
L-Sep. 2022
4.2
Toys, games, hobbies and playground equipment ( 4 )( 5 )
-
3.6
-
2.01
L-Nov. 2022
5.1
Sewing machines, fabric and supplies ( 4 )
0.028
16.8
0.003
4.49
L-EVER
-
Music instruments and accessories ( 4 )
0.042
4.5
0.002
1.63
S-Dec. 2025
4.2
Education and communication commodities ( 10 )
0.776
-6.8
-0.053
1.44
S-Feb. 2025
-6.9
Educational books and supplies
0.037
0.5
0.000
3.13
L-Dec. 2025
0.8
College textbooks ( 5 )( 14 )
-
-0.7
-
3.53
L-Jan. 2026
0.6
Information technology commodities ( 10 )
0.740
-7.2
-0.053
1.54
S-Mar. 2025
-7.4
Computers, peripherals, and smart home assistants ( 6 )
0.299
-0.8
0.000
1.88
S-Aug. 2025
-2.0
Computer software and accessories ( 4 )
0.030
17.4
0.005
3.10
L-EVER
-
Telephone hardware, calculators, and other consumer information items ( 13 )
0.410
-12.7
-0.058
2.17
S-Apr. 2026
-12.8
Smartphones ( 5 )( 15 )
-
-11.9
-
1.74
S-Apr. 2026
-12.4
Alcoholic beverages
0.820
2.0
0.017
0.32
S-Apr. 2026
1.9
Alcoholic beverages at home
0.386
0.7
0.003
0.49
S-Apr. 2026
0.4
Beer, ale, and other malt beverages at home
0.133
3.1
0.004
0.61
L-Sep. 2024
3.5
Distilled spirits at home
0.087
0.2
0.000
0.85
L-Mar. 2026
0.8
Whiskey at home ( 5 )
-
1.2
-
1.75
L-Mar. 2026
1.7
Distilled spirits, excluding whiskey, at home ( 5 )
-
-0.1
-
1.23
L-Apr. 2026
-0.1
Wine at home
0.166
-1.0
-0.002
0.68
S-Mar. 2026
-1.3
Alcoholic beverages away from home
0.434
3.4
0.014
0.52
S-Mar. 2026
3.2
Beer, ale, and other malt beverages away from home ( 4 )( 5 )
-
3.1
-
0.70
-
-
Wine away from home ( 4 )( 5 )
-
1.5
-
0.73
S-Jan. 2025
1.3
Distilled spirits away from home ( 4 )( 5 )
-
2.9
-
1.15
S-Apr. 2026
2.8
Other goods ( 10 )
1.297
3.9
0.051
0.46
S-Dec. 2025
3.6
Tobacco and smoking products ( 13 )
0.447
6.5
0.030
0.72
S-Aug. 2025
6.3
Cigarettes ( 4 )
0.327
7.8
0.027
0.73
S-Aug. 2025
7.7
Tobacco products other than cigarettes ( 4 )
0.115
2.3
0.003
1.08
S-Dec. 2025
1.2
Personal care products
0.667
2.7
0.018
0.67
L-Apr. 2026
2.7
Hair, dental, shaving, and miscellaneous personal care products ( 4 )
0.318
3.4
0.010
0.76
L-Apr. 2024
4.1
Cosmetics, perfume, bath, nail preparations and implements
0.339
2.2
0.007
1.18
S-Mar. 2026
2.0
Miscellaneous personal goods ( 4 )
0.183
1.4
0.003
1.67
S-Nov. 2025
0.7
Stationery, stationery supplies, gift wrap ( 5 )
-
2.1
-
1.39
S-Mar. 2026
0.8
Services less energy services
60.025
3.2
1.912
0.14
S-Mar. 2026
3.0
Shelter
35.149
3.3
1.159
0.19
S-Apr. 2026
3.3
Rent of shelter ( 16 )
34.862
3.2
1.137
0.19
S-Mar. 2026
3.0
Rent of primary residence
7.680
2.8
0.216
0.15
S-Apr. 2026
2.8
Lodging away from home ( 4 )
1.483
4.9
0.074
2.40
S-Apr. 2026
4.6
Lodging while at school ( 16 )
0.214
3.0
0.007
0.32
S-Jun. 2023
2.9
Other lodging away from home including hotels and motels
1.269
4.8
0.067
2.88
S-Apr. 2026
4.3
Owners' equivalent rent of residences ( 16 )
25.700
3.3
0.846
0.17
-
-
Owners' equivalent rent of primary residence ( 16 )
24.743
3.2
0.808
0.17
S-Mar. 2026
3.1
Tenants' and household insurance ( 4 )
0.287
5.9
0.022
1.16
S-Aug. 2025
5.7
Water and sewer and trash collection services ( 4 )
1.133
4.6
0.051
0.31
S-Feb. 2026
4.4
Water and sewerage maintenance
0.777
5.1
0.039
0.31
-
-
Garbage and trash collection ( 12 )
0.356
3.6
0.013
0.71
S-Aug. 2024
3.1
Household operations ( 4 )
-
-
-
-
-
-
Domestic services ( 4 )
-
-
-
-
-
-
Gardening and lawncare services ( 4 )
0.373
-
0.043
1.38
-
-
Moving, storage, freight expense ( 4 )
0.077
-3.5
-0.012
2.57
L-Apr. 2026
-2.3
Repair of household items ( 4 )
-
-
-
-
-
-
Medical care services
6.821
2.9
0.199
0.53
S-Jan. 2025
2.7
Professional services
3.400
3.8
0.131
0.77
S-Feb. 2026
3.7
Physicians' services
1.658
2.4
0.041
1.50
S-Mar. 2026
2.4
Dental services
0.913
7.0
0.064
1.21
S-Apr. 2026
6.7
Eyeglasses and eye care ( 8 )
0.315
1.7
0.006
0.85
S-Mar. 2026
1.6
Services by other medical professionals ( 8 )
0.512
4.1
0.021
0.62
S-Jun. 2025
2.7
Hospital and related services ( 13 )
2.595
5.5
0.132
0.72
S-Apr. 2026
5.5
Hospital services ( 17 )
2.145
5.1
0.105
0.74
S-Jun. 2025
4.2
Inpatient hospital services ( 5 )( 17 )
-
-
-
-
-
-
Outpatient hospital services ( 5 )( 8 )
-
6.1
-
1.24
S-Jan. 2026
6.1
Nursing homes and adult day services ( 17 )
0.221
4.5
0.009
0.54
S-Dec. 2025
4.3
Home health care ( 7 )
0.229
10.7
0.018
2.31
L-Feb. 2026
15.0
Health insurance ( 7 )
0.827
-7.4
-0.064
0.57
S-May 2024
-7.7
Transportation services
6.377
3.4
0.217
0.53
S-Feb. 2026
2.2
Leased cars and trucks ( 14 )
0.383
-1.9
-0.007
1.37
L-Jul. 2025
0.2
Car and truck rental ( 4 )
0.141
-4.1
-0.003
2.93
L-Apr. 2026
-0.1
Motor vehicle maintenance and repair
1.034
7.0
0.072
1.67
L-Sep. 2025
7.7
Motor vehicle body work
-
-
-
-
-
-
Motor vehicle maintenance and servicing
0.514
8.0
0.040
0.70
L-Aug. 2023
8.9
Motor vehicle repair ( 4 )
0.394
6.0
0.024
3.58
L-Dec. 2025
6.2
Motor vehicle insurance
2.617
-4.1
-0.114
0.94
S-Dec. 2020
-4.8
Motor vehicle fees ( 4 )
0.510
3.6
0.019
0.67
L-Mar. 2026
3.6
State motor vehicle registration and license fees ( 4 )
0.295
4.2
0.012
0.67
-
-
Parking and other fees ( 4 )
0.195
2.8
0.005
1.22
L-Feb. 2025
3.9
Parking fees and tolls ( 4 )( 5 )
-
3.8
-
1.05
S-Apr. 2026
2.9
Public transportation
1.693
16.9
0.252
0.98
L-Feb. 2023
18.0
Airline fares
1.107
26.5
0.237
1.31
S-Apr. 2026
20.7
Other intercity transportation
0.232
-3.4
-0.008
2.33
S-Nov. 2024
-3.5
Ship fare ( 4 )( 5 )
-
-3.9
-
3.78
L-Apr. 2026
-2.9
Intracity transportation
0.348
6.7
0.022
1.26
L-Aug. 2021
10.9
Intracity mass transit ( 5 )( 10 )
-
-
-
-
-
-
Recreation services ( 10 )
3.141
2.7
0.091
0.48
L-Jan. 2026
3.1
Video and audio services ( 10 )
0.772
2.8
0.023
0.72
L-Apr. 2026
3.0
Cable, satellite, and live streaming television service ( 12 )
0.591
2.2
0.013
0.54
L-Jan. 2026
2.7
Purchase, subscription, and rental of video ( 4 )
0.181
6.1
0.009
2.80
-
-
Video discs and other media ( 4 )( 5 )
-
2.8
-
5.43
S-Sep. 2025
1.6
Subscription and rental of video and video games ( 4 )( 5 )
-
14.1
-
2.95
S-Mar. 2026
13.3
Pet services including veterinary ( 4 )
0.540
5.1
0.027
0.77
-
-
Pet services ( 4 )( 5 )
-
6.3
-
1.42
S-Jan. 2026
5.7
Veterinarian services ( 4 )( 5 )
-
5.1
-
1.13
L-Apr. 2026
5.5
Photographers and photo processing ( 4 )
0.037
1.9
0.001
1.32
S-Feb. 2026
0.6
Other recreation services ( 4 )
1.791
2.0
0.039
0.68
-
-
Club membership for shopping clubs, fraternal, or other organizations, or participant sports fees ( 4 )
0.740
-1.4
-0.012
0.59
S-Apr. 2026
-1.5
Admissions
0.690
5.6
0.040
1.32
L-Dec. 2025
5.7
Admission to movies, theaters, and concerts ( 4 )( 5 )
-
3.6
-
1.47
S-Aug. 2025
3.4
Admission to sporting events ( 4 )( 5 )
-
6.2
-
10.68
L-Apr. 2025
9.3
Fees for lessons or instructions ( 8 )
0.155
2.7
0.004
1.19
S-May 2025
2.7
Education and communication services ( 10 )
4.925
1.0
0.050
0.27
S-Mar. 2026
1.0
Tuition, other school fees, and childcare
2.487
2.5
0.063
0.36
S-May 2022
2.5
College tuition and fees
1.307
1.8
0.023
0.61
S-Dec. 2025
1.5
Elementary and high school tuition and fees ( 13 )
0.396
3.0
0.012
0.54
S-May 2022
2.9
Day care and preschool ( 11 )
0.680
3.5
0.025
0.65
-
-
Technical and vocational school tuition and fixed fees ( 4 )
0.045
1.8
0.001
0.42
-
-
Postage and delivery services ( 4 )
0.066
14.6
0.008
0.32
S-Apr. 2026
9.6
Postage
0.061
14.5
0.008
0.34
-
-
Delivery services ( 4 )
0.005
14.8
0.001
0.62
S-Apr. 2026
13.6
Telephone services ( 4 )
1.451
-3.7
-0.052
0.18
S-Feb. 2018
-6.3
Wireless telephone services ( 4 )
1.328
-4.3
-0.054
0.17
S-Feb. 2026
-4.3
Residential telephone services ( 10 )
0.123
1.5
0.002
0.74
S-Mar. 2026
1.0
Internet services and electronic information providers ( 4 )
0.909
3.4
0.031
0.82
S-Apr. 2026
2.3
Other personal services ( 10 )
1.595
5.1
0.082
0.49
S-Apr. 2026
4.2
Personal care services
0.656
4.4
0.029
0.55
L-Mar. 2026
4.5
Haircuts and other personal care services ( 4 )
0.656
4.4
0.029
0.55
L-Mar. 2026
4.5
Miscellaneous personal services
0.938
5.7
0.053
0.79
S-Apr. 2026
4.7
Legal services ( 8 )
-
-
-
-
-
-
Funeral expenses ( 8 )
0.164
3.2
0.005
0.89
S-Mar. 2026
2.8
Laundry and dry cleaning services ( 4 )
0.129
5.3
0.007
1.72
S-Dec. 2025
4.6
Apparel services other than laundry and dry cleaning ( 4 )
0.029
7.2
0.002
2.43
S-Jan. 2026
5.4
Financial services ( 8 )
0.243
6.0
0.014
1.41
S-Apr. 2026
-2.7
Checking account and other bank services ( 4 )( 5 )
-
1.0
-
1.88
S-Apr. 2026
0.7
Tax return preparation and other accounting fees ( 4 )( 5 )
-
8.3
-
3.16
S-Apr. 2026
-4.1
Special aggregate indexes
All items less food
86.553
3.6
3.121
0.10
S-Mar. 2026
3.3
All items less shelter
64.851
3.7
2.372
0.11
S-Mar. 2026
3.4
All items less food and shelter
51.404
3.8
1.962
0.14
S-Mar. 2026
3.6
All items less food, shelter, and energy
43.613
2.1
0.911
0.16
S-Feb. 2026
2.1
All items less food, shelter, energy, and used cars and trucks
40.984
2.3
0.953
0.17
S-Dec. 2025
2.3
All items less medical care
91.770
3.7
3.363
0.09
S-Mar. 2026
3.3
All items less energy
92.209
2.7
2.480
0.09
S-Mar. 2026
2.6
Commodities
36.735
4.1
1.492
0.11
S-Mar. 2026
3.4
Commodities less food, energy, and used cars and trucks
16.109
1.2
0.201
0.18
S-Nov. 2025
1.1
Commodities less food
23.288
4.8
1.082
0.14
S-Mar. 2026
3.9
Commodities less food and beverages
22.468
4.9
1.066
0.14
S-Mar. 2026
4.0
Services
63.264
3.2
2.039
0.14
S-Mar. 2026
3.1
Services less rent of shelter ( 16 )
28.402
3.1
0.902
0.22
S-Oct. 2023
3.0
Services less medical care services
56.444
3.2
1.840
0.14
S-Mar. 2026
3.1
Durables
10.457
-0.2
-0.019
0.18
S-Apr. 2025
-0.4
Nondurables
26.279
6.0
1.512
0.13
S-Mar. 2026
4.9
Nondurables less food
12.831
9.3
1.101
0.22
S-Mar. 2026
7.4
Nondurables less food and beverages
12.011
9.9
1.085
0.24
S-Mar. 2026
7.9
Nondurables less food, beverages, and apparel
9.554
11.6
0.992
0.19
S-Mar. 2026
9.2
Nondurables less food and apparel
10.374
10.8
1.009
0.17
S-Mar. 2026
8.6
Housing
43.896
3.3
1.477
0.17
S-Feb. 2026
3.3
Education and communication ( 4 )
5.701
-0.1
-0.003
0.30
S-Dec. 2023
-0.1
Education ( 4 )
2.524
2.5
0.063
0.34
S-Apr. 2024
2.5
Communication ( 4 )
3.177
-2.1
-0.066
0.42
S-Mar. 2026
-2.2
Information and information processing ( 4 )
3.110
-2.4
-0.075
0.43
S-Apr. 2025
-2.5
Information technology, hardware and services ( 13 )
1.659
-1.4
-0.022
0.78
S-Apr. 2026
-1.5
Recreation ( 4 )
5.031
2.8
0.146
0.36
L-Dec. 2025
3.0
Video and audio ( 4 )
1.027
2.7
0.028
0.59
L-Apr. 2026
2.9
Pets, pet products and services ( 4 )
1.137
3.2
0.037
0.64
-
-
Photography ( 4 )
0.063
2.5
0.002
1.23
S-Nov. 2025
0.7
Food and beverages
14.267
3.0
0.427
0.16
-
-
Domestically produced farm food
6.822
2.6
0.178
0.22
L-Mar. 2025
2.6
Other services
9.660
2.3
0.223
0.22
S-Apr. 2026
1.9
Apparel less footwear
1.865
3.8
0.069
0.94
S-Mar. 2026
3.7
Fuels and utilities
4.546
4.6
0.210
0.53
S-Mar. 2025
4.1
Household energy
3.413
4.6
0.159
0.69
S-Mar. 2025
3.8
Medical care
8.230
2.0
0.168
0.48
S-Feb. 2024
1.4
Transportation
17.527
6.5
1.090
0.22
S-Mar. 2026
5.0
Private transportation
15.834
5.5
0.839
0.21
S-Mar. 2026
4.4
New and used motor vehicles ( 4 )
6.960
-0.5
-0.036
0.14
L-Dec. 2025
0.5
Utilities and public transportation
8.108
4.9
0.391
0.37
S-Mar. 2026
4.1
Household furnishings and operations
4.202
2.5
0.107
0.41
S-Apr. 2025
2.3
Other goods and services
2.891
4.6
0.133
0.35
S-Apr. 2026
4.4
Personal care
2.444
4.2
0.103
0.41
S-Apr. 2026
3.8
Footnotes
(1) The 'effect' of an item category is a measure of that item's contribution to the All items price change. For example, if the Food index had an effect of 0.40, and the All items index rose 1.2 percent, then the increase in food prices contributed 0.40 / 1.2, or 33.3 percent, to that All items increase. Said another way, had food prices been unchanged for that year the change in the All items index would have been 1.2 percent minus 0.40, or 0.8 percent. Effects can be negative as well. For example, if the effect of food was a negative 0.1, and the All items index rose 0.5 percent, the All items index actually would have been 0.1 percent higher (or 0.6 percent) had food prices been unchanged. Since food prices fell while prices overall were rising, the contribution of food to the All items price change was negative (in this case, -0.1 / 0.5, or minus 20 percent).
(2) A statistic's margin of error is often expressed as its point estimate plus or minus two standard errors. For example, if a CPI category rose 2.6 percent, and its standard error was 0.25 percent, the margin of error on this item's 12-month percent change would be 2.6 percent, plus or minus 0.5 percent.
(3) If the current 12-month percent change is greater than the previous published 12-month percent change, then this column identifies the closest prior month with a 12-month percent change as (L)arge as or (L)arger than the current 12-month change. If the current 12-month percent change is smaller than the previous published 12-month percent change, the most recent month with a change as (S)mall or (S)maller than the current month change is identified. If the current and previous published 12-month percent changes are equal, a dash will appear. Standard numerical comparison is used. For example, 2.0% is greater than 0.6%, -4.4% is less than -2.0%, and -2.0% is less than 0.0%. Note that a (L)arger change can be a smaller decline, for example, a -0.2% change is larger than a -0.4% change, but still represents a decline in the price index. Likewise, (S)maller changes can be increases, for example, a 0.6% change is smaller than 0.8%, but still represents an increase in the price index. In this context, a -0.2% change is considered to be smaller than a 0.0% change.
(4) Indexes on a December 1997=100 base.
(5) Special indexes based on a substantially smaller sample. These series do not contribute to the all items index aggregation and therefore do not have a relative importance or effect.
(6) Indexes on a December 2007=100 base.
(7) Indexes on a December 2005=100 base.
(8) Indexes on a December 1986=100 base.
(9) Indexes on a December 1993=100 base.
(10) Indexes on a December 2009=100 base.
(11) Indexes on a December 1990=100 base.
(12) Indexes on a December 1983=100 base.
(13) Indexes on a December 2024=100 base.
(14) Indexes on a December 2001=100 base.
(15) Indexes on a December 2019=100 base.
(16) Indexes on a December 1982=100 base.
(17) Indexes on a December 1996=100 base.
Last Modified Date: July 14, 2026
USA Rare Earth Produces Commercial Grade Dysprosium Oxide and Neodymium-Praseodymium Oxide Samples from Recycled Magnet Material at Wheat Ridge Facility
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该文章早于本次日报摘要窗口，未生成新的中文摘要；可展开原文或打开来源核查。
英文原文
USA Rare Earth Produces Commercial Grade Dysprosium Oxide and Neodymium-Praseodymium Oxide Samples from Recycled Magnet Material at Wheat Ridge Facility
This is a paid press release. Contact the press release distributor directly with any inquiries.
USA Rare Earth Produces Commercial Grade Dysprosium Oxide and Neodymium-Praseodymium Oxide Samples from Recycled Magnet Material at Wheat Ridge Facility
USA Rare Earth, Inc.
July 14, 2026 9 min read
- USAR
+3.74%
- HRE.AX
0.00%
- USARW
USA Rare Earth, Inc. Positions USA Rare Earth as one of few companies outside of Asia with the capability to separate heavy rare earths
Represents important step toward an integrated value chain that secures global supply for advanced manufacturing and critical industries
Broadens Company's feedstock options to include recycled material, complementing planned oxide production from Round Top and Serra Verde concentrates
Samples to be sent to LCM for qualification; produced oxides to serve as feedstock to rare earth metal production, which supplies the Company's magnet manufacturing facilities in the United States
WHEAT RIDGE, Colo., July 14, 2026 (GLOBE NEWSWIRE) -- USA Rare Earth, Inc. (Nasdaq: USAR) ("USAR", "USA Rare Earth", or the "Company"), a rare earth, critical minerals and advanced materials company, today announced that its hydrometallurgical facility in Wheat Ridge, Colorado, has produced commercial-grade dysprosium (Dy) oxide and neodymium-praseodymium (NdPr) oxide samples from recycled rare earth magnet scrap, known in the industry as "swarf."
USA Rare Earth's successful separation of commercial-grade Dy oxide and NdPr oxide at Wheat Ridge is a pivotal milestone, establishing the Company as one of the few Western producers capable of executing this technically demanding process outside Asia. By bridging world-class upstream resources with advanced separation and processing, metallization, and magnet manufacturing, the Company's mission is to build the leading global rare earth and critical mineral value chain where each link reinforces the next. This achievement marks a critical step toward delivering a global, integrated solution to de-risk supply chains for defense, semiconductors, and physical AI infrastructure.
The Dy and NdPr oxides were produced using swarf, the fine scrap generated when neodymium-iron-boron (NdFeB) magnets are machined and finished, which in this case were sourced from the Company's Stillwater, OK magnet manufacturing facility. Turning that scrap back into high-purity light and heavy rare earth oxide broadens the Company's feedstock options and strengthens the circularity of its value chain, with swarf projected to support up to 30% of future magnetic rare earth oxide feedstock needs. This validation of the magnet swarf recycling flowsheet also lays the foundation to potentially incorporate end-of-life magnets as an additional commercial feedstock option.
The oxides produced at Wheat Ridge are expected to be sent to Less Common Metals ("LCM"), USA Rare Earth's subsidiary in the United Kingdom, for qualification and for conversion into rare earth metals and strip cast. The output from LCM, which is one of the few commercial scale metal, alloy and strip cast producers outside of Asia, is expected to serve as feedstock for the Company's magnet manufacturing facilities in the United States.
Story Continues
Dysprosium is one of the most technically challenging rare earth elements to separate at commercial purity, and today virtually all Dy oxide is produced in China. While NdPr provides the magnetic foundation of NdFeB permanent magnets, dysprosium is added in smaller quantities to allow magnets to retain performance and coercivity at high operating temperatures, a requirement of the aerospace, defense, electric vehicle, robotics and industrial motor applications that NdFeB magnets enable. Producers with the proven ability to separate heavy rare earths at commercial specification outside Asia remain scarce, and Dy availability is widely recognized as a primary constraint on the Western permanent magnet industry.
Today's production milestone places USA Rare Earth in that small group and establishes swarf from magnet manufacturing as a feedstock stream back into the Company's value chain, closing the loop between the Company's downstream magnet manufacturing and its upstream separation. Additional campaigns underway at Wheat Ridge are expected to process material from the Company's Round Top project and from Serra Verde's Pela Ema mine. These campaigns are expected to produce additional varieties of rare earth and critical mineral oxides in the coming weeks, further advancing USA Rare Earth toward proven capability across every stage of the rare earth value chain: mining, separation and processing, metal and alloy making, and permanent magnet manufacturing.
About the Wheat Ridge Facility
The Wheat Ridge demonstration facility runs 24 hours a day and is fully instrumented for real-time process monitoring across every unit operation. The facility is built to digitally and physically simulate the Company's future commercial-scale operation, and the data it generates flows directly into the engineering design of a planned consolidated separation facility, which will process both magnet swarf and mixed rare earth carbonate (MREC). This allows the team to validate its proprietary flowsheets and refine the commercial design using live operating data and physical testing rather than theory alone.
About USA Rare Earth, Inc.
USA Rare Earth, Inc. (Nasdaq: USAR) is building a fully integrated rare earth and permanent magnet value chain across the United States and the United Kingdom, with plans for expansion in France and Brazil. Through its ownership of Less Common Metals (LCM), one of the world's leading producers of rare earth metals and alloys, its magnet manufacturing capacity in Stillwater, Oklahoma, the planned acquisition of the Pela Ema mine in Brazil (subject to closing the Serra Verde Group transaction) and the Round Top deposit in Texas, USA Rare Earth operates across the entire value chain from mining to metal-making, alloy production and neodymium magnet manufacturing. USA Rare Earth is establishing a secure, Western supply of materials essential to the aerospace and defense, semiconductor, energy, data center, physical AI, mobility, healthcare and other key industrial sectors. For more information, visit www.usare.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include those relating to the objectives, scope and anticipated benefits of the Wheat Ridge demonstration program; the Company's ability to validate and optimize its processing and separation flowsheets and to produce separated oxides at commercial quality; the Company's plans for a consolidated commercial separation facility for magnet swarf and mixed rare earth carbonate; and the Company's global value chain strategy. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. Words such as "anticipate," "believe," "can," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "project," "should," "target," "will," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
Forward-looking statements are subject to risks and uncertainties and potentially inaccurate assumptions that could cause actual results to differ materially from the Company's expectations, including without limitation: the Company's ability to execute its business plan, including development of the Round Top deposit and its processing and manufacturing facilities; the timing and advancement of expected business milestones; the significant long-term and inherently risky investments the Company is making in mining and manufacturing facilities; the Company's ability to obtain additional or replacement financing as needed; risks that the proposed transactions with Serra Verde Group, Carester SAS and Texas Mineral Resources Corp. may not be consummated on their anticipated timelines or at all; the Company may not realize the anticipated benefits of its proposed and prior acquisitions, including expected synergies, financial performance, estimated EBITDA and, in the case of Serra Verde Group, integration of operations, on the anticipated timeline or at all; the ability of the Company's Stillwater facility or other future magnet manufacturing facilities to commence commercial operations on the timing and with the production capacity anticipated or at all; the Company's limited operating history; risks that the Company may experience delays, unforeseen expenses, increased capital costs, and other complications in operating its business; potential dilution to existing stockholders and adverse effect on the Company's stock price if the Company issues additional common stock or equity-linked securities; the volatility of the Company's stock price; the Company's ability to satisfy project milestones and other conditions to disbursement under the Company's financing arrangement with the Department of Commerce ("DOC") on the anticipated timeline or at all; the Company's dependence on continued governmental support for the DOC financing transactions, which remains subject to changes in laws, regulations, administrations and appropriations; extensive affirmative and negative covenants, domestic content and national security guardrail provisions and ongoing reporting obligations in the DOC financing agreements that restrict the Company's operational and financial flexibility; the risk that defaults under the DOC funding agreements could trigger cross-defaults across the Company's financing arrangements; the impact of the DOC's equity interest in the Company on the Company's ability to pursue strategic transactions and on the Company's relationships with customers, suppliers, partners and other counterparties; the availability of rare earth oxide, metal feedstock and other materials, utilities (including power and water) and equipment in quantities and prices that allow the Company to develop and commercially operate the Company's Stillwater facility and other facilities; the Company's ability to meet individual customer specifications and manufacture a consistently high quality product; fluctuations in demand for and prices of the Company's products, including without limitation as a result of dumping, predatory pricing and other tactics by the Company's competitors or state actors or the overall competitive environment; the Company's ability to achieve positive cash flow or profitability or the ability to access cash flow within the Company's corporate structure due to restrictions contained in the Company's financing agreements; the Company's ability to convert current commercial discussions and/or memorandums of understanding with customers for the sale of the Company's neo magnets and other products into definitive orders; geopolitical developments or disruptions, such as changes in the political environment, export/import or environmental policy of the People's Republic of China, the United States or other countries in which the Company operates or sells products or otherwise; war, terrorism, natural disasters or public health emergencies; the Company's ability to retain or recruit key personnel; environmental, health and safety regulations; and the Company's ability to comply with requirements for federal, state and local government incentives and financing.
Additional risks and detailed information regarding factors that may cause actual results to differ materially has been and will be included in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's most recently filed Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q and subsequent filings. Any forward-looking statements speak only as of the date of this press release (or such other date as is specified in such statements), and the Company undertakes no obligation to update any forward-looking statements as a result of new information or future developments except as required by law.
Investor Contact
JB Lowe
Vice President, Investor Relations
USA Rare Earth, Inc.
ir@usare.com
Media Contact
Collected Strategies
USAR-CS@collectedstrategies.com
Oncology Approval Notifications
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中文摘要
- FDA于7月14日批准gedatolisib联合方案用于特定HR阳性、HER2阴性晚期或转移性乳腺癌。
- FDA同日将selpercatinib用于RET融合阳性晚期或转移性实体瘤的批准转为传统批准。
英文原文
Oncology (Cancer) / Hematologic Malignancies Approval Notifications
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An update on the Cyclospora outbreak available here .
FDA does not issue approval announcements for every approval or drug label update that occurs in oncology and hematology. Please refer to Drugs@FDA for the latest approvals and prescribing information for specific products.
Webpage Description Date
FDA approves gedatolisib with fulvestrant, with or without palbociclib, for HR-positive, HER2-negative locally advanced or metastatic breast cancer On July 14, 2026, the Food and Drug Administration approved gedatolisib (Revtorpyk, Celcuity Inc.) in combination with fulvestrant, with or without palbociclib, for adults with hormone receptor (HR)-positive, human epidermal growth factor receptor 2 (HER2)-negative locally advanced or metastatic breast cancer without a PIK3CA mutation detected following progression on or after treatment with at least one line of endocrine therapy in the metastatic setting. 7/14/2026
FDA grants traditional approval to selpercatinib for locally advanced or metastatic RET fusion-positive solid tumors On July 14, 2026, the Food and Drug Administration granted traditional approval to selpercatinib (Retevmo, Eli Lilly and Company) for adult and pediatric patients two years of age and older with locally advanced or metastatic solid tumors with a RET gene fusion, as detected by an FDA-approved test, that have progressed on or following prior systemic treatment or who have no satisfactory alternative treatment options. 7/14/2026
FDA approves pembrolizumab or pembrolizumab and berahyaluronidase alfa-pmph each with enfortumab vedotin-ejfv for muscle invasive bladder cancer On July 10, 2026, the Food and Drug Administration approved pembrolizumab (Keytruda, Merck) or pembrolizumab and berahyaluronidase alfa-pmph (Keytruda Qlex, Merck) each in combination with enfortumab vedotin-ejfv (Padcev, Astellas Pharma) as neoadjuvant treatment (before surgery) followed by adjuvant treatment after cystectomy (surgery to remove the bladder) for adults with muscle invasive bladder cancer (MIBC). This extends the prior approval for the regimen in this setting from patients who are cisplatin-ineligible to all patients with MIBC who are candidates for cystectomy. 7/10/2026
FDA approves isatuximab-irfc for subcutaneous injection for multiple myeloma indications On July 9, 2026, the Food and Drug Administration approved isatuximab-irfc (Sarclisa Escena, Sanofi-Aventis U.S. LLC) for subcutaneous injection for multiple myeloma indications. 7/09/2026
FDA approves allogeneic regulatory T cell-based immunotherapy with HSPC and T cells-vldq for use in matched donor hematopoietic stem cell transplantation for adults with hematologic malignancies On June 30, 2026, the Food and Drug Administration approved allogeneic regulatory T cell-based immunotherapy with hematopoietic stem and progenitor cell (HSPC) and T cells-vldq (Tregzi, Orca Bio) for use in matched donor hematopoietic stem cell transplantation (HSCT) with a myeloablative preparative regimen, for hematopoietic and immunologic reconstitution and to improve chronic graft-versus-host disease (cGHVD)-free survival, in the treatment of adults with hematological malignancies. 6/30/2026
FDA approves sacituzumab govitecan-hziy as monotherapy and in combination with pembrolizumab for first-line treatment of triple-negative breast cancer On June 24, 2026, the Food and Drug Administration approved sacituzumab govitecan-hziy (Trodelvy, Gilead Sciences, Inc.) for two indications in adults with triple-negative breast cancer (TNBC). 6/24/2026
FDA approves palbociclib with trastuzumab, with or without pertuzumab, and endocrine therapy for the maintenance treatment of HR-positive, HER2-positive metastatic breast cancer On June 24, 2026, the Food and Drug Administration approved palbociclib (Ibrance, Pfizer Inc.) in combination with trastuzumab, with or without pertuzumab, and endocrine therapy for the maintenance treatment of adults with HR-positive, HER2-positive locally advanced or metastatic breast cancer following induction treatment. 6/24/2026
FDA approves capivasertib with abiraterone and prednisone for PTEN-deficient androgen pathway modulation-naïve or -sensitive prostate cancer On June 12, 2026, the Food and Drug Administration approved capivasertib (Truqap, AstraZeneca) in combination with abiraterone and prednisone for adults with metastatic androgen pathway modulation-naïve or -sensitive (mAPMN/S) prostate cancer (previously referred to as metastatic hormone-sensitive prostate cancer) that is PTEN-deficient as detected by an FDA-authorized test. 6/12/2026
FDA approves belzutifan with pembrolizumab for adjuvant treatment of renal cell carcinoma On June 12, 2026, the Food and Drug Administration approved belzutifan (Welireg, Merck & Co., Inc.) in combination with pembrolizumab (Keytruda, Merck & Co., Inc.) or pembrolizumab and berahyaluronidase alfa-pmph (Keytruda Qlex, Merck & Co., Inc.) for the adjuvant treatment of adults with renal cell carcinoma with a clear cell component (ccRCC) at intermediate-high or high risk of recurrence following nephrectomy, or following nephrectomy and resection of metastatic lesions. 6/12/2026
FDA approves durvalumab in combination with Bacillus Calmette-Guerin for high-risk non-muscle invasive bladder cancer On May 28, 2026, the Food and Drug Administration approved durvalumab (Imfinzi, AstraZeneca) in combination with Bacillus Calmette-Guerin (BCG) for the treatment of adult patients with BCG-naïve, high-risk non-muscle invasive bladder cancer (NMIBC). 5/28/2026
FDA approves pivekimab sunirine-pvzy for blastic plasmacytoid dendritic cell neoplasm, an ultra-rare hematologic malignancy On May 27, 2026, the Food and Drug Administration approved pivekimab sunirine-pvzy (Decnupaz, AbbVie, Inc.), a CD123-directed antibody and alkylating agent conjugate, for adults with blastic plasmacytoid dendritic cell neoplasm (BPDCN). 5/27/2026
FDA approves datopotamab deruxtecan-dlnk for unresectable or metastatic triple-negative breast cancer On May 22, 2026, the Food and Drug Administration approved datopotamab deruxtecan-dlnk (Datroway, Daiichi Sankyo, Inc.) for adult patients with unresectable or metastatic triple-negative breast cancer (TNBC) who are not candidates for PD-1/PD-L1 inhibitor therapy. 5/22/2026
FDA approves two separate indications for fam-trastuzumab deruxtecan-nxki in HER2-positive early-stage breast cancer On May 15, 2026, the Food and Drug Administration (FDA) approved fam-trastuzumab deruxtecan-nxki (T-DXd, Enhertu, Daiichi Sankyo, Inc.) for two separate indications in adults with HER2-positive early-stage breast cancer. The first indication is for T-DXd followed by a taxane, trastuzumab, and pertuzumab (THP), for the neoadjuvant treatment of adult patients with HER2-positive (IHC 3+ or ISH+) Stage II or III breast cancer, as determined by an FDA-authorized test. The second indication is for T-DXd for the adjuvant treatment of adult patients with HER2-positive (IHC 3+ or ISH+) breast cancer who have residual invasive disease following neoadjuvant treatment with trastuzumab (with or without pertuzumab) and taxane-based treatment. 5/15/2026
FDA approves atezolizumab for adjuvant treatment of muscle invasive bladder cancer in patients with molecular residual disease On May 15, 2026, the Food and Drug Administration approved atezolizumab (Tecentriq, Genentech, Inc. and atezolizumab and hyaluronidase-tqjs (Tecentriq Hybreza, Genentech, Inc.) as adjuvant treatments for adults with muscle invasive bladder cancer (MIBC) after cystectomy who have circulating tumor DNA molecular residual disease (ctDNA MRD) as determined by an FDA-authorized test. 5/15/2026
FDA approves oral combination of decitabine and cedazuridine tablets with venetoclax for newly diagnosed acute myeloid leukemia On May 13, 2026, the Food and Drug Administration approved an oral combination of decitabine and cedazuridine tablets (Inqovi, Taiho Oncology, Inc.) with venetoclax for the treatment of newly diagnosed acute myeloid leukemia (AML) in adults 75 years or older, or who have comorbidities that preclude the use of intensive induction chemotherapy. 5/13/2026
FDA grants accelerated approval to sonrotoclax for relapsed or refractory mantle cell lymphoma On May 13, 2026, the Food and Drug Administration granted accelerated approval to sonrotoclax (Beqalzi, BeOne Medicines USA, Inc.), a BCL-2 inhibitor, for adults with relapsed or refractory mantle cell lymphoma (MCL) after at least two lines of systemic therapy, including a Bruton’s tyrosine kinase (BTK) inhibitor. 5/13/2026
FDA approves zenocutuzumab-zbco for advanced, unresectable or metastatic cholangiocarcinoma On May 8, 2026, the Food and Drug Administration approved zenocutuzumab-zbco (Bizengri, Partner Therapeutics, Inc.) for adults with advanced, unresectable or metastatic cholangiocarcinoma harboring a neuregulin 1 (NRG1) gene fusion with disease progression on or after prior systemic therapy. NRG1-fusion positive cholangiocarcinoma is an extremely rare, life-threatening malignancy. 5/8/2026
FDA approves vepdegestrant for ER-positive, HER2-negative, ESR1-mutated advanced or metastatic breast cancer On May 1, 2026, the Food and Drug Administration approved vepdegestrant (Veppanu, Arvinas Operations, Inc.), a heterobifunctional protein degrader, for adults with estrogen receptor (ER)-positive, human epidermal growth factor receptor 2 (HER2)-negative, ESR1 -mutated advanced or metastatic breast cancer, as detected by an FDA-authorized test, with disease progression following at least one line of endocrine therapy. 5/1/2026
FDA approves relacorilant with nab-paclitaxel for platinum-resistant epithelial ovarian, fallopian tube, or primary peritoneal cancer On March 25, 2026, the Food and Drug Administration approved relacorilant (Lifyorli, Corcept Therapeutics Inc.), a glucocorticoid receptor antagonist, in combination with nab-paclitaxel for the treatment of adults with platinum-resistant epithelial ovarian, fallopian tube, or primary peritoneal cancer who have received one to three prior systemic treatment regimens, at least one of which included bevacizumab. 3/25/2026
FDA approves nivolumab with chemotherapy for previously untreated Hodgkin lymphoma On March 20, 2026, the Food and Drug Administration approved nivolumab (Opdivo, Bristol Myers Squibb Company) with doxorubicin, vinblastine, and dacarbazine (AVD) for adult and pediatric patients 12 years and older with previously untreated, Stage III or IV classical Hodgkin lymphoma (cHL). 3/20/2026
FDA approves teclistamab in combination with daratumumab hyaluronidase-fihj for relapsed or refractory multiple myeloma On March 5, 2026, the Food and Drug Administration approved teclistamab (Tecvayli, Janssen Biotech, Inc.) in combination with daratumumab hyaluronidase-fihj for adult patients with relapsed or refractory multiple myeloma who have received at least one prior line of therapy including a proteasome inhibitor and an immunomodulatory agent. 3/5/2026
FDA grants accelerated approval to zongertinib for unresectable or metastatic non-squamous non-small cell lung cancer On February 26, 2026, the Food and Drug Administration granted accelerated approval to zongertinib (Hernexeos, Boehringer Ingelheim Pharmaceuticals, Inc.), a kinase inhibitor, for an expanded indication for adults with unresectable or metastatic non-squamous non-small cell lung cancer (NSCLC) whose tumors have HER2 (ERBB2) tyrosine kinase domain (TKD) activating mutations, as detected by an FDA-authorized test. 2/26/2026
FDA grants traditional approval to encorafenib for metastatic colorectal cancer with a BRAF V600E mutation On February 24, 2026, the Food and Drug Administration granted traditional approval to encorafenib (Braftovi, Array BioPharma Inc., a subsidiary of Pfizer Inc.) in combination with cetuximab and fluorouracil-based chemotherapy for the treatment of adult patients with metastatic colorectal cancer (CRC) with a BRAF V600E mutation, as detected by an FDA-authorized test. Encorafenib received accelerated approval in combination with cetuximab and mFOLFOX6 for metastatic colorectal cancer with BRAF V600E mutation in 2024. 2/24/2026
FDA approves acalabrutinib with venetoclax for chronic lymphocytic leukemia or small lymphocytic lymphoma On February 19, 2026, the Food and Drug Administration approved acalabrutinib (Calquence, AstraZeneca) tablets and capsules in combination with venetoclax (Venclexta, AbbVie Inc. and Genentech Inc.) for adults with chronic lymphocytic leukemia (CLL) or small lymphocytic lymphoma (SLL). 2/19/2026
FDA approves pembrolizumab with paclitaxel for platinum-resistant epithelial ovarian, fallopian tube, or primary peritoneal carcinoma On February 10, 2026, the Food and Drug Administration approved pembrolizumab (Keytruda, Merck) as well as pembrolizumab and berahyaluronidase alfa-pmph (Keytruda Qlex, Merck) in combination with paclitaxel, with or without bevacizumab, for adult patients with platinum-resistant epithelial ovarian, fallopian tube, or primary peritoneal carcinoma whose tumors express PD-L1 (CPS≥1) as determined by an FDA-authorized test, and who have received one or two prior systemic treatment regimens. 2/10/2026
Safety labeling update for capecitabine and fluorouracil (5-FU) on risks associated with dihydropyrimidine dehydrogenase (DPD) deficiency The U.S. Food and Drug Administration (FDA) is providing this communication to increase awareness of recent updates to the product labeling of capecitabine (Xeloda) and fluorouracil (5-FU) related to risks associated with dihydropyrimidine dehydrogenase (DPD) deficiency. All healthcare providers should be aware of the risks of DPD deficiency, inform patients prior to treatment about the potential for serious and life-threatening toxicities due to DPD deficiency, and test patients for genetic variants of DPYD prior to initiating treatment with capecitabine or 5-FU unless immediate treatment is necessary. 2/5/2026
FDA approves daratumumab and hyaluronidase-fihj with bortezomib, lenalidomide, and dexamethasone for newly diagnosed multiple myeloma On January 27, 2026, the Food and Drug Administration approved daratumumab and hyaluronidase-fihj (Darzalex Faspro, Janssen Biotech, Inc.) in combination with bortezomib, lenalidomide, and dexamethasone (VRd) for adults with newly diagnosed multiple myeloma who are ineligible for autologous stem cell transplant (ASCT). 1/27/2026
FDA approves amivantamab and hyaluronidase-lpuj for subcutaneous injection On December 17, 2025, the Food and Drug Administration approved amivantamab and hyaluronidase-lpuj (Rybrevant Faspro, Janssen Biotech, Inc.) for subcutaneous injection for adult patients across all indications approved for the intravenous formulation of amivantamab (Rybrevant, Janssen Biotech, Inc.). See the prescribing information for the specific indications. 12/17/2025
FDA grants regular approval to rucaparib for metastatic castration-resistant prostate cancer On December 17, 2025, the Food and Drug Administration approved rucaparib (Rubraca, pharmaand GmbH) for adults with a deleterious BRCA mutation ( BRCA m) (germline and/or somatic)-associated metastatic castration-resistant prostate cancer (mCRPC) previously treated with an androgen receptor-directed therapy. Patients should be selected for therapy using an FDA-approved companion diagnostic (CDx). 12/17/2025
FDA approves fam-trastuzumab deruxtecan-nxki with pertuzumab for unresectable or metastatic HER2-positive breast cancer On December 15, 2025, the Food and Drug Administration approved fam-trastuzumab deruxtecan-nxki (Enhertu, Daiichi Sankyo, Inc.) in combination with pertuzumab for the first-line treatment of adults with unresectable or metastatic HER2-positive (IHC 3+ or ISH+) breast cancer as determined by an FDA-approved test. 12/15/2025
FDA approves niraparib and abiraterone acetate plus prednisone for BRCA2-mutated metastatic castration-sensitive prostate cancer On December 12, 2025, the Food and Drug Administration approved niraparib and abiraterone acetate (Akeega, Janssen Biotech, Inc.) with prednisone for adults with deleterious or suspected deleterious BRCA2-mutated (BRCA2m) metastatic castration-sensitive prostate cancer (mCSPC), as determined by an FDA-approved test. 12/12/2025
FDA approves lisocabtagene maraleucel for relapsed or refractory marginal zone lymphoma On December 4, 2025, the Food and Drug Administration approved lisocabtagene maraleucel (Breyanzi, Juno Therapeutics, Inc., a Bristol-Myers Squibb Company) for adults with relapsed or refractory marginal zone lymphoma (MZL) who have received at least two prior lines of systemic therapy 12/4/2025
FDA grants traditional approval to pirtobrutinib for chronic lymphocytic leukemia and small lymphocytic lymphoma On December 3, 2025, the Food and Drug Administration granted traditional approval to pirtobrutinib (Jaypirca, Eli Lilly and Company) for adults with relapsed or refractory chronic lymphocytic leukemia or small lymphocytic lymphoma (CLL/SLL) who have previously been treated with a covalent BTK inhibitor. In 2023, FDA granted accelerated approval to pirtobrutinib for adults with CLL/SLL who have received at least two prior lines of therapy, including a BTK inhibitor and a BCL-2 inhibitor. 12/3/2025
FDA approves durvalumab for resectable gastric or gastroesophageal junction adenocarcinoma On November 25, 2025, the Food and Drug Administration approved durvalumab (Imfinzi, AstraZeneca) with fluorouracil, leucovorin, oxaliplatin, and docetaxel (FLOT) chemotherapy as neoadjuvant and adjuvant treatment, followed by single agent durvalumab, for adults with resectable gastric or gastroesophageal junction adenocarcinoma (GC/GEJC). 11/25/2025
FDA approves pembrolizumab with enfortumab vedotin-ejfv for muscle invasive bladder cancer On November 21, 2025, the Food and Drug Administration approved pembrolizumab (Keytruda, Merck) or pembrolizumab and berahyaluronidase alfa-pmph (Keytruda Qlex, Merck) with enfortumab vedotin-ejfv (Padcev, Astellas Pharma) as neoadjuvant treatment followed by adjuvant treatment after cystectomy for adults with muscle invasive bladder cancer (MIBC) who are ineligible for cisplatin. 11/21/2025
FDA grants traditional approval to tarlatamab-dlle for extensive stage small cell lung cancer On November 19, 2025, the Food and Drug Administration granted traditional approval to tarlatamab-dlle (Imdelltra, Amgen Inc.) for adults with extensive stage small cell lung cancer (ES-SCLC) with disease progression on or after platinum-based chemotherapy. Tarlatamab-dlle received accelerated approval for this indication in 2024. 11/19/2025
FDA grants accelerated approval to sevabertinib for non-squamous non-small cell lung cancer On November 19, 2025, the Food and Drug Administration granted accelerated approval to sevabertinib (Hyrnuo, Bayer HealthCare Pharmaceuticals Inc.), a kinase inhibitor, for adults with locally advanced or metastatic, non-squamous non-small cell lung cancer (NSCLC) whose tumors have HER2 ( ERBB2 ) tyrosine kinase domain (TKD) activating mutations, as detected by an FDA-approved test, and who have received a prior systemic therapy. 11/19/2025
FDA grants traditional approval to daratumumab and hyaluronidase-fihj for newly diagnosed light chain amyloidosis On November 19, 2025, the Food and Drug Administration granted traditional approval to daratumumab and hyaluronidase-fihj (Darzalex Faspro, Janssen Biotech Inc.) with bortezomib, cyclophosphamide, and dexamethasone (VCd) for newly diagnosed light chain (AL) amyloidosis. FDA granted accelerated approval for this indication in 2021. 11/19/2025
FDA approves selumetinib for adults with neurofibromatosis type 1 with symptomatic, inoperable plexiform neurofibromas On November 19, 2025, the Food and Drug Administration approved selumetinib (KOSELUGO, AstraZeneca Pharmaceuticals LP) for adults with neurofibromatosis type 1 (NF1) who have symptomatic, inoperable plexiform neurofibromas (PN). FDA previously approved selumetinib capsules and granules for pediatric patients 1 year of age and older for this indication. 11/19/2025
FDA approves epcoritamab-bysp for follicular lymphoma indications On November 18, 2025, the Food and Drug Administration approved epcoritamab-bysp (Epkinly, Genmab US, Inc.) with lenalidomide and rituximab for relapsed or refractory follicular lymphoma (FL). The FDA also granted traditional approval to epcoritamab-bysp as monotherapy for relapsed or refractory FL after two or more lines of systemic therapy (epcoritamab-bysp was granted accelerated approval for this indication in 2024). 11/18/2025
FDA approves new interchangeable biosimilar to Perjeta On November 13, 2025, the Food and Drug Administration approved Poherdy (pertuzumab-dpzb, Shanghai Henlius Biologics Co. Ltd.) as an interchangeable biosimilar to Perjeta (pertuzumab, Genentech Inc.). This is the first approval of a biosimilar for Perjeta. 11/13/2025
FDA approves ziftomenib for relapsed or refractory acute myeloid leukemia with a NPM1 mutation On November 13, 2025, the Food and Drug Administration approved ziftomenib (Komzifti, Kura Oncology, Inc.), a menin inhibitor, for adults with relapsed or refractory acute myeloid leukemia (AML) with a susceptible nucleophosmin 1 ( NPM1 ) mutation who have no satisfactory alternative treatment options. 11/13/2025
FDA approves daratumumab and hyaluronidase-fihj for high-risk smoldering multiple myeloma On November 6, 2025, the Food and Drug Administration approved daratumumab and hyaluronidase-fihj (Darzalex Faspro, Janssen Biotech, Inc.) for adults with high-risk smoldering multiple myeloma (SMM). 11/6/2025
FDA approves revumenib for relapsed or refractory acute myeloid leukemia with a susceptible NPM1 mutation On October 24, 2025, the Food and Drug Administration approved revumenib (Revuforj, Syndax Pharmaceuticals, Inc.), a menin inhibitor, for relapsed or refractory acute myeloid leukemia with a susceptible nucleophosmin 1 ( NPM1 ) mutation in adult and pediatric patients 1 year and older who have no satisfactory alternative treatment options. 10/24/2025
FDA approves belantamab mafodotin-blmf for relapsed or refractory multiple myeloma On October 23, 2025, the Food and Drug Administration approved belantamab mafodotin-blmf (Blenrep, GlaxoSmithKline), a B-cell maturation antigen (BCMA)-directed antibody and microtubule inhibitor conjugate, with bortezomib and dexamethasone for adults with relapsed or refractory multiple myeloma who have received at least two prior lines of therapy, including a proteasome inhibitor and an immunomodulatory agent. 10/23/2025
FDA approves cemiplimab-rwlc for adjuvant treatment of cutaneous squamous cell carcinoma On October 8, 2025, the Food and Drug Administration approved cemiplimab-rwlc (Libtayo, Regeneron Pharmaceuticals Inc.) for the adjuvant treatment of adults with cutaneous squamous cell carcinoma (CSCC) at high risk of recurrence after surgery and radiation. 10/8/2025
FDA approves lurbinectedin in combination with atezolizumab or atezolizumab and hyaluronidase-tqjs for extensive-stage small cell lung cancer On October 2, 2025, the Food and Drug Administration approved lurbinectedin (Zepzelca, Jazz Pharmaceuticals, Inc.) in combination with atezolizumab (Tecentriq, Genentech Inc.) or atezolizumab and hyaluronidase-tqjs (Tecentriq Hybreza, Genentech Inc.) for the maintenance treatment of adult patients with extensive-stage small cell lung cancer (ES-SCLC) whose disease has not progressed after first-line induction therapy with atezolizumab or atezolizumab and hyaluronidase-tqjs, carboplatin, and etoposide. 10/2/2025
FDA approves imlunestrant for ER-positive, HER2-negative, ESR1-mutated advanced or metastatic breast cancer On September 25, 2025, the Food and Drug Administration approved imlunestrant (Inluriyo, Eli Lilly and Company), an estrogen receptor antagonist, for adults with estrogen receptor (ER)-positive, human epidermal growth factor 2 (HER2)-negative, estrogen receptor-1 (ESR1)-mutated advanced or metastatic breast cancer with disease progression following at least one line of endocrine therapy. 9/25/2025
FDA approves pembrolizumab and berahyaluronidase alfa-pmph for subcutaneous injection On September 19, 2025, the Food and Drug Administration approved pembrolizumab and berahyaluronidase alfa-pmph (Keytruda Qlex, Merck) for subcutaneous injection for adult and pediatric (12 years and older) solid tumor indications approved for the intravenous formulation of pembrolizumab (Keytruda, Merck). See the prescribing information for the specific indications. 9/19/2025
FDA approves selumetinib for pediatric patients 1 year of age and older with neurofibromatosis type 1 with symptomatic, inoperable plexiform neurofibromas On September 10, 2025, the Food and Drug Administration approved selumetinib (KOSELUGO, AstraZeneca Pharmaceuticals LP) granules and capsules for pediatric patients 1 year of age and older with neurofibromatosis type 1 (NF1) who have symptomatic, inoperable plexiform neurofibromas (PN). FDA previously approved selumetinib capsules for pediatric patients 2 years of age and older with NF1 who have symptomatic, inoperable PN. 9/10/2025
FDA approves gemcitabine intravesical system for non-muscle invasive bladder cancer On September 9, 2025, the Food and Drug Administration approved gemcitabine intravesical system (Inlexzo, Janssen Biotech, Inc.) for adults with Bacillus Calmette-Guérin (BCG)-unresponsive non-muscle invasive bladder cancer (NMIBC) with carcinoma in situ (CIS) with or without papillary tumors. Gemcitabine intravesical system is co-packaged with a urinary catheter and stylet used for insertion through the urinary catheter into the bladder. 9/9/2025
FDA grants accelerated approval to zongertinib for non-squamous NSCLC with HER2 TKD activating mutations On August 8, 2025, the Food and Drug Administration granted accelerated approval to zongertinib (Hernexeos, Boehringer Ingelheim Pharmaceuticals, Inc.), a kinase inhibitor, for adults with unresectable or metastatic non-squamous non-small cell lung cancer (NSCLC) whose tumors have HER2 (ERBB2) tyrosine kinase domain (TKD) activating mutations, as detected by an FDA-approved test, and who have received prior systemic therapy. 8/8/2025
FDA grants accelerated approval to dordaviprone for diffuse midline glioma On August 6, 2025, the Food and Drug Administration granted accelerated approval to dordaviprone (Modeyso, Jazz Pharmaceuticals, Inc.), a protease activator, for adult and pediatric patients 1 year of age and older with diffuse midline glioma harboring an H3 K27M mutation with progressive disease following prior therapy. 8/6/2025
FDA grants accelerated approval to sunvozertinib for metastatic non-small cell lung cancer with EGFR exon 20 insertion mutations On July 2, 2025, the Food and Drug Administration granted accelerated approval to sunvozertinib (Zegfrovy, Dizal (Jiangsu) Pharmaceutical Co., Ltd.) for adult patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) with epidermal growth factor receptor (EGFR) exon 20 insertion mutations, as detected by an FDA-approved test, whose disease has progressed on or after platinum-based chemotherapy. 7/2/2025
FDA grants accelerated approval to linvoseltamab-gcpt for relapsed or refractory multiple myeloma On July 2, 2025, the Food and Drug Administration granted accelerated approval to linvoseltamab-gcpt (Lynozyfic, Regeneron Pharmaceuticals, Inc.), a bispecific B-cell maturation antigen (BCMA)-directed CD3 T-cell engager, for adults with relapsed or refractory multiple myeloma who have received at least four prior lines of therapy, including a proteasome inhibitor (PI), an immunomodulatory agent (IMiD), and an anti-CD38 monoclonal antibody. 7/2/2025
FDA grants accelerated approval to datopotamab deruxtecan-dlnk for EGFR-mutated non-small cell lung cancer On June 23, 2025, the Food and Drug Administration granted accelerated approval to datopotamab deruxtecan-dlnk (Datroway, Daiichi Sankyo, Inc.) for adults with locally advanced or metastatic epidermal growth factor receptor (EGFR)-mutated non-small cell lung cancer (NSCLC) who have received prior EGFR-directed therapy and platinum-based chemotherapy. 6/23/2025
FDA approves tafasitamab-cxix for relapsed or refractory follicular lymphoma On June 18, 2025, the Food and Drug Administration approved tafasitamab-cxix (Monjuvi, Incyte Corporation) with lenalidomide and rituximab for adults with relapsed or refractory follicular lymphoma (FL). 6/18/2025
FDA approves neoadjuvant and adjuvant pembrolizumab for resectable locally advanced head and neck squamous cell carcinoma On June 12, 2025, the Food and Drug Administration approved pembrolizumab (Keytruda, Merck) for adults with resectable locally advanced head and neck squamous cell carcinoma (HNSCC) whose tumors express PD-L1 [Combined Positive Score (CPS) ≥1] as determined by an FDA-approved test, as a single agent as neoadjuvant treatment, continued as adjuvant treatment in combination with radiotherapy (RT) with or without cisplatin after surgery, and then as a single agent. 6/12/2025
FDA approves mitomycin intravesical solution for recurrent low-grade intermediate-risk non-muscle invasive bladder cancer On June 12, 2025, the Food and Drug Administration approved mitomycin intravesical solution (Zusduri, UroGen Pharma) for adult patients with recurrent low-grade intermediate-risk non-muscle invasive bladder cancer (LG-IR-NMIBC). 6/12/2025
FDA approves taletrectinib for ROS1-positive non-small cell lung cancer On June 11, 2025, the Food and Drug Administration approved taletrectinib (Ibtrozi, Nuvation Bio Inc.), a kinase inhibitor, for adults with locally advanced or metastatic ROS1-positive non-small cell lung cancer (NSCLC). 6/11/2025
FDA approves darolutamide for metastatic castration-sensitive prostate cancer On June 3, 2025, the Food and Drug Administration (FDA) approved darolutamide (Nubeqa, Bayer Healthcare Pharmaceuticals Inc.) for metastatic castration-sensitive prostate cancer (mCSPC). The FDA previously approved darolutamide in combination with docetaxel for mCSPC. 6/3/2025
FDA approves retifanlimab-dlwr with carboplatin and paclitaxel and as a single agent for squamous cell carcinoma of the anal canal On May 15, 2025, the Food and Drug Administration approved retifanlimab-dlwr (Zynyz, Incyte Corporation) with carboplatin and paclitaxel for the first-line treatment of adults with inoperable locally recurrent or metastatic squamous cell carcinoma of the anal canal (SCAC). The FDA also approved retifanlimab-dlwr, as a single agent, for adults with locally recurrent or metastatic SCAC with disease progression on or intolerance to platinum-based chemotherapy. 5/15/2025
FDA grants accelerated approval to telisotuzumab vedotin-tllv for NSCLC with high c-Met protein overexpression On May 14, 2025, the Food and Drug Administration granted accelerated approval to telisotuzumab vedotin-tllv (Emrelis, AbbVie Inc.), a c-Met-directed antibody and microtubule inhibitor conjugate, for adults with locally advanced or metastatic, non-squamous non-small cell lung cancer (NSCLC) with high c-Met protein overexpression [≥50% of tumor cells with strong (3+) staining], as determined by an FDA-approved test, who have received a prior systemic therapy. 5/14/2025
FDA approves belzutifan for pheochromocytoma or paraganglioma On May 14, 2025, the Food and Drug Administration approved belzutifan (Welireg, Merck & Co., Inc.) for adult and pediatric patients 12 years and older with locally advanced, unresectable, or metastatic pheochromocytoma or paraganglioma (PPGL). This represents the first FDA approval of an oral therapy for PPGL. 5/14/2025
FDA grants accelerated approval to the combination of avutometinib and defactinib for KRAS-mutated recurrent low-grade serous ovarian cancer On May 8, 2025, the Food and Drug Administration granted accelerated approval to the combination of avutometinib and defactinib (Avmapki Fakzynja Co-pack, Verastem, Inc.) for adult patients with KRAS-mutated recurrent low-grade serous ovarian cancer (LGSOC) who have received prior systemic therapy. 5/8/2025
FDA approves penpulimab-kcqx for non-keratinizing nasopharyngeal carcinoma On April 23, 2025, the Food and Drug Administration approved penpulimab-kcqx (Akeso Biopharma Co., Ltd.) with cisplatin or carboplatin and gemcitabine for the first-line treatment of adults with recurrent or metastatic non-keratinizing nasopharyngeal carcinoma (NPC). 4/23/2025
FDA approves nivolumab with ipilimumab for unresectable or metastatic hepatocellular carcinoma On April 11, 2025, the Food and Drug Administration approved nivolumab (Opdivo, Bristol Myers Squibb Company) with ipilimumab (Yervoy, Bristol Myers Squibb Company) for the first-line treatment of adult patients with unresectable or metastatic hepatocellular carcinoma (HCC). 4/11/2025
FDA approves nivolumab with ipilimumab for unresectable or metastatic MSI-H or dMMR colorectal cancer On April 8, 2025, the Food and Drug Administration approved nivolumab (Opdivo, Bristol Myers Squibb Company) with ipilimumab (Yervoy, Bristol Myers Squibb Company) for adult and pediatric patients 12 years of age and older with unresectable or metastatic microsatellite instability-high (MSI-H) or mismatch repair deficient (dMMR) colorectal cancer (CRC). The FDA also converted the accelerated approval to regular approval for single agent nivolumab for adult and pediatric patients 12 years of age and older with MSI-H or dMMR metastatic CRC, that has progressed following fluoropyrimidine, oxaliplatin, and irinotecan. 4/08/2025
FDA approves durvalumab for muscle invasive bladder cancer On March 28, 2025, the Food and Drug Administration approved durvalumab (Imfinzi, AstraZeneca) with gemcitabine and cisplatin as neoadjuvant treatment, followed by single agent durvalumab as adjuvant treatment following radical cystectomy, for adults with muscle invasive bladder cancer (MIBC). 3/28/2025
FDA expands Pluvicto’s metastatic castration-resistant prostate cancer indication On March 28, 2025, the Food and Drug Administration expanded the indication for lutetium Lu 177 vipivotide tetraxetan (Pluvicto, Novartis Pharmaceuticals Corporation) to include adults with prostate-specific membrane antigen (PSMA)-positive metastatic castration-resistant prostate cancer (mCRPC) who have been treated with androgen receptor pathway inhibitor (ARPI) therapy and are considered appropriate to delay taxane-based chemotherapy. 3/28/2025
FDA approves cabozantinib for adults and pediatric patients 12 years of age and older with pNET and epNET On March 26, 2025, the Food and Drug Administration approved cabozantinib (Cabometyx, Exelixis, Inc.) for adult and pediatric patients 12 years of age and older with previously treated, unresectable, locally advanced or metastatic, well-differentiated pancreatic neuroendocrine tumors (pNET) and well-differentiated extra-pancreatic neuroendocrine tumors (epNET). 3/26/2025
FDA approves pembrolizumab for HER2 positive gastric or gastroesophageal junction adenocarcinoma expressing PD-L1 (CPS ≥1) On March 19, 2025, the Food and Drug Administration granted traditional approval to pembrolizumab (Keytruda, Merck) with trastuzumab, fluoropyrimidine- and platinum-containing chemotherapy for the first-line treatment of adults with locally advanced unresectable or metastatic HER2-positive gastric or gastroesophageal junction (GEJ) adenocarcinoma whose tumors express PD-L1 (CPS ≥1). 3/19/2025
FDA approves vimseltinib for symptomatic tenosynovial giant cell tumor On February 14, 2025, the Food and Drug Administration approved vimseltinib (Romvimza, Deciphera Pharmaceuticals, LLC), a kinase inhibitor, for adult patients with symptomatic tenosynovial giant cell tumor (TGCT) for which surgical resection will potentially cause worsening functional limitation or severe morbidity. 2/14/2025
FDA approves brentuximab vedotin with lenalidomide and rituximab for relapsed or refractory large B-cell lymphoma On February 11, 2025, the Food and Drug Administration approved brentuximab vedotin (Adcetris, Seagen Inc., a subsidiary of Pfizer) in combination with lenalidomide and a rituximab product for adult patients with relapsed or refractory large B-cell lymphoma (LBCL), including diffuse large B-cell lymphoma (DLBCL) not otherwise specified (NOS), DLBCL arising from indolent lymphoma, or high-grade B-cell lymphoma (HGBL), after two or more lines of systemic therapy who are ineligible for autologous hematopoietic stem cell transplantation (auto-HSCT) or CAR T-cell therapy. 2/12/2025
FDA approves mirdametinib for adult and pediatric patients with neurofibromatosis type 1 who have symptomatic plexiform neurofibromas not amenable to complete resection On February 11, 2025, the Food and Drug Administration approved mirdametinib (Gomekli, SpringWorks Therapeutics, Inc.), a kinase inhibitor, for adult and pediatric patients 2 years of age and older with neurofibromatosis type 1 (NF1) who have symptomatic plexiform neurofibromas (PN) not amenable to complete resection. 2/11/2025
FDA approves treosulfan with fludarabine as a preparative regimen for alloHSCT in adult and pediatric patients with AML or MDS On January 21, 2025, the Food and Drug Administration approved treosulfan (Grafapex, medac GmbH), an alkylating agent, with fludarabine as a preparative regimen for allogeneic hematopoietic stem cell transplantation (alloHSCT) in adult and pediatric patients 1 year of age and older with acute myeloid leukemia (AML) or myelodysplastic syndrome (MDS). 2/06/2025
FDA approves fam-trastuzumab deruxtecan-nxki for unresectable or metastatic HR-positive, HER2-low or HER2-ultralow breast cancer On January 27, 2025, the Food and Drug Administration approved fam-trastuzumab deruxtecan-nxki (Enhertu, Daiichi Sankyo, Inc.) for unresectable or metastatic hormone receptor (HR)-positive, HER2-low (IHC 1+ or IHC 2+/ISH-) or HER2-ultralow (IHC 0 with membrane staining) breast cancer, as determined by an FDA-approved test, that has progressed on one or more endocrine therapies in the metastatic setting. 1/27/2025
Safety announcement: FDA highlights importance of DPD deficiency discussions with patients prior to capecitabine or 5FU treatment The U.S. Food and Drug Administration (FDA) is providing this communication to increase awareness of recent updates to the product labeling of capecitabine and fluorouracil (5-FU) related to risks associated with dihydropyrimidine dehydrogenase (DPD) deficiency. All healthcare providers should be aware of the risks of DPD deficiency, inform patients prior to treatment about the potential for serious and life-threatening toxicities due to DPD deficiency, and discuss testing options for DPD deficiency with their patients. 1/24/2025
FDA approves datopotamab deruxtecan-dlnk for unresectable or metastatic, HR-positive, HER2-negative breast cancer On January 17, 2025, the Food and Drug Administration approved datopotamab deruxtecan-dlnk (Datroway, Daiichi Sankyo, Inc.), a Trop-2-directed antibody and topoisomerase inhibitor conjugate, for adult patients with unresectable or metastatic, hormone receptor (HR)-positive, human epidermal growth factor receptor 2 (HER2)-negative (IHC 0, IHC1+ or IHC2+/ISH-) breast cancer who have received prior endocrine-based therapy and chemotherapy for unresectable or metastatic disease. 1/17/2025
FDA approves sotorasib with panitumumab for KRAS G12C-mutated colorectal cancer On January 16, 2025, the Food and Drug Administration approved sotorasib (Lumakras, Amgen Inc.) with panitumumab (Vectibix, Amgen Inc.) for adult patients with KRAS G12C-mutated metastatic colorectal cancer (mCRC), as determined by an FDA-approved test, who have received prior fluoropyrimidine-, oxaliplatin-, and irinotecan-based chemotherapy. 1/16/2025
FDA approves acalabrutinib with bendamustine and rituximab for previously untreated mantle cell lymphoma On January 16, 2025, the Food and Drug Administration granted traditional approval to acalabrutinib (Calquence, AstraZeneca) with bendamustine and rituximab for adults with previously untreated mantle cell lymphoma (MCL) who are ineligible for autologous hematopoietic stem cell transplantation (HSCT). 1/16/2025
FDA approves nivolumab and hyaluronidase-nvhy for subcutaneous injection On December 27, 2024, the Food and Drug Administration approved nivolumab and hyaluronidase-nvhy (Opdivo Qvantig, Bristol Myers Squibb Company) for subcutaneous injection across approved adult, solid tumor nivolumab (Opdivo, Bristol Myers Squibb Company) indications as monotherapy, monotherapy maintenance following completion of Opdivo plus Yervoy (ipilimumab) combination therapy, or in combination with chemotherapy or cabozantinib. 12/27/2024
FDA grants accelerated approval to encorafenib with cetuximab and mFOLFOX6 for metastatic colorectal cancer with a BRAF V600E mutation On December 20, 2024, the Food and Drug Administration granted accelerated approval to encorafenib (Braftovi, Array BioPharma Inc., a subsidiary of Pfizer Inc.) with cetuximab and mFOLFOX6 for patients with metastatic colorectal cancer (mCRC) with a BRAF V600E mutation, as detected by an FDA-approved test. 12/20/2024
FDA approves remestemcel-L-rknd for steroid-refractory acute graft versus host disease in pediatric patients On December 18, 2024, the Food and Drug Administration approved remestemcel-L-rknd (Ryoncil, Mesoblast, Inc.), an allogeneic bone marrow-derived mesenchymal stromal cell (MSC) therapy, for steroid-refractory acute graft versus host disease (SR-aGVHD) in pediatric patients 2 months of age and older. Ryoncil is the first FDA-approved MSC therapy. 12/18/2024
FDA approves ensartinib for ALK-positive locally advanced or metastatic non-small cell lung cancer On December 18, 2024, the Food and Drug Administration approved ensartinib (Ensacove, Xcovery Holdings, Inc.) for adult patients with anaplastic lymphoma kinase (ALK)-positive locally advanced or metastatic non-small cell lung cancer (NSCLC) who have not previously received an ALK-inhibitor. 12/18/2024
FDA approves cosibelimab-ipdl for metastatic or locally advanced cutaneous squamous cell carcinoma On December 13, 2024, the Food and Drug Administration approved cosibelimab-ipdl (Unloxcyt, Checkpoint Therapeutics, Inc.), a programmed death ligand-1 (PD-L1) blocking antibody, for adults with metastatic cutaneous squamous cell carcinoma (mCSCC) or locally advanced CSCC (laCSCC) who are not candidates for curative surgery or curative radiation. 12/13/2024
FDA approves durvalumab for limited-stage small cell lung cancer On December 4, 2024, the Food and Drug Administration approved durvalumab (Imfinzi, AstraZeneca) for adults with limited-stage small cell lung cancer (LS-SCLC) whose disease has not progressed following concurrent platinum-based chemotherapy and radiation therapy. 12/4/2024
FDA grants accelerated approval to zenocutuzumab-zbco for non-small cell lung cancer and pancreatic adenocarcinoma On December 4, 2024, the Food and Drug Administration granted accelerated approval to zenocutuzumab-zbco (Bizengri, Merus N.V.) for adults with the following:
- advanced, unresectable, or metastatic non-small cell lung cancer (NSCLC) harboring a neuregulin 1 (NRG1) gene fusion with disease progression on or after prior systemic therapy, or
- advanced, unresectable, or metastatic pancreatic adenocarcinoma harboring a NRG1 gene fusion with disease progression on or after prior systemic therapy.
12/4/2024
FDA grants accelerated approval to zanidatamab-hrii for previously treated unresectable or metastatic HER2-positive biliary tract cancer On November 20, 2024, the Food and Drug Administration granted accelerated approval to zanidatamab-hrii (Ziihera, Jazz Pharmaceuticals, Inc.), a bispecific HER2-directed antibody, for previously treated, unresectable or metastatic HER2-positive (IHC 3+) biliary tract cancer (BTC), as detected by an FDA-approved test. 11/21/2024
FDA approves updated drug labeling for fludarabine phosphate under Project Renewal On November 19, 2024, the Food and Drug Administration approved updated drug labeling for fludarabine phosphate (Fludarabine Phosphate Injection, Sandoz) under Project Renewal, an Oncology Center of Excellence (OCE) initiative aimed at updating labeling information for certain older oncology drugs to ensure information is clinically meaningful and scientifically up to date. 11/19/2024
FDA approves revumenib for relapsed or refractory acute leukemia with a KMT2A translocation On November 15, 2024, the Food and Drug Administration approved revumenib (Revuforj, Syndax Pharmaceuticals, Inc.), a menin inhibitor, for relapsed or refractory acute leukemia with a lysine methyltransferase 2A gene (KMT2A) translocation in adult and pediatric patients 1 year and older. 11/15/2024
FDA approves obecabtagene autoleucel for adults with relapsed or refractory B-cell precursor acute lymphoblastic leukemia On November 8, 2024, the Food and Drug Administration approved obecabtagene autoleucel (Aucatzyl, Autolus Inc.), a CD19-directed genetically modified autologous T cell immunotherapy, for adults with relapsed or refractory B-cell precursor acute lymphoblastic leukemia (ALL). 11/8/2024
FDA grants accelerated approval to asciminib for newly diagnosed chronic myeloid leukemia On October 29, 2024, the Food and Drug Administration granted accelerated approval to asciminib (Scemblix, Novartis AG) for adult patients with newly diagnosed Philadelphia chromosome-positive chronic myeloid leukemia (Ph+ CML) in chronic phase (CP). 10/29/2024
FDA approves zolbetuximab-clzb with chemotherapy for gastric or gastroesophageal junction adenocarcinoma On October 18, 2024, the Food and Drug Administration approved zolbetuximab-clzb (Vyloy, Astellas Pharma US, Inc.), a claudin 18.2 (CLDN18.2)-directed cytolytic antibody, with fluoropyrimidine- and platinum-containing chemotherapy, for the first-line treatment of adults with locally advanced unresectable or metastatic human epidermal growth factor receptor 2 (HER2)-negative gastric or gastroesophageal junction (GEJ) adenocarcinoma whose tumors are CLDN18.2 positive, as determined by an FDA-approved test. 10/18/2024
FDA approves inavolisib with palbociclib and fulvestrant for endocrine-resistant, PIK3CA-mutated, HR-positive, HER2-negative, advanced breast cancer On October 10, 2024, the Food and Drug Administration approved inavolisib (Itovebi, Genentech, Inc.) with palbociclib and fulvestrant for adults with endocrine-resistant, PIK3CA-mutated, hormone receptor (HR)-positive, human epidermal growth-factor receptor 2 (HER2)-negative, locally advanced or metastatic breast cancer, as detected by an FDA-approved test, following recurrence on or after completing adjuvant endocrine therapy. 10/10/2024
FDA approves neoadjuvant/adjuvant nivolumab for resectable non-small cell lung cancer On October 3, 2024, the Food and Drug Administration approved nivolumab (Opdivo, Bristol Myers Squibb Company) with platinum-doublet chemotherapy as neoadjuvant treatment, followed by single-agent nivolumab after surgery as adjuvant treatment, for adults with resectable (tumors ≥ 4 cm and/or node positive) non-small cell lung cancer (NSCLC) and no known epidermal growth factor receptor (EGFR) mutations or anaplastic lymphoma kinase (ALK) rearrangements. 10/3/2024
FDA approves selpercatinib for medullary thyroid cancer with a RET mutation On September 27, 2024, the Food and Drug Administration granted traditional approval to selpercatinib (Retevmo, Eli Lilly and Company) for adult and pediatric patients 2 years of age and older with advanced or metastatic medullary thyroid cancer (MTC) with a RET mutation, as detected by an FDA-approved test, who require systemic therapy. 9/27/2024
FDA approves osimertinib for locally advanced, unresectable (stage III) non-small cell lung cancer following chemoradiation therapy On September 25, 2024, the Food and Drug Administration approved osimertinib (Tagrisso, AstraZeneca Pharmaceuticals) for adult patients with locally advanced, unresectable (stage III) non-small cell lung cancer (NSCLC) whose disease has not progressed during or following concurrent or sequential platinum-based chemoradiation therapy and whose tumors have EGFR exon 19 deletions or exon 21 L858R mutations, as detected by an FDA-approved test. 9/25/2024
FDA approves isatuximab-irfc with bortezomib, lenalidomide, and dexamethasone for newly diagnosed multiple myeloma On September 20, 2024, the Food and Drug Administration approved isatuximab-irfc (Sarclisa, Sanofi-Aventis U.S. LLC) with bortezomib, lenalidomide, and dexamethasone for adults with newly diagnosed multiple myeloma who are not eligible for autologous stem cell transplant (ASCT). 9/20/2024
FDA approves amivantamab-vmjw with carboplatin and pemetrexed for non-small cell lung cancer with EGFR exon 19 deletions or L858R mutations On September 19, 2024, the Food and Drug Administration approved amivantamab-vmjw (Rybrevant, Janssen Biotech, Inc.) with carboplatin and pemetrexed for adult patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) with epidermal growth factor receptor (EGFR) exon 19 deletions or exon 21 L858R substitution mutations whose disease has progressed on or after treatment with an EGFR tyrosine kinase inhibitor. 9/19/2024
FDA approves pembrolizumab with chemotherapy for unresectable advanced or metastatic malignant pleural mesothelioma On September 17, 2024, the Food and Drug Administration approved pembrolizumab (Keytruda, Merck) with pemetrexed and platinum chemotherapy as first-line treatment of unresectable advanced or metastatic malignant pleural mesothelioma (MPM). 9/17/2024
FDA approves Kisqali with an aromatase inhibitor and Kisqali Femara Co-Pack for early high-risk breast cancer On September 17, 2024, the Food and Drug Administration approved ribociclib (Kisqali, Novartis Pharmaceuticals Corporation) with an aromatase inhibitor for the adjuvant treatment of adults with hormone receptor (HR)-positive, human epidermal growth factor receptor 2 (HER2)-negative stage II and III early breast cancer at high risk of recurrence. Additionally, FDA also approved the ribociclib and letrozole co-pack (Kisqali Femara Co-Pack, Novartis Pharmaceuticals Corporation) for the same indication. 9/17/2024
FDA approves atezolizumab and hyaluronidase-tqjs for subcutaneous injection On September 12, 2024, the Food and Drug Administration approved atezolizumab and hyaluronidase-tqjs (Tecentriq Hybreza, Genentech, Inc.) for subcutaneous injection for all the adult indications as the intravenous formulation of atezolizumab (Tecentriq, Genentech, Inc.), including non-small cell lung cancer (NSCLC), small cell lung cancer (SCLC), hepatocellular carcinoma (HCC), melanoma, and alveolar soft part sarcoma (ASPS). See the prescribing information for the specific indications. 9/12/2024
FDA approves lazertinib with amivantamab-vmjw for non-small lung cancer On August 19, 2024, the Food and Drug Administration approved lazertinib (Lazcluze, Janssen Biotech, Inc.) in combination with amivantamab-vmjw (Rybrevant, Janssen Biotech, Inc.) for the first-line treatment of locally advanced or metastatic non-small cell lung cancer (NSCLC) with epidermal growth factor receptor (EGFR) exon 19 deletions or exon 21 L858R substitution mutations, as detected by an FDA-approved test. 8/19/2024
FDA approves neoadjuvant/adjuvant durvalumab for resectable non-small cell lung cancer On August 15, 2024, the Food and Drug Administration approved durvalumab (Imfinzi, AstraZeneca) with platinum-containing chemotherapy as neoadjuvant treatment, followed by single-agent durvalumab as adjuvant treatment after surgery for adults with resectable (tumors ≥ 4 cm and/or node positive) non-small cell lung cancer (NSCLC) and no known epidermal growth factor receptor (EGFR) mutations or anaplastic lymphoma kinase (ALK) rearrangements. 8/15/2024
FDA approves axatilimab-csfr for chronic graft-versus-host disease On August 14, 2024, the Food and Drug Administration approved axatilimab-csfr (Niktimvo, Incyte Corporation), a colony stimulating factor-1 receptor-blocking antibody, for the treatment of chronic graft-versus-host disease (cGVHD) after failure of at least two prior lines of systemic therapy in adult and pediatric patients weighing at least 40 kg. 8/14/2024
FDA approves vorasidenib for Grade 2 astrocytoma or oligodendroglioma with a susceptible IDH1 or IDH2 mutation On August 6, 2024, the Food and Drug Administration approved vorasidenib (Voranigo, Servier Pharmaceuticals LLC), an isocitrate dehydrogenase-1 (IDH1) and isocitrate dehydrogenase-2 (IDH2) inhibitor, for adult and pediatric patients 12 years and older with Grade 2 astrocytoma or oligodendroglioma with a susceptible IDH1 or IDH2 mutation, following surgery including biopsy, sub-total resection, or gross total resection. 8/6/2024
FDA grants accelerated approval to afamitresgene autoleucel for unresectable or metastatic synovial sarcoma On August 2, 2024, the Food and Drug Administration granted accelerated approval to afamitresgene autoleucel (TECELRA, Adaptimmune, LLC), a melanoma-associated antigen A4 (MAGE-A4)-directed genetically modified autologous T cell immunotherapy, for adults with unresectable or metastatic synovial sarcoma who have received prior chemotherapy, are HLA-A02:01P, -A02:02P, -A02:03P, or -A02:06P positive and whose tumor expresses the MAGE-A4 antigen as determined by FDA-approved or cleared companion diagnostic devices. 8/2/2024
FDA expands endometrial cancer indication for dostarlimab-gxly with chemotherapy On August 1, 2024, the Food and Drug Administration approved dostarlimab-gxly (Jemperli, GSK) with carboplatin and paclitaxel, followed by single-agent dostarlimab-gxly, for adult patients with primary advanced or recurrent endometrial cancer (EC). 8/1/2024
FDA approves daratumumab and hyaluronidase-fihj with bortezomib, lenalidomide, and dexamethasone for multiple myeloma On July 30, 2024, the Food and Drug Administration approved daratumumab and hyaluronidase-fihj (Darzalex Faspro, Janssen Research & Development, LLC) in combination with bortezomib, lenalidomide, and dexamethasone for induction and consolidation in patients with newly diagnosed multiple myeloma who are eligible for autologous stem cell transplant (ASCT). 7/30/2024
FDA grants accelerated approval to epcoritamab-bysp for relapsed or refractory follicular lymphoma On June 26, 2024, the Food and Drug Administration granted accelerated approval to epcoritamab-bysp (Epkinly, Genmab US, Inc.), a bispecific CD20-directed CD3 T-cell engager, for adult patients with relapsed or refractory follicular lymphoma (FL) after two or more lines of systemic therapy. 6/26/2024
FDA grants accelerated approval to adagrasib with cetuximab for KRAS G12C-mutated colorectal cancer On June 21, 2024, the Food and Drug Administration granted accelerated approval to adagrasib (Krazati; Mirati Therapeutics, Inc.) plus cetuximab for adults with KRAS G12C-mutated locally advanced or metastatic colorectal cancer (CRC), as determined by an FDA-approved test, who have received prior treatment with fluoropyrimidine-, oxaliplatin-, and irinotecan-based chemotherapy. 6/21/2024
FDA approves pembrolizumab with chemotherapy for primary advanced or recurrent endometrial carcinoma On June 17, 2024, the Food and Drug Administration approved pembrolizumab (Keytruda, Merck) with carboplatin and paclitaxel, followed by single-agent pembrolizumab, for adult patients with primary advanced or recurrent endometrial carcinoma. 6/17/2024
FDA approves blinatumomab as consolidation for CD19-positive Philadelphia chromosome-negative B-cell precursor acute lymphoblastic leukemia On June 14, 2024, the Food and Drug Administration approved blinatumomab (Blincyto, Amgen Inc.) for adult and pediatric patients one month and older with CD19-positive Philadelphia chromosome-negative B-cell precursor acute lymphoblastic leukemia (Ph-negative BCP ALL) in the consolidation phase of multiphase chemotherapy. 6/14/2024
FDA approves durvalumab with chemotherapy for mismatch repair deficient primary advanced or recurrent endometrial cancer On June 14, 2024, the Food and Drug Administration approved durvalumab (Imfinzi, AstraZeneca UK Limited) with carboplatin plus paclitaxel followed by single-agent durvalumab for adult patients with primary advanced or recurrent endometrial cancer that is mismatch repair deficient (dMMR). 6/14/2024
FDA grants accelerated approval to repotrectinib for adult and pediatric patients with NTRK gene fusion-positive solid tumors On June 13, 2024, the Food and Drug Administration granted accelerated approval to repotrectinib (AUGTYRO, Bristol-Myers Squibb Company) for adult and pediatric patients 12 years and older with solid tumors that have a neurotrophic tyrosine receptor kinase ( NTRK ) gene fusion, are locally advanced or metastatic or where surgical resection is likely to result in severe morbidity, and that have progressed following treatment or have no satisfactory alternative therapy. 6/13/2024
FDA approves selpercatinib for RET fusion-positive thyroid cancer On June 12, 2024, the Food and Drug Administration granted traditional approval to selpercatinib (Retevmo, Eli Lilly and Company) for adult and pediatric patients 2 years of age and older with advanced or metastatic RET fusion-positive thyroid cancer who require systemic therapy and who are radioactive iodine-refractory (if radioactive iodine is appropriate). 6/12/2024
FDA approves imetelstat for low- to intermediate-1 risk myelodysplastic syndromes with transfusion-dependent anemia On June 6, 2024, the Food and Drug Administration approved imetelstat (Rytelo, Geron Corporation), an oligonucleotide telomerase inhibitor, for adults with low- to intermediate-1 risk myelodysplastic syndromes (MDS) with transfusion-dependent anemia requiring four or more red blood cell units over 8 weeks who have not responded to or have lost response to or are ineligible for erythropoiesis-stimulating agents (ESAs). 6/6/2024
FDA approves lisocabtagene maraleucel for relapsed or refractory mantle cell lymphoma On May 30, 2024, the Food and Drug Administration approved lisocabtagene maraleucel (Breyanzi, Juno Therapeutics, Inc.) for adult patients with relapsed or refractory mantle cell lymphoma (MCL) who have received at least two prior lines of systemic therapy, including a Bruton tyrosine kinase inhibitor (BTKi). 5/30/2024
FDA grants accelerated approval to selpercatinib for pediatric patients two years and older with RET-altered metastatic thyroid cancer or solid tumors On May 29, 2024, the Food and Drug Administration granted accelerated approval to selpercatinib (Retevmo, Eli Lilly and Company) for pediatric patients two years of age and older. 5/29/2024
FDA grants accelerated approval to tarlatamab-dlle for extensive stage small cell lung cancer On May 16, 2024, the Food and Drug Administration granted accelerated approval to tarlatamab-dlle (Imdelltra, Amgen, Inc.) for extensive stage small cell lung cancer (ES-SCLC) with disease progression on or after platinum-based chemotherapy. 5/16/2024
FDA grants accelerated approval to lisocabtagene maraleucel for follicular lymphoma On May 15, 2024, the Food and Drug Administration granted accelerated approval to lisocabtagene maraleucel (Breyanzi, Juno Therapeutics, Inc.) for adults with relapsed or refractory follicular lymphoma (FL) who have received two or more prior lines of systemic therapy. 5/15/2024
FDA approves tisotumab vedotin-tftv for recurrent or metastatic cervical cancer On April 29, 2024, the Food and Drug Administration granted traditional approval to tisotumab vedotin-tftv (Tivdak, Seagen Inc. [now a part of Pfizer Inc.]) for recurrent or metastatic cervical cancer with disease progression on or after chemotherapy. Tisotumab vedotin-tftv previously received accelerated approval for this indication. 4/29/2024
FDA grants accelerated approval to tovorafenib for patients with relapsed or refractory BRAF-altered pediatric low-grade glioma On April 23, 2024, the Food and Drug Administration granted accelerated approval to tovorafenib (Ojemda, Day One Biopharmaceuticals, Inc.) for patients 6 months of age and older with relapsed or refractory pediatric low-grade glioma (LGG) harboring a BRAF fusion or rearrangement, or BRAF V600 mutation. 4/23/2024
FDA approves lutetium Lu 177 dotatate for pediatric patients 12 years and older with GEP-NETS On April 23, 2024, the Food and Drug Administration approved lutetium Lu 177 dotatate (Lutathera, Advanced Accelerator Applications USA, Inc., a Novartis company) for pediatric patients 12 years and older with somatostatin receptor (SSTR)-positive gastroenteropancreatic neuroendocrine tumors (GEP-NETs), including foregut, midgut, and hindgut neuroendocrine tumors. Lutetium Lu 177 dotatate received approval for this indication for adults in 2018. 4/23/2024
FDA approves nogapendekin alfa inbakicept-pmln for BCG-unresponsive non-muscle invasive bladder cancer On April 22, 2024, the Food and Drug Administration approved nogapendekin alfa inbakicept-pmln (Anktiva, Altor BioScience, LLC) with Bacillus Calmette-Guérin (BCG) for adult patients with BCG-unresponsive non-muscle invasive bladder cancer (NMIBC) with carcinoma in situ (CIS) with or without papillary tumors. 4/22/2024
FDA approves alectinib as adjuvant treatment for ALK-positive non-small cell lung cancer On April 18, 2024, the Food and Drug Administration approved alectinib (Alecensa, Genentech, Inc.) for adjuvant treatment following tumor resection in patients with anaplastic lymphoma kinase (ALK)-positive non-small cell lung cancer (NSCLC), as detected by an FDA-approved test. 4/18/2024
FDA grants accelerated approval to fam-trastuzumab deruxtecan-nxki for unresectable or metastatic HER2-positive solid tumors On April 5, 2024, the Food and Drug Administration granted accelerated approval to fam-trastuzumab deruxtecan-nxki (Enhertu, Daiichi Sankyo, Inc.) for adult patients with unresectable or metastatic HER2-positive (IHC3+) solid tumors who have received prior systemic treatment and have no satisfactory alternative treatment options. 4/5/2024
FDA approves mirvetuximab soravtansine-gynx for FRα positive, platinum-resistant epithelial ovarian, fallopian tube, or primary peritoneal cancer On March 22, 2024, the Food and Drug Administration approved mirvetuximab soravtansine-gynx (Elahere, ImmunoGen, Inc. [now a part of AbbVie]) for adult patients with FRα positive, platinum-resistant epithelial ovarian, fallopian tube, or primary peritoneal cancer, who have received one to three prior systemic treatment regimens. Patients are selected based on an FDA-approved test. 3/22/2024
FDA approves safety labeling changes regarding DPD deficiency for fluorouracil injection products On March 21, 2024, the Food and Drug Administration approved safety labeling changes for fluorouracil injection products. This effort was a collaboration between FDA’s Office of Generic Drugs and the Oncology Center of Excellence (OCE). 3/21/2024
FDA grants accelerated approval to ponatinib with chemotherapy for newly diagnosed Philadelphia chromosome-positive acute lymphoblastic leukemia On March 19, 2024, the Food and Drug Administration granted accelerated approval to ponatinib (Iclusig, Takeda Pharmaceuticals U.S.A., Inc.) with chemotherapy for adult patients with newly diagnosed Philadelphia chromosome-positive acute lymphoblastic leukemia (Ph+ ALL). 3/19/2024
FDA grants accelerated approval to zanubrutinib for relapsed or refractory follicular lymphoma On March 7, 2024, the Food and Drug Administration granted accelerated approval to zanubrutinib (Brukinsa, BeiGene USA, Inc.) with obinutuzumab for relapsed or refractory follicular lymphoma (FL) after two or more lines of systemic therapy. 3/7/2024
FDA approves nivolumab in combination with cisplatin and gemcitabine for unresectable or metastatic urothelial carcinoma On March 6, 2024, the Food and Drug Administration approved nivolumab (Opdivo, Bristol-Myers Squibb Company) in combination with cisplatin and gemcitabine for first-line treatment of adult patients with unresectable or metastatic urothelial carcinoma (UC). 3/7/2024
FDA approves inotuzumab ozogamicin for pediatric patients with acute lymphoblastic leukemia On March 6, 2024, the Food and Drug Administration approved inotuzumab ozogamicin (Besponsa, Pfizer) for pediatric patients 1 year and older with relapsed or refractory CD22-positive B-cell precursor acute lymphoblastic leukemia (ALL). 3/6/2024
FDA approves amivantamab-vmjw for EGFR exon 20 insertion-mutated non-small cell lung cancer indications On March 1, 2024, the Food and Drug Administration approved amivantamab-vmjw (Rybrevant, Janssen Biotech, Inc.) with carboplatin and pemetrexed for the first-line treatment of locally advanced or metastatic non-small cell lung cancer (NSCLC) with epidermal growth factor receptor (EGFR) exon 20 insertion mutations, as detected by an FDA-approved test. 3/1/2024
FDA approves osimertinib with chemotherapy for EGFR-mutated non-small cell lung cancer On February 16, 2024, the Food and Drug Administration approved osimertinib (Tagrisso, AstraZeneca Pharmaceuticals LP) with platinum-based chemotherapy for patients with locally advanced or metastatic non-small cell lung cancer (la/mNSCLC) whose tumors have EGFR exon 19 deletions or exon 21 L858R mutations, as detected by an FDA-approved test. 2/16/2024
FDA grants accelerated approval to lifileucel for unresectable or metastatic melanoma On February 16, 2024, the Food and Drug Administration granted accelerated approval to lifileucel (Amtagvi, Iovance Biotherapeutics, Inc.), a tumor-derived autologous T cell immunotherapy, for adult patients with unresectable or metastatic melanoma previously treated with a PD-1 blocking antibody, and if BRAF V600 positive, a BRAF inhibitor with or without a MEK inhibitor. 2/16/2024
FDA approves tepotinib for metastatic non-small cell lung cancer On February 15, 2024, the Food and Drug Administration granted traditional approval to tepotinib (Tepmetko, EMD Serono, Inc.) for adult patients with metastatic non-small cell lung cancer (NSCLC) harboring mesenchymal-epithelial transition (MET) exon 14 skipping alterations. 2/15/2024
FDA approves irinotecan liposome for first-line treatment of metastatic pancreatic adenocarcinoma On February 13, 2024, the Food and Drug Administration approved irinotecan liposome (Onivyde, Ipsen Biopharmaceuticals, Inc.) with oxaliplatin, fluorouracil, and leucovorin, for the first-line treatment of metastatic pancreatic adenocarcinoma. 2/13/2024
FDA approves erdafitinib for locally advanced or metastatic urothelial carcinoma On January 19, 2024, the Food and Drug Administration approved erdafitinib (Balversa, Janssen Biotech) for adult patients with locally advanced or metastatic urothelial carcinoma (mUC) with susceptible FGFR3 genetic alterations, as determined by an FDA-approved companion diagnostic test, whose disease has progressed on or after at least one line of prior systemic therapy. Erdafitinib is not recommended for the treatment of patients who are eligible for and have not received prior PD-1 or PD-L1 inhibitor therapy. This approval amends the indication previously granted under accelerated approval for patients with mUC with susceptible FGFR3 or FGFR2 alterations after prior platinum-containing chemotherapy. 1/18/2024
FDA approves pembrolizumab with chemoradiotherapy for FIGO 2014 Stage III-IVA cervical cancer On January 12, 2024, the Food and Drug Administration approved pembrolizumab (Keytruda, Merck) with chemoradiotherapy (CRT) for patients with FIGO 2014 Stage III-IVA cervical cancer. 1/12/2024
FDA approves enfortumab vedotin-ejfv with pembrolizumab for locally advanced or metastatic urothelial cancer On December 15, 2023, the Food and Drug Administration (FDA) approved enfortumab vedotin-ejfv (Padcev, Astellas Pharma) in combination with pembrolizumab (Keytruda, Merck) for patients with locally advanced or metastatic urothelial cancer (la/mUC). FDA previously granted accelerated approval to this combination for patients with la/mUC who are ineligible for cisplatin-containing chemotherapy. 12/15/2023
FDA approves belzutifan for advanced renal cell carcinoma On December 14, 2023, the Food and Drug Administration approved belzutifan (Welireg, Merck & Co., Inc.) for patients with advanced renal cell carcinoma (RCC) following a programmed death receptor-1 (PD-1) or programmed death-ligand 1 (PD-L1) inhibitor and a vascular endothelial growth factor tyrosine kinase inhibitor (VEGF-TKI). 12/14/2023
FDA approves eflornithine for adult and pediatric patients with high-risk neuroblastoma On December 13, 2023, the Food and Drug Administration approved eflornithine (IWILFIN, USWM, LLC) to reduce the risk of relapse in adult and pediatric patients with high-risk neuroblastoma (HRNB) who have demonstrated at least a partial response to prior multiagent, multimodality therapy including anti-GD2 immunotherapy. 12/13/2023
FDA grants accelerated approval to pirtobrutinib for chronic lymphocytic leukemia and small lymphocytic lymphoma On December 1, 2023, the Food and Drug Administration granted accelerated approval to pirtobrutinib (Jaypirca, Eli Lilly and Company) for adults with chronic lymphocytic leukemia or small lymphocytic lymphoma (CLL/SLL) who have received at least two prior lines of therapy, including a BTK inhibitor and a BCL-2 inhibitor. 12/1/2023
FDA approves nirogacestat for desmoid tumors On November 27, 2023, the Food and Drug Administration approved nirogacestat (OGSIVEO, SpringWorks Therapeutics, Inc.) for adult patients with progressing desmoid tumors who require systemic treatment. This is the first approved treatment for desmoid tumors. 11/27/2023
FDA approves enzalutamide for non-metastatic castration-sensitive prostate cancer with biochemical recurrence On November 16, 2023, the Food and Drug Administration approved enzalutamide (Xtandi, Astellas Pharma US, Inc.) for non-metastatic castration-sensitive prostate cancer (nmCSPC) with biochemical recurrence at high risk for metastasis (high-risk BCR). 11/17/2023
FDA approves capivasertib with fulvestrant for breast cancer On November 16, 2023, the Food and Drug Administration approved capivasertib (Truqap, AstraZeneca Pharmaceuticals) with fulvestrant for adult patients with hormone receptor (HR)-positive, human epidermal growth factor receptor 2 (HER2)-negative locally advanced or metastatic breast cancer with one or more PIK3CA/AKT1/PTEN-alterations, as detected by an FDA-approved test, following progression on at least one endocrine-based regimen in the metastatic setting or recurrence on or within 12 months of completing adjuvant therapy. 11/16/2023
FDA approves pembrolizumab with chemotherapy for HER2-negative gastric or gastroesophageal junction adenocarcinoma On November 16, 2023, the Food and Drug Administration approved pembrolizumab (Keytruda, Merck) with fluoropyrimidine- and platinum-containing chemotherapy for the first-line treatment of adults with locally advanced unresectable or metastatic HER2-negative gastric or gastroesophageal junction (GEJ) adenocarcinoma. 11/16/2023
FDA approves repotrectinib for ROS1-positive non-small cell lung cancer On November 15, 2023, the Food and Drug Administration approved repotrectinib (Augtyro, Bristol-Myers Squibb Company) for locally advanced or metastatic ROS1-positive non-small cell lung cancer (NSCLC). 11/15/2023
FDA approves fruquintinib in refractory metastatic colorectal cancer On November 8, 2023, the Food and Drug Administration approved fruquintinib (Fruzaqla, Takeda Pharmaceuticals, Inc.) for adult patients with metastatic colorectal cancer (mCRC) who received prior fluoropyrimidine-, oxaliplatin-, and irinotecan-based chemotherapy, an anti-VEGF therapy, and, if RAS wild-type and medically appropriate, an anti-EGFR therapy. 11/8/2023
FDA amends pembrolizumab’s gastric cancer indication On November 7, 2023, the Food and Drug Administration revised the existing indication of pembrolizumab (Keytruda, Merck) with trastuzumab, fluoropyrimidine, and platinum-containing chemotherapy for the first-line treatment of patients with locally advanced unresectable or metastatic HER2-positive gastric or gastroesophageal junction (GEJ) adenocarcinoma. This updated indication, which remains approved under accelerated approval regulations, restricts its use to patients whose tumors express PD-L1 (CPS ≥ 1) as determined by an FDA-approved test. 11/7/2023
FDA approves pembrolizumab with chemotherapy for biliary tract cancer On October 31, 2023, the Food and Drug Administration approved pembrolizumab (Keytruda, Merck) to be used with gemcitabine and cisplatin for locally advanced unresectable or metastatic biliary tract cancer (BTC). 10/31/2023
FDA approves toripalimab-tpzi for nasopharyngeal carcinoma On October 27, 2023, the Food and Drug Administration approved toripalimab-tpzi (LOQTORZ, Coherus BioSciences, Inc.) with cisplatin and gemcitabine for the first-line treatment of adults with metastatic or recurrent, locally advanced nasopharyngeal carcinoma (NPC). FDA also approved toripalimab-tpzi as a single agent for adults with recurrent unresectable or metastatic NPC with disease progression on or after a platinum-containing chemotherapy. 10/27/2023
FDA approves ivosidenib for myelodysplastic syndromes On October 24, 2023, the Food and Drug Administration approved ivosidenib (Tibsovo, Servier Pharmaceuticals LLC) for adult patients with relapsed or refractory myelodysplastic syndromes (MDS) with a susceptible isocitrate dehydrogenase-1 (IDH1) mutation, as detected by an FDA-approved test. 10/24/2023
FDA expands pediatric indication for entrectinib and approves new pellet formulation On October 20, 2023, the Food and Drug Administration granted accelerated approval to entrectinib (Rozlytrek, Genentech Inc.) for pediatric patients older than 1 month with solid tumors that have a neurotrophic tyrosine receptor kinase (NTRK) gene fusion without a known acquired resistance mutation, are metastatic or where surgical resection is likely to result in severe morbidity, and have progressed following treatment or have no satisfactory standard therapy. In August 2019, FDA granted accelerated approval to entrectinib for pediatric patients 12 years of age and older for this indication. 10/20/2023
FDA approves neoadjuvant/ adjuvant pembrolizumab for resectable non-small cell lung cancer On October 16, 2023, the Food and Drug Administration approved pembrolizumab (Keytruda, Merck) with platinum-containing chemotherapy as neoadjuvant treatment, and with continuation of single-agent pembrolizumab as post-surgical adjuvant treatment for resectable (tumors ≥4 cm or node positive) non-small cell lung cancer (NSCLC). 10/16/2023
FDA approves nivolumab for adjuvant treatment of Stage IIB/C melanoma On October 13, 2023, the Food and Drug Administration approved nivolumab (Opdivo, Bristol-Myers Squibb Company) for the adjuvant treatment of completely resected Stage IIB/C melanoma in patients 12 years and older. 10/13/2023
FDA approves encorafenib with binimetinib for metastatic non-small cell lung cancer with a BRAF V600E mutation On October 11, 2023, the Food and Drug Administration approved encorafenib (Braftovi, Array BioPharma Inc., a wholly owned subsidiary of Pfizer) with binimetinib (Mektovi, Array BioPharma Inc.) for adult patients with metastatic non-small cell lung cancer (NSCLC) with a BRAF V600E mutation, as detected by an FDA-approved test. 10/11/2023
FDA approves bosutinib for pediatric patients with chronic myelogenous leukemia On September 26, 2023, the Food and Drug Administration approved bosutinib (Bosulif, Pfizer) for pediatric patients 1 year of age and older with chronic phase (CP) Ph+ chronic myelogenous leukemia (CML) that is newly diagnosed (ND) or resistant or intolerant (R/I) to prior therapy. The FDA also approved a new capsule dosage form available in strengths of 50 mg and 100 mg. 9/26/2023
FDA approves new and updated indications for temozolomide under Project Renewal On September 14, 2023, the Food and Drug Administration (FDA) approved updated labeling for temozolomide (Temodar, Merck) under Project Renewal, an Oncology Center of Excellence (OCE) initiative aimed at updating labeling information for older oncology drugs to ensure information is clinically meaningful and scientifically up-to-date. This is the second drug to receive a labeling update under this pilot program. The first drug that received approval under Project Renewal was capecitabine (Xeloda). 9/14/2023
FDA approves melphalan as a liver-directed treatment for uveal melanoma On August 14, 2023, the Food and Drug Administration approved HEPZATO KIT (melphalan for Injection/Hepatic Delivery System) containing melphalan (HEPZATO, Delcath Systems, Inc.) as a liver-directed treatment for adult patients with uveal melanoma with unresectable hepatic metastases affecting less than 50% of the liver and no extrahepatic disease, or extrahepatic disease limited to the bone, lymph nodes, subcutaneous tissues, or lung that is amenable to resection or radiation. 8/14/2023
FDA grants accelerated approval to elranatamab-bcmm for multiple myeloma On August 14, 2023, the Food and Drug Administration granted accelerated approval to elranatamab-bcmm (Elrexfio, Pfizer, Inc.), a bispecific B-cell maturation antigen (BCMA)-directed CD3 T-cell engager, for adults with relapsed or refractory multiple myeloma who have received at least four prior lines of therapy, including a proteasome inhibitor, an immunomodulatory agent, and an anti-CD38 monoclonal antibody. 8/14/2023
FDA approves niraparib and abiraterone acetate plus prednisone for BRCA-mutated metastatic castration-resistant prostate cancer On August 11, 2023, the Food and Drug Administration approved the fixed dose combination of niraparib and abiraterone acetate (Akeega, Janssen Biotech, Inc.), with prednisone, for adult patients with deleterious or suspected deleterious BRCA-mutated castration-resistant prostate cancer (mCRPC), as determined by an FDA-approved test. 8/11/2023
FDA grants accelerated approval to talquetamab-tgvs for relapsed or refractory multiple myeloma On August 9, 2023, the Food and Drug Administration granted accelerated approval to talquetamab-tgvs (Talvey, Janssen Biotech, Inc.) adults with relapsed or refractory multiple myeloma who have received at least four prior lines of therapy, including a proteasome inhibitor, an immunomodulatory agent, and an anti-CD38 monoclonal antibody. 8/9/2023
FDA approves pralsetinib for non-small cell lung cancer with RET gene fusions On August 9, 2023, the Food and Drug Administration granted regular approval to pralsetinib (Gavreto, Genentech, Inc.) for adult patients with metastatic rearranged during transfection (RET) fusion-positive non-small cell lung cancer (NSCLC) as detected by an FDA-approved test. 8/9/2023
FDA approves trifluridine and tipiracil with bevacizumab for previously treated metastatic colorectal cancer On August 2, 2023, the Food and Drug Administration approved trifluridine and tipiracil (LONSURF, Taiho Oncology, Inc.) with bevacizumab, for metastatic colorectal cancer (mCRC) previously treated with fluoropyrimidine-, oxaliplatin- and irinotecan-based chemotherapy, an anti-VEGF biological therapy, and if RAS wild-type, an anti-EGFR therapy. FDA had previously approved single-agent LONSURF for this indication in September 2015. 8/2/2023
FDA approves dostarlimab-gxly with chemotherapy for endometrial cancer On July 31, 2023, the Food and Drug Administration approved dostarlimab-gxly (Jemperli, GlaxoSmithKline) with carboplatin and paclitaxel, followed by single-agent dostarlimab-gxly, for primary advanced or recurrent endometrial cancer (EC) that is mismatch repair deficient (dMMR), as determined by an FDA-approved test, or microsatellite instability-high (MSI-H). 7/31/2023
FDA approves quizartinib for newly diagnosed acute myeloid leukemia On July 20, 2023, the Food and Drug Administration approved quizartinib (Vanflyta, Daiichi Sankyo, Inc.) with standard cytarabine and anthracycline induction and cytarabine consolidation, and as maintenance monotherapy following consolidation chemotherapy, for the treatment of adult patients with newly diagnosed acute myeloid leukemia (AML) that is FLT3 internal tandem duplication (ITD)-positive, as detected by an FDA-approved test. 7/20/2023
FDA approves talazoparib with enzalutamide for HRR gene-mutated metastatic castration-resistant prostate cancer On June 20, 2023, the Food and Drug Administration approved talazoparib (Talzenna, Pfizer, Inc.) with enzalutamide for homologous recombination repair (HRR) gene-mutated metastatic castration-resistant prostate cancer (mCRPC). 6/20/2023
FDA grants accelerated approval to glofitamab-gxbm for selected relapsed or refractory large B-cell lymphomas On June 15, 2023, the Food and Drug Administration granted accelerated approval to glofitamab-gxbm (Columvi, Genentech, Inc.) for relapsed or refractory diffuse large B-cell lymphoma, not otherwise specified (DLBCL, NOS) or large B-cell lymphoma (LBCL) arising from follicular lymphoma, after two or more lines of systemic therapy. 6/16/2023
FDA approves olaparib with abiraterone and prednisone (or prednisolone) for BRCA-mutated metastatic castration-resistant prostate cancer On May 31, 2023, the Food and Drug Administration approved olaparib (Lynparza, AstraZeneca Pharmaceuticals LP) with abiraterone and prednisone (or prednisolone) for adult patients with deleterious or suspected deleterious BRCA-mutated (BRCAm) metastatic castration-resistant prostate cancer (mCRPC), as determined by an FDA-approved companion diagnostic test. 5/31/2023
FDA grants accelerated approval to epcoritamab-bysp for relapsed or refractory diffuse large B-cell lymphoma and high-grade B-cell lymphoma On May 19, 2023, the Food and Drug Administration granted accelerated approval to epcoritamab-bysp (Epkinly, Genmab US, Inc.) for relapsed or refractory diffuse large B-cell lymphoma (DLBCL) not otherwise specified, including DLBCL arising from indolent lymphoma, and high-grade B-cell lymphoma after two or more lines of systemic therapy. 5/19/2023
FDA approves polatuzumab vedotin-piiq for previously untreated diffuse large B-cell lymphoma, not otherwise specified, and high-grade B-cell lymphoma On April 19, 2023, the Food and Drug Administration approved polatuzumab vedotin-piiq (Polivy, Genentech, Inc.) with a rituximab product, cyclophosphamide, doxorubicin, and prednisone (R-CHP) for adult patients who have previously untreated diffuse large B-cell lymphoma (DLBCL), not otherwise specified (NOS), or high-grade B-cell lymphoma (HGBL) and who have an International Prognostic Index (IPI) score of 2 or greater. 4/19/2023
FDA approves omidubicel to reduce time to neutrophil recovery and infection in patients with hematologic malignancies On April 17, 2023, the Food and Drug Administration approved omidubicel-onlv (Omisirge, Gamida Cell Ltd.) for use in adult and pediatric patients (12 years and older) with hematologic malignancies who are planned for umbilical cord blood transplantation following myeloablative conditioning to reduce the time to neutrophil recovery and the incidence of infection. 4/17/2023
FDA grants accelerated approval to enfortumab vedotin-ejfv with pembrolizumab for locally advanced or metastatic urothelial carcinoma On April 3, 2023, the Food and Drug Administration granted accelerated approval to enfortumab vedotin-ejfv (Padcev, Astellas Pharma) with pembrolizumab (Keytruda, Merck) for patients with locally advanced or metastatic urothelial carcinoma who are ineligible for cisplatin-containing chemotherapy. 4/3/2023
FDA grants accelerated approval to retifanlimab-dlwr for metastatic or recurrent locally advanced Merkel cell carcinoma On March 22, 2023, the Food and Drug Administration granted accelerated approval to retifanlimab-dlwr (Zynyz, Incyte Corporation) for adult patients with metastatic or recurrent locally advanced Merkel cell carcinoma (MCC). 3/22/2023
FDA approves dabrafenib with trametinib for pediatric patients with low-grade glioma with a BRAF V600E mutation On March 16, 2023, the Food and Drug Administration approved dabrafenib (Tafinlar, Novartis) with trametinib (Mekinist, Novartis) for pediatric patients 1 year of age and older with low-grade glioma (LGG) with a BRAF V600E mutation who require systemic therapy. The FDA also approved new oral formulations of both drugs suitable for patients who cannot swallow pills. 3/16/2023
FDA expands early breast cancer indication for abemaciclib with endocrine therapy On March 3, 2023, the Food and Drug Administration (FDA) approved abemaciclib (Verzenio, Eli Lilly and Company) with endocrine therapy (tamoxifen or an aromatase inhibitor) for the adjuvant treatment of adult patients with hormone receptor (HR)-positive, human epidermal growth factor receptor 2 (HER2)-negative, node-positive, early breast cancer at high risk of recurrence. 3/3/2023
FDA grants regular approval to dostarlimab-gxly for dMMR endometrial cancer On February 9, 2023, the Food and Drug Administration (FDA) approved dostarlimab-gxly (Jemperli, GlaxoSmithKline LLC) for adult patients with mismatch repair deficient (dMMR) recurrent or advanced endometrial cancer, as determined by an FDA-approved test, that has progressed on or following a prior platinum-containing regimen in any setting and are not candidates for curative surgery or radiation. 2/9/2023
FDA approves sacituzumab govitecan-hziy for HR-positive breast cancer On February 3, 2023, the Food and Drug Administration (FDA) approved sacituzumab govitecan-hziy (Trodelvy, Gilead Sciences, Inc.) for unresectable locally advanced or metastatic hormone receptor (HR)-positive, human epidermal growth factor receptor 2 (HER2)-negative (IHC 0, IHC 1+ or IHC 2+/ISH-) breast cancer who have received endocrine-based therapy and at least two additional systemic therapies in the metastatic setting. 2/3/2023
FDA approves elacestrant for ER-positive, HER2-negative, ESR1-mutated advanced or metastatic breast cancer On January 27, 2023, the Food and Drug Administration (FDA) approved elacestrant (Orserdu, Stemline Therapeutics, Inc.) for postmenopausal women or adult men with ER-positive, HER2-negative, ESR1-mutated advanced or metastatic breast cancer with disease progression following at least one line of endocrine therapy. 1/27/2023
FDA grants accelerated approval to pirtobrutinib for relapsed or refractory mantle cell lymphoma On January 27, 2023, the Food and Drug Administration (FDA) granted accelerated approval to pirtobrutinib (Jaypirca, Eli Lilly and Company) for relapsed or refractory mantle cell lymphoma (MCL) after at least two lines of systemic therapy, including a BTK inhibitor. 1/27/2023
FDA approves pembrolizumab as adjuvant treatment for non-small cell lung cancer On January 26, 2023, the Food and Drug Administration (FDA) approved pembrolizumab (Keytruda, Merck) for adjuvant treatment following resection and platinum-based chemotherapy for stage IB (T2a ≥4 cm), II, or IIIA non-small cell lung cancer (NSCLC). 1/26/2023
FDA approves zanubrutinib for chronic lymphocytic leukemia or small lymphocytic lymphoma On January 19, 2023, the Food and Drug Administration (FDA) approved zanubrutinib (Brukinsa, BeiGene USA, Inc.) for chronic lymphocytic leukemia (CLL) or small lymphocytic lymphoma (SLL). 1/19/2023
FDA grants accelerated approval to tucatinib with trastuzumab for colorectal cancer On January 19, 2023, the Food and Drug Administration (FDA) granted accelerated approval to tucatinib (Tukysa, Seagen Inc.) in combination with trastuzumab for RAS wild-type HER2-positive unresectable or metastatic colorectal cancer that has progressed following fluoropyrimidine-, oxaliplatin-, and irinotecan-based chemotherapy. 1/19/2023
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Here's Why USA Rare Earth Stock Rocketed 81% Higher in the First Half of 2026
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Here
Here's Why USA Rare Earth Stock Rocketed 81% Higher in the First Half of 2026
Scott Levine, The Motley Fool
July 14, 2026 4 min read
- USAR
+3.74%
- ^GSPC
+0.89%
- NVDA
+1.97%
Underperforming the S&P 500 , shares of USA Rare Earth (NASDAQ: USAR) inched 3.7% higher in 2025, while the index rose 16.4%. The first half of 2026, however, featured a very different story. According to data provided by S&P Global Market Intelligence , shares of USA Rare Earth soared 81.3% through the first six months of 2026.
With analysts consistently providing bullish outlooks on the stock and the rare-earth company reporting progress toward commencing commercial operations, investors found sufficient cause to click the buy button over the past several months.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Image source: Getty Images.
Digging into the sources of this mining stock's rise
It didn't take long after the ball dropped before investors started bidding USA Rare Earth stock higher. Shares rose more than 88% in January after the company announced a partnership with the French government to develop a metal and alloy production facility in France that management expects to commence operations in late 2026.
Reporting progress toward the start of domestic operations, USA Rare Earth announced in late January that it had selected Fluor to assist with its Definitive Feasibility Study for the company's cornerstone Round Top Rare Earth Project in Texas. Plus, the company announced that it had signed a non-binding Letter of Intent with the U.S. Department of Commerce and entered into a collaboration with the U.S. Department of Energy, totaling about $1.6 billion in federal funding. In addition, the company announced $1.5 billion in private funding provided by Inflection Point.
Analysts also espoused a more bullish outlook on USA Rare Earth stock in the early part of the new year. On Jan. 26, Roth Capital hiked its price target to $35 from $25, and the following day, Benchmark boosted its price target to 45 from $15.
Despite a strong start to the year, shares dipped in February and March. But the decline didn't persist. In April, USA Rare Earth stock headed higher after the company reported that its subsidiary had poured commercial-grade yttrium (a rare-earth metal) at its facility in the United Kingdom. The company lauded the achievement, characterizing it as a milestone that sets it apart as one of the few companies to do so outside China.
Another catalyst for the stock's rise in April was the company's announcement that it had entered into a definitive agreement to acquire Serra Verde Group, a large-scale producer of all four magnetic rare-earths, including the valuable heavy rare-earth dysprosium, terbium, and yttrium, for about $2.8 billion. According to USA Rare Earth management, the acquisition will de-risk the company as Serra Verde is expected to achieve annualized run rate earnings before interest, taxes, depreciation, and amortization of $550-$650 million by the end of 2027.
Story Continues
How are things looking in the second half of the year?
Despite the strong performance in the first half of 2026, the second half of the year hasn't provided much for investors to celebrate, with shares sinking more than 20% as of this writing since June 30. For a speculative stock such as USA Rare Earth, the volatility is to be expected. Thus, those with lower risk tolerances who are interested in growth stocks that provide rare-earth exposure will be more interested in a rare-earth ETF .
Should you buy stock in USA Rare Earth right now?
Before you buy stock in USA Rare Earth, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and USA Rare Earth wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $395,679 ! Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,294,805 !
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*Stock Advisor returns as of July 13, 2026.
Scott Levine has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy .
Here's Why USA Rare Earth Stock Rocketed 81% Higher in the First Half of 2026 was originally published by The Motley Fool
Investors Buy the Semiconductor Dip in $40 Billion Flows Week
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Investors Buy the Semiconductor Dip in $40 Billion Flows Week
Investors Buy the Semiconductor Dip in $40 Billion Flows Week
Sumit Roy
July 14, 2026 4 min read
- ^GSPC
+0.89%
- CL=F
+0.70%
- VOO
+0.83%
- SMH
+4.52%
ETF Investing Tools Investors added almost $40 billion to U.S.-listed ETFs during the week ending Friday, July 10, pushing year-to-date inflows above $1.1 trillion.
Markets edged higher over the week, with the S&P 500 up around 1% but still sitting marginally below its June all-time high. Bond yields climbed to their highest level since May as a rise in oil prices reignited inflation concerns.
By category, U.S. fixed income ETFs led inflows at $12.4 billion, followed by international equity ETFs at $10.5 billion and U.S. equity at $10.3 billion. Inverse ETFs shed $306 million and commodity ETFs lost $168 million.
Among individual funds, the iShares Semiconductor ETF (SOXX) led with $5.3 billion in inflows, followed by the Vanguard S&P 500 ETF (VOO) at $4.4 billion.
SOXX's rival, the VanEck Semiconductor ETF (SMH) , took the No. 3 spot with $2.5 billion, while the Direxion Daily Semiconductor Bull 3X Shares (SOXL) was next with $2.4 billion and the Roundhill Memory ETF (DRAM) , a more specialized fund holding semiconductor names, picked up $1.7 billion.
After a massive run in Q2, semiconductor ETFs are pulling back to start Q3, but based on these inflows, some investors are treating the dip as a buying opportunity.
On the outflows side of the ledger, the Invesco QQQ Trust (QQQ) led with $8 billion in redemptions, and the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) shed $772 million.
For a full list of the top inflows and outflows from last week, see the tables below.
Top 10 Creations (All ETFs)
Ticker
Name
Net Flows ($, mm)
AUM ($, mm)
AUM % Change<
SOXX
iShares Semiconductor ETF
5,267.71
47,633.94
11.06
VOO
Vanguard S&P 500 ETF
4,396.15
985,576.97
0.45
SMH
VanEck Semiconductor ETF
2,494.63
73,195.16
3.41
SOXL
Direxion Daily Semiconductor Bull 3x Shares
2,394.00
25,319.98
9.45
IWM
iShares Russell 2000 ETF
2,125.43
83,752.91
2.54
DRAM
Roundhill Memory ETF
1,664.32
23,418.72
7.11
SPYM
SPDR Portfolio S&P 500 ETF
1,596.13
157,027.98
1.02
SGOV
iShares 0-3 Month Treasury Bond ETF
1,366.17
97,660.71
1.40
EFV
iShares MSCI EAFE Value ETF
1,308.43
25,924.80
5.05
LQD
iShares iBoxx $ Investment Grade Corporate Bond ETF
1,078.83
35,600.96
3.03
Top 10 Redemptions (All ETFs)
Ticker
Name
Net Flows ($, mm)
AUM ($, mm)
AUM % Change
QQQ
Invesco QQQ Trust Series I
-7,984.66
479,563.55
-1.66
SPY
SPDR S&P 500 ETF Trust
-5,296.45
776,864.47
-0.68
IVV
iShares Core S&P 500 ETF
-2,182.74
890,540.65
-0.25
HYG
iShares iBoxx $ High Yield Corporate Bond ETF
-772.44
16,745.10
-4.61
IQMM
ProShares GENIUS Money Market ETF
-680.23
19,840.02
-3.43
VUG
Vanguard Growth ETF
-495.51
222,066.06
-0.22
VLUE
iShares MSCI USA Value Factor ETF
-435.05
9,765.36
-4.46
SCZ
iShares MSCI EAFE Small-Cap ETF
-432.26
13,694.99
-3.16
FXI
iShares China Large-Cap ETF
-369.84
4,397.95
-8.41
KRE
SPDR S&P Regional Banking ETF
-328.77
4,752.97
-6.92
Story Continues
ETF Weekly Flows By Asset Class
Net Flows ($, mm)
AUM ($, mm)
% of AUM
Alternatives
855.62
142,485.84
0.60%
Asset Allocation
146.70
42,297.16
0.35%
Commodities E T Fs
-167.50
312,385.10
-0.05%
Currency
460.40
95,399.74
0.48%
International Equity
10,518.68
2,827,399.07
0.37%
International Fixed Income
3,528.34
438,387.78
0.80%
Inverse
-306.24
12,900.49
-2.37%
Leveraged
2,295.16
193,139.13
1.19%
Us Equity
10,252.73
9,561,005.42
0.11%
Us Fixed Income
12,384.51
2,142,632.26
0.58%
Total:
39,968.40
15,768,031.98
0.25%
Disclaimer: All data as of 6 a.m. Eastern time the date the article is published. Data is believed to be accurate; however, transient market data is often subject to subsequent revision and correction by the exchanges.
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GlobalFoundries (GFS) Announces Production Readiness of SLATE Wafer-to-Wafer Bonding Technology
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GlobalFoundries (GFS) Announces Production Readiness of SLATE Wafer-to-Wafer Bonding Technology
GlobalFoundries (GFS) Announces Production Readiness of SLATE Wafer-to-Wafer Bonding Technology
Maham Fatima
July 13, 2026 2 min read
- GFS
+4.54%
GlobalFoundries Inc. (NASDAQ: GFS ) is one of the best up and coming stocks to invest in right now . On June 23, GlobalFoundries announced the production readiness of its SLATE wafer-to-wafer bonding technology on its 9SW radio-frequency silicon-on-insulator platform. Manufactured at the company's 300mm facility in Singapore, this 3D integration solution is expected to ramp to volume production by the second half of 2027.
The SLATE technology allows designers to stack and integrate large-size field-effect transistors in vertical architectures, reducing die size by up to 45%. This capability helps decrease the total design area for radio-frequency components, such as antenna tuners and amplifiers, in space-constrained 5G mobile devices.
Here is Why Ambiq (AMBQ) is One of the Best Performing Semiconductor Stocks to Invest In Close-up of Silicon Die are being Extracted from Semiconductor Wafer and Attached to Substrate by Pick and Place Machine. Computer Chip Manufacturing at Fab. Semiconductor Packaging Process.
By combining the 9SW platform with advanced 3D packaging, GlobalFoundries Inc. (NASDAQ:GFS) aims to support the development of more compact and power-efficient cellular front-ends. An integrated process design kit is currently available to help designers begin prototyping for next-generation mobile and wireless applications.
GlobalFoundries Inc. (NASDAQ:GFS) is a leading multinational semiconductor manufacturer operating as a pure-play foundry, producing chips designed by other companies.
While we acknowledge the risk and potential of GFS as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than GFS and that has 10,000% upside potential, check out our report about the cheapest AI stock .
Disclosure: None. Follow Insider Monkey on Google News .
A GlobalFoundries Insider Sold 78% of His Company Shares. Here's a Closer Look at the Transaction.
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A GlobalFoundries Insider Sold 78% of His Company Shares. Here
A GlobalFoundries Insider Sold 78% of His Company Shares. Here's a Closer Look at the Transaction.
Robert Izquierdo, The Motley Fool
July 11, 2026 4 min read
- GFS
+4.54%
Michael James Hogan, Chief Strategy Officer of Globalfoundries Inc. (NASDAQ:GFS), reported the disposition of 2,800 ordinary shares on July 8, 2026 and July 9, 2026, according to a recent SEC Form 4 filing .
Transaction summary
Metric
Value
Transaction value
$187,124
Shares sold
2,700
Shares gifted
100
Post-transaction shares (directly held)
795
Post-transaction value
$55,419.45
Transaction value based on SEC Form 4 weighted average sale price ($66.83); post-transaction value based on July 09, 2026 market close ($69.71).
Key questions
- How has the insider's direct equity position changed following this activity?
Michael James Hogan reduced the direct holding of ordinary shares by 78%, retaining a post-transaction balance of 795 shares which represent the residual direct interest in the firm's equity.
- In what market context did this disposition occur?
The activity occurred following a period in which Globalfoundries shares delivered a 70% one-year return as of the July 9, 2026 market close, with the insider selling shares at $66.83 per share.
- What was the nature of these transactions?
The dispositions were performed under a Rule 10b5-1 plan. This indicates that the sale of 2,700 shares and the gift of 100 shares were pre-arranged, with the execution parameters established prior to the transaction dates to provide for systematic liquidity.
Company Overview
Metric
Value
Share Price (as of market close 2026-07-09)
$69.71
Market Capitalization
$38.2 billion
Revenue (TTM)
$6.8 billion
Net Income (TTM)
$778.0 million
Company Snapshot
- GlobalFoundries Inc. operates as a global semiconductor foundry specializing in the design and manufacturing of integrated circuits, including microprocessors, mobile application processors, baseband and network processors, radio frequency modems, microcontrollers, power management units, and microelectromechanical systems for a broad range of consumer and industrial electronic applications.
- The company generates revenue through a foundry business model, providing semiconductor manufacturing services to fabless design companies and original equipment manufacturers that require advanced chip production capabilities without maintaining their own fabrication facilities.
- GlobalFoundries serves a diverse customer base spanning telecommunications, automotive, industrial, consumer electronics, and computing sectors, with particular strength in serving mid-range and specialized semiconductor applications across global markets.
GlobalFoundries Inc. operates as one of the world's leading independent semiconductor foundries with a global manufacturing footprint and approximately 13,000 employees. The company has demonstrated strong financial performance with TTM revenue of $6.8 billion and net income of $778.0 million, reflecting robust demand for specialized semiconductor manufacturing services.
Story Continues
GlobalFoundries' competitive positioning is anchored by its advanced manufacturing capabilities, diversified customer base, and strategic focus on high-value semiconductor segments that support critical infrastructure and emerging technologies.
What this transaction means for investors
The sale of GlobalFoundries stock by Chief Strategy Officer Michael Hogan came at a time when shares experienced a substantial fall from the 52-week high of $92.55 reached on May 26. The price drop was due to investors cashing in after a strong run up in the second quarter, and a broader sell-off across the semiconductor sector.
Amidst this backdrop, it's not comforting for investors to see Hogan adding his dispositions to the fray, especially since it depleted nearly 80% of his holdings. Still, the transactions were pre-arranged as part of his Rule 10b5-1 plan, indicating they were non-discretionary in nature. Consequently, it seems Hogan's sales happened to coincide with Wall Street's rotation away from semiconductor stocks.
GlobalFoundries had a solid first quarter with sales of $1.6 billion, up 3% year over year, and excellent margin expansion as its gross margin rose to 27.6% compared to 22.4% in the previous year.
Should you buy stock in GlobalFoundries right now?
Before you buy stock in GlobalFoundries, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and GlobalFoundries wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $407,004 ! Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,244,599 !
Now, it's worth noting Stock Advisor's total average return is 924% — a market-crushing outperformance compared to 210% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor , and join an investing community built by individual investors for individual investors.
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*Stock Advisor returns as of July 10, 2026.
Robert Izquierdo has positions in GlobalFoundries. The Motley Fool has positions in and recommends GlobalFoundries. The Motley Fool has a disclosure policy .
A GlobalFoundries Insider Sold 78% of His Company Shares. Here's a Closer Look at the Transaction. was originally published by The Motley Fool
AAOI Soared 251%, But PSI Quietly Doubled Your Money Too
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AAOI Soared 251%, But PSI Quietly Doubled Your Money Too
AAOI Soared 251%, But PSI Quietly Doubled Your Money Too
Michael Williams
July 11, 2026 5 min read
- AAOI
+15.76%
- RDDT
+2.31%
- PSI
+7.59%
Quick Read
- AAOI surged 250% year-to-date, but PSI, a semiconductor ETF riding the same AI wave, delivered 102%, nearly doubling a $10,000 stake.
- AAOI dropped 25% in a single month while Reddit sentiment crashed from bullish to bearish in 72 hours, the part nobody screenshots.
- Many financial professionals are salespeople paid on what they push, not whether you end up wealthier. A fiduciary is the opposite. The SEC legally requires them to put your interests first. Advisor.com's free matching tool pairs you with vetted fiduciaries from major national firms, all in under three minutes. See who you match with today.
You saw the chart. Applied Optoelectronics ( NASDAQ:AAOI ) went vertical this year, and your feed will not shut up about it. The screenshots, the rocket emojis, the "full port" posts. And you didn't buy a single share.
Quality Stock Arts / Shutterstock.com The optical transceiver maker is up 250.57% year to date, riding the AI datacenter buildout that needs faster and faster fiber to move data between GPUs. That is the kind of return that ruins your week when you missed it.
Here is the twist: you didn't miss it. Not really.
The Number That Kills the FOMO
Over the same window, from December 31, 2025 through July 9, 2026, the Invesco Semiconductors ETF ( NYSEARCA:PSI ) returned 102.24%. A $10,000 stake at the start of the year sat at roughly $20,220 on July 9.
That is a serious return. A chip basket that more than doubled in a little over six months while you slept, worked, and refreshed your brokerage app in peace.
PSI is a basket of U.S.-listed semiconductor names, an index-tracking fund from Invesco that spreads exposure across the sector for an expense ratio of roughly 0.56%. You paid a rounding error to own the theme.
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Same Wave, Different Surfboard
The force that lifted Applied Optoelectronics is the broader AI capex wave: hyperscalers pouring money into datacenters, GPUs needing high-speed interconnects, and optical transceivers stepping up from 400G to 800G and 1.6 Tb products. AAOI's Q1 2026 datacenter revenue more than doubled year over year to $81.4 million, and CEO Thompson Lin said the company "completed our first volume shipment of our 800G products to one of our large hyperscale customers in Q1."
Story Continues
That same demand is why global semiconductor revenue hit $298.5 billion in Q1 2026, up 79.2% year over year, and why U.S. chip sales jumped 83.1% versus the prior year. The rising tide is real, and it lifted the whole sector, not just one Texas transceiver shop.
PSI's job is to own that tide as a basket. You don't have to know which company wins the 800G qualification race or which fab lands the next hyperscale contract. You just need exposure to the fact that hyperscalers are spending, and chips get bought either way. If you want a broader read on which names are riding this cycle, our team's 7 Stocks Powering the AI Boom report walks through the ecosystem in depth.
The Part Nobody Screenshots
Yes, AAOI holders made more. A lot more. 250.57% beats 102.24%, and it is not close.
Now the other side. AAOI has a beta of 3.687, a 52-week range of $18.50 to $233.67, and a habit of missing earnings estimates even when revenue is exploding. Q3 2025 saw 82.1% revenue growth alongside a wide EPS miss. Q1 2026 revenue grew 51.4% and the stock still missed the consensus loss estimate.
And in the past month alone, AAOI is down 24.97%. Reddit's r/wallstreetbets flipped from "ALL IN ON AAOI" posts on July 4 to a "Bottleneck bros are moving to Robotics" thread with 102 upvotes by July 7. Sentiment scores fell from 94 to 22 inside 72 hours. That is single-stock life. You get the top and the trapdoor in the same package.
PSI spreads that exposure across a basket of chip names. Any one blowup gets diluted. You give up the euphoric top of the trade. You also skip the part where a Reddit post empties the room.
Process Over Prediction
Chasing hot tickers is stock-picking with extra regret attached. You have to be right about the company, right about the timing, and lucky about the exit. Owning the theme through a diversified fund gets you most of the move with a fraction of the white-knuckle moments.
You didn't need to pick AAOI to profit from AI optics. You needed to be exposed to semiconductors while the AI capex cycle was running, and PSI was one straightforward way to do that. The stock-pickers who nailed AAOI deserve the win. The investor who owned the basket got most of the move without ever needing to be a hero.
Next time a ticker takes over your timeline, the useful question to ask is "what is the underlying driver, and do I already own it in some form?" Answer that clearly and the FOMO gets a lot quieter.
Are You Ready To Retire, Or Years Behind?
Most Americans have no idea where they actually stand. Most guess, or hope Social Security and a 401(k) will work out. Advisor.com's new matching tool gives you a real answer, free.
They pair you with a fiduciary (required by law to put YOUR interest first) with questions related to taxes, estate planning, retirement, insurance analysis, and more. See you who you match with today, and get the answers you need.
Contact editorial@247wallst.com for any questions or corrections.
Micron's $250 Billion Bet Could Reshape the AI Memory Race
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Micron
Micron's $250 Billion Bet Could Reshape the AI Memory Race
Jeffrey Neal Johnson, MarketBeat
July 10, 2026 6 min read
- MU
+12.17%
- SKHY
+13.75%
- financials
- options
- MU
NASDAQ
Key Points
- Interested in Micron Technology, Inc.? Here are five stocks we like better.
- Micron Technology accelerated its $250 billion domestic fabrication buildout, including a 10-year silicon supply deal with GlobalWafers to secure U.S.-based chip manufacturing.
- Micron is reportedly ramping HBM4 yields faster than expected, challenging SK Hynix's 57% market share ahead of its rival's $28 billion Nasdaq listing.
- Micron posted 345.8% year-over-year revenue growth and strong margins, while options traders reportedly targeted call strikes of $1,100 and $1,150 for August 2026.
Micron Technology (NASDAQ: MU) just accelerated a $250 billion domestic fabrication commitment, pouring concrete a full quarter ahead of schedule at its new Clay, New York mega-fab.
This capital deployment moves beyond standard capacity expansion. It represents the creation of a closed-loop U.S. manufacturing ecosystem that actively derisks the memory supercycle and insulates domestic production from volatility in the Taiwan Strait.
→ The SK Hynix IPO and 2027's AI Memory Squeeze
When capital expenditures reach a quarter-trillion dollars, the market takes notice. Understanding how this localized supply chain dominance impacts Micron's forward valuation and competitive positioning is critical for investors navigating the semiconductor sector.
Securing the Raw Silicon Foundation in Texas
Building a semiconductor fabrication plant requires years of planning, billions in capital, and a highly synchronized supply chain. Micron is tackling supply chain vulnerabilities head-on by allocating $3 billion to domestic sourcing initiatives.
→ Meta Platforms Stock Rises as Muse Spark 1.1 AI Model Debuts
The most pivotal piece of this allocation is a $500 million strategic financing agreement with GlobalWafers to secure raw silicon capacity at a new Texas facility. Raw silicon wafers are the foundational canvas of chipmaking. By locking in a 10-year domestic supply agreement, Micron ensures its New York and Idaho fabs will have the critical materials needed to operate without relying on trans-Pacific shipping routes. This localized infrastructure solidifies long-term dominance in the supply chain.
As enterprise companies and governments continue to demand secure AI infrastructure, a fully U.S.-based memory pipeline increasingly commands a definitive geopolitical safety premium.
→ This Dividend ETF Choice Could Shape Your Income Strategy Through 2026
Out-Executing SK Hynix on the HBM4 Battlefield
To understand current valuation dynamics, investors need to examine the architecture of a modern AI data center. Graphics processing units starve without High-Bandwidth Memory (HBM) feeding them information at lightning speed.
Story Continues
South Korean competitor SK Hynix currently dominates the HBM space with a 57% global market share. On July 10, SK Hynix expects to launch a formidable $28 billion Nasdaq listing to fund its own capacity expansion. While the capital raise is substantial, SK Hynix operates with a structural vulnerability. The company relies heavily on packaging and testing facilities located in regions exposed to friction in the South China Sea. If geopolitical tensions rise, their supply chain grinds to a halt.
Micron is moving aggressively to capture market share from SK Hynix and other competitors by out-executing its rivals on the manufacturing floor. Recent management commentary indicates Micron is achieving faster-than-expected defect reduction and yield ramps in its upcoming HBM4 architecture.
In semiconductor manufacturing, yield dictates everything. Yield measures the percentage of usable, defect-free chips that come off a silicon wafer. Higher yields equal fatter net margins and faster time-to-market. Micron's ability to scale domestic HBM4 yields directly threatens SK Hynix's market share, offering cloud service providers a more reliable, technologically superior product free from international shipping chokepoints.
Separating the Halo Effect From Pure-Play Alpha
When capital flows into a localized sector, neighboring businesses often catch a draft. Critically, GlobalWafers does not supply Micron alone—the same raw silicon feeds much of the domestic foundry base, including GlobalFoundries (NASDAQ: GFS), which has maintained a multi-year strategic partnership with GlobalWafers since 2021.
That shared pipeline is why GlobalFoundries experienced an immediate intraday price expansion as markets reacted to Micron's capital deployment. As Micron's capital derisks the broader domestic silicon ecosystem, foundries drawing from that same raw material pipeline stand to benefit from increased stability.
However, investors evaluating the sector should separate a sympathetic halo effect from pure-play AI infrastructure growth. A closer look at the fundamentals reveals a stark contrast in revenue quality between the two companies. GlobalFoundries operates as a pure-play contract manufacturer but relies heavily on legacy consumer electronics.
Smart mobile devices currently account for 34% of GlobalFoundries' revenue mix. While Micron posted a 345.8% year-over-year revenue growth driven by sold-out AI memory capacity, GlobalFoundries managed a modest 3.1% increase.
Forward projections point to EBITDA margin compression for GlobalFoundries, burdened by cyclical drag from the handset market. Trading at a steep forward price-to-earnings (P/E) ratio of 50.3 compared to a trailing P/E of 50.0, GlobalFoundries lacks the unhedged data center exposure that drives structural valuation breakouts.
Smart Money Front-Runs the Forward Multiple
Institutional money always leaves footprints, and the derivatives market suggests a significant bullish sentiment shift for Micron. Recent options data reveals aggressive out-of-the-money call sweeps targeting the $1,100 and $1,150 strikes expiring in August 2026. This highly targeted derivatives positioning suggests smart money is front-running a valuation re-rating ahead of the SK Hynix liquidity event.
The fundamentals support this institutional accumulation. Micron's trailing P/E ratio currently sits at 22, but its forward P/E compresses dramatically to 14. Those forward multiples signal anticipated earnings growth, heavily supported by recent quarterly performance. Micron just reported earnings per share of $25.11, beating consensus estimates by $3.72. Operating with net margins of 55.91% and a virtually nonexistent debt-to-equity ratio of 0.05, Micron's balance sheet is uniquely positioned to absorb the $250 billion expansion without destructive shareholder dilution.
Building Your Portfolio Around the Reshoring Trade
Semiconductors are no longer just technology products; they are critical sovereign assets. By aggressively reshoring its manufacturing footprint, Micron has recognized the vulnerability of its globalized memory supply chain and deployed a quarter-trillion-dollar solution.
As SK Hynix attempts to absorb $28 billion in capital to defend its incumbent status, the market is actively recalculating risk. Micron's accelerating HBM4 yields and domestic moat render offshore memory operators structurally vulnerable.
Investors looking to capitalize on this U.S. infrastructure buildout might consider adding Micron to their watchlists. As the AI memory supercycle continues to tighten global capacity and supply, companies that command physical supply chain security are uniquely positioned to dictate market pricing and capture dominant market share.
The article " Micron's $250 Billion Bet Could Reshape the AI Memory Race " was originally published by MarketBeat.
View MarketBeat's top stocks for July 2026 .
Taiwan Semiconductor Is a No-Brainer Buy Before July 16 Earnings. Here’s Why
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Taiwan Semiconductor Is a No-Brainer Buy Before July 16 Earnings. Here’s Why
Taiwan Semiconductor Is a No-Brainer Buy Before July 16 Earnings. Here’s Why
Joel South
July 10, 2026 3 min read
- 2330.TW
-0.41%
- GFS
+4.54%
- NVDA
+1.97%
- TSM
+5.55%
- INTC
+8.64%
Quick Read
- Prediction markets give TSM a 94.5% chance of beating Q2 consensus, with 17 Wall Street buy ratings, zero sells, and a base-case price target implying 16% upside.
- TSM already runs 2nm high-volume production while Intel Foundry posts operating losses and GlobalFoundries cannot compete above 12nm for AI accelerators.
- TSM's Q4 free cash flow surged 43% year-over-year, funding a $54 billion 2026 capex plan while Q1 gross margins expanded 390 basis points sequentially.
- Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Taiwan Semiconductor Manufacturing didn't make the cut. Grab the names FREE today .
Taiwan Semiconductor Manufacturing ( NYSE:TSM ) presents one of the cleanest large-cap setups heading into next Thursday's earnings report, and the setup gives retirement-focused investors a rare combination of visible earnings momentum, guided margin expansion and a valuation the growth rate already outruns.
24/7 Wall St
The Setup Into July 16
Monthly filings have already de-risked the earnings report. May 2026 consolidated revenue hit NT$416.98 billion, up 30.1% year-over-year, with Jan-May cumulative revenue of NT$1.96 trillion, up 30.0%. Management guided Q2 2026 revenue to $39.0 to $40.2 billion (32% YoY at midpoint) with gross margin at 65.5% to 67.5%. Polymarket traders assign a 94.5% probability that TSM beats consensus, and an 84% probability of Q2 revenue above $39 billion.
Valuation the Growth Rate Outruns
TSM trades at a 37x P/E against a forward EPS of $14.49, while the business runs 30%+ revenue growth and a Q1 gross margin of 66.2%. CEO C.C. Wei has guided full-year 2026 growth "above 30%" in USD, and the AI accelerator CAGR through 2029 is tracking in the higher 50s. The 247 base case sits at $514.04, or 15.81% upside, with the bull case at $536.23. Wall Street backs it up: 17 buy ratings against 2 holds and zero sells.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Taiwan Semiconductor Manufacturing didn't make the cut. Grab the names FREE today .
The Cash Machine Funds Itself
TSM Analyst Ratings — 24/7 Wall St. Q4 2025 free cash flow of NT$368.6 billion, +42.73% YoY, comfortably funds the aggressive $52 to $56 billion 2026 capex plan while margins keep expanding. Q4 gross margin of 62.3% blew past the 59% to 61% guide, and Q1 delivered a 390 bps sequential jump. TSM lifted the quarterly dividend to NT$6.00 for Q3 2025, with management reiterating a "sustainable and steadily increasing cash dividend per share" policy. For retirement investors reviewing income durability, our dividend ladder research pairs naturally with TSM's cash generation profile.
Story Continues
Head to Head: TSM Owns the Leading Edge
TSM Price Scenario — 24/7 Wall St. The obvious foundry alternative is Intel ( NASDAQ:INTC ) . TSM entered 2-nanometer high-volume manufacturing in Q4 2025 with good yield, running 74% of Q1 2026 wafer revenue on 7nm and below (36% from N5, 25% from N3). Intel Foundry lacks an external leading-edge customer base at anything close to that scale, and the segment continues to post operating losses.
GlobalFoundries ( NASDAQ:GFS ) tops out above 12nm, ceding the entire AI accelerator opportunity by design. HPC drove 61% of Q1 2026 revenue, up 20% sequentially. Wei's own words on the moat: "It takes 2 to 3 years to build a new fab. And it takes another 1 to 2 years to ramp it up."
TSM has already gained nearly 37% year to date, and the setup into Thursday says the run continues. The setup argues for accumulation ahead of the July 16 open.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Taiwan Semiconductor Manufacturing didn't make the cut. Grab the names FREE today .
Contact editorial@247wallst.com for any questions or corrections.
IEA 2026年7月石油市场报告
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中文摘要
- IEA预计2026年全球石油需求同比减少100万桶/日，2027年增加200万桶/日。
- 全球石油供应6月回升410万桶/日至9880万桶/日；IEA预计2026年平均供应为1.026亿桶/日，同比减少370万桶/日。
- 6月全球可观察石油库存增加2100万桶，为四个月来首次增加；IEA同时记录OECD库存当月减少6200万桶。
- IEA明确表示供需预测取决于霍尔木兹海峡运输恢复和冲突演变。
英文原文
IEA 2026年7月石油市场报告
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Circle Receives Final OCC Approval to Establish National Trust Bank
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中文摘要
- Circle宣布获得OCC最终批准，可设立Circle National Trust。
- 公司称该信托银行开业后将为Circle及关联方提供受托数字资产托管；直接面向有限机构客户和USDC储备管理属于未来能力。
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Circle Receives Final OCC Approval to Establish National Trust Bank
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SandboxAQ CEO: “It’s Time That America Really Has a Sovereign Wealth Fund.” Why America Should Copy Norway’s $2 Trillion Fund
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SandboxAQ CEO: “It’s Time That America Really Has a Sovereign Wealth Fund.” Why America Should Copy Norway’s $2 Trillion Fund
SandboxAQ CEO: “It’s Time That America Really Has a Sovereign Wealth Fund.” Why America Should Copy Norway’s $2 Trillion Fund
Thomas Richmond
July 10, 2026 3 min read
- IBM
-1.17%
- SAAQ.PVT
- NVDA
+1.97%
- GFS
+4.54%
Quick Read
- IBM secured $1 billion and GlobalFoundries $375 million in CHIPS Act quantum foundry investments, part of $2 billion in Commerce Department incentives announced in May.
- Hidary argues America needs a sovereign wealth fund modeled on Norway's $2 trillion vehicle to strategically deploy federal capital into deep-tech sectors.
- Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and IBM didn't make the cut. Grab the names FREE today .
Artificial intelligence may be the biggest technology race in the world, but SandboxAQ CEO Jack Hidary believes the United States is still investing with the wrong playbook.
janews / Shutterstock.com Speaking on CNBC on Thursday, July 9, Hidary argued that America should treat strategic technologies the way countries like Norway manage national wealth by making long-term investments in industries that strengthen economic competitiveness. The timing of his comments was notable, coming alongside a $500 million federal award for SandboxAQ's large quantitative models (LQMs) and growing government support for quantum computing and advanced manufacturing.
Why Hidary Wants a U.S. Sovereign Wealth Fund
Hidary framed recent federal equity stakes and grants as part of a broader capital strategy, not one-off subsidies. "Many countries out there have a sovereign wealth fund. Norway has a very successful one now at $2 trillion . It's time that America really has a sovereign wealth fund to really push forward the core technologies that advance our economy," he said on CNBC.
He tied that thesis directly to domestic capacity. "This investment in SandboxAQ and in other companies... [is] really part of a larger picture of a sovereign wealth strategy that builds value for the American taxpayer , builds resiliency so that we can build semiconductors in America , so that we can build the advanced pharmaceuticals in America as well ," Hidary added.
Oslo's Government Pension Fund Global in Norway, valued at $2 trillion, functions as a long-duration equity investor funded by resource revenues. Hidary's version would deploy federal capital into deep-tech companies whose outputs, from battery chemistries to pharmaceutical candidates, feed strategic industries.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and IBM didn't make the cut. Grab the names FREE today .
The $500 Million CHIPS Award and What LQMs Do
SandboxAQ announced it had won a $500 million award from the Department of Commerce's CHIPS program for its large quantitative models. LQMs sit alongside large language models in the current AI stack but are engineered to reason about numerical and physical systems rather than text. Hidary said the models can produce novel battery chemistries without relying on foreign raw-material sources, an explicit response to supply-chain concentration in critical minerals.
Story Continues
His framing of the addressable opportunity was blunt. "If you want to make a new drug for cancer, for Alzheimer's, if you want to make a new material for batteries... we just won the award from the CHIPS program of the Department of Commerce. 500 million award for our LQMs," he said. Because 85% of the U.S. economy is quantitatively based, the target market for quantitative reasoning tools stretches across pharma, energy, materials, and financial services.
SandboxAQ's models are now available on the Google Cloud Marketplace to enterprise customers. Placing LQMs inside an existing procurement channel shortens sales cycles for regulated buyers that already run workloads on Google Cloud.
Quantum Computing May Be the Next Federal Investment Wave
Hidary's sovereign-wealth argument fits alongside the Commerce Department's broader quantum push. On May 21, 2026, the department announced $2.013 billion in federal incentives under the CHIPS and Science Act through letters of intent with 9 companies, including two quantum foundries and seven quantum computing companies.
IBM ( NYSE:IBM ) was slated to receive $1 billion in planned funding to establish a new quantum foundry subsidiary for quantum-grade superconducting wafers, and GlobalFoundries ( NASDAQ:GFS ) was set for $375 million in planned funding to establish a secure, domestic quantum foundry.
Hidary flagged that program as an underappreciated catalyst. "The Department of Commerce recently announced letters of intent in a number of quantum hardware companies. I think that could be a very big positive for that sector," he said.
For readers interested in how AI power demand and infrastructure could create new opportunities, our team's Free Report: 7 Stocks Powering the AI Boom (That Aren't Chipmakers) is worth reading.
What to Watch Next
Hidary's proposal reaches well beyond SandboxAQ. His broader argument is that America should treat strategic technologies as long-term national investments rather than as isolated corporate subsidies.
The next clues will come from Washington. Additional CHIPS awards, enterprise adoption of SandboxAQ's models through Google Cloud Marketplace, and any movement toward a U.S. sovereign investment vehicle would all signal whether policymakers are embracing the capital-allocation strategy Hidary envisions.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and IBM didn't make the cut. Grab the names FREE today .
Contact editorial@247wallst.com for any questions or corrections.
GlobalFoundries Shares Rise After Micron Expands U.S. Semiconductor Supply Chain Investment (GFS)
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GlobalFoundries Shares Rise After Micron Expands U.S. Semiconductor Supply Chain Investment (GFS)
GlobalFoundries Shares Rise After Micron Expands U.S. Semiconductor Supply Chain Investment (GFS)
Fiona Craig
July 9, 2026 2 min read
- MU
+12.17%
- GFS
+4.54%
- 6488.TWO
+5.81%
Semiconductor ©PickPik
Micron Investment Boosts Confidence in U.S. Chip Manufacturing
GlobalFoundries Inc. (NASDAQ:GFS) shares climbed 6% after Micron Technology Inc. (NASDAQ:MU) unveiled plans to invest up to $3 billion to strengthen the U.S. semiconductor supply chain.
As part of the initiative, Micron will provide $500 million in strategic financing to GlobalWafers Co., Ltd. to support construction of its 300mm silicon wafer manufacturing facility in Sherman, Texas. The companies also intend to enter into a 10-year supply agreement that will secure long-term access to wafer production capacity for Micron.
Existing Partnership Supports Positive Sentiment
Although GlobalFoundries was not directly referenced in Micron's announcement, investors responded positively because GlobalWafers has an established long-term strategic partnership and multi-year supply agreement with GlobalFoundries.
That relationship positions GlobalFoundries to benefit from continued investment in domestic semiconductor manufacturing as the U.S. expands its chip production capabilities.
Micron's broader investment strategy is designed to strengthen the availability of critical manufacturing materials while supporting rising demand for advanced memory and storage products driven by artificial intelligence and other data-intensive technologies.
"Securing a reliable supply of critical input materials is essential to supporting Micron's long-term growth and technology roadmap," said Ben Tessone, senior vice president and chief procurement officer at Micron Technology.
Long-Term Collaboration Continues to Expand
GlobalWafers said the latest agreement builds on an already well-established relationship between the two companies.
"Micron has long been an important partner of GlobalWafers, and we are honored to further deepen our strategic collaboration and jointly support the stable supply of critical materials for the semiconductor industry," said Doris Hsu, Chairperson and CEO of GlobalWafers.
GlobalWafers is currently the only supplier participating in the CHIPS for America Program capable of producing advanced 300mm raw silicon wafers within the United States.
The proposed agreement remains subject to definitive documentation, customary regulatory approvals and standard closing conditions. The companies also plan to explore joint development of next-generation wafer technologies and future semiconductor manufacturing processes.
Global Foundries stock price
Micron Technology stock price
New Memory ETFs Line Up to Challenge Runaway DRAM
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New Memory ETFs Line Up to Challenge Runaway DRAM
New Memory ETFs Line Up to Challenge Runaway DRAM
Sumit Roy
July 9, 2026 6 min read
- 000660.KS
+7.84%
- KMEM
+11.62%
- HBMX
+8.28%
- DRAM
+10.91%
- 005930.KS
+5.40%
The Roundhill Memory ETF (DRAM) is one of the most successful fund launches of all time. Since coming to market on April 2, it has pulled in more than $21 billion of net inflows while its share price has nearly tripled, pushing assets close to $26 billion.
All of that happened in roughly three months, which makes DRAM the fastest-growing ETF on record.
The timing could not have been better. DRAM launched just as memory stocks were going vertical, driven by one of the sharpest supply/demand imbalances the industry has ever seen.
Before DRAM, it wasn't easy for U.S. investors to play the memory theme. Two of the biggest names in the space, SK Hynix and Samsung, do not trade on U.S. exchanges (the former is set to list ADRs on the Nasdaq this Friday), so investors who wanted the exposure were buying South Korea funds like the iShares MSCI South Korea ETF (EWY) , which included the memory giants along with a host of unrelated stocks.
DRAM gave them a pure-play alternative aimed squarely at memory.
But given the enormous inflows DRAM has seen, it was only a matter of time before other issuers tried to peel off a piece for themselves. Three have shown up so far, but interestingly, none is competing on price.
DRAM charges 0.65%, and the newcomers run from a matching 0.65% up to 0.95%. Instead, each is trying to stake out a different slice of the memory theme.
What These Funds Own
It helps to understand the memory industry before comparing the funds. Memory chips come in two broad flavors. DRAM (the type of memory, not the ETF) is the fast, volatile working memory that loses its contents the moment the power goes off, and high-bandwidth memory, or HBM, is a premium version of it, built by stacking DRAM chips vertically and wiring them together so data can move at very high speeds.
HBM is the component that sits right next to the GPUs in an AI server, and it is the biggest bottleneck in the current build-out.
NAND flash is the other category, the non-volatile storage that holds data whether the power is on or not, and the stuff inside solid-state drives.
The big three, SK Hynix, Samsung and Micron, dominate DRAM and HBM. They make NAND too, and Samsung is in fact the biggest NAND producer, but their profits come mostly from the DRAM and HBM side right now.
Kioxia and SanDisk are the pure NAND plays, with no DRAM or HBM businesses of their own.
DRAM, the ETF, focuses on, well, DRAM. SK Hynix, Samsung and Micron—the three companies that dominate HBM—each make up roughly a quarter of the portfolio, about three-quarters of the fund between them, with SanDisk, Seagate, Western Digital, Kioxia and a handful of others filling out the rest.
Story Continues
HBMX Reaches Beyond the Chipmakers
The first challenger to DRAM was the Tuttle Capital Concentrated Memory Stack ETF (HBMX) , which launched June 2 and charges 0.95%. Tuttle casts a wider net, targeting the whole "memory semiconductor ecosystem," which means not just the chipmakers but the companies that supply the equipment, materials and services used to build memory.
Micron sits around 9% and SanDisk around 5%, but the fund also holds Applied Materials near 8%, ASML at 6% and Lam Research at 6%. Those equipment makers do supply the memory manufacturers, but they also sell to logic customers like TSMC, so their fortunes track overall semiconductor capex rather than memory specifically.
That makes HBMX less of a pure memory bet and more of a memory-plus-semicap play.
KMEM Tilts Hard Toward SK Hynix
The Kurv Memory Select ETF (KMEM) went the other way. It launched July 1, matches DRAM's 0.65% fee, and doubles down on the big three. SK Hynix alone is about 42% of the portfolio, with Micron near 20% and Samsung around 19%.
So like DRAM, roughly three-quarters of the fund sits in the HBM trio, only with a much heavier tilt toward SK Hynix, which holds the largest share of the HBM market and, in Kurv's telling, trades cheaper than its peers.
It is almost an attempt to out-DRAM DRAM. If you are more bullish on SK Hynix in particular, this is one way to express it.
DISK Bets on Flash Instead
The Tema Memory ETF (DISK) , which launched June 30 at 0.75%, is the one doing something genuinely interesting. It stays inside the memory theme but deliberately leans away from HBM.
Its top holdings are Kioxia at about 17% and SanDisk at 16%, with Samsung around 9%, SK Hynix near 8% and Micron further down the list at 5%.
Kioxia and SanDisk are storage and NAND-flash names rather than HBM producers, so DISK is effectively betting on the parts of the memory market that the HBM-heavy funds underweight.
Of the three, it is the most differentiated from DRAM while still being unmistakably a memory fund.
Tema's Case
DISK's tilt is a deliberate call on where memory demand is heading, and Tema's chief investment officer, Yuri Khodjamirian, laid out the case for overweighting NAND in an interview with ETF.com.
On the demand side, memory is eating up a growing share of what hyperscalers spend, by the firm's estimate somewhere around 30% of the bill of materials this year and potentially closer to half within a year or two.
DRAM is the expensive part of that bill, and as agentic AI widens context windows, with agents spinning up other agents and each one needing to hold its own instructions in working memory, keeping all of it in DRAM and HBM starts to get prohibitively expensive.
Tema's bet is that data centers increasingly offload some of that context onto cheaper flash, which plays straight to the NAND names.
Meanwhile, on the supply side, because DRAM and HBM carry much fatter margins right now, the manufacturers that make both are steering fab capacity toward them and away from NAND, which tightens the flash market and pushes prices up.
Of course, there is a risk to this bet. DRAM and HBM are where the fattest margins and the clearest AI demand sit today, so leaning away from them means tilting toward a more commodity-like and more cyclical corner of memory.
NAND has historically been more volatile on pricing and quicker to see its margins compress when the cycle turns, and the context-offload thesis is a forecast rather than a fact.
If HBM demand keeps surging and the shift toward flash arrives slowly, DISK's NAND overweight could cause it to lag the HBM-heavy funds.
Early Traction
The flows for the three DRAM ETF competitors have so far been modest, but it's early days. Each of the three has taken in somewhere around $30 million since launch.
For HBMX, which has had roughly a month to gather assets, that isn't much to write home about. For DISK and KMEM, both barely a week old, it is a solid start.
The more important question for investors is whether they are worth owning. I won't make an investment call here, but to me, DISK appears the most differentiated versus DRAM.
The ETF gives you memory without the massive overweight in the HBM names, which is smart product positioning on the part of Tema, but also potentially compelling for investors who are bullish on NAND.
HBMX is the one I would question. Reaching into equipment makers and the broader ecosystem waters down the very thing that made DRAM a phenomenon—a clean and concentrated bet on memory.
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TSMC Outpaces Sector & Peers in a Year: Is the Stock Still a Buy?
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TSMC Outpaces Sector & Peers in a Year: Is the Stock Still a Buy?
TSMC Outpaces Sector & Peers in a Year: Is the Stock Still a Buy?
Moumi Mondal
July 8, 2026 5 min read
- TSM
+5.55%
- ^GSPC
+0.89%
- TSM
+5.55%
- GFS
+4.54%
- ON
+5.03%
The global semiconductor foundry market is attracting growing investor interest, driven by advancements in artificial intelligence (AI), machine learning, 5G and the Internet of Things (IoT). Foundries continue to heavily invest in research and development to offer advanced process nodes, helping meet demand for these high-tech applications. According to Fortune Business Insights, the market is projected to witness a CAGR of 3.4% through 2026-2034, expanding from $175.1 billion in 2025. Taiwan Semiconductor Manufacturing Company TSM, or TSMC, dominates this space with more than 70% market share.
Over the past year, the stock has surged 90.4%, outperforming the Zacks Computer and Technology sector's 37.2% gain and the S&P 500 composite's 24.9% return. TSMC also outpaced peers GlobalFoundries GFS and ON Semiconductor ON, or onsemi, both of which gained 58.9% over the same period.
TSM Stock's 12-month Performance
Zacks Investment Research
Image Source: Zacks Investment Research
Based on its last closing price, TSM stock is trading above its 50-day and 200-day simple moving averages (SMAs), signaling sustained bullish momentum.
TSM Technical Indicator
Zacks Investment Research
Image Source: Zacks Investment Research
Tailwinds Supporting TSMC
TSMC reported May 2026 consolidated net revenues of NT$416.98 billion (New Taiwan Dollars), up 1.5% from April 2026 and 30.1% from May 2025. For the first five months of 2026, consolidated revenues totaled NT$1.96 trillion, marking a 30% increase compared with the same period last year.
Robust AI-related demand underpins the company's growth outlook. Management stated that the shift from generative AI and the query mode to agentic AI and command and action mode is driving higher token consumption and increasing the need for computation, supporting demand for leading-edge silicon. TSMC continues to see a strong signal and positive outlook from its customers as well as cloud service providers, maintaining a high level of conviction in the multiyear AI megatrend.
Performance-wise, first-quarter 2026 revenues increased 6.4% sequentially to $35.9 billion, slightly ahead of the company's guidance. Gross margin expanded by 390 basis points (bps) sequentially to 66.2%, driven by cost improvement efforts, a higher overall capacity utilization rate and a more favorable foreign exchange rate. Operating margin improved 410 bps sequentially to 58.1% due to operating leverage.
TSMC's 2-nanometer (N2) and A16 technologies continue to lead the industry in addressing the demand for energy-efficient computing, with almost all the innovators working with TSMC. N2 is ramping up successfully in multiple phases at both the company's Hsinchu and Kaohsiung sites, led by strong demand from both smartphone and High-Performance Computing ("HPC") AI applications.
Story Continues
At the same time, the company is stepping up its capital expenditure to expand its global 3-nanometer capacity. The expansion spans Taiwan, Arizona and Japan, alongside 5-nanometer tool conversions and capacity optimization across N7, N5 and N3 nodes. TSMC's A14 technology development is also on track, for which it is seeing a high level of customer interest and engagement from both smartphone and HPC applications.
TSMC's Near-Term Financial Outlook
TSMC remains confident that full-year 2026 revenues will grow by more than 30% in U.S. dollar terms, reflecting the strength of its differentiated technology and broad customer base.
For the second quarter, the company expects revenues between $39 billion and $40.2 billion, representing 10% sequential growth and 32% year-over-year growth at the midpoint. Based on an exchange rate assumption of $1 to 31.7 New Taiwan Dollars, the second-quarter gross margin is projected at 65.5%-67.5% and operating margin at 56.5%-58.5%. Management noted that the initial ramp-up of its 2-nanometer technology will dilute gross margin by 2%-3% for the year.
TSMC also expects capital expenditures to trend toward the high end of its previously announced $52-$56 billion range as it expands capacity to support customer demand. Despite the elevated spending, management reiterated its focus on delivering profitable growth for shareholders.
TSM Stock's Estimate Trend
At present, the Zacks Consensus Estimate expects TSMC's earnings per share (EPS) to grow 44.1% to $15.35 in 2026, followed by another 27% increase to $19.50 in 2027. Analyst estimates for both years have moved higher over the past three months. The company's revenues are expected to grow 32.3% in 2026 and another 26.6% in 2027.
Zacks Investment Research
Image Source: Zacks Investment Research
How Valuation Metrics Look for TSMC
Based on the forward 12-month Price/Earnings (P/E), TSM trades at 25.84X, slightly above its median of 24.33X and the 24.98X sector average. In contrast, GFS trades at a P/E of 38.63X, while ON sits with 24.35X.
TSM's One-Year P/E
Zacks Investment Research
Image Source: Zacks Investment Research
Conclusion
TSMC benefits from strong demand for its leading-edge process technologies. The performance of its key profitability metrics is supported by cost improvement efforts and a high-capacity utilization rate. The higher level of capital spending reflects management's confidence in delivering profitable growth to shareholders and also capturing long-term growth opportunities. At the same time, TSMC remains well-positioned to continue capitalizing on the strong industry tailwinds.
The stock has significantly outperformed the sector and other peers over the past 12 months. From a valuation standpoint, TSM is trading close to both its historical median and sector average. Backed by positive earnings estimate revisions, the stock appears to be an attractive investment opportunity.
TSM carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Taiwan Semiconductor Manufacturing Company Ltd. (TSM) : Free Stock Analysis Report
ON Semiconductor Corporation (ON) : Free Stock Analysis Report
GlobalFoundries Inc. (GFS) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
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Alphabet Announces Date of Second Quarter 2026 Financial Results Conference Call
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中文摘要
- Alphabet确认于2026年7月22日13:30 PT（16:30 ET）召开第二季度业绩电话会。
- 公司说明业绩稿将在电话会前于Alphabet投资者关系网站发布。
英文原文
Alphabet Announces Date of Second Quarter 2026 Financial Results Conference Call
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Bitcoin Core版本与安全公告
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中文摘要
- Bitcoin Core官网显示30.3和31.1均于2026-07-08发布。
- 下载页将31.1列为latest version。
- 官网仍保留2026-06-06关于31.0 privatebroadcast功能可能泄露发送者IP的安全公告。
英文原文
Bitcoin
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Bitcoin Core 30.3 released
Bitcoin Core 30.3 is now available.
Published on July 08, 2026
Bitcoin Core 31.1 released
Bitcoin Core 31.1 is now available.
Published on July 08, 2026
Private Broadcast May Reveal Sender IP Address in Bitcoin Core 31.0
A bug in the -privatebroadcast feature, newly introduced in Bitcoin Core 31.0, may reveal the originator’s IP address to the receiving peer under certain net...
Published on June 06, 2026
CVE-2024-52911 - Script Interpreter Remote Crash
A specially-crafted block can be used to remotely crash a Bitcoin Core node by exploiting a use-after-free in its script interpreter.
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Bitcoin Core 31.0 released
Bitcoin Core 31.0 is now available.
Published on April 19, 2026
Microsoft announces quarterly earnings release date - Source
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Microsoft announces quarterly earnings release date - Source
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REDMOND, Wash. — July 8, 2026 — Microsoft Corp. will publish fiscal year 2026 fourth-quarter financial results after the close of the market on Wednesday, July 29, 2026, on the Microsoft Investor Relations website at https://www.microsoft.com/en-us/Investor/ . A live webcast of the earnings conference call will be made available at 2:30 p.m. Pacific Time.
Microsoft (Nasdaq “MSFT” @microsoft) creates platforms and tools powered by AI to deliver innovative solutions that meet the evolving needs of our customers. The technology company is committed to making AI available broadly and doing so responsibly, with a mission to empower every person and every organization on the planet to achieve more.
For more information, press only:
Microsoft Media Relations, We. Communications , (425) 638-7777, [email protected]
For more information, financial analysts and investors only:
Jonathan Neilson, Vice President, Investor Relations, (425) 706-4400
Note to editors: For more information, news and perspectives from Microsoft, please visit Microsoft Source at https://news.microsoft.com/source . Web links, telephone numbers and titles were correct at time of publication but may since have changed. Shareholder and financial information is available at https://www.microsoft.com/en-us/investor .
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Up 102% in 2026, This Chip ETF Mysteriously Avoids Taiwan Semiconductor
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Up 102% in 2026, This Chip ETF Mysteriously Avoids Taiwan Semiconductor
Up 102% in 2026, This Chip ETF Mysteriously Avoids Taiwan Semiconductor
Up 102% in 2026, This Chip ETF Mysteriously Avoids Taiwan Semiconductor · 24/7 Wall St.
Michael Williams
July 8, 2026 5 min read
- 2330.TW
-0.41%
- NVDA
+1.97%
- AMD
+8.11%
- TSM
+5.55%
- PSI
+7.59%
Quick Read
- PSI has doubled in 2026 by owning chip designers like AMD and MaxLinear rather than their manufacturer, Taiwan Semiconductor.
- TSMC's ADR status bars it from PSI's US-focused index despite a $2.34 trillion market cap and a 49% gain in 2026.
- Nvidia holds just a 3.91% weight in PSI, spreading AI-driven gains across memory, analog, and equipment names rather than one mega-cap.
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The Invesco Semiconductors ETF ( NYSEARCA:PSI ) has roughly doubled this year, gaining 102.37% from December 31, 2025 through July 6, 2026. The surprise: the fund carries the word "semiconductors" in its name yet holds zero shares of Taiwan Semiconductor Manufacturing ( NYSE:TSM ), the world's largest dedicated independent (pure-play) semiconductor foundry and the company that actually fabricates chips for Nvidia, AMD, and Apple.
PSI owns the chip designers, but it does not own their manufacturer.
What PSI Is
PSI is an Invesco-issued ETF listed on NYSE Arca that tracks a US-focused semiconductor index. As of the fund's April 30, 2026 NPORT filing, net assets stood at roughly $1.995 billion across 33 positions. Expense ratio and formal benchmark language are not disclosed in the most recent prospectus data available.
What is clear is the shape of the portfolio: 30 equity positions plus three short-term cash vehicles, spanning chip design, wafer fabrication equipment, memory, analog, and packaging.
Why It's Up
The fund's run tracks the AI infrastructure buildout, and its top holdings are the direct beneficiaries. The largest position is MaxLinear at 7.98% of net assets, followed by Advanced Micro Devices at 6.26%, Texas Instruments at 4.97%, Broadcom at 4.84%, and Micron Technology at 4.67%.
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The semiconductor capital equipment names round out the top tier: KLA at 4.39%, Lam Research at 3.99%, and Applied Materials at 3.94%. Nvidia sits at 3.91%, a relatively modest weight given its dominance in AI accelerators. That flat-ish weighting has been an asset in 2026, spreading gains across memory, analog, and equipment names rather than concentrating them in a single mega-cap.
Over the past year, PSI is up 158.54%. Over the past month it added 10.04%. The trailing week has been rougher, with the fund down 10.34% as the sector cooled from recent highs.
Story Continues
The TSMC Absence
Taiwan Semiconductor is not in the portfolio. The April 30, 2026 NPORT-P filing lists all 33 positions, and TSM appears in none of them. The likely reason is index construction: PSI's underlying index screens toward US-domiciled operating companies, and Taiwan-based TSMC trades in the US only as an ADR, placing it outside that universe. Israel-domiciled Tower Semiconductor and Camtek show up in the fund, so the screen is not purely US-listed, but foreign ADRs of Taiwan-based issuers appear to be excluded.
The gap matters because TSMC is the counterparty behind the fund's biggest holdings. CEO C.C. Wei has guided to over 30% full-year 2026 revenue growth, and quarterly revenue grew 35.1% year over year in the most recent report. TSM itself is up 49.42% year to date and 94.49% over the past year, with a market cap of $2.34 trillion.
What The Exclusion Means
Broader semiconductor funds that include foreign issuers do hold TSMC, often as a top-three weight. PSI's US tilt has produced a stronger 2026 return than TSM's own ADR, largely because MaxLinear, AMD, and the wafer-equipment complex have run harder than the foundry stock. It also means PSI carries more concentrated exposure to US design cyclicals and equipment makers, and less exposure to the manufacturing bottleneck that ultimately gates the whole industry. If leading-edge foundry pricing power reasserts itself, PSI will feel it only indirectly through its equipment suppliers.
Retirement-focused investors weighing PSI should look past the year-to-date headline. The fund has doubled in six months and given back double digits in a single week. Past performance does not guarantee future results, and this is not investment advice.
The Takeaway
PSI is a concentrated bet on the US semiconductor ecosystem: designers, equipment, memory, and analog. It has delivered outsized 2026 returns by owning the customers of TSMC rather than TSMC itself. Whether that trade continues depends on whether US-listed chip names can keep outrunning the foundry that supplies them.
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Short-Term Energy Outlook, July 2026
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中文摘要
- EIA预计2026年美国原油产量为1380万桶/日，2027年为1400万桶/日。
- EIA将2026年Brent均价预测列为82美元/桶、2027年65美元/桶，并预计2027年全球油市回到供应过剩。
- EIA预计2027年电力行业天然气消费创新高；2026年天然气、核能、太阳能发电占比分别为40%、18%、8%。
英文原文
U.S. Energy Information Administration - EIA - Independent Statistics and Analysis
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‹ Analysis & Projections
Short-Term Energy Outlook
Release Date: July 7, 2026 |
Forecast Completed: July 1, 2026 |
Next Release Date: August 11, 2026
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- Global oil market assumptions. On June 18, the United States and Iran signed a memorandum of understanding (MOU) to end the conflict and open the Strait of Hormuz. Following the signing and increased traffic through the strait, we have raised our expectations for global oil production for the rest of this year. We now expect most crude oil production to return to near pre-conflict averages by the end of this year and for the majority of shut-in crude oil production to be back online in the first quarter of 2027 (1Q27).
- Global oil inventory. More oil production and the reestablishment of trade flows will result in less oil being taken out of inventory in the coming months than we previously forecast. We expect global oil inventories will fall by 2.2 million barrels per day (b/d) in 3Q26 compared with more than 7 million b/d in our June forecast and 5 million b/d in 2Q26. Next year, we expect that rising oil production will result in the market shifting back to the pre-conflict state of oversupply.
- Oil prices. Expectations of increasing oil supply and moderating inventory draws have caused oil prices to fall. The Brent crude oil spot price averaged $85 per barrel (b) in June, down $22/b from May and $32/b from its recent April 2026 peak. The Brent price in our forecast averages $74/b in 3Q26, a reduction of $27/b from last month’s outlook. We expect ongoing oil inventory accumulation over the next year will continue to put downward pressure on crude oil prices, with Brent falling to an average of $65/b in 2027.
- U.S. gasoline prices. Lower crude oil prices contribute to a drop in U.S. retail gasoline prices in 3Q26 compared with 2Q26. Gasoline prices in our forecast average $3.80 per gallon (gal) in 3Q26, down from more than $4.20/gal in 2Q26. In the near-term, we expect the crude oil-driven decrease in gasoline prices will be partly offset by rising wholesale and retail margins as low gasoline inventories keep gasoline crack spreads elevated. As inventories rebuild and the summer demand season ends, crack spreads in our forecast narrow, pushing retail prices down to around $3.40/gal in 4Q26. We forecast the retail gasoline price will fall to an annual average of less than $3.10/gal in 2027.
- Natural gas consumption. We expect U.S. natural gas consumption in the electric power sector will set a record next year, driven largely by rising overall electricity demand, the expansion of the natural gas generating fleet, and relatively low natural gas prices. Forecast natural gas demand across the economy rises slightly this year before increasing 3% in 2027.
- Natural gas prices. Record U.S. natural gas production helps meet rising demand, putting moderate downward pressure on natural gas prices. The Henry Hub spot price averages close to $3.70 per million British thermal units (MMBtu) in 2026 before declining below $3.50/MMBtu next year.
- Electricity prices. We forecast that wholesale electricity prices will be lower this summer compared to last summer, primarily because of lower costs of natural gas delivered to power plants—however, heatwaves during the summer could still cause price spikes. Nationally, wholesale prices are forecast to average about $45 per megawatthour (MWh), with the largest declines occurring in the western hubs and the Midcontinent ISO region.
Notable Forecast Changes
2026
2027
The current STEO forecast was released July 7.
The previous STEO forecast was released June 9.
Brent crude oil spot price (dollars per barrel)
$82
$65
Previous forecast
$95
$79
Percentage change
-14%
-18%
OECD commercial curde oil and liquids inventories (million barrels)
2,604
3,021
Previous forecast
2,269
2,572
Percentage change
14.8%
17.4%
World oil production (million barrels per day)
75.7
81.4
Previous forecast
73.2
80.9
Percentage change
3.5%
0.6%
Retail gasoline price (million barrels)
$3.64
$3.09
Previous forecast
$3.90
$3.64
Percentage change
-6.5%
-15.1%
You can find more information in the detailed table of forecast changes .
Overview
2024 2025 2026 projected 2027 projected
Brent crude oil
(dollars per barrel)
81 69 82 65
Gasoline retail price
(dollars per gallon)
3.31 3.10 3.64 3.09
U.S. crude oil production
(million barrels per day)
13.2 13.6 13.8 14.0
Natural gas spot price
(dollars per million BTU)
2.19 3.53 3.67 3.49
U.S. LNG exports
(billion cubic feet per day)
11.9 15.1 17.4 18.6
Shares of U.S. electricity generation
(percentage)
Natural gas
42 40 40 40
Coal
16 17 15 15
Nuclear
19 18 18 18
Conventional hydropower
6 6 6 6
Wind
11 11 11 12
Solar
5 7 8 9
Other energy sources
1 1 1 1
U.S. GDP
(percentage change)
2.8 2.1 2.1 2.3
U.S. CO2 emissions
(million metric tons)
4,789 4,904 4,819 4,843
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May 2026
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美国2026年6月就业报告
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发布时间早于日报 5 天摘要窗口。
中文摘要
- 2026年6月非农就业增加5.7万人。
- 失业率为4.2%。
- BLS称两项指标在6月均变化不大；下一份7月就业报告定于2026-08-07 08:30 ET发布。
英文原文
Employment Situation News Release
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Employment Situation News Release
Transmission of material in this news release is embargoed until USDL-26-1125
8:30 a.m. (ET) Thursday, July 2, 2026
Technical information:
Household data: (202) 691-6378 cpsinfo@bls.gov www.bls.gov/cps
Establishment data: (202) 691-6555 cesinfo@bls.gov www.bls.gov/ces
Media contact: (202) 691-5902 * PressOffice@bls.gov
THE EMPLOYMENT SITUATION - JUNE 2026
Both total nonfarm payroll employment (+57,000) and the unemployment rate (4.2 percent)
changed little in June, the U.S. Bureau of Labor Statistics reported today. Employment
continued to trend up in professional and business services, social assistance, and health
care. Leisure and hospitality lost jobs.
This news release presents statistics from two monthly surveys. The household survey measures
labor force status, including unemployment, by demographic characteristics. The establishment
survey measures nonfarm employment, hours, and earnings by industry. For more information
about the concepts and statistical methodology used in these two surveys, see the Technical
Note.
Household Survey Data
Both the unemployment rate, at 4.2 percent, and the number of unemployed people, at 7.1
million, changed little in June. These measures also changed little over the year.
(See table A-1.)
Among the major worker groups, the unemployment rates showed little or no change in June for
adult men (3.9 percent), adult women (3.7 percent), teenagers (14.6 percent), and people who
are White (3.6 percent), Black (6.6 percent), Asian (3.9 percent), or Hispanic (5.2 percent).
(See tables A-1, A-2, and A-3.)
The number of long-term unemployed (those jobless for 27 weeks or more) changed little at 1.9
million in June but is up by 286,000 over the year. The long-term unemployed accounted for
27.3 percent of all unemployed people in June. (See table A-12.)
The labor force participation rate decreased by 0.3 percentage point to 61.5 percent in June,
and the employment-population ratio edged down by 0.2 percentage point to 59.0 percent. Both
measures changed little over the year after accounting for annual population control
adjustments. (See table A-1.)
The number of people employed part time for economic reasons changed little at 4.7 million in
June. These individuals would have preferred full-time employment but were working part time
because their hours had been reduced or they were unable to find full-time jobs.
(See table A-8.)
In June, the number of people not in the labor force who currently want a job changed little
at 6.0 million. These individuals were not counted as unemployed because they were not
actively looking for work during the 4 weeks preceding the survey or were unavailable to take
a job. (See table A-1.)
Among those not in the labor force who wanted a job, the number of people marginally attached
to the labor force changed little at 1.8 million in June. These individuals wanted and were
available for work and had looked for a job sometime in the prior 12 months but had not looked
for work in the 4 weeks preceding the survey. The number of discouraged workers, a subset of
the marginally attached who believed that no jobs were available for them, was essentially
unchanged in June at 477,000. (See Summary table A.)
Establishment Survey Data
Total nonfarm payroll employment changed little in June (+57,000), roughly in line with the
average monthly change over the prior 12 months (+36,000). In June, employment continued to
trend up in professional and business services, social assistance, and health care. Employment
in leisure and hospitality declined. (See table B-1.)
Employment in professional and business services continued to trend up in June (+36,000). The
industry has added 172,000 jobs since a recent low in October 2025.
Social assistance added 25,000 jobs in June, primarily in individual and family services
(+17,000). Over the prior 12 months, social assistance had added an average of 16,000 jobs per
month.
In June, employment in health care continued its upward trend (+22,000) but at a slower pace
than the average monthly gain over the prior 12 months (+38,000). In June, hospitals added
9,000 jobs.
Leisure and hospitality employment declined by 61,000 in June, reflecting weaker than usual
seasonal hiring. Thus far in 2026, employment in the industry has shown little net change.
Employment showed little or no change over the month in other major industries, including
mining, quarrying, and oil and gas extraction; construction; manufacturing; wholesale trade;
retail trade; transportation and warehousing; information; financial activities; other
services; and government.
In June, average hourly earnings for all employees on private nonfarm payrolls rose by 13
cents, or 0.3 percent, to $37.64. Over the year, average hourly earnings have increased by 3.5
percent. In June, average hourly earnings of private-sector production and nonsupervisory
employees rose by 7 cents, or 0.2 percent, to $32.38. (See tables B-3 and B-8.)
The average workweek for all employees on private nonfarm payrolls was unchanged at 34.3 hours
in June. In manufacturing, the average workweek edged down to 40.3 hours, and overtime edged
up to 3.2 hours. The average workweek for production and nonsupervisory employees on private
nonfarm payrolls declined by 0.1 hour to 33.7 hours. (See tables B-2 and B-7.)
The change in total nonfarm payroll employment for April was revised down by 31,000, from
+179,000 to +148,000, and the change for May was revised down by 43,000, from +172,000 to
+129,000. With these revisions, employment in April and May combined is 74,000 lower than
previously reported. (Monthly revisions result from additional reports received from
businesses and government agencies since the last published estimates and from the
recalculation of seasonal factors.)
_____________
The Employment Situation news release for July 2026 is scheduled to be published on Friday,
August 7, 2026, at 8:30 a.m. (ET).
_____________________________________________________________________________________________
| |
| 2026 Preliminary Benchmark Revision to Establishment Survey Data |
| to be published on August 28, 2026 |
| |
| Each year, the establishment survey estimates are benchmarked to comprehensive counts of |
| employment from the Quarterly Census of Employment and Wages (QCEW) for the month of |
| March. These counts are derived from state unemployment insurance (UI) tax records that |
| nearly all employers are required to file. At 10:00 a.m. (ET) on August 28, 2026, the |
| Bureau of Labor Statistics (BLS) will publish the preliminary estimate of the upcoming |
| annual benchmark revision to the establishment survey data. This is the same day that the |
| first-quarter 2026 data from QCEW will be issued. Official establishment survey estimates |
| are not updated based on this preliminary benchmark revision. |
| |
| The final benchmark revision will be issued with the publication of the January 2027 |
| Employment Situation news release in February 2027. |
|_____________________________________________________________________________________________|
HOUSEHOLD DATA
Summary table A. Household data, seasonally adjusted
[Numbers in thousands]
Category
June
2025
Apr.
2026
May
2026
June
2026
Change from:
May
2026-
June
2026
Employment status
Civilian noninstitutional population ( 1 )
273,585
274,955
275,054
275,166
112
Civilian labor force
170,380
169,995
170,078
169,358
-720
Participation rate
62.3
61.8
61.8
61.5
-0.3
Employed
163,327
162,622
162,771
162,264
-507
Employment-population ratio
59.7
59.1
59.2
59.0
-0.2
Unemployed
7,054
7,373
7,307
7,094
-213
Unemployment rate
4.1
4.3
4.3
4.2
-0.1
Not in labor force
103,205
104,959
104,976
105,808
832
Unemployment rates
Total, 16 years and over
4.1
4.3
4.3
4.2
-0.1
Adult men (20 years and over)
3.9
4.0
4.0
3.9
-0.1
Adult women (20 years and over)
3.6
3.9
3.8
3.7
-0.1
Teenagers (16 to 19 years)
14.5
14.4
14.7
14.6
-0.1
White
3.6
3.7
3.8
3.6
-0.2
Black or African American
6.9
7.3
6.6
6.6
0.0
Asian
3.6
3.3
3.8
3.9
0.1
Hispanic or Latino ethnicity
4.8
5.0
5.0
5.2
0.2
Total, 25 years and over
3.3
3.6
3.5
3.4
-0.1
Less than a high school diploma
5.8
6.4
6.0
5.5
-0.5
High school graduates, no college
4.0
4.7
4.4
4.2
-0.2
Some college or associate degree
3.2
3.2
3.6
3.6
0.0
Bachelor's degree and higher
2.5
2.8
2.7
2.7
0.0
Reason for unemployment
Job losers and people who completed temporary jobs
3,306
3,511
3,385
3,278
-107
Job leavers
825
844
916
776
-140
Reentrants
2,160
2,282
2,209
2,237
28
New entrants
723
805
818
772
-46
Duration of unemployment
Less than 5 weeks
2,254
2,496
2,210
2,182
-28
5 to 14 weeks
2,129
1,859
1,946
1,936
-10
15 to 26 weeks
1,064
1,057
1,077
1,052
-25
27 weeks and over
1,651
1,833
1,988
1,937
-51
Employed people at work part time
Part time for economic reasons
4,473
4,942
4,805
4,681
-124
Slack work or business conditions
3,111
3,289
3,263
3,010
-253
Could only find part-time work
1,171
1,267
1,208
1,409
201
Part time for noneconomic reasons
22,572
22,706
22,853
22,618
-235
People not in the labor force
Marginally attached to the labor force
1,797
1,792
1,723
1,761
38
Discouraged workers
635
475
486
477
-9
Footnotes
(1) The population figures are not adjusted for seasonal variation.
NOTE: People whose ethnicity is identified as Hispanic or Latino may be of any race. Detail for the seasonally adjusted data shown in this table will not necessarily add to totals because of the independent seasonal adjustment of the various series. Updated population controls are introduced annually with the release of January data.
ESTABLISHMENT DATA
Summary table B. Establishment data, seasonally adjusted
Category
June
2025
Apr.
2026
May
2026 ( p )
June
2026 ( p )
EMPLOYMENT BY SELECTED INDUSTRY
(Over-the-month change, in thousands)
Total nonfarm
-20
148
129
57
Total private
-45
150
97
49
Goods-producing
-19
6
7
10
Mining and logging
-2
4
3
-4
Construction
-2
3
6
11
Manufacturing
-15
-1
-2
3
Durable goods ( 1 )
-12
1
9
6
Motor vehicles and parts
-3.3
-5.4
-0.2
-3.9
Nondurable goods
-3
-2
-11
-3
Private service-providing
-26
144
90
39
Wholesale trade
-10.4
0.6
3.6
2.4
Retail trade
-14.5
23.5
8.2
-7.5
Transportation and warehousing
0.0
39.4
4.4
2.3
Utilities
0.5
1.0
0.8
-0.8
Information
-1
-6
-4
-9
Financial activities
-7
-6
-22
0
Professional and business services ( 1 )
-31
20
11
36
Temporary help services
-8.5
10.5
-0.5
9.3
Private education and health services ( 1 )
49
67
45
69
Health care and social assistance
60.5
57.1
45.9
46.6
Leisure and hospitality
-2
-7
40
-61
Other services
-10
11
3
8
Government
25
-2
32
8
(3-month average change, in thousands)
Total nonfarm
34
69
164
111
Total private
25
68
150
99
WOMEN AND PRODUCTION AND NONSUPERVISORY EMPLOYEES
AS A PERCENT OF ALL EMPLOYEES ( 2 )
Total nonfarm women employees
50.0
50.0
50.1
50.1
Total private women employees
48.5
48.6
48.6
48.6
Total private production and nonsupervisory employees
81.5
81.6
81.7
81.6
HOURS AND EARNINGS
ALL EMPLOYEES
Total private
Average weekly hours
34.2
34.3
34.3
34.3
Average hourly earnings
$36.36
$37.41
$37.51
$37.64
Average weekly earnings
$1,243.51
$1,283.16
$1,286.59
$1,291.05
Index of aggregate weekly hours (2007=100) ( 3 )
115.8
116.6
116.7
116.8
Over-the-month percent change
0.0
0.3
0.1
0.1
Index of aggregate weekly payrolls (2007=100) ( 4 )
201.3
208.6
209.3
210.1
Over-the-month percent change
0.2
0.5
0.3
0.4
DIFFUSION INDEX
(Over 1-month span) ( 5 )
Total private (250 industries)
46.0
54.6
56.0
54.4
Manufacturing (72 industries)
44.4
47.2
52.8
55.6
Footnotes
(1) Includes other industries, not shown separately.
(2) Data relate to production employees in mining and logging and manufacturing, construction employees in construction, and nonsupervisory employees in the service-providing industries.
(3) The indexes of aggregate weekly hours are calculated by dividing the current month's estimates of aggregate hours by the corresponding annual average aggregate hours.
(4) The indexes of aggregate weekly payrolls are calculated by dividing the current month's estimates of aggregate weekly payrolls by the corresponding annual average aggregate weekly payrolls.
(5) Figures are the percent of industries with employment increasing plus one-half of the industries with unchanged employment, where 50 percent indicates an equal balance between industries with increasing and decreasing employment.
(p) Preliminary
NOTE: Data have been revised to reflect March 2025 benchmark levels and updated seasonal adjustment factors.
Frequently Asked Questions about Employment and Unemployment Estimates
1. Why are there two monthly measures of employment?
The household survey and establishment survey both produce sample-based estimates
of employment, and both have strengths and limitations. The establishment survey
employment series has a smaller margin of error on the measurement of month-to-
month change than the household survey because of its much larger sample size. An
over-the-month employment change of about 122,000 is statistically significant in
the establishment survey, while the threshold for a statistically significant change
in the household survey is about 650,000. However, the household survey has a more
expansive scope than the establishment survey because it includes self-employed
workers whose businesses are unincorporated, unpaid family workers, agricultural
workers, and private household workers, who are excluded by the establishment survey.
The household survey also provides estimates of employment for demographic groups.
For more information on the differences between the two surveys, please visit
www.bls.gov/web/empsit/ces_cps_trends.htm.
2. Are undocumented immigrants counted in the surveys?
It is likely that both surveys include at least some undocumented immigrants. However,
neither the establishment nor the household survey is designed to identify the legal
status of workers. Therefore, it is not possible to determine how many are counted in
either survey. The establishment survey does not collect data on the legal status of
workers. The household survey does include questions which identify the foreign and
native born, but it does not include questions about the legal status of the foreign
born. Data on the foreign and native born are published each month in table A-7 of
The Employment Situation news release.
3. Why does the establishment survey have revisions?
The establishment survey revises published estimates to improve its data series by
incorporating additional information that was not available at the time of the
initial publication of the estimates. The establishment survey revises its initial
monthly estimates twice, in the immediately succeeding 2 months, to incorporate
additional sample receipts from respondents in the survey and recalculated seasonal
adjustment factors. For more information on the monthly revisions, please visit
www.bls.gov/web/empsit/cestn.htm#Revisions-Between-Preliminary-and-Final-Data.
On an annual basis, the establishment survey incorporates a benchmark revision that
re-anchors estimates to nearly complete employment counts available from unemployment
insurance tax records. The benchmark helps to control for sampling and modeling errors
in the estimates. For more information on the annual benchmark revision, please visit
www.bls.gov/web/empsit/cesbmart.htm.
4. Does the establishment survey sample include small firms?
Yes. About 46 percent of the establishment survey sample is comprised of business
establishments with fewer than 20 employees. The establishment survey sample is
designed to maximize the reliability of the statewide total nonfarm employment
estimate; firms from all states, size classes, and industries are appropriately
sampled to achieve that goal.
5. Does the establishment survey account for employment from new businesses?
Yes. Monthly establishment survey estimates include an adjustment to account for
the net employment change generated by business births and deaths. The adjustment
comes from an econometric model that forecasts the monthly net jobs impact of
business births and deaths based on the actual past values of the net impact that
can be observed with a lag from the Quarterly Census of Employment and Wages. The
establishment survey uses modeling rather than sampling for this purpose because
the survey is not immediately able to bring new businesses into the sample. There
is an unavoidable lag between the birth of a new firm and its appearance on the
sampling frame and availability for selection. BLS adds new businesses to the survey
twice a year. More information on business births and deaths in the establishment
survey is available at www.bls.gov/web/empsit/cesbd.htm.
6. Is the count of unemployed people limited to just those receiving unemployment
insurance benefits?
No. The estimate of unemployment is based on a monthly sample survey of households.
All people who are without jobs and are actively seeking and available to work are
included among the unemployed. (People on temporary layoff are included even if
they do not actively seek work.) There is no requirement or question relating to
unemployment insurance benefits in the monthly survey.
7. Does the official unemployment rate exclude people who want a job but are not currently
looking for work?
Yes. However, there are separate estimates of people outside the labor force who
want a job, including those who are not currently looking because they believe no
jobs are available (discouraged workers). In addition, alternative measures of labor
underutilization (some of which include discouraged workers and other groups not
officially counted as unemployed) are published each month in table A-15 of The
Employment Situation news release. For more information about these alternative
measures, please visit www.bls.gov/cps/lfcharacteristics.htm#altmeasures.
8. How can unusually severe weather affect employment and hours estimates?
In the establishment survey, the reference period is the pay period that includes
the 12th of the month. Unusually severe weather is more likely to have an impact on
average weekly hours than on employment. Average weekly hours are estimated for paid
time during the pay period, including pay for holidays, sick leave, or other time off.
The impact of severe weather on hours estimates typically, but not always, results in
a reduction in average weekly hours. For example, some employees may be off work for
part of the pay period and not receive pay for the time missed, while some workers,
such as those dealing with cleanup or repair, may work extra hours.
It is not possible to precisely quantify the effect of extreme weather on payroll
employment estimates. In order for severe weather conditions to reduce employment
estimates, employees have to be off work without pay for the entire pay period.
Employees who receive pay for any part of the pay period, even 1 hour, are counted in
the payroll employment figures. For more information on how often employees are paid,
please visit www.bls.gov/ces/publications/length-pay-period.htm.
In the household survey, the reference period is generally the calendar week that
includes the 12th of the month. People who miss the entire week's work for weather-
related events are counted as employed whether or not they are paid for the time
off. The household survey collects data on the number of people who had a job but
were not at work due to bad weather. It also provides a measure of the number of
people who usually work full time but had reduced hours due to bad weather.
Current and historical data are available on the household survey's most requested
statistics page, please visit data.bls.gov/toppicks?survey=ln.
Technical Note
This news release presents statistics from two major surveys, the Current
Population Survey (CPS; household survey) and the Current Employment Statistics
survey (CES; establishment survey). The household survey provides information
on the labor force, employment, and unemployment that appears in the "A" tables,
marked HOUSEHOLD DATA. It is a sample survey of about 60,000 eligible households
conducted by the U.S. Census Bureau for the U.S. Bureau of Labor Statistics (BLS).
The establishment survey provides information on employment, hours, and
earnings of employees on nonfarm payrolls; the data appear in the "B" tables,
marked ESTABLISHMENT DATA. BLS collects these data each month from the payroll
records of a sample of nonagricultural business establishments. Each month
the CES program surveys about 119,000 businesses and government agencies,
representing approximately 622,000 individual worksites, in order to provide
detailed industry data on employment, hours, and earnings of workers on nonfarm
payrolls. The active sample includes approximately 26 percent of all nonfarm
payroll jobs.
For both surveys, the data for a given month relate to a particular week or
pay period. In the household survey, the reference period is generally the
calendar week that contains the 12th day of the month. In the establishment
survey, the reference period is the pay period including the 12th, which may or
may not correspond directly to the calendar week.
Coverage, definitions, and differences between surveys
Household survey. The sample is selected to reflect the entire civilian
noninstitutional population. Based on responses to a series of questions on
work and job search activities, each person 16 years and over in a sample
household is classified as employed, unemployed, or not in the labor force.
People are classified as employed if they did any work at all as paid employees
during the reference week; worked in their own business, profession, or on their
own farm; or worked without pay at least 15 hours in a family business or farm.
People are also counted as employed if they were temporarily absent from their jobs
because of illness, bad weather, vacation, labor-management disputes, or personal
reasons.
People are classified as unemployed if they meet all of the following criteria:
they had no employment during the reference week; they were available for work at
that time; and they made specific active efforts to find employment sometime during
the 4-week period ending with the reference week. People laid off from a job and
expecting recall need not be looking for work to be counted as unemployed. The
unemployment data derived from the household survey in no way depend upon the
eligibility for or receipt of unemployment insurance benefits.
The civilian labor force is the sum of the employed and unemployed.
Those people not classified as employed or unemployed are not in the labor
force. The unemployment rate is the number unemployed as a percent of the
labor force. The labor force participation rate is the labor force as a
percent of the population, and the employment-population ratio is the
employed as a percent of the population. Additional information about the
household survey can be found at www.bls.gov/cps/documentation.htm.
Establishment survey. The sample establishments are drawn from private
nonfarm businesses such as factories, offices, and stores, as well as
from federal, state, and local government entities. Employees on nonfarm
payrolls are those who worked or received pay for any part of the reference pay
period, including people on paid leave. People are counted in each job
they hold. Hours and earnings data are produced for the private sector for
all employees and for production and nonsupervisory employees. Production
and nonsupervisory employees are defined as production and related employees
in manufacturing and mining and logging, construction workers in construction,
and nonsupervisory employees in private service-providing industries.
Industries are classified on the basis of an establishment's principal
activity in accordance with the 2022 version of the North American Industry
Classification System. Additional information about the establishment survey
can be found at www.bls.gov/ces/.
Differences in employment estimates. The numerous conceptual and methodological
differences between the household and establishment surveys result in important
distinctions in the employment estimates derived from the surveys. Among these are:
--The household survey includes agricultural workers, self-employed workers
whose businesses are unincorporated, unpaid family workers, and private
household workers among the employed. These groups are excluded from the
establishment survey.
--The household survey includes people on unpaid leave among the employed.
The establishment survey does not.
--The household survey is limited to workers 16 years of age and older.
The establishment survey is not limited by age.
--The household survey has no duplication of individuals, because
individuals are counted only once, even if they hold more than one
job. In the establishment survey, employees working at more than one
job and thus appearing on more than one payroll are counted separately
for each appearance.
Seasonal adjustment
Over the course of a year, the size of the nation's labor force and the levels
of employment and unemployment undergo regularly occurring fluctuations. These
events may result from seasonal changes in weather, major holidays, and the opening
and closing of schools. The effect of such seasonal variation can be very large.
Because these seasonal events follow a more or less regular pattern each year,
their influence on the level of a series can be tempered by adjusting for regular
seasonal variation. These adjustments make nonseasonal developments, such as
declines in employment or increases in the participation of women in the labor
force, easier to spot. For example, in the household survey, the large number of
youth entering the labor force each June is likely to obscure any other changes
that have taken place relative to May, making it difficult to determine if the
level of economic activity has risen or declined. Similarly, in the establishment
survey, payroll employment in education declines by about 20 percent at the end
of the spring term and later rises with the start of the fall term, obscuring the
underlying employment trends in the industry. Because seasonal employment changes
at the end and beginning of the school year can be estimated, the statistics can be
adjusted to make underlying employment patterns more discernible. The seasonally
adjusted figures provide a more useful tool with which to analyze changes in
month-to-month economic activity.
Many seasonally adjusted series are independently adjusted in both the household
and establishment surveys. However, the adjusted series for many major estimates,
such as total payroll employment, employment in most major sectors, total employment,
and unemployment are computed by aggregating independently adjusted component series.
For example, total unemployment is derived by summing the adjusted series for four
major age-sex components; this differs from the unemployment estimate that would be
obtained by directly adjusting the total or by combining the duration, reasons, or
more detailed age categories. Percentage distributions of unemployment by reason and
duration are derived from the sum of the independently seasonally adjusted component
series and will not necessarily match calculations made using the seasonally adjusted
total unemployment level. Additional information about seasonal adjustment in the
household survey can be found at www.bls.gov/cps/documentation.htm#sa.
For both the household and establishment surveys, a concurrent seasonal adjustment
methodology is used in which new seasonal factors are calculated each month using all
relevant data, up to and including the data for the current month. In the household
survey, new seasonal factors are used to adjust only the current month's data. In the
establishment survey, however, new seasonal factors are used each month to adjust the
three most recent monthly estimates. The prior 2 months are routinely revised to
incorporate additional sample reports and recalculated seasonal adjustment factors.
In both surveys, 5-year revisions to historical data are made once a year.
Reliability of the estimates
Statistics based on the household and establishment surveys are subject to both
sampling and nonsampling error. When a sample, rather than the entire population,
is surveyed, there is a chance that the sample estimates may differ from the true
population values they represent. The component of this difference that occurs
because samples differ by chance is known as sampling error, and its variability
is measured by the standard error of the estimate. There is about a 90-percent
chance, or level of confidence, that an estimate based on a sample will differ by
no more than 1.6 standard errors from the true population value because of sampling
error. BLS analyses are generally conducted at the 90-percent level of confidence.
For example, the confidence interval for the monthly change in total nonfarm
employment from the establishment survey is on the order of plus or minus 122,000.
Suppose the estimate of nonfarm employment increases by 50,000 from one month to
the next. The 90-percent confidence interval on the monthly change would range from
-72,000 to +172,000 (50,000 +/- 122,000). These figures do not mean that the sample
results are off by these magnitudes, but rather that there is about a 90-percent
chance that the true over-the-month change lies within this interval. Since this
range includes values of less than zero, we could not say with confidence that
nonfarm employment had, in fact, increased that month. If, however, the reported
nonfarm employment rise was 250,000, then all of the values within the 90-percent
confidence interval would be greater than zero. In this case, it is likely (at
least a 90-percent chance) that nonfarm employment had, in fact, risen that month.
At an unemployment rate of around 6.0 percent, the 90-percent confidence interval
for the monthly change in unemployment as measured by the household survey is
about +/- 425,000, and for the monthly change in the unemployment rate it is about
+/- 0.3 percentage point.
In general, estimates involving many individuals or establishments have lower
standard errors (relative to the size of the estimate) than estimates which are based
on a small number of observations. The precision of estimates also is improved when
the data are cumulated over time, such as for quarterly and annual averages.
The household and establishment surveys are also affected by nonsampling error,
which can occur for many reasons, including the failure to sample a segment of the
population, inability to obtain information for all respondents in the sample,
inability or unwillingness of respondents to provide correct information on a
timely basis, mistakes made by respondents, and errors made in the collection or
processing of the data.
For example, in the establishment survey, estimates for the most recent 2 months
are based on incomplete returns; for this reason, these estimates are labeled
preliminary in the tables. It is only after two successive revisions to a monthly
estimate, when nearly all sample reports have been received, that the estimate is
considered final.
Another major source of nonsampling error in the establishment survey is the
inability to capture, on a timely basis, employment generated by new firms. To
correct for this systematic underestimation of employment growth, an estimation
procedure with two components is used to account for business births. The first
component excludes employment losses from business deaths from sample-based
estimation in order to offset the missing employment gains from business births.
This is incorporated into the sample-based estimation procedure by simply not
reflecting sample units going out of business, but imputing to them the same
employment trend as the other firms in the sample. This procedure accounts for
most of the net birth/death employment.
The second component is an ARIMA time series model designed to estimate the
residual net birth-death employment not accounted for by the imputation. The
historical time series used in the ARIMA model is derived from the unemployment
insurance universe micro-level database and reflects the actual
residual net of births and deaths over the past 5 years. In addition to this
time series of actual residual net of births and deaths series, the
ARIMA-based component of the birth-death model includes current sample
information to inform the forecasts. More information on business births
and deaths in the establishment survey is available at
www.bls.gov/web/empsit/cesbd.htm.
The sample-based estimates from the establishment survey are adjusted once a
year (on a lagged basis) to universe counts of payroll employment obtained from
administrative records of the unemployment insurance program. The difference
between the March sample-based employment estimates and the March universe counts
is known as a benchmark revision, and serves as a rough proxy for total survey
error. Benchmarks also incorporate changes in the classification of industries
when necessary. The absolute average benchmark revision for total nonfarm
employment over the prior 10 years is 0.2 percent. Over this time, revisions
ranged from -0.4 percent to 0.3 percent.
Other information
If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1
to access telecommunications relay services.
HOUSEHOLD DATA
Table A-1. Employment status of the civilian population by sex and age
[Numbers in thousands]
Employment status, sex, and age
Not seasonally adjusted
Seasonally adjusted ( 1 )
June
2025
May
2026
June
2026
June
2025
Feb.
2026
Mar.
2026
Apr.
2026
May
2026
June
2026
TOTAL
Civilian noninstitutional population
273,585
275,054
275,166
273,585
274,766
274,858
274,955
275,054
275,166
Civilian labor force
171,343
169,801
170,198
170,380
170,483
170,087
169,995
170,078
169,358
Participation rate
62.6
61.7
61.9
62.3
62.0
61.9
61.8
61.8
61.5
Employed
163,883
162,897
162,722
163,327
162,912
162,848
162,622
162,771
162,264
Employment-population ratio
59.9
59.2
59.1
59.7
59.3
59.2
59.1
59.2
59.0
Unemployed
7,460
6,904
7,476
7,054
7,571
7,239
7,373
7,307
7,094
Unemployment rate
4.4
4.1
4.4
4.1
4.4
4.3
4.3
4.3
4.2
Not in labor force
102,242
105,253
104,968
103,205
104,283
104,771
104,959
104,976
105,808
People who currently want a job
6,455
6,756
6,463
6,032
5,974
6,040
6,111
6,187
6,045
Men, 16 years and over
Civilian noninstitutional population
133,449
132,714
132,763
133,449
132,586
132,627
132,670
132,714
132,763
Civilian labor force
91,247
89,018
89,384
90,458
89,101
88,846
88,936
89,138
88,690
Participation rate
68.4
67.1
67.3
67.8
67.2
67.0
67.0
67.2
66.8
Employed
87,272
85,245
85,498
86,558
85,210
85,111
85,007
85,172
84,854
Employment-population ratio
65.4
64.2
64.4
64.9
64.3
64.2
64.1
64.2
63.9
Unemployed
3,975
3,773
3,886
3,901
3,891
3,736
3,929
3,966
3,836
Unemployment rate
4.4
4.2
4.3
4.3
4.4
4.2
4.4
4.4
4.3
Not in labor force
42,202
43,696
43,380
42,990
43,485
43,780
43,734
43,576
44,073
Men, 20 years and over
Civilian noninstitutional population
124,361
123,760
123,822
124,361
123,612
123,657
123,704
123,760
123,822
Civilian labor force
87,428
85,927
85,820
87,256
86,006
85,796
85,791
85,982
85,690
Participation rate
70.3
69.4
69.3
70.2
69.6
69.4
69.4
69.5
69.2
Employed
84,147
82,646
82,589
83,862
82,591
82,562
82,353
82,539
82,333
Employment-population ratio
67.7
66.8
66.7
67.4
66.8
66.8
66.6
66.7
66.5
Unemployed
3,281
3,281
3,231
3,394
3,415
3,235
3,438
3,443
3,356
Unemployment rate
3.8
3.8
3.8
3.9
4.0
3.8
4.0
4.0
3.9
Not in labor force
36,933
37,833
38,003
37,105
37,606
37,860
37,913
37,778
38,133
Women, 16 years and over
Civilian noninstitutional population
140,136
142,340
142,403
140,136
142,180
142,231
142,284
142,340
142,403
Civilian labor force
80,095
80,783
80,814
79,922
81,382
81,241
81,059
80,940
80,668
Participation rate
57.2
56.8
56.8
57.0
57.2
57.1
57.0
56.9
56.6
Employed
76,611
77,652
77,224
76,769
77,702
77,737
77,615
77,599
77,410
Employment-population ratio
54.7
54.6
54.2
54.8
54.7
54.7
54.5
54.5
54.4
Unemployed
3,484
3,130
3,590
3,153
3,680
3,503
3,444
3,341
3,258
Unemployment rate
4.4
3.9
4.4
3.9
4.5
4.3
4.2
4.1
4.0
Not in labor force
60,041
61,558
61,589
60,214
60,798
60,991
61,225
61,400
61,735
Women, 20 years and over
Civilian noninstitutional population
131,374
133,715
133,789
131,374
133,541
133,593
133,648
133,715
133,789
Civilian labor force
76,552
77,714
77,080
76,863
78,183
78,007
77,898
77,827
77,448
Participation rate
58.3
58.1
57.6
58.5
58.5
58.4
58.3
58.2
57.9
Employed
73,630
74,979
74,093
74,110
74,965
74,861
74,872
74,882
74,618
Employment-population ratio
56.0
56.1
55.4
56.4
56.1
56.0
56.0
56.0
55.8
Unemployed
2,923
2,734
2,987
2,753
3,218
3,146
3,026
2,945
2,830
Unemployment rate
3.8
3.5
3.9
3.6
4.1
4.0
3.9
3.8
3.7
Not in labor force
54,822
56,002
56,709
54,512
55,358
55,587
55,750
55,889
56,341
Both sexes, 16 to 19 years
Civilian noninstitutional population
17,850
17,579
17,555
17,850
17,613
17,608
17,603
17,579
17,555
Civilian labor force
7,363
6,160
7,298
6,262
6,294
6,284
6,307
6,269
6,221
Participation rate
41.2
35.0
41.6
35.1
35.7
35.7
35.8
35.7
35.4
Employed
6,107
5,271
6,040
5,355
5,357
5,425
5,397
5,350
5,313
Employment-population ratio
34.2
30.0
34.4
30.0
30.4
30.8
30.7
30.4
30.3
Unemployed
1,256
889
1,258
906
937
858
910
919
907
Unemployment rate
17.1
14.4
17.2
14.5
14.9
13.7
14.4
14.7
14.6
Not in labor force
10,487
11,418
10,257
11,588
11,319
11,324
11,297
11,309
11,334
Footnotes
(1) The population figures are not adjusted for seasonal variation; therefore, identical numbers appear in the unadjusted and seasonally adjusted columns.
NOTE: Updated population controls are introduced annually with the release of January data.
HOUSEHOLD DATA
Table A-2. Employment status of the civilian population by race, sex, and age
[Numbers in thousands]
Employment status, race, sex, and age
Not seasonally adjusted
Seasonally adjusted ( 1 )
June
2025
May
2026
June
2026
June
2025
Feb.
2026
Mar.
2026
Apr.
2026
May
2026
June
2026
WHITE
Civilian noninstitutional population
207,472
202,468
202,497
207,472
202,426
202,436
202,448
202,468
202,497
Civilian labor force
129,114
123,630
123,471
128,474
123,986
123,841
123,673
123,868
122,956
Participation rate
62.2
61.1
61.0
61.9
61.2
61.2
61.1
61.2
60.7
Employed
124,209
119,180
118,741
123,844
119,402
119,371
119,071
119,133
118,472
Employment-population ratio
59.9
58.9
58.6
59.7
59.0
59.0
58.8
58.8
58.5
Unemployed
4,905
4,451
4,730
4,630
4,584
4,470
4,602
4,735
4,484
Unemployment rate
3.8
3.6
3.8
3.6
3.7
3.6
3.7
3.8
3.6
Not in labor force
78,358
78,838
79,026
78,998
78,441
78,595
78,775
78,600
79,541
Men, 20 years and over
Civilian labor force
66,789
63,584
63,179
66,645
63,768
63,724
63,399
63,656
63,087
Participation rate
69.7
68.7
68.2
69.6
68.9
68.8
68.5
68.7
68.1
Employed
64,617
61,418
61,060
64,387
61,574
61,684
61,199
61,344
60,881
Employment-population ratio
67.5
66.3
65.9
67.2
66.5
66.6
66.1
66.2
65.7
Unemployed
2,172
2,166
2,119
2,259
2,194
2,040
2,200
2,312
2,206
Unemployment rate
3.3
3.4
3.4
3.4
3.4
3.2
3.5
3.6
3.5
Women, 20 years and over
Civilian labor force
56,671
55,537
55,012
56,993
55,682
55,596
55,698
55,649
55,346
Participation rate
57.3
56.7
56.2
57.6
56.9
56.8
56.9
56.8
56.5
Employed
54,779
53,799
53,165
55,230
53,874
53,721
53,876
53,776
53,622
Employment-population ratio
55.4
55.0
54.3
55.8
55.1
54.9
55.1
54.9
54.8
Unemployed
1,892
1,738
1,847
1,763
1,808
1,875
1,821
1,873
1,724
Unemployment rate
3.3
3.1
3.4
3.1
3.2
3.4
3.3
3.4
3.1
Both sexes, 16 to 19 years
Civilian labor force
5,654
4,509
5,281
4,836
4,536
4,521
4,577
4,563
4,523
Participation rate
44.2
37.7
44.2
37.8
37.8
37.7
38.2
38.1
37.9
Employed
4,814
3,963
4,517
4,227
3,955
3,966
3,996
4,012
3,968
Employment-population ratio
37.6
33.1
37.8
33.0
33.0
33.1
33.3
33.5
33.2
Unemployed
841
547
764
609
581
555
581
551
554
Unemployment rate
14.9
12.1
14.5
12.6
12.8
12.3
12.7
12.1
12.3
BLACK OR AFRICAN AMERICAN
Civilian noninstitutional population
35,784
35,455
35,477
35,784
35,388
35,411
35,434
35,455
35,477
Civilian labor force
22,317
21,981
22,072
22,181
22,286
22,195
22,044
21,996
21,957
Participation rate
62.4
62.0
62.2
62.0
63.0
62.7
62.2
62.0
61.9
Employed
20,707
20,581
20,549
20,653
20,579
20,621
20,442
20,543
20,514
Employment-population ratio
57.9
58.0
57.9
57.7
58.2
58.2
57.7
57.9
57.8
Unemployed
1,610
1,400
1,523
1,528
1,707
1,574
1,602
1,453
1,443
Unemployment rate
7.2
6.4
6.9
6.9
7.7
7.1
7.3
6.6
6.6
Not in labor force
13,467
13,474
13,405
13,604
13,102
13,216
13,390
13,459
13,520
Men, 20 years and over
Civilian labor force
10,527
10,093
10,169
10,473
10,113
10,057
10,167
10,093
10,116
Participation rate
69.2
67.8
68.2
68.8
68.0
67.6
68.3
67.8
67.9
Employed
9,813
9,455
9,599
9,751
9,407
9,328
9,464
9,445
9,532
Employment-population ratio
64.5
63.5
64.4
64.1
63.3
62.7
63.6
63.4
63.9
Unemployed
713
638
570
722
706
729
703
648
584
Unemployment rate
6.8
6.3
5.6
6.9
7.0
7.3
6.9
6.4
5.8
Women, 20 years and over
Civilian labor force
10,871
11,123
10,925
10,898
11,369
11,308
11,076
11,116
10,982
Participation rate
60.8
62.2
61.0
60.9
63.7
63.3
61.9
62.1
61.3
Employed
10,188
10,541
10,272
10,251
10,565
10,617
10,358
10,499
10,353
Employment-population ratio
57.0
58.9
57.4
57.3
59.2
59.4
57.9
58.7
57.8
Unemployed
682
582
653
647
804
691
718
617
629
Unemployment rate
6.3
5.2
6.0
5.9
7.1
6.1
6.5
5.6
5.7
Both sexes, 16 to 19 years
Civilian labor force
919
765
977
809
804
830
801
786
859
Participation rate
34.3
28.7
36.7
30.2
30.2
31.1
30.0
29.5
32.3
Employed
706
585
677
650
606
676
619
598
629
Employment-population ratio
26.3
22.0
25.4
24.2
22.8
25.4
23.2
22.5
23.6
Unemployed
214
180
300
158
197
154
182
188
230
Unemployment rate
23.3
23.6
30.7
19.6
24.5
18.5
22.7
23.9
26.8
ASIAN
Civilian noninstitutional population
19,294
20,939
20,811
19,294
21,099
21,176
21,088
20,939
20,811
Civilian labor force
12,712
13,665
13,807
12,637
13,892
13,860
13,806
13,698
13,729
Participation rate
65.9
65.3
66.3
65.5
65.8
65.4
65.5
65.4
66.0
Employed
12,221
13,179
13,228
12,186
13,222
13,348
13,350
13,182
13,194
Employment-population ratio
63.3
62.9
63.6
63.2
62.7
63.0
63.3
63.0
63.4
Unemployed
491
486
578
450
670
512
456
516
535
Unemployment rate
3.9
3.6
4.2
3.6
4.8
3.7
3.3
3.8
3.9
Not in labor force
6,582
7,274
7,004
6,658
7,207
7,317
7,282
7,241
7,082
Footnotes
(1) The population figures are not adjusted for seasonal variation; therefore, identical numbers appear in the unadjusted and seasonally adjusted columns.
NOTE: Estimates for the above race groups will not sum to totals shown in table A-1 because data are not presented for all races. Updated population controls are introduced annually with the release of January data.
HOUSEHOLD DATA
Table A-3. Employment status of the Hispanic or Latino population by sex and age
[Numbers in thousands]
Employment status, sex, and age
Not seasonally adjusted
Seasonally adjusted ( 1 )
June
2025
May
2026
June
2026
June
2025
Feb.
2026
Mar.
2026
Apr.
2026
May
2026
June
2026
HISPANIC OR LATINO ETHNICITY
Civilian noninstitutional population
51,406
52,799
52,861
51,406
52,614
52,675
52,740
52,799
52,861
Civilian labor force
34,466
35,445
34,936
34,330
35,396
35,515
35,407
35,475
34,911
Participation rate
67.0
67.1
66.1
66.8
67.3
67.4
67.1
67.2
66.0
Employed
32,831
33,809
33,116
32,687
33,551
33,794
33,633
33,697
33,085
Employment-population ratio
63.9
64.0
62.6
63.6
63.8
64.2
63.8
63.8
62.6
Unemployed
1,635
1,636
1,820
1,642
1,845
1,722
1,774
1,778
1,825
Unemployment rate
4.7
4.6
5.2
4.8
5.2
4.8
5.0
5.0
5.2
Not in labor force
16,940
17,354
17,925
17,076
17,218
17,160
17,333
17,324
17,950
Men, 20 years and over
Civilian labor force
18,483
18,405
18,193
18,448
18,455
18,330
18,311
18,407
18,191
Participation rate
79.3
78.5
77.5
79.2
79.0
78.4
78.2
78.5
77.5
Employed
17,797
17,763
17,531
17,678
17,618
17,621
17,542
17,688
17,444
Employment-population ratio
76.4
75.7
74.6
75.9
75.4
75.3
74.9
75.4
74.3
Unemployed
686
642
663
770
837
709
769
720
747
Unemployment rate
3.7
3.5
3.6
4.2
4.5
3.9
4.2
3.9
4.1
Women, 20 years and over
Civilian labor force
14,291
15,526
15,050
14,325
15,423
15,648
15,512
15,514
15,159
Participation rate
61.3
63.2
61.2
61.4
63.1
63.9
63.3
63.2
61.6
Employed
13,639
14,779
14,271
13,687
14,659
14,857
14,774
14,721
14,395
Employment-population ratio
58.5
60.2
58.0
58.7
60.0
60.7
60.3
60.0
58.5
Unemployed
653
748
779
638
764
792
738
793
764
Unemployment rate
4.6
4.8
5.2
4.5
5.0
5.1
4.8
5.1
5.0
Both sexes, 16 to 19 years
Civilian labor force
1,692
1,514
1,692
1,557
1,518
1,537
1,584
1,554
1,560
Participation rate
35.4
31.6
35.4
32.6
31.6
32.0
33.0
32.4
32.6
Employed
1,396
1,268
1,314
1,322
1,274
1,315
1,317
1,288
1,247
Employment-population ratio
29.2
26.5
27.5
27.7
26.5
27.4
27.4
26.9
26.1
Unemployed
296
246
378
235
245
221
267
265
314
Unemployment rate
17.5
16.3
22.3
15.1
16.1
14.4
16.9
17.1
20.1
Footnotes
(1) The population figures are not adjusted for seasonal variation; therefore, identical numbers appear in the unadjusted and seasonally adjusted columns.
NOTE: People whose ethnicity is identified as Hispanic or Latino may be of any race. Updated population controls are introduced annually with the release of January data.
HOUSEHOLD DATA
Table A-4. Employment status of the civilian population 25 years and over by educational attainment
[Numbers in thousands]
Educational attainment
Not seasonally adjusted
Seasonally adjusted
June
2025
May
2026
June
2026
June
2025
Feb.
2026
Mar.
2026
Apr.
2026
May
2026
June
2026
Less than a high school diploma
Civilian labor force
9,228
8,514
8,516
9,019
8,539
8,578
8,395
8,267
8,314
Participation rate
47.3
45.3
44.2
46.2
46.8
46.7
45.0
44.0
43.1
Employed
8,753
8,072
8,112
8,493
8,063
8,076
7,860
7,768
7,856
Employment-population ratio
44.8
42.9
42.1
43.5
44.2
44.0
42.1
41.3
40.7
Unemployed
475
443
404
526
476
502
534
499
458
Unemployment rate
5.1
5.2
4.7
5.8
5.6
5.9
6.4
6.0
5.5
High school graduates, no college ( 1 )
Civilian labor force
36,289
36,858
36,683
36,570
36,097
36,293
36,804
36,786
36,935
Participation rate
56.7
56.9
56.3
57.1
56.5
56.3
56.8
56.8
56.7
Employed
34,916
35,317
35,227
35,117
34,351
34,602
35,075
35,150
35,390
Employment-population ratio
54.5
54.6
54.1
54.8
53.8
53.7
54.1
54.3
54.4
Unemployed
1,373
1,541
1,455
1,453
1,746
1,691
1,730
1,637
1,546
Unemployment rate
3.8
4.2
4.0
4.0
4.8
4.7
4.7
4.4
4.2
Some college or associate degree
Civilian labor force
36,102
35,595
35,227
36,231
36,338
35,992
35,395
35,893
35,425
Participation rate
62.7
61.4
61.0
63.0
61.9
61.8
61.2
62.0
61.4
Employed
34,951
34,380
33,963
35,078
35,057
34,714
34,276
34,593
34,160
Employment-population ratio
60.7
59.3
58.8
61.0
59.8
59.6
59.3
59.7
59.2
Unemployed
1,151
1,215
1,264
1,153
1,281
1,278
1,119
1,299
1,266
Unemployment rate
3.2
3.4
3.6
3.2
3.5
3.6
3.2
3.6
3.6
Bachelor's degree and higher ( 2 )
Civilian labor force
66,266
67,184
66,347
66,777
67,234
67,265
67,390
67,291
66,926
Participation rate
71.5
71.6
71.1
72.0
71.4
71.5
71.8
71.7
71.7
Employed
64,486
65,506
64,491
65,087
65,216
65,364
65,509
65,479
65,144
Employment-population ratio
69.5
69.8
69.1
70.2
69.3
69.5
69.8
69.7
69.8
Unemployed
1,779
1,679
1,856
1,690
2,018
1,900
1,881
1,813
1,782
Unemployment rate
2.7
2.5
2.8
2.5
3.0
2.8
2.8
2.7
2.7
Footnotes
(1) Includes people with a high school diploma or equivalent.
(2) Includes people with bachelor's, master's, professional, and doctoral degrees.
NOTE: Detail for the seasonally adjusted data shown in this table will not necessarily add to totals for those 25 years and over because of the independent seasonal adjustment of the various series. Updated population controls are introduced annually with the release of January data.
HOUSEHOLD DATA
Table A-5. Employment status of the civilian population 18 years and over by veteran status, period of service, and sex, not seasonally adjusted
[Numbers in thousands]
Employment status, veteran status, and period of service
Total
Men
Women
June
2025
June
2026
June
2025
June
2026
June
2025
June
2026
VETERANS, 18 years and over
Civilian noninstitutional population
17,266
16,939
15,189
14,852
2,077
2,087
Civilian labor force
8,160
8,183
7,011
6,995
1,149
1,188
Participation rate
47.3
48.3
46.2
47.1
55.3
56.9
Employed
7,862
7,848
6,763
6,703
1,098
1,145
Employment-population ratio
45.5
46.3
44.5
45.1
52.9
54.9
Unemployed
298
335
248
292
50
43
Unemployment rate
3.7
4.1
3.5
4.2
4.4
3.6
Not in labor force
9,106
8,756
8,178
7,857
928
899
Gulf War-era II veterans
Civilian noninstitutional population
5,628
5,759
4,622
4,723
1,005
1,036
Civilian labor force
4,390
4,444
3,650
3,727
740
717
Participation rate
78.0
77.2
79.0
78.9
73.6
69.3
Employed
4,222
4,231
3,509
3,540
713
691
Employment-population ratio
75.0
73.5
75.9
75.0
71.0
66.7
Unemployed
168
213
141
187
27
26
Unemployment rate
3.8
4.8
3.9
5.0
3.6
3.7
Not in labor force
1,238
1,314
973
996
265
318
Gulf War-era I veterans
Civilian noninstitutional population
3,240
3,234
2,744
2,740
497
494
Civilian labor force
2,037
2,119
1,794
1,812
242
307
Participation rate
62.9
65.5
65.4
66.1
48.8
62.2
Employed
1,981
2,043
1,752
1,752
229
291
Employment-population ratio
61.1
63.2
63.9
64.0
46.1
58.8
Unemployed
55
76
42
59
13
17
Unemployment rate
2.7
3.6
2.3
3.3
5.6
5.4
Not in labor force
1,204
1,115
949
928
254
187
Vietnam-era and earlier wartime veterans
Civilian noninstitutional population
4,883
4,573
4,697
4,397
186
176
Civilian labor force
535
504
516
489
18
15
Participation rate
10.9
11.0
11.0
11.1
9.9
8.6
Employed
503
492
489
477
14
15
Employment-population ratio
10.3
10.8
10.4
10.8
7.7
8.6
Unemployed
31
12
27
12
4
0
Unemployment rate
5.8
2.5
5.3
2.5
-
-
Not in labor force
4,348
4,069
4,181
3,908
168
161
Veterans of other service periods
Civilian noninstitutional population
3,515
3,373
3,126
2,992
389
381
Civilian labor force
1,199
1,115
1,051
967
148
148
Participation rate
34.1
33.1
33.6
32.3
38.0
39.0
Employed
1,155
1,082
1,013
933
142
148
Employment-population ratio
32.9
32.1
32.4
31.2
36.4
39.0
Unemployed
44
33
38
33
6
0
Unemployment rate
3.7
3.0
3.6
3.5
4.1
0.0
Not in labor force
2,316
2,258
2,075
2,025
241
233
NONVETERANS, 18 years and over
Civilian noninstitutional population
247,023
249,276
113,644
113,317
133,379
135,959
Civilian labor force
160,465
159,323
82,884
81,132
77,581
78,191
Participation rate
65.0
63.9
72.9
71.6
58.2
57.5
Employed
153,799
152,777
79,396
77,805
74,402
74,973
Employment-population ratio
62.3
61.3
69.9
68.7
55.8
55.1
Unemployed
6,666
6,546
3,487
3,328
3,179
3,218
Unemployment rate
4.2
4.1
4.2
4.1
4.1
4.1
Not in labor force
86,558
89,952
30,760
32,184
55,798
57,768
NOTE: Veterans served on active duty in the U.S. Armed Forces and were not on active duty at the time of the survey. Nonveterans never served on active duty in the U.S. Armed Forces. Veterans could have served anywhere in the world during these periods of service: Gulf War era II (September 2001-present), Gulf War era I (August 1990-August 2001), Vietnam era (August 1964-April 1975), Korean War (July 1950-January 1955), World War II (December 1941-December 1946), and other service periods (all other time periods). Veterans who served in more than one wartime period are classified only in the most recent one. Veterans who served during one of the selected wartime periods and another period are classified only in the wartime period. Dash indicates no data or data that do not meet publication criteria (values not shown where base is less than 75,000).
HOUSEHOLD DATA
Table A-6. Employment status of the civilian population by sex, age, and disability status, not seasonally adjusted
[Numbers in thousands]
Employment status, sex, and age
People with a disability
People with no disability
June
2025
June
2026
June
2025
June
2026
TOTAL, 16 years and over
Civilian noninstitutional population
35,655
36,905
237,930
238,261
Civilian labor force
8,844
8,812
162,499
161,386
Participation rate
24.8
23.9
68.3
67.7
Employed
8,081
8,054
155,801
154,668
Employment-population ratio
22.7
21.8
65.5
64.9
Unemployed
762
758
6,697
6,718
Unemployment rate
8.6
8.6
4.1
4.2
Not in labor force
26,811
28,093
75,431
76,875
Men, 16 to 64 years
Civilian labor force
3,740
3,640
81,102
79,264
Participation rate
43.2
42.8
83.9
83.5
Employed
3,359
3,281
77,732
75,921
Employment-population ratio
38.8
38.6
80.4
80.0
Unemployed
380
359
3,371
3,343
Unemployment rate
10.2
9.9
4.2
4.2
Not in labor force
4,917
4,863
15,580
15,668
Women, 16 to 64 years
Civilian labor force
3,597
3,619
71,299
71,522
Participation rate
40.7
40.9
72.9
73.0
Employed
3,295
3,312
68,304
68,404
Employment-population ratio
37.3
37.4
69.8
69.8
Unemployed
302
307
2,996
3,119
Unemployment rate
8.4
8.5
4.2
4.4
Not in labor force
5,248
5,232
26,515
26,466
Both sexes, 65 years and over
Civilian labor force
1,507
1,553
10,097
10,600
Participation rate
8.3
7.9
23.2
23.4
Employed
1,427
1,461
9,766
10,344
Employment-population ratio
7.9
7.5
22.5
22.8
Unemployed
80
92
331
257
Unemployment rate
5.3
5.9
3.3
2.4
Not in labor force
16,646
17,998
33,336
34,741
NOTE: A person with a disability has at least one of the following conditions: is deaf or has serious difficulty hearing; is blind or has serious difficulty seeing even when wearing glasses; has serious difficulty concentrating, remembering, or making decisions because of a physical, mental, or emotional condition; has serious difficulty walking or climbing stairs; has difficulty dressing or bathing; or has difficulty doing errands alone such as visiting a doctor's office or shopping because of a physical, mental, or emotional condition. Updated population controls are introduced annually with the release of January data.
HOUSEHOLD DATA
Table A-7. Employment status of the civilian population by nativity and sex, not seasonally adjusted
[Numbers in thousands]
Employment status and nativity
Total
Men
Women
June
2025
June
2026
June
2025
June
2026
June
2025
June
2026
Foreign born, 16 years and over
Civilian noninstitutional population
49,135
48,564
23,924
22,786
25,210
25,778
Civilian labor force
32,572
31,872
18,458
17,488
14,113
14,384
Participation rate
66.3
65.6
77.2
76.7
56.0
55.8
Employed
31,231
30,725
17,742
16,930
13,489
13,794
Employment-population ratio
63.6
63.3
74.2
74.3
53.5
53.5
Unemployed
1,340
1,147
716
557
624
590
Unemployment rate
4.1
3.6
3.9
3.2
4.4
4.1
Not in labor force
16,563
16,692
5,466
5,298
11,097
11,394
Native born, 16 years and over
Civilian noninstitutional population
224,450
226,602
109,525
109,977
114,926
116,625
Civilian labor force
138,771
138,326
72,789
71,896
65,982
66,430
Participation rate
61.8
61.0
66.5
65.4
57.4
57.0
Employed
132,652
131,997
69,530
68,568
63,122
63,430
Employment-population ratio
59.1
58.3
63.5
62.3
54.9
54.4
Unemployed
6,119
6,329
3,259
3,329
2,860
3,000
Unemployment rate
4.4
4.6
4.5
4.6
4.3
4.5
Not in labor force
85,680
88,276
36,736
38,081
48,944
50,195
NOTE: The foreign born are those residing in the United States who were not U.S. citizens at birth. That is, they were born outside the United States or one of its outlying areas such as Puerto Rico or Guam, to parents neither of whom was a U.S. citizen. The native born are people who were born in the United States or one of its outlying areas such as Puerto Rico or Guam or who were born abroad of at least one parent who was a U.S. citizen. Updated population controls are introduced annually with the release of January data.
HOUSEHOLD DATA
Table A-8. Employed people by class of worker and part-time status
[In thousands]
Category
Not seasonally adjusted
Seasonally adjusted
June
2025
May
2026
June
2026
June
2025
Feb.
2026
Mar.
2026
Apr.
2026
May
2026
June
2026
CLASS OF WORKER
Agriculture and related industries
2,284
2,278
2,415
2,170
2,257
2,256
2,288
2,261
2,291
Wage and salary workers ( 1 )
1,644
1,664
1,739
1,526
1,500
1,496
1,562
1,648
1,595
Self-employed workers, unincorporated
609
580
652
587
757
721
678
582
638
Unpaid family workers
30
34
24
-
-
-
-
-
-
Nonagricultural industries
161,599
160,619
160,307
161,325
160,706
160,550
160,256
160,589
160,100
Wage and salary workers ( 1 )
152,376
151,502
151,395
152,081
151,786
151,853
151,331
151,624
151,206
Government
20,974
21,264
21,231
21,591
21,739
21,325
21,393
21,270
21,812
Private industries
131,402
130,238
130,165
130,436
130,046
130,542
129,950
130,318
129,330
Private households
614
576
647
-
-
-
-
-
-
Other industries
130,788
129,662
129,518
129,774
129,388
129,805
129,341
129,721
128,657
Self-employed workers, unincorporated
9,184
9,066
8,879
9,090
8,841
8,737
8,904
8,943
8,792
Unpaid family workers
39
52
33
-
-
-
-
-
-
PEOPLE AT WORK PART TIME ( 2 )
All industries
Part time for economic reasons ( 3 )
4,659
4,602
4,863
4,473
4,396
4,497
4,942
4,805
4,681
Slack work or business conditions
3,120
3,113
3,015
3,111
2,838
3,107
3,289
3,263
3,010
Could only find part-time work
1,159
1,190
1,427
1,171
1,251
1,126
1,267
1,208
1,409
Part time for noneconomic reasons ( 4 )
21,564
22,969
21,570
22,572
22,728
22,767
22,706
22,853
22,618
Nonagricultural industries
Part time for economic reasons ( 3 )
4,577
4,564
4,807
4,381
4,380
4,476
4,873
4,750
4,615
Slack work or business conditions
3,049
3,096
2,984
3,025
2,846
3,096
3,274
3,235
2,964
Could only find part-time work
1,154
1,190
1,415
1,165
1,250
1,124
1,258
1,205
1,398
Part time for noneconomic reasons ( 4 )
21,221
22,572
21,173
22,218
22,357
22,393
22,322
22,445
22,213
Footnotes
(1) Includes self-employed workers whose businesses are incorporated.
(2) Refers to those who worked 1 to 34 hours during the survey reference week and excludes employed people who were absent from their jobs for the entire week.
(3) Refers to those who worked 1 to 34 hours during the reference week for an economic reason such as slack work or unfavorable business conditions, inability to find full-time work, or seasonal declines in demand.
(4) Refers to people who usually work part time for noneconomic reasons such as childcare problems, family or personal obligations, school or training, retirement or Social Security limits on earnings, and other reasons. This excludes people who usually work full time but worked only 1 to 34 hours during the reference week for reasons such as vacations, holidays, illness, and bad weather.
- Data not available.
NOTE: Detail for the seasonally adjusted data shown in this table will not necessarily add to totals because of the independent seasonal adjustment of the various series. Updated population controls are introduced annually with the release of January data.
HOUSEHOLD DATA
Table A-9. Selected employment indicators
[Numbers in thousands]
Characteristic
Not seasonally adjusted
Seasonally adjusted
June
2025
May
2026
June
2026
June
2025
Feb.
2026
Mar.
2026
Apr.
2026
May
2026
June
2026
AGE AND SEX
Total, 16 years and over
163,883
162,897
162,722
163,327
162,912
162,848
162,622
162,771
162,264
16 to 19 years
6,107
5,271
6,040
5,355
5,357
5,425
5,397
5,350
5,313
16 to 17 years
2,222
1,744
2,096
1,957
1,963
2,000
1,929
1,850
1,856
18 to 19 years
3,884
3,528
3,944
3,412
3,418
3,459
3,496
3,510
3,464
20 years and over
157,776
157,626
156,682
157,971
157,555
157,423
157,225
157,421
156,951
20 to 24 years
14,670
14,351
14,889
14,293
14,709
14,633
14,429
14,463
14,507
25 years and over
143,106
143,275
141,793
143,683
142,777
142,806
142,743
142,936
142,421
25 to 54 years
105,600
105,322
104,108
105,837
104,909
105,007
104,932
105,089
104,401
25 to 34 years
36,387
36,658
35,840
36,408
36,331
36,362
36,427
36,549
35,906
35 to 44 years
36,864
36,806
36,615
37,003
36,556
36,529
36,646
36,737
36,755
45 to 54 years
32,349
31,857
31,654
32,425
32,022
32,116
31,859
31,802
31,740
55 years and over
37,506
37,953
37,685
37,847
37,868
37,799
37,810
37,847
38,019
Men, 16 years and over
87,272
85,245
85,498
86,558
85,210
85,111
85,007
85,172
84,854
16 to 19 years
3,125
2,598
2,909
2,696
2,619
2,549
2,654
2,633
2,521
16 to 17 years
1,112
831
990
940
904
860
842
875
841
18 to 19 years
2,013
1,767
1,919
1,771
1,740
1,707
1,829
1,768
1,691
20 years and over
84,147
82,646
82,589
83,862
82,591
82,562
82,353
82,539
82,333
20 to 24 years
7,640
7,519
7,977
7,372
7,445
7,632
7,382
7,522
7,678
25 years and over
76,507
75,127
74,612
76,443
75,150
74,970
74,972
74,984
74,606
25 to 54 years
56,399
55,449
54,882
56,254
55,230
55,104
55,253
55,326
54,781
25 to 34 years
19,500
19,475
19,162
19,433
19,291
19,171
19,431
19,423
19,115
35 to 44 years
19,857
19,364
19,270
19,828
19,300
19,331
19,304
19,333
19,250
45 to 54 years
17,041
16,611
16,450
16,994
16,639
16,603
16,517
16,569
16,416
55 years and over
20,108
19,677
19,730
20,188
19,920
19,865
19,719
19,657
19,825
Women, 16 years and over
76,611
77,652
77,224
76,769
77,702
77,737
77,615
77,599
77,410
16 to 19 years
2,981
2,673
3,131
2,659
2,737
2,876
2,743
2,717
2,792
16 to 17 years
1,110
912
1,106
1,017
1,059
1,140
1,088
975
1,015
18 to 19 years
1,871
1,761
2,025
1,641
1,677
1,751
1,667
1,742
1,774
20 years and over
73,630
74,979
74,093
74,110
74,965
74,861
74,872
74,882
74,618
20 to 24 years
7,030
6,831
6,912
6,921
7,264
7,002
7,047
6,941
6,829
25 years and over
66,599
68,148
67,181
67,241
67,628
67,836
67,771
67,952
67,815
25 to 54 years
49,201
49,872
49,226
49,582
49,679
49,903
49,680
49,762
49,621
25 to 34 years
16,887
17,184
16,678
16,975
17,040
17,191
16,996
17,126
16,792
35 to 44 years
17,007
17,443
17,344
17,175
17,256
17,198
17,342
17,404
17,505
45 to 54 years
15,308
15,246
15,203
15,432
15,383
15,513
15,342
15,233
15,324
55 years and over
17,398
18,276
17,955
17,658
17,948
17,934
18,091
18,190
18,194
MARITAL STATUS
Married men, spouse present ( 1 )
46,577
45,097
44,872
46,629
45,199
45,327
45,078
45,034
44,947
Married women, spouse present ( 1 )
37,247
37,827
37,533
37,656
37,413
37,963
37,901
37,779
37,920
Women who maintain families ( 2 )
9,536
9,939
9,837
-
-
-
-
-
-
FULL- OR PART-TIME STATUS
Full-time workers ( 3 )
136,347
134,282
134,774
135,188
134,341
134,676
134,252
134,173
133,659
Part-time workers ( 4 )
27,536
28,615
27,948
28,207
28,478
28,290
28,413
28,679
28,626
MULTIPLE JOBHOLDERS
Total multiple jobholders
8,703
8,361
8,406
8,859
8,371
8,357
8,434
8,428
8,554
Percent of total employed
5.3
5.1
5.2
5.4
5.1
5.1
5.2
5.2
5.3
SELF-EMPLOYMENT
Self-employed workers, incorporated
7,052
6,881
6,929
-
-
-
-
-
-
Self-employed workers, unincorporated
9,794
9,646
9,531
9,677
9,597
9,458
9,582
9,525
9,431
Footnotes
(1) Beginning with data for January 2020, refers to people in both opposite-sex and same-sex married couples. Prior to January 2020, referred to people in opposite-sex married couples only.
(2) Beginning with data for January 2020, refers to female householders residing with one or more family members, but not a spouse of either sex. Prior to January 2020, referred to female householders residing with one or more family members, but not an opposite-sex spouse.
(3) Employed full-time workers are people who usually work 35 hours or more per week.
(4) Employed part-time workers are people who usually work less than 35 hours per week.
- Data not available.
NOTE: Detail for the seasonally adjusted data shown in this table will not necessarily add to totals because of the independent seasonal adjustment of the various series. Updated population controls are introduced annually with the release of January data.
HOUSEHOLD DATA
Table A-10. Selected unemployment indicators, seasonally adjusted
Characteristic
Number of
unemployed people
(in thousands)
Unemployment rates
June
2025
May
2026
June
2026
June
2025
Feb.
2026
Mar.
2026
Apr.
2026
May
2026
June
2026
AGE AND SEX
Total, 16 years and over
7,054
7,307
7,094
4.1
4.4
4.3
4.3
4.3
4.2
16 to 19 years
906
919
907
14.5
14.9
13.7
14.4
14.7
14.6
16 to 17 years
319
391
383
14.0
16.3
14.2
16.6
17.4
17.1
18 to 19 years
606
537
518
15.1
13.8
13.4
13.4
13.3
13.0
20 years and over
6,147
6,388
6,187
3.7
4.0
3.9
3.9
3.9
3.8
20 to 24 years
1,272
1,129
1,108
8.2
7.4
6.4
7.6
7.2
7.1
25 years and over
4,856
5,252
5,072
3.3
3.7
3.6
3.6
3.5
3.4
25 to 54 years
3,658
4,112
3,991
3.3
3.9
3.7
3.7
3.8
3.7
25 to 34 years
1,450
1,788
1,731
3.8
4.8
4.8
4.8
4.7
4.6
35 to 44 years
1,245
1,325
1,249
3.3
3.3
3.2
3.1
3.5
3.3
45 to 54 years
962
999
1,011
2.9
3.4
3.0
3.3
3.0
3.1
55 years and over
1,188
1,157
1,076
3.0
3.3
3.3
3.0
3.0
2.8
Men, 16 years and over
3,901
3,966
3,836
4.3
4.4
4.2
4.4
4.4
4.3
16 to 19 years
506
523
480
15.8
15.4
16.4
15.6
16.6
16.0
16 to 17 years
155
198
173
14.2
17.1
17.1
20.3
18.5
17.0
18 to 19 years
366
318
301
17.1
14.3
16.0
13.0
15.3
15.1
20 years and over
3,394
3,443
3,356
3.9
4.0
3.8
4.0
4.0
3.9
20 to 24 years
732
672
548
9.0
8.3
6.7
8.2
8.2
6.7
25 years and over
2,627
2,769
2,785
3.3
3.6
3.4
3.6
3.6
3.6
25 to 54 years
1,971
2,096
2,212
3.4
3.6
3.5
3.7
3.7
3.9
25 to 34 years
816
932
972
4.0
4.8
4.7
4.8
4.6
4.8
35 to 44 years
617
695
721
3.0
3.1
3.0
3.4
3.5
3.6
45 to 54 years
539
469
519
3.1
2.9
2.7
2.8
2.8
3.1
55 years and over
657
672
574
3.1
3.5
3.2
3.2
3.3
2.8
Women, 16 years and over
3,153
3,341
3,258
3.9
4.5
4.3
4.2
4.1
4.0
16 to 19 years
400
396
428
13.1
14.4
11.1
13.2
12.7
13.3
16 to 17 years
164
193
210
13.9
15.6
11.9
13.5
16.5
17.2
18 to 19 years
241
219
217
12.8
13.2
10.8
13.8
11.2
10.9
20 years and over
2,753
2,945
2,830
3.6
4.1
4.0
3.9
3.8
3.7
20 to 24 years
540
456
560
7.2
6.5
6.2
6.9
6.2
7.6
25 years and over
2,229
2,484
2,287
3.2
3.9
3.8
3.5
3.5
3.3
25 to 54 years
1,687
2,016
1,780
3.3
4.1
3.9
3.8
3.9
3.5
25 to 34 years
635
856
759
3.6
4.7
4.9
4.8
4.8
4.3
35 to 44 years
628
630
529
3.5
3.6
3.4
2.8
3.5
2.9
45 to 54 years
424
530
492
2.7
4.0
3.3
3.8
3.4
3.1
55 years and over
545
475
510
3.0
3.1
3.4
2.8
2.5
2.7
MARITAL STATUS
Married men, spouse present ( 1 )
1,063
1,041
1,003
2.2
2.2
2.2
2.0
2.3
2.2
Married women, spouse present ( 1 )
966
966
995
2.5
2.9
3.0
2.5
2.5
2.6
Women who maintain families ( 2 )
551
493
477
5.5
5.5
5.0
4.2
4.7
4.6
FULL- OR PART-TIME STATUS
Full-time workers ( 3 )
5,616
5,897
5,709
4.0
4.3
4.2
4.3
4.2
4.1
Part-time workers ( 4 )
1,397
1,418
1,353
4.7
5.1
4.6
4.6
4.7
4.5
Footnotes
(1) Beginning with data for January 2020, refers to people in both opposite-sex and same-sex married couples. Prior to January 2020, referred to people in opposite-sex married couples only.
(2) Data are not seasonally adjusted. Beginning with data for January 2020, refers to female householders residing with one or more family members, but not a spouse of either sex. Prior to January 2020, referred to female householders residing with one or more family members, but not an opposite-sex spouse.
(3) Full-time workers are unemployed people who have expressed a desire to work full time (35 hours or more per week) or are on layoff from full-time jobs.
(4) Part-time workers are unemployed people who have expressed a desire to work part time (less than 35 hours per week) or are on layoff from part-time jobs.
NOTE: Detail for the seasonally adjusted data shown in this table will not necessarily add to totals because of the independent seasonal adjustment of the various series. Updated population controls are introduced annually with the release of January data.
HOUSEHOLD DATA
Table A-11. Unemployed people by reason for unemployment
[Numbers in thousands]
Reason
Not seasonally adjusted
Seasonally adjusted
June
2025
May
2026
June
2026
June
2025
Feb.
2026
Mar.
2026
Apr.
2026
May
2026
June
2026
NUMBER OF UNEMPLOYED
Job losers and people who completed temporary jobs
3,311
2,997
3,262
3,306
3,620
3,403
3,511
3,385
3,278
On temporary layoff
918
478
802
867
925
877
917
778
768
Not on temporary layoff
2,393
2,519
2,460
2,438
2,694
2,526
2,595
2,606
2,511
Permanent job losers
1,885
1,902
1,755
1,892
2,037
1,881
1,909
1,927
1,769
People who completed temporary jobs
508
616
705
546
658
645
686
680
741
Job leavers
798
847
749
825
867
898
844
916
776
Reentrants
2,342
2,259
2,422
2,160
2,320
2,254
2,282
2,209
2,237
New entrants
1,008
801
1,043
723
805
714
805
818
772
PERCENT DISTRIBUTION
Job losers and people who completed temporary jobs
44.4
43.4
43.6
47.1
47.6
46.8
47.2
46.2
46.4
On temporary layoff
12.3
6.9
10.7
12.4
12.2
12.1
12.3
10.6
10.9
Not on temporary layoff
32.1
36.5
32.9
34.8
35.4
34.7
34.9
35.6
35.5
Job leavers
10.7
12.3
10.0
11.8
11.4
12.4
11.3
12.5
11.0
Reentrants
31.4
32.7
32.4
30.8
30.5
31.0
30.7
30.2
31.7
New entrants
13.5
11.6
14.0
10.3
10.6
9.8
10.8
11.2
10.9
UNEMPLOYED AS A PERCENT OF THE
CIVILIAN LABOR FORCE
Job losers and people who completed temporary jobs
1.9
1.8
1.9
1.9
2.1
2.0
2.1
2.0
1.9
Job leavers
0.5
0.5
0.4
0.5
0.5
0.5
0.5
0.5
0.5
Reentrants
1.4
1.3
1.4
1.3
1.4
1.3
1.3
1.3
1.3
New entrants
0.6
0.5
0.6
0.4
0.5
0.4
0.5
0.5
0.5
NOTE: Detail for the seasonally adjusted data shown in this table will not necessarily add to total unemployed in table A-1 because of the independent seasonal adjustment of the various series. Updated population controls are introduced annually with the release of January data.
HOUSEHOLD DATA
Table A-12. Unemployed people by duration of unemployment
[Numbers in thousands]
Duration
Not seasonally adjusted
Seasonally adjusted
June
2025
May
2026
June
2026
June
2025
Feb.
2026
Mar.
2026
Apr.
2026
May
2026
June
2026
NUMBER OF UNEMPLOYED
Less than 5 weeks
2,932
2,179
2,857
2,254
2,319
2,138
2,496
2,210
2,182
5 to 14 weeks
1,936
1,603
1,756
2,129
2,078
1,998
1,859
1,946
1,936
15 weeks and over
2,591
3,121
2,863
2,715
3,105
3,033
2,890
3,065
2,989
15 to 26 weeks
1,010
1,157
997
1,064
1,206
1,212
1,057
1,077
1,052
27 weeks and over
1,581
1,964
1,866
1,651
1,899
1,821
1,833
1,988
1,937
Average (mean) duration, in weeks
21.5
26.8
23.7
23.1
25.7
25.3
24.4
26.0
25.5
Median duration, in weeks
7.9
11.8
8.8
10.1
11.1
11.5
11.0
11.6
11.0
PERCENT DISTRIBUTION
Less than 5 weeks
39.3
31.6
38.2
31.8
30.9
29.8
34.4
30.6
30.7
5 to 14 weeks
26.0
23.2
23.5
30.0
27.7
27.9
25.7
27.0
27.2
15 weeks and over
34.7
45.2
38.3
38.3
41.4
42.3
39.9
42.4
42.1
15 to 26 weeks
13.5
16.8
13.3
15.0
16.1
16.9
14.6
14.9
14.8
27 weeks and over
21.2
28.4
25.0
23.3
25.3
25.4
25.3
27.5
27.3
NOTE: Detail for the seasonally adjusted data shown in this table will not necessarily add to total unemployed in table A-1 because of the independent seasonal adjustment of the various series. Updated population controls are introduced annually with the release of January data.
HOUSEHOLD DATA
Table A-13. Employed and unemployed people by occupation, not seasonally adjusted
[Numbers in thousands]
Occupation
Employed
Unemployed
Unemployment
rates
June
2025
June
2026
June
2025
June
2026
June
2025
June
2026
Total, 16 years and over ( 1 )
163,883
162,722
7,460
7,476
4.4
4.4
Management, professional, and related occupations
70,250
70,366
2,000
2,042
2.8
2.8
Management, business, and financial operations occupations
31,028
30,585
747
850
2.4
2.7
Professional and related occupations
39,223
39,781
1,252
1,192
3.1
2.9
Service occupations
28,438
27,450
1,480
1,406
4.9
4.9
Sales and office occupations
30,786
30,587
1,353
1,244
4.2
3.9
Sales and related occupations
14,317
14,403
732
577
4.9
3.9
Office and administrative support occupations
16,469
16,184
621
667
3.6
4.0
Natural resources, construction, and maintenance occupations
14,852
14,550
631
729
4.1
4.8
Farming, fishing, and forestry occupations
1,122
1,187
61
53
5.2
4.2
Construction and extraction occupations
8,661
8,289
401
551
4.4
6.2
Installation, maintenance, and repair occupations
5,069
5,074
169
125
3.2
2.4
Production, transportation, and material moving
occupations
19,557
19,768
980
984
4.8
4.7
Production occupations
7,938
7,759
251
316
3.1
3.9
Transportation and material moving occupations
11,619
12,010
730
668
5.9
5.3
Footnotes
(1) People with no previous work experience and people whose last job was in the U.S. Armed Forces are included in the unemployed total.
NOTE: Updated population controls are introduced annually with the release of January data.
HOUSEHOLD DATA
Table A-14. Unemployed people by industry and class of worker, not seasonally adjusted
Industry and class of worker
Number of
unemployed
people
(in thousands)
Unemployment
rates
June
2025
June
2026
June
2025
June
2026
Total, 16 years and over ( 1 )
7,460
7,476
4.4
4.4
Nonagricultural private wage and salary workers
5,367
5,428
3.9
4.0
Mining, quarrying, and oil and gas extraction
10
38
1.9
6.5
Construction
364
501
3.4
4.7
Manufacturing
544
550
3.6
3.7
Durable goods
334
337
3.4
3.4
Nondurable goods
211
213
4.0
4.4
Wholesale and retail trade
1,001
734
5.0
3.7
Transportation and utilities
328
311
3.9
3.7
Information
103
145
4.0
5.1
Financial activities
245
247
2.3
2.4
Professional and business services
724
773
3.6
3.8
Education and health services
924
1,051
3.4
3.9
Leisure and hospitality
896
806
6.4
5.8
Other services
228
271
3.2
3.9
Agriculture and related private wage and salary workers
97
49
5.7
2.8
Government workers
691
587
3.2
2.7
Self-employed workers, unincorporated, and unpaid family workers
296
368
2.9
3.7
Footnotes
(1) People with no previous work experience and people whose last job was in the U.S. Armed Forces are included in the unemployed total.
NOTE: Updated population controls are introduced annually with the release of January data. Effective with January 2025 data, industries reflect the introduction of the 2022 Census industry classification system, derived from the 2022 North American Industry Classification System (NAICS). Data for 2025 are not strictly comparable with earlier years.
HOUSEHOLD DATA
Table A-15. Alternative measures of labor underutilization
[Percent]
Measure
Not seasonally adjusted
Seasonally adjusted
June
2025
May
2026
June
2026
June
2025
Feb.
2026
Mar.
2026
Apr.
2026
May
2026
June
2026
U-1 People unemployed 15 weeks or longer, as a percent of the civilian labor force
1.5
1.8
1.7
1.6
1.8
1.8
1.7
1.8
1.8
U-2 Job losers and people who completed temporary jobs, as a percent of the civilian labor force
1.9
1.8
1.9
1.9
2.1
2.0
2.1
2.0
1.9
U-3 Total unemployed, as a percent of the civilian labor force (official unemployment rate)
4.4
4.1
4.4
4.1
4.4
4.3
4.3
4.3
4.2
U-4 Total unemployed plus discouraged workers, as a percent of the civilian labor force plus discouraged workers
4.7
4.3
4.7
4.5
4.6
4.5
4.6
4.6
4.5
U-5 Total unemployed, plus discouraged workers, plus all other people marginally attached to the labor force, as a percent of the civilian labor force plus all people marginally attached to the labor force
5.4
5.0
5.4
5.1
5.3
5.3
5.3
5.3
5.2
U-6 Total unemployed, plus all people marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all people marginally attached to the labor force
8.1
7.7
8.2
7.7
7.9
8.0
8.2
8.1
7.9
NOTE: People marginally attached to the labor force are those who currently are neither working nor looking for work but indicate that they want and are available for a job and have looked for work sometime in the past 12 months. Discouraged workers, a subset of the marginally attached, have given a job-market related reason for not currently looking for work. People employed part time for economic reasons are those who want and are available for full-time work but have had to settle for a part-time schedule. Updated population controls are introduced annually with the release of January data.
HOUSEHOLD DATA
Table A-16. People not in the labor force and multiple jobholders by sex, not seasonally adjusted
[Numbers in thousands]
Category
Total
Men
Women
June
2025
June
2026
June
2025
June
2026
June
2025
June
2026
NOT IN THE LABOR FORCE
Total not in the labor force
102,242
104,968
42,202
43,380
60,041
61,589
People who currently want a job
6,455
6,463
3,106
3,225
3,349
3,237
Marginally attached to the labor force ( 1 )
1,862
1,825
1,064
1,047
798
778
Discouraged workers ( 2 )
654
499
464
294
190
205
Other people marginally attached to the labor force ( 3 )
1,208
1,326
600
754
608
573
MULTIPLE JOBHOLDERS
Total multiple jobholders ( 4 )
8,703
8,406
4,216
3,970
4,487
4,436
Percent of total employed
5.3
5.2
4.8
4.6
5.9
5.7
Primary job full time, secondary job part time
5,053
4,857
2,568
2,404
2,485
2,453
Primary and secondary jobs both part time
2,186
1,969
800
708
1,386
1,261
Primary and secondary jobs both full time
447
444
293
227
154
217
Hours vary on primary or secondary job
965
1,069
534
595
430
474
Footnotes
(1) Data refer to people who want a job, have searched for work during the prior 12 months, and were available to take a job during the reference week, but had not looked for work in the past 4 weeks.
(2) Includes those who did not actively look for work in the prior 4 weeks for reasons such as thinks no work available, could not find work, lacks schooling or training, employer thinks too young or old, and other types of discrimination.
(3) Includes those who did not actively look for work in the prior 4 weeks for such reasons as school or family responsibilities, ill health, and transportation problems, as well as a number for whom reason for nonparticipation was not determined.
(4) Includes a small number of people who work part time on their primary job and full time on their secondary job(s), not shown separately.
NOTE: Updated population controls are introduced annually with the release of January data.
ESTABLISHMENT DATA
Table B-1. Employees on nonfarm payrolls by industry sector and selected industry detail
[In thousands]
Industry
Not seasonally adjusted
Seasonally adjusted
June
2025
Apr.
2026
May
2026 ( p )
June
2026 ( p )
June
2025
Apr.
2026
May
2026 ( p )
June
2026 ( p )
Change from:
May2026 - June2026 ( p )
Total nonfarm
159,299
158,713
159,398
159,830
158,478
158,798
158,927
158,984
57
Total private
135,871
135,058
135,776
136,617
134,892
135,467
135,564
135,613
49
Goods-producing
21,773
21,399
21,562
21,786
21,519
21,519
21,526
21,536
10
Mining and logging
621
604
611
612
616
608
611
607
-4
Logging
41.1
36.6
37.4
38.1
41.0
39.1
38.8
37.9
-0.9
Mining, quarrying, and oil and gas extraction
580.1
567.7
573.6
574.2
574.5
568.4
572.6
568.9
-3.7
Oil and gas extraction
118.4
113.9
115.0
115.0
117.8
115.2
115.3
114.5
-0.8
Mining (except oil and gas)
192.4
188.1
191.5
194.1
189.2
188.4
189.7
190.7
1.0
Coal mining
40.0
38.4
38.2
39.3
39.9
38.4
38.5
39.2
0.7
Metal ore mining
45.1
45.9
46.1
46.6
44.7
46.1
46.2
46.3
0.1
Nonmetallic mineral mining and quarrying
107.3
103.8
107.2
108.2
104.6
103.8
105.1
105.2
0.1
Support activities for mining
269.3
265.7
267.1
265.1
267.5
264.8
267.6
263.7
-3.9
Construction
8,445
8,243
8,367
8,504
8,267
8,314
8,320
8,331
11
Construction of buildings
1,889.4
1,851.2
1,865.4
1,894.9
1,857.3
1,867.9
1,863.8
1,864.1
0.3
Residential building construction
944.1
916.8
921.9
928.1
930.6
924.7
919.1
916.2
-2.9
Nonresidential building construction
945.3
934.4
943.5
966.8
926.7
943.2
944.7
947.9
3.2
Heavy and civil engineering construction
1,220.7
1,197.4
1,229.0
1,247.3
1,177.3
1,201.2
1,203.0
1,205.6
2.6
Specialty trade contractors
5,335.1
5,194.6
5,272.1
5,361.6
5,232.3
5,245.0
5,253.2
5,261.6
8.4
Residential specialty trade contractors
2,437.4
2,337.5
2,367.5
2,399.8
2,384.0
2,356.1
2,355.3
2,349.6
-5.7
Nonresidential specialty trade contractors
2,897.7
2,857.1
2,904.6
2,961.8
2,848.3
2,888.9
2,897.9
2,912.0
14.1
Manufacturing
12,707
12,552
12,584
12,670
12,636
12,597
12,595
12,598
3
Durable goods
7,880
7,804
7,832
7,890
7,833
7,825
7,834
7,840
6
Wood product manufacturing
407.7
391.8
392.7
395.0
405.0
392.5
391.5
391.9
0.4
Nonmetallic mineral product manufacturing
422.0
418.1
422.2
425.7
417.0
419.8
420.3
420.4
0.1
Primary metal manufacturing
365.9
364.6
366.8
369.8
363.8
365.5
366.8
367.3
0.5
Fabricated metal product manufacturing
1,442.5
1,442.4
1,448.0
1,460.7
1,434.9
1,444.6
1,449.2
1,452.6
3.4
Machinery manufacturing
1,093.4
1,079.8
1,084.2
1,090.1
1,087.6
1,083.9
1,083.8
1,084.2
0.4
Computer and electronic product manufacturing
1,003.4
988.9
991.5
1,002.6
997.0
992.6
993.6
995.1
1.5
Computer and peripheral equipment manufacturing
100.0
99.6
99.7
100.6
99.8
100.0
100.2
100.2
0.0
Communications equipment manufacturing
79.6
81.9
82.4
83.7
78.8
82.2
82.4
82.6
0.2
Semiconductor and other electronic component manufacturing
384.3
367.9
369.1
372.7
380.5
369.4
369.0
368.6
-0.4
Navigational, measuring, electromedical, and control instruments manufacturing
410.5
413.1
414.0
418.8
409.3
414.1
415.2
417.2
2.0
Manufacturing and reproducing magnetic and optical media and audio and video equipment manufacturing
29.0
26.4
26.3
26.8
28.7
26.9
26.7
26.6
-0.1
Electrical equipment, appliance, and component manufacturing
430.9
436.7
437.6
441.7
429.8
437.1
438.8
440.3
1.5
Transportation equipment manufacturing ( 1 )
1,754.1
1,741.8
1,744.9
1,752.9
1,745.1
1,745.2
1,745.9
1,743.0
-2.9
Motor vehicles and parts ( 2 )
976.4
954.5
955.9
955.5
971.0
953.7
953.5
949.6
-3.9
Furniture and related product manufacturing
343.1
331.3
331.9
334.3
339.7
332.8
331.2
330.8
-0.4
Miscellaneous manufacturing
616.8
608.4
611.7
617.2
613.5
610.6
612.8
613.9
1.1
Nondurable goods
4,827
4,748
4,752
4,780
4,803
4,772
4,761
4,758
-3
Food manufacturing
1,786.0
1,763.1
1,760.8
1,770.4
1,784.5
1,778.8
1,773.1
1,770.6
-2.5
Textile mills
82.4
78.4
78.2
77.9
82.0
78.9
78.3
77.8
-0.5
Textile product mills
94.0
93.6
93.2
93.7
94.0
93.9
93.0
93.8
0.8
Apparel manufacturing
79.6
72.0
72.7
73.3
79.0
73.2
72.9
72.6
-0.3
Paper manufacturing
354.6
357.3
355.9
356.2
355.1
356.6
356.5
356.5
0.0
Printing and related support activities
346.2
339.0
341.9
341.7
345.2
340.3
340.5
340.0
-0.5
Petroleum and coal products manufacturing
111.4
109.1
110.6
112.1
109.2
109.3
109.5
109.9
0.4
Chemical manufacturing
904.0
895.7
901.6
907.0
900.3
897.7
902.3
903.1
0.8
Plastics and rubber products manufacturing
707.4
695.9
692.1
690.5
703.3
695.9
690.3
687.1
-3.2
Beverage, tobacco, and leather and allied product manufacturing
360.9
343.4
345.1
356.7
349.9
347.2
344.7
346.6
1.9
Private service-providing
114,098
113,659
114,214
114,831
113,373
113,948
114,038
114,077
39
Trade, transportation, and utilities
28,725
28,476
28,614
28,717
28,741
28,715
28,732
28,728
-4
Wholesale trade
6,083.6
6,036.8
6,059.8
6,084.6
6,057.3
6,051.9
6,055.5
6,057.9
2.4
Merchant wholesalers, durable goods
3,412.3
3,391.5
3,399.9
3,419.9
3,400.9
3,398.8
3,401.2
3,407.5
6.3
Merchant wholesalers, nondurable goods
2,226.6
2,205.0
2,217.1
2,219.0
2,210.0
2,209.2
2,210.2
2,203.9
-6.3
Wholesale trade agents and brokers
444.7
440.3
442.8
445.7
446.4
443.9
444.1
446.5
2.4
Retail trade
15,448.8
15,341.7
15,414.8
15,479.4
15,425.5
15,459.0
15,467.2
15,459.7
-7.5
Motor vehicle and parts dealers
2,058.6
2,042.2
2,053.1
2,054.8
2,047.1
2,044.6
2,047.3
2,044.5
-2.8
Automobile dealers
1,295.2
1,284.9
1,288.0
1,285.5
1,291.5
1,287.0
1,286.4
1,283.0
-3.4
Other motor vehicle dealers
164.7
160.1
162.7
163.4
157.2
159.3
158.2
156.9
-1.3
Automotive parts, accessories, and tire retailers
598.7
597.2
602.4
605.9
598.4
598.2
602.7
604.6
1.9
Building material and garden equipment and supplies dealers
1,441.2
1,401.7
1,424.0
1,412.8
1,378.9
1,359.9
1,364.7
1,352.8
-11.9
Food and beverage retailers
3,262.6
3,237.8
3,243.1
3,260.2
3,256.6
3,256.5
3,254.1
3,254.4
0.3
Furniture, home furnishings, electronics, and appliance retailers
759.2
748.2
743.5
742.0
773.8
758.7
757.1
757.1
0.0
Furniture and home furnishings retailers
390.4
385.2
382.3
381.5
395.9
389.1
388.0
387.3
-0.7
Electronics and appliance retailers
368.8
363.0
361.2
360.5
377.9
369.6
369.1
369.7
0.6
General merchandise retailers
3,196.1
3,195.1
3,199.2
3,204.7
3,227.8
3,252.5
3,244.0
3,239.1
-4.9
Department stores
903.6
908.3
910.7
916.6
927.8
935.8
937.6
939.2
1.6
Warehouse clubs, supercenters, and other general merchandise retailers
2,292.5
2,286.8
2,288.5
2,288.1
2,300.0
2,316.7
2,306.4
2,299.9
-6.5
Health and personal care retailers
1,052.7
1,044.6
1,044.5
1,045.3
1,061.7
1,048.7
1,051.5
1,052.6
1.1
Gasoline stations and fuel dealers
1,054.9
1,050.4
1,060.0
1,071.6
1,045.1
1,056.1
1,061.2
1,062.7
1.5
Clothing, clothing accessories, shoe, and jewelry retailers
1,128.3
1,108.2
1,118.3
1,141.8
1,140.7
1,149.4
1,151.4
1,156.4
5.0
Sporting goods, hobby, musical instrument, book, and miscellaneous retailers
1,495.2
1,513.5
1,529.1
1,546.2
1,493.8
1,532.6
1,535.9
1,540.1
4.2
Transportation and warehousing
6,587.5
6,492.6
6,532.6
6,543.1
6,655.5
6,597.0
6,601.4
6,603.7
2.3
Air transportation
574.8
575.6
570.8
571.7
569.8
574.0
567.9
568.0
0.1
Rail transportation
155.3
150.1
150.0
150.0
155.2
149.5
149.7
149.9
0.2
Water transportation
74.3
69.9
70.8
74.1
70.7
70.9
69.9
70.6
0.7
Truck transportation
1,494.2
1,457.0
1,467.5
1,478.5
1,482.7
1,469.4
1,467.9
1,466.6
-1.3
Transit and ground passenger transportation
483.5
500.6
508.7
480.1
492.3
486.6
492.5
489.8
-2.7
Pipeline transportation
56.9
56.0
55.9
56.7
56.6
55.9
56.0
56.4
0.4
Scenic and sightseeing transportation
43.1
26.7
36.1
41.0
35.1
32.4
32.5
32.7
0.2
Support activities for transportation
831.3
821.0
822.3
819.9
833.7
824.3
823.9
821.9
-2.0
Couriers and messengers
1,028.4
1,022.5
1,027.3
1,043.2
1,087.5
1,096.6
1,095.6
1,097.2
1.6
Warehousing and storage
1,845.7
1,813.2
1,823.2
1,827.9
1,871.9
1,837.4
1,845.5
1,850.6
5.1
Utilities
605.3
604.6
606.7
609.8
602.2
606.8
607.6
606.8
-0.8
Information
2,882
2,780
2,778
2,791
2,863
2,787
2,783
2,774
-9
Motion picture and sound recording industries
368.7
329.1
331.4
333.7
354.3
331.4
325.3
321.7
-3.6
Publishing industries
911.5
896.2
894.8
905.7
907.4
900.7
900.8
900.1
-0.7
Broadcasting and content providers
342.4
339.0
334.5
337.2
342.8
337.9
335.5
336.9
1.4
Telecommunications
596.8
574.4
573.9
572.5
596.0
575.1
575.7
572.7
-3.0
Computing infrastructure providers, data processing, web hosting, and related services
481.8
463.8
464.7
461.6
481.4
462.3
465.1
461.8
-3.3
Web search portals, libraries, archives, and other information services
181.2
177.9
178.5
180.2
181.4
179.7
180.3
180.4
0.1
Financial activities
9,239
9,088
9,078
9,137
9,204
9,126
9,104
9,104
0
Finance and insurance
6,752.0
6,664.9
6,643.3
6,675.3
6,741.5
6,684.8
6,665.8
6,667.1
1.3
Monetary authorities-central bank
19.9
18.5
18.4
18.4
19.7
18.6
18.5
18.3
-0.2
Credit intermediation and related
activities
2,572.8
2,536.1
2,531.9
2,543.2
2,566.5
2,538.3
2,536.3
2,537.6
1.3
Depository credit intermediation ( 1 )
1,788.6
1,771.4
1,767.0
1,775.1
1,783.7
1,774.3
1,771.7
1,771.0
-0.7
Commercial banking
1,377.1
1,354.4
1,350.5
1,355.3
1,373.3
1,357.2
1,354.7
1,352.5
-2.2
Nondepository credit intermediation
505.3
493.2
490.6
493.8
503.9
492.8
491.0
492.2
1.2
Activities related to credit intermediation
278.9
271.5
274.3
274.3
278.9
271.2
273.6
274.4
0.8
Securities, commodity contracts, funds, trusts, and other financial vehicles, investments, and related activities
1,145.7
1,161.4
1,157.0
1,170.6
1,141.7
1,169.6
1,165.0
1,167.1
2.1
Insurance carriers and related activities
3,013.6
2,948.9
2,936.0
2,943.1
3,013.6
2,958.3
2,946.0
2,944.1
-1.9
Real estate and rental and leasing
2,487.1
2,422.7
2,434.8
2,461.2
2,462.7
2,441.4
2,438.2
2,437.0
-1.2
Real estate
1,866.7
1,840.2
1,841.7
1,853.5
1,858.3
1,849.8
1,847.1
1,845.8
-1.3
Rental and leasing services
598.5
561.3
571.9
586.3
582.6
570.2
569.8
570.0
0.2
Lessors of nonfinancial intangible assets (except copyrighted works)
21.9
21.2
21.2
21.4
21.8
21.4
21.3
21.2
-0.1
Professional and business services
22,534
22,470
22,506
22,640
22,419
22,460
22,471
22,507
36
Professional, scientific, and technical services
10,776.7
10,841.0
10,756.9
10,839.1
10,768.0
10,808.9
10,811.4
10,829.6
18.2
Legal services
1,231.9
1,227.7
1,229.6
1,255.3
1,220.9
1,237.2
1,238.4
1,243.5
5.1
Accounting, tax preparation, bookkeeping, and payroll services
1,101.6
1,187.2
1,095.3
1,097.9
1,127.6
1,124.9
1,121.9
1,124.6
2.7
Architectural, engineering, and related services
1,752.0
1,752.6
1,758.8
1,786.3
1,727.1
1,761.1
1,762.6
1,763.2
0.6
Specialized design services
147.2
148.1
148.6
149.6
147.9
149.4
149.4
150.2
0.8
Computer systems design and related services
2,390.6
2,369.7
2,366.7
2,366.6
2,399.9
2,369.5
2,370.3
2,374.6
4.3
Management, scientific, and technical consulting services
1,857.6
1,875.0
1,871.3
1,884.3
1,858.7
1,879.5
1,877.2
1,884.5
7.3
Scientific research and development services
930.4
909.6
911.5
920.8
923.1
912.0
912.5
912.6
0.1
Advertising, public relations, and related services
483.6
479.1
478.9
481.8
481.2
480.6
480.7
479.5
-1.2
Other professional, scientific, and technical services
881.8
892.0
896.2
896.5
881.7
894.8
898.4
896.9
-1.5
Management of companies and enterprises
2,640.8
2,605.2
2,607.5
2,629.3
2,625.6
2,613.4
2,615.4
2,614.2
-1.2
Administrative and support and waste management and remediation services
9,116.2
9,023.3
9,141.8
9,171.1
9,025.4
9,037.5
9,044.5
9,063.5
19.0
Administrative and support services
8,589.7
8,499.5
8,614.0
8,641.8
8,503.6
8,511.5
8,517.4
8,538.6
21.2
Office administrative services
618.6
629.6
632.9
640.5
618.2
631.6
633.4
638.8
5.4
Facilities support services
180.0
182.3
179.4
180.7
179.8
182.1
181.4
180.7
-0.7
Employment services ( 1 )
3,159.5
3,168.0
3,219.0
3,187.3
3,197.3
3,190.5
3,193.4
3,207.5
14.1
Temporary help services
2,471.2
2,475.5
2,517.2
2,481.9
2,504.6
2,490.4
2,489.9
2,499.2
9.3
Business support services
648.2
628.4
622.0
625.3
654.1
628.9
628.3
630.4
2.1
Travel arrangement and reservation services
189.9
183.5
184.8
186.9
188.7
183.4
184.4
185.3
0.9
Investigation and security services
1,044.2
1,049.7
1,051.2
1,048.5
1,044.1
1,048.8
1,051.2
1,049.0
-2.2
Services to buildings and dwellings
2,413.2
2,321.7
2,384.9
2,432.3
2,291.8
2,311.9
2,309.7
2,312.3
2.6
Other support services
336.1
336.3
339.8
340.3
329.5
334.3
335.7
334.5
-1.2
Waste management and remediation services
526.5
523.8
527.8
529.3
521.8
526.0
527.1
524.9
-2.2
Private education and health services
27,117
27,982
27,902
27,772
27,325
27,859
27,904
27,973
69
Private educational services
3,849.9
4,197.5
4,064.1
3,882.7
4,047.7
4,044.8
4,044.1
4,066.3
22.2
Health care and social assistance
23,266.9
23,784.0
23,837.4
23,889.5
23,277.5
23,813.8
23,859.7
23,906.3
46.6
Health care ( 3 )
18,042.6
18,415.7
18,440.4
18,471.4
18,064.7
18,446.5
18,480.7
18,502.2
21.5
Ambulatory health care services
8,967.3
9,193.4
9,213.4
9,202.7
8,988.1
9,202.1
9,225.3
9,233.3
8.0
Offices of physicians
2,995.3
3,043.6
3,049.1
3,044.1
3,000.8
3,050.7
3,054.6
3,053.7
-0.9
Offices of dentists
1,047.3
1,059.2
1,062.3
1,062.1
1,047.8
1,061.7
1,063.2
1,063.2
0.0
Offices of other health practitioners
1,303.7
1,347.0
1,344.9
1,341.5
1,308.8
1,341.8
1,345.3
1,349.1
3.8
Outpatient care centers
1,175.7
1,191.1
1,190.7
1,189.5
1,178.0
1,193.7
1,194.0
1,192.9
-1.1
Medical and diagnostic laboratories
306.8
310.4
310.5
310.9
308.3
309.8
311.2
312.2
1.0
Home health care services
1,773.2
1,866.1
1,875.9
1,871.8
1,778.8
1,868.0
1,877.5
1,880.8
3.3
Other ambulatory health care services
365.3
376.0
380.0
382.8
365.5
376.5
379.5
381.5
2.0
Hospitals
5,650.0
5,746.9
5,742.9
5,769.0
5,655.9
5,758.1
5,764.9
5,774.1
9.2
Nursing and residential care facilities
3,425.3
3,475.4
3,484.1
3,499.7
3,420.7
3,486.3
3,490.5
3,494.8
4.3
Skilled nursing care facilities
1,552.1
1,575.7
1,577.4
1,588.2
1,550.6
1,584.5
1,583.3
1,586.6
3.3
Residential intellectual and developmental disability, mental health, and substance abuse facilities
690.9
707.7
707.5
709.6
689.2
707.8
707.1
708.0
0.9
Continuing care retirement communities and assisted living facilities for the elderly
1,009.8
1,019.0
1,025.6
1,029.4
1,008.9
1,020.8
1,026.7
1,028.1
1.4
Other residential care facilities
172.5
173.0
173.6
172.5
172.0
173.3
173.5
172.1
-1.4
Social assistance
5,224.3
5,368.3
5,397.0
5,418.1
5,212.8
5,367.3
5,379.0
5,404.1
25.1
Individual and family services
3,599.9
3,753.9
3,768.5
3,790.6
3,594.0
3,757.9
3,767.1
3,783.7
16.6
Community food and housing, and emergency and other relief services
235.3
235.2
236.7
236.9
234.2
235.5
236.3
236.0
-0.3
Vocational rehabilitation services
291.2
275.4
278.2
284.6
287.0
277.2
279.2
279.9
0.7
Child care services
1,097.9
1,103.8
1,113.6
1,106.0
1,097.6
1,096.7
1,096.4
1,104.6
8.2
Leisure and hospitality
17,540
16,840
17,283
17,656
16,837
16,972
17,012
16,951
-61
Arts, entertainment, and recreation
2,979.4
2,606.3
2,773.2
2,986.8
2,689.4
2,687.9
2,697.2
2,690.7
-6.5
Performing arts, spectator sports, and related industries
636.0
606.6
626.8
627.4
602.5
601.3
606.6
597.6
-9.0
Museums, historical sites, and similar institutions
190.2
179.6
185.5
197.6
178.3
183.0
183.8
185.4
1.6
Amusement, gambling, and recreation industries
2,153.2
1,820.1
1,960.9
2,161.8
1,908.6
1,903.6
1,906.8
1,907.7
0.9
Accommodation and food services
14,560.7
14,233.3
14,509.6
14,668.7
14,147.2
14,284.2
14,315.1
14,260.5
-54.6
Accommodation
2,042.0
1,876.8
1,941.2
2,025.7
1,928.5
1,924.1
1,935.5
1,913.8
-21.7
Food services and drinking places
12,518.7
12,356.5
12,568.4
12,643.0
12,218.7
12,360.1
12,379.6
12,346.7
-32.9
Other services
6,061
6,023
6,053
6,118
5,984
6,029
6,032
6,040
8
Repair and maintenance
1,483.4
1,477.1
1,479.4
1,483.0
1,467.2
1,470.9
1,470.0
1,467.0
-3.0
Personal and laundry services
1,604.0
1,608.5
1,620.8
1,636.9
1,591.8
1,610.8
1,613.6
1,622.8
9.2
Religious, grantmaking, civic, professional, and similar organizations
2,973.3
2,937.8
2,952.8
2,998.2
2,925.0
2,947.0
2,947.9
2,950.3
2.4
Government
23,428
23,655
23,622
23,213
23,586
23,331
23,363
23,371
8
Federal
2,939
2,674
2,680
2,685
2,944
2,681
2,684
2,686
2
Federal, except U.S. Postal Service
2,349.8
2,074.3
2,079.6
2,085.3
2,351.0
2,082.5
2,082.9
2,083.7
0.8
U.S. Postal Service
588.7
600.0
600.6
599.9
592.9
598.4
601.5
602.7
1.2
State government
5,260
5,629
5,461
5,215
5,516
5,469
5,465
5,469
4
State government education
2,365.8
2,763.1
2,593.4
2,327.4
2,637.8
2,599.1
2,594.1
2,598.4
4.3
State government, excluding education
2,894.6
2,866.1
2,868.0
2,887.1
2,877.8
2,870.0
2,871.0
2,870.5
-0.5
Local government
15,229
15,352
15,481
15,313
15,126
15,181
15,214
15,216
2
Local government education
8,138.3
8,484.1
8,498.2
8,139.3
8,219.8
8,229.5
8,234.7
8,233.6
-1.1
Local government, excluding education
7,090.5
6,868.1
6,983.2
7,173.2
6,906.5
6,951.7
6,979.2
6,982.5
3.3
Footnotes
(1) Includes other industries, not shown separately.
(2) Includes motor vehicle manufacturing, motor vehicle body and trailer manufacturing, and motor vehicle parts manufacturing.
(3) Includes ambulatory health care services, hospitals, and nursing and residential care facilities.
(p) Preliminary
NOTE: Data have been revised to reflect March 2025 benchmark levels and updated seasonal adjustment factors.
ESTABLISHMENT DATA
Table B-2. Average weekly hours and overtime of all employees on private nonfarm payrolls by industry sector, seasonally adjusted
Industry
June
2025
Apr.
2026
May
2026 ( p )
June
2026 ( p )
AVERAGE WEEKLY HOURS
Total private
34.2
34.3
34.3
34.3
Goods-producing
39.8
40.1
40.1
40.1
Mining and logging
44.3
45.6
45.7
45.4
Construction
38.9
39.3
39.3
39.3
Manufacturing
40.1
40.4
40.4
40.3
Durable goods
40.6
40.8
40.8
40.8
Nondurable goods
39.3
39.8
39.7
39.5
Private service-providing
33.2
33.2
33.3
33.2
Trade, transportation, and utilities
34.0
34.1
34.2
34.0
Wholesale trade
39.1
39.2
39.2
39.2
Retail trade
29.8
30.0
30.1
29.9
Transportation and warehousing
38.3
38.2
38.4
38.1
Utilities
42.1
42.5
42.4
42.7
Information
36.9
37.3
37.5
37.2
Financial activities
37.7
37.4
37.4
37.4
Professional and business services
36.4
36.7
36.8
36.6
Private education and health services
32.7
32.6
32.6
32.6
Leisure and hospitality
25.5
25.6
25.6
25.5
Other services
31.9
32.2
32.1
32.1
AVERAGE OVERTIME HOURS
Manufacturing
2.9
3.1
3.1
3.2
Durable goods
2.9
3.1
3.1
3.2
Nondurable goods
2.8
3.1
3.1
3.1
Footnotes
(p) Preliminary
NOTE: Data have been revised to reflect March 2025 benchmark levels and updated seasonal adjustment factors.
ESTABLISHMENT DATA
Table B-3. Average hourly and weekly earnings of all employees on private nonfarm payrolls by industry sector, seasonally adjusted
Industry
Average hourly earnings
Average weekly earnings
June
2025
Apr.
2026
May
2026 ( p )
June
2026 ( p )
June
2025
Apr.
2026
May
2026 ( p )
June
2026 ( p )
Total private
$36.36
$37.41
$37.51
$37.64
$1,243.51
$1,283.16
$1,286.59
$1,291.05
Goods-producing
37.13
38.45
38.56
38.64
1,477.77
1,541.85
1,546.26
1,549.46
Mining and logging
40.22
41.34
41.65
41.76
1,781.75
1,885.10
1,903.41
1,895.90
Construction
39.64
41.01
41.20
41.36
1,542.00
1,611.69
1,619.16
1,625.45
Manufacturing
35.37
36.64
36.69
36.71
1,418.34
1,480.26
1,482.28
1,479.41
Durable goods
37.52
38.91
38.92
38.94
1,523.31
1,587.53
1,587.94
1,588.75
Nondurable goods
31.74
32.84
32.91
32.91
1,247.38
1,307.03
1,306.53
1,299.95
Private service-providing
36.18
37.18
37.27
37.41
1,201.18
1,234.38
1,241.09
1,242.01
Trade, transportation, and utilities
30.86
31.85
31.87
31.99
1,049.24
1,086.09
1,089.95
1,087.66
Wholesale trade
38.65
39.81
39.78
39.72
1,511.22
1,560.55
1,559.38
1,557.02
Retail trade
25.36
26.20
26.22
26.35
755.73
786.00
789.22
787.87
Transportation and warehousing
31.44
32.38
32.44
32.57
1,204.15
1,236.92
1,245.70
1,240.92
Utilities
52.13
55.19
55.50
56.09
2,194.67
2,345.58
2,353.20
2,395.04
Information
52.54
54.93
55.08
55.67
1,938.73
2,048.89
2,065.50
2,070.92
Financial activities
47.46
49.02
49.25
49.60
1,789.24
1,833.35
1,841.95
1,855.04
Professional and business services
44.21
45.41
45.58
45.73
1,609.24
1,666.55
1,677.34
1,673.72
Private education and health services
35.49
36.23
36.27
36.33
1,160.52
1,181.10
1,182.40
1,184.36
Leisure and hospitality
22.74
23.52
23.58
23.62
579.87
602.11
603.65
602.31
Other services
32.99
33.76
33.93
34.05
1,052.38
1,087.07
1,089.15
1,093.01
Footnotes
(p) Preliminary
NOTE: Data have been revised to reflect March 2025 benchmark levels and updated seasonal adjustment factors.
ESTABLISHMENT DATA
Table B-4. Indexes of aggregate weekly hours and payrolls for all employees on private nonfarm payrolls by industry sector, seasonally adjusted
[2007=100]
Industry
Index of aggregate weekly hours ( 1 )
Index of aggregate weekly payrolls ( 2 )
June
2025
Apr.
2026
May
2026 ( p )
June
2026 ( p )
Percent change from:
May
2026 - June
2026 ( p )
June
2025
Apr.
2026
May
2026 ( p )
June
2026 ( p )
Percent change from:
May
2026 - June
2026 ( p )
Total private
115.8
116.6
116.7
116.8
0.1
201.3
208.6
209.3
210.1
0.4
Goods-producing
97.6
98.3
98.4
98.4
0.0
163.8
170.9
171.5
171.9
0.2
Mining and logging
85.7
87.1
87.7
86.6
-1.3
138.5
144.6
146.7
145.2
-1.0
Construction
110.9
112.6
112.7
112.9
0.2
190.9
200.7
201.8
202.8
0.5
Manufacturing
91.2
91.6
91.6
91.4
-0.2
150.0
156.1
156.3
156.0
-0.2
Durable goods
89.6
89.9
90.0
90.1
0.1
149.3
155.4
155.6
155.8
0.1
Nondurable goods
94.2
94.8
94.3
93.8
-0.5
151.7
158.0
157.5
156.7
-0.5
Private service-providing
121.2
121.8
122.2
121.9
-0.2
213.1
220.1
221.4
221.7
0.1
Trade, transportation, and utilities
106.8
107.0
107.4
106.7
-0.7
177.7
183.8
184.5
184.1
-0.2
Wholesale trade
104.5
104.6
104.7
104.8
0.1
168.9
174.3
174.2
174.0
-0.1
Retail trade
93.6
94.4
94.8
94.1
-0.7
156.9
163.5
164.3
163.9
-0.2
Transportation and warehousing
146.5
144.8
145.7
144.6
-0.8
234.3
238.5
240.4
239.5
-0.4
Utilities
109.7
111.6
111.5
112.1
0.5
189.0
203.5
204.4
207.8
1.7
Information
96.5
95.0
95.3
94.3
-1.0
180.5
185.7
186.9
186.8
-0.1
Financial activities
113.7
111.8
111.5
111.5
0.0
210.4
213.8
214.3
215.8
0.7
Professional and business services
127.6
128.9
129.3
128.8
-0.4
228.5
237.1
238.7
238.6
0.0
Private education and health services
145.9
148.3
148.6
148.9
0.2
249.2
258.5
259.2
260.3
0.4
Leisure and hospitality
122.5
124.0
124.3
123.3
-0.8
224.7
235.2
236.4
235.0
-0.6
Other services
110.1
111.9
111.6
111.8
0.2
199.0
207.1
207.6
208.6
0.5
Footnotes
(1) The indexes of aggregate weekly hours are calculated by dividing the current month's estimates of aggregate hours by the corresponding 2007 annual average aggregate hours. Aggregate hours estimates are the product of estimates of average weekly hours and employment.
(2) The indexes of aggregate weekly payrolls are calculated by dividing the current month's estimates of aggregate weekly payrolls by the corresponding 2007 annual average aggregate weekly payrolls. Aggregate payrolls estimates are the product of estimates of average hourly earnings, average weekly hours, and employment.
(p) Preliminary
NOTE: Data have been revised to reflect March 2025 benchmark levels and updated seasonal adjustment factors.
ESTABLISHMENT DATA
Table B-5. Employment of women on nonfarm payrolls by industry sector, seasonally adjusted
Industry
Women employees (in thousands)
Percent of all employees
June
2025
Apr.
2026
May
2026 ( p )
June
2026 ( p )
June
2025
Apr.
2026
May
2026 ( p )
June
2026 ( p )
Total nonfarm
79,165
79,448
79,543
79,644
50.0
50.0
50.1
50.1
Total private
65,378
65,782
65,873
65,972
48.5
48.6
48.6
48.6
Goods-producing
4,909
4,888
4,888
4,890
22.8
22.7
22.7
22.7
Mining and logging
85
82
82
83
13.8
13.5
13.4
13.7
Construction
1,189
1,191
1,194
1,196
14.4
14.3
14.4
14.4
Manufacturing
3,635
3,615
3,612
3,611
28.8
28.7
28.7
28.7
Durable goods
1,915
1,897
1,894
1,893
24.4
24.2
24.2
24.1
Nondurable goods
1,720
1,718
1,718
1,718
35.8
36.0
36.1
36.1
Private service-providing
60,469
60,894
60,985
61,082
53.3
53.4
53.5
53.5
Trade, transportation, and utilities
11,142
11,122
11,142
11,149
38.8
38.7
38.8
38.8
Wholesale trade
1,842.3
1,837.6
1,839.3
1,843.4
30.4
30.4
30.4
30.4
Retail trade
7,391.1
7,419.0
7,430.6
7,431.8
47.9
48.0
48.0
48.1
Transportation and warehousing
1,752.2
1,709.7
1,716.4
1,718.2
26.3
25.9
26.0
26.0
Utilities
156.2
155.7
155.4
155.4
25.9
25.7
25.6
25.6
Information
1,146
1,131
1,122
1,126
40.0
40.6
40.3
40.6
Financial activities
5,056
4,962
4,951
4,947
54.9
54.4
54.4
54.3
Professional and business services
10,159
10,178
10,188
10,228
45.3
45.3
45.3
45.4
Private education and health services
20,936
21,333
21,369
21,419
76.6
76.6
76.6
76.6
Leisure and hospitality
8,802
8,914
8,956
8,952
52.3
52.5
52.6
52.8
Other services
3,228
3,254
3,257
3,261
53.9
54.0
54.0
54.0
Government
13,787
13,666
13,670
13,672
58.5
58.6
58.5
58.5
Footnotes
(p) Preliminary
NOTE: Data have been revised to reflect March 2025 benchmark levels and updated seasonal adjustment factors.
ESTABLISHMENT DATA
Table B-6. Employment of production and nonsupervisory employees on private nonfarm payrolls by industry sector, seasonally adjusted ( 1 )
[In thousands]
Industry
June
2025
Apr.
2026
May
2026 ( p )
June
2026 ( p )
Total private
109,917
110,603
110,809
110,714
Goods-producing
15,267
15,266
15,268
15,260
Mining and logging
457
454
459
454
Construction
6,009
6,048
6,045
6,054
Manufacturing
8,801
8,764
8,764
8,752
Durable goods
5,302
5,295
5,309
5,307
Nondurable goods
3,499
3,469
3,455
3,445
Private service-providing
94,650
95,337
95,541
95,454
Trade, transportation, and utilities
24,373
24,395
24,407
24,411
Wholesale trade
4,796.9
4,784.5
4,788.6
4,794.5
Retail trade
13,264.1
13,345.4
13,354.9
13,348.4
Transportation and warehousing
5,835.9
5,783.2
5,781.4
5,785.8
Utilities
475.7
482.0
482.5
482.0
Information
2,285
2,225
2,218
2,210
Financial activities
6,975
6,918
6,904
6,903
Professional and business services
17,589
17,694
17,718
17,778
Private education and health services
23,940
24,422
24,463
24,531
Leisure and hospitality
14,624
14,787
14,932
14,711
Other services
4,864
4,896
4,899
4,910
Footnotes
(1) Data relate to production employees in mining and logging and manufacturing, construction employees in construction, and nonsupervisory employees in the service-providing industries. These groups account for approximately four-fifths of the total employment on private nonfarm payrolls.
(p) Preliminary
NOTE: Data have been revised to reflect March 2025 benchmark levels and updated seasonal adjustment factors.
ESTABLISHMENT DATA
Table B-7. Average weekly hours and overtime of production and nonsupervisory employees on private nonfarm payrolls by industry sector, seasonally adjusted ( 1 )
Industry
June
2025
Apr.
2026
May
2026 ( p )
June
2026 ( p )
AVERAGE WEEKLY HOURS
Total private
33.6
33.8
33.8
33.7
Goods-producing
40.6
41.2
41.1
41.2
Mining and logging
44.5
46.8
46.8
46.5
Construction
39.7
40.2
40.0
40.1
Manufacturing
41.0
41.6
41.6
41.6
Durable goods
41.3
41.9
42.0
42.0
Nondurable goods
40.7
41.2
40.9
41.1
Private service-providing
32.4
32.6
32.7
32.5
Trade, transportation, and utilities
34.1
34.3
34.4
34.3
Wholesale trade
39.2
39.4
39.4
39.4
Retail trade
30.3
30.6
30.7
30.6
Transportation and warehousing
37.9
38.1
38.2
37.8
Utilities
43.1
42.8
42.8
43.1
Information
35.7
35.7
35.7
35.6
Financial activities
37.3
37.3
37.3
37.4
Professional and business services
36.2
36.7
36.8
36.4
Private education and health services
31.6
31.7
31.8
31.7
Leisure and hospitality
24.1
24.2
24.1
24.1
Other services
30.9
31.2
31.2
31.1
AVERAGE OVERTIME HOURS
Manufacturing
3.7
4.0
4.0
4.1
Durable goods
3.7
4.0
4.0
4.1
Nondurable goods
3.7
4.0
3.9
4.0
Footnotes
(1) Data relate to production employees in mining and logging and manufacturing, construction employees in construction, and nonsupervisory employees in the service-providing industries. These groups account for approximately four-fifths of the total employment on private nonfarm payrolls.
(p) Preliminary
NOTE: Data have been revised to reflect March 2025 benchmark levels and updated seasonal adjustment factors.
ESTABLISHMENT DATA
Table B-8. Average hourly and weekly earnings of production and nonsupervisory employees on private nonfarm payrolls by industry sector, seasonally adjusted ( 1 )
Industry
Average hourly earnings
Average weekly earnings
June
2025
Apr.
2026
May
2026 ( p )
June
2026 ( p )
June
2025
Apr.
2026
May
2026 ( p )
June
2026 ( p )
Total private
$31.31
$32.23
$32.31
$32.38
$1,052.02
$1,089.37
$1,092.08
$1,091.21
Goods-producing
32.45
33.72
33.86
33.95
1,317.47
1,389.26
1,391.65
1,398.74
Mining and logging
37.50
38.47
38.66
38.70
1,668.75
1,800.40
1,809.29
1,799.55
Construction
37.26
38.76
38.95
39.06
1,479.22
1,558.15
1,558.00
1,566.31
Manufacturing
28.99
30.09
30.20
30.27
1,188.59
1,251.74
1,256.32
1,259.23
Durable goods
30.62
32.03
32.14
32.26
1,264.61
1,342.06
1,349.88
1,354.92
Nondurable goods
26.48
27.07
27.14
27.14
1,077.74
1,115.28
1,110.03
1,115.45
Private service-providing
31.08
31.92
31.99
32.07
1,006.99
1,040.59
1,046.07
1,042.28
Trade, transportation, and utilities
26.82
27.61
27.64
27.66
914.56
947.02
950.82
948.74
Wholesale trade
32.21
33.24
33.22
33.20
1,262.63
1,309.66
1,308.87
1,308.08
Retail trade
21.55
22.16
22.22
22.20
652.97
678.10
682.15
679.32
Transportation and warehousing
30.04
30.97
31.00
31.07
1,138.52
1,179.96
1,184.20
1,174.45
Utilities
45.91
48.11
48.27
48.81
1,978.72
2,059.11
2,065.96
2,103.71
Information
43.03
45.35
45.58
46.06
1,536.17
1,619.00
1,627.21
1,639.74
Financial activities
37.32
38.72
38.82
38.91
1,392.04
1,444.26
1,447.99
1,455.23
Professional and business services
37.16
38.28
38.44
38.61
1,345.19
1,404.88
1,414.59
1,405.40
Private education and health services
32.75
33.19
33.21
33.16
1,034.90
1,052.12
1,056.08
1,051.17
Leisure and hospitality
20.13
20.92
21.03
21.06
485.13
506.26
506.82
507.55
Other services
28.80
29.48
29.54
29.66
889.92
919.78
921.65
922.43
Footnotes
(1) Data relate to production employees in mining and logging and manufacturing, construction employees in construction, and nonsupervisory employees in the service-providing industries. These groups account for approximately four-fifths of the total employment on private nonfarm payrolls.
(p) Preliminary
NOTE: Data have been revised to reflect March 2025 benchmark levels and updated seasonal adjustment factors.
ESTABLISHMENT DATA
Table B-9. Indexes of aggregate weekly hours and payrolls for production and nonsupervisory employees on private nonfarm payrolls by industry sector, seasonally adjusted ( 1 )
[2002=100]
Industry
Index of aggregate weekly hours ( 2 )
Index of aggregate weekly payrolls ( 3 )
June
2025
Apr.
2026
May
2026 ( p )
June
2026 ( p )
Percent change from:
May
2026 - June
2026 ( p )
June
2025
Apr.
2026
May
2026 ( p )
June
2026 ( p )
Percent change from:
May
2026 - June
2026 ( p )
Total private
123.1
124.6
124.8
124.3
-0.4
257.5
268.3
269.5
269.1
-0.1
Goods-producing
94.7
96.1
95.9
96.1
0.2
188.2
198.5
198.8
199.7
0.5
Mining and logging
108.1
112.9
114.2
112.2
-1.8
235.7
252.6
256.7
252.5
-1.6
Construction
119.4
121.7
121.1
121.6
0.4
240.3
254.8
254.6
256.4
0.7
Manufacturing
82.8
83.7
83.7
83.6
-0.1
157.0
164.7
165.3
165.5
0.1
Durable goods
82.3
83.3
83.8
83.7
-0.1
157.3
166.7
168.1
168.6
0.3
Nondurable goods
83.9
84.2
83.3
83.4
0.1
157.0
161.1
159.7
160.0
0.2
Private service-providing
130.7
132.4
133.1
132.2
-0.7
278.5
289.9
292.1
290.8
-0.4
Trade, transportation, and utilities
116.3
117.1
117.5
117.2
-0.3
223.0
231.1
232.2
231.7
-0.2
Wholesale trade
111.6
111.9
112.0
112.1
0.1
212.2
219.5
219.5
219.7
0.1
Retail trade
101.9
103.5
104.0
103.6
-0.4
188.3
196.7
198.1
197.1
-0.5
Transportation and warehousing
167.4
166.8
167.1
165.5
-1.0
320.1
328.7
329.8
327.3
-0.8
Utilities
104.8
105.5
105.6
106.2
0.6
200.9
211.8
212.7
216.4
1.7
Information
93.1
90.7
90.4
89.8
-0.7
198.3
203.6
203.9
204.8
0.4
Financial activities
122.4
121.4
121.2
121.5
0.2
281.1
289.3
289.5
290.9
0.5
Professional and business services
142.1
145.0
145.6
144.5
-0.8
314.2
330.1
332.8
331.7
-0.3
Private education and health services
161.3
165.1
165.9
165.8
-0.1
348.7
361.6
363.6
362.9
-0.2
Leisure and hospitality
129.1
131.1
131.8
129.9
-1.4
295.1
311.4
314.8
310.6
-1.3
Other services
105.4
107.1
107.2
107.1
-0.1
221.2
230.1
230.7
231.4
0.3
Footnotes
(1) Data relate to production employees in mining and logging and manufacturing, construction employees in construction, and nonsupervisory employees in the service-providing industries. These groups account for approximately four-fifths of the total employment on private nonfarm payrolls.
(2) The indexes of aggregate weekly hours are calculated by dividing the current month's estimates of aggregate hours by the corresponding 2002 annual average aggregate hours. Aggregate hours estimates are the product of estimates of average weekly hours and employment.
(3) The indexes of aggregate weekly payrolls are calculated by dividing the current month's estimates of aggregate weekly payrolls by the corresponding 2002 annual average aggregate weekly payrolls. Aggregate payrolls estimates are the product of estimates of average hourly earnings, average weekly hours, and employment.
(p) Preliminary
NOTE: Data have been revised to reflect March 2025 benchmark levels and updated seasonal adjustment factors.
Last Modified Date: July 02, 2026
Top-Performing ETF Areas of 1H 2026
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Top-Performing ETF Areas of 1H 2026
Top-Performing ETF Areas of 1H 2026
Sanghamitra Saha
July 2, 2026 4 min read
- ^GSPC
+0.89%
- ^IXIC
+1.29%
- UGA
+1.08%
- BWET
+7.89%
- PSI
+7.59%
U.S. stocks just capped a strong first half of 2026 and a robust second quarter as semiconductor shares powered the market rally. The strength in semiconductors provided a major boost to the broader market and reinforced investor confidence in the ongoing AI-driven growth story.
Major Indexes Deliver Strong First-Half Returns
The Dow Jones advanced 8.9% during the first six months of the year, marking its best first-half performance since 2021, when it gained 12.7%. The S&P 500 rose 9.6%, while the Nasdaq outperformed with a gain of more than 12%.
Small-cap stocks also enjoyed a standout period. The Russell 2000 jumped nearly 22%, recording its strongest first-half performance since 1991, as quoted on CNBC.
Volatile Start Gives Way to a Strong Recovery
The first half of the year was marked by significant volatility. Markets reached record highs despite sharp fluctuations in energy prices caused by the Iran conflict and ongoing concerns about whether AI-related spending could remain sustainable.
Inside the Iran War
Following large-scale U.S.-Israel strikes on Iranian military infrastructure in February 2026, the United States and Iran engaged in months of warfare. The conflict severely disrupted global oil routes when Iran moved to block the Strait of Hormuz.
However, by mid-2026, the two nations signaled a ceasefire, bringing active hostilities to a halt and moving toward an extended period of Pakistan-mediated negotiations.
AI Bubble Concerns Doing Rounds
The AI trade has been a winning market theme, but the gains have been relatively narrow, increasing portfolio concentration risk and leaving investors more exposed to drawdowns and volatility in the technology sector.
As per a CNBC article, in June, approximately $2.3 trillion was wiped off the combined market value of the Mag 7 as investors grew increasingly concerned about the sustainability of massive AI infrastructure spending and whether the expected returns would justify the significant capital outlays.
Upbeat Earnings: Key Positive of 1H 2026
Solid corporate earnings remained the key market driver. Total S&P 500 earnings are expected to increase by 23.7% in the June quarter of 2026 from the same period last year, with revenues expected to rise 11.4% year over year.
Note that investor sentiment improved considerably during the second quarter as worries surrounding the AI trade subsided and geopolitical tensions appeared to be moving toward resolution.
The S&P 500 and Nasdaq gained 14.9% and 21.4%, respectively, in Q2, delivering their strongest quarterly performances since the second quarter of 2020. The Dow climbed 12.9%, its best quarter since the final three months of 2022, as quoted on the same CNBC article.
Story Continues
Fed Stays Put, Hints at Hawkish Path Ahead
The Federal Reserve left interest rates unchanged in June for the fourth straight policy meeting, keeping the benchmark federal funds rate in the 3.50%-3.75% range. This meeting was also the first under the new Fed Chair Kevin Warsh.
While the Fed kept rates on hold, its latest projections suggest that policymakers are leaning toward keeping borrowing costs higher for longer. Several officials signaled rate hikes later this year, as quoted on Yahoo Finance.
Alphabet Joins Dow Jones
Alphabet GOOGL officially entered the Dow Jones Industrial Average, earning one of Wall Street's most recognizable blue-chip distinctions in June-end.The addition marks a major milestone for the Dow Jones index, shifting its focus away from traditional telecommunications toward artificial intelligence and other key tech areas (read: Alphabet Joins Dow Jones: ETF Likely to Benefit).
Winning ETF Areas in Focus
Against this backdrop, below we highlight a few winning ETF areas of this year.
Shipping
Breakwave Tanker Shipping ETF BWET – Up 670.2% YTD
The Middle East conflict and the closure of the Strait of Hormuz have disrupted key shipping routes, driving a sharp surge in freight rates. This has strengthened the investment case for BWET.
Semiconductor
Invesco Semiconductors ETF PSI – Up 121.2%
The rise of AI, cloud computing, big data, data centers, the Internet of Things, 5G expansion, smartphone upgrades, and new gadgets has been fueling demand for chips and other semiconductor products.
South Korea
iShares MSCI South Korea ETF EWY – Up 90.8%
South Korean stocks have seen an unprecedented rally in 2026. Driven by the global artificial intelligence boom and heavy international demand for memory chips, the tech-heavy EWY has rallied.
Utilities
Tortoise AI Infrastructure ETF TCAI – Up 77.7%
In 2026, the AI infrastructure market has grown far beyond foundational chipmakers to encompass memory, networking, power management, and physical data center construction.
Gasoline
United States Gasoline Fund LP UGA – Up 68.8%
The fund's price surged in 2026 due to supply shocks linked to Middle East hostilities, particularly the U.S.-Iran conflict in late winter, which sent wholesale gasoline futures sharply higher. This was further augmented by the start of the summer driving season.
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This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
The Employment Situation — June 2026
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- 医疗就业6月增加2.2万人，低于此前12个月平均每月3.8万人的增幅。
- 制造、建筑、采矿油气、零售、信息、金融活动等主要行业就业变化不大。
英文原文
The Employment Situation — June 2026
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Best Performing ETFs of 2026
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Best Performing ETFs of 2026
Best Performing ETFs of 2026
Sumit Roy
July 2, 2026 6 min read
- VOO
+0.83%
- QQQ
+1.85%
With one half of 2026 in the books, the year is shaping up to be another good one for stocks.
Through the first six months, the Vanguard S&P 500 ETF (VOO) gained 10.2%, while the Invesco QQQ Trust (QQQ) doubled that with a 20.2% return.
As usual, though, plenty of ETFs did far better than that, and that's what we'll look at here.
A pair of funds ran up more than 900% on the year, and it took a gain north of 535% just to crack the overall top 10. The top of the board is dominated by leveraged products, with only a single nonleveraged fund making the cut.
But even if you strip the leveraged funds out, the bar is still high. A fund needed a roughly a 100% gain to land in the nonleveraged top 10.
Below we'll take a look at both sides, the nonleveraged winners and the leveraged ones.
A Tanker Fund Leads the Way
On the nonleveraged side, the Breakwave Tanker Shipping ETF (BWET) sits on top with a 684% gain. I've written about this fund a few times this year. BWET holds crude oil tanker freight futures, contracts tied to the rate for hauling oil by sea, with most of the portfolio tracking very large crude carriers traveling from the Persian Gulf to Asia.
When the Strait of Hormuz effectively closed earlier this year and tankers were pushed onto longer routes, freight rates went vertical and BWET went with them.
Oil prices themselves have since come back down as the strait reopened, but tanker futures have held up far better, because the crossing is still fragile, the backlog of stranded ships is only slowly clearing, and war risk premiums remain elevated.
It's worth remembering that BWET is a trading vehicle rather than a buy-and-hold investment, as freight rates have historically been mean reverting.
Then It's Semiconductors, All the Way Down
Outside of BWET, every other fund in the nonleveraged top 10 traces back to the AI infrastructure and semiconductor boom. That includes the Invesco Semiconductors ETF (PSI) , up 138%, and the VistaShares Artificial Intelligence Supercycle ETF (AIS) , up 124%.
I've written about AIS before. What makes it stand out is that it's an AI fund beating most of the straight semiconductor ETFs while holding a broader basket than chips alone (though it still leans heavily on semiconductor names).
The well-known iShares Semiconductor ETF (SOXX) also made the list at 113%, as did the iShares MSCI South Korea ETF (EWY) at 106%. EWY's gain came courtesy of its outsized weightings in SK Hynix and Samsung, two of the biggest winners from the super spike in memory prices.
Investors leaned on EWY as a memory proxy for a good stretch this year, until the Roundhill Memory ETF (DRAM) launched and stole its thunder. Incidentally, DRAM returned 166% from its April 2 launch through June 30, but it's not included on our list since it wasn't trading at the start of the year.
Story Continues
Outside the Top 10
The pattern continues past the top 10: Semiconductor ETFs keep turning up well down the list, alongside broader AI funds that are themselves stuffed with chip names, plus the occasional Korea or Taiwan fund that's essentially a de facto semiconductor play.
You have to go all the way to number 17 to hit something a little different: the ProShares Nanotechnology ETF (TINY) .
TINY tracks the Solactive Nanotechnology Index, but—surprise—its top holdings include a number of semiconductor equipment stocks, names like Applied Materials, Lam Research, and ASML.
A few other names further down are worth calling out. The Nomura Focused Emerging Markets Equity ETF (EMEQ) gained 77%, roughly three times the return of the broader iShares Core MSCI Emerging Markets ETF (IEMG) .
But once again, the performance is being powered by semiconductors. EMEQ holds about a third of its portfolio in TSMC, SK Hynix, and Samsung.
Other ETFs worth mentioning: the KraneShares SSE STAR Market 50 Index ETF (KSTR) , up 72%; the iShares MSCI Taiwan ETF (EWT) , up 71%; the State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) , up 71%; the Global X Hydrogen ETF (HYDR) , up 67%; and the United States Gasoline Fund (UGA) , up 66%.
The Full List
Just as the nonleveraged list of best performing ETFs is dominated by AI stocks, so too is the all-encompassing list.
The overall top 10 is almost entirely 2x long bets on single AI stocks. The Direxion Daily MU Bull 2X Shares (MUU) leads at 959%, followed by the Direxion Daily INTC Bull 2X Shares (LINT) at 842% and the GraniteShares 2x Long DELL Daily ETF (DLLL) at 772%, and on down the line.
Impressively, BWET managed to break into this list too with its 684%, the lone nonleveraged fund keeping pace with a field of geared single-stock products.
The only other fund in the top 10 that isn't a single-stock bet is the Direxion Daily Semiconductor Bull 3X Shares (SOXL) , up 537%. It tracks an index rather than one stock, but its triple leverage, grandfathered in from an earlier regulatory era, let it hang with the 2x single-stock crowd.
For the full list of the top-performing ETFs of the first half of 2026, see the tables below.
Best Performing ETFs of 2026 (excluding leverage/single stock ETFs)
Name
Ticker
YTD Return
Breakwave Tanker Shipping ETF
BWET
683.84%
Invesco Semiconductors ETF
PSI
138.09%
VistaShares Artificial Intelligence Supercycle ETF
AIS
124.37%
First Trust Nasdaq Semiconductor ETF
FTXL
120.38%
Xtrackers Semiconductor Select Equity ETF
CHPS
118.74%
iShares Semiconductor ETF
SOXX
113.00%
iShares MSCI South Korea ETF
EWY
105.80%
YieldMax Target 12 Semiconductor Option Income ETF
SOXY
101.84%
Invesco PHLX Semiconductor ETF
SOXQ
101.45%
Franklin FTSE South Korea ETF
FLKR
101.26%
YieldMax Semiconductor Portfolio Option Income ETF
CHPY
95.36%
Global X AI Semiconductor & Quantum ETF
CHPX
94.58%
State Street SPDR S&P Semiconductor ETF
XSD
94.11%
Tortoise AI Infrastructure ETF
TCAI
88.98%
Matthews Korea Active ETF
MKOR
87.31%
VanEck Semiconductor ETF
SMH
82.30%
ProShares Nanotechnology ETF
TINY
80.27%
Invesco Exchange-Traded Fund Trust Invesco Dorsey Wright Technology Momentum ETF
PTF
78.53%
State Street Galaxy Transformative Tech Accelerators ETF
TEKX
78.51%
Strive US Semiconductor ETF
SHOC
78.25%
Best Performing ETFs of 2026 (all U.S.-listed ETFs)
Name
Ticker
YTD Return (NAV)
Direxion Daily MU Bull 2X ETF
MUU
959.13%
GraniteShares 2x Long MU Daily ETF
MULL
927.48%
Direxion Daily Intc Bull 2X ETF
LINT
842.84%
GraniteShares 2x Long INTC Daily ETF
INTW
840.82%
GraniteShares 2x Long DELL Daily ETF
DLLL
771.63%
GraniteShares 2x Long MRVL Daily ETF
MVLL
701.19%
Breakwave Tanker Shipping ETF
BWET
683.84%
Leverage Shares 2X Long ARM Daily ETF
ARMG
593.29%
Direxion Daily Semiconductor Bull 3X ETF
SOXL
536.58%
Tradr 2X Long BE Daily ETF
BEX
535.25%
GraniteShares 2x Long NBIS Daily ETF
NBIL
531.70%
Tradr 2X Long NBIS Daily ETF
NEBX
524.46%
Leverage Shares 2X Long BE Daily ETF
BEG
518.96%
Leverage Shares 2X Long NBIS Daily ETF
NBIG
516.86%
Direxion Daily AMD Bull 2X ETF
AMUU
435.95%
Graniteshares 2x Long AMD Daily ETF
AMDL
432.43%
Leverage Shares 2X Long AMD Daily ETF
AMDG
429.37%
Tradr 2X Long LRCX Daily ETF
LRCU
396.41%
Tradr 2X Long ALAB Daily ETF
LABX
382.11%
Leverage Shares 2X Long KLAC Daily ETF
KLAG
368.94%
Permalink | © Copyright 2026 etf.com. All rights reserved
Kurv Launches the KMEM ETF: The Purest Play on Memory Production
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Kurv Launches the KMEM ETF: The Purest Play on Memory Production
This is a paid press release. Contact the press release distributor directly with any inquiries.
Kurv Launches the KMEM ETF: The Purest Play on Memory Production
KMEM: Top 3 Holdings with Look-Through
Business Wire
July 1, 2026 3 min read
- CBOE
-1.37%
- 000660.KS
+7.84%
- 005930.KS
+5.40%
- MU
+12.17%
New fund provides a more focused and selective approach to gaining exposure to the supply/demand imbalance inherent in the ongoing AI build-out.
SAN FRANCISCO, July 01, 2026 --( BUSINESS WIRE )--Kurv Investment Management, an asset manager bringing an institutional approach to active ETFs, today announced the launch of the Kurv Memory Select ETF (CBOE BZX: KMEM ).
KMEM is designed to offer investors targeted exposure to the companies dominating memory chip production, including the current "Big Three" memory manufacturers - SK hynix, Samsung, and Micron Technology - as well as additional companies playing a major role in this space.
"AI infrastructure is only as powerful as the memory behind it and as demand for faster processing and larger models accelerates, memory chips are becoming the backbone of the AI economy," said Howard Chan, Founder and Chief Executive Officer of Kurv Investment Management. "At the same time, that demand is outpacing the supply, creating a supply/demand imbalance that could present an interesting opportunity for investors looking at the AI and AI-adjacent components of their equity portfolios."
"Names that are merely ancillary to this theme could in fact become hindrances to performance as the current leaders consolidate their positions and upstarts work to obtain market share," added Chan. "That makes it essential to have a pure play strategy when looking at memory. This is exactly what we've designed with KMEM and why we are so excited to be bringing this fund to market at this pivotal time."
"Despite the recent run up in price, we believe the bottleneck in the sector will continue for at least the next 3-4 years," said Chan. "KMEM tends to focus on names like SK hynix, where valuation is still cheaper compared to its competitors."
KMEM is actively managed and seeks to provide highly targeted exposure to domestic and international companies that design, manufacture and distribute a range of different memory chips, including Dynamic Random Access Memory (DRAM), Static Random Access Memory (SRAM), Random Access Memory (RAM), Flash Memory and other emerging memory types.
"The ongoing AI build-out stalls if the production of memory chips, and further innovation in memory, doesn't keep pace," continued Chan. "Forget the 'picks and shovels' of the AI trade, these are the mines themselves from which all of the advancements inherent in AI are waiting to be extracted."
For more information about KMEM, visit https://www.kurvinvest.com/etf/kmem#Exposure
Story Continues
About Kurv Investment Management
Kurv Investment Management is a tax-aware, option-based investment manager founded by a team of highly experienced professionals from industry-leading firms. Kurv Investment Management removes costly and complicated barriers to entry and streamlines management and reporting to serve its mission to provide access to high-caliber portfolio tools and investment options previously reserved for only the largest institutional investors.
Important Information:
An investor should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. To obtain a prospectus containing this and other information, please call 1-833-955-KURV (5878) or visit KurvInvest.com . Read the prospectus carefully before investing.
Investing in the Fund entails risk, including the loss of principal. The Fund is not a complete investment program and investors should review the risks associated with the Fund before investing. The Fund is an actively managed portfolio, and the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective. The Fund is new with a limited operating history.
Fund Objective: The fund seeks to maximize total return.
Fund Risks: The Fund seeks to primarily invest under normal circumstances in companies, domestic or foreign, that design, manufacture, and distribute memory chips (memory chip activities) ("Memory Companies"). Memory chips are semiconductor devices designed for the temporary or permanent storage and retrieval of data in computer systems.
The Kurv Memory Select ETF is distributed by Foreside Fund Services LLC, Member FINRA/SIPC. Foreside Fund Services LLC is not affiliated with Kurv Investment Management.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260701217846/en/
Contacts
Media Contact:
Chris Sullivan
Craft & Capital
chris@craftandcapital.com
Client Solutions Contact:
clientsolutions@kurvinvest.com
Semiconductor ETFs to Buy as Micron Leads $2T AI-Led Chip Market Rally
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Semiconductor ETFs to Buy as Micron Leads $2T AI-Led Chip Market Rally
Semiconductor ETFs to Buy as Micron Leads $2T AI-Led Chip Market Rally
Semiconductor ETFs to Buy as Micron Leads $2T AI-Led Chip Market Rally · Zacks
Aparajita Dutta
July 1, 2026 5 min read
- MU
+12.17%
- AMD
+8.11%
- INTC
+8.64%
- FTXL
+5.98%
- SHOC
+5.15%
Micron Technology MU delivered a historic rally in the second quarter of 2026, with its shares surging over 240% and adding approximately $920 billion to its market capitalization. As the broader semiconductor industry is experiencing an absolute renaissance, ignited by the global artificial intelligence (AI) boom, other chip giants, particularly Advanced Micro Devices AMD and Intel INTC, also contributed significantly to the industry's rally.
Micron's extraordinary performance was complemented by Intel's 216% jump, which added $480 billion to its market cap, while AMD's shares climbed 186% to add $615 billion in market value. Together, this rally contributed to a combined $2 trillion increase in market value for these three chipmakers alone (as cited in CNBC).
While such gains might tempt investors to add individual names like Micron or AMD to their portfolios, those concerned about chasing stocks at all-time highs may find a more balanced approach through semiconductor exchange-traded funds (ETFs) that hold these chip giants in their top positions, allowing them to benefit from the broader industry rally.
But before adding one or all of these ETFs to their portfolio, prudent investors may want to investigate the factors that drove this unprecedented growth, particularly Micron's, and understand why semiconductor ETFs offer a compelling strategy to capture the industry's potential.
Catalysts Behind Micron's Historic Q2 Surge
Micron's exceptional performance was driven by skyrocketing memory prices fueled by insatiable chip demand coming from accelerating AI infrastructure build-out worldwide. This helped this chipmaker top a $1 trillion market value for the first time in late May 2026, as its shares popped 19% in a single trading session.
MU's memory rally is further highlighted by its latest reported quarterly results, where its revenues more than quadrupled year over year. This upside in its top line was primarily driven by robust AI-led memory demand, with its data center revenues exceeding $25 billion, reflecting an annualized run rate of more than $100 billion.
Its gross margins jumped dramatically from 39% to an eye-popping 84.9%, thanks to higher pricing. Consequently, the memory chipmaker delivered record adjusted earnings growth of over 1,200% on a year-over-year basis.
No doubt, such strong quarterly results caused MU's stock price to jump 15% in after-hours trading following the earnings announcement.
Investor confidence in MU's long-term viability was further cemented by its latest partnership with AI leader Anthropic to supply next-generation infrastructure. With memory chip supply expected to remain tight past 2027, this deal locks in years of predictable, high-margin revenues for Micron and adds impetus to its share price appreciation.
Story Continues
A Booming Semiconductor Market & the Case for ETFs
The AI boom has transformed the semiconductor landscape, with investors widening their focus beyond chip giants like NVIDIA NVDA to include the entire ecosystem of "AI enablers". As a result, companies that design the processors, interconnects, and interfaces needed to support and leverage high-speed memory technologies such as High Bandwidth Memory ("HBM") are also experiencing strong share price appreciation, boosting the entire semiconductor industry.
For instance, Marvell Technology MRVL, which specializes in custom silicon and complex network data infrastructure, climbed approximately 201% in the second quarter.
The semiconductor industry is projected to maintain a massive multi-year growth trajectory, supported by constrained supply lines and unrelenting hyperscaler data center spending.
Timing entries into individual chip stocks can be challenging for investors, while also exposing them to the risks associated with concentrated single-stock investments. Specialized semiconductor ETFs can offer diversified exposure to the entire semiconductor value chain, enabling investors to capture upside from multiple segments, including memory makers like Micron, CPU manufacturers such as Intel and AMD, and networking specialists like Marvell.
ETFs to Buy
Considering the aforementioned discussion, one may consider adding the following semiconductor ETFs to their portfolios:
Strive U.S. Semiconductor ETF SHOC
This fund, with net assets worth $269 million, offers exposure to U.S.-listed semiconductor stocks. NVDA holds the first position in this fund, with 17.26% weightage, while MU holds the second spot with 13.81% weightage. AMD holds the sixth position in this fund, with 5% weightage, while INTC holds the ninth spot with 4.53% weightage. MRVL holds the 10th position with 4.13% weightage.
SHOC has rallied 77.7% year to date. The fund charges 40 basis points (bps) as fees.
Global X AI Semiconductor & Quantum ETF CHPX
This fund, with net assets worth $256.2 million, offers exposure to 38 companies that are positioned to benefit from the growth and advancement of the artificial intelligence (AI) semiconductor and quantum computing ecosystems. MU holds the first position in this fund, with 13.65% weightage, while AMD holds the sixth spot with 4.97% weightage. MRVL holds the seventh position in this fund, with 4.88% weightage, while INTC holds the ninth spot with 4.66% weightage.
CHPX has surged 95% year to date. The fund charges 50 bps as fees.
First Trust NASDAQ Semiconductor ETF FTXL
This fund, with net assets worth $2.75 billion, offers exposure to 34 U.S. semiconductor companies. INTC holds the first position in this fund, with 13.02% weightage, while MU holds the second spot with 12.52% weightage. MRVL holds the third position in this fund, with 7.67% weightage, while AMD holds the fourth spot with 6.08% weightage.
FTXL has jumped 120% year to date. The fund charges 60 bps as fees.
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Intel Corporation (INTC) : Free Stock Analysis Report
Advanced Micro Devices, Inc. (AMD) : Free Stock Analysis Report
Micron Technology, Inc. (MU) : Free Stock Analysis Report
NVIDIA Corporation (NVDA) : Free Stock Analysis Report
Marvell Technology, Inc. (MRVL) : Free Stock Analysis Report
First Trust NASDAQ Semiconductor ETF (FTXL): ETF Research Reports
Strive U.S. Semiconductor ETF (SHOC): ETF Research Reports
Global X AI Semiconductor & Quantum ETF (CHPX): ETF Research Reports
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
GlobalFoundries Announces Conference Call to Review Second Quarter 2026 Financial Results
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发布时间早于日报 5 天摘要窗口。
中文摘要
- GlobalFoundries确认于2026年8月5日08:30 ET召开第二季度业绩电话会，业绩将在会前发布。
- 该公司事件发生在本地期权快照所见2026年8月21日到期合约之前。
英文原文
GlobalFoundries Announces Conference Call to Review Second Quarter 2026 Financial Results | GlobalFoundries Inc.
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GlobalFoundries Announces Conference Call to Review Second Quarter 2026 Financial Results
July 1, 2026
PDF Version
MALTA, N.Y., July 01, 2026 (GLOBE NEWSWIRE) -- GlobalFoundries (NASDAQ: GFS) today announced that it will host a conference call on Wednesday, August 5, 2026, at 8:30 a.m. ET following the release of the company’s second quarter 2026 financial results.
Conference Call and Webcast Information
The company will host a conference call with the financial community on Wednesday, August 5, 2026, at 8:30 a.m. ET. Interested parties may join the scheduled conference call by registering here .
The company’s financial results and a webcast of the conference call will be available on GlobalFoundries’ Investor Relations website at https://investors.gf.com .
About GF
GlobalFoundries (GF) is a leading manufacturer of essential semiconductors, enabling AI at scale from the cloud to the physical world. Through deep partnerships with customers, GF delivers differentiated, power-efficient and high-performance solutions for automotive, aerospace and defense, data center, smart mobile devices, internet of things and other high-growth markets. With global manufacturing operations across the U.S., Europe and Asia, GF is a trusted and holistic technology partner for customers around the world. GF’s talented, global team remains focused every day on security, longevity and sustainability. For more information, visit www.gf.com .
© 2026 GlobalFoundries Inc. GF®, GlobalFoundries®, the GF logos and other GF marks are trademarks of GlobalFoundries Inc. or its subsidiaries. All other trademarks are the property of their respective owners.
For further information, please contact:
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Applied Digital Delivers Second Building at Polaris Forge 1
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中文摘要
- Applied Digital称Polaris Forge 1二号楼第一阶段已Ready for Service，向客户交付75MW运营AI容量。
- 公司称该园区当时总上线容量达到175MW，满建合同critical IT load为400MW。
英文原文
Applied Digital Delivers Second Building at Polaris Forge 1
Applied Digital Delivers Second Building at Polaris Forge 1
July 01, 2026 1:00pm EDT
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On-time delivery of Building 2 Phase 1 reinforces Applied Digital’s repeatable model for turning power into operational AI capacity
DALLAS, July 01, 2026 (GLOBE NEWSWIRE) -- Applied Digital (NASDAQ: APLD), a designer, builder, and operator of high-performance, sustainably engineered data centers and colocation services for artificial intelligence, cloud, networking, and blockchain workloads, today announced it has achieved Ready for Service for Phase 1 of Building 2 at Polaris Forge 1, delivering 75 MW of operational AI capacity to its customer on schedule and bringing total live capacity at the campus to 175 MW.
The delivery marks the next major milestone in the continued buildout of Polaris Forge 1, Applied Digital’s fully leased AI Factory Campus designed to support high-density artificial intelligence and high-performance computing workloads. At full build out, Polaris Forge 1 is contracted to deliver 400 MW of critical IT load under long-term lease agreements.
“Delivering this phase on time underscores the strength of our execution model,” said Wes Cummins, Chairman and Chief Executive Officer of Applied Digital. “Polaris Forge 1 continues to demonstrate the depth of our team and the discipline it takes to bring critical AI infrastructure capacity online for our customers. Achieving this milestone required intense coordination across the field, construction, engineering, operations, procurement, development, and corporate teams, and I’m proud of the entire Applied Digital organization for delivering as planned. With 175 MW now live at the campus, Polaris Forge 1 demonstrates the repeatable model we are scaling across our AI Factory footprint.”
This latest achievement follows Applied Digital’s on-time completion of the first 100 MW building at Polaris Forge 1 and further demonstrates the Company’s ability to bring critical IT capacity online in alignment with customer deployment timelines. With 175 MW now live, Polaris Forge 1 continues to demonstrate Applied Digital’s ability to execute across multiple phases of a large-scale AI infrastructure deployment.
Applied Digital’s execution approach is built around what the Company refers to as its AI Factory franchise model: a repeatable framework that replicates a core team of design, construction, and operations professionals across each campus, supported by centralized expertise and dedicated site-level execution teams.
“Polaris Forge 1 continues to validate the repeatable model we are building across our AI Factory platform,” Cummins continued. “We are not just securing power; we are turning it into live, operational AI capacity. That is the hard part, and it is where Applied Digital continues to differentiate itself.”
As demand for large-scale AI infrastructure continues to grow, customers are placing increasing importance on execution certainty and speed to market. Applied Digital’s on-time delivery of another major phase at Polaris Forge 1 reinforces the Company’s ability to bring complex infrastructure online in alignment with customer timelines.
Polaris Forge 1 is located in Ellendale, North Dakota, where Applied Digital has operated since 2021 and built long-standing relationships with local leaders, partners, and community stakeholders. As the campus continues to expand, the Company remains focused on responsible development, local partnership, and creating long-term value in the communities where it builds.
About Applied Digital
Applied Digital (Nasdaq: APLD), named Best Data Center in the Americas 2025 by Datacloud — designs, builds, and operates high-performance, sustainably engineered data centers and colocation services for artificial intelligence, cloud, networking, and blockchain workloads. Headquartered in Dallas, TX, and founded in 2021, the company combines hyperscale expertise, closed-loop cooling, and rapid deployment capabilities to deliver secure, scalable compute at industry-leading speed and efficiency, while creating economic opportunities in underserved communities through its AI Factory franchise model.
Learn more at applieddigital.com or follow @APLDdigital on X and LinkedIn.
Forward-Looking Statements
This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, future operating and financial performance, product development, market position, business strategy and objectives, and future financing plans. These statements use words, and variations of words, such as “will,” “continue,” “build,” “future,” “increase,” “drive,” “believe,” “look,” “ahead,” “confident,” “proven,” “deliver,” “outlook,” “expect,” “project” and “predict.” Other examples of forward-looking statements may include, but are not limited to, (i) statements that reflect perspectives and expectations regarding lease agreements and any current or prospective data center campus development; (ii) statements about the high-performance computing (HPC) industry; (iii) statements of company plans and objectives, including the company’s evolving business model, or estimates or predictions of actions by suppliers; (iv) statements of future economic performance; (v) statements of assumptions underlying other statements and statements about the company or its business; and (vi) the company’s plans to obtain future project financing. You are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the company’s expectations and projections. These risks, uncertainties, and other factors include, among others: whether or not our customers exercise the renewal options under their leases with us (if not, we will not recognize further revenue from such customer under its respective lease); our ability to complete construction of our data center campuses as planned; the lead time of customer acquisition and leasing decisions and related internal approval processes; changes to artificial intelligence and HPC infrastructure needs and their impact on future plans; costs related to the HPC operations and strategy; our ability to timely deliver any services required in connection with completion of installation under lease agreements; our ability to raise additional capital to fund the ongoing datacenter construction and operations; our ability to obtain financing of datacenter leases and more broadly for our development and general corporate activities; our dependence on principal customers, including our ability to execute and perform our obligations under our leases with key customers; our ability to timely and successfully build new hosting facilities with the appropriate contractual margins and efficiencies; power or other supply disruptions and equipment failures; the inability to comply with regulations, developments and changes in regulations; cash flow and access to capital; availability of financing to continue to grow our business; decline in demand for our products and services; maintenance of third party relationships; and conditions in the debt and equity capital markets. A further list and description of these risks, uncertainties, and other factors can be found in the company’s most recently filed Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, including in the sections captioned “Forward-Looking Statements” and “Risk Factors,” and in the company’s subsequent filings with the Securities and Exchange Commission. Copies of these filings are available online at www.sec.gov , on the company’s website ( www.applieddigital.com ) under “Investors,” or on request from the company. Information in this press release is as of the dates and time periods indicated herein, and the company does not undertake to update any of the information contained in these materials, except as required by law.
Media Contact
JSA (Jaymie Scotto & Associates)
(856) 264-7827
jsa_applied@jsa.net
Investor Relations Contacts
Matt Glover or Ralf Esper
Gateway Group, Inc.
(949) 574-3860
APLD@gateway-grp.com
Source: Applied Digital Corporation
Released July 1, 2026
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DOE Critical Minerals and Materials Program
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发布时间早于日报 5 天摘要窗口。
中文摘要
- DOE于7月1日公布7500万美元，用于煤及煤基原料中的关键矿产和材料回收。
- 另有最高6900万美元的关键材料生产与精炼资助项目，部分完整申请截止日为7月23日。
英文原文
Critical Minerals and Materials Program
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- Develop Alternatives: Produce new materials that have less disruption potential and design manufactured parts and systems that require little to no critical materials to function.
- Improve Materials and Manufacturing Efficiency: Design for atom economy, reduce waste through efficient use, and improve overall efficiency of mining through manufacturing and recycling to minimize environmental impacts while maximizing yield.
- Reuse and Recycle: Remanufacture, refurbish, repair, reuse, recycle, and repurpose all materials that are used in a modern economy to extend the lifetime of materials and/or partially offset the need for virgin material extraction.
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Vertiv Opens Johor Manufacturing Facility
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中文摘要
- Johor工厂支持液冷、电力模块和集成基础设施的制造、组装与测试，预计2027年完全运营。
- 公司于6月12日完成ThermoKey收购，扩展热交换和散热制造能力。
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Vertiv Opens Johor Manufacturing Facility
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The Zacks Analyst Blog Highlights Micron, MUU, MULL, SHOC,CHPX and FTXL
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The Zacks Analyst Blog Highlights Micron, MUU, MULL, SHOC,CHPX and FTXL
The Zacks Analyst Blog Highlights Micron, MUU, MULL, SHOC,CHPX and FTXL
Zacks Equity Research
June 26, 2026 5 min read
- MU
+12.17%
- NOVN.SW
+1.98%
- QCOM
+1.87%
- MUU
+24.13%
- CHPX
+5.79%
For Immediate Release
Chicago, IL – June 26, 2026 – Zacks.com announces the list of stocks and featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Micron Technology MU, Direxion Daily MU Bull 2X ETF MUU and GraniteShares 2x Long MU Daily ETF MULL, AXS Knowledge Leaders ETF KNO, iShares MSCI USA Value Factor ETF VLUE, Strive U.S. Semiconductor ETF SHOC, Global X AI Semiconductor & Quantum ETF CHPX and First Trust Nasdaq Semiconductor ETF FTXL.
Here are highlights from Friday's Analyst Blog:
Top Research Reports for JPMorgan, Novartis & Qualcomm
On June 24, 2026, Micron Technology delivered another blockbuster quarter, reinforcing the strength of the AI memory cycle. The stock jumped 15% in after-hours trading following the announcement.
Record Quarter Crushes Expectations
Micron reported fiscal third-quarter results that comfortably beat Wall Street estimates. Revenues of $41.46 billion topped the Zacks Consensus Estimate of $36.52 billion. Adjusted EPS of $25.11 outperformed the Zacks Consensus Estimate of $20.98.
Revenues surged more than fourfold from $9.3 billion a year ago. Net income soared to $28.24 billion compared with $1.89 billion in the year-ago period.
Looking ahead, Micron projected fourth-quarter revenue of approximately $50 billion, far above the Zacks Consensus Estimate of $42.64 billion.
AI Demand Keeps Memory Markets Tight
The AI revolution continues to reshape the memory industry. Demand from data centers is consuming available production capacity, pushing up prices not only for high-performance AI memory but also for chips used in smartphones, laptops and automotive applications.
Supply shortages in memory and storage could take years to fully ease, even as industry capacity gradually improves through 2028, per management, as quoted on CNBC.
Perhaps the most significant development was Micron's announcement of 16 long-term customer agreements spanning three to five years.Thesecustomers include the likes of data center operators and automakers, per CNBC.
Sturdy Margins
Gross margin climbed to a record 84.9%, up from 74.9% in the previous quarter and just 39% a year earlier. The company expects margins to expand further to roughly 86% in the current quarter, as quoted on Yahoo Finance.
The numbers suggest that the memory market remains exceptionally tight rather than showing signs of weakening.
Data Center Business Leads the Charge
Story Continues
All four business segments delivered explosive growth, with data centers standing out as the primary driver.
Data center revenues jumped more than sevenfold to $11.5 billion from $1.53 billion a year earlier. Cloud memory revenues surged over 300% to $13.77 billion, while the mobile and client segment grew 250% to $11.52 billion. Automotive and embedded applications more than quadrupled, reaching $4.63 billion in sales.
AI Customers Are Securing Supply, Not Just Buying Chips
The broader takeaway for investors is that AI customers increasingly view memory as a strategic bottleneck rather than a commodity input.
Advanced AI systems require enormous amounts of high-speed memory. Micron's technology serves as a key component in chips produced by NVIDIA and Alphabet, as well as the servers that contain those processors.
As a result, customers are locking in long-term access to supply instead of relying on spot markets. The shift could help reduce Micron's historical earnings volatility and create a steadier growth profile.
ETFs in Focus
Against this backdrop, below we highlight a few ETFs that are heavy on Micron. While leveraged Micron ETFs include the likes of Direxion Daily MU Bull 2X ETF and GraniteShares 2x Long MU Daily ETF , these are risky bets.
AXS Knowledge Leaders ETF , iShares MSCI USA Value Factor ETF , Strive U.S. Semiconductor ETF , Global X AI Semiconductor & Quantum ETF and First Trust Nasdaq Semiconductor ETF has considerable weight in MU shares.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss . This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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Micron Technology, Inc. (MU) : Free Stock Analysis Report
iShares MSCI USA Value Factor ETF (VLUE): ETF Research Reports
First Trust NASDAQ Semiconductor ETF (FTXL): ETF Research Reports
Strive U.S. Semiconductor ETF (SHOC): ETF Research Reports
Global X AI Semiconductor & Quantum ETF (CHPX): ETF Research Reports
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
SpaceX Senior Notes 8-K
重要性未评级
发布时间早于日报 5 天摘要窗口。
中文摘要
- 公司发行合计250亿美元无担保高级票据，到期年限为2031年至2056年，票息为5.35%至6.65%。
- 净融资主要用于偿还桥接贷款、支付费用及一般公司用途。
英文原文
Document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 26, 2026
Space Exploration Technologies Corp.
(Exact name of registrant as specified in its charter)
Texas 001-43344 01-0627671
(State or other jurisdiction
of incorporation)
(Commission File Number) (IRS Employer
Identification No.)
1 Rocket Road
Starbase, TX 78521
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: (310) 363-6000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading
Symbol(s)
Name of each exchange
on which registered
Class A common stock,
par value $0.001 per share
SPCX
The Nasdaq Stock Market LLC
Class A common stock,
par value $0.001 per share
SPCX
Nasdaq Texas, LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 8.01. Other Events.
Notes Offering
On June 22, 2026, Space Exploration Technologies Corp. (the “Company”) commenced an offering of senior unsecured notes (the “Offering”). On June 26, 2026, the Company entered into an indenture (the “Indenture”) with The Bank of New York Mellon Trust Company, N.A., as trustee (the “trustee”), pursuant to which the Company issued $7.0 billion aggregate principal amount of its 5.350% Senior Notes due 2031 (the “2031 Notes”), $6.0 billion aggregate principal amount of its 5.650% Senior Notes due 2033 (the “2033 Notes”), $6.0 billion aggregate principal amount of its 5.875% Senior Notes due 2036 (the “2036 Notes”), $2.5 billion aggregate principal amount of its 6.600% Senior Notes due 2046 (the “2046 Notes”), and $3.5 billion aggregate principal amount of its 6.650% Senior Notes due 2056 (the “2056 Notes” and, together with the 2031 Notes, the 2033 Notes, the 2036 Notes, and the 2046 Notes, the “Notes”). The Notes were offered and sold only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and outside the United States, only to non-U.S. persons pursuant to Regulation S under the Securities Act.
The Notes bear interest at a rate of 5.350% per annum with respect to the 2031 Notes, 5.650% per annum with respect to the 2033 Notes, 5.875% per annum with respect to the 2036 Notes, 6.600% per annum with respect to the 2046 Notes, and 6.650% per annum with respect to the 2056 Notes. Interest on the Notes is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2027. The Company will pay interest to those persons who were holders of record at the close of business on the January 1 or July 1 immediately preceding each interest payment date. The Notes are unsecured obligations of the Company and rank equally in right of payment with all existing and future unsubordinated indebtedness, liabilities and other obligations of the Company. The Indenture also contains customary event of default provisions.
The Notes of each series will be redeemable, in whole or in part, at the Company’s option at any time and from time to time prior to the applicable Par Call Date (as set forth in the table below), at a redemption price calculated by the Company (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:
1. (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Notes matured on the applicable Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus the Applicable Spread for such Notes (as set forth below) less (b) interest accrued and unpaid thereon to the date of redemption, and
2. 100% of the principal amount of the Notes to be redeemed,
plus , in either case, accrued and unpaid interest, if any, thereon to, but excluding, the redemption date.
Series Par Call Date Applicable Spread
2031 Notes: June 15, 2031 (one month prior to maturity) +20 basis points
2033 Notes: May 15, 2033 (two months prior to maturity) +20 basis points
2036 Notes: April 15, 2036 (three months prior to maturity) +25 basis points
2046 Notes: January 15, 2046 (six months prior to maturity) +25 basis points
2056 Notes: January 15, 2056 (six months prior to maturity) +30 basis points
The Notes of each series will be redeemable, in whole or in part, at the Company’s option at any time and from time to time on or after the applicable Par Call Date, at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest, if any, thereon to, but excluding, the date of redemption.
On June 26, 2026, the Company entered into a registration rights agreement (the “Registration Rights Agreement”) with BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, and Morgan Stanley & Co. LLC, as representatives of the several initial purchasers, pursuant to which the Company agreed to use commercially reasonable efforts to:
• file a registration statement with respect to a registered offer to exchange the Notes for new exchange notes, which will have terms substantially identical in all material respects to the Notes (except that, among other things, the new exchange notes will not contain terms with respect to transfer restrictions and additional interest);
• cause the exchange offer registration statement to be declared effective under the Securities Act; and
• consummate the registered exchange offer no later than 540 days after the issue date of the Notes.
The foregoing description of the Indenture, the Notes and the Registration Rights Agreement does not purport to be complete and is qualified in its entirety by reference to the entire text of the Indenture, the forms of the 2031 Notes, the 2033 Notes, the 2036 Notes, the 2046 Notes, the 2056 Notes, and the Registration Rights Agreement, copies of which are filed hereto as Exhibit 4.1 through Exhibit 4.7 and are incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number Description
4.1 Indenture, dated as of June 26, 2026, between Space Exploration Technologies Corp. and The Bank of New York Mellon Trust Company, N.A., as trustee.
4.2 Form of 5.350% Senior Notes due 2031 (included in Exhibit 4.1).
4.3 Form of 5.650% Senior Notes due 2033 (included in Exhibit 4.1).
4.4 Form of 5.875% Senior Notes due 2036 (included in Exhibit 4.1).
4.5 Form of 6.600% Senior Notes due 2046 (included in Exhibit 4.1).
4.6 Form of 6.650% Senior Notes due 2056 (included in Exhibit 4.1).
4.7 Registration 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.
SIGNATURE
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 hereunto duly authorized.
Space Exploration Technologies Corp.
Date: June 26, 2026 By: /s/ Bret Johnsen
Name: Bret Johnsen
Title: Chief Financial Officer
Micron Soars Post Q3 Earnings on AI Memory Crunch: ETFs to Watch
重要性未评级
发布时间早于日报 5 天摘要窗口。
中文摘要
该文章早于本次日报摘要窗口，未生成新的中文摘要；可展开原文或打开来源核查。
英文原文
Micron Soars Post Q3 Earnings on AI Memory Crunch: ETFs to Watch
Micron Soars Post Q3 Earnings on AI Memory Crunch: ETFs to Watch
Sanghamitra Saha
June 26, 2026 3 min read
- MU
+12.17%
- FTXL
+5.98%
- CHPX
+5.79%
- KNO
+1.54%
- MUU
+24.13%
On June 24, 2026, Micron Technology MU delivered another blockbuster quarter, reinforcing the strength of the AI memory cycle. The stock jumped 15% in after-hours trading following the announcement.
Record Quarter Crushes Expectations
Micron reported fiscal third-quarter results that comfortably beat Wall Street estimates. Revenues of $41.46 billion topped the Zacks Consensus Estimate of $36.52 billion. Adjusted EPS of $25.11 outperformed the Zacks Consensus Estimate of $20.98.
Revenues surged more than fourfold from $9.3 billion a year ago. Net income soared to $28.24 billion compared with $1.89 billion in the year-ago period.
Looking ahead, Micron projected fourth-quarter revenue of approximately $50 billion, far above the Zacks Consensus Estimate of $42.64 billion.
AI Demand Keeps Memory Markets Tight
The AI revolution continues to reshape the memory industry. Demand from data centers is consuming available production capacity, pushing up prices not only for high-performance AI memory but also for chips used in smartphones, laptops and automotive applications.
Supply shortages in memory and storage could take years to fully ease, even as industry capacity gradually improves through 2028, per management, as quoted on CNBC.
Perhaps the most significant development was Micron's announcement of 16 long-term customer agreements spanning three to five years.Thesecustomers include the likes of data center operators and automakers, per CNBC.
Sturdy Margins
Gross margin climbed to a record 84.9%, up from 74.9% in the previous quarter and just 39% a year earlier. The company expects margins to expand further to roughly 86% in the current quarter, as quoted on Yahoo Finance.
The numbers suggest that the memory market remains exceptionally tight rather than showing signs of weakening.
Data Center Business Leads the Charge
All four business segments delivered explosive growth, with data centers standing out as the primary driver.
Data center revenues jumped more than sevenfold to $11.5 billion from $1.53 billion a year earlier. Cloud memory revenues surged over 300% to $13.77 billion, while the mobile and client segment grew 250% to $11.52 billion. Automotive and embedded applications more than quadrupled, reaching $4.63 billion in sales.
AI Customers Are Securing Supply, Not Just Buying Chips
The broader takeaway for investors is that AI customers increasingly view memory as a strategic bottleneck rather than a commodity input.
Advanced AI systems require enormous amounts of high-speed memory. Micron's technology serves as a key component in chips produced by NVIDIA and Alphabet, as well as the servers that contain those processors.
Story Continues
As a result, customers are locking in long-term access to supply instead of relying on spot markets. The shift could help reduce Micron's historical earnings volatility and create a steadier growth profile.
ETFs in Focus
Against this backdrop, below we highlight a few ETFs that are heavy on Micron. While leveraged Micron ETFs include the likes of Direxion Daily MU Bull 2X ETF MUU and GraniteShares 2x Long MU Daily ETF MULL, these are risky bets.
AXS Knowledge Leaders ETF KNO, iShares MSCI USA Value Factor ETF VLUE, Strive U.S. Semiconductor ETF SHOC, Global X AI Semiconductor & Quantum ETF CHPX and First Trust Nasdaq Semiconductor ETF FTXL has considerable weight in MU shares.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Micron Technology, Inc. (MU) : Free Stock Analysis Report
iShares MSCI USA Value Factor ETF (VLUE): ETF Research Reports
First Trust NASDAQ Semiconductor ETF (FTXL): ETF Research Reports
Strive U.S. Semiconductor ETF (SHOC): ETF Research Reports
Global X AI Semiconductor & Quantum ETF (CHPX): ETF Research Reports
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
GlobalFoundries qualifies SLATE advanced packaging technology on 9SW platform for next-generation radio frequency applications
重要性未评级
发布时间早于日报 5 天摘要窗口。
中文摘要
- GlobalFoundries宣布SLATE晶圆对晶圆键合技术已在9SW RF-SOI平台达到生产就绪状态。
- 公司将该技术定位于紧凑型、高性能蜂窝射频前端的3D集成。
英文原文
GlobalFoundries qualifies SLATE™ advanced packaging technology on 9SW platform for next-generation radio frequency applications | GlobalFoundries
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Production-ready 3DI technology supports more compact FEMs for advanced 5G devices
MALTA, N.Y., June 23, 2026 – GlobalFoundries (Nasdaq: GFS) (GF) today announced the production readiness of its SLATE ™ wafer-to-wafer bonding technology on its industry-leading 9SW radio-frequency silicon-on-insulator (RF-SOI) platform, delivering advanced 3D integration (3DI) for compact, high-performance cellular front-ends. Manufactured at GF’s 300mm facility in Singapore, 9SW SLATE technology is expected to ramp to volume production by the second half of 2027.
GF’s first-generation SLATE technology supports wafer-to-wafer (W2W) bonding, enabling designers to bond two 9SW wafers to stack and integrate large-size field-effect transistors (FETs) in vertical architectures. By folding large FETs across bonded wafers, SLATE technology can reduce overall die size by up to 45%, decreasing RF board space and total design area for space-constrained applications in smart mobile devices, including switches, low-noise amplifiers (LNAs) and antenna tuners.
First introduced in 2023, the 9SW RF-SOI platform is GF’s most advanced RF solution for front-end modules (FEMs), spanning sub-8GHz and FR3 frequency ranges for 5G mobile devices and satellite communications. 9SW, the fourth generation of GF’s XSW technology, delivers a significant reduction in standby currents for longer battery life with a more than 20% enhancement in efficiency through lower on-resistance and off-capacitance (Ron*Coff).
“Deploying SLATE on 9SW represents a significant step forward in RF integration, enabling our customers to design more compact and power-efficient solutions for next-generation 5G devices without compromising RF performance,” said Shankaran Janardhanan, senior vice president of GF’s RF business. “By combining our industry-leading 9SW platform with SLATE advanced packaging technology, we are unlocking new opportunities for innovation across next-generation mobile and wireless applications.”
“GF’s SLATE technology applied to its 9SW platform represents an important advancement in RF front-end integration, enabling designers to overcome traditional scaling and integration challenges,” said Vinod Kariat, corporate vice president of Custom IC and PCB group at Cadence. “Through Cadence’s Virtuoso Studio homogeneous integration, analysis and verification users can unlock SLATE’s 3D integration potential – giving designers the speed and confidence to deliver next-generation 5G front-end modules from concept to silicon.”
GF’s SLATE wafer-to-wafer bonding technology offers a roadmap for heterogeneous 3DI across its many differentiated technologies, including FDX ™ FD-SOI, RF-SOI and silicon germanium (SiGe), for even greater system-level capabilities across diverse markets such as data centers, satellite connectivity, IoT and mobile devices.
An integrated process design kit (PDK) is available through the GF Connect portal to help jumpstart the design process. 9SW and 9SW SLATE are available for prototyping through GF’s GlobalShuttle ™ multi-project wafer program with shuttles scheduled for the second half of the year.
About GF
GlobalFoundries (GF) is a leading manufacturer of essential semiconductors, enabling AI at scale from the cloud to the physical world. Through deep partnerships with customers, GF delivers differentiated, power‑efficient and high‑performance solutions for automotive, aerospace and defense, data center, smart mobile devices, internet of things and other high‑growth markets. With global manufacturing operations across the U.S., Europe and Asia, GF is a trusted and holistic technology partner for customers around the world. GF’s talented, global team remains focused every day on security, longevity and sustainability. For more information, visit www.gf.com .
Forward-looking information
This news release may contain forward-looking statements, which involve risks and uncertainties. Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. GF undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, unless required by law.
Media Contact:
Stephanie Gonzalez
[email protected]
-
#Advanced packaging
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#RF
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#Smart mobile devices
-
Jul 8, 2026
##
SEALSQ and GlobalFoundries Partner to Accelerate Post-Quantum Cryptography and Quantum Computing Technologies
Learn more : SEALSQ and GlobalFoundries Partner to Accelerate Post-Quantum Cryptography and Quantum Computing Technologies (opens in a new tab)
-
Jun 30, 2026
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MOSIS 2.0 and GlobalFoundries Partnership: A Strategic Alliance for Semiconductor Innovation
Learn more : MOSIS 2.0 and GlobalFoundries Partnership: A Strategic Alliance for Semiconductor Innovation (opens in a new tab)
-
Jun 25, 2026
##
Revolutionizing Handset RF Front-ends with 5V E-mode GaN-on-Si on GF RFGaN-LV1
Learn more : Revolutionizing Handset RF Front-ends with 5V E-mode GaN-on-Si on GF RFGaN-LV1 (opens in a new tab)
-
Jun 11, 2026
##
CEA Leti advances European FD-SOI innovation with GlobalFoundries’ collaboration in the FAMES Pilot Line
Learn more : CEA Leti advances European FD-SOI innovation with GlobalFoundries’ collaboration in the FAMES Pilot Line
All news
Is Invesco Semiconductors ETF (PSI) a Strong ETF Right Now?
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英文原文
Is Invesco Semiconductors ETF (PSI) a Strong ETF Right Now?
Is Invesco Semiconductors ETF (PSI) a Strong ETF Right Now?
Is Invesco Semiconductors ETF (PSI) a Strong ETF Right Now? · Zacks
Zacks Equity Research
June 18, 2026 3 min read
- PSI
+7.59%
Designed to provide broad exposure to the Technology ETFs category of the market, the Invesco Semiconductors ETF (PSI) is a smart beta exchange traded fund launched on 06/23/2005.
What Are Smart Beta ETFs?
The ETF industry has traditionally been dominated by products based on market capitalization weighted indexes that are designed to represent the market or a particular segment of the market.
Because market cap weighted indexes provide a low-cost, convenient, and transparent way of replicating market returns, they work well for investors who believe in market efficiency.
On the other hand, some investors who believe that it is possible to beat the market by superior stock selection opt to invest in another class of funds that track non-cap weighted strategies--popularly known as smart beta.
These indexes attempt to select stocks that have better chances of risk-return performance, based on certain fundamental characteristics or a combination of such characteristics.
This area offers many different investment choices, such as simplest equal-weighting, fundamental weighting and volatility/momentum based weighting methodologies; however, not all of these strategies can deliver superior results.
Fund Sponsor & Index
Managed by Invesco, PSI has amassed assets over $2.86 billion, making it one of the larger ETFs in the Technology ETFs. Before fees and expenses, this particular fund seeks to match the performance of the Dynamic Semiconductor Intellidex Index.
The Dynamic Semiconductor Intellidex Index is comprised of stocks of semiconductor companies. The Index is designed to provide capital appreciation by thoroughly evaluating companies based on a variety of investment merit criteria, including fundamental growth, stock valuation, investment timeliness and risk factors.
Cost & Other Expenses
Cost is an important factor in selecting the right ETF, and cheaper funds can significantly outperform their more expensive cousins if all other fundamentals are the same.
Annual operating expenses for this ETF are 0.56%, making it on par with most peer products in the space.
It's 12-month trailing dividend yield comes in at 0.04%.
Sector Exposure and Top Holdings
Even though ETFs offer diversified exposure which minimizes single stock risk, it is still important to look into a fund's holdings before investing. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.
Representing 100% of the portfolio, the fund has heaviest allocation to the Information Technology sector.
Story Continues
Taking into account individual holdings, Kla Corp (KLAC) accounts for about 5.28% of the fund's total assets, followed by Advanced Micro Devices Inc (AMD) and Broadcom Inc (AVGO).
The top 10 holdings account for about 46.23% of total assets under management.
Performance and Risk
So far this year, PSI has added roughly 112.38%, and is up roughly 199.15% in the last one year (as of 06/18/2026). During this past 52-week period, the fund has traded between $56.20 and $175.60.
The fund has a beta of 1.80 and standard deviation of 38.81% for the trailing three-year period, which makes PSI a high risk choice in this particular space. With about 32 holdings, it has more concentrated exposure than peers .
Alternatives
Invesco Semiconductors ETF is an excellent option for investors seeking to outperform the Technology ETFs segment of the market. There are other ETFs in the space which investors could consider as well.
iShares Semiconductor ETF (SOXX) tracks PHLX SOX Semiconductor Sector Index and the VanEck Semiconductor ETF (SMH) tracks MVIS US Listed Semiconductor 25 Index. iShares Semiconductor ETF has $44.06 billion in assets, VanEck Semiconductor ETF has $72.67 billion. SOXX has an expense ratio of 0.34% and SMH changes 0.35%.
Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Technology ETFs
Bottom Line
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Invesco Semiconductors ETF (PSI): ETF Research Reports
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
美联储发布2026年6月FOMC声明
重要性未评级
发布时间早于日报 5 天摘要窗口。
中文摘要
- FOMC于2026-06-17以12比0维持联邦基金利率目标区间3.50%-3.75%。
- 委员会重申维持银行体系充裕准备金；实施说明将准备金余额利率维持在3.65%，常备隔夜回购操作利率为3.75%。
- 下一次FOMC会议定于2026-07-28至29日；截至本次检索尚未发布该次会议决定。
英文原文
Federal Reserve issues FOMC statement
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Press Release
June 17, 2026
Federal Reserve issues FOMC statement
For release at 2:00 p.m. EDT
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The Federal Open Market Committee approved the following statement for release by a 12 – 0 vote:
The Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent, in support of the Federal Reserve's dual mandate. The Committee reaffirmed its policy of maintaining ample reserves in the banking system.
Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East. Productivity growth and capital investment are strong. Job gains have kept pace with the workforce, and the unemployment rate has changed little.
Inflation remains elevated relative to the Committee's 2 percent goal, in part reflecting supply shocks that have driven price increases in certain sectors, including energy. The Committee will deliver price stability.
For media inquiries, please email [email protected] or call 202-452-2955.
Implementation Note issued June 17, 2026
Last Update:
June 17, 2026
欧洲央行2026年6月货币政策决定
重要性未评级
发布时间早于日报 5 天摘要窗口。
中文摘要
- ECB于2026-06-11将三项关键利率上调25个基点，自6月17日起存款便利、主要再融资和边际贷款便利利率分别为2.25%、2.40%和2.65%。
- ECB的2026年基线预测为总体通胀3.0%、实际经济增长0.8%。
- 下一次决定定于2026-07-23 14:15 Frankfurt time发布，检索时尚未发布。
英文原文
Monetary policy decisions
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- PRESS RELEASE
Monetary policy decisions
11 June 2026
The Governing Council is committed to setting monetary policy to ensure that inflation stabilises at its 2% target in the medium term. In line with this commitment, it today decided to raise the three key ECB interest rates by 25 basis points. The war in the Middle East is generating inflation pressures, and the decision to raise rates is robust across a range of scenarios mapping out how the shock might evolve and affect the medium-term outlook for the euro area.
In the baseline of the new Eurosystem staff projections, headline inflation is expected to average 3.0% in 2026, 2.3% in 2027 and 2.0% in 2028. For inflation excluding energy and food, the baseline foresees an average of 2.5% in 2026 and 2027 and 2.2% in 2028. Compared with March, staff have revised up their baseline projection for inflation in 2026 and 2027 owing to a higher path for energy prices, which, to some extent, is expected to feed into food, goods and services inflation. The baseline sees economic growth at an average of 0.8% in 2026, 1.2% in 2027 and 1.5% in 2028. This is a downward revision for 2026 and 2027, reflecting a more pronounced impact of the war on commodity markets, real incomes and confidence.
The outlook remains uncertain, with upside risks for inflation and downside risks for economic growth. The full implications of the war for medium-term inflation and growth will depend on the intensity and duration of the energy price shock, as well as the scale of its indirect and second-round effects. This uncertainty is also reflected in the broad range of outcomes for inflation and growth in the updated illustrative scenarios put together by Eurosystem staff. These will be published with the staff projections on the ECB’s website.
With today’s decision, the Governing Council remains well positioned to navigate the uncertainty caused by the war. It will closely monitor the situation and follow a data-dependent and meeting-by-meeting approach to determining the appropriate monetary policy stance. In particular, the Governing Council’s interest rate decisions will be based on its assessment of the inflation outlook and the risks surrounding it, in light of the incoming economic and financial data, as well as the dynamics of underlying inflation and the strength of monetary policy transmission. The Governing Council is not pre-committing to a particular rate path.
Key ECB interest rates
The Governing Council decided to raise the three key ECB interest rates by 25 basis points. Accordingly, the interest rates on the deposit facility, the main refinancing operations and the marginal lending facility will be increased to 2.25%, 2.40% and 2.65% respectively, with effect from 17 June 2026.
Asset purchase programme (APP) and pandemic emergency purchase programme (PEPP)
The APP and PEPP portfolios are declining at a measured and predictable pace, as the Eurosystem no longer reinvests the principal payments from maturing securities.
***
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Chip ETFs to Buy as Broadcom Sinks Over 10% Despite Q2 Earnings Beat
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Chip ETFs to Buy as Broadcom Sinks Over 10% Despite Q2 Earnings Beat
Chip ETFs to Buy as Broadcom Sinks Over 10% Despite Q2 Earnings Beat
Aparajita Dutta
June 5, 2026 4 min read
- AVGO
+2.21%
- SOXQ
+5.20%
- SOXX
+5.45%
- SMH
+4.52%
- FTXL
+5.98%
Shares of Broadcom Inc. AVGO plunged nearly 13% on June 4, 2026, despite the company announcing upbeat second-quarter fiscal 2026 results. The tech giant's infrastructure software revenues totaled $7.18 billion and grew 9% year over year, but fell short of analysts' expectations of $7.32 billion (as cited in CNBC). This shortfall may have weighed on investor sentiment and was reflected in the chipmaker's decline in the latest trading session.
This may encourage investors seeking exposure to AVGO to consider buying on the dip, particularly as the company's AI semiconductor revenues are expected to exceed $100 billion in fiscal 2027.
However, single-stock investing inherently exposes your portfolio to concentrated corporate vulnerabilities. In the case of AVGO, the explosive growth of its custom AI application-specific integrated circuit (ASIC) business comes with a distinct catch: lower profit margins. Notably, the company's fiscal second-quarter gross margin suffered a loss of 230 basis points year over year, primarily owing to its semiconductor business.
This margin pressure, compounded by slowing growth in the highly profitable infrastructure software segment that missed Wall Street expectations, threatens the cash-generating engine that supports Broadcom's capital-intensive AI strategy.
For investors looking to capitalize on AVGO's better-than-expected revenue growth from its AI business without being fully exposed to the company-specific challenges, a more prudent strategy would be to invest in semiconductor exchange-traded funds (ETFs) with significant exposure to this chipmaker. This approach should help mitigate risks from customer concentration, such as Broadcom's reliance on a handful of hyperscale clients, or geopolitical factors like recent government scrutiny of its customer Anthropic.
But before diving straight into these ETFs, let us review AVGO's overall performance in the fiscal second quarter.
A Brief Analysis of AVGO's Q2 Results
Broadcom's second-quarter fiscal 2026 adjusted earnings per share surpassed the Zacks Consensus Estimate by 1.7%, while its revenues beat the consensus mark by a whisker.
Its AI revenues more than doubled on a year-over-year basis.
AVGO ended the fiscal second quarter with an inventory of $3.4 billion as it continued to secure components to support strong AI demand.
Its Semiconductor Solutions segment registered record revenues worth $15 billion, which reflected a 79% year-on-year growth driven by AI.
AVGO expects to generate infrastructure software revenues of approximately $8.9 billion in the fiscal third quarter, suggesting an improvement of 31% year over year.
Story Continues
The company expects its AI revenues to triple in the fiscal third quarter to $16 billion, falling short of Wall Street's consensus forecast of approximately $17.2 billion.
However, AVGO expects its quarterly gross margin to shrink to 74%.
As Broadcom seeks to deliver high-performance compute capacity at the lowest possible cost and power consumption for leading AI frontier labs, including Anthropic and OpenAI, it is developing the AI XPV platform with Apollo, Blackstone and other major investors with the aim to deploy more than 20 gigawatts of compute capacity by 2028.
Broadcom-Heavy ETFs to Buy
Invesco PHLX Semiconductor ETF SOXQ
This fund, with a market value worth $2.63 billion, offers exposure to the 31 largest U.S.-listed securities of companies engaged in the semiconductor business. Of these, AVGO holds the fourth spot, with a 7.76% share of the fund.
SOXQ has surged 92.3% year to date. The fund charges 19 basis points (bps) as fees and sports a Zacks ETF Rank #1 (Strong Buy). It traded at a good volume of 4.79 million shares in the last trading session.
VanEck Semiconductor ETF SMH
This fund, with net assets worth $71.71 billion, provides exposure to 26 companies involved in semiconductor production and equipment. Of these, AVGO holds the sixth spot, with a 6.44% share of the fund.
SMH has soared 74.3% year to date. The fund charges 35 bps as fees and sports a Zacks ETF Rank #1. It traded at a good volume of 10.40 million shares in the last trading session.
iShares Semiconductor ETF SOXX
This fund, with net assets worth $40.47 billion, offers exposure to 30 U.S. companies that design, manufacture, and distribute semiconductors. Of these, AVGO holds the fourth spot, with a 6.11% share of the fund.
SOXX has skyrocketed 100.1% year to date. The fund charges 34 bps as fees and sports a Zacks ETF Rank #1. It traded at a good volume of 11.41 million shares in the last trading session.
First Trust NASDAQ Semiconductor ETF FTXL
This fund, with net assets worth $2.66 billion, provides exposure to 34 U.S. semiconductor companies. Of these, AVGO holds the fifth spot, with a 5.94% share of the fund.
FTXL has skyrocketed 110.8% year to date. The fund charges 60 bps as fees and sports a Zacks ETF Rank 1. It traded at a volume of 0.21 million shares in the last trading session.
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First Trust NASDAQ Semiconductor ETF (FTXL): ETF Research Reports
Invesco PHLX Semiconductor ETF (SOXQ): ETF Research Reports
This article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
Should You Invest in the Invesco Semiconductors ETF (PSI)?
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Should You Invest in the Invesco Semiconductors ETF (PSI)?
Should You Invest in the Invesco Semiconductors ETF (PSI)?
Should You Invest in the Invesco Semiconductors ETF (PSI)? · Zacks
Zacks Equity Research
June 2, 2026 3 min read
- PSI
+7.59%
- IVZ
+1.48%
Launched on June 23, 2005, the Invesco Semiconductors ETF (PSI) is a passively managed exchange traded fund designed to provide a broad exposure to the Technology - Semiconductors segment of the equity market.
While an excellent vehicle for long term investors, passively managed ETFs are a popular choice among institutional and retail investors due to their low costs, transparency, flexibility, and tax efficiency.
Sector ETFs are also funds of convenience, offering many ways to gain low risk and diversified exposure to a broad group of companies in particular sectors. Technology - Semiconductors is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 1, placing it in top 6%.
Index Details
The fund is sponsored by Invesco. It has amassed assets over $2.54 billion, making it one of the larger ETFs attempting to match the performance of the Technology - Semiconductors segment of the equity market. PSI seeks to match the performance of the Dynamic Semiconductor Intellidex Index before fees and expenses.
The Dynamic Semiconductor Intellidex Index is comprised of stocks of semiconductor companies. The Index is designed to provide capital appreciation by thoroughly evaluating companies based on a variety of investment merit criteria, including fundamental growth, stock valuation, investment timeliness and risk factors.
Costs
Investors should also pay attention to an ETF's expense ratio. Lower cost products will produce better results than those with a higher cost, assuming all other metrics remain the same.
Annual operating expenses for this ETF are 0.56%, making it on par with most peer products in the space.
It has a 12-month trailing dividend yield of 0.05%.
Sector Exposure and Top Holdings
ETFs offer a diversified exposure and thus minimize single stock risk but it is still important to delve into a fund's holdings before investing. Most ETFs are very transparent products and many disclose their holdings on a daily basis.
This ETF has heaviest allocation in the Information Technology sector -- about 100% of the portfolio.
Looking at individual holdings, Kla Corp (KLAC) accounts for about 5.28% of total assets, followed by Advanced Micro Devices Inc (AMD) and Broadcom Inc (AVGO).
The top 10 holdings account for about 46.23% of total assets under management.
Performance and Risk
The ETF has added about 94.82% and is up about 201.85% so far this year and in the past one year (as of 06/02/2026), respectively. PSI has traded between $53.08 and $161.63 during this last 52-week period.
Story Continues
The ETF has a beta of 1.78 and standard deviation of 37.59% for the trailing three-year period, making it a high risk choice in the space. With about 32 holdings, it has more concentrated exposure than peers.
Alternatives
Invesco Semiconductors ETF holds a Zacks ETF Rank of 1 (Strong Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, PSI is a great option for investors seeking exposure to the Technology ETFs segment of the market. There are other additional ETFs in the space that investors could consider as well.
iShares Semiconductor ETF (SOXX) tracks PHLX SOX Semiconductor Sector Index and the VanEck Semiconductor ETF (SMH) tracks MVIS US Listed Semiconductor 25 Index. iShares Semiconductor ETF has $38.76 billion in assets, VanEck Semiconductor ETF has $68.57 billion. SOXX has an expense ratio of 0.34%, and SMH charges 0.35%.
Bottom Line
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
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Is First Trust NASDAQ Semiconductor ETF (FTXL) a Strong ETF Right Now?
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Is First Trust NASDAQ Semiconductor ETF (FTXL) a Strong ETF Right Now?
Is First Trust NASDAQ Semiconductor ETF (FTXL) a Strong ETF Right Now?
Is First Trust NASDAQ Semiconductor ETF (FTXL) a Strong ETF Right Now? · Zacks
Zacks Equity Research
June 2, 2026 3 min read
- FTXL
+5.98%
A smart beta exchange traded fund, the First Trust NASDAQ Semiconductor ETF (FTXL) debuted on 09/20/2016, and offers broad exposure to the Technology ETFs category of the market.
What Are Smart Beta ETFs?
For a long time now, the ETF industry has been flooded with products based on market capitalization weighted indexes, which are designed to represent the broader market or a particular market segment.
A good option for investors who believe in market efficiency, market cap weighted indexes offer a low-cost, convenient, and transparent way of replicating market returns.
There are some investors, though, who think it's possible to beat the market with great stock selection; this group likely invests in another class of funds known as smart beta, which track non-cap weighted strategies.
Based on specific fundamental characteristics, or a combination of such, these indexes attempt to pick stocks that have a better chance of risk-return performance.
While this space offers a number of choices to investors, including simplest equal-weighting, fundamental weighting and volatility/momentum based weighting methodologies, not all these strategies have been able to deliver superior results.
Fund Sponsor & Index
FTXL is managed by First Trust Advisors, and this fund has amassed over $2.5 billion, which makes it one of the larger ETFs in the Technology ETFs. FTXL seeks to match the performance of the Nasdaq US Smart Semiconductor Index before fees and expenses.
The Nasdaq US Smart Semiconductor Index is a modified factor weighted index, designed to provide exposure to US companies within the semiconductor industry.
Cost & Other Expenses
When considering an ETF's total return, expense ratios are an important factor. And, cheaper funds can significantly outperform their more expensive cousins in the long term if all other factors remain equal.
Operating expenses on an annual basis are 0.60% for this ETF, which makes it on par with most peer products in the space.
FTXL's 12-month trailing dividend yield is 0.13%.
Sector Exposure and Top Holdings
ETFs offer diversified exposure and thus minimize single stock risk, but it is still important to delve into a fund's holdings before investing. Most ETFs are very transparent products and many disclose their holdings on a daily basis.
Representing 100% of the portfolio, the fund has heaviest allocation to the Information Technology sector.
When you look at individual holdings, Intel Corporation (INTC) accounts for about 8.89% of the fund's total assets, followed by Nvidia Corporation (NVDA) and Broadcom Inc. (AVGO).
Story Continues
Its top 10 holdings account for approximately 60.46% of FTXL's total assets under management.
Performance and Risk
Year-to-date, the First Trust NASDAQ Semiconductor ETF return is roughly 100.06% so far, and was up about 215.43% over the last 12 months (as of 06/02/2026). FTXL has traded between $86.19 $262.95 in this past 52-week period.
The ETF has a beta of 1.69 and standard deviation of 35.67% for the trailing three-year period. With about 35 holdings, it has more concentrated exposure than peers .
Alternatives
First Trust NASDAQ Semiconductor ETF is an excellent option for investors seeking to outperform the Technology ETFs segment of the market. There are other ETFs in the space which investors could consider as well.
iShares Semiconductor ETF (SOXX) tracks PHLX SOX Semiconductor Sector Index and the VanEck Semiconductor ETF (SMH) tracks MVIS US Listed Semiconductor 25 Index. iShares Semiconductor ETF has $38.76 billion in assets, VanEck Semiconductor ETF has $68.57 billion. SOXX has an expense ratio of 0.34% and SMH changes 0.35%.
Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Technology ETFs
Bottom Line
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
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The Semiconductor Play Nobody Owns Just Lapped Wall Street’s Biggest Names
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The Semiconductor Play Nobody Owns Just Lapped Wall Street’s Biggest Names
The Semiconductor Play Nobody Owns Just Lapped Wall Street’s Biggest Names
Austin Smith
June 1, 2026 8 min read
- NVDA
+1.97%
- ^GSPC
+0.89%
- MU
+12.17%
- LRCX
+4.97%
- INTC
+8.64%
Quick Read
- Invesco Semiconductors ETF (PSI) gained 104.96% from Dec 31, 2025 to May 26, 2026, dramatically outperforming the S&P 500's 10.07% and iShares Semiconductor ETF's 89.42% due to its equal-weight structure holding 3.86% in Nvidia instead of the typical megacap concentration, with top holdings in Micron Technology (MU), Lam Research (LRCX), and Intel (INTC) that benefited from surging memory chip pricing and semiconductor capital equipment spending.
- PSI's exceptional 2026 performance reflected the broadening of AI capital spending beyond megacap GPU designers to memory makers and equipment suppliers, a structural tailwind that is already largely priced in at current valuations, making future gains dependent on sustained memory pricing strength and hyperscaler capex momentum.
- Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Invesco Semiconductors ETF didn't make the cut. Grab the names FREE today .
A $10,000 position in Invesco Semiconductors ETF ( NASDAQ:PSI ) on the last trading day of 2025 was worth ~$20,496 by the close on May 26, 2026, and that is the kind of arithmetic that ruins dinner parties. Your brother-in-law at Goldman is up 10.07% in the S&P 500. Your friend who only buys the Nasdaq 100 through Invesco QQQ Trust ( NASDAQ:QQQ ) is up 18.88%. The hedge fund manager at the end of the table, the one who keeps mentioning his Sharpe ratio, is somewhere in between. And the cheapest, most boring sleeve of a semiconductor ETF that almost nobody at those tables holds is up 104.96% in not quite five months.
That is the headline. The mechanism is the more interesting part, and so is the question of whether a reader who shows up to the chart in late May 2026 is buying the same setup or a much more expensive version of it.
The Arithmetic, On A Specific Day, In Plain Dollars
PSI opened 2026 at an adjusted price of $78.86 on the December 31, 2025 close. It traded at $161.63 on the May 26, 2026 close, including a 5.13% single-session move on the way there. So $10,000 became ~$20,496, or roughly a double in ~100 trading days. That is total return on an adjusted basis. The figure does not require a cherry-picked entry inside the window, because the window starts on the calendar year boundary. It is the boring, defensible version of the headline.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Invesco Semiconductors ETF didn't make the cut. Grab the names FREE today .
Stretch the lens out and the picture is louder. PSI is up 217.23% over the trailing year, 298.59% over five years, and 1,793.3% over ten. The Motley Fool ran the numbers in late 2025 and noted that $100 invested ten years ago was worth ~$920 today, an 820% total return versus the S&P 500's 233%. None of this is leverage. PSI is a plain, unlevered, fully invested basket.
Story Continues
The benchmark comparison is what gives the 2026 number its edge. iShares Semiconductor ETF ( NASDAQ:SOXX ), the cap-weighted competitor most institutions actually own, is up 89.42% year to date. That is an enormous number on its own. PSI still has ~15 percentage points on it. Against the S&P 500 the gap is closer to 95 percentage points. There are not many active equity funds in the world that are going to print that kind of relative number in 2026, which is the reason the title of the article uses the phrase it uses.
Why PSI And Not One Of The Famous Semi ETFs
The mechanism here is mostly one structural choice. PSI equal-weights ~30 semiconductor companies tracked through the Dynamic Semiconductor Intellidex Index. Cap-weighted funds like SOXX and the VanEck Semiconductor ETF lean hard on the largest two or three names, which in practice means a very large slug of the two biggest megacap chip designers does most of the work. PSI carries only 3.86% in NVIDIA, which sounds like a handicap until you notice what 2026 has actually rewarded.
Memory chips and semiconductor capital equipment. Those are the two pockets the equal weight forces you into, and they are the two pockets that PineBridge and others spent the late-2025 outlook season flagging. PineBridge's 2026 equity piece called out a rebound in memory and continued investments in advanced logic, with wafer fabrication equipment spending expected to rise on the back of those two threads. PSI's top weights have sat on Micron Technology, Lam Research, and Intel, which is to say, the memory cycle and the "pick and shovel" toolmakers. When those two pockets run, an equal-weight semis ETF outruns a cap-weighted one because the cap-weighted one is mostly concentrated in the single largest GPU designer.
The second piece of the mechanism is the AI capex story finally broadening out from the obvious winners. JPMorgan's 2026 outlook framed it directly, with tech sectors accounting for 36% of S&P 500 earnings and 56% of the index's capital spending growth over the last 12 months. That spending is not staying inside the megacap GPU designer. It is flowing to the people who build the memory, the etch tools, the deposition tools, the test equipment, and the specialty foundries. PSI's TradingView writeup in late April flagged a 182.6% surge from its 52-week low, attributing the run to the AI boom and the domestic chip production push. A Tower Semiconductor holding inside the basket was up 444% on a 12-month basis on the strength of defense radar and supply-chain reshoring work.
So the engine is identifiable. Equal weight plus a sector tailwind that rewards the second and third tier of names more than the megacap. The expense ratio is 0.56%, AUM is ~$1.29 billion, and the beta is 1.58. None of those numbers are unusual for the category. The performance came from holdings.
What A Reader Buying In Late May 2026 Is Actually Buying
This is the part the dinner-party victory lap leaves out. PSI rose 13% in the past week and 19.85% in the past month. SOXX rose 14.77% in the past week. Anything moving that fast is pricing in a lot of forward good news before the news lands. Morningstar's 2026 outlook tracks its Global Next Generation AI Index against fair value and notes the index sits above fair value, having ranged from 74% to 114% of fair value since 2023. An Intellectia AI valuation note from early April put PSI itself in the "fair" zone based on forward P/S ratio versus its 5-year average, with the caveat that the level "seems unsustainable despite strong revenue growth." That was 47 dollars ago on the chart.
The conditions that produced the run are mostly still in place. Wafer fab equipment spending is still expected to grow. Memory pricing has not rolled. The reshoring story still has years of capex behind it. PineBridge's view of ~25% annual growth in datacenter equipment for the next four to five years, anchored to electrical infrastructure constraints, is the kind of structural call that has held up across multiple outlook cycles. The setup is intact. It is also a lot more expensive than it was on January 2.
Three indicators are worth watching from here, all of them observable without a Bloomberg terminal. First, the memory pricing tape, because contract DRAM and NAND pricing from the largest US memory maker is what makes the largest single weight in PSI move. Second, the quarterly capex guidance from the hyperscalers and from TSMC, because that capex is the order book for the major wafer fab equipment toolmakers. Third, the Philadelphia Semiconductor Index, which is what SOXX is built around, because if SOXX rolls, PSI is going to roll harder given its higher beta. Vanguard's 2026 piece flagged that AI investment's outsized contribution to economic growth represents the key risk factor in 2026, which is a polite way of saying that if AI capex blinks, semis blink first.
The honest read is that PSI's 2026 was earned, and that the mechanism is identifiable and largely structural. The fund did exactly what it was built to do during a regime that happened to suit it. That is the durable part. The part that will not repeat on the same scale is the starting price. You can still own the mechanism. You cannot still own the entry. Watch memory pricing and watch hyperscaler capex, because that is where the next leg, up or down, is going to show up first.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Invesco Semiconductors ETF didn't make the cut. Grab the names FREE today .
After Three Years of Tracking the AI Capex Cycle These 3 Semiconductor ETFs Sit on Top of the Trade
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After Three Years of Tracking the AI Capex Cycle These 3 Semiconductor ETFs Sit on Top of the Trade
After Three Years of Tracking the AI Capex Cycle These 3 Semiconductor ETFs Sit on Top of the Trade
David Beren
May 29, 2026 6 min read
- SMH
+4.52%
- ASML.AS
+4.77%
- LRCX
+4.97%
- SOXX
+5.45%
- FTXL
+5.98%
Quick Read
- iShares Semiconductor ETF (SOXX) tracks 30 U.S.-listed chip stocks with a 0.34% expense ratio and returned 87% year-to-date by capturing broad supplier exposure to the AI capex cycle; VanEck Semiconductor ETF (SMH) concentrates on 25 names including Taiwan Semi (9%), ASML, and Lam Research with 4% Netherlands and 9% Taiwan exposure, returning 65% year-to-date; First Trust Nasdaq Semiconductor ETF (FTXL) uses factor-weighted screening to emphasize semicap equipment and memory stocks including Micron and Credo, returning 99% year-to-date at a 0.60% fee with $1.48B in assets.
- Hyperscaler AI capital spending projected near 25% annual growth through 2030 is distributing dollars across the semiconductor supply chain from chip designers to foundries to lithography equipment makers, and each ETF captures different layers of this structural shift.
- The analyst who called NVIDIA in 2010 just named his top 10 stocks and First Trust NASDAQ Semiconductor ETF wasn't one of them. Get them here FREE .
After three years of hyperscaler capital spending feeding through to chip designers, foundry capacity, and lithography backlogs, the semiconductor ETF complex has separated into distinct buckets. iShares Semiconductor ETF ( NASDAQ:SOXX ), VanEck Semiconductor ETF ( NASDAQ:SMH ), and First Trust Nasdaq Semiconductor ETF ( NASDAQ:FTXL ) are the three broad U.S.-listed vehicles that capture the trade in clean, liquid form. They differ in construction, and that difference has produced a wide spread in performance during the current cycle.
Goldman Sachs Asset Management's 2026 outlook frames the backdrop bluntly: the AI capex boom is "driving business and investment activity" while the rest of the U.S. economy softens. PineBridge and MetLife describe datacenter equipment growth as "essentially locked in for the next four to five years" with annual growth near 25%. That is the structural setup behind the three funds below.
SOXX: The Largest, Broadest Way to Own the Cycle
SOXX tracks the NYSE Semiconductor Index, a modified market-cap weighted basket of 30 U.S.-listed chip names. The investment logic is straightforward: AI capex is a flow of dollars moving from a small group of hyperscalers to a wide set of suppliers, and SOXX owns enough of that supplier base to capture the cycle without making a single-name bet. The fund's expense ratio runs at 0.34%, with the fact sheet referenced as of March 2026.
The analyst who called NVIDIA in 2010 just named his top 10 stocks and First Trust NASDAQ Semiconductor ETF wasn't one of them. Get them here FREE .
Story Continues
The modified weighting matters, as a pure cap weighting would allow NVIDIA to dominate to a degree that resembles holding a single stock. The cap on top names spreads exposure into equipment makers and analog franchises that benefit from the same capex wave through a different mechanism. On the positive side, SOXX is up roughly 87% year-to-date and 180% over the trailing year, mirroring the trajectory of hyperscaler order books since the deepseek-driven reset early last year.
The trade-off: SOXX is U.S.-listed only, so there is no direct exposure to ASML or TSMC. However, investors who view the lithography and foundry layers as the truest bottleneck in the AI buildout will find that exclusion meaningful.
SMH: Concentrated Exposure to the Choke Points
SMH tracks the MarketVector US Listed Semiconductor 10% Capped Screened Index and holds 25 names. The fund carries $6.3 billion in net assets with an expense ratio of 0.35%. The point of owning SMH rather than SOXX is the willingness to let the largest, most capacity-constrained companies drive returns.
The top holdings as of May 27, 2026, are NVIDIA at 16%, Taiwan Semi at 9%, Intel at 8%, Advanced Micro Devices at 7%, and Broadcom at 7%. Micron sits at 6%. Equipment names, including ASML, Lam Research, and Applied Materials, make up around 12% of the fund. Geographically, about 4% sits in the Netherlands and 9% in Taiwan, reflecting exposure to the foundry and lithography links of the chain that SOXX skips.
As it stands, SMH returned 65% year-to-date and 152% over one year, lagging SOXX in 2026, but the lag tracks the way capital has rotated within the cycle. Memory and equipment names have outrun the largest cap-weighted incumbents over the past several months, and SMH's heavier top-5 concentration has worked against it during that rotation. As Eric Jhonsa put it on a recent podcast, "demand keeps staying ahead of supply" , which has favored capacity providers over the design layer.
The trade-off is concentration: a bad quarter from AMD or Broadcom moves SMH in a way it would not move SOXX, and international tickers add a second layer of geopolitical sensitivity around Taiwan and export controls.
FTXL: The Smart-Beta Outsider That Has Quietly Led the Group
FTXL represents our value play here. This fund tracks Nasdaq's unique AlphaDEX index, which ranks chip stocks by growth, value, and momentum metrics and then groups them into tier-weighted buckets. Its structural management fee sits right at 0.60%, marking it the costliest option among these choices. According to its latest official regulatory filing, the product managed roughly $1.48 billion in total investor assets as of the close of March.
That construction is what makes FTXL relevant to the AI capex theme rather than a generic diversified bet. The factor screen pulls in semicap equipment, memory, and connectivity names at weightings that the cap-weighted indexes underemphasize. As of March 31, 2026, top positions included NVIDIA at 8%, Intel at 8%, Broadcom at 8%, Qualcomm at 8%, and Micron at 7%. The portfolio extends to 34 holdings, including KLA, Marvell, ON Semiconductor, Astera Labs, and Credo, names that benefit from datacenter interconnect and advanced packaging spend.
The performance has been a surprise to the group. FTXL returned 99% year-to-date and 219% over the trailing 12 months. Memory rebound, semicap order strength, and recovery in second-tier analog names have all rewarded the factor tilt. That outperformance does not annualize cleanly into a thesis, and the fund's smaller AUM and 0.60% fee are real costs.
The tradeoff: factor methodologies rebalance on a schedule, which can mean trimming winners that the cap-weighted indexes keep riding. FTXL also concentrates on roughly the same names as SOXX and SMH at the top, so the diversification benefit is structural rather than dramatic.
Choosing Between the Three
The decision rests on which part of the AI capex chain an investor wants exposure to. SOXX is the default broad vehicle, leaning toward U.S.-listed designers and integrated manufacturers, and the largest pool of capital. SMH provides direct exposure to the foundry and lithography sectors through TSMC and ASML, with a concentration that cuts both ways. FTXL leans into semicap equipment, memory, and emerging interconnect names through a factor screen, with a higher fee and a smaller asset base, but a 2026 return profile that has run ahead of the two larger funds.
NVIDIA's own framing, that AI capex grows "3x to 4x" by the end of the decade, sets a long runway. Each of these three funds expresses a different view on which part of that spending compounds fastest.
The analyst who called NVIDIA in 2010 just named his top 10 AI stocks
This analyst's 2025 picks are up 106% on average. He just named his top 10 stocks to buy in 2026. Get them here FREE .
The Most-Compared ETFs Right Now — And What They Reveal
重要性未评级
发布时间早于日报 5 天摘要窗口。
中文摘要
该文章早于本次日报摘要窗口，未生成新的中文摘要；可展开原文或打开来源核查。
英文原文
The Most-Compared ETFs Right Now — And What They Reveal
The Most-Compared ETFs Right Now — And What They Reveal
ETF.com Staff
May 29, 2026 6 min read
- QQQ
+1.85%
- SOXL
+15.88%
balance Every month, tens of thousands of investors come to ETF.com not to read about ETFs—but to compare them head to head. The ETF Comparison Tool lets users stack any two (or three) funds side by side across costs, performance, holdings, and flows. Over the last 28 days, 96,861 users ran a pure ticker-vs-ticker comparison on our tool. What they searched tells a story about where investor attention—and anxiety—is right now.
Semiconductors Are the Runaway #1 Theme
Nothing comes close. The single most-searched matchup on the entire site is SMH vs. SOXX , with 2,478 active users—more than double the next most popular pair. Semiconductor ETFs dominate the top of the list in a way no other category does.
The matchup map is deep: SMH vs. QQQ (1,153 users), SMH vs. SOXQ (896), SOXQ vs. SOXX (708), QQQ vs. SOXX (367), SOXL vs. SOXX (367), SMH vs. CHPS (193), DRAM vs. SMH (151). When you add up every comparison that includes a semiconductor ETF, it's the most-trafficked category on the tool by a wide margin—likely north of 9,000 users in the period.
The debate isn't just VanEck vs. iShares. Investors are drilling down: broad semis vs. leveraged semis, pure-play chip designers vs. the full supply chain, large-cap leaders vs. smaller names in PSI and FTXL . The semiconductor trade is alive, contested, and highly researched.
The Growth ETF Wars
The second biggest storyline is a four-way fight between SCHG , VUG , QQQM , and QQQ . Investors are trying to figure out which growth ETF deserves the core slot in their portfolio—and they're not finding an obvious answer.
SCHG vs. QQQM drew 917 users. QQQM vs. VGT pulled 809. QQQ vs. VUG got 743. VUG vs. QQQM attracted 717. SCHG vs. VUG : 620. VUG vs. VGT : 587. QQQ vs. VGT : 581. The three-way matchup VUG vs. QQQM vs. SCHG added another 459.
What's notable is how often SCHG appears. Schwab's large-cap growth fund has quietly become a serious challenger to QQQ for cost-conscious investors, and the comparison traffic reflects that. SCHG 's 0.04% expense ratio versus QQQ 's 0.20% is a conversation that 2,000+ users a month are actively having.
Core Portfolio Fundamentals Still Drive Volume
Amid all the thematic excitement, the bread-and-butter comparisons remain extremely popular. QQQ vs. SPY (771 users), VTI vs. VOO (706), IVV vs. VOO (587), QQQ vs. VOO (583), SPY vs. IVV (566)—these are the "which foundational ETF should I own" questions that never go out of style.
The QQQ vs. QQQM comparison (629 users) deserves special mention. These are essentially the same index at different price points, but investors are clearly still working through whether the switch makes sense for their situation. At this volume, it's one of the most practically useful comparisons on the tool.
Story Continues
Nuclear Energy: The Sleeper Hit
One of the more surprising findings in the data is how actively investors are researching uranium and nuclear ETFs. URA vs. NLR drew 459 users—more than many mainstream equity matchups. NLR vs. URNM pulled 355. URA vs. URNM : 291. URNM vs. URA : 168. NLR vs. URA : 143. URNJ vs. URNM : 80.
That's a niche category generating well over 1,500 comparison sessions. For a theme most investors couldn't have named three years ago, nuclear is getting serious due diligence. The nuances matter to this crowd: physical uranium vs. uranium miners, pure-play vs. diversified nuclear, large producers vs. junior miners.
Momentum Has a Moment
SPMO —Invesco's S&P 500 Momentum ETF—appears in six different matchups across the top of the data. VOO vs. SPMO (570), QQQ vs. SPMO (569), QQQM vs. SPMO (538), VGT vs. SPMO (288), SPY vs. RSP (567). Investors are stress-testing momentum against their core holdings, asking whether chasing factor performance makes sense at this point in the cycle.
The RSP comparison is a related tell: equal-weight vs. cap-weight (567 users) is a question that resurfaces whenever concentration risk is on investors' minds. When the top 10 names in the S&P 500 account for a record share of the index, the equal-weight alternative starts looking interesting—at least interesting enough to compare.
AI and Robotics: Still Being Figured Out
The AI ETF category is generating real comparison traffic, but the matchups suggest investors are still sorting out which funds belong in which bucket. AIQ vs. BOTZ: 512 users. BOTZ vs. ARKQ: 330. BOTZ vs. ROBO: 253. BOTZ vs. AIQ: 185. AIQ vs. CHAT: 267. IRBO vs. BOTZ: 131.
BOTZ shows up as the reference point—the ETF everyone else gets compared to. But the high volume across multiple AI/robotics pairs suggests this is a category where investors haven't landed on a consensus pick. That's an opportunity for editorial clarity.
Defense Goes Mainstream
Defense ETF comparisons spiked in ways consistent with investors responding to geopolitical headlines. XAR vs. PPA: 253 users. XAR vs. ITA: 196. SHLD vs. ITA: 185. PPA vs. ITA: 133. These aren't abstract research queries—they read like investors actively deciding where to put new money in a sector they've recently decided to own.
Space ETFs show up nearby: UFO vs. ARKX (352), NASA vs. UFO (111), UFO vs. ROKT (68). The overlap with defense themes—several space ETFs hold significant aerospace and defense names—suggests some investors are treating the two categories as adjacent bets.
Cash and Short-Duration Bonds: Not Going Anywhere
Despite rate cut expectations, investors are still actively comparing their cash-parking options. TBIL vs. SGOV : 384 users. SGOV vs. BIL : 319. VBIL vs. SGOV : 296. BOXX vs. SGOV : 139. BIL vs. SGOV : 79.
The BOXX comparison is notable—it signals that some investors are now aware of the more exotic cash-management structures and are doing genuine due diligence on them. The T-bill ETF category has matured from a novelty into a crowded, actively-researched space.
What the Data Tells Us
Taken together, the comparison traffic over the last 28 days paints a picture of an investor base that is engaged, specific, and often ahead of the mainstream narrative. Semiconductors are being researched at a depth that goes well beyond "I want chip exposure." Growth ETFs are being evaluated on cost and construction, not just performance. Nuclear energy has graduated from talking point to portfolio consideration.
The comparison tool is, in a sense, a live map of investor decision-making—not what people bought, but what they were thinking about buying. Right now, they're thinking hard about chips, growth factors, nuclear power, and momentum. We'll keep tracking it.
Find other ETF Comparisons using ETF.com's ETF Comparison Tool
Permalink | © Copyright 2026 etf.com. All rights reserved
NVIDIA Q1 FY2027 Results
重要性未评级
中文摘要
- 季度收入816亿美元，同比增长85%；数据中心收入752亿美元，同比增长92%。
- 第二季度收入指引910亿美元上下2%，且指引未假设来自中国的数据中心计算收入。
- 董事会另行授权800亿美元股票回购，并将季度股息从每股0.01美元提高至0.25美元。
英文原文
NVIDIA Q1 FY2027 Results
本地未取得可读全文：HTTP 403。可使用上方“打开原文”核查。
Space Exploration Technologies Form S-1
重要性未评级
发布时间早于日报 5 天摘要窗口。
中文摘要
- 2026年第一季度合并收入46.94亿美元、营业亏损19.43亿美元、调整后EBITDA 11.27亿美元。
- Connectivity板块收入32.57亿美元、营业利润11.88亿美元；Space板块收入6.19亿美元、营业亏损6.62亿美元。
- Starlink订阅用户约1030万，但月度ARPU由上年同期86美元降至66美元。
英文原文
Space Exploration Technologies - S-1
As filed with the U.S. Securities and Exchange Commission on May 20, 2026
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM S-1
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
Space Exploration Technologies Corp.
(Exact name of registrant as specified in its charter)
Texas
7370
01-0627671
(State or other jurisdiction of incorporation or
organization)
(Primary Standard Industrial Classification Code
Number)
(I.R.S. Employer Identification Number)
1 Rocket Road
Starbase, Texas 78521
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
Elon Musk
Chief Executive Officer
1 Rocket Road
Starbase, Texas 78521
Tel: (310) 363-6000
(Name, address, including zip code, and telephone number, including area code, of agent for ser vice)
With copies to:
George J. Sampas
Hillary H. Holmes
Harrison Tucker
Atma J. Kabad
Gibson, Dunn & Crutcher LLP
811 Main Street, Suite 3000
Houston, Texas 77002
Tel: (346) 718-6600
Bret Johnsen
Michael Smith
Space Exploration Technologies Corp.
1 Rocket Road
Hawthorne, California 90250
Tel: (310) 363-6000
Byron B. Rooney
Alan F. Denenberg
Stephen A. Byeff
Joze Vranicar
Davis Polk & Wardwell LLP
450 Lexington Avenue
New York, New York 10017
Tel: (212) 450-4000
Approximate date of commencement of proposed sale to the public:
As soon as practicable after this Registration Statement becomes effective.
If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933 check the following
box. ☐
If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. ☐
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number
of the earlier effective registration statement for the same offering. ☐
If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number
of the earlier effective registration statement for the same offering. ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company.
See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer
☐
Accelerated filer
☐
Non-accelerated filer
☒
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐
The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further
amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933, as
amended, or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to such Section 8(a), may
determine.
SUBJECT TO COMPLETION, DATED , 2026
PRELIMINARY PROSPECTUS
Shares
Space Exploration Technologies Corp.
Class A Common Stock
This is the initial public offering of shares of Class A common stock, par value $0.001 per share, of Space Exploration Technologies
Corp., a Texas corporation. We are offering shares of our Class A common stock.
Currently, no public market exists for our Class A common stock. We expect the initial public offering price to be between $ and
$ per share. We have applied to list our Class A common stock on The Nasdaq Stock Market LLC (“Nasdaq”) and Nasdaq Texas,
Inc. (“Nasdaq Texas”) under the symbol “SPCX.”
Following the completion of this offering, we will have two classes of common stock issued and outstanding: Class A common stock
and Class B common stock. Each share of Class A common stock will entitle its holder to one vote per share. Each share of Class B
common stock will entitle its holder to 10 votes per share. Class A shareholders and Class B shareholders will vote together as a
single class on all matters to be voted on by shareholders, except Class B shareholders will be entitled to elect a majority of our board
of directors in addition to having certain other class votes as described under “Description of Capital Stock.”
Assuming an offering size as set forth above and an initial public offering price of $ per share (the midpoint of the estimated
price range set forth above), Elon Musk, our founder, Chief Executive Officer, Chief Technical Officer and Chairman of our board,
will hold approximately % of the voting power of our common stock (or approximately % if the underwriters exercise their
option to purchase additional shares of Class A common stock in full) immediately after the completion of this offering through his
ownership of shares of our Class A and Class B common stock of which approximately % he controls through his ownership of
our Class B common stock. As a result, Mr. Musk will be able to control the outcome of matters requiring shareholder approval. This
includes the election of (i) a majority of our board, through his ownership of Class B shares (as Class B Directors), for so long as he
holds a majority of the voting power of the Class B common stock, and (ii) the remainder of our board, for so long as he holds a
majority of the combined voting power of the Class A and Class B common stock. As a result, we will be a “controlled company”
under the corporate governance rules of Nasdaq following the completion of this offering and, as a result, we intend to rely on
exemptions from certain corporate governance requirements. Please refer to “Management—Controlled Company Exemption.”
Investing in our Class A common stock involves risks. Please refer to “Risk Factors” beginning on page 26 of this
prospectus.
The information in this preliminary prospectus is not complete and may be changed. The securities described herein may not be sold until the registration statement filed with the Securities and Exchange
Commission is effective. This prospectus is not an offer to sell such securities, and it is not soliciting an offer to buy these securities, in any jurisdiction where the offer or sale is not permitted.
Per Share
Total
Initial public offering price ......................................................................................................
$
$
Underwriting discounts and commissions (1) ............................................................................
$
$
Proceeds, before expenses, to Space Exploration Technologies Corp. ...................................
$
$
________________
(1) Please refer to “Underwriting” for a description of all underwriting compensation payable in connection with this offering.
The underwriters may also exercise an option to purchase up to an additional shares of our Class A common stock from us, at the
initial public offering price, less the underwriting discounts and commissions, for 30 days after the date of this prospectus.
At our request, the underwriters have reserved up to percent of the shares of Class A common stock to be issued by the
Company and offered by this prospectus for sale, at the initial public offering price, to . Please refer to “Underwriting—
Directed Share Program.” Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has
approved or disapproved of these securities or passed on the adequacy or accuracy of this prospectus. Any representation to the
contrary is a criminal offense.
The shares of Class A common stock will be ready for delivery on or about , 2026.
Joint Book-Running Managers
Goldman Sachs &
Co. LLC
Morgan Stanley
BofA Securities
Citigroup
J.P. Morgan
Barclays
Deutsche Bank
Securities
RBC Capital
Markets
UBS
Investment Bank
Wells Fargo
Securities
Allen & Company
LLC
Cantor
Needham &
Company
Raymond James
Societe Generale
Stifel
William Blair
BTG Pactual
ING
Macquarie Capital
Mirae Asset Securities
Mizuho
Santander
Prospectus Dated , 2026.
Table of Contents
TABLE OF CONTENTS
Page
GLOSSARY OF TERMS .................................................................................................................................
iv
PROSPECTUS SUMMARY ............................................................................................................................
1
RISK FACTORS ..............................................................................................................................................
26
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS ...........................
64
USE OF PROCEEDS .......................................................................................................................................
66
DIVIDEND POLICY ........................................................................................................................................
67
CAPITALIZATION .........................................................................................................................................
68
DILUTION .......................................................................................................................................................
70
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS ........................................................................................................................................
74
BUSINESS ........................................................................................................................................................
130
MANAGEMENT ..............................................................................................................................................
226
EXECUTIVE COMPENSATION ....................................................................................................................
233
CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS .............................................
243
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT ....................
247
DESCRIPTION OF CAPITAL STOCK ..........................................................................................................
250
SHARES ELIGIBLE FOR FUTURE SALE ....................................................................................................
258
MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR NON-U.S. HOLDERS OF
CLASS A COMMON STOCK .....................................................................................................................
260
UNDERWRITING ...........................................................................................................................................
264
LEGAL MATTERS ..........................................................................................................................................
277
EXPERTS .........................................................................................................................................................
277
WHERE YOU CAN FIND ADDITIONAL INFORMATION ........................................................................
277
INDEX TO FINANCIAL STATEMENTS ......................................................................................................
F-1
Neither we nor the underwriters have authorized anyone to provide you with information other than that contained in
this prospectus or in any free writing prospectus authorized by us. We and the underwriters take no responsibility
for, and can provide no assurance as to the reliability of, any other information that others may give you. We and the
underwriters are not making an offer to sell, or seeking offers to buy, our Class A common stock in any jurisdiction
where an offer or sale is not permitted. The information contained in this prospectus or any free writing prospectus is
accurate only as of its date, regardless of its time of delivery or of any sale of shares of our Class A common stock.
Our business, financial condition, results of operations and future prospects may have changed since that date.
For investors outside of the United States: Neither we nor the underwriters have done anything that would permit
this offering, or possession or distribution of this prospectus, in any jurisdiction where action for that purpose is
required, other than the United States. Persons outside of the United States who come into possession of this
prospectus must inform themselves about, and observe any restrictions relating to, the offering of the shares of our
Class A common stock and the distribution of this prospectus outside of the United States.
This prospectus contains forward-looking statements that are subject to a number of risks and uncertainties, many of
which are beyond our control. Please refer to “Risk Factors” and “Cautionary Statement Regarding Forward-
Looking Statements.”
ii
Table of Contents
General Information
Except as otherwise indicated or required by the context, all references to “SpaceX,” the “Company,” “we,” “our”
and “us” or similar terms refer to Space Exploration Technologies Corp. and its consolidated subsidiaries. For the
definitions of certain terms and abbreviations used in this prospectus, please refer to “Glossary of Terms” beginning
on page iv of this prospectus.
References to (i) our “bylaws” are to the form of amended and restated bylaws of the Company (as amended and
restated from time to time) to be effective upon the completion of this offering, (ii) our “charter” are to the form of
restated certificate of formation of the Company to be effective upon the completion of this offering and (iii) “our
board” or “the board” are to the board of directors of the Company.
Basis of Presentation
The consolidated financial statements of SpaceX have been retrospectively recast for all periods presented to include
(i) the historical results of X.AI Holdings Corp., which was acquired by SpaceX, effective February 2, 2026 (the
“xAI Merger”), and X Holdings Corp. (“X Holdings”), which was acquired by xAI, effective March 28, 2025 (the
“X Merger”), because these transactions were between entities under common control, and (ii) a five-for-one stock
split of the Company’s Class A, Class B, and Class C Common Stock, effective May 4, 2026 (the “2026 Stock
Split”). Unless otherwise stated or the context otherwise requires, all share and per share information included in this
prospectus have been retroactively adjusted to reflect the 2026 Stock Split. Refer to Note 1, Nature of Business, to
the audited consolidated financial statements included elsewhere in this prospectus.
Industry and Market Data
Certain market and industry data and forecasts used in this prospectus have been obtained from, are based on, or use
data from, the following reports and sources, among others: (i) Breaking Barriers to Data Center Growth , dated
January 20, 2025, by Boston Consulting Group; (ii) Looming Spectrum Shortfall Could Cost America’s GDP $1.4T,
Jeopardize Continued Function of U.S. Networks, New Report Finds , dated March 27, 2025, by the Cellular
Telecommunications and Internet Association; (iii) Top 50 Countries by Number of Business Aircraft Registered ,
dated January 27, 2026, by Corporate Jet Investor; (iv) Digital Economy Trends 2026 , dated December 2025, by the
Digital Cooperation Organization; (v) Global Fixed Broadband Market Outlook , Ericsson Mobility Report, dated
November 1, 2025, by Ericsson; (vi) Households by Number of Households and by Country , Euromonitor
International Passport 2026 Edition, dated November 5, 2025, by Euromonitor International; (vii) Satellite Solutions
for Universal Service , dated March 2025, by the Global Satellite Operators Association; (viii) Broadband Services
Market Analysis Segment Forecast to 2027 , dated April 2025, by Grand View Research; (ix) Consumer Market
Model H2 2025 – Worldwide Household Internet Penetration , dated March 2026, by International Data Corporation;
(x) World Energy Outlook Special Report: Energy and AI , dated April 2025, by the International Energy Agency;
(xi) The 175 GW Crisis: America’s Power Grid Cannot Keep Up with AI Data Centers , dated January 21, 2026, by
Introl; (xii) As Wireless Network Quality Competition Increases, Customers Benefit , dated July 17, 2025, by J.D.
Power; (xiii) Satellite Statistics: Satellite and Debris Population , dated April 2026, by Jonathan McDowell; (xiv)
2026 Global Data Center Outlook: Navigating AI Demand, Power Constraints and Global Opportunities , dated
January 5, 2026, by JLL; (xv) Global Ship Tracking Intelligence , at marinetraffic.com, as updated from time to time
and last accessed April 13, 2026, by Marine Traffic Dashboard; (xvi) The Cost of Compute: A $7 Trillion Race to
Scale Data Centers , dated April 28, 2025, by McKinsey & Company; (xvii) What is Multimodal AI? , dated June 10,
2025, by McKinsey & Company; (xviii) NASA: Enabling America on the Space Frontier , dated December 2024, by
the National Aeronautics and Space Administration (“NASA”); (xix) Space Act Agreement , dated April 2015, by
NASA; (xx) The Recent Large Reduction in Space Launch Cost , dated July 8, 2018, by NASA; (xxi) 12th Edition
Space Economy Report , dated January 29, 2026, by Novaspace; (xxii) Global Fleet and MRO Market Forecast
2025–2035 , dated February 2025, by Oliver Wyman; (xxiii) Broadband Op Subs by Technology – Forecasts
Summary , dated March 31, 2026, by Omdia; (xxiv) Mobile Forecasts Summary – February 2026 , dated February
18, 2026, by Omdia; (xxv) Data Center Rules and Regulations , dated September 8, 2025, by QTS; (xxvi) AI’s
Power Requirements Under Exponential Growth , dated January 28, 2025, by RAND Corporation; (xxvii) Data
Center Grid-Power Demand to Rise 22% in 2025, Nearly Triple by 2030 , dated October 14, 2025, by S&P Global
Market Intelligence; (xxviii) NVIDIA GTC 2025 – Built for Reasoning, Vera Rubin, Kyber, CPO, Dynamo
iii
Table of Contents
Inference, Jensen Math, Feynman , dated March 18, 2025, by SemiAnalysis; (xxix) NVIDIA Blackwell Ultra
Datasheet , dated February 16, 2026, by SemiAnalysis; (xxx) H100 Rental Price Over Time (2023–2025): A
Complete Market Analysis , dated December 21, 2025, by Silicon Data; (xxxi) Data Centers – Understanding the
Power Consumption of Data Centers , at socomec.us, as updated from time to time and last accessed April 13, 2026,
by Socomec; (xxxii) The Space Report 2025 Q2 Highlights Record $613 Billion Global Space Economy for 2024 ,
dated July 22, 2025, by the Space Foundation; (xxxiii) Median Country Speeds Updated February 2026 , dated
February 2026, by the Speedtest Global Index; (xxxiv) Data Center (Russian Market) Commercial Data Centers ,
dated January 28, 2026, by TAdviser; (xxxv) Merchant Fleet by Flag of Registration and by Type of Ship , dated
June 10, 2025, by the United Nations Conference on Trade and Development; (xxxvi) U.S. Electricity Generation in
2025 Hit a Record, Again , dated March 5, 2026, by the U.S. Energy Information Administration; (xxxvii)
GAO-25-107555, In-Space Servicing, Assembly, and Manufacturing: Benefits, Challenges, and Policy Options ,
dated July 2025, by the U.S. Government Accountability Office; (xxxviii) GDP (current US$) , at
data.worldbank.data.org, as updated from time to time and last accessed April 13, 2026, by the World Bank; (xxxix)
Rural population (% of total population), at data.worldbank.org, as updated from time to time and last accessed May
2, 2026, by the World Bank; (xl) How Data Centres in Space Sustainably Enable the AI Revolution , dated January
16, 2026, by Philip Johnston Co-Founder and Chief Executive Officer, Starcloud, published by the World Economic
Forum; and (xli) Most Americans Use AI but Still Don’t Trust It , dated December 9, 2025, by YouGov. We did not
commission the preparation of any of these reports or sources.
Some market data and statistical information contained in this prospectus are also based on management’s estimates
and calculations, which are derived from our review and interpretation of publicly available industry publications,
our internal research and our knowledge of the markets in which we currently, and will in the future, operate, as well
as the sources referred to above. This information involves a number of assumptions and limitations, and you are
cautioned not to give undue weight to such information. The estimates and assumptions used in determining our
total addressable markets are further detailed in the section titled “Business—Our Market Opportunity,” and you are
urged to read the risk factor titled “The estimates of future market opportunity and forecasts of market growth, and
our ability to capture such markets, included in this prospectus may prove to be inaccurate.” Forecasts and other
forward-looking information obtained from the sources named above are subject to the same qualifications and
uncertainties as the other forward-looking statements in this prospectus.
Statements as to market position, market opportunity and market size are based on data currently available to us, as
well as management’s estimates, judgments, assessments, and assumptions. While we are not aware of any
misstatements regarding market position, market opportunity, and market size information included in this
prospectus, such information, which is derived in part from management’s estimates and beliefs, is inherently
uncertain and imprecise. Projections, assumptions and estimates of estimated market position and market
opportunity and the future performance of the industries in which we operate are necessarily subject to a high degree
of uncertainty and risk due to a variety of factors, including those described in “Risk Factors,” “Cautionary
Statement Regarding Forward-Looking Statements” and elsewhere in this prospectus. These and other factors could
cause results to differ materially from those expressed in the estimates made by third parties and by us. Investors are
cautioned not to place undue reliance on statements of expected future market size or opportunity.
Trademarks and Trade Names
We own or have rights to various trademarks, service marks and trade names that we use in connection with the
operation of our business. This prospectus may also contain trademarks, service marks and trade names of third
parties, which are the property of their respective owners. Our use or display of third parties’ trademarks, service
marks, trade names or products in this prospectus is not intended to, and does not imply, a relationship with us or an
endorsement or sponsorship by or of us. Solely for convenience, the trademarks, service marks and trade names
referred to in this prospectus may appear without the ®, ™ or SM symbols, but such references are not intended to
indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the right of the
applicable licensor to these trademarks, service marks and trade names.
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GLOSSARY OF TERMS
The terms and abbreviations defined in this section are used throughout this prospectus :
• “AI” or “artificial intelligence” refers to advanced computational technologies and systems enabling machines
to learn, comprehend reality, solve complex problems, exhibit creativity, make critical decisions, and function
with growing autonomy.
• “AI compute” or “compute” refers to the computing infrastructure required to train and operate artificial
intelligence models, including, without limitation, specialized processors, networking, storage, and power
systems deployed in data centers or other computing environments.
• “AI compute satellite” refers to a satellite equipped with onboard artificial intelligence processing capabilities
designed to perform data analysis, inference, or other machine learning, automated decision-making and
artificial intelligence algorithms, models and technologies workloads in orbit.
• “AI ecosystem” refers to a complex, multi-layered network of technologies, products, systems, and
infrastructure that develop, leverage, and deploy intelligent systems.
• “AI segment” refers to our AI business, which we acquired in connection with our acquisition of xAI in
February 2026, and includes our AI compute, Grok, and X.
• “AI training cluster” refers to an integrated system that provides computational power required for training and
running advanced AI models.
• “The Algorithm” refers to our five-step iterative process that we use to rapidly innovate and optimize,
emphasizing making the requirements less dumb , deleting unnecessary processes or parts, optimizing the
necessary processes or parts, accelerating cycle timesteps, and automating only proven processes after the first
four steps are completed.
• “Application Programming Interface” or “API” refers to a defined set of rules and protocols that allows
different software systems to communicate with and interact with each other programmatically.
• “ARPU” refers to service revenue generated from Starlink Subscribers during a period divided by (i) the
average number of Starlink Subscribers during the period and by (ii) the number of months in the period.
• “Artemis program” refers to a NASA program aimed at landing humans on the Moon by the late 2020s.
• “booster” refers to the first-stage rocket that provides the primary thrust during launch.
• “booster catch” refers to a recovery method in which a returning first-stage rocket booster is captured mid-air by
mechanical arms on the launch tower rather than on legs at a landing zone or at sea.
• “booster launch” refers to a rocket launch in which a booster stage provides the primary thrust during liftoff and
the initial phase of ascent before separating from the vehicle.
• “bps” refers to bits per second.
• “COLOSSUS” refers to our flagship data center, located on Paul R. Lowry Road in Memphis, Tennessee.
• “COLOSSUS II” refers to our data centers in Memphis, Tennessee and in Southaven, Mississippi. These data
centers are part of our coherent gigawatt-scale AI training cluster.
• “Connectivity segment” refers to our Connectivity segment, which includes Starlink and associated offerings.
• “Credit Agreements” refers to our SpaceX Credit Facility and SpaceX Bridge Loan.
• “crewmember” refers to a person who has traveled on our spacecraft, measuring by each mission.
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• “daily posts” on X and Grok refers to the aggregate volume of original posts, replies, reposts, quotes and media
shared daily by users on the X platform, and the real-time interactions, analysis and generative capabilities
provided to a user by Grok. This may include posts generated by AI or accounts managed by AI.
• “downlink capacity” refers to the maximum rate at which data can be transmitted from a satellite to users over a
network or communication link in a given period of time.
• “Draco thrusters” refers to thrusters used in Dragon spacecraft for precise orbital maneuvering and adjustments.
• “Dragon” refers to our Dragon spacecraft.
• “Falcon 1” refers to our two-stage, liquid-fueled small-lift launch vehicle that operated from 2006 to 2009.
• “Falcon 9” refers to our orbital-class rocket with reusable boosters, first launched in 2010, which has a payload
capacity to LEO of approximately 23 metric tons.
• “Falcon Heavy” refers to our partially reusable super heavy-lift launch vehicle, first launched in 2018, which
has a payload capacity to LEO of approximately 64 metric tons.
• “flight-proven booster launches” refers to a mission utilizing a booster that has previously completed at least
one successful launch and recovery.
• “frontier model” refers to a leading-edge, sophisticated large language model, such as Grok, designed for
rigorous reasoning and real-time information synthesis.
• “Gbps” refers to gigabits per second.
• “geostationary orbit” refers to a high Earth orbit that allows satellites to match Earth’s rotation, appearing
stationary from the ground, often used for communication satellites.
• “geosynchronous transfer orbit” refers to an elliptical orbit used to transfer a spacecraft from a lower orbit to a
geostationary orbit.
• “gigawatt” refers to one billion watts.
• “gigawatt-scale” refers to infrastructure, systems, or facilities that are designed to generate, transmit, or
consume approximately one gigawatt or more of electrical power capacity.
• “GPU” refers to a graphics processing unit.
• “Grok” refers to our family of frontier models, which represents a core pillar of our mission to advance
humanity’s understanding of the universe through the development of truth-seeking artificial intelligence.
• “Grok API” refers to our application programming interface that enables developers to access and integrate
Grok models into external software applications and workflows.
• “Grok Business” refers to our subscription-based offering that provides organizations with access to Grok
models and related tools for use in internal business applications and workflows, designed for deployment by
small-to-medium teams.
• “Grok Enterprise” refers to our subscription-based offering that provides organizations with access to Grok
models and related tools for use in internal business applications and workflows, designed for deployment by
enterprise organizations.
• “Grok Voice” refers to the Grok real-time speech engine.
• “high-density compute” refers to compute infrastructure designed to deliver a large amount of processing power
within a limited physical footprint, typically characterized by high processor concentration and elevated power
usage per unit of space.
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• “Imagine” refers to our image and video generation system.
• “inference” refers to the process by which a trained artificial intelligence model generates outputs (such as text,
images, or predictions) from new input data.
• “International Docking System Standard” refers to a standard for autonomous docking capabilities used by
spacecraft like Dragon.
• “IoT” refers to the network of physical objects embedded with sensors, software, and other technologies for the
purpose of connecting and exchanging data with other devices and systems over the internet.
• “Kardashev Type II” refers to a civilization that harnesses the full energy output of its local star, like our Sun, to
power unprecedented growth and sustain the civilization’s existence.
• “large language model” or “LLM” refers to a sophisticated artificial intelligence model designed for advanced
reasoning and natural language processing.
• “large-scale LEO broadband satellite constellation” refers to a satellite constellation network of over 1,000
satellites.
• “latency” refers to the time delay between the transmission of data from a source and its receipt at a destination,
typically measured in milliseconds.
• “launch payload mass” refers to the theoretical payload mass that a particular spacecraft is capable of delivering
to a specified orbit under specific conditions, which is derived from advanced computer simulations and
performance modeling that apply to particular mission scenarios and trajectory assumptions. Actual payload
that can be delivered for a given mission may be different and will vary depending on numerous mission
parameters and operational factors, including mission-specific trajectory requirements, atmospheric conditions,
vehicle and payload configuration, risk profile, and applicable regulatory or range-safety limitations.
• “launch system” refers to a comprehensive system comprising rockets and associated ground infrastructure used
to launch spacecraft and payloads into space.
• “launch vehicle” refers to a rocket designed to transport payloads from terrestrial bodies (e.g., Earth, Moon, or
Mars) to space or to a designated orbital trajectory.
• “LEO satellite constellation” refers to a network of numerous satellites operating in Low-Earth Orbit, typically
deployed to provide services such as broadband connectivity, including Starlink.
• “Low-Earth Orbit” or “LEO” refers to an orbit relatively close to Earth’s surface, typically used by satellites for
applications like broadband internet due to its lower latency compared to higher orbits.
• “low-latency network” refers to a network with latency below 70 milliseconds.
• “lunar mass driver” refers to a launch system that we intend to build on the Moon’s surface that will be
designed to use electromagnetic acceleration to propel payloads into space without the use of rockets.
• “Macrohard” refers to a platform we are currently developing that is designed to emulate digital workflows,
augment human operation of computers, and create a fully AI-operated software company.
• “mass to orbit” refers to the total kilograms of payload deployed to orbit in a given period, and is a key indicator
of our capacity and scalability that supports Space revenue and drives expansion across our Connectivity and AI
segments.
• “MAU” (or monthly active users) refers to the total number of users who have interacted with Grok or X
through web browsers or mobile applications at least once during the 30-day period ending on the date of
measurement (“active users”). In presenting combined MAUs across the two platforms, we seek to identify and
account for users who access both Grok and X based on sign-in traffic so that such users are not double-counted
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when measuring MAU. Furthermore, only users who have registered for an X or Grok account are included.
While we believe our methodologies provide a reasonable approximation of MAU based on the number of
unique users, they may not fully capture all instances of duplication, and our reported MAU should be viewed
as an estimate of unique users across our Grok and X platforms for the applicable period. We track the subset of
users who used Grok’s AI features and those who have not based on the source of their server requests.
• “Mbps” refers to megabits per second.
• “Megapack” refers to a containerized, utility-scale lithium-ion battery energy storage system produced by Tesla
and designed to stabilize power grids, store renewable energy, and replace fossil fuel peaker plants.
• “megawatt” refers to one million watts.
• “Merlin” refers to the Merlin family of engines, which include vacuum and sea level variants and are fully
developed and produced by the Company.
• “microgravity” refers to very weak gravity, such as that experienced in orbiting spacecraft, which allows for
unique manufacturing processes like creating ultra-pure materials.
• “Mid-Earth Orbit” or “MEO” refers to an orbital region between approximately 2,000 km and 35,786 km above
Earth’s surface.
• “mission success rate” refers to the proportion of Falcon 9 and Falcon Heavy missions that achieve their
primary objectives. This term does not include Starship flight tests.
• “mobile network operators” or “MNOs” refers to the local entities of the companies that provide mobile phone
services to customers, with whom SpaceX partners to offer satellite-to-mobile connectivity. The term may also
include mobile virtual network operators, where applicable.
• “Mobile Satellite Service” refers to providing wireless voice, messaging, and data connectivity to, from, or
between mobile devices by using orbiting satellites rather than terrestrial cell towers.
• “Moore’s Law” refers to an observation, not a physical law, that the number of transistors on a microchip
doubles roughly every two years, leading to exponentially faster, smaller, and cheaper electronics.
• “orbital AI compute” refers to artificial intelligence computing infrastructure contemplated to be deployed in
space, consisting of satellite constellations that act as orbital data centers, harnessing solar energy for power and
leveraging the space environment for cooling. We expect to begin deploying our orbital AI compute satellites as
early as 2028.
• “payload” refers to the portion of a vehicle’s total mass that consists of the cargo, passengers, satellites, or other
mission-specific items being transported and that reaches the target orbit or destination. Payload is distinct from
total mass (also referred to as gross mass or initial mass) which is the entire weight of the vehicle, including the
payload, fuel / propellant, structure, engines, and any other items, at the start of a journey.
• “payload capacity to orbit” refers to a theoretical payload capacity that a particular launch vehicle is capable of
delivering to a specified orbit (e.g., LEO or GEO) or celestial body (e.g., Mars) under specific conditions, which
orbit is derived from advanced computer simulations and performance modelling that apply to particular
mission scenarios and trajectory assumptions. Actual payload capacity for a given mission may be different and
will vary depending on numerous mission parameters and operational factors, including mission-specific
trajectory requirements, atmospheric conditions, vehicle and payload configuration, risk profile, and applicable
regulatory or range-safety limitations .
• “Power Usage Effectiveness” refers to the global standard metric for data center efficiency, calculated as the
ratio of total facility power to IT equipment power.
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• “propellant” refers to the chemical substance or combination of substances consumed by a rocket engine to
produce thrust by generating high-velocity exhaust gases.
• “propulsive landing” refers to the process of landing a rocket or spacecraft using its engines to control descent
and achieve a soft, vertical touchdown.
• “radiative cooling” refers to a cooling method that dissipates heat by radiating it into space, often passively, and
is expected to be used in orbital AI compute infrastructure.
• “Raptor engines” refers to high-performance family of engines developed and produced by the Company, such
as those powering the Super Heavy booster and Starship upper stage, designed for efficiency and reusability.
• “reflight” refers to the reuse of a flight-proven rocket booster or upper stage that has successfully completed a
prior space mission, and has been recovered, refurbished, and certified for subsequent launches.
• “return payload mass” refers to the theoretical payload mass that a particular spacecraft is capable of bringing
back to Earth from a specified orbit under specific conditions, which is derived from advanced computer
simulations and performance modelling that apply to particular mission scenarios and trajectory assumptions.
Actual payload that can be returned for a given mission may be different and will vary depending on numerous
mission parameters and operational factors, including mission-specific trajectory requirements, atmospheric
conditions, vehicle and payload configuration, risk profile, and applicable regulatory or range-safety limitations.
• “rideshare” refers to a type of space mission where multiple satellites or payloads from different customers are
launched together on a single rocket, sharing the cost.
• “satellite-to-mobile” refers to a service that provides global cellular connectivity directly to everyday
smartphones via satellites, supplementing terrestrial networks and eliminating mobile dead zones.
• “Service Line” refers to an individual instance of Starlink broadband internet service provisioned under a
subscription plan, generally associated with a specific Starlink User Terminal or group of terminals, and billed
according to Starlink’s service plans and terms of service. The number of Service Lines is distinct from the
number of unique devices, account holders, end users, or physical persons.
• “space economy” refers to economic activities related to the development, production, and operation of goods
and services that utilize or support space-based infrastructure and capabilities, including launch services,
satellite systems, and space-enabled technologies.
• “Space segment” refers to our Space segment, which includes our customer launch operations and offerings
such as Falcon, Dragon, and Starship.
• “SpaceX Bridge Loan” refers to the Bridge Loan Credit Agreement, dated as of March 2, 2026, by and among
the Company, as borrower, the guarantors from time to time party thereto, the lenders from time to time party
thereto and Goldman Sachs Bank USA, as administrative agent and a lender.
• “SpaceX Credit Facility” refers to our Credit Agreement, dated as of February 7, 2025, by and among the
Company, as borrower, the guarantors from time to time party thereto, the lenders from time to time party
thereto and Bank of America, N.A., as administrative agent, as amended by the First Amendment to Credit
Agreement and Waiver, dated as of March 2, 2026, by and among the Company, the lenders party thereto, and
the other L/C Issuers party thereto. In May 2026, the SpaceX Credit Facility was amended to increase the
borrowing capacity and extends the maturity date.
• “spectrum” refers to the range of electromagnetic frequencies used for wireless communication, with licensed
spectrum granting use for specific services.
• “Starlink” refers to our global Low-Earth Orbit satellite constellation and broadband network designed to
deliver high-speed, low-latency internet connectivity worldwide.
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• “Starlink Consumer Broadband” refers to a category of Starlink active users encompassing both individual
residential users (households and personal use) and small-to-medium-sized businesses.
• “Starlink Fixed Site” refers to a category of Starlink active users encompassing exclusively enterprise
businesses.
• “Starlink Kit” refers to a set of products needed to connect to the Starlink network, typically including a Starlink
User Terminal and accessories.
• “ Starlink Mobile” refers to a service that provides cellular connectivity directly to everyday smartphones via
satellites, supplementing terrestrial networks and substantially reducing mobile dead zones.
• “Starlink Subscriber” refers to a unique Service Line that is directly assigned to a Starlink.com account
registered to a person or entity that does not have a direct, negotiated agreement with the Starlink sales team.
• “Starlink User Terminal” refers to a device developed by the Company that connects to the Starlink satellite
constellation to deliver high-speed, low-latency internet.
• “Starshield” refers to a secure satellite network designed specifically for government customers and national
security applications.
• “Starship” refers to a fully reusable, super heavy-lift launch vehicle . Starship can be used to describe the stacked
vehicle (booster and upper stage) or upper stage only. We expect Starship to commence payload delivery to
orbit in the second half of 2026.
• “Sun-synchronous orbit” refers to a type of polar orbit around a planet in which a satellite passes over any given
point of the planet’s surface at the same local mean solar time, allowing for consistent solar energy capture.
• “Super Heavy” refers to the reusable first-stage booster for the Starship launch vehicle, powered by 33 Raptor
engines.
• “SuperGrok” refers to our subscription-based Grok service that provides users with expanded access to Grok
models and related tools.
• “SuperGrok Heavy” refers to our subscription-based Grok service tier that provides users with expanded access
to Grok models and related tools, including higher usage limits relative to SuperGrok.
• “SuperGrok Lite” refers to our subscription-based Grok service tier that provides users with basic access to
Grok models and related tools.
• “supported accounts” refers to, when used in the context of our X platform and Grok, a human, bot or similar
account that logged into the X platform or Grok. The total number of supported accounts may include fake,
spam or bot accounts if they are active.
• “Tbps” refers to terabits per second.
• “Terafab” refers to a chip manufacturing initiative with a long-term goal of producing one terawatt of compute
hardware each year.
• “terawatt” refers to one trillion watts.
• “terawatt-scale” refers to infrastructure, systems, or facilities that are designed to generate, transmit, or consume
approximately one terawatt or more of electrical power capacity.
• “terrestrial AI compute” refers to artificial intelligence computing infrastructure located on Earth, such as data
centers and supercomputers, used for training and running AI models.
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• “throughput” refers to the rate at which data or material can be processed or transferred, often referring to
network capacity or production output.
• “tokens” refers to the basic units of text or images processed and generated by an AI model, used to measure AI
workload, throughput, and computational output.
• “watt” is the International System of Units (SI) unit for measuring power, representing the rate of which energy
is transferred, used or generated.
• “X” refers to our real-time information, entertainment, and free speech platform that serves as a foundational
distribution and data engine for the AI ecosystem.
• “xAI” refers to X.AI Holdings LLC or, prior to the xAI Merger, X.AI Holdings Corp., together with its
subsidiaries, as applicable.
• “xAI Gov” refers to our offering that provides government customers with access to Grok models and related
tools for use in governmental applications, workflows, and services.
• “X Premium+” refers to our highest subscription tier for X.
Our Satellite Names
We use a “V” naming convention for our Starlink satellites (such as V1, V2 Mini, and V3). Although we use a
similar “V” naming convention for both our broadband and mobile satellite constellations, these are distinct systems.
Our broadband satellites are designed to deliver high-speed internet services to homes, businesses, and vehicles,
while our mobile satellites are designed to connect directly to cell phones from space. These constellations have
different performance requirements and technical specifications. Please see below the terms used for our satellites
throughout this prospectus:
• “V1 Mobile satellites” refers to our mobile satellites that provide light data, text messaging (SMS), and over-
the-top voice services (e.g., WhatsApp and FaceTime) to mobile devices . V1 Mobile satellites are currently in
orbit and are launched on our Falcon rockets.
• “V2 Mini satellites” refers to our current broadband satellites that provide high-speed internet to homes,
businesses, and vehicles. V2 Mini satellites are currently in orbit and are launched on our Falcon rockets .
• “V2 Mobile satellites” refers to our next-generation mobile satellites, which are designed to provide more
comprehensive satellite-to-mobile services, including broadband data and IoT connectivity and which we expect
to begin deploying on Starship in 2027.
• “V3 satellites” refers to our next-generation Starlink broadband satellites, which are designed to offer one Tbps
of downlink capacity per satellite and which we expect to begin deploying on Starship in the second half of
2026.
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PROSPECTUS SUMMARY
This summary highlights information contained elsewhere in this prospectus. This summary is not complete and
does not contain all of the information you should consider before investing in our Class A common stock. You
should read this entire prospectus carefully before making an investment decision. You should carefully consider,
among other things, the sections titled “Risk Factors,” “Management’s Discussion and Analysis of Financial
Condition and Results of Operations,” and our consolidated financial statements and the related notes included
elsewhere in this prospectus. Some of the statements in this summary constitute forward-looking statements. Please
carefully consider “Cautionary Statement Regarding Forward-Looking Statements.”
“You want to wake up in the morning and think the future is going to be great—and that’s what being a space-faring
civilization is all about. It’s about believing in the future and thinking that the future will be better than the past. And
I can’t think of anything more exciting than going out there and being among the stars.”
— Elon Musk
Our Mission
Our mission is to build the systems and technologies necessary to make life multiplanetary, to understand the true
nature of the universe, and to extend the light of consciousness to the stars. To do this, we have formed the most
ambitious, vertically integrated innovation engine on (and off) Earth with unmatched capabilities to rapidly
manufacture and launch space-based communications that connect the world, to harness the Sun to power a truth-
seeking artificial intelligence that advances scientific discovery, and ultimately to build a base on the Moon and
cities on other planets.
Overview
Founded in 2002, SpaceX is the only company building the integrated hardware and software infrastructure of the
future across space, connectivity, and AI. At our core, we are builders. We design, manufacture, launch, and operate
products and services built on cutting-edge technologies, including the world’s most advanced rockets and
spacecraft. We safely and reliably transport astronauts, satellites, and other payloads on missions that benefit life on
Earth. Since 2023, we have launched more than 80% of mass to orbit for the world each year with an over 99%
mission success rate with Falcon rockets. We also operate a high-speed, low-latency global broadband data and
communications network powered by approximately 9,600 Starlink broadband and mobile satellites in Low-Earth
Orbit, delivering connectivity to millions of consumer, enterprise, and government customers across 164 countries,
territories, and other markets, as of March 31, 2026. Using our dedicated satellite-to-mobile constellation, we offer
connectivity services, supplementing terrestrial networks and substantially reducing mobile “dead zones” across
approximately 30 countries.
With the potential to improve both space exploration and life on Earth, AI accelerates SpaceX’s mission to make life
multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars.
xAI, which was founded in 2023 and acquired by SpaceX in early 2026, is now an integral pillar of our vertically
integrated company. We are rapidly constructing AI compute infrastructure—starting on Earth with the goal of
extending to space—at industry-leading pace and cost efficiency. Our infrastructure supports training and inference
for Grok, which has emerged as one of the world’s most advanced frontier models. Grok is designed as a truth-
seeking AI model, built on our founder Elon Musk’s mission to enable humanity to understand the universe. We
believe that accomplishing this mission requires a truth-seeking approach to AI. We define truth seeking as the
active, relentless pursuit of what is objectively true about reality, and grounded in evidence, logic, empirical data,
and first principles thinking. Our goal is to understand and explain what the universe appears to be doing, as
accurately as current knowledge allows. Within two years of its initial model release, Grok achieved frontier-level
performance in scientific reasoning, as measured by its GPQA Diamond score, an industry benchmark that evaluates
AI models on a standardized set of questions written and validated by experts, on a faster timeline than reported by
other leading model providers. Grok also benefits from integration with X, our real-time information, entertainment,
and free speech platform, which serves as a foundational distribution and data engine for our AI ecosystem and
further enhances Grok’s truth-seeking objective.
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We believe that space represents the largest economic frontier in human history. Connectivity infrastructure in space
is designed to help everyone on Earth have access to education, healthcare, entertainment, and communications, and
to enable people to overcome many traditional limits, such as physical and political borders. We believe AI
infrastructure in space can utilize the virtually limitless power of the Sun and thereby enable the use of AI as a
transformative force for understanding the universe and improving the daily lives of all humans. We believe the
convergence of these areas will enable an unprecedented expansion in the global economy, leading to an age of
abundance. Our innovations and technological advancements are redefining industries on Earth, while we aim to
create new ones on the Moon, Mars, and beyond. We are truly building the infrastructure of the future.
• S pace. SpaceX is the only company that has cracked the code on accessing space at scale, revolutionizing an
industry characterized by decades of stagnation, risk aversion, and economically perverse cost structures.
SpaceX upended this paradigm through the application of first-principles thinking, which rejects industry
assumptions and builds solutions based on the fundamental laws of physics. Our intense, mission-driven,
engineering-first culture and focus on extreme vertical integration have propelled us to achieve what many
deemed impossible. We pioneered high-cadence, reliable, and affordable access to space with our Falcon family
of rockets. In 2015, we established at least a 10-year lead over the industry by successfully landing our first
Falcon 9 booster back from space before anyone else. Space flight that historically cost billions per launch now
costs in the tens of millions, fundamentally reducing the cost of space access and providing the opportunity to
build new enterprises in space.
• Connectivity. Since activating service for customers in 2020, Starlink has rapidly expanded global access to
high-speed internet, prioritizing underserved rural and remote communities worldwide. While building
terrestrial networks in such communities can be prohibitively expensive, Starlink is capable of delivering
broadband connectivity anywhere on Earth with just a Starlink Kit . As of March 31, 2026, we had
approximately 9,600 Starlink broadband and mobile satellites in Low-Earth Orbit, operating the world’s most
advanced broadband constellation providing internet connectivity to approximately 10.3 million Starlink
Subscribers across 164 countries, territories, and other markets. In January 2024, we also began deploying our
Starlink Mobile constellation that utilizes separate Starlink satellites with satellite-to-mobile capabilities,
substantially reducing mobile “dead zones” around the world. As of March 31, 2026, our dedicated satellite-to-
mobile constellation of approximately 650 V1 Mobile satellites provides satellite-to-mobile data, over-the-top
voice, and messaging services to approximately 7.4 million monthly unique devices across approximately 30
countries.
• AI. We were the first company to deploy a coherent gigawatt-scale AI training cluster. For complex reasoning
and agentic workloads, compute is directly correlated with the quality of intelligence and task completion speed.
In under two years, we have established a dual advantage in both cost efficiency and deployment speed at scale.
By owning the compute infrastructure and vertically integrating across the full AI stack, we can train and iterate
our frontier m odels at lower cost and higher velocity and accelerate development cycles. This eliminates
external bottlenecks and drives rapid, continuous improvements in model performance. We believe this
combination of our state-of-the-art AI compute infrastructure, our truth-seeking frontier model, and our access
to real-time data on X creates a significant strategic advantage. Our integrated AI platforms across Grok and X
have over 1.3 billion supported accounts active in the last twelve months ended March 31, 2026, including
approximately 550 million MAUs and generating approximately 350 million daily posts. Of our MAUs, we had
approximately 117 million MAUs that used Grok’s AI features as of March 31, 2026. Grok’s deep integration
with X enables freshness, relevance, and contextual awareness that we believe is a competitive differentiator.
This direct, real-time access to the information and human discourse on X enhances Grok’s truth-seeking
capabilities by grounding outputs in up-to-date knowledge and diverse viewpoints. As a result, we believe Grok
can deliver the most objective and relevant insights and best serve high-frequency, high-value use cases across
consumer and enterprise AI applications.
We have created distinct new markets across the space, connectivity, and AI industries by building the integrated
hardware and software infrastructure of the future and by combining our broad range of capabilities. For example,
SpaceX’s recent acquisition of xAI unites SpaceX’s launch capabilities and global connectivity network with xAI’s
AI development capabilities. Specifically, we believe SpaceX’s reusable rockets, scaled satellite manufacturing, and
operational expertise can enable the cost-effective and rapid deployment of massive AI compute satellite
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constellations— with potentially millions of satellites— for orbital data centers. We believe these AI compute
satellites in Sun-synchronous orbit will be able to handle energy-intensive AI workloads, such as inference demand,
at far greater scale and efficiency than terrestrial alternatives, with Starlink providing low-latency, global
connectivity linking these orbital AI systems to people around the world and delivering real-time intelligence. We
expect to begin deploying our orbital AI compute satellites as early as 2028.
Our financial results reflect the strength of our operating model and our ability to create and scale multiple new
businesses:
• For the three months ended March 31, 2026, we generated revenue on a consolidated basis of $4,694 million,
loss from operations of $(1,943) million and Adjusted EBITDA of $1,127 million. In 2025, we generated
revenue on a consolidated basis of $18,674 million, loss from operations of $(2,589) million and Adjusted
EBITDA of $6,584 million. Our Space and Connectivity segments contributed the substantial majority of our
consolidated revenue in the three months ended March 31, 2026 and the year ended December 31, 2025 ,
demonstrating the benefits of their scale and operating leverage in our vertically integrated business model;
• For the three months ended March 31, 2026, our Space segment generated revenue of $619 million, loss from
operations of $(662) million, and Segment Adjusted EBITDA of $(351) million. In 2025 , our Space segment
generated revenue of $4,086 million , loss from operations of $(657) million , and Segment Adjusted EBITDA of
$653 million . Additionally, our Space segment funded $930 million and $3,004 million in research and
development expense during the three months ended March 31, 2026 and the year ended December 31, 2025,
respectively, for our next-generation Starship launch vehicle program. Starship is designed to enable a step-
function change in our launch capability across reusability, payload capacity, and launch cadence, and is the key
enabler of our long-term growth strategy by unlocking entirely new categories of missions ;
• For the three months ended March 31, 2026, our Connectivity segment generated revenue of $3,257 million,
income from operations of $1,188 million, and Segment Adjusted EBITDA of $2,087 million. Our Connectivity
segment, primarily driven by Starlink, generated revenue of $11,387 million , income from operations of $4,423
million , and Segment Adjusted EBITDA of $7,168 million in 2025 , representing year-over-year growth of
49.8% , 120.4% , and 86.2% , respectively, benefiting from subscriber growth, increasing enterprise adoption, and
continued improvement in network efficiency;
• In our newly acquired AI segment, we plan to prioritize growth and investment to capture significant
opportunities in AI applications and compute infrastructure. For the three months ended March 31, 2026, our AI
segment generated revenue of $818 million, loss from operations of $(2,469) million, and Segment Adjusted
EBITDA of $(609) million. In 2025 , our AI segment generated revenue of $3,201 million , loss from operations
of $(6,355) million , and Segment Adjusted EBITDA of $(1,237) million , reflecting its earlier stage of
development and continued investments to support long-term growth opportunities in AI; and
• For the three months ended March 31, 2026, capital expenditures for our Space segment was $1,052 million, for
our Connectivity segment was $1,332 million and for our AI segment was $7,723 million. In 2025, capital
expenditures for our Space segment was $3,832 million, for our Connectivity segment was $4,178 million and
for our AI segment was $12,727 million.
Segment Adjusted EBITDA is a non-GAAP measure. Please refer to the section titled “Management’s Discussion
and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures” for additional
information on our non-GAAP financial measures, including reconciliations of Segment Adjusted EBITDA to
segment income (loss) from operations, the most directly comparable GAAP measure.
Why This Matters Now
For the entirety of its existence, human civilization has lived on a single celestial body: Earth. The current paradigm,
in which human civilization is confined to one planet, exposes humanity to existential threats that are unpredictable
and uncontrollable on a planetary scale. By moving beyond the only home we have ever known, we ensure species-
level redundancy and that the light of consciousness will not be tied to a single planet subject to the inevitable
hazards of a harsh and vast universe. We do not want humans to have the same fate as dinosaurs. We want to give
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them a reason to look ahead with excitement, with the prospect that we are entering an age of abundance with an
endlessly prosperous and exciting future.
For decades, a reality where humanity travels between the planets and the stars has felt tantalizingly close but still
locked in the pages and screens of science fiction. We are capable of better understanding the universe, exploring the
universe, and ultimately making life multiplanetary across the universe. We are becoming a civilization with the
ability to reach beyond Earth’s cradle and begin to inhabit other worlds. While we remain dedicated to this
fundamental mission, our progress in accessing space continues to yield opportunities that enrich life on Earth. For
example, by dramatically reducing the cost of access to space, we have been able to expand our mission to address
some of the Earth’s most pressing challenges, including bridging the digital divide by aiming to connect over three
billion unconnected people to the internet and humanity’s collective knowledge.
The rapid emergence of the AI era intensifies the urgency of our mission, as AI has the potential to accelerate not
only space exploration, but also transformative societal advancements on Earth. However, AI’s ability to
revolutionize human potential is directly dependent on meeting exponentially increasing resource demands. On
Earth, the massive expansion of data center capacity to support growing compute demand is significantly outpacing
electricity generation, which was effectively flat in the United States for approximately 15 years, growing at a
compound annual growth rate of 0.1% from 2008 to 2023. Despite the recent increase in electricity demand from AI
data centers, electricity generation in the United States has grown at an annual rate of less than 3% between 2023
and 2025, while electricity generation in China has grown at approximately twice that rate in the same time period.
This supply and demand imbalance is already imposing unsustainable strains on terrestrial power grids, supply
chains, and the environment. The Sun contains approximately 99.8% of the solar system’s energy and, as a result,
we believe it is the only truly scalable solution to terrestrial energy constraints in the age of AI. Harnessing this
energy in space is considerably more efficient than on land. Space-based solar arrays can generate more than five
times the energy per unit area of terrestrial solar due to continuous illumination, lack of atmospheric interference,
and optimal orientation. SpaceX is well-positioned to capture this space-based solar energy through our ability to
rapidly access Sun-synchronous orbit through our satellite manufacturing scale and launch capability. As a result,
we are expanding our footprint and harnessing the vast resources of space that are essential to sustaining
technological development. Our goal is to ensure that AI becomes a force for human flourishing and a benefit to
civilization, rather than a catalyst for terrestrial resource depletion and instability.
We believe that our current space efforts will catalyze transformative breakthroughs that could reshape terrestrial
industries and lead to the emergence of new trillion-dollar markets on the Moon, Mars, and beyond. In particular, we
believe our goal of establishing a lunar presence will enable terawatt-scale annual AI compute growth, support
deeper space exploration and industrialization, and serve as a stepping stone to establishing a civilization on Mars.
We believe the next paradigm shift for humanity is the creation of a resilient, perpetually expanding spacefaring
civilization that drives continuous innovation across new frontiers, ultimately propelling us to Kardashev Type II
status—we believe we are capable of unlocking an era of unprecedented economic expansion, while also
contributing to the safeguards of humanity’s future against existential risk.
Who We Are
SpaceX combines the most transformative and critical technologies in human history, including reusable rockets, a
fully global internet service, satellite-to-mobile communications, a real-time information, entertainment and free
speech platform, and a truth-seeking AI system designed to accelerate scientific discovery and augment human
capabilities.
Our Unparalleled Launch Capabilities
Since our founding in 2002, SpaceX has cracked the code on accessing space at scale, transforming an industry
characterized by decades of stagnation, risk aversion, and economically perverse cost structures. We design,
manufacture, launch, and refurbish reusable launch vehicles that provide cost-efficient, reliable, and high-cadence
access to space for our own purposes as well as for third-party commercial and government customers. Our
extensive vertical integration and end-to-end control over the entire value chain, from design to launch to operations,
allows us to achieve unprecedented speed and cost efficiency.
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As of March 31, 2026, SpaceX had launched a total mass to orbit of approximately 7,400 metric tons with an over
99% mission success rate across our Falcon rockets. We have completed approximately 650 orbital space launches,
and over 540 of those launches were completed by a flight-proven Falcon rocket. With the first successful launch of
Falcon 1 in 2008, we became the first private company to successfully launch a liquid-fueled rocket to Earth’s orbit.
In December 2015, we achieved what many deemed impossible: landing a rocket launched to space back on Earth.
By 2017, we were routinely recovering and reusing the Falcon 9 first-stage booster post-launch, delivering another
step-function drop in space access costs via groundbreaking reusability. As of March 31, 2026, our Falcon 9 rockets
have demonstrated the ability to refly a first-stage 34 times. With the future deployment of Starship, which is
designed to be the world’s first fully and rapidly reusable spacecraft, we aim to reduce the cost to reach orbit by 99%
or more relative to the historical average launch cost, establishing the most affordable and scalable path to creating
new opportunities in space, such as orbital AI compute and Mars exploration.
Our principal launch vehicles and spacecraft include:
• Falcon 9. As the world’s first orbital-class rapidly reusable rocket, Falcon 9 was first launched in 2010 and has
a payload capacity to LEO of approximately 23 metric tons when fully expendable. Falcon 9 has completed
approximately 620 orbital space launches as of March 31, 2026, and an over 99% mission success rate.
According to NASA, the first version of Falcon 9 in 2010 reduced launch cost to approximately $2,700 per
kilogram, approximately 85% less than the historical average launch cost of $18,500 per kilogram.
• Falcon Heavy. Falcon Heavy first launched in 2018 when it put a Tesla all-electric sports car (“Tesla
Roadster”) and its mannequin passenger, known as Starman, into orbit around the Sun. With a payload capacity
to LEO of approximately 64 metric tons, Falcon Heavy is a partially reusable super heavy-lift launch vehicle
designed to deliver large payloads to orbit. Falcon Heavy is one of the most powerful operational rockets in the
world measured by liftoff thrust, with 11 launches as of March 31, 2026 and a 100% mission success rate.
• Dragon. Launched by Falcon 9 in 2012, our Dragon spacecraft became the first commercial spacecraft to
deliver cargo to and from the International Space Station, an orbiting laboratory that serves as a research facility
and destination for human spaceflight, and, eight years later, the first privately built vehicle to fly humans to the
orbiting laboratory. Since 2020, our Dragon spacecraft has safely flown 78 crewmembers from 20 countries.
• Starship. First launched in 2023, Starship is designed to be a fully reusable, super heavy-lift launch vehicle.
Starship V3 is designed to deliver 100 metric tons to Earth’s orbit in a fully reusable configuration while
enabling rapid turnaround times akin to commercial aviation. Future generations of Starship are being designed
to double this payload capacity. To date, we have executed 11 Starship flight tests. We have also scheduled a
12th flight test, which will debut the next generation Starship vehicle and Super Heavy booster, powered by the
next evolution of our Raptor engine and launching from a newly designed pad at Starbase. We expect Starship
to commence payload delivery to orbit in the second half of 2026. We have achieved innovative milestones
such as catching a booster using “chopstick” arms on the same tower it launched from. We expect this
capability will facilitate rapid refurbishment and reuse, allowing for multiple launches per day at reduced costs.
Upon achieving rocket reusability, we recognized the immense potential of our launch business to enable new
revenue streams. This led to the development of Starlink, our global satellite internet constellation, consisting of
thousands of LEO satellites designed to provide high-speed, low-latency broadband connectivity to underserved
areas worldwide. Although the concept of using satellites for global internet connectivity dates back decades,
technical challenges and the prohibitive cost of accessing space and deploying the satellites required for capacity and
global coverage historically rendered attempts to provide such connectivity economically unviable. Within three
years of our first satellite launch in 2019, we solved the technical and production challenges of the satellites, and
within five years, we had deployed the largest LEO constellation in existence. Today, Starlink is the sole low-
latency network available globally. By combining increasing launch cadence, expanding cargo capacity, and
declining unit costs—driven by rapid reusability—we have generated a compounding competitive advantage. This
not only fortifies our core business, but also provides vast new market opportunities uniquely enabled by space.
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Our Leading Capabilities Across Space, Connectivity, and AI
Space. While our launch capabilities support our other businesses, such as Starlink Consumer Broadband and
Starlink Mobile, we also sell launches to third-party customers. We offer launch services to commercial, civil,
international and government customers through our reusable Falcon 9 and Falcon Heavy rockets for satellite, cargo,
and crew missions. We are the primary launch provider for the U.S. government. In 2025, we launched 11 of 12
National Security Space Launch (“NSSL”) medium and heavy lift missions and all five U.S. crew and cargo
missions to the International Space Station for NASA.
Connectivity. Our Connectivity business includes Starlink Consumer Broadband, Enterprise Solutions, Government
Solutions, and Starlink Mobile.
• Starlink Consumer Broadband. We operate the world’s largest and most advanced space-based internet
broadband service. We provide fiber-like download speeds—at a median of 225 Mbps during peak hours for
residential users as of March 31, 2026—and the technological capability to provide service everywhere on
Earth, including the poles. This service quality is enabled by our vast network of approximately 9,600 Starlink
broadband and mobile satellites in Low-Earth Orbit, which accounted for approximately 75% of all active
maneuverable satellites in orbit as of March 31, 2026. We expect to commence deploying our next-generation
V3 satellites, designed to offer one Tbps of downlink capacity per satellite, using Starship in the second half of
2026. We expect that a single Starship launch will be capable of deploying up to 60 V3 satellites to LEO,
representing a potential twenty-fold increase in Starlink downlink capacity deployed relative to a Falcon 9
launch.
• Enterprise Solutions. SpaceX is a critical partner to a wide array of enterprises. We offer Starlink’s high-
speed, low-latency, reliable internet services to enterprise customers across industries including construction,
agriculture, retail, telecom, hospitality, aviation, maritime, and land mobility. Starlink’s unique capabilities are
well‑suited for deployments across field offices, remote worksites, research stations, drilling rigs, rural
hospitals, aircraft, cruise ships, trains, and hotels. We also serve a broad fixed‑site customer base across
industries such as retail and financial services that require high availability for critical operations as well as
reliable connectivity in remote or hard-to-serve locations.
• Government Solutions. For our government customers, we provide high-speed, resilient connectivity for
public services, social impact , humanitarian efforts, and disaster response in even the most remote and
challenging environments. Separately with Starshield, we have leveraged our commercial LEO satellite
constellation engineering learnings and operational experiences to develop a secure, dedicated satellite network
designed specifically for United States Government customers and national security applications.
• Starlink Mobile. We provide satellite-to-mobile connectivity, supplementing terrestrial networks and
substantially reducing mobile “dead zones” across approximately 30 countries. Through our partnerships with
approximately 30 MNOs on six continents, we enable consumers, businesses, and public-sector customers to
use their existing phones in more places, support critical connectivity during disasters and power outages, and
open new applications for low-bandwidth mobile and IoT devices.
AI. We operate a highly vertically integrated AI platform.
• AI Compute Infrastructure. xAI has established a leading position in building and scaling terrestrial AI
compute infrastructure, becoming the first company to deploy a coherent gigawatt-scale AI training cluster. We
own and operate what we believe to be the largest AI training data center clusters on Earth, including
COLOSSUS and COLOSSUS II. The addition of Terafab, a chip manufacturing initiative with Tesla and Intel,
aims to further extend our vertical integration to chip design and manufacturing to alleviate potential future chip
shortages at SpaceX, optimize compute performance, and potentially reduce overall compute costs. In
connection with such collaboration, we have agreed with Tesla on a general framework for the future
development of Terafab. Any specific projects undertaken pursuant to this framework will be subject to separate
negotiations and agreements (including any development timelines, milestones and capital expenditures) and
have not yet been determined. We believe that the key constraints in the continued growth of AI are physical—
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chip manufacturing, data center infrastructure, and power generation; the future of AI will be determined by the
control of the physical stack .
• Truth-Seeking Frontier Model. Since launching Grok-1 in November 2023, we have released four major
versions and notable variations thereof, achieving one of the fastest iteration cycles in the industry. Within two
years of its initial model release, Grok achieved frontier-level performance in scientific reasoning, as measured
by its GPQA Diamond score, an industry benchmark that evaluates AI models on a standardized set of
questions written and validated by experts, on a faster timeline than reported by other leading model providers.
Building on this trajectory, we expect to continue scaling Grok through subsequent generations. Ongoing
training of next‑generation models is expected to scale toward multiple trillions of parameters, which could
represent a step change in reasoning in depth and overall intelligence. In this context, the number of parameters
refers to the scale of the model, where parameters are the internal numerical values, such as “weights,” that are
adjusted during training to enable the model to recognize patterns and relationships in data. A larger number of
parameters generally allows the model to capture more complex relationships, store greater amounts of
knowledge, and achieve higher levels of reasoning capability. This accelerated rate of innovation stems from
our highly vertically integrated stack: full ownership of training infrastructure; access to the world’s most
powerful compute clusters; and relentless focus on truth seeking and real-world utility. A key competitive
differentiator is Grok’s deep integration with X, enabling proprietary access to a real-time information stream of
approximately 350 million daily posts, which enhances freshness, relevance, and contextual awareness for
Grok. This direct, real-time access to the information and human discourse on X enhances Grok’s truth-seeking
capabilities by grounding outputs in up-to-date knowledge and diverse viewpoints.
• Consumer and Enterprise Applications. We leverage our leading frontier models and compute infrastructure
to deliver consumer and enterprise applications. Together with Tesla, we are also developing Macrohard, an
agentic AI platform designed to be capable of fully emulating digital workflows and augmenting human
operation of computers using sophisticated autonomous agents. We believe Macrohard will have the potential to
fundamentally transform how companies are structured and operate, thereby allowing dramatic increases in
human productivity.
Our Repeatable Business Model
Our business model is built on a repeatable, engineering-driven framework that combines our unparalleled launch
capabilities, extreme vertical integration, rapid iteration, and disciplined capital investment to create durable, large-
scale businesses. We execute this framework through the following core principles:
1. Leverage our unparalleled launch capabilities to enable massive scale;
2. Identify and create new trillion-dollar market opportunities;
3. Design a solution with world-class engineering and first-principles thinking;
4. Apply “The Algorithm” (make less dumb, delete, optimize, accelerate, automate);
5. Vertically integrate all the way to the end customer;
6. Continuously drive cost down and throughput up; and
7. Generate significant cash flow and reinvest in the future.
Our Engineering-First Culture
We are able to achieve transformative technological breakthroughs because we accept only the laws of physics as
the limiting factors to our work and mission. Our core approach is deeply rooted in first-principles thinking, which
rejects any preconceived notions or experience-based norms. We have a track record of achieving what many have
deemed impossible. Some of our industry-defining achievements and historic milestones include:
• The first private company to develop and launch a liquid-fuel rocket to reach orbit (2008);
• The first private company to successfully dock a private spacecraft with the International Space Station (2012);
• The first to successfully propulsively land (2015) and refly orbital-class rocket boosters (2017);
• The first to begin deploying a large-scale LEO broadband satellite constellation (2019);
• The first private company to transport astronauts to orbit, returning America’s ability to fly astronauts to and
from the International Space Station (2020);
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• The first to manufacture consumer-grade phased-array user terminals at scale (2022);
• The first to deploy a large-scale LEO satellite-to-mobile constellation (2025);
• The first to build a gigawatt-scale AI training cluster and largest coherent supercomputer (2026);
• The first gigawatt-scale Megapack battery installation (2026); and
• The on ly company capable of building orbital AI compute at scale.
Our AI Compute Infrastructure Advantage and Growth Strategy
Why Compute Matters. We believe AI leadership will be defined by the ability to rapidly scale compute capacity to
support exponential usage growth and frontier intelligence. The training and inference demanded by advanced AI
models require substantial computational resources. Reasoning models introduced in 2024 demonstrated that
allocating more computational resources and giving models more time to process during inference directly leads to
higher-quality intelligence. In addition, compute infrastructure with end-to-end, cluster-level coherence through tight
integration across software and hardware systems enables more efficient, stable, and higher-fidelity training and
inference at scale—ultimately enhancing model intelligence and performance. Within inference, we expect
computationally-intensive reasoning, agentic, and multi-modal workloads will continue to grow as a portion of
overall usage. We therefore believe operators with superior model-to-compute integration—the ability to efficiently
support and allocate compute across both training and inference workloads—are best positioned to win the AI race.
Self-Reinforcing Network Effects Among Lower Cost Per Token, Model Quality, and User Adoption. AI systems
are ultimately constrained or differentiated by the cost, speed, and scale at which they can generate and process
tokens. A “token” represents the fundamental unit of data consumed and produced by modern AI models. This is
because lower cost per token enables more frequent model training, larger and more sophisticated models, longer
chains of processing for reasoning and agentic workloads, and significantly higher inference volumes at
economically viable prices. This dynamic directly impacts model quality, responsiveness, and accessibility, while
also determining the ability to serve the rising global demand across consumer, enterprise, and mission-critical AI
applications. This creates a self-reinforcing advantage in which lower token costs drive greater model quality and
user adoption, reinforcing AI leadership.
Cost of Compute is the Main Driver of Cost Per Token. The total cost per token is determined by the efficiency,
availability, and unit economics of the underlying compute and the cost of building and operating compute
infrastructure. Improvement in the cost of building and operating this compute infrastructure—whether through
lower data center construction cost, lower power infrastructure cost, shorter time to grid interconnection, or higher
cluster-level throughput—translates directly into lower cost per token. Accordingly, for a given level of intelligence,
we expect the long-term economics of AI companies to be driven by the ability to consistently deliver bleeding-edge
compute at the lowest possible cost per token. Put simply, we view cost per token as a function of three primary
inputs—the underlying AI model, the compute hardware, and energy, and we expect to have a competitive
advantage in the latter two cost components. We believe we have a pathway over time that will significantly reduce
compute hardware costs through continued vertical integration and development of proprietary chips, building on
our experience designing custom silicon for our Starlink satellites. We also expect that the marginal cost of energy
for our AI compute satellites will be minimal because our satellites are powered by solar arrays in space. By driving
the energy component to minimal levels and pursuing improvements in compute hardware cost, we believe we can
achieve a meaningfully lower overall cost per token in the future.
We Have a Dual Speed and Cost Advantage in Terrestrial AI Compute. We own and operate what we believe to be
the largest AI training data center clusters on Earth. Our AI compute facilities, COLOSSUS and COLOSSUS II,
collectively provide approximately 1.0 gigawatt of compute power, with additional power capacity available for data
center operations. Our first-principles thinking enables us to build coherent compute at scale and at rapid speed with
lower costs than most other companies in the industry. In order to bring compute clusters online as fast as possible,
we employ a vertically integrated, nimble approach to construction. We brought the first cluster of COLOSSUS
online in 122 days, repurposing the shell of an existing factory, and the first cluster of COLOSSUS II online even
faster in 91 days. As an illustrative comparison, an industry benchmark to bring online a 100 megawatt greenfield
data center is approximately two years. We also demonstrated a significant improvement in cost efficiency,
achieving data center construction costs for COLOSSUS II that are considerably lower than industry benchmarks on
a per megawatt basis.
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We Believe Orbital AI Can Accelerate Time to Power and Reduce Token Costs. The Sun contains approximately
99.8% of the solar system’s energy and offers what we believe is the only truly scalable solution to the challenge of
accelerating demand for compute relative to terrestrial energy constraints. The logical path forward is to move
power-intensive AI workloads into orbit, where solar energy is near-constant and uninterrupted. With such
accessibility to energy, we believe that our launch business will enable us to consistently activate the highest
performing hardware before our competitors without such access, shrinking the timeline to useful tokens on
bleeding-edge hardware and sustaining our token cost advantage. We believe SpaceX is uniquely positioned to
deploy and operate data centers in orbit that can eventually achieve a lower cost than terrestrial data centers over
time due to our extreme vertically integrated approach across launch, satellite manufacturing at scale, network
connectivity, and terrestrial data center expertise.
We Believe We Are Well-Positioned to Deliver Orbital AI Compute. We believe orbital AI compute is an incredibly
difficult technical challenge that only we can solve at scale in the near term. We are the only company that has
already accomplished the key technical challenges associated with evolving connectivity satellites into AI compute
satellites. In our view, we are well-positioned to deliver a full-scale AI compute satellite constellation. Significant
work remains, but we are confident in our singular leadership position.
• We have unm atched satellite launch capabilities to enable deployment at scale. Deployment of 100
gigawatts per year via satellites carrying over 100 kilowatts of compute power per metric ton will require
thousands of launches per year and the transport of approximately one million metric tons to orbit annually. The
fully reusable nature of Starship positions us to be capable of launching this level of mass. Starlink Broadband
V1 and V2 Mini satellites have already demonstrated launch survivability and high reliability under vibration,
shock, g-loads, acoustic stress, and vacuum exposure, achieving 99.9% average uptime.
• We have already solved many of the significant technical hurdles to evolving connectivity satellites into
AI compute satellites. Through our leading expertise of connectivity satellites—including mass production,
deployment, network operations, and inter-satellite lasers and mesh connectivity—we have already solved the
hardest part in the development of AI compute satellites. Because AI compute satellites represent an evolution
of spacecraft engineering already demonstrated through Starlink, we believe development of AI compute
satellites will be easier for us than for anyone else. Our existing Starlink constellation is another crucial enabler
of orbital AI compute, as its global network allows data from our AI compute satellites to reach ground stations
anywhere on Earth.
• We will use our proven Starlink in-orbit technology to optimize our orbital AI compute. In order to
operate orbital AI compute satellites, we plan to build on our vast experience of operating approximately 9,600
Starlink broadband and mobile satellites in Low-Earth Orbit. In 2025 alone, Starlink satellites proactively
performed over 1,000 automated collision avoidance maneuvers per day guided by this technology to safely and
efficiently operate the constellation. This operating model gives us control over workload placement across
Earth and space while maintaining resilience through redundancy and fail safe systems. A high degree of
controllability will allow the satellite to be optimized for brightness mitigation, disposal, and other modes of
operation.
• We can manufacture our AI compute constellations at scale with rapid upgrade cycles. We have built one
of the largest satellite manufacturing operations in the world. Our vertically integrated approach with limited
reliance on third-party suppliers will be key to our mass-scaling efforts and should allow us to deploy the latest
AI processors. We believe SpaceX will be the first and only company to manufacture satellites at the scale of
automotive manufacturing .
• We are building chip manufacturing capabilities to scale our access to AI compute hardware. We
announced a collaboration with Tesla in March 2026 to build the Terafab initiative with a long-term goal of
producing one terawatt of compute hardware each year. In connection with such collaboration, we have agreed
with Tesla on a general framework for the future development of Terafab. Intel joined the project in April 2026
and is expected to contribute its expertise in designing, fabricating, and packaging ultra-high performance chips
to help Terafab scale. Any specific projects undertaken pursuant to this framework will be subject to separate
negotiations and agreements (including any development timelines, milestones and capital expenditures) and
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have not yet been determined. With this internal manufacturing capability, we plan to alleviate potential future
chip shortages at SpaceX, especially as we develop orbital AI at scale, and design chips that are optimized for
the space environment.
• We can leverage our terrestrial experience to build and operate compute clusters and AI workloads at
scale. We believe our experience operating compute infrastructure on Earth provides the technical and
operational foundation to extend these capabilities into orbit. For example, we plan to subject compute hardware
to extensive pre-deployment testing on Earth to identify early life failures before launch to reduce in-orbit
disruption. For compute hardware that does fail, we plan to leverage existing Starlink fleet management
software to reallocate traffic to other satellites and prevent cluster-level downtime.
We Believe Our Infrastructure is a Distinct Advantage in Delivering Superior AI. We expect the combination of
competitive cost per token, our ability to deploy and operate data centers in orbit, and our strength in connectivity to
result in more scalable intelligence that is accessible globally at high speeds.
Our Strengths
• Global Leadership in Orbital Launch Services
• Unrivaled Satellite and Connectivity Platform across Design, Manufacturing, Deployment, and Operations
• Truth-Seeking AI Model Enhanced by Real-Time Data
• Extreme Vertical Integration Enabling High Velocity and Superior Cost Efficiency at Scale
• Unique Ability to Scale New Trillion-Dollar Markets Across Space, Connectivity, and AI
• Business Models that Are Incredibly Difficult to Replicate
• Mission-D riven Culture and World-Class Talent
Our Growth Strategies
Space
• Increase launch payload capacity
• Establ ish the lunar economy, including cargo transport, manufacturing, and energy production on the Moon
Connectivity
• Grow Starlink Broadband customers
• Expand our Starlink Mobile offering
• Incre ase the capacity of our constellations
AI
• Grow consumer AI platform monetization
• Grow X monetizatio n
• Deepen enterprise and government adoption
• Increase the scale of our terrestrial power and AI compute infrastructure
• Deploy orbital AI compute at scale
• Design and manufacture our own chips
• Launch digital human augmentation
Future Markets
• Point-to-point terrestrial travel
• Space tourism
• In-orbit manufacturing
• Passenger and cargo transport to the Moon and Mars
• Energy production on the Moon and Mars
• Manufacturing capabilities on the Moon and Mars
• Asteroid mining
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Our Market Opportunity
We believe we have identified the largest actionable total addressable market (“TAM”) in human history. We
estimate that our quantifiable TAM is $28.5 trillion, consisting of $370 billion in Space from space-enabled
solutions; $1.6 trillion in Connectivity across $870 billion in Starlink Broadband and $740 billion in Starlink Mobile
as well as additional opportunities in enterprise and government; $26.5 trillion in AI across $2.4 trillion in AI
infrastructure, $760 billion in consumer subscriptions, $600 billion in digital advertising, and $22.7 trillion in
enterprise applications. For illustrative purposes of sizing our addressable market opportunity, we exclude China and
Russia from our global estimates.
Space X’s Estimated TAM by Segment
Our Challenges
We face a number of challenges relating to our business and growth strategy and, ultimately, the achievement of our
mission to make life multiplanetary, understand the true nature of the universe, and extend the light of consciousness
to the stars. The pursuit of our mission drives our decision-making and forms the foundation of our business plan,
which is predicated on building, commercializing, and operating services and products at a scale that has not
previously been achieved. This objective requires us to develop and integrate complex and novel technologies,
develop new processes and infrastructure, and coordinate across multiple suppliers, contractors, regulators, and
stakeholders. Because we are attempting to execute at a scale for which there is no precedent, we face heightened
uncertainty with respect to design, engineering, procurement, construction, commissioning, and operational
performance. In particular, our ability to execute our growth strategy is highly dependent on the successful
development and scaling of Starship and the ability to increase our launch cadence, both of which are subject to
challenges and uncertainties inherent in the development and deployment of new and complex technologies.
Additionally, many of our initiatives described above under “Our Growth Strategies,” including those to develop
orbital AI compute at scale, manufacture AI chips at scale, establish a lunar economy, transport humans and cargo to
the Moon and Mars, and develop human augmentation systems, involve significant technical complexity, unproven
technologies or technologies that do not exist, and such initiatives may not achieve commercial viability. Many of
the innovative products and services described elsewhere in this prospectus may ultimately be unsuccessful and may
require great expense, innovations not yet achieved or technologies not yet developed. As a result, the timeline for
certain of our initiatives involving unproven or new innovations, including our goal of deploying 100 gigawatts of
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annual compute power to orbit, the establishment of a lunar economy and interplanetary industrialization, and the
launch cadence required to achieve these goals may be difficult or impossible to determine. Our growth strategy may
take longer to execute than anticipated, and you may not realize a return on your investment within the timeframe
you anticipate, or at all.
In addition, a portion of our anticipated market opportunities is associated with industries described above under
“Future Markets.” Certain of these industries, such as space tourism and cargo transport to the Moon, are still
emerging. Others, including in-orbit manufacturing, passenger transport to the Moon, passenger and cargo transport
to Mars, energy production on the Moon and Mars, manufacturing capabilities on the Moon and Mars, and asteroid
mining, do not exist today. While we believe these industries will develop over time, the manner in which they
emerge, including the timing of commercialization, the scale and pace of adoption, and the applicable competitive,
technical, regulatory, geopolitical, and economic frameworks may differ materially from our current expectations.
Our Space, Connectivity, and AI segments are also subject to the following challenges and uncertainties, among
others.
• Space: Our growth strategy depends on our ability to increase our launch cadence and payload capacity, which
is dependent on the successful development of Starship at scale. Unexpected design modifications, supply chain
disruptions, anomalies, environmental issues, and other unforeseen technical challenges could result in delays or
failures to deploy Starship on our anticipated schedule, which would delay or impede our ability to achieve our
other business objectives, such as the deployment of our next-generation satellites, the expansion of our
satellite -to-mobile connectivity services, and deployment of in-orbit AI compute infrastructure.
• Connectivity: Our satellite connectivity, including our global satellite-to-mobile connectivity services under
Starlink Mobile, depend on access to radio frequency spectrum and authorizations from the Federal
Communications Commission (the “FCC”) in the United States and telecommunications regulators in other
countries . Acquiring the necessary authorizations can be a complex and time-consuming process. Without these
licenses and approvals, we cannot generally offer connectivity services in a given market. Spectrum access itself
is limited and highly regulated. Additionally, the growth of our connectivity services depends on our ability to
increase market awareness and acceptance of connectivity through Starlink across numerous international
markets, each with its unique challenges.
• AI: Our AI business is in a relatively early stage, it is being integrated into our organization, its business
strategy is still developing, and it will require significant capital expenditures to fund compute, infrastructure
and power generation, model training, and product development. Additionally, our AI business is subject to
challenges inherent in a nascent, highly competitive, capital intensive and rapidly changing industry. These
include the potential for disruptive technological change, evolving industry and regulatory standards, the
emergence of new and well-funded competitors, frequent new product and service introductions, and changing
customer de mands.
Any number of these challenges, and others that may be currently unknown to us, could have a negative impact on
our business, financial condition, and results of operations. For a discussion of the challenges, risks, and limitations
that could harm our future prospects, please refer to “Cautionary Note Regarding Forward-Looking Statements,”
“Risk Factors,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
included elsewhere in this prospectus.
Recent Developments
Collaboration with Cursor
In April 2026, we entered into a compute and option agreement with Anysphere, Inc., doing business as Cursor, a
San Francisco-based private software company (“Cursor”), which we view as a compelling extension of our strategy
to vertically integrate compute infrastructure, models, and applications. Under the compute agreement, we will
provide Cursor with certain GPU cluster compute capacity and collaborate to improve existing models, including
Grok, and potentially to jointly develop AI models and related model-specific deliverables or products. With the
option agreement, we have the right, but not obligation, to acquire Cursor at a predetermined price or pay a fee. We
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consider software development as a strategically important use case for AI given its combination of high-quality
structured data, rapid feedback cycles and frequent, mission-critical usage. AI-assisted coding workflows generate
context-rich, verifiable data that can enhance model training and performance, while also driving sustained inference
demand. The depth of Cursor’s integration with a high-frequency coding workflow generates valuable developer
interaction data, including coding generation prompts, iteration cycles, and software architecture decisions. We
expect that access to this data will enhance our model training and inference, including with respect to Grok.
Meanwhile, by providing access to our large-scale compute infrastructure, we believe we can help Cursor deliver
faster and higher quality user experiences. The collaboration with Cursor may also accelerate our AI strategy by
integrating our AI models more directly into developer workflows and expanding the distribution of our AI
capabilities through high-engagement software interfaces.
The consideration for the acquisition of Cursor, if any, after the closing of this offering would consist of shares of
our Class A common stock based on an implied equity value of Cursor of $60.0 billion, and the price of our Class A
common stock that equals the volume-weighted average closing price thereof over the seven consecutive trading
days immediately preceding the closing of the acquisition. If either (i) we decide to terminate the option agreement
or (ii) Cursor is eligible to and decides to terminate due to our material breach of the option agreement (subject to
notice and cure provisions), Cursor is entitled to a $1.5 billion termination fee under the option agreement and an
$8.5 billion deferred services fee under the compute agreement. These fees are payable in cash (or Class A common
stock, if this offering has not been consummated at the time the fees become payable). For more information about
our arrangement with Cursor, including our option to acquire the company, please refer to “Business—Collaboration
with Cursor” included elsewhere in this prospectus.
Compute Services Agreements with Third Parties
We believe our compute infrastructure and related strategy provides us with substantial flexibility in how we
allocate and monetize capacity. We have the ability to use compute resources to support our proprietary AI
applications (such as Grok 5, which is currently being trained at COLOSSUS II), while also providing access to
select compute capacity to third-party customers. For example, in May 2026, we entered into Cloud Services
Agreements with Anthropic PBC (“Anthropic”), an AI research and development public benefit corporation, with
respect to access to compute capacity across COLOSSUS and COLOSSUS II. Pursuant to these agreements, the
customer has agreed to pay us $1.25 billion per month through May 2029, with capacity ramping in May and June
2026 at a reduced fee. The agreements may be terminated by either party upon 90 days’ notice. The customer will
retain ownership and intellectual property rights in its content, AI models, and related data. This structure allows us
to monetize unused compute capacity in our infrastructure, while still permitting reallocation of the capacity for our
own internal initiatives if needed in the future. We have sufficient capacity to provide compute for our own AI
models, including support of our training and inference demands, and to satisfy the obligations under these
agreements. We expect to enter into additional similar services contracts. We believe this opportunity highlights the
increasing importance of large-scale, frontier-level AI infrastructure and positions us as a differentiated provider of
high-performance compute capacity to both internal and third-party AI workloads. We believe our dual monetization
strategy provides multiple pathways to generate returns on invested capital.
Founder, Chief Executive Officer, Chief Technical Officer and Chairman of Our Board
Mr. Musk is our founder, Chief Executive Officer, Chief Technical Officer and the Chairman of our board.
Assuming a size as set forth on the cover page of this prospectus and an initial public offering price of $
per share (the midpoint of the estimated price range set forth on the cover page of this prospectus), Mr. Musk will
hold approximately % of the voting power of our common stock (or % if the underwriters exercise
their option to purchase additional shares of Class A common stock in full) immediately after this offering through
his ownership of shares of our Class A common stock and shares of our Class B common
stock, which comprises approximately % of our Class B common stock. Under our charter, the holders of our
Class B common stock will have the right to elect a majority of our board (such directors, the “Class B Directors”),
for so long as any shares of Class B common stock remain outstanding. As the holder of a majority of our shares of
Class B common stock, Mr. Musk will be able to elect, remove or fill any vacancy among the Class B Directors. In
addition, for so long as he beneficially owns more than 50% of the voting power of our common stock, Mr. Musk
will control the voting power over the selection of our board. As a result, Mr. Musk will have the power to control
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the outcome of matters requiring shareholder approval, including election of all our directors, and to control our
business and affairs.
Our Controlled Company Status
We will be a controlled company as of the completion of this offering under Nasdaq and Nasdaq Texas listing rules.
A controlled company is not required to have a majority of its board composed of independent directors or to
establish independent compensation and nominating committees. As a controlled company, we will remain subject
to rules that require us to have an audit committee composed entirely of independent directors.
Corporate Information
We were founded and incorporated as Space Exploration Technologies Corp., a Delaware corporation, on March 14,
2002 and reincorporated as a Texas corporation on February 14, 2024. Our principal executive offices are located at
1 Rocket Road, Starbase, Texas 78521. Our website address is www.spacex.com . Information contained on our
website or linked therein or otherwise connected thereto does not constitute part of nor is it incorporated by
reference into this prospectus or the registration statement of which this prospectus forms a part.
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Summary of Risk Factors
An investment in our Class A common stock involves risks and uncertainties. The following is a summary of the
principal factors that make an investment in our Class A common stock speculative or risky, all of which are more
fully described below in the section titled “Risk Factors.” This summary should be read in conjunction with the
“Risk Factors” section and should not be relied upon as an exhaustive summary.
• Any failure or delay in the development of Starship at scale or in achieving the required launch cadence,
reusability and capabilities thereafter would delay or limit our ability to execute our growth strategy, including
the deployment of next-generation satellites, global satellite-to-mobile connectivity, and orbital AI compute,
which could materially adversely affect our business, financial condition, results of operations, and future
prospects.
• Any delays or difficulties in obtaining, maintaining or renewing required regulatory approvals and licenses
required for our space-related activities, including the U.S. Federal Aviation Administration (“FAA”) launch
and reentry licenses, would materially delay or disrupt our operations, harm our business, or limit our ability to
execute our business strategy.
• Any delays or difficulties in obtaining, maintaining or renewing required communications licenses and
spectrum authorizations for our satellite connectivity services, including international and FCC satellite
spectrum licenses, could materially delay or disrupt our operations, harm our business, or limit our ability to
execute our business strategy.
• Our AI products and X platform are subject to complex and evolving U.S. and foreign laws and regulations that
are subject to change and uncertain interpretation, and we could be required to make changes to our products
and business practices, and be exposed to monetary penalties, increased cost of operations, declines in user
growth or engagement, or loss of customers, or other harm to our AI products and X platform.
• Our business strategy depends on successfully designing, developing, and deploying our products and services,
as well as related platforms, infrastructure, and other strategic initiatives, at an unprecedented scale, which
presents significant execution, cost, and timing risks.
• We have experienced, and will likely continue to experience, launch delays and failures that could have a
material adverse effect on our business, financial condition, results of operations, and future prospects.
• Our satellites, launch vehicles, and other space-related technologies operate, and in the case of orbital AI
compute, will operate, in the harsh and unpredictable environment of space, exposing them to a wide and
unique range of space-related risks that could cause them to malfunction or fail, and any such malfunction or
failure could adversely affect our business, financial condition, results of operations, and future prospects.
• The continued proliferation of satellite constellations in Low-Earth Orbit, as well as the risk of collisions with
space debris or other spacecraft, could limit or impair our launch flexibility and satellite deployment, which
could adversely affect our business, financial condition, results of operations, and future prospects.
• Interruptions in the operation of critical satellite network, ground station, launch, manufacturing, or spacecraft
or data center infrastructure could result in significant downtime, operational delays or loss of service, each of
which could have a material adverse effect on our business, financial condition, results of operations, and future
prospects.
• Manufacturing, testing and launching rockets, satellites, and spacecraft, including our efforts to reuse rockets
and spacecraft, involve inherent risks that could result in human injury or death, property damage and
environmental damage or other adverse environmental impacts due to accidents or equipment failures. Any such
events could result in substantial losses, including reputational harm and legal liability, which could have a
material adverse effect on our business.
• Although we are focused on the vertical integration of our businesses, we depend on third parties to
manufacture and supply certain key components necessary for the provision of our launch, connectivity, and AI
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services, and any supply shortages or disruptions or failures in their performance could have a material adverse
effect on our business, financial condition, results of operations, and future prospects.
• Our ability to scale our AI products relies on our terrestrial and orbital AI compute infrastructure, which
depends on the availability of power, AI processors, and other critical components, telecommunications
services, and any shortages or disruptions thereof would materially adversely affect our business, financial
condition, results of operations, and future prospects.
• We face intense competition in the markets in which we operate, and while we have historically outperformed
certain competitors in our Space and Connectivity segments, we may not continue to do so, which could
adversely affect our business, financial condition, results of operations, and future prospects.
• The Company’s AI segment is recently formed, still being integrated, operates in a rapidly evolving industry
and is subject to integration, execution, competitive and operational risks.
• Adverse global macroeconomic and geopolitical conditions may negatively affect our business, financial
condition, results of operations and future prospects.
• We depend on our ability to recruit and retain employees who have advanced engineering and technical skills,
and intense competition for such employees may increase costs and affect our ability to meet development and
production timelines.
• Any significant disruption in, or unauthorized access to, our computer and data systems or those of third parties
that we utilize in our operations could result in a loss or degradation of service, loss of trust in us and harm to
our business.
• The development and maintenance of the technologies and infrastructure necessary to support our current and
future operations will require significant capital expenditures, and if we are unable to generate sufficient cash
flow from operations or obtain additional financing on acceptable terms, our business, financial condition,
results of operations, and future prospects could be materially and adversely affected.
• Our substantial level of indebtedness could materially adversely affect our financial condition.
• Our future revenue and operating results depend upon our ability to develop new technologies and respond to
changes in customer demands and industry standards in highly competitive markets, and if we are unable to do
so, our business, financial condition, results of operations, and future prospects may be materially and adversely
affected.
• The estimates of future market opportunity and forecasts of market growth, and our ability to capture such
markets, included in this prospectus may prove to be inaccurate.
• Many of our initiatives, including those to develop orbital AI compute at scale, manufacture AI chips at scale,
establish a lunar economy, develop human augmentation systems, and transport humans and cargo to the Moon
and Mars, involve significant technical complexity, unproven technologies, or technologies that do not exist or
may require significant advancement, and such initiatives may not achieve commercial viability.
• The global nature of our business poses risks with respect to unstable, malicious or arbitrary legal regimes and
authorities.
• Our bylaws place restrictions on the forum, venue and procedures for legal actions or proceedings initiated by
our shareholders, including certain requirements for mandatory arbitration. These provisions could limit our
shareholders’ ability to pursue certain claims and/or increase the cost of doing so and could also affect the
procedures, rights, and remedies available to our shareholders in such legal actions or proceedings.
• Upon completion of this offering, Mr. Musk will serve as our Chief Executive Officer, Chief Technical Officer,
and Chairman of our board and control the election of our directors, and our dual class structure concentrates
voting control with Mr. Musk and other holders of our Class B common stock. This will limit or preclude your
ability to influence corporate matters and the election of our directors.
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The Offering
Issuer ......................................................................
Space Exploration Technologies Corp.
Class A common stock offered by us .....................
shares (or shares if the underwriters exercise
their option to purchase additional shares of Class A common
stock in full).
Class A common stock outstanding immediately
after this offering ................................................
shares (or shares if the underwriters exercise
their option to purchase additional shares of Class A common
stock in full).
Class B common stock outstanding immediately
after this offering ................................................
shares.
Voting power of Class A common stock after
giving effect to this offering ...............................
% (or % if the underwriters exercise their
option to purchase additional shares of Class A common stock
in full).
Voting power of Class B common stock after
giving effect to this offering ...............................
% (or % if the underwriters exercise their
option to purchase additional shares of Class A common stock
in full).
Voting rights ...........................................................
Each share of Class A common stock will entitle its holder to
one vote per share. Each share of Class B common stock will
entitle its holder to 10 votes per share. Class A shareholders and
Class B shareholders will vote together as a single class on all
matters to be voted on by shareholders under our charter,
except the holders of our Class B common stock will have the
right to elect a majority of our board and have certain other
voting rights as a class. Each share of Class B common stock
will be convertible at any time at the option of the holder into
one share of our Class A common stock. In addition, each share
of Class B common stock will convert automatically into one
share of Class A common stock upon a Transfer (as defined in
the charter) of that share of Class B common stock, whether or
not for value, except for Permitted Transfers (as defined in the
charter). Please refer to “Description of Capital Stock.”
Use of proceeds ......................................................
We expect to receive approximately $ of net proceeds
from this offering (or $ if the underwriters exercise
their option to purchase additional shares of Class A common
stock in full), based upon the assumed initial public offering
price of $ per share (which is the midpoint of the price
range set forth on the cover page of this prospectus), after
deducting underwriting discounts and commissions and
estimated offering expenses payable by us. Please refer to
“Underwriting.” We intend to use the net proceeds from this
offering to fund our growth strategy, including the expansion of
our AI compute infrastructure, enhancements to our launch
infrastructure and launch vehicles, increases in the scale and
capacity of our satellite constellations, and any remaining
amounts for general corporate purposes. Please refer to “Use of
Proceeds” for a more complete description of the intended use
of proceeds from this offering.
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Dividend policy ......................................................
We do not anticipate declaring or paying any cash dividends to
holders of our common stock in the foreseeable future. We
currently intend to retain future earnings, if any, to finance the
growth of our business. Our future dividend policy is within the
discretion of our board and will depend upon then-existing
conditions, including our results of operations, financial
condition, capital requirements, investment opportunities,
statutory restrictions on our ability to pay dividends, restrictions
in our existing and any future debt agreements and other factors
our board may deem relevant. Covenants under our Credit
Agreements also restrict our ability to pay dividends, and we
may enter into credit agreements or other borrowing
arrangements in the future that restrict our ability to declare or
pay cash dividends or make distributions in the future.
Directed share program ..........................................
At our request, the underwriters have reserved percent
of the shares of Class A common stock to be issued by the
Company and offered by this prospectus for sale, at the initial
public offering price, to employees of the Company and certain
other designated individuals. If purchased by these persons,
these shares of Class A common stock will not be subject to a
lock-up restriction. The number of shares of Class A common
stock available for sale to the general public will be reduced to
the extent these individuals purchase such reserved shares of
Class A common stock. Any reserved shares of Class A
common stock that are not so purchased will be offered by the
underwriters to the general public on the same basis as the other
shares of Class A common stock offered by this prospectus.
Controlled company ...............................................
Upon completion of this offering, Mr. Musk will beneficially
own a majority of the voting power of our common stock and
the Class B common stock, which elects a majority of the
board. As a result, we expect to be a “controlled company”
within the meaning of the Nasdaq and Nasdaq Texas corporate
governance standards, and intend to rely on exemptions from
certain of the corporate governance listing requirements. Please
refer to “Management—Controlled Company Exemption” and
“Certain Relationships and Related Person Transactions.”
Risk factors .............................................................
You should carefully read and consider the information set
forth in the section titled “Risk Factors” beginning on page 26 ,
together with all of the other information set forth in this
prospectus, before deciding whether to invest in our Class A
common stock.
Listing and trading symbol .....................................
We have applied to list our Class A common stock on Nasdaq
and Nasdaq Texas under the symbol “SPCX.”
The number of shares of our Class A and Class B common stock that will be outstanding after this offering is based
on shares of Class A common stock and shares of Class B common stock outstanding as of March
31, 2026, after giving effect to (i) the sale of shares of Class A common stock in this offering, (ii) the
Class C Reclassification (as defined below), and (iii) the Preferred Conversion (as defined below).
Unless otherwise noted, common stock outstanding after the offering and other information based thereon in this
prospectus does not reflect any of the following:
• shares of Class A common stock issuable upon exercise of the underwriters’ option to purchase
additional shares from us;
• shares of Class A common stock issuable upon the exercise of outstanding stock options granted
under the Equity Plans (as defined below) that were outstanding as of March 31, 2026 with a weighted-average
exercise price of $ per share;
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• shares of Class A common stock issuable upon the exercise of outstanding stock options granted
under the Equity Plans (as defined below) granted after March 31, 2026 with a weighted-average exercise price
of $ per share;
• shares of Class A common stock issuable upon the vesting and settlement of restricted stock units that
were outstanding as of March 31, 2026 under the Equity Plans (none of which will vest in connection with this
offering);
• shares of Class A common stock issuable upon the vesting and settlement of restricted stock units
granted after March 31, 2026 under the Equity Plans (none of which will vest in connection with this offering);
• shares of Class A common stock reserved for issuance under our Amended and Restated 2024 Equity
Incentive Plan (the “A&R 2024 Plan”), excluding shares subject to outstanding awards thereunder as described
above, which we plan to adopt in connection with this offering;
• shares of Class A common stock reserved for issuance under our Amended and Restated 2017 Equity
Stock Purchase Plan (the “A&R 2017 ESPP”), which we plan to adopt in connection with this offering; and
• shares of Class A common stock reserved for future issuance upon the conversion of shares of
Class B common stock on a one-for-one basis.
The term “Equity Plans” refers to our 2015 Plan, our A&R 2017 ESPP and our A&R 2024 Plan as well as (i) xAI’s
2023 Equity Incentive Plan, 2023 Incentive Plan and 2025 Equity Incentive Plan, each of which we assumed in the
xAI Merger and (ii) the 2017 Stock Plan, as amended, of Swarm Technologies, Inc. (“Swarm”), which we assumed
in our acquisition of Swarm in 2021.
The information in this prospectus also does not reflect:
• the payment of shares of Class A common stock and cash consideration which would occur upon
closing of our agreement with EchoStar Corporation (“EchoStar”) to purchase certain AWS-3, AWS-4, and H-
Block spectrum licenses pursuant to the License Purchase Agreement, dated as of September 7, 2025 (as
amended and restated on November 5, 2025), by and among SpaceX, Spectrum Business Trust 2025-1 and
EchoStar (the “Spectrum Transaction”), which transaction was approved by the FCC on May 12, 2026 and is
subject to other closing conditions prior to completion; and
• the issuance of shares of our Class A common stock if in the future our board determines to exercise our option
to acquire Cursor as such option is described under “Business — Collaboration with Cursor,” which, as an
example, assuming the volume-weighted average closing price of our common stock over the seven consecutive
trading days immediately preceding the closing of such acquisition were equal to the initial public offering price
of $ per share (which is the midpoint of the price range set forth on the cover of this prospectus),
would equal approximately shares. The actual number of shares that may be issued will be
determined based on a future trading price and is subject to customary adjustments for reclassifications,
recapitalization, stock splits or any other similar event affecting the outstanding capital stock of Cursor or the
Company.
Unless otherwise indicated, all information contained in this prospectus assumes or gives effect to:
• the 2026 Stock Split;
• prior to the completion of this offering, pursuant to the terms of our certificate of formation in effect as a private
company prior to this offering, the reclassification of all of the outstanding shares of our Class C common stock
into an aggregate of shares of Class A common stock (the “C lass C Reclassificatio n”) and the
conversion of the outstanding shares of all our preferred stock into an aggregate of shares of our
Class A common stock and shares of our Class B common stock (the “Preferred Conversion”) ;
• the effectiveness of our charter and bylaws, which will become effective upon the completion of this offering;
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• an initial public offering price of $ per share of Class A common stock (the midpoint of the price range
set forth on the cover of this prospectus);
• that the underwriters do not exercise their option to purchase additional shares of Class A common stock from
us; and
• no purchase of shares of Class A common stock in this offering by our directors, officers or existing
shareholders.
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Summary Historical Consolidated Financial and Operating Data
The following table sets forth the summary historical consolidated financial and operating data for the periods and as
of the dates presented. The summary historical consolidated financial data as of March 31, 2026 and for the three
months ended March 31, 2026 and 2025 (except for pro forma basic and diluted net loss per share of common stock
attributable to common shareholders and weighted average shares used in computing pro forma basic and diluted net
loss per share of common stock attributable to common shareholders) has been derived from our unaudited
consolidated financial statements included elsewhere in this prospectus. The summary historical consolidated
financial data as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024, and 2023
(except for pro forma basic and diluted net loss per share of common stock attributable to common shareholders and
weighted average shares used in computing pro forma basic and diluted net loss per share of common stock
attributable to common shareholders) has been derived from our audited consolidated financial statements included
elsewhere in this prospectus. The summary historical consolidated financial and operating data presented below is
not indicative of the results to be expected for any future period, and the results for any interim period are not
necessarily indicative of the results to be expected for the full fiscal period.
The summary historical consolidated financial and operating data of SpaceX has been prepared to reflect the
retrospective combination of the companies for all periods presented to include the historical results of xAI, which
was acquired by SpaceX, effective February 2, 2026, and X Holdings, which was acquired by xAI, effective
March 28, 2025, because these transactions were between entities under common control.
The following information should be read together with “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” and our consolidated financial statements and related notes thereto included
elsewhere in this prospectus. The summary historical consolidated financial data included in this section is not
intended to replace the consolidated financial statements and is qualified in its entirety by our consolidated financial
statements and related notes included elsewhere in this prospectus.
Stat ements of Operations Data:
Three Months Ended March 31,
Year Ended December 31,
2026
2025
2025
2024
2023
(in millions, except per share data )
(unaudited)
Revenue .............................................
$ 4,694
$ 4,067
$ 18,674
$ 14,015
$ 10,387
Total costs and expenses ...........
6,637
4,040
21,263
13,549
13,892
Income (loss) from operations ...........
(1,943)
27
(2,589)
466
(3,505)
Net income (loss) ..............................
$ (4,276)
$ (528)
$ (4,937)
$ 791
$ (4,628)
Net income (loss) per share of
common stock attributable to
common shareholders (1)
Basic ..............................................
$ (1.27)
$ (0.18)
$ (1.69)
$ 0.01
$ (1.68)
Diluted ...........................................
$ (1.27)
$ (0.18)
$ (1.69)
$ 0.00
$ (1.68)
Weighted average shares used in
computing net income (loss) per
share of common stock (1)
Basic ..............................................
3,884
2,875
2,926
2,848
2,759
Diluted ...........................................
3,884
2,875
2,926
9,956
2,759
__________________
(1) Please refer to Note 14 , Earnings per Share to our audited consolidated financial statements appearing elsewhere in this prospectus for an
explanation of our calculation of basic and diluted net income (loss) per share of common stock attributable to common shareholders.
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The following table sets forth the computation of unaudited pro forma basic and diluted net loss per share of
common stock attributable to common shareholders for the period presented :
(in millions, except per share data)
Three Months
Ended
March 31, 2026
Year Ended
December 31,
2025
Numerator:
Net loss attributable to common shareholders, basic and diluted .........................
$ (4,947)
$ (4,937)
Pro forma adjustment to reverse the deemed dividend on SpaceX Redeemable
Convertible Preferred Stock, basic and diluted ................................................
565
—
Pro Forma net loss attributable to common shareholders, basic and diluted ........
$ (4,382)
$ (4,937)
Denominator:
Weighted average shares used in computing net loss per share of common
stock, basic and diluted .....................................................................................
3,884
2,926
Pro forma adjustment to reflect the Preferred Conversion as if the conversion
occurred on January 1, 2025, basic and diluted ................................................
6,723
6,723
Weighted average shares used in computing pro forma net loss per share of
common stock, basic and diluted ......................................................................
10,607
9,649
Pro forma net loss per share of common stock attributable to common
shareholders, basic and diluted (2) ..........................................................................
$ (0.41)
$ (0.51)
__________________
(2) Pro forma basic and diluted net loss per share of common stock attributable to common shareholders and weighted-average number of
shares used in the computation of the per share amount gives effect to (i) the Preferred Conversion as if such conversion had occurred as of
January 1, 2025, (ii) the Class C Reclassification as if such reclassification had occurred as of January 1, 2025, and (iii) the effectiveness of
our charter, which will become effective upon the completion of this offering.
Statement of Cash Flows Data:
Three Months Ended March 31,
Year Ended December 31,
2026
2025
2025
2024
2023
(in millions)
(unaudited)
Net cash provided by operating
activities ..........................................
$ 1,047
$ 727
$ 6,785
$ 5,776
$ 4,520
Net cash used in investing activities ..
$ (16,724)
$ (4,170)
$ (19,575)
$ (10,796)
$ (4,867)
Net cash provided by financing
activities ..........................................
$ 7,125
$ 354
$ 26,350
$ 11,830
$ 422
Capital Expenditures:
The following table presents our capital expenditures by segment:
Three Months Ended March 31,
Year Ended December 31,
2026
2025
2025
2024
2023
(in millions)
(unaudited)
Space ..................................................
$ 1,052
$ 759
$ 3,832
$ 2,032
$ 1,497
Connectivity .......................................
1,332
814
4,178
3,498
2,455
AI ........................................................
7,723
2,567
12,727
5,633
463
Total Capital Expenditures .................
$ 10,107
$ 4,140
$ 20,737
$ 11,163
$ 4,415
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Balance Sheet Data:
March 31,
December 31,
2026
2025
2024
(in millions)
(unaudited)
Cash and cash equivalents ..............................................................
$ 15,852
$ 24,747
$ 11,385
Total current assets .........................................................................
29,732
30,952
16,108
Property, plant, and equipment, net ................................................
53,879
42,602
21,147
Total assets ....................................................................................
102,094
92,079
57,062
Debt and finance leases, current ....................................................
1,538
928
372
Total current liabilities ...................................................................
24,436
21,400
11,791
Total liabilities ................................................................................
60,512
50,754
31,258
Redeemable convertible preferred stock ........................................
7,049
38,752
20,941
Total shareholders’ equity .............................................................
34,533
2,573
4,863
Segment Operating and Financial Data (unaudited)
Space:
Three Months Ended March 31,
Year Ended December 31,
2026
2025
2025
2024
2023
Mass to Orbit (in metric tons) (1) ........
556
450
2,213
1,699
1,210
Launches (number) (1) .........................
40
38
170
138
98
Segment income (loss) from
operations (in millions) ...................
$ (662)
$ (70)
$ (657)
$ 21
$ (1)
Segment Adjusted EBITDA (in
millions) (2) ......................................
$ (351)
$ 224
$ 653
$ 1,154
$ 997
Connectivity:
Three Months Ended March 31,
Year Ended December 31,
2026
2025
2025
2024
2023
Starlink Subscribers (in millions) (1) ...
10.3
5.0
8.9
4.4
2.3
Starlink ARPU (dollars per month) (1)
$ 66
$ 86
$ 81
$ 91
$ 99
Segment income from operations (in
millions) ..........................................
$ 1,188
$ 1,033
$ 4,423
$ 2,006
$ 469
Segment Adjusted EBITDA (in
millions) (2) ......................................
$ 2,087
$ 1,618
$ 7,168
$ 3,849
$ 1,602
AI:
Three Months Ended March 31,
Year Ended December 31,
2026
2025
2025
2024
2023
Nameplate compute draw (in
gigawatts) (1) ....................................
1
0.3
0.8
0.3
0
Segment loss from operations (in
millions) ..........................................
$ (2,469)
$ (936)
$ (6,355)
$ (1,561)
$ (3,973)
Segment Adjusted EBITDA (in
millions) (2) ......................................
$ (609)
$ (112)
$ (1,237)
$ 347
$ 1,222
______________
(1) Please refer to the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operation—Key Business
Metrics” for additional information on our key business metrics.
(2) Segment Adjusted EBITDA is a non-GAAP measure. Please refer to the section titled “Management’s Discussion and Analysis of Financial
Condition and Results of Operation—Non-GAAP Financial Measures” for additional information on our non-GAAP financial measures,
including reconciliations of Segment Adjusted EBITDA to segment income (loss) from operations, the most directly comparable GAAP
measure.
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RISK FACTORS
Investing in our Class A common stock involves a high degree of risk. You should carefully consider the risks and
uncertainties described below, together with all of the other information contained in this prospectus, including our
consolidated financial statements and the related notes thereto, before making a decision to invest in our Class A
common stock. The disclosures in this section reflect our beliefs and opinions as to factors that could materially and
adversely affect us in the future. We may not be able to accurately predict, control, or mitigate these risks.
References to past events are provided by way of example only and are not intended to be a complete listing or a
representation as to whether or not such factors have or have not occurred in the past or their likelihood of
occurring in the future. Additional risks and uncertainties that we are unaware of, or that we currently believe are
not material, may also become important factors that adversely affect us. Many of the risks and uncertainties that
could materially adversely affect us or our prospects are beyond our control or relate to portions of our business
strategy that have a lengthy time horizon or involve unprecedented ventures. This can make assessment of certain
risks more difficult and you should factor these uncertainties into your assessment of an investment in our Class A
common stock. If any of the following risks and uncertainties occur, the price of our Class A common stock could
decline, and you could lose part or all of your investment.
Risks Related to Our Business
Any failure or delay in the development of Starship at scale or in achieving the required launch cadence,
reusability and capabilities thereafter would delay or limit our ability to execute our growth strategy, including
the deployment of next-generation satellites, global satellite-to-mobile connectivity, and orbital AI compute,
which could materially adversely affect our business, financial condition, results of operations, and future
prospects.
If we are unable to successfully complete the development, testing, and deployment of Starship at scale in
accordance with our anticipated schedule, or at all, or if we are unable to achieve sufficient launch cadence,
reusability, and capability, our ability to execute our growth strategy (such as the deployment of our next-generation
V3 satellites, V2 satellite-to-mobile connectivity, and providing orbital AI compute infrastructure) would be
materially and adversely affected. The commercial deployment of Starship, particularly at scale, is subject to
substantial risks and uncertainties inherent in the development of new and complex technologies and systems.
Delays or challenges in the Starship program have in the past occurred, and may occur in the future due to a variety
of factors, including unforeseen technical challenges, supply chain disruptions, manufacturing difficulties, delays in
the development, construction or commissioning of launch and fueling infrastructure (such as launch pads, air
separation units and other propellant production systems), unavailability of such launch and fueling infrastructure
(including launch pads) in sufficient number and in operable condition (including as a result of mishaps), loss or
damage to the vehicle or other components, regulatory hurdles, or the need for additional design modifications. If we
are required to undertake unanticipated redesigns, conduct additional testing, replace lost vehicles or components, or
address operational setbacks, we may experience delays and incur significant additional costs, or be forced to
reallocate critical resources from other projects. If our launch pads are not available for an extended period of time
for any reason, we may not be able to achieve our development, testing and deployment goals. Such delays could
have cascading effects on our ability to achieve the scale we need to timely achieve future objectives. In addition, a
critical part of our growth strategy involves increasing our launch cadence, reusability and capability, including
increasing our payload per launch. This will require, among other things, the successful development and operation
of reusable launch vehicles, substantially increased access to raw materials and components like steel, fuel and
propellant, the construction of additional facilities and securing of additional launch sites or rights to additional
launches from existing sites, and navigating complex and evolving regulatory requirements and environmental and
technological issues as we seek to increase our launch cadence. Our rocket programs have historically required
substantial time and resources to reach the cadence and cost thresholds necessary for commercial viability, and the
development of Starship may face similar or greater challenges. Any significant delay in achieving key development
milestones, obtaining the necessary regulatory approvals or increasing and maintaining our launch cadence,
reusability, and capability would impede the expansion of our service offerings, defer anticipated revenue streams,
and negatively impact our growth trajectory and competitive positioning in rapidly evolving markets.
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Our ability to execute our growth strategy is highly dependent on Starship. If we are unable to achieve the
commercial development, anticipated performance, launch cadence, or cost efficiencies associated with Starship
within expected timeframes, our ability to deploy next-generation V3 satellites, V2 Mobile satellites, and orbital AI
compute infrastructure at scale, reduce capital and operating costs (including cost per token), realize projected
revenue growth, and retain existing customers from these initiatives could be materially and adversely affected. This
includes our expectations with respect to completion of flight testing of Starship and commencement of payload
delivery to orbit. Our current operational rockets, including Falcon 9 and Falcon Heavy, are not capable of
deploying V3 satellites and V2 Mobile satellites.
In addition, our ability to pursue new initiatives and capture emerging business opportunities—particularly those
requiring high launch cadence, large payload capacity, or advanced in-space capabilities, such as lunar operations
and interplanetary missions—depends on the timely and successful deployment of Starship and achieving our
targeted launch cadence. Achieving our targeted launch cadence will require significant progress on several key
milestones and the continued investment of significant capital resources. These include: securing additional land and
developing high-rate launch sites and supporting infrastructure across multiple locations; scaling production of
Starship vehicles and Raptor engines; constructing propellant production facilities, including air separation units and
methane liquefaction plants co-located with launch sites; securing sufficient power supply; and obtaining the
necessary regulatory approvals, particularly from the FAA, to support a high launch cadence while addressing public
safety and environmental considerations. We face a number of material challenges and uncertainties in achieving
these milestones, such as achieving reliable high-cadence return-to-launch-site operations for the full vehicle stack,
developing durable reusable heat shields capable of withstanding repeated high-velocity reentries, ensuring rapid
refurbishment and high-rate reusability of engines and other vehicle components, managing public and regulatory
tolerance for anomalies during the transition to frequent operational flights, securing sufficient power for both
manufacturing and launch operations, and obtaining timely regulatory approvals from the FAA and other agencies.
Orbital refueling involves technical complexities associated with cryogenic propellant transfer in microgravity,
propellant settling, and boil-off management and is required for lunar and interplanetary objectives.
If Starship does not achieve full reusability or rapid turnaround, we may experience higher per-launch costs, slower
deployment timelines for our large-scale constellations (including our orbital AI compute program), delayed revenue
growth, and increased overall capital requirements, and our brand and reputation may suffer. AI compute satellites at
scale need full Starship reusability to be economically compelling. Without full reusability and rapid turnaround,
Starship would still be capable of enabling progress on our next-generation Starlink, direct-to-cell, initial lunar
objectives, and early AI compute satellite deployments, but such progress would be at a slower pace and higher cost.
Any inability to deliver Starship to market as planned could constrain our participation in new or expanding
addressable markets, limit our competitive differentiation, and hinder our efforts to attract and retain customers.
There can be no assurance that we will be able to achieve our objectives with respect to Starship within the expected
timeframes, if at all, or that delays or setbacks will not materially impact our strategic plans.
Any delays or difficulties in obtaining, maintaining or renewing required regulatory approvals and licenses
required for our space-related activities, including FAA launch and reentry licenses, would materially delay or
disrupt our operations, harm our business, or limit our ability to execute our business strategy.
Our launch services are subject to extensive regulation in the United States and internationally. We must secure and
maintain numerous governmental approvals to launch our rockets and conduct related launch and reentry activities.
Any failure or significant delay in obtaining required licenses and permits or failure to maintain them could disrupt
our operations, constrain our growth, and adversely affect our ability to serve our customers. Our plans to deploy
large-scale orbital infrastructure, including orbital AI compute systems, will require the operation of very large
satellite constellations, potentially numbering up to one million satellites. These plans will depend on obtaining a
wide range of domestic and international approvals, including spectrum authorizations, orbital debris mitigation
approvals, and coordination and authorization requirements relating to space situational awareness and international
regulatory regimes, and there can be no assurance that such approvals will be obtained on acceptable timelines,
terms, or at all.
We depend on timely approvals from the FAA to conduct our launch operations. If we do not receive FAA launch
licenses or related approvals on the schedules we anticipate or if we are subject to regulatory delays, we could be
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forced to delay or cancel planned launches, which could cause missed customer commitments, increased costs, and
underutilization of our launch resources. Obtaining a launch license involves rigorous safety and environmental
reviews, and unforeseen issues in meeting these requirements or additional conditions imposed during the review
process could also impact our launch timelines. For example, current FAA regulations do not permit return-to-
launch-site reentries for Starship, requiring us to obtain a waiver from the FAA, which is not guaranteed and could
delay or restrict such operations. Following an anomaly, mishap, or failure, the FAA or other authorities may require
investigations, impose corrective actions, or restrict or delay our ability to conduct launch operations. We have in the
past been, and may in the future become, subject to such actions, impacting our ability to increase launch cadence.
The regulatory framework governing commercial launches may also evolve over time. The FAA or other authorities
could introduce new or more stringent requirements for launch licensing – for instance, heightened safety standards,
environmental mitigation measures, or other operational restrictions – that could require us to invest in new
technologies, adjust our procedures, or otherwise incur additional compliance burdens. Moreover, as the frequency
of our launches and industry activity overall continues to grow, the FAA’s resources may become strained, which
could lead to longer application processing times and other difficulties obtaining FAA licenses. Any significant
delay in receiving required FAA licenses, the imposition of onerous new licensing conditions, or failure to obtain an
approval for a key launch, could materially adversely affect our business, financial condition, results of operations,
and future prospects.
Any delays or difficulties in obtaining, maintaining or renewing required communications licenses and spectrum
authorizations for our satellite connectivity services, including international and FCC satellite spectrum licenses,
could materially delay or disrupt our operations, harm our business, or limit our ability to execute our business
strategy.
Our satellite connectivity services are subject to extensive regulation in the United States and internationally.
Obtaining and maintaining communications licenses and approvals from U.S. and foreign regulatory authorities is
critical to our connectivity services. Our satellite connectivity, including our global satellite-to-mobile connectivity
services under Starlink Mobile, depend on access to radio frequency spectrum and authorizations from the FCC in
the United States and telecommunications regulators in other countries. Without these licenses and approvals, we
generally cannot offer connectivity services in a given market. Acquiring the necessary authorizations can be a
complex and time-consuming process, often involving technical coordination, public-interest or national security
reviews, and cross-border considerations, including in certain jurisdictions where regulatory processes may be
influenced by protectionist policies or preferences. Spectrum access itself is limited and highly regulated. In
September 2025, we announced a definitive agreement with EchoStar to purchase its AWS-4 and H-block spectrum
licenses. The Spectrum Transaction was approved by the FCC on May 12, 2026 and is subject to other closing
conditions prior to completion. We expect the Spectrum Transaction to close in November 2027. There can be no
assurance that these conditions will be satisfied or waived in a timely manner, or at all. Even if the transaction is
completed, there can be no assurance that our purchase of licenses from EchoStar will be sufficient to meet our
growing need for spectrum licenses and we may be unable to find other parties to provide us with additional
spectrum licenses on terms acceptable to us, or at all. We may in the future pursue additional acquisitions, leases, or
other arrangements relating to spectrum rights in order to support the expansion of our connectivity services, and
there can be no assurance that we will be able to enter into or complete any such transactions or arrangements on
acceptable terms, or at all. Any such future transactions or arrangements could require significant capital
commitments, ongoing payment obligations, and regulatory approvals. In addition, we must secure the global right
to use the spectrum acquired from EchoStar from a number of international telecommunications regulators in order
to make our V2 satellite-to-mobile services usable worldwide, and there can be no assurance that such authorizations
will be granted on acceptable terms, or at all. Moreover, our rights to use certain frequencies are coordinated through
the International Telecommunication Union (“ITU”) and are subject to international agreements to prevent harmful
interference. We must comply with ITU rules and coordination procedures, and changes in international spectrum
allocations or adverse decisions in global regulatory forums could also reduce the frequencies available to us or
attach conditions that degrade our network’s performance. Additionally, third parties have in the past, and may in
the future, obtain spectrum rights for the purpose of blocking market entry.
Regulatory regimes for communications services vary widely across different countries and are continuously
evolving. Each country may impose its own licensing conditions and operating requirements on satellite internet
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providers – for example, mandates to partner with a local entity, to host certain infrastructure within its borders, or to
adhere to specific standards relating to data privacy and cybersecurity (including data localization) and, in some
cases, regulators may deny, delay or decline to grant authorization for us to operate or use our spectrum in their
jurisdiction at all. Regimes in certain of our target markets may also favor incumbent or legacy telecommunications
companies, which may impede, delay, or prevent our ability to enter such markets. Compliance with the different
requirements of applicable regulatory regimes can be challenging and costly, and any failure to comply with local
laws and regulations could lead to penalties or the loss of our authorization to operate in that region. Furthermore,
communications regulatory authorizations often require periodic renewal and ongoing compliance with conditions
such as deployment milestones, fee payments, and interference mitigation obligations. If we are unable to obtain,
retain, and renew the necessary spectrum rights and service licenses on acceptable terms in each of our target
markets, or if regulatory bodies significantly delay our authorizations or impose burdensome requirements, our
ability to expand and continue our connectivity services would be jeopardized, which would have a material adverse
effect on our business, financial condition, results of operations, and future prospects.
Our AI products and X platform are subject to complex and evolving U.S. and foreign laws and regulations
regarding privacy, cybersecurity, data use, data combination, data protection, content, AI, competition, youth
protection, safety, consumer protection and notification, advertising, e-commerce, sanctions, export controls, and
other matters. Many of these laws and regulations are subject to change and uncertain interpretation, and we
could be required to make changes to our products and business practices, and be exposed to monetary penalties,
increased cost of operations, declines in user growth or engagement, or loss of customers, or other harm to our
AI products and X platform.
Our AI products and X platform are subject to a variety of laws and regulations in the United States and abroad,
including privacy, cybersecurity, data use, data combination, data protection and personal information, the provision
of our services to younger users, biometrics, encryption, rights of publicity and related concepts, content, integrity,
intellectual property, advertising, marketing, distribution, data security, data retention and deletion, data localization
and storage, data disclosure, AI and machine learning, electronic contracts and other communications, competition,
protection of minors, consumer protection, sanctions, export controls, and notification, civil rights, accessibility,
product liability, e-commerce, taxation and online payment services, as well as contractual requirements imposed by
app stores, payment processors, and other partners. The introduction of new products or services, expansion of our
activities in certain jurisdictions, or other actions that we may take may subject us to additional laws, regulations, or
other government scrutiny and, in some cases, such laws, regulations, or government scrutiny may limit or delay our
ability to introduce new products or services or expand our activities in certain jurisdictions. Particularly, our
leadership position in various markets, especially in orbital launch services, could subject us to heightened
regulatory scrutiny under competition laws. In addition, these U.S. and foreign laws and regulations may impose
different obligations from each other. As a result of these laws, regulations, and requirements, we are exposed to the
risk of significant fines and penalties or other adverse consequences, such as changes to our products, services, or
business practices.
Our social media and AI-related activities expose us to a variety of risks related to harmful, misleading or illegal
content, accuracy, misinformation and deepfakes, bias, discrimination, toxicity, sycophancy, AI deception,
consumer protection and notification, products liability, intellectual property infringement or misappropriation,
defamation, data privacy, cybersecurity, and sanctions and export controls. Social media and AI are the subject of
increasing legislative and regulatory activity by various governmental and regulatory agencies in jurisdictions
around the world, which are applying, or are considering applying, platform moderation, intellectual property,
product liability, data privacy, age restrictions, data disclosure, cybersecurity, export controls, consumer protection,
or other existing laws and regulations or new general legal frameworks to AI (such as the EU’s AI Act, California’s
Frontier Artificial Intelligence Act and New York’s Responsible AI Safety and Education Act). In the United States,
an increasing amount of legislative and regulatory activity regarding AI is taking place at the state level. Various
other jurisdictions have enacted or are considering enacting regulations focused on AI. Restrictions under such laws
or regulations, if implemented, could increase the costs and burdens to our AI segment and its customers, delay or
halt deployment of new systems using our AI segment’s products, require us to modify, restrict, or discontinue
certain features (including less constrained modes), and reduce the number of new entrants and customers,
negatively impacting our AI segment’s business and financial results. If we do not adequately address concerns and
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regulations relating to the responsible use of AI, public confidence in AI could be undermined, adoption of our AI
products and services could slow, and we may suffer reputational or financial harm.
Certain of our AI products, including Grok, offer features or modes designed to generate more candid, direct, or less
reserved or irreverent outputs, such as “Spicy” Imagine Mode and “Unhinged” Voice Mode. These features are
intended to provide users with greater flexibility and control in how they use our tools. Because these modes may be
more irreverent and harsher than our standard offerings, they present heightened risks, including reputational harm,
the generation of potentially explicit content and misinformation or deceptive outputs, potential nonconsensual or
exploitative imagery, intellectual property infringement, or content that could be viewed as exploitative, harmful,
harassing, abusive, or discriminatory. The availability of such features may also increase the risk of regulatory
scrutiny, enforcement actions, litigation, or claims of harm, as well as reputational damage, user or advertiser
backlash, or limitations on our ability to distribute or monetize our products in certain jurisdictions or through
certain partners.
In addition, various regulatory authorities and agencies around the world are actively investigating and making
inquiries relating to social media or the use of AI concerning a variety of matters, including investigations and
inquiries relating to harmful or illegal content, recommendations, advertising, and consumer protection and
notification, which have resulted in, and may in the future result in additional or further investigations and
proceedings being brought against us. Certain features that enable more user-directed or less constrained outputs
may increase the risk of regulatory scrutiny. For example, we are subject to investigations and inquiries from
regulators and law enforcement authorities in the United States and internationally concerning allegations that our
AI products were used to create nonconsensual explicit images or content representing children in sexualized
contexts, and similar matters. We are subject to ongoing litigation, including putative class action lawsuits, relating
to such allegations, and we may be subject to additional litigation in the future concerning these types of allegations.
These regulatory inquiries, including those related to misuse of our AI products, such as Grok, and those related to
the X platform, could expose us to additional investigations, proceedings, and litigation, regulatory sanctions
(including loss of access to certain markets, which has occurred in the past), liability and adverse publicity, any of
which would adversely affect our business.
For example, in February 2026, the Irish Data Protection Commission, our AI segment’s privacy regulator in
Europe, launched a large-scale inquiry to determine whether our AI segment has complied with its obligations under
the European Union’s General Data Protection Regulation (“GDPR”). This inquiry involves the processing of
personal data of European Union data subjects, including children, using generative AI functionality associated with
the Grok model within the X platform. In the United States, the Federal Trade Commission has undertaken an
inquiry into the chatbots of our AI segment and other major technology companies to understand how these
companies have evaluated the safety of their chatbots when acting as companions to children and teens. Regulatory
requirements applicable to online platforms and content moderation, and to AI systems, could require us to
implement costly compliance measures, restrict certain features or jurisdictions, or expose us to significant fines,
liability, penalties, or operational constraints. We are also subject to developer agreements and guidelines imposed
by third-party app stores, such as the Apple App Store and Google Play Store. Failure to comply with these
agreements and guidelines, including those relating to content, could result in the suspension or removal of our
mobile applications from such app stores. Any such suspension or removal could materially limit our ability to
distribute our mobile applications, and adversely affect our business, results of operations, and financial condition.
Authorities around the world have adopted or are considering adopting a number of legislative and regulatory
proposals concerning data protection and privacy. Additionally, the increasing adoption of AI technologies, which
often rely on the collection of large amounts of data and use of such data to train, fine-tune or otherwise develop AI
models, has led data protection authorities around the world to consider and adopt new and evolving interpretations
of data protection laws, imposing specific obligations with respect to the processing of personal data, including
required notices, consents and opt-outs. Adverse legal rulings, legislation or regulations related to such data privacy
matters may result in fines and orders requiring that we change our practices, which could have an adverse effect on
how we provide services, and could harm our business, financial condition, results of operations and future
prospects. These compliance obligations could also cause us to incur substantial costs or harm the quality and
operations of our products and services in ways that harm our business. Further, we are subject to evolving laws and
regulations that dictate whether, how, and under what circumstances we can transfer, receive or otherwise process
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personal data. The validity of various data transfer mechanisms we currently rely upon remains subject to legal,
regulatory and political developments globally, which may require us to adapt our existing arrangements. Evolving
data protection laws and regulations such as the GDPR and ePrivacy Directive, and regulatory actions affecting our
AI segment may restrict or adversely affect the X platform’s advertising services, Grok’s development and training,
or the ability to offer certain products and services in certain jurisdictions.
We are also subject to tax laws, regulations, and policies of the U.S. federal, state, and local governments and of
comparable taxing authorities in foreign jurisdictions where we conduct business. Changes in tax laws or in their
interpretation or enforcement could result in fluctuations in our effective tax rate, exposure to new or additional tax
liabilities, or adversely affect our after-tax profitability or financial position. These U.S. federal and state, EU, and
other international laws and regulations, which in some cases can be enforced by private parties in addition to
government entities, are constantly evolving and can be subject to significant change. As a result, the application,
interpretation, and enforcement of these laws and regulations are often uncertain, particularly in the new and rapidly
evolving industry in which we operate, and may be interpreted and applied inconsistently from jurisdiction to
jurisdiction and inconsistently with our current policies and practices. For example, regulatory or legislative actions
or litigation concerning the manner in which we display content to our users, moderate content, provide our services
to younger users, or are able to use data in various ways, including for advertising, have in the past and could in the
future adversely affect user growth and engagement, affect the manner in which we provide our services, or
adversely affect our financial results, including by imposing significant fines that increasingly may be calculated
based on global revenue. For example, the UK’s Online Safety Act 2023 and Australia’s Online Safety Amendment
(Social Media Minimum Age) Act 2024 impose risk mitigation and age-related requirements on certain online
platforms. These laws and regulations, as well as any associated claims, inquiries, or investigations or any
government actions, have led to, and may in the future lead to, unfavorable outcomes including increased
compliance costs, changes to our products, loss of revenue, delays or impediments in the development of new
products, negative publicity and reputational harm, increased operating costs, diversion of management time and
attention, and remedies that harm our business, including fines, damages, or orders that we modify or cease existing
business practices. In addition, our AI products and the X platform have historically been, and may continue to be,
subject to claims and investigations relating to misinformation and deepfakes, defamation, intellectual property
infringement or misappropriation, data privacy, cybersecurity, employment matters, advertising practices, and user
harms; defending such matters could be costly and divert management attention.
Our Starlink and other satellite services are subject to complex and evolving U.S. and foreign laws and
regulations, particularly relating to data privacy, cybersecurity, and telecommunications.
Our Starlink and other satellite services are subject to a variety of laws and regulations in the United States and
abroad covering cybersecurity, privacy, data use, data combination, data protection, data security, data retention and
deletion, data localization and storage, and data disclosure to law enforcement agencies. As a satellite internet and
communications provider, we collect and otherwise process various kinds of data in connection with our services,
such as customer personal information, account registration information, device identifiers, network and
connectivity data, and government information. These laws and regulations govern how we handle such information,
and they may, among others, impose requirements relating to cybersecurity and privacy governance, data security
measures, data security breach notification, cross border data transfers, and customer consent obligations.
In particular, the California Consumer Privacy Act (as amended), the GDPR (and its equivalent in the United
Kingdom) and other data privacy laws and regulations impose stringent and burdensome requirements in connection
with the processing of personal information and include significant penalties for non-compliance. Additionally, as a
government contractor, we are also subject to the Department of War’s Cybersecurity Maturity Model Certification
requirements, which requires companies that do business with the Department of War to, depending on the level of
scrutiny required, meet or exceed certain specified cybersecurity standards to be eligible for new contract awards.
Many of these laws and regulations are subject to change and uncertain interpretation, and their application may
vary significantly across jurisdictions. Compliance may require us to modify our policies, procedures, and controls,
and increase our compliance costs and operational complexity. We may post public privacy policies and other
statements regarding our collection, storage, sharing and other processing of personal information, and any actual or
perceived failure to comply with such privacy policies and other statements, as well as the foregoing data privacy
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and cybersecurity laws and regulations, may subject us to enforcement actions, investigations, litigation, reputational
harm or requirements to modify or cease our business practices.
Our business strategy depends on successfully designing, developing, and deploying our products and services, as
well as related platforms, infrastructure, and other strategic initiatives, at an unprecedented scale, which presents
significant execution, cost, and timing risks.
Our business plan, and ultimately, the achievement of our mission, is predicated on building, commercializing, and
operating products and services, as well as related infrastructure and strategic initiatives at a scale that has not
previously been achieved. This objective requires us to integrate complex technologies, develop new processes and
infrastructure, and coordinate across multiple suppliers, contractors, regulators, and stakeholders. Because we are
attempting to execute at a scale for which there is limited precedent, we face heightened uncertainty with respect to
design, engineering, procurement, construction, commissioning, and operational performance, which is further
heightened by the novel nature of the technologies underlying the products and services we intend to develop.
As a result, timelines for developing and deploying our products and services may be longer than we currently
anticipate, and we may encounter delays due to, among other things, technical challenges, including those resulting
from the nascent state of certain of our products and services, the unavailability or immaturity of key technologies,
supply chain constraints, energy shocks, including related price volatility, labor availability, permitting and
regulatory approvals, or the need to redesign or reengineer key components. In addition, the costs associated with
developing and deploying our products and services and related platforms, infrastructure and strategic initiatives at
scale may exceed our current estimates, including due to inflationary pressures, energy prices, unforeseen
engineering complexities, the cost of developing or licensing technologies that are not yet commercially available,
competitive dynamics, changes in scope, or the need for additional capital expenditures, contingency reserves or
working capital.
If we are unable to successfully execute our growth strategy on the anticipated timeline or within our expected cost
parameters, our business, financial condition and results of operations could be materially adversely affected. Delays
or cost overruns could also impact our ability to achieve projected returns, meet contractual commitments, access
additional financing on acceptable terms, or maintain investor confidence. Moreover, even if we successfully deploy
our growth strategy, including Starship, Terafab, orbital AI, and the creation of the lunar economy, they may not
perform as expected at scale, which could result in operational inefficiencies, increased costs, reduced revenues, or
declines in our stock price.
We have experienced, and will likely continue to experience, launch delays and failures that could have a
material adverse effect on our business, financial condition, results of operations, and future prospects.
Launch vehicle underperformance, propulsion anomalies, structural failures, software errors, or other malfunctions
could result in launch delays or partial or total mission failures, including the loss of satellites or payloads. The
occurrence of mission failures or other significant operational disruptions could also expose us to litigation as well
as increased scrutiny from regulatory authorities, lead to the imposition of additional compliance requirements, and
adversely affect our brand and reputation, and our ability to obtain future licenses, permits, or government contracts.
We do not typically obtain insurance coverage for our satellites, payloads, or launch vehicles, and as a result we bear
the full financial cost of any such losses. Repeated anomalies or high visibility mission failures could also negatively
affect our brand, reputation, ability to win new business, and our customers’ ability to procure launch and in-orbit
insurance at competitive rates (to the extent we decide to pursue it). Such repeated anomalies or mission failures
could also result in, regulators delaying, conditioning or denying approvals, waivers or licenses required for future
launches or reentries, which could reduce our launch cadence and delay the deployment of our satellites and other
services. In the past, certain of our launch vehicles have experienced partial or total mission failures, including
anomalies that resulted in the loss of payloads and damage to launch vehicles. In certain circumstances, such
mission failures could result in, debris from our launch vehicles causing significant damage to persons or property
on the ground as well as environmental damage. There can be no assurance that similar or other failures will not
occur with future launches. In addition, satellites may be deployed into incorrect or suboptimal orbits due to vehicle
performance issues, separation events, or guidance, navigation and control errors. Incorrect orbital placement can
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materially reduce a satellite’s operational life, impair performance, increase fuel consumption, or render the satellite
unusable.
Our satellites, launch vehicles, and other space-related technologies operate, and in the case of orbital AI
compute, will operate, in the harsh and unpredictable environment of space, exposing them to a wide and unique
range of space-related risks that could cause them to malfunction or fail, and any such malfunction or failure
could adversely affect our business, financial condition, results of operations, and future prospects.
Operating in space subjects our satellites, launch vehicles, spacecraft, and related systems to extreme and highly
variable conditions that can adversely affect performance, reduce useful life, or result in total mission failure. Space
is inherently hostile. Hardware must withstand: significant vibration and acoustic loads during launch; wide-ranging
thermal cycles; radiation from solar and cosmic sources; micrometeoroids and orbital debris; and other
environmental hazards, each of which testing cannot fully replicate. In particular, we have not, and no one else has,
previously operated or attempted to operate orbital AI compute, and the conditions of space on such AI
infrastructure have not been tested. Once deployed, orbital AI compute infrastructure will not be readily accessible,
and as a result, will not be easily repaired or upgraded, such that any component failures could result in permanent
capacity loss, accelerated depreciation, decommissioning or need for replacement of the infrastructure.
In addition, space weather events, such as geomagnetic storms, solar flares, and other forms of radiation activity,
have in the past disrupted and could in the future disrupt satellite propulsion, power systems, and communications
equipment, potentially leading to reduced performance or permanent damage. Although we incorporate certain
radiation-hardened components, shielding, and redundancy into our systems, these measures may not be sufficient to
prevent material adverse impacts in all scenarios. Failures or performance degradation resulting from these risks
could delay deployments, reduce available capacity, increase operating costs, require significant capital expenditures
to replace affected assets, or interrupt or degrade services provided to customers. Furthermore, the useful life of our
satellites is inherently shorter than that of the information technology systems and infrastructure they host. As a
result, we must periodically launch replacement satellites as existing satellites reach the end of their useful lives and
are decommissioned, which may truncate the effective lifespan of those underlying information technology systems
and infrastructure. Any such events could adversely affect our reputation, compliance with applicable laws and
regulations, business, financial condition, results of operations, and future prospects.
The continued proliferation of satellite constellations in Low-Earth Orbit, as well as the risk of collisions with
space debris or other spacecraft, could limit or impair our launch flexibility and satellite deployment, which could
adversely affect our business, financial condition, results of operations, and future prospects.
The continued proliferation of Low-Earth Orbit constellations can increase the risk of collisions with space debris or
other spacecraft if operators fail to adhere to responsible space safety, debris mitigation, or coordination practices.
Our growth strategy depends, in part, on continuing to launch additional satellites into Low-Earth Orbit. As the
number of satellites and other objects in Low-Earth Orbit continues to grow, the probability of accidental collisions,
fragmentation events, or other in-orbit incidents increases, which could result in the loss or degradation of our
satellites, increased costs for collision avoidance maneuvers, or the need to replace or reposition assets on an
accelerated schedule. Not all satellite operators or other space actors adhere to the same rigorous space safety, debris
mitigation, or coordination practices that we adhere to, which may increase the likelihood of congestion,
conjunctions, or other operational risks outside of our control and, in extreme cases, could contribute to
fragmentation events or cascading debris effects that further increase collision risks in Low-Earth Orbit.
In addition, some domestic and international authorities have applied heightened regulatory scrutiny as interest in
utilizing Low-Earth Orbit for satellite operations has increased. Debris mitigation regulations may emerge if
congestion increases. Failure to meet debris requirements could result in monetary penalties or loss of licensing
authority, which would adversely affect our satellite constellation deployment and expansion plans, and future
regulatory actions could impose more restrictive operational, deployment, or debris mitigation requirements that
could limit our ability to launch or operate satellites in Low-Earth Orbit. In addition, there is a burgeoning effort to
further regulate Low-Earth Orbit, MEO, and GSO and establish liability regimes for operators, including regimes
similar to those under the Comprehensive Environmental Response, Compensation and Liability Act, which imposes
strict liability for environmental contamination or remediation costs, as well as growing concern over the potential
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environmental effects of emissions and other byproducts from rocket launches in Earth’s upper atmosphere.
Additional regulation in this area could adversely impact our business, financial condition, results of operations, and
future prospects.
Furthermore, any damage to our satellites or impairment of their functionality resulting from collisions with space
debris or other spacecraft could materially and adversely affect our ability to deliver reliable services to our
customers, harm our reputation, and expose us to potential contractual liabilities or insurance claims. The growing
challenges associated with space debris management may require us to invest in additional technologies or processes
to safeguard our assets and maintain compliance with evolving regulatory frameworks, which could have a material
adverse effect on our business, financial condition, results of operations, and future prospects.
Interruptions in the operation of critical satellite network, ground station, launch, manufacturing, or spacecraft
or data center infrastructure could result in significant downtime, operational delays or loss of service, each of
which could have a material adverse effect on our business, financial condition, results of operations, and future
prospects.
Our ability to provide reliable services across our Space, Connectivity, and AI business segments depends on the
uninterrupted operation of our critical infrastructure, including but not limited to satellite and communications
networks, ground stations, launch facilities, and data centers. An interruption or failure affecting any aspect of this
infrastructure, whether due to equipment malfunctions, power outages, disruptions in, or unauthorized access to, our
computer systems (such as software or hardware failures, or cyberattacks), natural disasters (such as earthquakes,
floods, fires, or severe weather events), terrorism, war, sabotage, pandemics, epidemics, or other unforeseen
circumstances, could result in significant downtime, operational delays, or complete loss of service. Any such attack
could destroy or disable a significant number of our satellites and, depending on its scale, could trigger a cascading
collision event that renders our licensed orbits, and potentially other orbits, unusable for an extended period.
Similarly, the use of our satellites to enable communications access in conflict zones may expose us to retaliation
from foreign governments and non-state actors. Such an event could have a material adverse effect on our business,
financial condition, results of operations, and future prospects. These events may disrupt power, damage facilities,
interrupt service despite contingency plans or compromise our ability to deliver services to customers as promised,
hinder our ability to meet regulatory or contractual requirements, and erode trust among our customers, partners,
regulators and stakeholders. In particular, an interruption or failure affecting our critical infrastructure could result in
outages of service to our Starlink Subscribers. Any such outage could erode the trust of existing and potential
Starlink Subscribers in our service, which could result in the loss of existing or potential subscribers. In addition, the
complexity and interdependence of our engineering, manufacturing, assembly and terrestrial, space transportation,
and infrastructure systems mean that a disruption in one component can have cascading effects throughout our
operations. For example, an outage at a data center or ground station could impact command and control functions,
mission planning, or real-time telemetry, while interruptions at launch facilities could cause postponements or
cancellations of scheduled launches.
Adverse global macroeconomic and geopolitical conditions may negatively affect our business, financial
condition, results of operations and future prospects.
Adverse global or regional economic and geopolitical conditions could reduce demand for certain of our products
and services, which may negatively affect our business, financial condition, results of operations and future
prospects. Economic downturns, inflation, higher interest rates, tighter credit conditions, reduced consumer
spending, lower business or government investment, or geopolitical developments may negatively affect demand for
our offerings. Reduced consumer or enterprise spending for each of our Starlink connectivity services or our AI-
related offerings would limit our ability to grow our business, which may slow the pace at which we deploy satellites
and expand our constellation or adversely affect the utilization of our launch capabilities.
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Manufacturing, testing and launching rockets, satellites, and spacecraft, including our efforts to reuse rockets
and spacecraft, involve inherent risks that could result in human injury or death, property damage and
environmental damage or other adverse environmental impacts due to accidents or equipment failures. Any such
events could result in substantial losses, including reputational harm and legal liability, which could have a
material adverse effect on our business.
The manufacturing, testing, launching, and recovery of our rockets, satellites, and spacecraft are complex activities
that are conducted under challenging conditions and involve a high degree of risk. Our reusable vehicles will reenter
Earth’s atmosphere and fly over populated land for extended periods, which carries inherent risks to populations in
the event of failure, such as structural breakup, loss of control, or debris dispersal. Although we implement extensive
safety protocols and operational safeguards designed to protect personnel and the public, these protocols and
safeguards may not in all circumstances prevent exposure of our personnel and potentially members of the public to
hazards such as explosions, structural failures or debris dispersal. A manufacturing defect, testing anomaly, launch
failure, recovery incident, or similar event involving injury to humans, any human fatalities, property damage, or
environmental damage or other adverse environmental impacts could result in substantial losses, including
reputational harm and legal liability, which could have a material adverse effect on our business.
Although we are focused on the vertical integration of our businesses, we depend on third parties to manufacture
and supply certain key components necessary for the provision of our launch, connectivity, and AI services, and
any supply shortages or disruptions or failures in their performance could have a material adverse effect on our
business, financial condition, results of operations, and future prospects.
Disruptions in the supply chain for essential raw materials or components, challenges in the supplier qualification
process, or increases in the prices of inputs could materially and adversely affect our business, financial condition,
results of operations, and future prospects. Despite our supply chain being largely vertically integrated, our reliance
on third-party manufacturers and suppliers for key components introduces risks related to supply chain continuity,
quality assurance, and vendor performance. We depend on both domestic and international suppliers for certain
specialized materials, components, and services that are essential to the production and operation of our launch
vehicles, spacecraft, satellites, user terminals (including Starlink consumer terminals), AI segment and related
infrastructure. Any failure or delay by these partners to deliver components in the required quantities, within
specifications, or on schedule has in the past and may in the future adversely affect our production schedules,
operational reliability, and our ability to meet contractual obligations. In addition, disruptions in the supply chain
due to shortages, quality issues, natural disasters, geopolitical events, labor disputes, pandemics, epidemics, tariffs or
trade restrictions, criminal activity (including terrorism, sabotage or cyberattacks) or other factors outside our
control could result in significant delays, increased costs, or an inability to deliver products and services to
customers in a timely and cost-effective manner. The process of qualifying new suppliers or transitioning to
alternative vendors can be time-consuming and may not be successful, further increasing our exposure to supply
chain interruptions. Furthermore, our limited pool of qualified vendors for certain critical products or services
exposes us to increased pricing pressures and quality risks. In particular, certain materials and products that are key
inputs in our Space, Connectivity, and AI segments are available from a limited number of suppliers, including sole
or limited-source suppliers, and our direct chip suppliers are dependent on a concentrated group of advanced
semiconductor fabrication facilities. For additional information regarding supply chain risk relating to our AI
processors, please see “Our ability to scale our AI products relies on our terrestrial and orbital AI compute
infrastructure, which depends on the availability of power, AI processors, and other critical components,
telecommunications services, and any shortages or disruptions thereof would materially adversely affect our
business, financial condition, results of operations, and future prospects.” The inability of these suppliers to deliver
necessary components of the products in a timely manner and at prices, quality levels, and volumes acceptable to us,
or interruptions in supply of materials or products on which these suppliers rely, could have an adverse effect on our
ability to meet customer demands and contractual obligations, execute on our growth strategy, or manage our
expenses or timelines as expected, which could adversely impact our business, financial condition, results of
operations, and future prospects.
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Our ability to scale our AI products relies on our terrestrial and orbital AI compute infrastructure, which
depends on the availability of power, AI processors, and other critical components, telecommunications services,
and any shortages or disruptions thereof would materially adversely affect our business, financial condition,
results of operations, and future prospects.
Our ability to scale our data center infrastructure, which supports our AI segment, is increasingly constrained by the
availability of power at economically feasible prices, long lead times, availability of materials, and changing
regulatory requirements. For example, energy supply is constrained globally due to the significant increase in
demand for, and limited availability of, energy to power AI compute. Securing this capacity can involve entering
into complex, long-lead-time arrangements or proceeding with alternative sources of power generation. We
currently rely significantly on natural gas and gas turbine technology to power our data center operations. As such,
our ability to scale our infrastructure depends in part on our continued access to natural gas supply at economically
feasible prices, the availability of gas turbines and related equipment, and the maintenance of a regulatory
environment that permits and supports the use of natural gas for large-scale power generation. Our AI products also
rely on GPUs and other processors, servers, network equipment and other critical components sourced from third-
party suppliers for use in our data centers. Manufacturing and supply of servers and network equipment for our
technical infrastructure, particularly for GPUs and other specialized components, is limited to a small number of
qualified suppliers. We do not have any long-term or other material contractual arrangements with our direct chip
suppliers, instead procuring all of our GPUs on a purchase-order basis. Our direct chip suppliers are dependent on a
concentrated group of advanced semiconductor fabrication facilities, or “fabs.” Any disruption to our upstream
supply chain, including fab capacity constraints, manufacturing issues, shortages of raw materials such as silicon
wafers or rare earth elements, geopolitical tensions affecting fab operations, or natural disasters impacting key
fabrication regions, could limit our chip suppliers’ ability to fulfill our orders, which could have a material adverse
effect on our business, financial condition, and results of operations. Our ability to achieve orbital AI at scale
depends on our ability to access a sufficient number of AI chips, significantly more than are currently available to
us. While we expect to construct Terafab to address such supply constraints, Terafab may not be successful, in
which case we may not have other sources of sufficient AI chips to meet our orbital AI compute demands. While
Terafab is intended to expand our internal chip manufacturing capabilities and alleviate potential future AI chip
shortages at SpaceX, particularly as we pursue orbital AI at scale, we expect to continue sourcing a significant
portion of our compute hardware from third-party suppliers, and there can be no assurance that we will be able to
achieve our objectives with respect to Terafab within the expected timeframes, or at all. While we have a framework
agreement with Tesla, neither Tesla nor Intel are obligated to remain a part of the project, and we may not enter into
any such definitive agreements. Our AI segment also relies on services from third-party telecommunications
providers, including connectivity to the cloud, and internet bandwidth suppliers to provide uninterrupted and error-
free services through their networks. We may be unable to obtain AI processors or other necessary components or
telecommunications services at prices or volumes that are acceptable to us or in a timely manner. Our suppliers and
telecommunications and internet service providers also serve other customers, including certain of our competitors,
and such suppliers or providers may prioritize capacity for such other customers, increase prices on short notice,
require onerous prepayments, or reduce or delay deliveries to us. Any failure by our suppliers and service providers
to meet our cost, quality, volume, or delivery requirements, or any shortage or disruption in the supply of chips,
telecommunications services or other components required for our AI segment, could result in service disruption or
outages, delay critical data center or network infrastructure upgrades or expansions, impair our ability to train our AI
models and meet customer demand for our AI segment products and materially adversely affect our business,
financial condition, results of operations and future prospects.
We also rely on third-party cloud compute providers for a portion of the compute used for the X platform and may
from time to time rely on third-party data center providers, which exposes us to several risks that are beyond our
direct control, including vulnerability to outages, performance issues, and cyberattacks. We have non-cancellable,
multi-year capacity commitments to cloud compute providers, requiring payment regardless of usage. A termination
or lapse in service from third-party cloud compute and data center providers could expose us to service interruptions,
significant delays, and additional expenses to re-architect products for a different provider. Additionally, in the event
of nonperformance by us or our providers, or an industry downturn, we may incur liabilities, have excess capacity
that we cannot easily redeploy, and fail to receive payments from our counterparties or customers.
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We face intense competition in the markets in which we operate, and while we have historically outperformed
certain competitors in our Space and Connectivity segments, we may not continue to do so, which could adversely
affect our business, financial condition, results of operations, and future prospects.
The markets in which we operate are rapidly evolving and intensely competitive, and we face competition from a
range of established and emerging companies, including large, well-capitalized technology companies and aerospace
firms, including foreign competitors. Some competitors are investing significant capital to develop and deploy
satellite constellations and related infrastructure that compete directly with our offerings, and companies based in
China and other jurisdictions may benefit from government support, favorable regulatory environments, or strategic
national prioritization.
Some of our current and potential competitors, particularly in our AI segment, have greater financial, technical,
manufacturing, or other resources than we do, and may devote more resources to the development and
commercialization of competing products and services. Competitors may adopt more aggressive pricing, secure
more favorable supplier or distribution arrangements, bundle services, form strategic alliances or otherwise take
actions that enhance their competitive position in ways that could adversely affect our business. In certain markets,
regulatory or geopolitical factors may result in preferential treatment for domestic competitors or otherwise limit our
ability to compete effectively.
Competition continues to intensify as new technologies are developed and new entrants emerge. While we have
historically outperformed certain competitors in aspects of our business, such as our Space and Connectivity
segments, there can be no assurance that we will maintain this position.
We depend on our ability to recruit and retain employees who have advanced engineering and technical skills,
and intense competition for such employees may increase costs and affect our ability to meet development and
production timelines.
We depend on our ability to recruit and retain employees who have advanced engineering and technical skills and, in
some cases, employees with the necessary national security clearances to perform under our government contracts or
win new business. These employees are in great demand and are likely to remain a limited resource in the
foreseeable future. The current tight labor market has adversely impacted our ability to recruit qualified personnel,
including engineers, particularly with respect to our AI segment. Increased restrictions on the import or retention of
foreign labor may also increase demand for engineering personnel and adversely impact our ability to hire and retain
qualified personnel. Continued turnover may impact employee morale and create other challenges as we attempt to
scale our AI business. In addition, significant amounts of time and resources are required to train technical and other
personnel, and we have in the past lost and may in the future lose new employees to our competitors or other
companies before we realize the benefit of our investment in recruiting and training them. Our ability to recruit and
retain qualified employees depends on a number of things, including our ability to pay market compensation,
provide opportunities for advancement, and secure visa sponsorships and work permits for qualified international
candidates. If we are unable to recruit and retain a sufficient number of these employees, then our ability to maintain
our competitiveness and grow our business could be negatively affected. In addition, because of the highly technical
nature of our products and services, the loss of any significant number of our existing engineering personnel could
have a material adverse effect on our business, financial condition, results of operations, and future prospects. A
significant portion of the talent pool for advanced engineering and technical roles is international, and changes in
immigration laws or policies in the jurisdictions in which we operate could limit our ability to hire and retain such
candidates and intensify competition for talent.
From time to time, we are involved in litigation, investigations, and other regulatory proceedings which could be
costly, time-consuming, and divert management attention, materially adversely affecting our business.
From time to time, we have been and may in the future become involved in various legal proceedings relating to a
variety of matters, including intellectual property, commercial, regulatory, product liability, employment, personal
injury, class action, employee or contractor health and safety, environmental, whistleblower, securities and other
litigation and claims, and governmental and other regulatory investigations and proceedings, including tax
examinations. Additionally, our share price may be volatile and, in the past, companies that have experienced
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volatility in the market price of their stock have been subject to securities litigation, including class action litigation.
Such matters could be costly, time-consuming, and divert management’s attention from executing our strategic
initiatives and operating our business. The industries in which we operate have historically experienced significant
litigation and regulatory scrutiny, and with our public profile, expanding operations and the novel nature of some of
our offerings, including our AI solutions, we may face an increased risk of such actions. Litigation and regulatory
proceedings are inherently unpredictable. Any adverse judgments, settlements, or regulatory penalties could result in
substantial financial costs, reputational harm, and operational disruptions. Certain of our hardware products are new
and relatively unproven. If a product defect were to arise, especially one leading to product liability claims, the
resulting warranty and damage claims, together with any associated harm to our reputation, could have a material
adverse effect on our business, financial condition, results of operations, and future prospects. Even if we prevail in
these matters, the defense and resolution of litigation and regulatory proceedings may require significant resources
and management attention, which could materially and adversely affect our business, financial condition, results of
operations, and future prospects. Additionally, the mere initiation of litigation or government inquiries, regardless of
the outcome, could negatively impact investor confidence and our stock price. As we continue to innovate and
pursue new commercial and government contracts, expand our product offerings, and enter new markets, the
likelihood of facing legal and regulatory challenges may increase, further exposing us to these risks. Please refer to
“Business—Legal Proceedings” and Note 17, Commitments and Contingencies, in our audited consolidated
financial statements and Note 16 , Commitments and Contingencies in our unaudited consolidated financial
statements include elsewhere in this prospectus.
Any significant disruption in, or unauthorized access to, our computer and data systems or those of third parties
that we utilize in our operations could result in a loss or degradation of service, loss of trust in us and harm to
our business.
An operational disruption in, or unauthorized access to, our computer and data systems or those of third parties that
we utilize in our operations could compromise sensitive (including classified or otherwise government-controlled),
proprietary, confidential, or personal information, impede operations, and result in financial losses, legal liabilities,
reputational harm, and erosion of our competitive position in launch services, space-based internet, and mobile
phone services. Our business depends on the continuous and secure operation of our information technology systems
and infrastructure, including those that support our launch operations, manufacturing facilities, Starlink services,
government services, employee databases, and mission-critical communications. Our systems and infrastructure may
also be subject to cyberattacks, including sophisticated hacking attempts by nation-states, state-sponsored actors,
cybercriminals, or other malicious third parties, which could result in unauthorized access to, disruption of, or
degradation of our satellite systems, ground infrastructure, or data networks. Such disruptions or unauthorized
access, which may result from a wide variety of incidents or activities, including inadvertent compromises arising
from process, coding or human errors, cyberattacks, data breaches, exploitation of known or unknown software or
hardware vulnerabilities, malware, ransomware, credential harvesting, computer viruses, social engineering (such as
phishing), denial of service attacks, software or hardware failure, or other malicious or disruptive incidents or
activities—whether perpetrated by external actors, including nation-states, state-sponsored organizations, or
cybercriminal groups, insiders, or other threat actors, any of whom may see their efforts enhanced by the use of AI
—could lead to the theft, destruction, or unauthorized disclosure of sensitive (including classified or otherwise
government-controlled), proprietary, confidential or personal information, including technical data, customer or
partner information, and intellectual property, particularly because some of our products and services involve the
collection, storage, and processing of such data and information. Our development and deployment of AI models,
internal and third-party AI tools, and other AI applications expose us to increased and novel risks and
vulnerabilities, including prompt injection, hallucinations, errors, and other issues related to AI agents, as well as the
risk of compromise of valuable intellectual property including source code, model weights, and other assets. Certain
internal and external threat actors, such as nation-states, state-sponsored organizations, organized threat networks
and corporate espionage actors, among others have and will continue to sustain malicious activities for extended
periods and deploy significant resources to attempt, and in some cases succeed, at causing significant disruptions in,
or unauthorized access to, our computer systems or those of third parties that we utilize in our operations. Such
incidents have in the past and may in the future also disrupt or degrade our ability to design, produce, launch, or
manage our products and services, resulting in operational delays, violations of applicable data privacy and
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cybersecurity laws and regulations, disruptions in, or unauthorized access to, our customers’ computer systems,
increased costs, loss of revenue, loss of trust, litigation or regulatory penalties.
As the scale, frequency, sophistication, or intensity of cyber and data privacy threats continue to evolve, and as our
reliance on interconnected systems and third-party vendors grows, we remain exposed to vulnerabilities despite our
efforts to implement security measures, monitoring, and incident response protocols. There can be no assurance that
our cybersecurity risk management processes, including our policies, procedures, and controls, will be effective in
promptly or effectively detecting, containing, or remediating cybersecurity attacks. Any significant security and data
breach or system failure could materially and adversely affect our business, financial condition, results of operations,
and future prospects, and could result in loss of trust among customers, regulators, government agencies, and
partners. Furthermore, our efforts to investigate, mitigate, contain, and remediate the harm caused by a significant
disruption in, or unauthorized access to, our computer and data systems or those of third parties that we utilize in our
operations may be costly and time-consuming and may not be successful, and we may make errors or fail to take
necessary actions. Remediation efforts, litigation, regulatory investigations, and compliance obligations (including
obligations to notify appropriate regulators and affected parties) arising from such incidents could require substantial
management attention and resources, and we rely on our own funds to cover such losses or liabilities. In addition,
rapid changes to U.S. and international cybersecurity and privacy laws and regulations have expanded regulatory
regimes and compliance requirements, and regulators continue to undertake enforcement actions in these areas. We
expect the regulatory environment to grow more complicated, which may increase our operational and compliance
expenditures, as well as those of our suppliers. Moreover, some third parties we utilize in our operations may receive
or store information provided by us or by our customers. If these third parties fail to adopt or adhere to adequate data
privacy and security practices, or their systems or networks are breached in the manner described above, our data or
our customers’ data may be improperly accessed, used, or disclosed to unauthorized recipients, which could result in
financial losses, legal liabilities, reputational harm, and additional compliance obligations. We do not control the
privacy and cybersecurity measures put in place by such third parties, and any contractual protections with such
third parties, such as obligations to indemnify us, if any, may be ineffective or otherwise inadequate.
The development and maintenance of the technologies and infrastructure necessary to support our current and
future operations will require significant capital expenditures, and if we are unable to generate sufficient cash
flow from operations or obtain additional financing on acceptable terms, our business, financial condition,
results of operations, and future prospects could be materially and adversely affected.
Our business requires substantial capital expenditures to design, develop, expand, and maintain our technologies and
infrastructure to support our operations. For example, we have incurred significant capital expenditures and expect
to increase our capital expenditures substantially in the future in connection with the design, development, and
deployment of our satellite constellations, launch vehicles, ground stations, manufacturing facilities, and programs,
including Terafab, AI compute infrastructure, data centers, and other supporting infrastructure. These expenditures
include, but are not limited to, costs associated with research and development, construction and expansion of
production capabilities, acquisition of property and equipment, and ongoing maintenance and upgrades to ensure
reliability and competitiveness. In particular, the development, testing, and deployment of Starship in accordance
with our anticipated schedule, as well as our pursuit of orbital AI, other space-related services, and lunar and
interplanetary missions, will require the investment of significant additional capital resources. In addition, we have
made and intend to continue to make substantial capital expenditures to support the growth of our AI products,
including costs related to obtaining third-party GPUs, manufacturing our own GPUs, and constructing, leasing,
maintaining, enhancing, and expanding our data centers. We may choose to increase or accelerate the pace of any of
these investments at any time, which could result in periods of reduced profitability or increased losses as we
prioritize long-term growth over near-term financial performance. Many of the products and services that are
important for our growth prospects are novel and untested, and therefore our estimates of capital expenditures may
prove to be inaccurate.
If we raise additional capital through further issuances of equity or convertible debt securities, our shareholders
could suffer significant dilution and any new equity securities we issue could have rights, preferences, and privileges
superior to those of holders of our Class A common stock. The agreements governing our indebtedness contain
various restrictive covenants and any additional debt financing secured by us in the future could involve restrictive
covenants relating to our capital-raising activities and other financial and operational matters, which could limit our
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operational flexibility and make it more difficult for us to obtain additional capital and to pursue business
opportunities. Our ability to access the capital markets or secure other sources of financing may be adversely
affected by factors beyond our control, including fluctuations in market conditions, changes in investor sentiment,
increases in interest rates, or adverse events affecting the broader industry or economy.
Our substantial level of indebtedness could materially adversely affect our financial condition.
We have significant indebtedness that could materially adversely affect our business by increasing our vulnerability
to general adverse economic and industry conditions; requiring us to dedicate a substantial portion of our cash flow
from operations to payments on our indebtedness, thereby reducing the availability of our cash flow to fund
operations, our growth strategy, product development and strategic initiatives; limiting our flexibility in planning
for, or reacting to, changes in our business and the industry in which we operate; and exposing us to the risk of
increased interest rates as our borrowings are, and may in the future be, at variable interest rates. As of March 31,
2026, we had total principal indebtedness outstanding of $29,132 million . Our substantial indebtedness may also
adversely affect our credit ratings or outlook, which may increase our cost of capital, limit our access to financing,
and impair our ability to obtain additional financing on acceptable terms, or at all. The occurrence of any one of
these events could have a material adverse effect on our business, results of operations, and financial condition, and
ability to satisfy our obligations under the agreements governing our indebtedness. If we fail to comply with the
terms of our debt agreements, our lenders could declare a default and accelerate our repayment obligations, which
could materially and adversely affect our business, financial condition, results of operations, and future prospects.
Our future revenue and operating results depend upon our ability to develop new technologies and respond to
changes in customer demands and industry standards in highly competitive markets, and if we are unable to do
so, our business, financial condition, results of operations, and future prospects may be materially and adversely
affected .
Our future revenue growth and operating results are highly dependent on our ability to design, develop and
successfully commercialize new and innovative technologies, products, and services on a timely and cost-effective
basis. The markets in which we operate are characterized by rapid and disruptive technological change, evolving
industry standards, the emergence of new and well-funded competitors, frequent new product and service
introductions, changing customer demands and regulatory changes. In addition, we may expand into new markets,
which may lead to similar or additional challenges that we cannot foresee and may require novel innovations to
navigate or overcome. As a result, we may from time to time rapidly adjust, modify or change our strategic
priorities, capital allocation, product or service focus or operational initiatives across our business in response to
these other changes or new markets. In particular, the AI industry is nascent, highly competitive, capital intensive
and rapidly changing. There are a number of companies today that develop or may develop products or services that
compete with our AI segment, and new competitors may emerge over time. Some of our current or potential
competitors in the AI market are large technology companies that have significant financial, technical and marketing
resources, and in some cases greater access to data, and others are smaller specialized companies that possess
specialized expertise and may have greater flexibility than we do. We also have a limited number of customers for
our AI products when compared to certain of our competitors. Current and potential competitors have established, or
may in the future establish, cooperative relationships among themselves or with third parties to increase the ability
of their AI technologies to address the needs of current and prospective users of our AI products. Furthermore,
current or prospective users may decide to develop competing products for particular use cases or to establish
strategic relationships with our competitors for such use cases. Current and potential competitors and bad actors,
may also attempt to reverse engineer or otherwise replicate our AI technology, including through model extraction
or distillation techniques. Increased competition with our AI products could result in price reductions, revenue
shortfalls, loss of customers and loss of market share, which may harm our business, financial condition results of
operations and future prospects.
In our Connectivity segment, including Starlink broadband and Starlink Mobile, we face competition from terrestrial
fixed network providers, mobile network operators, and other satellite providers, and our services may be less
competitive in certain markets, including dense urban areas where terrestrial fiber and wireless networks may offer
higher capacity, lower cost, or more consistent performance. In addition, our Starlink Mobile offering operates in a
highly competitive and evolving market, and may be affected by the pace of technological development, spectrum
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availability, and the success of our partnerships with mobile carriers. In addition, the X platform faces intense
competition from social media, messaging and media companies and traditional media outlets, such as television,
radio and print, for advertising budgets. Advertisers generally do not have long-term commitments to the X platform
and may reduce or discontinue their advertising spending for a variety of reasons outside our control. We are
expending resources to improve the X platform and improve its attractiveness to users and advertisers. While we
have introduced new user interface enhancements, algorithm updates, and other product features, improvements to
the X platform, introducing new products and services on the X platform and other initiatives may be costly and
difficult to implement, and we cannot be sure that they will be positively received by users, content creators, or
advertisers, or provide positive returns on our investment. Losing users who migrate to other platforms may
negatively impact our potential subscription or advertising revenue. Additionally, if users do not continue to
contribute content and otherwise engage with the X platform, we are unable to provide users with valuable and
timely content, or if content that is considered to be problematic or offensive is made available on the X platform,
the size of the X platform’s user base and their engagement may decline, leading to a decline in monetizable usage
and the loss of potential subscription revenue from such users, and the X platform may experience brand or
reputational harm. A decline in users on the X platform, or the volume or quality of their content on the X platform,
could also impact the ongoing development of our AI product, which in part utilizes data and user-generated content
from the X platform. We plan to publicly launch the Money product on the X platform (the “Money Product”);
however, we are competing against large, established companies with significantly greater resources and market
presence than us. If we are unable to anticipate technological trends, respond to technological advancements or
changing customer demands, or successfully develop and commercialize new or enhanced offerings, we may be
unable to establish or maintain a meaningful market position and our business, financial condition, results of
operations, and future prospects could be materially and adversely affected.
The estimates of future market opportunity and forecasts of market growth, and our ability to capture such
markets, included in this prospectus may prove to be inaccurate.
Our estimates for the total addressable market for our Space, Connectivity and AI businesses, as well as estimates
regarding the growth of AI and its impacts, contained elsewhere in this prospectus are based on a number of internal
and third-party estimates. For example, our estimates of market opportunity for our Space, Connectivity and AI
businesses rely in part on third-party data and a number of internal assumptions. With respect to our Space segment,
these estimates rely in part on estimates published by Novaspace regarding the size of the global market for space-
enabled solutions, including spacecraft manufacturing, launch services and related activities. Our connectivity
market estimates are based in part on estimates of the number of households, businesses, aircraft and maritime
vessels globally derived from third-party sources, together with assumptions regarding ARPU and monthly service
revenue derived from third-party industry data and our internal expectations regarding pricing, adoption rates and
service penetration across different geographic regions and economic environments. Our AI market estimates are
based in part on projections of global data center compute demand from third-party sources, including estimates
published by RAND Corporation, together with internal assumptions regarding the portion of global compute
capacity that may be utilized for AI workloads and other operational assumptions such as power usage, utilization
rates and pricing.
These estimates require us to make numerous assumptions and judgments regarding factors that are inherently
uncertain and subject to change, including the pace of technological development, future demand for launch,
connectivity and AI services, the rate of adoption of satellite connectivity and AI technologies, the availability and
cost of power and computing hardware, the evolution of regulatory frameworks, and broader macroeconomic
conditions.
While we believe our assumptions and the data underlying our estimates are reasonable, these assumptions and
estimates may not be correct and the conditions supporting our assumptions or estimates may change at any time,
thereby reducing the predictive accuracy of these underlying factors. As a result, our estimates of the total
addressable market for our services, as well as the expected growth rate for the total addressable market for our
services, may prove to be inaccurate.
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Many of our initiatives, including those to develop orbital AI compute at scale, manufacture AI chips at scale,
establish a lunar economy, develop human augmentation systems, and transport humans and cargo to the Moon
and Mars, involve significant technical complexity, unproven technologies, or technologies that do not exist or
may require significant advancement, and such initiatives may not achieve commercial viability.
Our initiatives to develop orbital AI compute at scale, establish a lunar economy, develop human augmentation
systems, and transport humans and cargo to the Moon and Mars are in early stages of conception, design and
development and have not yet been proven at commercial scale, or at all, and may ultimately be unsuccessful. In
particular, the timeline for these initiatives, and the launch cadence required to achieve them may be difficult or
impossible to determine. These efforts require substantial and ongoing investments of financial, technical, and
human resources over extended time horizons, including, but not limited to, research and development, testing,
infrastructure, regulatory approvals, and mission execution. The technologies, systems, and operational capabilities
required for each of these initiatives involve significant technical complexity and are subject to design, engineering,
and performance risks, many of which may only become apparent as development and testing progress. Many of
these technologies, systems and operational capabilities are novel and untested, and we expect to incur significant
capital expenditures over a period of years before our AI products and services and other strategic initiatives,
including AI compute infrastructure and in-orbit, lunar, and interplanetary industrialization efforts, become
profitable, which may never occur. In addition, in-orbit refueling of Starship is essential to our lunar, Mars, asteroid
mining, and other deep space ambitions beyond geostationary Earth orbit. In-orbit refueling is complex, and we have
not yet demonstrated or attempted it. We may not be able to develop, commercialize, scale, or successfully
implement these or other strategic initiatives on the timelines we currently anticipate, or at all. Furthermore, the
viability of orbital AI compute depends in part on the cost advantages of solar energy relative to existing terrestrial
energy sources. To the extent that breakthrough developments in terrestrial energy access, such as advances in
nuclear energy, significantly reduce energy costs or alleviate infrastructure constraints, the viability of our orbital AI
compute infrastructure may be materially diminished. Even if our orbital AI compute infrastructure proves to be
commercially viable, a material slowdown in the growth of AI applications and related compute demand could result
in existing terrestrial data centers sufficiently meeting such demand, thereby reducing the need for our orbital AI
compute infrastructure. As a result, we may be required to devote financial, technical, human or other resources in
excess of our current expectations, and there can be no assurance that these investments will generate adequate
revenue, which could adversely affect our business, financial condition, results of operations, and future prospects.
Several of our anticipated market opportunities, including certain AI, orbital, lunar, and interplanetary
transportation and industrial activities, are still emerging and evolving or do not currently exist, and such
markets may not develop as we expect, or at all.
A portion of our anticipated market opportunities is associated with industries described in the section entitled
“Business—Future Markets.” Certain of these industries, such as space tourism, human augmentation, and cargo
transport to the Moon, are still emerging. Others, including in-orbit manufacturing, passenger transport to the Moon,
an established human presence or gateway hub on the Moon, passenger and cargo transport to Mars, energy
production on the Moon or Mars, manufacturing capabilities on the Moon or Mars, and asteroid mining do not exist
today. Any estimate we make regarding the size or timing of our anticipated market opportunities is inherently
uncertain and necessarily involves significant assumptions about future customer demand, adoption, technological
development, regulatory conditions and the emergence of a broader commercial market that does not currently exist.
While we believe these industries will develop over time, the manner in which they emerge, including the timing of
commercialization, the scale and pace of adoption, and the applicable technical, regulatory, geopolitical and
economic frameworks may differ materially from our current expectations. If these industries do not develop,
develop on slower timelines, at smaller scales, or under different economic or regulatory conditions than we
anticipate, this could require us to modify, delay, or abandon certain of our business plans, or cause such plans not to
develop at all, which could materially and adversely affect our business, financial condition, results of operations,
and future prospects.
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The global nature of our business poses risks with respect to unstable, malicious or arbitrary legal regimes and
authorities.
We, particularly through Starlink, maintain global operations. As a result, we may face risks that our operations will
be subject to unstable, capricious, or malicious legal regimes and authorities. The increasing militarization of space
and the potential development of space-based warfare capabilities may expose our assets and operations to
heightened geopolitical and security risks, including the risk that foreign governments or other actors could target
our satellites or related infrastructure. Certain foreign governments have publicly discussed the potential use of anti-
satellite weapons against the Starlink constellation. These and other actions by foreign governments, whether
through military, regulatory or other means, may adversely affect our operations and assets. Even if we attempt to
comply with known local laws, our assets (both physical, intangible and financial) may be subject to seizure or other
expropriation. There is no guarantee that we will be able to maintain operations in any jurisdiction, and, if our assets
or properties are subject to seizure or other expropriation, there can be no assurances that we will be able to recover
our assets or properties. Any such legal or other governmental action could have an adverse effect on us. For
example, in August 2024, Starlink received an order from Brazil’s Supreme Court that froze Starlink’s Brazilian
financial assets and prevented Starlink from conducting financial transactions in Brazil (the “Brazil Asset Seizure”).
The action taken by the Brazilian Supreme Court arose out of purported violations of Brazilian law by X, which at
the time was not owned by us and was only affiliated with Mr. Musk. It is possible that we may be subject to actions
like the Brazil Asset Seizure in the future (whether in Brazil or another country) and, regardless of whether any such
action is consistent with local and international law, we may never recover assets seized in any similar action.
Additionally, actions that we take to minimize the impact of actions such as the Brazil Asset Seizure to our
customers, for example, by continuing to provide service without charge or otherwise altering payment processes
and methods to permit customers to maintain service, may have a material impact on our financial performance. As
evidenced by the Brazil Asset Seizure, we may be subject to adverse actions from governmental actors on the basis
of assumptions, facts or events that are not directly related to our operations and instead relate to the actions of our
directors, officers, or shareholders or operations of businesses that are affiliated with them.
Our services are subject to risks related to supplying services to the U.S. government.
Supplying services to the U.S. government subjects us to unique risks, including compliance with complex
regulations, vulnerability to changes in government priorities or funding levels, and exposure to contractual disputes
or audits. In 2025, approximately one-fifth of our revenue was attributable to agencies within the U.S. federal
government. As a contractor to various U.S. government agencies, we are subject to extensive federal procurement
regulations, including the Federal Acquisition Regulation (FAR) and Defense Federal Acquisition Regulation
Supplement (DFARS), as well as other rules governing cost accounting, cybersecurity, ethics, and national security.
These regulations impose stringent requirements on our operations, business practices, and reporting, and
noncompliance could result in civil or criminal penalties, suspension or debarment from government contracting, or
loss of existing or future business. These requirements, although customary in U.S. government contracts, increase
our performance and compliance costs. These costs might increase in the future. For those reasons and in order to
achieve our orbital compute goals, we may prioritize our own launch payloads over additional U.S. government
contracts or third-party customers. This prioritization of launch capacity may limit revenue growth in our Space
segment, and impact our relationship with regulators, and could invite litigation from customers or competitors. In
addition, government contracts are susceptible to unilateral termination, reduction in scope, or delays at the
government’s convenience, which may occur due to shifting budgetary priorities, changes in defense or space
policy, or the reallocation of funding to other programs. The termination or reduction of funding for a government
program could result in a loss of anticipated future revenue attributable to that program. The actual receipt of
revenue on awards may never occur or may change because a program schedule could change or the program could
be canceled, or a contract could be reduced, modified, or terminated early. In addition, in certain circumstances,
governments or other customers may be reluctant to rely on our satellite connectivity or defense-related services if
they believe the availability of such services could be restricted or suspended based on geopolitical considerations,
conflicts, sanctions, or other policy determinations, which could adversely affect our ability to win or retain
contracts. In addition, our significant business relationships with U.S. defense and government agencies may cause
us to be perceived as closely aligned with the U.S. government or military. This perception could discourage certain
consumers, enterprises, or foreign governments from purchasing our products and services which could adversely
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affect our sales in the United States and internationally. We and our facilities could also be targeted by foreign
adversaries and non-state actors due to such perception. Government customers may also subject our contracts to
rigorous audits and investigations, which can result in disputes regarding contract performance, cost allowability, or
compliance with applicable laws and regulations. Adverse audit findings or contractual disputes could lead to
repayments, financial penalties, or restrictions on our ability to compete for future contracts.
Certain of our government contracts also require that we maintain facility security clearances and that certain of our
employees obtain and maintain personnel security clearances. Obtaining and maintaining these clearances involves a
lengthy and uncertain process and depends on factors outside of our control, and we may experience delays in
receiving required clearances or be unable to hire or retain a sufficient number of employees with the necessary
clearances to perform under certain contracts. If we are unable to obtain or maintain required facility or personnel
security clearances, we may be unable to bid on, win, or perform certain classified programs, and existing contracts
could be terminated or not renewed, which could materially and adversely affect our business, financial condition,
results of operations, and future prospects.
Further, our business is subject to economic sanctions and trade embargo laws, various import regulations, including
tariffs, and stringent U.S. import and export control laws. Any failure by us to comply with any of the foregoing
could result in our debarment from government contracts, limitations on our ability to enter into contracts with the
U.S. government, civil or criminal penalties, fines, investigations, more onerous compliance requirements, or loss of
export privileges.
We derive significant revenue from U.S. government contracts that are subject to competitive bidding, funding
approvals and other government budgetary processes, which factors could adversely affect our business, financial
condition, results of operations, and future prospects.
We derive significant revenue from U.S. government contracts that were awarded through a competitive bidding
process. Competitive bidding presents a number of risks, including: the need to bid on programs in advance of the
completion of their design, which may result in unforeseen technological difficulties and cost overruns; the
substantial cost and managerial time and effort that must be spent to prepare bids and proposals for contracts that
may not be awarded to us; the need to estimate accurately the resources and cost structure that will be required to
service any contract we are awarded; and the expense and delay that may arise if interested parties or our
competitors protest or challenge contract awards made to us pursuant to competitive bidding, and the risk that any
such protest or challenge could result in the delay of our contract performance, the distraction of management, the
resubmission of bids on modified specifications, or in termination, reduction or modification of the awarded
contract.
Our business with governmental entities is subject to changes in policies, priorities, regulations, mandates, and
funding levels, any of which could materially impact our operations and financial results. U.S. government program
funding is subject to Congressional appropriations on a fiscal year basis even though contract performance may take
more than one year. As a result, at the outset of a major program, the contract is usually incrementally funded and
additional funds are normally committed to the contract only as Congress makes appropriations in future fiscal
years. U.S. government contracts may also be undefinitized at the time of the start of performance. Under
undefinitized contract actions, the U.S. government has the ability to unilaterally definitize contracts and, absent a
successful appeal of such action, the unilateral definitization of the contract would obligate us to perform under
terms and conditions imposed by the U.S. government. Such unilaterally imposed contract terms could include less
favorable pricing or terms and conditions more burdensome than those negotiated in other circumstances. U.S.
government contracts typically involve long lead times for design and development and are subject to significant
changes in contract scheduling.
Additionally, the U.S. government’s budget deficit and the national debt, as well as any inability of the U.S.
government to complete its budget process for any government fiscal year and consequently having to shut down or
operate on funding levels equivalent to its prior fiscal year pursuant to a “continuing resolution,” could have a
material and adverse impact on our business, financial condition, results of operations, and future prospects.
Moreover, if we fail to establish and maintain important relationships with U.S. government agencies, our ability to
successfully maintain and develop new business could be materially and adversely affected. The current political
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environment in the United States is highly polarized, and shifts in the composition of the U.S. Congress or changes
in the presidential administration can result in significant changes in government spending priorities, regulatory
posture, and the allocation of contracts and resources across industries and programs. Our relationships with U.S.
government agencies and the favorability of the regulatory and procurement environment in which we operate may
be affected by which political party controls the presidency or one or both chambers of the U.S. Congress. As a
result, there can be no assurance that current government relationships, contracts, or levels of funding will be
maintained, and any significant adverse developments could have a material and adverse impact on our growth and
competitive position.
In addition, our Space segment revenue is primarily derived from fixed-price contracts, under which we agree to
deliver specified products or services at a predetermined price regardless of the actual costs incurred. As a result, if
we experience cost overruns on these contracts, including from factors outside our control, we are required to absorb
the excess costs, which may reduce profitability or result in losses, strain cash flows, and impact our ability to invest
in future growth. Any unanticipated increases in labor, material, or other direct or indirect costs—including those
arising from inflation, supply chain disruptions, design changes, regulatory requirements, or unforeseen technical
challenges—must be borne by us. When these overruns occur, our margins on affected contracts may be
significantly reduced or eliminated, which could adversely affect our business, financial condition, results of
operations, and future prospects. Additionally, absorbing excess costs may limit our ability to allocate resources to
other strategic initiatives, delay investment in research and development, or constrain our capacity to pursue new
business opportunities. In addition, we sometimes receive advanced payments and billings in excess of the amount
of revenue we recognize, which we record as deferred revenue. As a result, our cash flows may be subject to
fluctuation across periods in a manner that may be unrelated to our underlying performance.
Our ability to expand our Starlink consumer and enterprise connectivity services depends on our ability to
increase market awareness and acceptance of connectivity through Starlink, and any failure to do so could
materially and adversely affect our business, financial condition, results of operations and future prospects .
Our ability to expand our Starlink consumer and enterprise connectivity services depends on our ability to increase
market awareness and acceptance of connectivity through Starlink. There can be no assurance that our efforts to
increase awareness will be successful. In particular, such efforts may not be successful if we are unable to offer
Starlink services at competitive prices. Additionally, constraints in the distribution of user terminals could delay
service activations, increase costs, or otherwise limit our ability to scale such services as anticipated. Consumer
acceptance may also be hindered by the presence of well-established terrestrial broadband alternatives, as well as
lingering perceptions regarding service reliability, latency, and the complexity of satellite-based internet compared
to traditional fixed-line solutions.
The expansion of our satellite-to-mobile connectivity services depends substantially on our ability to secure and
maintain partnerships with mobile network operators and on the adoption of necessary hardware and software
modifications by device manufacturers, and any failure to do so could materially and adversely affect our
business, financial condition, results of operations and future prospects.
The expansion of our global satellite-to-mobile connectivity offerings depends substantially on our ability to enter
into and maintain successful partnerships with telecommunications carriers and spectrum licensees globally, and to
obtain country-specific authorizations to offer such connectivity using satellite spectrum bands for which we have
international coordination rights. In the United States, we expect to be able to provide 5G-like connectivity to a
meaningful portion of existing unmodified devices through our Starlink Mobile Gen2 service utilizing our V2
Mobile satellites, either by operating on spectrum leased to us by MNO partners or by utilizing our own domestic
spectrum holdings. However, achieving full 5G NR-NTN compliance and optimal performance would likely require
handset manufacturers to implement hardware and software modifications, primarily to the radio-frequency front
end, in future devices. The spectrum frequencies in the FCC licenses to be acquired from EchoStar are standardized
for terrestrial 5G mobile broadband (3GPP bands n66 and n70). But the 5G NR-NTN bands for these same
frequencies, such as n252 and n256, are not currently supported by RF front-end hardware for the provision of 5G-
like service in any commercially available mobile devices. We do not have direct contractual arrangements with
handset manufacturers; instead, we expect MNO partners, as major purchasers of mobile devices, to encourage or
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drive such adoption. There can be no assurance that these modifications will be adopted on our preferred timeline, or
at all.
Internationally, we face similar constraints until handset manufacturers implement hardware and software
modifications to support the international spectrum authorizations to be obtained from EchoStar. As a result, our
near-term international service strategy depends on our ability to establish MNO spectrum partnerships on a market-
by-market basis, which does not require device hardware modifications but is subject to the successful negotiation
and execution of commercial agreements in each jurisdiction. Until device manufacturers incorporate support for our
international spectrum bands into future handsets, we will be unable to offer 5G-like direct-to-consumer service on
our own international spectrum.
The provision of our satellite-to-mobile services also requires regulatory approvals from the FCC and foreign
regulatory authorities. Our Gen1 service, utilizing our existing constellation of V1 Mobile satellites, is fully licensed
in the United States but requires additional country-by-country approvals to operate internationally. We have signed
MNO partnerships for our Gen1 service in over 30 countries. These partnerships represent commercial agreements
with carriers but do not, by themselves, provide the regulatory approvals necessary to offer service. In addition to at
least one MNO partnership, we have obtained required approvals to offer commercial Gen1 service in the United
States, Canada, the United Kingdom, Japan, and Australia, as well as in several additional countries.
Our Gen2 service, which will utilize 2 GHz S-band spectrum and a new satellite constellation, requires a license
transfer, a constellation license, and spectrum usage approvals in each country in which we seek to operate. For the
United States, we have received the relevant license transfer approval from the FCC, and we expect to receive the
remaining necessary regulatory authorizations in the second or third quarter of 2026. While these authorizations
would be sufficient from a United States regulatory perspective, we still require our V2 Mobile satellites to be in
orbit and must complete the acquisition of the relevant spectrum from EchoStar before we can commence our
planned commercial Gen2 service in the United States. Internationally, we have filed applications in nearly every
country in which we intend to operate our Gen2 service, and approvals have been granted in a limited number of
these jurisdictions to date. Each jurisdiction presents its own regulatory process and timeline, and we cannot predict
when or whether approvals will be granted in any given market. Subject to regulatory approvals, we are receiving
from EchoStar certain assets and authorizations that provide very senior ITU priority for international frequency
coordination for our V2 Mobile constellation. Until such approvals are obtained, we also signed a coordination
agreement with EchoStar to obtain the protection of its senior ITU priority rights until the authorizations transfer.
However, some countries have signaled through public consultations or other actions that they are considering
ignoring or diminishing ITU priority as a mechanism to decide which operators are licensed to operate in their
country. Several countries and regions have open inquiries that invite input on whether factors other than ITU
priority (such as whether the operator originates from the country) should govern the issuance of spectrum licenses,
and we cannot be certain the outcome of these proceedings. Delays or failures to obtain necessary approvals could
materially delay the deployment and commercialization of our Gen2 service. The failure to enter into or successfully
maintain such partnerships, or the failure of device manufacturers to adopt the necessary hardware modifications, or
the failure to obtain required regulatory approvals, could materially and adversely affect our business, financial
condition, results of operations, and future prospects.
If the recommendations, forecasts, content, analyses or other output that our AI technologies, including Grok,
assist in producing are or are alleged to be deficient, inaccurate, harmful, illegal, or used for an improper
purpose, we could continue to be subjected to claims and investigations, and we could be subjected to legal
liability and brand, reputational, or competitive harm.
AI technologies, the models, algorithms, prompts and datasets on which they rely, and the recommendations,
forecasts, analyses or other output that such AI technologies assist in producing, may be flawed, insufficient, of poor
quality, rely upon incorrect, inaccurate, harmful or illegal data, reflect unwanted forms of bias, hallucinate,
misrepresent, mislead or contain other errors or inadequacies, any of which may not be easily detectable. Although
we devote significant resources to develop, test, and maintain our AI technologies, we may not be able to identify or
resolve all AI-related issues, deficiencies, and failures before they arise. AI technologies have been known to
produce mischaracterized or “hallucinatory” inferences or outputs, and certain of our AI products, such as Grok,
have been alleged to be susceptible to “data poisoning” in the past. We may not have insight into, or control over,
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the practices of third parties who may utilize our AI technologies. As such, third parties have in the past used, and
may in the future use, such AI technologies for improper purposes, including through the dissemination of illegal,
inaccurate, defamatory or harmful content, intellectual property infringement or misappropriation, furthering bias or
discrimination, cybersecurity attacks, including spear phishing and social engineering attacks, data privacy
violations, other societal harms, including activities that threaten people’s safety, financial security, or mental well-
being on- or offline, or to develop competing technologies. Inappropriate or controversial data practices by data
scientists, engineers, and end users of AI technologies, including our AI segment’s systems, could impair the
acceptance of AI technologies generally, including our AI products. If the recommendations, forecasts, content, or
analyses that our AI technologies assist in producing are or are alleged to be deficient, inaccurate, offensive, illegal,
or otherwise harmful, we could be subjected to claims and investigations, and we could be subjected to legal liability
and brand, reputational or competitive harm. We have in the past been, and may in the future be, subject to
regulatory investigations and litigation related to such claims regarding our recommendations, forecasts, content or
analyses. Also please refer to “—Our AI products, X platform, and Starlink services are subject to complex and
evolving U.S. and foreign laws and regulations regarding privacy, cybersecurity, data use, data combination, data
protection, content, AI, competition, youth protection, safety, consumer protection and notification, advertising, e-
commerce, sanctions, export controls, and other matters. Many of these laws and regulations are subject to change
and uncertain interpretation, and we could be required to make changes to our products and business practices, and
be exposed to monetary penalties, increased cost of operations, declines in user growth or engagement, or loss of
customers, or other harm to our AI products, X platform, and Starlink services.” In addition, if we do not have
sufficient rights to use the models, algorithms, prompts and datasets on which our AI technologies rely, or the
recommendations, forecasts, content, analyses or other output that our AI technologies assist in producing, we could
also incur liability through the violation of applicable laws and regulations, third-party intellectual property, privacy
or other rights, or contracts to which we are a party. Furthermore, failure to properly disclose the use of consumer-
facing AI technologies may result in consumer protection or regulatory enforcement activity. Use of AI
technologies, including our AI products, may result in disruptions in, or unauthorized access to, users’ computer
systems, which could also lead to the unauthorized disclosure of sensitive (including classified), proprietary,
confidential or personal information, new potential cyberattack methods for third parties or an increase in the
frequency, sophistication or intensity of cyberattacks. Moreover, if AI technologies are perceived to be significantly
disruptive to society, it could lead to governmental or regulatory restrictions or prohibitions on their use, societal
concerns or unrest, or both, any of which could materially and adversely affect our ability to develop, deploy, or
commercialize AI technologies and execute our business strategy. Our implementation of AI technologies, including
through our AI segment’s systems, could result in legal liability, regulatory action, operational disruption, brand,
reputational or competitive harm, or other adverse impacts.
Environmental laws, regulations, litigation, liabilities and proceedings may adversely affect our operations,
including our launch operations, manufacturing activities, fuel storage and handling operations, launch facilities
and ground infrastructure, and data center operations and expansion plans.
Our operations, including our launch operations, manufacturing activities, fuel storage and handling operations,
launch facilities and ground infrastructure, and data center operations and expansion plans are subject to a variety of
state and federal environmental laws and regulations governing matters such as air emissions, wastewater discharges
and the discharge, treatment, storage, disposal and remediation of hazardous substances and wastes, including the
Comprehensive Environmental Response, Compensation and Liability Act, the Resource Conservation and
Recovery Act, the Clean Air Act, the Clean Water Act and permitting requirements of federal, state and local
environmental authorities. Liability under these laws imposes strict liability for environmental contamination or
remediation costs. Changing regulatory requirements for permits and approvals relating to operational infrastructure,
including energy generation assets (e.g., renewables, generators or grid connections), manufacturing facilities,
launch facilities, fuel storage and handling facilities, and data centers may cause delays, higher costs or denials, and
a failure to comply with these requirements may result in fines, shutdowns or competitive harm. In addition,
growing scrutiny of data centers’ overall ecological footprint could lead to community opposition, fines or mandates
for changing existing practices. We are or may become subject to environmental lawsuits and proceedings, and
various parties have threatened or brought lawsuits that allege we are unlawfully operating natural gas-fired turbines
without required permits at facilities in Southaven, Mississippi. While we have obtained such permits, the outcome
of these legal actions is uncertain. Injunctive relief or the rescission of issued permits would prevent our ability to
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utilize power generation sources that are required for the operation of these data centers and would adversely affect
our AI business. We cannot predict with certainty how future legislative or regulatory developments will affect our
business, but compliance with new or modified environmental requirements could require us to incur significant
unanticipated expenditures that could adversely affect our financial condition, results of operations, speed of
deployment and cash flows.
In addition, our launch facilities and related operations are subject to environmental permitting, land use, wetlands,
coastal management and other environmental review requirements, such as the National Environmental Policy Act
or related federal and state laws, that may give rise to litigation, regulatory enforcement actions or permitting
disputes. Environmental groups, regulatory authorities or other stakeholders may challenge our launch activities,
launch cadence, construction or expansion of facilities, fuel storage or handling practices, or other operational
activities under federal, state or local environmental laws. Such actions may seek injunctive relief, civil penalties or
additional environmental review and mitigation measures, any of which could delay launches, restrict operations,
increase compliance costs or otherwise adversely affect our business, financial condition, results of operations and
future prospects.
We may face substantial potential liability and operational disruptions if we violate the intellectual property rights
or other rights of third parties, and if we fail to adequately protect, maintain, defend or enforce our intellectual
property and other similar rights, we could lose an important competitive advantage, in each case which could
have a material adverse effect on our business, financial condition, results of operations, customer trust and
future prospects.
Our success and ability to compete also depends in part on our ability to operate without infringing,
misappropriating or otherwise violating the intellectual property rights of third parties. Companies in the AI and
technology industries own large numbers of patents, copyrights, trademarks, and trade secrets, and frequently enter
into litigation based on allegations of infringement, misappropriation, or other violations of intellectual property or
other rights, including in novel areas such as those relating to AI training and AI outputs. Plaintiffs have in the past
and may in the future file infringement or other litigation or administrative or adversarial actions relating to the
training or development of our AI models. We cannot guarantee that the operation of our business does not and will
not infringe or violate the rights of third parties, and we may be unaware of the intellectual property rights that
others may claim cover some or all of our products or services. Moreover, we may not have the freedom to operate
unimpeded by the patent or other rights of others. Third parties may have dominating, blocking or other patents or
other rights relevant to our technology, of which we are not aware.
Intellectual property and related laws are constantly evolving, can be highly uncertain and involve complex legal
and factual questions for which important principles remain unresolved. For example, in the United States and in
many foreign jurisdictions, policies regarding the breadth of claims allowed in patents and scope of protections for
content can be inconsistent. We cannot predict future changes in the interpretation of patent, intellectual property
and other related laws or changes to patent, intellectual property and other related laws that might be enacted into
law by U.S. and foreign legislative bodies.
We rely on statutory safe harbors, including those set forth in the Digital Millennium Copyright Act and Section 230
of the Communications Decency Act in the United States and the Digital Services Act in the EU, to protect against
liability for various activities, including linking, caching, ranking, recommending and hosting. Legislation or court
rulings affecting these safe harbors may harm us and may impose significant operational challenges. There are
legislative proposals and pending litigation in the United States, EU, and around the world that could diminish or
eliminate safe harbor protection for websites and online platforms.
If we violate, or are alleged to have violated, the intellectual property rights of third parties, including patents,
copyrights, trademarks, trade secrets, or other intellectual property rights and related rights, we may be subject to
costly and time-consuming litigation, substantial financial penalties, and reputational harm, any of which could
materially disrupt our operations, product development and strategic initiatives. As we continue to develop new or
update existing technologies, products, and services, there is a risk that third parties may allege that our operations
or offerings infringe upon their intellectual property rights. For example, we are currently a defendant in litigation
alleging copyright infringement relating to the claimed use of copyrighted works to train our AI models. Other
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plaintiffs may file infringement or other litigation relating to the training or development of our AI models. In
addition, we are currently subject to, and in the future may be subject to claims from various “non-practicing
entities” or other companies that own patents and other intellectual property rights that often attempt to aggressively
assert their rights in order to extract value from technology companies by threatening costly litigation or that have
minimal operations or relevant product revenue and against whom our patents may provide little or no deterrence or
protection. We are and may in the future be subject to additional copyright litigation or other litigation, including
litigation relating to allegations that we have trained or developed our AI models on copyrighted works in a manner
that infringes on copyrights, or in a manner that otherwise violates the intellectual property or other rights of third
parties, or that our models produce outputs in a manner that infringes on copyrights or other intellectual property or
other rights. Moreover, the impact of AI on intellectual property ownership and licensing rights, including
copyrights, has not been fully addressed by U.S. or international courts or other federal, state or international laws or
regulations (or by courts, laws or regulations in foreign jurisdictions), and our use of AI models may reduce our
ability to protect our own intellectual property. In addition, former employers of our current, former, or future
employees may assert claims that such employees have improperly disclosed to us confidential or proprietary
information of these former employers. Any such claims or allegations, whether or not they have merit, could result
in costly litigation, substantial damages, injunctions against the use of certain technologies, or the need to obtain
licenses on unfavorable terms. In addition, certain of our contracts with customers, suppliers, and partners contain
indemnification provisions that could require us to defend against infringement or other claims and pay damages or
settlements, thereby increasing our financial exposure. The outcome of intellectual property litigation is inherently
uncertain, and adverse judgments could materially and adversely affect our business, financial condition, results of
operations, and future prospects. If we are unable to obtain necessary licenses, non-infringing substitute
technologies, or otherwise mitigate these risks, we may be forced to discontinue certain products or services, delay
or curtail research and development activities, or limit our expansion into new markets.
Additionally, failure to adequately protect, maintain, defend, or enforce our intellectual property—including patents,
copyrights, trademarks, trade secrets, and proprietary technologies—may lead to loss of competitive advantage,
weakened market position, and financial harm from unauthorized use or infringement. We rely and expect to
continue to rely upon a combination of patents, trademarks, trade secrets, copyrights, confidentiality procedures,
contractual commitments and other legal rights to establish and protect our intellectual property. However, the steps
we take to protect our intellectual property and other rights may be inadequate due to various circumstances. We
may be unable or choose not to pursue or maintain certain types of intellectual property protection or registration for
our intellectual property in the United States or foreign jurisdictions, and the measures we do take may not prevent
our competitors or other third parties from independently developing products, services, and technology similar to or
duplicative of our products and services. We will not be able to protect our intellectual property if we are unable to
enforce our rights or if we do not detect unauthorized use of our intellectual property. In addition, our patents or
other intellectual property rights may be challenged, invalidated, circumvented or rendered unenforceable, and
pending and future trademark and patent applications may not be approved. While it is our policy to enter into
confidentiality agreements with our employees, contractors and other third parties to limit and control access to and
disclosure of our trade secrets, intellectual property and confidential information, we may fail to enter into such
agreements with all relevant entities and any such agreements may be breached, or this intellectual property may
otherwise be disclosed or become known to our competitors, including through hacking, theft, or other
misappropriation, including by employees, which could cause us to lose any competitive advantage resulting from
these trade secrets, intellectual property and proprietary information. Accordingly, we cannot guarantee that the
steps we have taken to protect our intellectual property will be adequate to prevent infringement of our rights or
misappropriation of our technology, trade secrets or know-how.
Additionally, to protect our intellectual property rights, we may be required to spend significant resources to
monitor, defend, enforce and protect these rights. Monitoring unauthorized uses of our intellectual property is
difficult and costly. We may not be able to detect unauthorized use of, or take appropriate steps to enforce, our
intellectual property rights. Litigation may be necessary in the future to enforce our intellectual property rights and
to protect our trade secrets, and any such litigation may be costly and time consuming, result in the diversion of time
and attention of our management team, and may not be successful or could result in the impairment or loss of
portions of our intellectual property. Furthermore, our efforts to enforce our intellectual property rights may be met
with defenses, counterclaims and countersuits attacking the validity and enforceability of our intellectual property
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rights. Despite our efforts, we may not be able to prevent unauthorized use, copy, reverse engineering,
misappropriation of our technology or intellectual property rights to create technology that compete with ours, or
independent development of similar technologies. Insufficient protection could force us into costly and uncertain
litigation or enforcement actions, allowing competitors to launch rival products and eroding our revenue and
profitability.
Acquisitions, divestitures, or other strategic transactions we pursue may not achieve the anticipated benefits,
synergies or strategic objectives.
We may not achieve the anticipated benefits, synergies, or strategic objectives of any acquisition, divestiture, or
other strategic transaction in a timely manner, or at all, including those we expect from the recent acquisition of xAI,
the acquisition of spectrum assets and licenses from EchoStar in connection with our Starlink Mobile initiatives, our
collaboration on Terafab with Tesla, Intel or any future partners, project and our recent collaboration with Cursor
and any potential acquisition of Cursor, if consummated. Acquisitions, divestitures, or other strategic transactions
may present unforeseen liabilities or disruptions to our operations, which could adversely impact our business,
financial condition, results of operations, and future prospects. We may assume unexpected obligations or incur
costs associated with acquired businesses, including litigation, regulatory compliance, environmental liabilities, or
contractual disputes, which could result in material losses or divert management focus from ongoing operations.
Integrating acquired businesses, partnerships, or joint ventures may present significant challenges, including
aligning operations, systems, and cultures, which could result in inefficiencies, increased costs, or failure to realize
anticipated benefits. The process of integration is often complex and time-consuming, and we may encounter
unforeseen difficulties in harmonizing business practices, integrating technologies and IT systems, retaining key
personnel, or reconciling differences in corporate cultures and management philosophies. In addition, the integration
of acquired entities or new partners exposes us to disruptions in, or unauthorized access to, our computer systems
and data or may divert management attention and resources from our core operations, potentially impacting our
ability to execute on other strategic initiatives or maintain existing customer relationships. We may also face
challenges in achieving expected synergies, cost savings, or strategic objectives within anticipated timeframes, or at
all, which could adversely affect our business, financial condition, results of operations, and future prospects. If we
are unable to successfully integrate acquisitions, partnerships, or joint ventures, or if the anticipated benefits of these
transactions do not materialize as expected, we could experience operational disruptions, loss of key personnel or
customers, increased costs, and diminished competitive position. Any failure to effectively integrate acquired
businesses, partnerships, or joint ventures could materially and adversely affect our business, financial condition,
results of operations, and future prospects.
Similarly, divestitures could result in the loss of revenue, disruption of customer or partner relationships, or
challenges in separating assets and personnel. There can be no assurance that we will be able to identify,
consummate, or integrate future acquisitions, divestitures, or other strategic transactions on favorable terms, or at all,
and any such activities may heighten our exposure to operational, financial, and regulatory risks unique to our
industry.
We have experienced, and will likely continue to experience, development and manufacturing delays and damage
or destruction during pre-launch operations, any of which could have a material adverse effect on our business,
financial condition, results of operations, and future prospects.
The development, manufacturing, and operation of launch vehicles and satellites are complex and capital-intensive
activities that are subject to numerous risks. Our launch vehicles, satellites, and related systems have in the past
experienced and may in the future experience delays, damage or destruction during design and manufacturing,
including delays in fabrication, assembly, inspection, testing, and component qualification. These issues may arise
from engineering challenges, supplier performance problems, quality control shortcomings, unexpected design
modifications, or disruptions in our manufacturing facilities. Any of these factors may delay development or
production schedules, increase costs, or result in hardware that must be reworked or replaced.
Our operations also involve significant risks during pre-launch preparation. Launch vehicles and satellites can be
damaged or destroyed during transport, fueling, integration, or ground testing. Furthermore, the early retirement or
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inoperability of satellites or related infrastructure may require us to accelerate depreciation or recognize impairment
charges, thereby adversely affecting our business, financial condition, results of operations, and future prospects.
Even minor anomalies may require extensive troubleshooting or repairs, resulting in launch delays, increased
mission costs, or the loss of flight hardware. Because launch operations require coordination across multiple systems
—including propulsion, avionics, ground infrastructure, and third-party range providers—issues in any one area can
lead to postponements or mission cancellations.
Our ability to continue and expand launch and satellite operations depends upon our ability to obtain new and
leverage existing U.S. export control and sanctions authorizations, and any significant changes to the geopolitical
landscape or U.S. government regulatory approach to licensing could materially and adversely impact our
international business operations by compromising existing licenses or limiting our ability to engage in
commercial dealings in or involving geopolitically sensitive countries.
The launch and satellite operations are subject to stringent export control and economic and trade sanctions laws,
including the U.S. International Traffic in Arms Regulations (“ITAR”), the Export Administration Regulations, and
sanctions administered and enforced by the U.S. Treasury Department’s Office of Foreign Assets Control
(“OFAC”). Under U.S. export control laws, we are required to obtain export authorizations from the Departments of
Commerce or State to export or share any controlled goods, technology, or software with foreign persons, including
foreign person employees, or to foreign destinations. The availability of such authorizations may be impacted by
significant changes to the geopolitical landscape. The U.S. government may revise export control regulations,
restrict exports to new or additional locations, or otherwise change its approach to licensing in ways that, while
outside of our control, materially impact our international supply chain, existing export licenses, and business
operations. For example, under the ITAR, we are required to determine the proper licensing jurisdiction and
classification of products, software and technology; and obtain licenses or other forms of U.S. government
authorizations to engage in certain activities related to and that support our business operations. The authorization
requirements include the need to get permission to release controlled technology to foreign person employees and
other foreign persons.
In addition, we are required to obtain OFAC authorization in certain situations, including to provide connectivity
services or engage in other business operations in certain global markets that may be subject to economic sanctions
or trade embargoes. While we have been successful in obtaining such authorizations in the past, there can be no
assurances that authorizations or licenses will be available in the future. In addition, significant changes to the
geopolitical landscape, such as the outbreak of armed conflict, could result in the imposition of new or expanded
economic or trade sanctions that may impact or prevent our ability to provide services or otherwise operate in certain
markets. Failures by us to comply with import, export control, or sanctions laws and regulations could result in civil
or criminal penalties, fines, investigations, more onerous compliance requirements, loss of export privileges,
debarment from government contracts, or limitations on our ability to enter into contracts with the U.S. government.
Other regulators, such as the EU or UK, may also impose restrictions on our ability to operate in geopolitically
sensitive countries or territories.
Our use of open source technology could impose limitations on our ability to commercialize our space-based
internet and mobile phone services, AI products, and X platform, or otherwise negatively affect our business.
We use open source technology in some of our software, including in our Starlink products and services, and in our
AI segment’s and X platform’s software and products, and we expect to continue to use open source technology in
the future. Open source technology is licensed by its authors or other third parties under open source licenses, which
in some instances may subject us to certain unfavorable conditions. For example, certain open source licenses may
give rise to requirements to disclose or license our proprietary source code or make available any derivative works
or modifications of the open source code on unfavorable terms or at no cost. Although we monitor and have
implemented policies relating to our use of open source technology to avoid subjecting our products and services to
conditions we do not intend, we cannot guarantee such efforts will be successful and we may face allegations from
others alleging ownership of, or seeking to enforce the terms of, an open source license, including by demanding
release of the open source software, derivative works or modifications, or our proprietary source code that was
developed using such technology, or demanding access to our software free of charge or on other unfavorable terms.
These allegations could also result in litigation. Additionally, our AI products are trained on data sets that may
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include open source software, and it is possible that certain outputs of our AI products may be subject to open source
license restrictions or obligations. The terms of many open source licenses are ambiguous and have not been
interpreted by United States or foreign courts. There is a risk that these licenses could be construed in a way that
could impose unanticipated conditions or restrictions on our ability to commercialize our AI segment’s products. In
such an event, we may be required to seek licenses from third parties to continue commercially offering our AI
segment’s products, to make our proprietary code generally available in source code form, to re-engineer our AI
segment’s products or to discontinue the sale of our AI segment’s products or such other products if re-engineering
could not be accomplished on a timely basis, any of which could adversely affect our business, financial condition,
results of operations, and future prospects.
In addition, the use of open source technology may entail greater technical and legal risks than those associated with
the use of third-party commercial software as open source licensors generally do not provide support, warranties,
controls on origin of the software, indemnification or other contractual protections regarding infringement claims or
the quality of the code, including the existence of security vulnerabilities. Many of the risks associated with usage of
open source technology, such as the lack of warranties or assurance of title, cannot be eliminated and could, if not
properly addressed, negatively affect our business. To the extent that our technologies and other business operations
depend upon the successful and secure operation of the open source technology we use, any undetected errors or
defects in this open source software could prevent the deployment or impair the functionality of our software, delay
the introduction of new technological capabilities, result in a failure of our technologies, and injure our brand and
reputation. For example, undetected errors or defects in open source software could render it vulnerable to breaches
or security attacks and make our AI segment’s products more vulnerable to data breaches or security attacks. Any of
the foregoing would have a material adverse effect on our business, financial condition, results of operations and
future prospects.
Payment, banking, and other financial service-related activities may subject us to additional regulatory
requirements, regulatory actions, and other risks that could be costly and difficult to comply with or that could
harm our business.
We plan to publicly launch the Money Product, which will offer payment, banking and other financial services
functionalities, including enabling our users to purchase tangible, virtual, and digital goods from merchants and send
money to other users, among other activities. These activities will subject us to a variety of laws and regulations in
the United States, Europe, and elsewhere globally, including those governing anti-money laundering and counter-
terrorism financing, money transmission, stored value, gift cards and other prepaid access instruments, electronic
funds transfer, virtual currency, consumer protection, charitable fundraising, global and local economic sanctions,
and import and export restrictions. In addition, we could become subject to new consumer protection laws and
regulations that may be adopted or amended, including those related to payment, banking, and other financial
services activities as well as sharing, collection, and use of payment, banking, and other financial services-related
data. Depending on how the Money Product evolves, we may also be subject to other laws and regulations including
those governing gambling, cryptocurrencies, brokerage, banking, credit, and lending. In some jurisdictions, the
application or interpretation of these laws and regulations is not clear. We have received certain payments licenses in
the United States and other jurisdictions for our anticipated regulated payments-related products and activities.
These licenses increase flexibility in how our use of payments may evolve, help mitigate regulatory uncertainty, and
will generally require us to demonstrate compliance with many domestic and foreign laws in relation to our licensed
payments products and activities. Our efforts to comply with these laws and regulations may still not guarantee
compliance. In the event that we are found to be in violation of any such legal or regulatory requirements, we may
be subject to monetary fines or other penalties such as a cease and desist order, or we may be required to make
product changes, any of which could have a material and adverse effect on our business, financial condition, results
of operations and future prospects.
In addition, we will be subject to a variety of additional risks as a result of payment, banking, and other financial
services transactions, including: increased costs and other resources to address errors in transactions or customer
disputes; potential fraudulent or otherwise illegal activity by users, developers, employees, or third parties;
restrictions on the investment of consumer funds used to transact payments; and additional disclosure and reporting
requirements. We plan to publicly launch the Money Product and may in the future undertake additional payment,
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banking, and other financial services initiatives, which may subject us to many of the foregoing risks and additional
licensing requirements.
Our efforts to support the creation of permanent installations on the Moon and Mars depend on the successful
development and deployment of next-generation capabilities.
Activities related to the industrialization and development of the Moon and Mars require the successful development
and deployment of next-generation capabilities such as fully reusable launch vehicles, including Starship, in-space
refueling and propellant storage, in space communications systems, and other capabilities required for operations
beyond Earth’s orbit. These systems involve significant technological, engineering, and operational challenges,
including the need to develop habitable transportation and surface environments, and perform complex in-orbit
operations. Solving these challenges will require developing solutions that are novel or untested and will require
substantial capital investment. If these efforts take longer than anticipated, or if technical, operational, or engineering
challenges arise in connection with these efforts, our goals with respect to the Moon and Mars, including
government contracts, and other and multiplanetary initiatives could be delayed, modified, or cancelled and could
materially and adversely affect our business, financial condition, and results of operations. Even if such goals are
achieved, they may not generate meaningful revenue or achieve profitability for an extended period of time.
Our AI segment is recently formed, is still being fully integrated and optimized, operates in a rapidly evolving
industry and is subject to significant execution, competitive and operational risks.
We acquired xAI in February 2026 as the foundational platform for our AI segment and as part of our ambitious
vertical integration strategy intended to combine artificial intelligence capabilities with our established Space and
Connectivity businesses. Prior to its acquisition by the Company, xAI itself was an early-stage company. As a result,
our AI segment remains in a relatively early stage of organizational and operational maturity and is subject to
integration, scaling and execution risks.
The successful integration of acquired businesses, technologies, strategic partners, and employees is inherently
complex, costly and time-consuming, and may result in operational inefficiencies, delays, disruptions, increased
costs, loss of knowledge and diversion of management attention. As is common in large acquisitions, we have had to
take significant steps to integrate xAI’s operations into our broader corporate structure as part of our AI segment,
including putting in place the management team and organizational structure needed to execute at the scale and pace
our strategy demands, as well as controls and procedures appropriate for a larger organization like ours. Many of
these steps are not yet complete.
We have undertaken, and continue to undertake, changes in personnel, strategic partnerships, infrastructure-sharing
arrangements, organizational restructurings, acquisitions and other integration initiatives intended to accelerate
development of our AI capabilities, compute infrastructure and commercial offerings. Management believes these
initiatives may create long-term strategic advantages through the combination of engineering talent, compute
infrastructure, proprietary data, software capabilities and integrated operational platforms across the Company’s
businesses, among others. However, the successful integration of acquired businesses, management teams,
employees, strategic partners, technologies and evolving product architectures is inherently complex, costly and
time-consuming and may result in operational inefficiencies, delays, disruptions or the failure to realize anticipated
synergies or commercial benefits.
We have also pursued evolving commercial and technical strategies, including coding and software development
(such as through our partnership with Cursor) and monetization of unused compute capacity (such as through our
cloud compute services agreements with Anthropic), while simultaneously continuing to invest heavily in expanding
datacenter and compute capacity for our own internal AI initiatives and products. These efforts may require
substantial capital expenditures and management attention and may create operational complexity relating to
infrastructure allocation, prioritization of internal versus external compute usage, integration of third-party
technologies and partnerships, cybersecurity, data governance and commercialization strategy. We may elect to
allocate capital and resources to long-term initiatives even if alternative uses with more short-term upside are
available. There can be no assurance that these initiatives will achieve their intended operational or financial
objectives.
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The artificial intelligence industry is highly dynamic and rapidly evolving. We face significant uncertainty relating
to technological developments, changing customer preferences, evolving regulatory and legal frameworks,
increasing public scrutiny, and intense competition for engineering talent, compute capacity, infrastructure,
customers and capital. In addition, the consumer AI market is characterized by rapid model iteration, frequent new
entrants and intense competition for user attention; as a result, download and other usage metrics for any individual
AI application, including Grok, can fluctuate significantly (including periods of decreased Grok app downloads and
user activity) in response to competitor model releases, product update cycles, and broader shifts in user behavior.
As a result of these market dynamics, we may need to modify our AI strategy, organizational structure,
infrastructure deployment and capital allocation decisions in response to technological change, competitive
pressures, regulatory developments or commercial adoption trends. Initiatives that management believes are
strategically beneficial over the long term may nevertheless experience near-term operational disruptions, integration
inefficiencies, product delays, technical setbacks, leadership turnover, employee attrition, infrastructure constraints,
increased costs or uneven customer adoption during periods of transition or rapid scaling.
Management believes that our recent organizational restructuring efforts, infrastructure investments and strategic
collaborations position the AI segment favorably for long-term growth and are consistent with the maturation
process of rapidly scaling AI platforms and optimization of acquired companies. However, there can be no assurance
that we will successfully integrate acquired businesses and technologies, retain key personnel, execute our AI
strategy within anticipated timeframes, achieve meaningful commercial adoption, generate anticipated revenues or
returns on investment, or compete effectively in a rapidly evolving and increasingly competitive and consolidated AI
market. If we are unable to successfully execute our AI strategy, our business, financial condition, results of
operations and prospects could be materially adversely affected.
Our AI segment is capital intensive, has incurred significant operating losses, and operates in a nascent and
rapidly evolving market in which the potential of AI remains uncertain.
AI is a nascent and rapidly evolving technology, and although we believe AI holds significant promise for
consumers and enterprises, its long-term impact will depend on the degree to which AI products and services prove
to be broadly useful in real-world applications. There can be no assurance that demand for AI solutions will develop
or be sustained at the levels we anticipate, or at all. While industry interest in AI has grown substantially, the
commercial value proposition of frontier AI models remains largely unproven, and long-term market acceptance of
our AI products and services is uncertain. Developing, training, and providing inference for frontier AI models
requires substantial and growing capital expenditures, including investments in specialized computing hardware,
data center infrastructure, energy procurement, and technical personnel, and we expect these costs to continue to
increase for the foreseeable future. In addition, we plan to allocate substantial capital to build our AI compute
infrastructure, and we expect a multi-year investment horizon before these deployments translate into sustained
positive AI Segment Adjusted EBITDA. Our AI segment has incurred significant operating losses since inception,
and we may not achieve profitability in this segment, or, if achieved, sustain it, and there can be no assurance that
the returns on our AI investments will be adequate to justify the capital deployed. Furthermore, the continued
improvement of AI model capabilities has historically depended in part on scaling laws, the empirical observation
that model performance improves with increased compute, data, and model size, but there is uncertainty as to how
long these scaling relationships will continue to hold. As a result of these factors, our AI segment may not achieve
the growth or returns we expect.
We have a history of net losses and may not achieve profitability in the future.
We incurred net losses of $(4,937) million and $(4,628) million for the years ended December 31, 2025 and 2023,
respectively, and a net loss of $(4,276) million for the three months ended March 31, 2026. We may not achieve or,
if achieved, sustain profitability in the future. As of March 31, 2026, we had an accumulated deficit of $41,311
million . While we have experienced significant growth in revenue over the last three years, we cannot predict
whether we will maintain this level of growth or when we will achieve profitability again. We also expect our capital
expenditures and operating expenses to increase in the future, including our general and administrative expenses as a
result of increased costs associated with operating as a public company and as we continue to invest for our future
growth, including substantial capital expenditures to design, develop, expand, and maintain our technologies and
infrastructure to support our operations. Our revenue could decline for a number of reasons, including if we are
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unable to execute on our growth strategy and as a result of the other risks described in this prospectus. Furthermore,
if we fail to maintain or increase our revenue to offset increases in our operating expenses or manage our costs as we
invest in our business, including if we do not maintain or improve our operating efficiencies, we may not achieve or
sustain profitability. Any failure by us to achieve or sustain profitability on a consistent basis could have a material
adverse effect on our business, financial condition and results of operations and cause the market price of our Class
A common stock to decline.
The timing of our revenue and cost recognition may fluctuate due to factors outside of our control, which could
cause our periodic results of operations to fluctuate and make our results difficult to predict.
In our financial results, we recognize revenue and costs for a majority of customer payloads at the launch or
deployment of the customer’s payload to its intended orbit. While we plan launches and schedule payloads in
advance, the timing of these launches or deployments may vary and can be delayed or otherwise affected by a
number of factors outside of our control, including the customer’s delay in delivering their payload for integration
onto the launch vehicle, adverse weather, and other operational considerations. As a result, the timing of revenue
recognition may shift between reporting periods. For example, if the launch of a customer’s payload was expected to
occur near the end of a reporting period but instead occurs shortly thereafter (e.g., on April 1 instead of March 30),
the associated revenue would be recognized in the subsequent quarter. In addition, if a significant number of
launches or deployments occur within a short period of time, the concentration of those events may result in greater
variability in the timing of revenue recognition between reporting periods. These factors may cause our quarterly or
annual results of operations to fluctuate and may make our results difficult to predict.
Failure to comply with requirements to design, implement, and maintain effective internal controls could have a
material adverse effect on our business and stock price.
As a privately held company, we were not required to evaluate our internal control over financial reporting in a
manner that meets the standards of publicly traded companies required by Section 404(a) of the Sarbanes-Oxley Act
(“Section 404”).
As a public company, we will have significant requirements for enhanced financial reporting and internal controls.
The process of designing and implementing effective internal controls is a continuous effort that requires us to
anticipate and react to changes in our business and the economic and regulatory environments and to expend
significant resources to maintain a system of internal controls that is adequate to satisfy our reporting obligations as
a public company. If we are unable to establish or maintain appropriate internal financial reporting controls and
procedures, it could cause us to fail to meet our reporting obligations on a timely basis, result in material
misstatements in our consolidated financial statements, and harm our results of operations. In addition, we will be
required, pursuant to Section 404, to furnish a report by management on, among other things, the effectiveness of
our internal control over financial reporting in the second annual report following the completion of this offering.
This assessment will need to include disclosure of any material weaknesses identified by our management in our
internal control over financial reporting. The rules governing the standards that must be met for our management to
assess our internal control over financial reporting are complex and require significant documentation, testing, and
possible remediation. Testing and maintaining internal controls may divert our management’s attention from other
matters that are important to our business. Additionally, our independent registered public accounting firm will be
required to attest to the effectiveness of our internal control over financial reporting on an annual basis, beginning
with our second annual report.
We are currently in the process of updating our control processes and automating certain of our procedures and
systems in anticipation of becoming a public company, but our internal controls over financial reporting currently do
not meet all of the standards contemplated by Section 404 that we will eventually be required to meet. Because we
currently do not have comprehensive documentation of our internal controls and have not yet tested our internal
controls in accordance with Section 404, we cannot conclude in accordance with Section 404 that we do not have a
material weakness in our internal controls or a combination of significant deficiencies that could result in the
conclusion that we have a material weakness in our internal controls. In connection with updating our control
processes and the implementation of the necessary procedures and practices related to internal control over financial
reporting, we have identified deficiencies and may identify deficiencies in the future that we may not be able to
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remediate in time to meet the deadline imposed by the Sarbanes-Oxley Act for compliance with the requirements of
Section 404. In addition, we may encounter problems or delays in completing the remediation of any deficiencies
identified by our independent registered public accounting firm in connection with the issuance of their attestation
report. Our testing, or the subsequent testing (if required) by our independent registered public accounting firm, may
reveal deficiencies in our internal controls over financial reporting that are deemed to be material weaknesses. Any
material weaknesses could result in a material misstatement of our annual or quarterly consolidated financial
statements or disclosures that may not be prevented or detected.
Our insurance coverage strategy may not be adequate to protect us from all business risks.
We may be subject, in the ordinary course of business, to losses resulting from accidents, acts of God and other
claims against us, for which we may have no insurance coverage. As a general matter, we do not maintain as much
insurance coverage as many other companies do, and in some cases, we do not maintain any at all, including with
respect to our in-orbit satellites, which we currently do not insure and do not expect to insure in the future.
Additionally, the policies that we do have may include significant deductibles or self-insured retentions, policy
limitations and exclusions, and we cannot be certain that our insurance coverage will be sufficient to cover all future
losses or claims against us. A loss that is uninsured or which exceeds policy limits may require us to pay substantial
amounts, which may harm our financial condition and operating results.
Risks Related to Our Corporate Structure, Ownership of our Class A Common Stock and This Offering
Conflicts of interest could arise in the future between us, on the one hand, and Mr. Musk and entities owned by
or affiliated with him, on the other hand, concerning among other things, business transactions, potential
competitive activities or other business opportunities.
Conflicts of interest could arise in the future between us, on the one hand, and Mr. Musk and entities owned by or
affiliated with him, on the other hand, concerning among other things, business transactions, potential competitive
business activities or other opportunities. In the normal course of business, we have engaged in a variety of
transactions with some of these companies. Please refer to “Certain Relationships and Related Person Transactions.”
In addition, we have previously engaged, are currently engaged, and expect to continue to engage in the future in a
number of strategic collaborations with Tesla, including with respect to Macrohard and Terafab. Certain of these
projects, including Macrohard and Terafab, are in the very early stages, as a result of which we and Tesla have not
finalized a variety of details relating to our collaboration, including, but not limited to, financial terms, intellectual
property rights, and the ultimate term of our collaboration. Furthermore, Mr. Musk and other businesses owned by
or affiliated with him may now, or in the future, directly or indirectly, compete with us for investment or business
opportunities.
Mr. Musk or his affiliates may become aware, from time to time, of certain business opportunities (such as
acquisition opportunities or technological developments) and may direct such opportunities to other businesses in
which they have invested, in which case we may not become aware of or otherwise have the ability to pursue such
opportunity. In addition, Mr. Musk and his affiliates may dispose of their interests in other companies or other assets
in the future, without any obligation to offer us the opportunity to purchase any of those interests or assets.
Under our charter, Mr. Musk and his affiliates are not restricted from owning assets or engaging in businesses that
compete directly or indirectly with us and will not have any duty to refrain from engaging, directly or indirectly, in
the same or similar business activities or lines of business as us, including those business activities or lines of
business deemed to be competing with us, or doing business with any of our customers or vendors. Moreover, we
have in the past entered into, and may in the future enter into, transactions with entities affiliated with Mr. Musk. We
may enter into such transactions in lieu of pursuing other opportunities that some other shareholders may prefer or
that may prove to be more accretive than the opportunities we elect to pursue. In any of these matters, the interests
of Mr. Musk and entities owned by or affiliated with him may differ or conflict with the interests of our other
shareholders. Any actual or perceived conflicts of interest with respect to the foregoing could have an adverse
impact on the trading price of our Class A common stock.
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Certain of our directors and key employees may have conflicts of interest because they are also employees or
directors of affiliates of Mr. Musk or other large shareholders. The resolution of these conflicts of interest may
not be in our or your best interests.
Certain of our directors and key employees may have conflicts of interest because they are also employees or
directors of affiliates of Mr. Musk or other large shareholders. Such directors may have interests in, serve on the
boards of, or have financial or other relationships with other companies, ventures, or initiatives that are related to or
competitive with our business, including but not limited to other space or AI companies, technology ventures,
satellite communications businesses, and government or commercial space contracts. Please refer to “Management.”
These relationships and interests could create actual or perceived conflicts of interest, particularly with respect to the
allocation of time, resources, business opportunities, or strategic decisions. In addition, our charter provides that, to
the fullest extent permitted by applicable law, we renounce certain corporate opportunities that may be presented to
Mr. Musk and certain of our directors and their respective affiliates, and such persons may have no duty to present
such opportunities to us. Please refer to “Description of Capital Stock—Corporate Opportunities.” Any actual or
perceived conflicts of interest could harm our reputation, lead to disputes, divert management attention, or result in
decisions that are not in the best interests of us or our shareholders, which could materially and adversely affect our
business, financial condition, results of operations, and future prospects.
We are highly dependent on the continued services of Mr. Musk, our Chief Executive Officer and Chief
Technical Officer, and other key personnel, and the loss or reduced involvement of one or more of these
individuals could adversely affect our ability to execute our business strategy.
We are highly dependent on the continued service and performance of Mr. Musk, whose leadership, vision, and
expertise are critical to the development of our technologies and the execution of our business strategy. Mr. Musk
has been, and continues to be, a driving force behind our growth, innovation, and operational success. The loss of
Mr. Musk, whether due to death, disability, or otherwise, or his inability or unwillingness to continue in his current
roles, could significantly disrupt our management structure, adversely affect our ability to execute our strategic
plans, and negatively impact our reputation and relationships with customers, partners, and other stakeholders. Our
intense, mission-driven, engineering-first culture has been a key driver of our growth and execution, and any erosion
of this culture, including as a result of the loss or reduced involvement of Mr. Musk, could have a material adverse
effect on our business, financial condition, results of operations, and future prospects. We do not maintain key-
person life insurance on Mr. Musk. Further, although Mr. Musk devotes significant time to our businesses and is
highly active in our management, he does not devote his full time and attention to our businesses and devotes time
and attention to other significant roles (and may in the future serve in additional roles). For instance, Mr. Musk
currently serves as Technoking and Chief Executive Officer of Tesla and is involved in other emerging technology
ventures, including Neuralink and The Boring Company. Mr. Musk has also previously served as Senior Advisor to
the President of the United States. Any such loss or reduced involvement in our business could result in a material
adverse effect on our business, financial condition, results of operations, and future prospects. The process of
identifying and recruiting a successor with the combination of skills and experience possessed by Mr. Musk, as well
as the ability to maintain the confidence of the market, could be lengthy and uncertain, and there can be no assurance
that we would be able to attract or retain a suitable replacement in a timely manner or at all.
We, Mr. Musk, and other companies Mr. Musk is affiliated with frequently receive an immense amount of media
attention. The actions and statements of Mr. Musk and his affiliated ventures, whether or not directly relating to us,
may draw significant public attention and scrutiny to us and could potentially have a positive or negative impact on
our business, relationships with customers and regulators, or stock price.
In addition to Mr. Musk, we have key personnel who are invaluable to our businesses. We rely upon their
knowledge, expertise, and leadership to develop, manufacture, launch, sell, and support our products and services.
None of our key employees are bound by an employment agreement for any specific term and we may not be able to
successfully attract and retain the senior leadership necessary to continue to grow our business. Our compensation
arrangements, such as our equity award programs, may not always be successful in attracting new employees and
retaining and motivating existing key personnel. Our success depends upon our ability to attract and retain key
personnel and any failure to do so could have a material adverse effect on our business, financial condition, results
of operations, and future prospects.
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A significant reduction by Mr. Musk or other existing shareholders of their ownership interest in us could
adversely affect us.
We believe that Mr. Musk’s substantial ownership interest in us provides him with an economic incentive to assist
us to be successful. Upon the expiration or earlier waiver of the lock-up restrictions on transfers or sales of our
securities following the completion of this offering, Mr. Musk will not be subject to any obligation to maintain his
ownership interest in us and may elect at any time thereafter to sell all or a substantial portion of or otherwise reduce
his ownership interest in us. If Mr. Musk sells all or a substantial portion of his ownership interest in us, he may
have less incentive to assist in our success, which could adversely affect our future prospects. Additionally, future
resales of our Class A common stock by Mr. Musk or other existing shareholders, or the perception that such sales
may occur, could cause the market price of our Class A common stock to decline significantly, regardless of our
actual business performance. In particular, subject to the expiration or waiver of any applicable lock-up period,
parties to the Investors’ Rights Agreement described in “Certain Relationships and Related Person Transactions—
Investors’ Rights Agreement” will have the right, subject to certain exceptions and conditions, to require us to
register approximately shares of Class A common stock under the Securities Act, and they will have the
right to participate in certain future registrations of securities by us. Registration of any of such shares would result
in such shares becoming freely tradable without compliance with Rule 144 limitations upon effectiveness of the
registration statement. In addition, approximately shares of Class A common stock will generally be
available for resale under Rule 144 starting 90 days after this offering, subject to lock-up restrictions described
elsewhere in this prospectus. See “Certain Relationships and Related Person Transactions—Investors’ Rights
Agreement” and “Shares Eligible for Future Sale—Registration Rights.”
Following the consummation of this offering, we will be a “controlled company” within the meaning of the
Nasdaq and Nasdaq Texas listing rules and, as a result, will qualify for and rely on exemptions from certain
corporate governance requirements.
Because Mr. Musk will beneficially own shares of Class A common stock and shares of
Class B common stock, which represents greater than 50% of the voting power of our common stock with respect to
director elections and moreover, holders of our Class B common stock, voting separately as a class, will be entitled
to elect 51% of the total number of authorized directors constituting our board (rounded up to the nearest whole
number), following the completion of this offering, we will be a controlled company under the listing rules of
Nasdaq and Nasdaq Texas.
Under the listing rules of Nasdaq and Nasdaq Texas, a company of which more than 50% of the voting power with
respect to director elections is held by another person or group of persons acting together is a “controlled company”
and may elect not to comply with certain Nasdaq and Nasdaq Texas corporate governance requirements, including
the requirements that:
• a majority of such company’s board of directors consist of independent directors as defined under the listing
rules of Nasdaq and Nasdaq Texas;
• director nominees be selected or recommended for board of directors’ selection by a nominating committee
composed entirely of independent directors, with a written charter addressing the nominations process as
required under the listing rules of Nasdaq and Nasdaq Texas;
• the compensation committee be composed entirely of independent directors with a written charter addressing
the committee’s purpose and responsibilities; and
• annual performance evaluations of the compensation and nominating committees be conducted.
Following the completion of this offering, we intend to utilize certain of these exemptions. As a result, we do not
expect to have a compensation and nominating committee that is composed entirely of independent directors or that
has a committee charter that addresses all Nasdaq and Nasdaq Texas requirements applicable to companies that are
not controlled companies. Additionally, we may elect to take advantage of certain other exemptions in the future for
as long as we remain a “controlled company.” Accordingly, our Class A shareholders will not have the same
protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of
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Nasdaq and Nasdaq Texas. In the event that we cease to be a “controlled company” and our shares continue to be
listed on Nasdaq and Nasdaq Texas, we will be required to comply with all of the applicable governance
requirements within the applicable transition periods. Please refer to “Management.”
Our ability to provide returns to shareholders will depend on appreciation in our share price, as we do not plan to
pay dividends for the foreseeable future.
The ability of investors to realize a return on their investment will depend largely on the appreciation of the price of
our Class A common stock, as we do not anticipate paying dividends in the foreseeable future. We have never
declared or paid any cash dividends on our common stock, and we currently intend to retain all available funds and
any future earnings to support the growth and operation of our business, including investment in new technologies
and commercial opportunities. As a result, investors seeking cash returns from their investment will not receive any
dividend income, and the only way to realize a return may be through an increase in the market price of our Class A
common stock, which may not occur. The trading price of our Class A common stock may be volatile and subject to
wide fluctuations in response to various factors, including our financial condition and operating results, changes in
our business or future prospects, technological innovations, announcements by us or our competitors, changes in the
regulatory environment, harm to our brand and reputation, broader market or economic conditions, and the fact that
a number of shares of our Class A common stock are expected to be allocated to retail investors in this offering.
Additionally, high retail investor interest in our Class A common stock may occur following this offering, which
may lead to increased volatility of the trading price. Some of these factors are outside of our control, and the trading
price of our Class A common stock may not reflect our actual operating performance. Accordingly, investors may
not be able to realize a gain on their investment and could lose all or part of their investment in our Class A common
stock.
Upon completion of this offering, Mr. Musk will serve as our Chief Executive Officer, Chief Technical Officer,
and Chairman of our board and control the election of our directors, and our dual class structure concentrates
voting control with Mr. Musk and other holders of our Class B common stock. This will limit or preclude your
ability to influence corporate matters and the election of our directors.
Our Class B common stock will have ten votes per share; our Class A common stock will have one vote per share;
and, except as summarized here, our Class A common stock will vote together with our Class B common stock on
any matter submitted to the shareholders for a vote. Under our charter, holders of our Class B common stock, voting
separately as a class, will be entitled to elect 51% of the total number of authorized directors constituting our board
(rounded up to the nearest whole number) and will have the ability to remove those directors for as long as there is at
least one share of Class B common stock outstanding. As a result, holders of our Class B common stock will have
control over the composition of our board and significant influence over the outcome of matters requiring
shareholder approval. Please refer to “Description of Capital Stock” for certain other actions that will require
approval of a majority of the voting power of the outstanding shares of Class B common stock voting separately as a
class. This concentration of voting power will limit or preclude the ability of holders of our Class A common stock,
including purchasers of Class A common stock in this offering, to influence corporate matters and the election of our
directors.
Upon completion of this offering, Mr. Musk will beneficially own a majority of the outstanding shares of our
Class B common stock and a majority of the voting power of the common stock (the Class A common stock and the
Class B common stock voting together) and therefore will be able to elect all the members of our board. Mr. Musk,
who will serve as our Chief Executive Officer and Chairman of our board under our charter and can only be
removed from our board or these positions by the vote of Class B holders, as set forth in our charter, will exert
significant influence over our business and affairs.
Class B common stock will continue to have ten votes per share, except that, subject to exceptions for certain inter-
family transfers and transfers to certain entities that qualify as “permitted transferees” (as described elsewhere in this
prospectus), transfers by holders of our Class B common stock will generally result in those shares converting to
Class A common stock. The conversion of Class B common stock to Class A common stock will have the effect,
over time, of increasing the relative voting power of those holders of Class B common stock who retain their shares.
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If Mr. Musk retains a significant portion of his holdings of Class B common stock for an extended period of time, he
could continue to control the election and removal of a majority of our board.
However, other persons will also hold shares of Class B common stock. If Mr. Musk were to sell, transfer or
otherwise dispose of a sufficient number of his shares of Class B common stock such that he no longer holds a
majority of the outstanding shares of Class B common stock, another holder or group of holders of Class B common
stock could obtain the ability to elect and remove a majority of our board and thereby effectively control the
Company. Any such change in control could result in changes to our strategic direction, management, business plans
or policies that may not be aligned with the interests of holders of our Class A common stock.
In addition, our charter will provide that other than for specified class votes by the Class B common stock or any
rights granted to other classes in the future, classes of stock will not be entitled to any separate class votes provided
for under the Texas Business Organizations Code (the “TBOC”), including among others (i) the increase or decrease
of the aggregate number of authorized shares of a class outstanding, (ii) the exchange, reclassification, or
cancellation of all or part of the shares of a class, (iii) a change of shares of a class, with or without par value, into
the same or a different number of shares of the same or another class, with or without par value, (iv) the creation of a
new class of shares with rights and preferences equal, prior, or superior to the shares of the class and (v) cancellation
or other effectuation of the dividends on the shares of the class or series that have accrued but have not been
declared.
The TBOC and our charter include provisions that may limit shareholders’ ability to bring a cause of action
against our directors or officers for certain acts or omissions in their capacity as directors or officers of the
Company, including minimum share ownership for derivative proceedings and the presumption of the business
judgment rule.
The TBOC and our governing documents include certain provisions that may limit our shareholders’ ability to bring
certain derivative claims against our officers and directors. For example, the TBOC provides that, if a corporation
has a class of stock listed on a national securities exchange, the governing documents may provide that the minimum
ownership threshold for a shareholder or group of shareholders to institute or maintain such derivative proceeding is
3% of shares outstanding. A similar ownership threshold provision based on this 2025 TBOC provision has already
been challenged in court proceedings involving another Texas corporation and, although the federal district court
found the provision enforceable in that case, its enforceability or governing documents containing its provisions
could be subject to further challenges or interpretation. The TBOC also permits corporations to request a court, at
the start of a transaction (including a related party transaction) or inquiry into a derivative claim, to determine the
independence and disinterestedness of directors serving on a special committee reviewing the transaction or
directors or other individuals on panels reviewing derivative claims. Subsequent challenges to independence or
disinterestedness would require new facts. Our bylaws will provide that these TBOC provisions will apply to us.
In addition, Section 21.419 of the TBOC sets forth certain presumptions concerning compliance by directors and
officers with respect to their duties to a corporation, including the duty of care and duty of loyalty. Specifically, in
taking or declining to take any action on any matters of a corporation’s business, Section 21.419, which applies to
us, provides that a director or officer is presumed to have acted (i) in good faith, (ii) on an informed basis, (iii) in
furtherance of the interests of the corporation and (iv) in obedience to the law and the corporation’s governing
documents. These provisions are described as codifying the “business judgment rule.” In order to succeed in a cause
of action against a director or officer, the Company or a shareholder pursuing such an action must rebut one or more
of the foregoing presumptions and prove with particularity the director or officer’s act or omission constituted a
breach of duty as a director or officer and that such breach involved fraud, intentional misconduct, an ultra vires act
or a knowing violation of law.
Our bylaws will impose minimum stock ownership and solicitation requirements on shareholders seeking to
submit proposals for shareholder approval, which could limit the ability of our shareholders to bring matters
before a meeting of shareholders.
Upon the completion of this offering, we will qualify as a “nationally listed corporation” under Section 21.373 of the
TBOC, and our bylaws will provide that the shareholder proposal requirements permitted by that section will apply
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immediately upon qualifying as a “nationally listed corporation.” As a result, except with respect to director
nominations and procedural resolutions ancillary to the conduct of a shareholders’ meeting, a shareholder or group
of shareholders seeking to submit a proposal for approval at a meeting of shareholders will be required to satisfy
specified ownership, holding-period and solicitation requirements. Under these provisions, the proposing
shareholder or shareholder group must hold an amount of voting shares (determined as of the date of submission of
the proposal) equal to at least 3% of our voting shares, must have held that amount continuously for at least six
months before the date of the meeting and throughout the entire duration of the meeting, and must solicit holders of
shares representing at least 67% of the voting power of shares entitled to vote on the proposal at the shareholder
meeting. For the purpose of this paragraph, “voting shares” means shares that entitle the holder of the shares to vote
on the proposal. These requirements are more restrictive than the requirements that would otherwise apply absent
such a bylaw provision and may make it more difficult, or in some cases impracticable, for shareholders to submit
proposals for consideration at a shareholders’ meeting. As a result, our shareholders may have fewer opportunities to
present proposals for shareholder approval, even on matters they believe are important, which could limit
shareholder influence over corporate governance and other matters. Section 21.373 of the TBOC was enacted in
2025 and, while its enforceability has not yet been challenged in court and we do not have any material concerns
related to enforceability of Section 21.373 or the related bylaws provision, like many new laws, we expect the
enforceability of TBOC Section 21.373 will eventually be challenged.
Our bylaws place restrictions on the forum, venue and procedures for legal actions or proceedings initiated by
our shareholders, including certain requirements for mandatory arbitration. These provisions could limit our
shareholders’ ability to pursue certain claims and/or increase the cost of doing so and could also affect the
procedures, rights, and remedies available to our shareholders in such legal actions or proceedings.
Our bylaws will contain a section (the “Forum Section Bylaw”) that will provide that, unless the Company consents
in writing to the selection of an alternative forum, the sole and exclusive forum for the filing, adjudication, and trial
of all disputes between (i) one or more shareholders and (ii) the Company or its directors, officers, or controlling
persons, or any underwriter of securities issued by the Company (or controlling person thereof) relating to any of the
following: (1) any derivative proceeding, meaning a civil dispute brought in the right of the Company; (2) any action
based on the governance, governing documents, or internal affairs of the Company; (3) any action based on state or
federal securities or trade regulation laws; (4) any action based on the alleged act(s) or omission(s) by a person in its
capacity as a shareholder, controlling person, director, officer or other managerial official of the Company; (5) any
action based on the alleged breach(es) by one or more shareholders, controlling persons, directors, officers, or other
managerial officials of a duty owed, in his or her capacity as such, to the Company or to any shareholder thereof; (6)
an action seeking to hold a shareholder, controlling person, director, officer, or other managerial official of the
Company liable for an obligation of the Company, other than on account of a written contract signed by the person
to be held liable in a capacity other than as a shareholder or managerial official; and (7) any action arising out of the
TBOC, will be the Texas Business Court, Eleventh Division (the “Business Court”) (for purposes of this summary,
each, an “Internal Dispute”).
The selection of the Business Court as the exclusive forum for Internal Disputes may limit a shareholder’s ability to
bring a claim in a judicial forum that it finds favorable for disputes with us or our directors, officers, other
managerial officials, or other employees, which may discourage lawsuits against us and our directors, officers, other
managerial officials, and other employees. Except to the extent that the Company consents in writing, or a court of
competent jurisdiction determines in a final and unappealable judgment, that an Internal Dispute is not subject to the
sole and exclusive venue and forum or jurisdiction of the Business Court or arbitration (as described further below),
a shareholder will not be permitted to litigate an Internal Dispute in federal court or in any state court other than the
Business Court, and will not be able to avail itself of any potential advantages or procedural protections of such
other forums. Any person or entity purchasing or otherwise acquiring any interest in our shares of capital stock will
be deemed to have notice of and have consented to these provisions. For more information, please refer to
“Description of Capital Stock—Anti-Takeover Effects of Provisions of Our Charter, our Bylaws and Texas Law.”
SpaceX maintains that the Forum Selection Bylaw, including without limitation the selection of the Business Court
as the sole and exclusive forum for all actions brought under federal securities laws, accords with the law and is
enforceable. However, the law governing the selection of a forum other than a federal court for certain actions
brought under the federal securities laws is unsettled, and there is some risk that, if an Internal Dispute were filed
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under the Exchange Act (or the rules and regulations thereunder) in a court other than the Business Court, that court
could deny a motion to transfer the action to the Business Court pursuant to the Forum Selection Bylaw.
Accordingly, the bylaws provide that to the extent that a court of competent jurisdiction were to determine in a final
and unappealable judgment that an Internal Dispute is not subject to the sole and exclusive venue and forum or
jurisdiction of the Business Court (such Internal Dispute, an “Other Dispute”), such Other Dispute would be
exclusively and finally settled by arbitration, pursuant to the Texas Arbitration Act, under the Expedited Procedure
Provisions of the Rules of the International Chamber of Commerce, pursuant to Article 30 thereof. To be clear,
absent Company consent, a shareholder would not be able to file an arbitration demand pursuant to the Dispute
Resolution Clause without first obtaining a final and unappealable judgment that the shareholder’s Internal Dispute
is not subject to the sole and exclusive venue and forum or jurisdiction of the Business Court. The governing law of
such Other Dispute would be the federal law of the United States or the law of the State of Texas, as applicable to
the issues raised in the Other Dispute, including without limitation the pleading and discovery limitations of the
Private Securities Litigation Reform Act.
Given the unsettled nature of the law in this area, there is also some risk that a court that has denied a motion to
transfer an Internal Dispute to the Business Court pursuant to the Forum Selection Bylaw would also deny a motion
to compel arbitration of such Other Dispute pursuant to the Forum Selection Bylaw. Accordingly, the Forum
Selection Bylaw further provides that to the extent that a court of competent jurisdiction determines in a final and
unappealable judgment that such Other Dispute cannot be compelled to arbitration pursuant to the Forum Selection
Bylaw, the sole and exclusive forum for the adjudication and trial of such Other Dispute will be the United States
District Court for the Southern District of Texas, Houston Division (the “Federal Court”).
Finally, the Forum Selection Bylaw provides that to the extent that a court of competent jurisdiction determines in a
final and unappealable judgment that the Federal Court lacks jurisdiction over any such Other Dispute, the sole and
exclusive forum and venue for such Other Dispute will be the state district courts of Harris County, Texas.
Regardless of the forum, venue, or procedures selected for an Internal Dispute or Other Dispute, our bylaws shall
require that any Internal Dispute or Other Disputes be brought only as an individual action or derivative proceeding,
and, to the fullest extent permitted by law, shall prohibit shareholders from bringing such an Internal Dispute or
Other Dispute as a class action, mass action, or other form of collective action or from being consolidated or joined,
in whole or in part, consistent with the Arbitration Rules. However, the Company, at its sole option, may elect to
seek consolidation or joinder of matters as consistent with the Arbitration Rules.
In addition, our bylaws will provide that any person or entity purchasing or otherwise acquiring or holding any
interest in shares of stock of the Company shall be deemed to have irrevocably and unconditionally waived any right
it may have to a trial by jury in any Internal Dispute. This will prevent a shareholder from requesting that a jury
decide disputed issues of fact and may discourage lawsuits against us and our directors, officers, other managerial
officials, and other employees.
These dispute resolution rules that our bylaws will establish for Internal Disputes, as well as the Arbitration Rules to
the extent they will apply, are different from the procedural rules that would normally apply to the litigation of
Internal Disputes in state or federal court. They may prevent a shareholder from availing itself of procedural
protections that would be available under litigation in state or federal court and may render available or affect
adversely the rights and remedies available to shareholders in such proceedings. Particularly in the case of
arbitration, including its prohibition on class or collective actions, these dispute resolution rules may also result in
greater costs being imposed on shareholders to litigate Internal Disputes, and in some cases involving lower amounts
in controversy, the additional costs that may be imposed on shareholders to litigate Internal Disputes could exceed
the potential recovery from such litigation.
It is possible that one or more provisions of our bylaws, including those regarding the exclusive forum for Internal
Disputes, mandatory arbitration for Other Disputes, or waiver of the right to proceed on a class, mass, or collective
basis, may be found by a court to be inapplicable or unenforceable. In addition, the mandatory arbitration provision
in our bylaws could be subject to litigation or regulatory scrutiny, which could result in the provision being enjoined
or in additional costs or uncertainty. In such case, we may incur additional costs or delays associated with resolving
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such actions, including in other jurisdictions, which could adversely affect our business, financial condition, or
results of operations.
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This prospectus contains forward-looking statements. Forward-looking statements include those that express a
belief, expectation, or intention, as well as those that are not statements of historical fact. Forward-looking
statements contained in this prospectus include information regarding our future operating results and financial
position, our business strategy and plans and our objectives for future operations. Forward-looking statements
contained in this prospectus also include, but are not limited to, statements about:
• the development and deployment of Starship in accordance with our anticipated schedule (including
commencement of payload delivery to orbit in 2026) and launch cadence and our ability to achieve expected
performance, reusability, and cost efficiencies;
• the size and growth of our various existing and future markets, including the markets for commercial launch
services, satellite connectivity services, our AI platforms, AI compute infrastructure (terrestrial and orbital),
lunar-related activities and interplanetary activities, including the extent to which such markets develop,
particularly emerging or unproven markets that may not materialize as expected or on anticipated timelines;
• demand for our products and services, including our launch, connectivity, and AI offerings, and our ability to
grow our customer base and generate revenue;
• the deployment of our next-generation Starlink satellites, satellite-to-mobile connectivity, and orbital AI
compute infrastructure (including potential deployment of our orbital AI compute satellites as early as 2028),
including our ability to successfully develop, scale, and commercialize such technologies, which are subject to
significant technical complexity, capital requirements, new innovations and regulatory approvals;
• our target launch cadence and expansion of our manufacturing and operational capacity necessary to support our
strategies, including our ability to scale production, supply chain, infrastructure, and workforce efficiently;
• our ability to execute our growth strategy and scale our operations efficiently, including managing costs,
timelines, and operational complexity;
• our ability to solve novel issues and navigate and monetize technologies and environments that have never been
accessed or economized before;
• our ability to design, develop and successfully commercialize new and innovative technologies, products, and
services, including our AI platforms and Terafab, and our ability to achieve and maintain a low cost per token,
in each case in rapidly evolving and competitive markets;
• our ability to scale and monetize our AI products and services, including the development, performance, and
adoption of our frontier models and related applications, and to realize benefits from related acquisitions and
initiatives, such as our arrangement with Cursor;
• the amount, nature and timing of our capital expenditures and the impact of such capital expenditures on our
growth and performance, including our ability to fund such expenditures, manage costs, strategically reduce
costs and achieve expected returns on investment;
• our ability to obtain sufficient power, GPUs, and other critical components and manage our supply chain to
support our operations and growth;
• our ability to obtain and maintain required regulatory approvals, licenses and spectrum authorizations in the
United States and internationally, and the timing, scope, and conditions of such approvals;
• the competitive landscape in the industries in which we operate and our ability to compete effectively;
• the implementation, interpretation, and impact of current or future regulations including laws and regulations
relating to space operations, communications, AI, data privacy, and other areas;
• our ability to realize benefits and manage risks of being a public company; and
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• general economic conditions.
These forward-looking statements may be accompanied by words such as “anticipate,” “believe,” “estimate,”
“expect,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “will,” “should,” “could,” “would,”
“likely,” “future,” “budget,” “goal,” “commit,” “pursue,” “target,” “seek,” “objective” or the negative of these
words, or similar expressions that are predictions of or indicate future events or trends that do not relate to historical
matters. We caution you that the foregoing list may not contain all of the forward-looking statements made in this
prospectus.
The forward-looking statements in this prospectus speak only as of the date of this prospectus, or such other date as
specified herein. We undertake no obligation to update these statements unless required by law, and we caution you
not to place undue reliance on them. Forward-looking statements are not assurances of future performance and
involve risks and uncertainties. We have based these forward-looking statements on our current expectations and
assumptions about future events. Forecasts, goals, milestones, and expectations that cover multi-year time horizons,
or unknown timelines, inherently involve increased risks with respect to predictability and actual results may differ
materially from current expectations. While our management considers these expectations and assumptions to be
reasonable, they are inherently subject to significant business, economic, competitive, regulatory, technological,
environmental, political, and other risks, contingencies and uncertainties, which are difficult to predict and many of
which are beyond our control. These risks, contingencies, and uncertainties and other important factors are described
in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” sections of this prospectus. Should one or more of such risks or uncertainties occur, or should
underlying assumptions prove incorrect, our actual results, performance, achievements or plans could differ
materially from those expressed or implied in any forward-looking statements. In addition, because we operate in
rapidly evolving and certain highly competitive markets, we may from time to time rapidly adjust, modify or change
our strategic priorities, capital allocation, product or service focus or operational initiatives in response to
technological developments, competitive dynamics, regulatory changes or other factors, which could cause actual
results to differ materially from those expressed or implied by the forward-looking statements contained herein. New
risks emerge from time to time, some risks are inherently unknown to us, and it is not possible for our management
to predict all such risks. Many of the risks and uncertainties that could materially adversely affect us or our prospects
are beyond our control or relate to portions of our business strategy that have a lengthy time horizon or involve
unprecedented ventures. This can make assessment of certain risks more difficult and you should factor these
uncertainties into your assessment of an investment in our Class A common stock. All forward-looking statements in
this prospectus are expressly qualified in their entirety by the cautionary statements in this section.
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USE OF PROCEEDS
We expect to receive approximately $ of net proceeds from this offering (or $ if the underwriters
exercise their option to purchase additional shares of Class A common stock in full), based upon the assumed initial
public offering price of $ per share (which is the midpoint of the price range set forth on the cover page of this
prospectus) after deducting underwriting discounts and commissions and estimated offering expenses payable by us.
We intend to use the net proceeds from this offering to fund our growth strategy, including the expansion of our AI
compute infrastructure, enhancements to our launch infrastructure and launch vehicles, increases in the scale and
capacity of our satellite constellations, and any remaining amounts for general corporate purposes.
Assuming no exercise of the underwriters’ option to purchase additional shares, each $1.00 change in the assumed
initial public offering price of $ per share (which is the midpoint of the price range set forth on the cover page
of this prospectus) would cause the net proceeds from this offering, after deducting the underwriting discounts and
commissions and estimated offering expenses payable by us, to change by approximately $ million, assuming
no change to the number of shares of our Class A common stock offered by us, as set forth on the cover page of this
prospectus. Similarly, an increase (decrease) of one million shares of Class A common stock sold in this offering by
us would increase (decrease) our net proceeds by $ million, assuming the initial public offering price of
$ per share (which is the midpoint of the price range set forth on the cover page of this prospectus) remains
the same, and after deducting the underwriting discounts and commissions and estimated offering expenses payable
by us. If the net proceeds increase for any reason, we would use the additional net proceeds for the purposes set forth
above. If the net proceeds decrease for any reason, then we expect that we would use the lower amount of net
proceeds for the purposes set forth above.
The expected use of net proceeds from this offering represents our intentions based upon our present plans and
business conditions. We cannot predict with certainty all of the particular uses for the net proceeds from this offering
or the amounts that we will actually spend on each of the uses set forth above. Accordingly, our management will
have significant flexibility in applying the net proceeds from this offering. The timing and amount of our actual
expenditures will be based on many factors, including cash flows and the anticipated growth of our business.
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DIVIDEND POLICY
We do not anticipate declaring or paying any cash dividends to holders of our common stock in the foreseeable
future. We currently intend to retain future earnings, if any, to finance the growth of our business. Our future
dividend policy is within the discretion of our board and will depend upon then-existing conditions, including our
results of operations, financial condition, capital requirements, investment opportunities, statutory restrictions on our
ability to pay dividends, restrictions in our existing and any future debt agreements and other factors our board may
deem relevant. Covenants under our Credit Agreements also restrict our ability to pay dividends, and we may enter
into credit agreements or other borrowing arrangements in the future that restrict our ability to declare or pay cash
dividends or make distributions in the future. Please refer to “Management’s Discussion and Analysis of Financial
Condition and Results of Operations—Liquidity and Capital Resources” for a description of the restrictions on our
ability to pay dividends.
Please refer to “Risk Factors—Risks Related to Our Corporate Structure, Ownership of our Class A Common Stock
and This Offering—Our ability to provide returns to shareholders will depend on appreciation in our share price, as
we do not plan to pay dividends for the foreseeable future.”
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CAPITALIZATION
The following table sets forth our cash and cash equivalents and capitalization as of March 31, 2026 :
• on an actual basis;
• on a pro forma basis, giving effect to (i) the Preferred Conversion as if such conversion had occurred on March
31, 2026, (ii) the Class C Reclassification as if such reclassification had occurred on March 31, 2026, and (iii)
the effectiveness of our charter, which will become effective upon the completion of this offering; and
• on a pro forma as adjusted basis, giving effect to (i) the pro forma adjustments set forth above, (ii) the sale of
shares of our Class A common stock in this offering at an assumed initial offering price of $ per share,
which is the midpoint of the range set forth on the cover page of this prospectus, and (iii) the application of the
net proceeds from this offering as described under “Use of Proceeds.”
The table below should be read in conjunction with, and is qualified in its entirety by reference to “Management’s
Discussion and Analysis of Financial Condition and Results of Operations,” “Description of Capital Stock” and our
consolidated financial statements and related notes included elsewhere in this prospectus .
As of March 31, 2026
(Dollars in millions, except par values)
Actual
Pro Forma
Pro Forma as
Adjusted
Cash and cash equivalents .............................................................
$ 15,852
$ 15,852
$
Long-term debt:
SpaceX Credit Facility (1) .........................................................
$ —
$ —
SpaceX Bridge Loan (2) ............................................................
20,000
20,000
X 2027 and X 2030 Notes ........................................................
27
27
Other Financings (3) ..................................................................
9,105
9,105
Unamortized deferred financing costs ......................................
(21)
(21)
Total long-term debt ............................................................
$ 29,111
$ 29,111
Redeemable convertible preferred stock :
Redeemable convertible preferred stock, par value $0.001 ;
189,155,861 shares issued and 134,451,267 shares
outstanding, actual; no shares authorized, issued or
outstanding, pro forma and pro forma as adjusted ...............
$ 7,049
$ —
Shareholders’ equity:
Class A common stock, par value $0.001 ; 2,964,501,353
shares issued and 2,882,444,444 shares outstanding,
actual; 36,132,150,000 shares authorized, 6,824,581,339
shares issued and outstanding, pro forma; 36,132,150,000
shares authorized, shares issued and outstanding,
pro forma as adjusted ............................................................
3
6
Class B common stock, par value $0.001 ; 2,421,276,530
shares issued and outstanding, actual;
6,125,000,000 shares authorized, 5,695,729,430 shares
issued and outstanding, pro forma and pro forma as
adjusted .................................................................................
3
6
Class C common stock, par value $0.001 ; 494,026,445
shares issued and outstanding, actual; 10,000,000,000
shares authorized, no shares issued or outstanding, pro
forma and pro forma as adjusted ..........................................
0
—
Class D common stock, par value $0.0001 ; no shares issued
and outstanding, actual; no shares authorized, issued or
outstanding, pro forma and pro forma as adjusted ...............
—
—
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Preferred stock, par value $0.001 ; no shares issued and
outstanding, actual; 2,400,000,000 shares authorized, no
shares issued or outstanding, pro forma and pro forma as
adjusted .................................................................................
—
—
Additional paid-in capital .........................................................
74,083
81,126
Accumulated deficit .................................................................
(41,311)
(41,311)
Accumulated other comprehensive income .............................
1,755
1,755
Total shareholders’ equity ...................................................
$ 34,533
$ 41,582
Total capitalization ........................................................................
$ 70,693
$ 70,693
________________
(1) As of April 30, 2026, we had no borrowings outstanding under the SpaceX Credit Facility. In May 2026, the SpaceX Credit Facility was
amended to increase the borrowing capacity up to $5,000 million (“Amended SpaceX Credit Facility”). The Amended SpaceX Credit
Facility terminates, and all outstanding loans become due and payable, on May 19, 2031, unless the parties agree to an extension in
accordance with the terms of the Amended SpaceX Credit Facility. For more information on the SpaceX Credit Facility and Amended
SpaceX Credit Facility, please see “Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity
and Capital Resources—Debt Agreements.”
(2) As of April 30, 2026, we had $20,000 million of borrowings outstanding under the SpaceX Bridge Loan. The SpaceX Bridge Loan matures
on September 2, 2027, subject to extension in accordance with the terms of the agreement. For more information on the SpaceX Bridge
Loan, please see “Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital
Resources—Debt Agreements.”
(3) Includes obligations related to certain AI infrastructure assets recorded as failed sale-leaseback transactions.
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DILUTION
Purchasers of the Class A common stock in this offering will experience immediate and substantial dilution in the
net tangible book value per share of the Class A common stock for accounting purposes. Our net tangible book value
as of March 31, 2026 was approximately $ , or $ per share of Class A common stock. Net tangible
book value per share is determined by dividing our tangible net worth (tangible assets less total liabilities) by the
total number of outstanding shares of all classes of common stock outstanding immediately prior to the completion
of this offering. After giving effect to the sale of shares of Class A common stock in this offering, the payment of
underwriting discounts and commissions and estimated offering expenses by us, the Class C Reclassification and the
Preferred Conversion as if such reclassification and conversion occurred on March 31, 2026, our adjusted pro forma
net tangible book value as of March 31 , 2026 would have been approximately $ , or $ per share of
Class A common stock. This represents an immediate decrease in the net tangible book value of $ per share
of Class A common stock to Mr. Musk and other existing investors and an immediate dilution (i.e., the difference
between the offering price and the adjusted pro forma net tangible book value immediately after this offering) to
new investors purchasing shares of Class A common stock in this offering of $ per share. The following
table illustrates the per share dilution to new investors purchasing shares of Class A common stock in this offering:
Initial public offering price per share ........................................................................
$
Pro forma net tangible book value per share as of March 31, 2026 ..........................
$
Decrease per share attributable to new investors in this offering ..............................
As adjusted pro forma net tangible book value per share after giving further effect
to this offering ........................................................................................................
Dilution in pro forma net tangible book value per share to new investors in this
offering (1) ...............................................................................................................
$
_______________
(1) If the initial public offering price were to increase or decrease by $1.00 per share, then dilution in pro forma net tangible book value per
share of Class A common stock to new investors in this offering would equal $ or $ , respectively. Similarly, if the
number of shares of Class A common stock offered by us were to increase or decrease by shares, then dilution in pro forma net
tangible book value per share of Class A common stock to new investors in this offering would be $ or $ , respectively.
The following table summarizes, on an adjusted pro forma basis as of March 31, 2026, the total number of shares of
Class A and Class B common stock owned by Mr. Musk and other existing investors and to be owned by new
investors in this offering, the total consideration paid, and the average price per share paid by Mr. Musk and other
existing investors and to be paid by new investors in this offering at $ , calculated before deduction of
underwriting discounts and commissions and estimated offering expenses.
Shares Acquired (1)
Total Consideration (2)
Average Price
Per Share
Number
Percent
Amount
Percent
Elon Musk and other existing
investors ............................................
%
$
%
$
New investors in this offering ............
%
$
%
$
Total ...................................................
100.0%
$
100.0%
$
______________
(1) If the underwriters exercise their option to purchase additional shares in full, Mr. Musk and other existing investors would own
approximately % and our new investors in this offering would own approximately % of the total number of shares of our
common stock outstanding after this offering.
(2) If the underwriters exercise their option to purchase additional shares in full, the total consideration paid by our new investors would be
approximately $ (or %).
Each $1.00 increase or decrease in the assumed initial public offering price would increase or decrease, as
applicable, the total consideration paid by new investors and the total consideration paid by all shareholders by
$ million, assuming that the number of shares of Class A common stock offered by us remains the same and
after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us.
Similarly, an increase or decrease of shares in the number of shares of Class A common stock offered
by us would increase or decrease, as applicable, the total consideration paid by new investors and the total
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consideration paid by all shareholders by $ million, assuming that the assumed initial public offering price
remains the same and after deducting estimated underwriting discounts and commissions and estimated offering
expenses payable by us.
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
The following discussion and analysis of our financial condition and results of operations should be read in
conjunction with our audited consolidated financial statements and the related notes and other financial information
included elsewhere in this prospectus. In addition to historical consolidated financial information, the following
discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results
could differ materially from those discussed in the forward-looking statements. You should review the sections titled
“Cautionary Note Regarding Forward-Looking Statements” for a discussion of forward-looking statements and
“Risk Factors” for a discussion of factors that could cause actual results to differ materially from the results
described in or implied by the forward-looking statements contained in the following discussion and analysis and
elsewhere in this prospectus. Our audited consolidated financial statements and related notes have been prepared to
reflect the retrospective combination of the companies for all periods presented as the acquisitions of xAI and X
Holdings were accounted for as transactions between entities under common control.
Our Mission
Our mission is to build the systems and technologies necessary to make life multiplanetary, to understand the true
nature of the universe, and to extend the light of consciousness to the stars. To do this, we have formed the most
ambitious, vertically integrated innovation engine on (and off) Earth with unmatched capabilities to rapidly
manufacture and launch space-based communications that connect the world, to harness the Sun to power a truth-
seeking artificial intelligence that advances scientific discovery, and ultimately to build a base on the Moon and
cities on other planets.
Starship Flight Test
Overview
Founded in 2002, SpaceX is the only company building the integrated hardware and software infrastructure of the
future across space, connectivity, and AI. At our core, we are builders. We design, manufacture, launch, and operate
products and services built on cutting-edge technologies, including the world’s most advanced rockets and
spacecraft. We safely and reliably transport astronauts, satellites, and other payloads on missions that benefit life on
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Earth. Since 2023, we have launched more than 80% of mass to orbit for the world each year with an over 99%
mission success rate with Falcon rockets. We also operate a high-speed, low-latency global broadband data and
communications network powered by approximately 9,600 Starlink broadband and mobile satellites in Low-Earth
Orbit, delivering connectivity to millions of consumer, enterprise, and government customers across 164 countries,
territories, and other markets, as of March 31, 2026. Using our dedicated satellite-to-mobile constellation, we offer
connectivity services, supplementing terrestrial networks and substantially reducing mobile “dead zones” across
approximately 30 countries.
With the potential to improve both space exploration and life on Earth, AI accelerates SpaceX’s mission to make life
multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars.
xAI, which was founded in 2023 and acquired by SpaceX in early 2026, is now an integral pillar of our vertically
integrated company. We are rapidly constructing AI compute infrastructure—starting on Earth with the goal of
extending to space—at industry-leading pace and cost efficiency. Our infrastructure supports training and inference
for Grok, which has emerged as one of the world’s most advanced frontier models. Grok is designed as a truth-
seeking AI model, built on our founder Elon Musk’s mission to enable humanity to understand the universe. We
believe that accomplishing this mission requires a truth-seeking approach to AI. We define truth seeking as the
active, relentless pursuit of what is objectively true about reality, and grounded in evidence, logic, empirical data,
and first principles thinking. Our goal is to understand and explain what the universe appears to be doing, as
accurately as current knowledge allows. Within two years of its initial model release, Grok achieved frontier-level
performance in scientific reasoning, as measured by its GPQA Diamond score, an industry benchmark that evaluates
AI models on a standardized set of questions written and validated by experts, on a faster timeline than reported by
other leading model providers. Grok also benefits from integration with X, our real-time information, entertainment,
and free speech platform, which serves as a foundational distribution and data engine for our AI ecosystem and
further enhances Grok’s truth-seeking objective.
We believe that space represents the largest economic frontier in human history, unlocking unprecedented
opportunities in orbit and on Earth. Earth has limits, so we must build infrastructure and industries in space,
expanding human capabilities to improve life on Earth and to establish life beyond. Connectivity infrastructure in
space is designed to help everyone on Earth have access to education, healthcare, entertainment, and
communications, and to enable people to overcome many traditional limits, such as physical and political borders.
We believe AI infrastructure in space can utilize the virtually limitless power of the Sun and thereby enable the use
of AI as a transformative force for understanding the universe and improving the daily lives of all humans. We
believe the convergence of these areas will enable an unprecedented expansion in the global economy, leading to an
age of abundance. Our innovations and technological advancements are redefining industries on Earth, while we aim
to create new ones on the Moon, Mars, and beyond. We are truly building the infrastructure of the future.
SpaceX is the only company that has cracked the code on accessing space at scale, revolutionizing an industry
characterized by decades of stagnation, risk aversion, and economically perverse cost structures. SpaceX upended
this paradigm through the application of first-principles thinking, which rejects industry assumptions and builds
solutions based on the fundamental laws of physics. Our intense, mission-driven, engineering-first culture and focus
on extreme vertical integration have propelled us to achieve what many deemed impossible. We have demonstrated
the ability to achieve groundbreaking technological innovations with speed, quality control, and precision. We
pioneered high-cadence, reliable, and affordable access to space with our Falcon family of rockets, with a goal to
transform the rocket launch industry into airline-like operations. In 2015, we established at least a 10-year lead over
the industry by successfully landing our first Falcon 9 booster back from space before anyone else. We have
continued to invest significantly in further increasing our lead by pursuing full and rapid reusability at scale,
including investing over $15 billion in our next-generation rocket, Starship.
We believe rocket launches and landings should be as routine and commonplace as airplanes taking off and landing.
To achieve this sort of cadence, our iterative approach emphasizes rapid designing, testing, and process
optimization, putting flight hardware in the flight environment as often as possible. This allows us to accelerate our
learning by repeatedly using and improving our systems. This has resulted in a significantly higher flight rate at
costs that are much lower than launch programs that existed before SpaceX. For example, according to NASA, the
first version of Falcon 9 in 2010 had a launch cost of approximately $2,700 per kilogram, which represented a
reduction of approximately 85% compared to the historical average launch cost per kilogram of $18,500. The first
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version of Falcon Heavy in 2018 further reduced this cost to approximately $1,400 per kilogram, a reduction of
approximately 92% compared to the historical average cost. With the future deployment of Starship, which is
designed to be the world’s first fully and rapidly reusable spacecraft, we aim to further reduce the cost to reach orbit
by 99% or more relative to the historical average launch cost. Central to our cost advantage is the reusability of key
hardware—most notably boosters—which we recover, refurbish, and refly many times instead of discarding after
single use. This dramatically lowers per-launch costs by minimizing hardware replacement expenses and spreading
fixed production costs across repeated uses. Space flight that historically cost billions per launch now costs in the
tens of millions, fundamentally reducing the cost of space access, providing the opportunity to build new enterprises
in space.
Similarly, xAI has cracked the code in the complexities of building and scaling AI compute infrastructure, becoming
the first company to deploy a coherent gigawatt-scale AI training cluster. We believe the combination of our
proprietary AI infrastructure capability, our truth-seeking frontier model, Grok, and our access to real-time data on
X creates a formidable competitive advantage, allowing us to maintain a leading position in the development of
advanced artificial intelligence. This advantage stems from our complete vertical integration and the common vision
infused by our founder, Elon Musk. In just a few years, we have demonstrated an ability to build coherent compute
at scale and rapid speed with lower cost. COLOSSUS and COLOSSUS II collectively provide approximately 1.0
gigawatt of compute power, with additional power capacity available for data center operations. We believe speed is
a competitive advantage. In order to bring compute clusters online as fast as possible, we employ a vertically
integrated, nimble approach to construction. At COLOSSUS, we brought online the first cluster of approximately
100,000 H100 processors, approximately 130 megawatts of compute power, in just 122 days, repurposing the shell
of an existing factory. At COLOSSUS II, we brought online the first cluster of approximately 110,000 GB200
processors, approximately 210 megawatts of compute power, even faster in 91 days. As an illustrative comparison,
an industry benchmark to bring online a 100 megawatt greenfield data center is approximately two years.
Furthermore, in the case of COLOSSUS II, following the initial cluster, we brought online the second cluster of
110,000 GB300 processors and 220 megawatts of compute power in 64 days, demonstrating our ability to rapidly
scale our facilities once built. We expect that once fully operational, the next phase of expansion at COLOSSUS II
will bring online at least 220,000 additional GB300 processors and over 400 additional megawatts of compute
power. We also demonstrated a significant improvement in cost efficiency, achieving data center construction costs
for COLOSSUS II that are considerably lower than industry benchmarks on a per megawatt basis.
We are able to deploy power and compute significantly faster than other AI companies through first-principles
thinking, behind-the-meter power generation, coupled with what we believe is the world’s largest network of
sustainable battery storage systems, and innovations in advanced liquid cooling, high-density rack layouts, and
efficient networking. Our facilities also incorporate innovative design features that limit the effects on regional
electricity pricing for neighbors and include advanced water cleaning, reclamation, and recycling processes to
support sustainable operations. We partner with utilities and communities to connect to and enhance the grid over
time, and do so while pledging to cover costs of all new power delivery infrastructure upgrades to service our data
centers, including adequate network upgrade costs, to ensure that these expenses are not passed on to the ordinary
household. Our ability to rapidly and cost-effectively scale with the latest processors keeps us ahead of competitors
who deploy traditional and more expensive methods. As a result, we believe COLOSSUS II became one of the
world’s first data centers to deploy GB200s and GB300s, the most advanced AI processors available at the time, at
significant scale, and is currently powering training for our next frontier models, including Grok-5. Furthermore,
through our Terafab initiative together with Tesla to build a manufacturing facility capable of producing 1 terawatt
per year of compute hardware, we intend to further extend our vertical integration to chip design and manufacturing
to alleviate potential future chip shortages at SpaceX, optimize compute performance, and potentially reduce overall
compute costs. Intel, which has the ability to design, fabricate, and package ultra-high-performance chips at scale,
also joined the Terafab project in early April 2026. Our shovels-to-tokens approach allows us to train and iterate our
frontier models at high velocity, accelerating development cycles, eliminating external bottlenecks, and driving
rapid, continuous improvements in model performance.
We were the first private company to develop and launch a liquid-fuel rocket to reach orbit with the successful
launch of Falcon 1 in 2008. In 2019, we were the first to begin deploying a large-scale LEO broadband satellite
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constellation. In February 2026, we acquired xAI, the first company to build a gigawatt-scale AI training cluster and
largest coherent supercomputer. The graphic below illustrates key milestones for our business.
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Our Repeatable Business Model
Our business model is built on a repeatable, engineering-driven framework that combines our unparalleled launch
capabilities, extreme vertical integration, rapid iteration, and disciplined capital investment to create durable, large-
scale businesses. We execute this framework through the following core principles:
1. Leverage our unparalleled launch capabilities to enable massive scale . Our rockets—with unmatched
launch cadence, best-in-class reliability, and dramatically reduced cost-to-orbit—are the foundation that we
expect will enable us to create economic opportunities in space and deliver a diversified portfolio of services.
Our launch capabilities enable large-scale deployment of assets that would not otherwise be economically
viable.
2. Identify and create new trillion-dollar market opportunities. We focus on market opportunities that are
useful for humanity and that present trillion-dollar opportunities, including global broadband and mobile
connectivity for consumers, enterprises, and governments; and AI applications and computational infrastructure.
We prioritize opportunities where structural inefficiencies or legacy technological limitations have constrained
supply.
3. Design a solution with world-class engineering and first-principles thinking. We apply physics-based
engineering and first-principles thinking to design products and systems from the ground up—boiling things
down to the most fundamental truths and reasoning up from there. This helps us drive massive, step-function
improvements in performance, scalability, and cost.
4. Apply “The Algorithm” (make less dumb, delete, optimize, accelerate, automate). We operate under a set
of core execution principles that we refer to as “The Algorithm,” a five-step iterative process that we use as our
guiding principles day-to-day. We make the requirements less dumb , delete unnecessary processes or parts
(embracing the principle that the best part is no part), only then optimize the necessary processes or parts, and
then accelerate cycle time (many entities have launched once; no one other than us has ever launched over 100
times per year), and automate only proven processes after the first four steps are completed. We apply the
Algorithm across every aspect of our organization, creating a cultural and operational standard of excellence
that has defined SpaceX since inception.
5. Vertically integrate all the way to the end customer. We design and manufacture a significant portion of our
components in-house, including engines, avionics, structures, and software, even producing the “tools that make
the tools,” enabling us to test, fail, and iterate rapidly. We can then release newer, more advanced hardware with
speed and cost efficiency.
6. Continuously drive cost down and throughput up. Through rocket reusability, manufacturing at scale,
advanced automation, and rigorous operational discipline, we continuously reduce unit costs while increasing
launch cadence, satellite network, and AI hosting capacity.
7. Generate significant cash flow and reinvest in the future. As our businesses scale, they generate significant
cash flow, which we reinvest into nascent market opportunities—driving a self-reinforcing cycle of constant
innovation and potentially creating significant additional value.
Segments in Our Vertically-Integrated Innovation Engine
We have three reportable segments in our vertically integrated innovation engine: Space, Connectivity, and AI. In
our Space segment, we design, manufacture, and launch reusable rockets to provide high cadence, reliable, and
affordable access to space at unprecedented scale. In our Connectivity segment, we operate a worldwide high-speed,
low-latency broadband data and communications network powered by over 9,600 Starlink broadband and mobile
satellites in Low-Earth Orbit, delivering connectivity to millions of consumer, enterprise, and government customers
across 164 countries, territories, and other markets. In our AI segment, we operate a highly vertically integrated AI
platform spanning our truth-seeking frontier model Grok, AI solutions for consumer and enterprise customers, X—
our real-time information, entertainment, and free speech platform—and AI computational infrastructure.
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Our financial results reflect the strength of our operating model and our ability to create and scale multiple new
businesses:
• For the three months ended March 31, 2026, we generated revenue on a consolidated basis of $4,694 million,
loss from operations of $(1,943) million and Adjusted EBITDA of $1,127 million. In 2025, we generated
revenue on a consolidated basis of $18,674 million, loss from operations of $(2,589) million and Adjusted
EBITDA of $6,584 million. Our Space and Connectivity segments contributed the substantial majority of our
consolidated revenue in the three months ended March 31, 2026 and the year ended December 31, 2025 ,
demonstrating the benefits of their scale and operating leverage in our vertically integrated business model;
• For the three months ended March 31, 2026, our Space segment generated revenue of $619 million, loss from
operations of $(662) million, and Segment Adjusted EBITDA of $(351) million. In 2025 , our Space segment
generated revenue of $4,086 million , loss from operations of $(657) million , and Segment Adjusted EBITDA of
$653 million . Additionally, our Space segment funded $930 million and $3,004 million in research and
development expense during the three months ended March 31, 2026 and the year ended December 31, 2025,
respectively, for our next-generation Starship launch vehicle program. Starship is designed to enable a step-
function change in our launch capability across reusability, payload capacity, and launch cadence, and is the key
enabler of our long-term growth strategy by unlocking entirely new categories of missions ;
• For the three months ended March 31, 2026, our Connectivity segment generated revenue of $3,257 million,
income from operations of $1,188 million, and Segment Adjusted EBITDA of $2,087 million. Our Connectivity
segment, primarily driven by Starlink, generated revenue of $11,387 million , income from operations of $4,423
million , and Segment Adjusted EBITDA of $7,168 million in 2025 , representing year-over-year growth of
49.8% , 120.4% , and 86.2% , respectively, benefiting from subscriber growth, increasing enterprise adoption, and
continued improvement in network efficiency;
• In our newly acquired AI segment, we plan to prioritize growth and investment to capture significant
opportunities in AI applications and compute infrastructure. For the three months ended March 31, 2026, our AI
segment generated revenue of $818 million, loss from operations of $(2,469) million, and Segment Adjusted
EBITDA of $(609) million. In 2025 , our AI segment generated revenue of $3,201 million , loss from operations
of $(6,355) million , and Segment Adjusted EBITDA of $(1,237) million , reflecting its earlier stage of
development and continued investments to support long-term growth opportunities in AI; and
• For the three months ended March 31, 2026, capital expenditures for our Space segment was $1,052 million, for
our Connectivity segment was $1,332 million and for our AI segment was $7,723 million. In 2025, capital
expenditures for our Space segment was $3,832 million, for our Connectivity segment was $4,178 million and
for our AI segment was $12,727 million.
Segment Adjusted EBITDA is a non-GAAP measure. Please refer to the section titled “—Non-GAAP Financial
Measures” for additional information on our non-GAAP financial measures, including reconciliations of Segment
Adjusted EBITDA to segment income (loss) from operations, the most directly comparable GAAP measure.
Space
Since our founding in 2002, SpaceX has cracked the code on accessing space at scale, transforming an industry
characterized by decades of stagnation, risk aversion, and economically perverse cost structures. We design,
manufacture, launch, and refurbish reusable launch vehicles that provide cost-efficient, reliable, and high-cadence
access to space for our own purposes as well as for third-party commercial and government customers. In 2025, we
launched from four primary launch pads in the United States and successfully recovered boosters across seven
landing facilities including autonomous drone ships and catch towers based on the vehicle type and mission profile.
Our extensive vertical integration and end-to-end control over the entire value chain, from design to launch to
operations, allows us to achieve unprecedented speed and cost efficiency.
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Falcon 9 First Stage Booster Landing
As of March 31, 2026, SpaceX had launched a total mass to orbit of approximately 7,400 metric tons with an over
99% mission success rate across our Falcon rockets. We have completed approximately 650 orbital space launches,
and over 540 of those launches were completed by a flight-proven Falcon rocket . In 2025 alone, SpaceX completed
170 missions across Falcon and Starship vehicles and 159 flight-proven booster launches with an over 99% success
rate on attempted booster recoveries. We launched over 2,200 metric tons, representing over 80% of mass to orbit
for the world in 2025 . With the first successful launch of Falcon 1 in 2008, we became the first private company to
successfully launch a liquid-fueled rocket to Earth’s orbit. Just two years later, in 2010, the commercial debut of the
Falcon 9 rocket revolutionized space access by delivering unprecedented cost efficiency. For example, according to
NASA, the first version of Falcon 9 in 2010 reduced launch cost to approximately $2,700 per kilogram, which
represented a reduction of approximately 85% compared to the historical average launch cost per kilogram of
$18,500. The first version of Falcon Heavy in 2018 further reduced this cost to $1,400 per kilogram, a reduction of
approximately 92% compared to the historical average. We have also reduced our internal cost of launch through a
combination of engineering improvements, manufacturing efficiencies, and economies of scale—most notably,
through our ability to drive more frequent reuse of rockets.
We generate Space revenue primarily through launch and mission services of Falcon 9, Falcon Heavy, and Dragon
provided to commercial and government customers. We fly to LEO, MEO, GEO, lunar, and interplanetary
trajectories, as well as the International Space Station. Our Space segment revenue is derived from fixed-price
contracts related to the development and provision of launch services for both commercial customers and
governmental agency space programs, either at a “point in time” or “over time.”
We manage our Space segment to support our businesses and those of our customers. We plan launches and allocate
payloads in advance, although it can be difficult to manage the timing of customer payload arrivals. When an
expected customer payload for a planned launch is not available, we instead use launch capacity for our satellites. As
a result, we adjust expected launch payloads frequently, impacting period-to-period financial comparison. For a
majority of customer payloads, revenue and costs are primarily recognized at the launch or deployment of the
customer’s spacecraft to its intended orbi t, with some revenues and costs being recognized over time. For launches
dedicated to deploying our Starlink satellites, we capitalize the associated costs within our Connectivity segment and
depreciate them over time, and we do not recognize revenue for those launches in our Space segment. We allocate a
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significant amount of launch capacity to our Connectivity segment, and expect to allocate a significant amount to
our AI segment in the future. Our Space segment revenue only reflects customer launches and other customer
activities. As a result, notwithstanding an increasing launch cadence, our Space segment has relatively lower
revenue scale and revenue growth compared to our other segments, though its financial results do not reflect the
foundational strategic value that it provides to us in bolstering the growth of our Connectivity and AI segments.
Connectivity . Starlink provides global access to high-speed internet, including underserved rural and remote
communities worldwide. As of March 31, 2026, we had approximately 9,600 Starlink broadband and mobile
satellites in Low-Earth Orbit, providing broadband connectivity to approximately 10.3 million Starlink Subscribers
across 164 countries, territories, and other markets. We also provide satellite-to-mobile texting and over-the-top
voice services to approximately 7.4 million monthly unique devices across approximately 30 countries.
Starlink Mini
• Starlink Consumer Broadband. We operate the world’s largest and most advanced space-based internet
broadband service with median latency at approximately 25 milliseconds as of March 31, 2026. We provide
fiber-like download speeds—at a median of 225 Mbps during peak hours for residential users as of March 31,
2026—and the technological capability to provide service everywhere on Earth, including the poles. This
service quality is enabled by our vast network of approximately 9,600 Starlink broadband and mobile satellites
in Low-Earth Orbit, which accounted for approximately 75% of all active maneuverable satellites in orbit as of
March 31, 2026. We expect to commence deploying our next-generation V3 satellites, designed to offer one
Tbps of downlink capacity per satellite, using Starship in the second half of 2026. We expect that a single
Starship launch will be capable of deploying up to 60 V3 satellites to LEO, representing a potential twenty-fold
increase in Starlink downlink capacity deployed relative to a Falcon 9 launch. As of March 31, 2026, we had
approximately 10.3 million Starlink Subscribers, up approximately 105% from 5.0 million subscribers a year
prior. We charge our Starlink Subscribers a monthly subscription fee, which varies based on geographic market
and download speed, plus typically a one-time upfront terminal cost.
• Enterprise Solutions . SpaceX is a critical partner to a wide array of enterprises. We offer Starlink’s high-
speed, low-latency, reliable internet services to enterprise customers across industries including construction,
agriculture, retail, telecom, hospitality, aviation, maritime, and land mobility. Starlink’s unique capabilities are
well‑suited for deployments across field offices, remote worksites, research stations, drilling rigs, rural
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hospitals, aircraft, cruise ships, trains, and hotels. Our enterprise customers include companies such as United
Airlines, Carnival, Maersk, and John Deere, among others. We also serve a broad fixed‑site customer base
across industries such as retail and financial services that require high availability for critical operations as well
as reliable connectivity in remote or hard-to-serve locations. As companies continue to invest in secure and
resilient networks and backup systems to keep critical infrastructure online—such as point‑of‑sale and payment
processing systems—we often start as a backup solution and then transition to being the primary solution. Our
enterprise contracts are based on a combination of subscriptions, data consumption, capacity, or other pricing
models depending on each customer’s particular needs. Since 2023, no Starlink Enterprise customer having
contributed more than $750,000 of annual revenue has voluntarily discontinued their service, demonstrating the
strong performance and value of our offering. This is despite the ability of our customers to cancel the service at
any time.
• Government Solutions. For our government customers, we provide high-speed, resilient connectivity for
public services, social impact, humanitarian efforts, and disaster response in even the most remote and
challenging environments. Examples include support for the FEMA in coordinating disaster recovery after
hurricanes and wildfires, the NOAA for at-sea testing and environmental monitoring, the Government of the
Philippines for linking remote islands, schools, and public institutions, the Government of Jamaica for
improving digital access in remote and maritime areas, and the Government of Ecuador for supporting
education and healthcare connectivity in isolated communities. Separately with Starshield, we have leveraged
our commercial LEO satellite constellation engineering learnings and operational experiences to develop a
secure, dedicated satellite network designed specifically for United States Government customers and national
security applications.
• Starlink Mobile. We provide satellite-to-mobile connectivity, supplementing terrestrial networks and
substantially reducing mobile “dead zones” across approximately 30 countries. We partner with MNOs
including major wireless carriers like T-Mobile in the United States, and other international operators including
One NZ, Optus, Telstra, Rogers, KDDI, Salt, Entel, Kyivstar, and VMO2. Through these partnerships, we
enable consumers, businesses, and public-sector customers to use their existing phones in more places, support
critical connectivity during disasters and power outages, and open new applications for low-bandwidth mobile
and IoT devices. Our current capabilities under our “V1” constellation (consisting of approximately 650 V1
Mobile satellites in orbit) include light data, text messaging (SMS), and over-the-top voice services (e.g.,
WhatsApp and FaceTime). We are developing more comprehensive satellite-to-mobile services, including
broadband data and IoT connectivity, which are expected to deliver resilient, infrastructure-independent
connectivity worldwide and enable 5G connectivity. We have partnerships with approximately 30 MNOs on six
continents, covering an area that is home to approximately 1.9 billion people. We charge MNOs either a fixed
fee or a per-mobile user fee-based amount, which is typically passed through to the customer via the carrier as
an “add-on” feature.
We generate revenue in our Connectivity segment primarily through subscription fees from consumer subscribers.
We drive consumer revenue through monthly subscription fees based on geographic market and download speed,
recognizing revenue ratably over the service period, plus typically a one-time sale of a kit . In addition, we generate
revenue from enterprises through contracts structured as a combination of subscriptions, data consumption, and
capacity, or on a percentage-of-completion basis, depending on each customer’s particular needs. We generate
government revenue via long term contracts for Starshield, a secure satellite network designed specifically for
government customers and national security applications. We also earn Starlink Mobile revenue through revenue-
sharing arrangements with MNO partners, based on connectivity services included in their plans.
In 2025 , revenue from consumer subscribers represented over 60% of Connectivity segment revenue. We expect
revenue from consumer subscribers, as well as enterprise and government customers, to be the primary driver of
Connectivity segment growth, and that Starlink Mobile will become a significant new contributor of Connectivity
segment revenue.
AI. We operate a highly vertically integrated AI platform spanning gigawatt-scale AI compute infrastructure, our
truth-seeking frontier AI model, Grok, AI solutions for consumer and enterprise customers, and X, our real-time
information, entertainment, and free speech platform. We believe AI is rapidly converging toward AGI, where
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human cognitive capabilities can be replicated and scaled at machine speeds, profoundly augmenting human
productivity. Once an AGI system exists, its true value derives from the ability to create limitless duplicates of
human-like intelligence, necessitating vast computational resources and cost-efficient deployment to achieve
meaningful scale. Without large-scale, power-efficient infrastructure, AGI cannot be deployed broadly or
economically—making such infrastructure a critical strategic differentiator.
COLOSSUS II Facility in Memphis, Tennessee
• AI Compute Infrastructure. xAI has established a leading position in building and scaling terrestrial AI
compute infrastructure, becoming the first company to deploy a coherent gigawatt-scale AI training cluster. Our
AI compute facilities, COLOSSUS and COLOSSUS II, collectively provide approximately 1.0 gigawatt of
compute power, with additional power capacity available for data center operations. Our first-principles
thinking enables us to build coherent compute at scale and at rapid speed with lower costs than most other
companies in the industry. We brought the first cluster of COLOSSUS online in 122 days, repurposing the shell
of an existing factory, and the first cluster of COLOSSUS II online even faster in 91 days. As an illustrative
comparison, an industry benchmark to bring online a 100 megawatt greenfield data center is approximately two
years. We also demonstrated a significant improvement in cost efficiency, achieving data center construction
costs for COLOSSUS II that are considerably lower than industry benchmarks on a per megawatt basis. This
dual speed and cost advantage stems from our complete vertical integration and the shared culture infused by
our founder, Mr. Musk, across our Space, Connectivity, and AI segments. The addition of Terafab, an initiative
together with Tesla to build a manufacturing facility capable of producing 1 terawatt per year of compute
hardware, aims to further extend our vertical integration to chip design and manufacturing to alleviate potential
future chip shortages at SpaceX, optimize compute performance, and potentially reduce overall compute costs.
Intel, which has the ability to design, fabricate, and package ultra-high-performance chips at scale, has also
joined the Terafab project. We believe that the key constraints in the continued growth of AI are physical—chip
manufacturing, data center infrastructure, and power generation; the future of AI will be determined by the
control of the physical stack.
• Truth-Seeking Frontier Model . xAI has developed one of the world’s most advanced, truth-seeking frontier
models with Grok. Since launching Grok-1 in November 2023, we have released four major versions and
notable variations thereof, achieving one of the fastest iteration cycles in the industry, culminating in Grok-4.3
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(April 2026). Building on this trajectory, we expect to continue scaling Grok through subsequent generations.
Ongoing training of next‑generation models is expected to scale toward multiple trillions of parameters, which
could represent a step change in reasoning in depth and overall intelligence. In this context, the number of
parameters refers to the scale of the model, where parameters are the internal numerical values, such as
“weights,” that are adjusted during training to enable the model to recognize patterns and relationships in data.
A larger number of parameters generally allows the model to capture more complex relationships, store greater
amounts of knowledge, and achieve higher levels of reasoning capability. Within two years of its initial model
release, Grok achieved frontier-level performance in scientific reasoning, as measured by its GPQA Diamond
score, an industry benchmark that evaluates AI models on a standardized set of questions written and validated
by experts, on a faster timeline than reported by other leading model providers. This accelerated rate of
innovation stems from our highly vertically integrated stack: full ownership of training infrastructure, access to
the world’s most powerful compute clusters, and relentless focus on truth seeking and real-world utility. A key
competitive differentiator is Grok’s deep integration with X, enabling proprietary access to a real-time
information stream of approximately 350 million daily posts, which enhances freshness, relevance, and
contextual awareness for Grok. This direct, real-time access to the information and human discourse on X
enhances Grok’s truth-seeking capabilities by grounding outputs in up-to-date knowledge and diverse
viewpoints. We believe that this combination of compute infrastructure scale and the massive dataset available
to us through X, subject to some limitations for certain content, has allowed us to achieve industry-leading
performance and provide model outputs that analyze real-time information on global events. We expect that our
compute infrastructure and direct access to real-time data via X constitute substantial performance advantages
for Grok that will result in increasingly rapid and dramatic iteration cycles.
• Consumer and Enterprise Applications . We leverage our leading frontier models and compute infrastructure
to deliver consumer and enterprise applications. In under six months, we developed Grok Voice, a real-time
speech engine, including in multilingual performance. Our image and video generation system, Imagine,
produced approximately 10 billion images and over 2 billion videos per month, on average, for the quarter
ending March 31, 2026. Together with Tesla, we are also developing Macrohard, an agentic AI platform
designed to be capable of fully emulating digital workflows and augmenting human operation of computers—
from coding and product development to management and entire business processes—using sophisticated
autonomous agents. We believe Macrohard will have the potential to fundamentally transform how companies
are structured and operate, thereby allowing dramatic increases in human productivity. In addition, we believe
our existing government relationships and track record as large government contractors are a structural
advantage as governments become significant consumers of AI applications.
Our integrated AI platforms across Grok and X have over 1.3 billion supported accounts active in the last
twelve months ended March 31, 2026 , including approximately 550 million MAUs, up from over 1.1 billion
supported accounts and approximately 520 million MAUs as of December 31, 2025. Of our MAUs, we had
approximately 117 million MAUs that used Grok’s AI features as of March 31, 2026. While MAUs provide an
estimated measure of the size and engagement of our user base, we are focused on revenue and operating
margin, and manage our business with the objective of driving sustainable revenue growth and profitability
rather than with the primary objective of growing or maintaining MAU levels .
We also monetize user activity through high-impact advertising inventory on X. We believe X’s scale , real-time
engagement, and integration with Grok provide a differentiated foundation for building a unified user
experience across communication, content discovery, commerce, and financial services, among others. For
enterprises that advertise on X, we offer large-scale user engagement, real-time content, and advanced AI-
driven performance marketing tools. For enterprises, we offer tailored deployments of Grok customized to
specific workflows and security needs through Grok Business and Grok Enterprise, sold on license-,
consumption-, or outcome-based pricing models.
Our Capital Allocation and Funding Strategy
Since our beginning, we have managed through multiple investment cycles. We initially raised capital to fund what
is now our Space segment, which generates revenue from commercial and government customers while serving as
the backbone for our Connectivity segment. We invested in our Connectivity segment as we generated Segment
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Adjusted EBITDA from our Space segment, along with additional equity capital that we raised externally, creating a
segment that generates predictable and recurring revenue from consumer, enterprise, and government customers. We
continue to invest meaningfully in both our Space and Connectivity segments to build out the infrastructure of the
future through our next-generation Starship launch platform and our expanded Starlink broadband and mobility
networks.
We have a stellar track record of capital allocation and value creation in Space and Connectivity. Since SpaceX’s
founding in 2002, we have raised over $9 billion of equity capital to fund the development and growth of these two
business segments. The Space segment became Segment Adjusted EBITDA positive on a sustained basis beginning
in 2018 and the Connectivity segment became in aggregate Segment Adjusted EBITDA positive on a sustained basis
beginning in 2023. In 2025, our Space segment generated a loss from operations of $(657) million and Segment
Adjusted EBITDA of $653 million , including the impact of funding $3,004 million in research and development
expense for our next-generation Starship launch vehicle program. In 2025, our Connectivity segment generated
income from operations of $4,423 million and Segment Adjusted EBITDA of $7,168 million .
We acquired xAI in February 2026, which forms the basis of our AI segment. We expect to allocate substantial
capital to expand our compute infrastructure, and we expect a multi-year investment horizon before these
deployments translate into sustained positive AI Segment Adjusted EBITDA. During this investment period, our
capital expenditures will scale as quickly as we are able to deploy power and compute to address the $26.5 trillion
potential market opportunity for AI. We plan to access a range of debt and equity financing solutions available to us
as a public company to fund future investments in growth and to maintain strong liquidity. We aim to maintain an
investment grade credit rating.
Segment Adjusted EBITDA is a non-GAAP measure. Please refer to the section titled “—Non-GAAP Financial
Measures” for additional information on our non-GAAP financial measures, including reconciliations of Segment
Adjusted EBITDA to segment income (loss) from operations, the most directly comparable GAAP measure.
Key Business Metrics
We use the following key business metrics to evaluate our business, measure our performance, identify trends,
formulate business plans, and make strategic decisions.
Space
In our Space segment, we use mass to orbit and launches as key business metrics to measure our scale and
throughput. Mass to orbit and launches grow more rapidly than Space segment revenue because these metrics
include our internal constellation deployments from which we do not recognize inter-segment revenue.
Mass to Orbit : Mass to orbit is the total kilograms of payload that we deploy to orbit in a given period, and is a key
indicator of SpaceX’s capacity and scalability that supports Space revenue and drives expansion across our
Connectivity and AI segments. We calculate this metric by summing verified mass, including Starlink satellites,
customer payloads, and development cargo, from all successful orbital and flight tests. This measure excludes failed
or scrubbed attempts. We increased mass to orbit from 1,210 metric tons in 2023 to 1,699 metric tons in 2024 to
2,213 metric tons in 2025, and from 450 metric tons in the three months ended March 31, 2025 to 556 metric tons in
the three months ended March 31, 2026. In 2023, 2024, and 2025, mass to orbit included 205, 282, and 312 metric
tons attributable to customer payloads, respectively, and 1,005, 1,418, and 1,901 metric tons attributable to internal
payloads, respectively (the amounts presented may not add up to the corresponding totals due to rounding). Falcon 9
launches contribute steadily at an average capacity of 13 metric tons per mission since 2023 to various orbits while
we transition to Starship. As the most powerful launch system ever developed, we expect that Starship V3 will be
able to carry a payload of 100 metric tons, with future generations of Starship being designed to double this payload.
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Launches : Launches are a key measure of our operational scale, which in turn supports our revenue growth and
mission to expand humanity’s presence in space. Launches in a period represent the sum of all successful orbital and
flight tests across our rockets, including internal Starlink deployments, development tests, and launches for our
third-party customers, and excluding any cancellations or scrubs that occurred in that period. Falcon 9 is the most
active orbital launch vehicle today, with approximately 620 orbital space launches as of March 31, 2026, and an
over 99% mission success rate. During the three months ended March 31, 2026, we launched 40 Falcon rockets, of
which 39 were flight-proven booster launches, and in 2025, we launched 165 Falcon 9 rockets, of which 157 were
flight-proven booster launches. While we have steadily increased our Falcon 9 launch cadence over recent years, we
expect Falcon 9 launches to decrease over time. While Falcon 9 currently drives the majority of our launch activity,
we expect Starship, which is designed to be the world’s first fully, rapidly, reusable launch vehicle, to become a
larger contributor to our launch volume as it enters operational service. To date, we have executed 11 Starship flight
tests to advance our goal of rapidly and fully reusable orbital capability, a breakthrough we believe will transform
our launch economics and benefit both our business and customers who rely on our launch services. We have also
scheduled a 12th flight test, which will debut the next generation Starship vehicle and Super Heavy booster,
powered by the next evolution of our Raptor engine and launching from a newly designed pad at Starbase. We
allocate a significant amount of launch capacity to our Connectivity segment, and expect to allocate a significant
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amount to our AI segment in the future. Our Space segment revenue only reflects our customer launches and
customer activities.
______________
(1) With respect to Falcon launches, the number of launches for the years ended December 31, 2023, 2024, and 2025 totaled 96 , 134 , and 165 ,
respectively, of which customer launches totaled 33 , 45 , and 43 , respectively, and internal launches totaled 63 , 89 , and 122 , respectively.
The number of Falcon launches for the three months ended March 31, 2025 and 2026 totaled 36 and 40 , respectively, of which customer
launches totaled 12 and 7 , respectively, and internal launches totaled 24 and 33 , respectively. We designate a launch as a “customer launch”
if an external customer payload constitutes the primary payload (i.e., where the principal objective is to deliver the customer payload) and
the mission parameters (e.g., launch window, orbital parameters, mission profile) are designed around the primary payload’s requirements.
To date, all Starship launches have been classified as internal.
Connectivity
In our Connectivity segment, we view Starlink Subscribers and Starlink Subscriber ARPU as key business metrics to
evaluate our growth and monetization.
Starlink Subscribers : We define a Starlink Subscriber as a unique Service Line that is directly assigned to a
Starlink.com account registered to a person or entity that does not have a direct, negotiated agreement with the
Starlink sales team . A Service Line is an individual instance of Starlink broadband internet service provisioned
under a subscription plan, generally associated with a specific Starlink terminal or group of terminals, and billed
according to Starlink’s service plans and terms of service. The number of Service Lines is distinct from the number
of unique devices, account holders, end users or physical persons. An individual, household, or business may share a
single Service Line among multiple end-users. Likewise, an individual, household, or business may maintain
multiple service lines (e.g., both a Residential Service Line and a separate Roam Service Line, which would be
defined as two separate Service Lines and therefore two Starlink Subscribers).
We use this measure to assess the adoption of Starlink as we expand within and across geographies and business
segments. Starlink Subscribers includes both Personal (e.g., Residential and Roam) and Business (e.g., Local
Priority and Global Priority) subscription plans, but does not include managed enterprise and government customers
with contracts in domains including aviation, maritime, land mobility, fixed sites and government entities. We
calculate Starlink Subscribers for a period as the number of unique Service Lines at the end of the period. Starlink
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Subscribers totaled approximately 10.3 million and 5.0 million, up 105% and 91% on a year-over-year basis, in the
quarters ended March 31, 2026 and March 31, 2025, respectively.
Starlink Subscriber ARPU : We calculate ARPU as service revenue generated from Starlink Subscribers during the
period divided by (i) the average number of Starlink Subscribers during the period and by (ii) the number of months
in the period. Our strategy is focused on driving sustainable revenue growth and expanding our margins through
operational efficiencies and technological advancements, rather than prioritizing increases in ARPU. This approach
aligns with our long-term vision of expanding global connectivity and market access. We generally expect Starlink
Subscriber ARPU to continue to decline over the next few years as the portion of our subscriber base outside North
America continues to grow, as we add lower priced service plans, and as we adjust the monthly service plan fees we
charge for broadband offerings . However, we expect these dynamics to be offset by increased scale and
technological advancement in our launch, satellite, and user terminal operations, ultimately supporting overall
revenue growth and cost reduction. Our Starlink Subscriber monthly ARPU decreased from $86 per month for the
three months ended March 31, 2025 to $66 per month for the three months ended March 31, 2026 and from $91 per
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month in 2024 to $81 per month in 2025. These decreases were driven primarily by international expansion and the
addition of lower priced service plans.
AI
Nameplate Compute Draw : We calculate Nameplate Compute Draw for a period as the number of GPUs installed in
our data centers at the end of the period multiplied by their respective all-in power draw. Nameplate Compute Draw
reflects installed capacity and does not represent actual power consumption or utilization. It does not include power
we install and use for our supporting infrastructure such as cooling systems, power distribution losses, lighting,
security systems, or facility-level overhead. Our Nameplate Compute Draw increased to 1.0 gigawatt as of March
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31, 2026 as we brought COLOSSUS and COLOSSUS II online. We use this metric to assess our ability to deploy
and scale compute capacity.
Segment Income (Loss) from Operations
Space Income (Loss) from Operations
Space loss from operations for the three months ended March 31, 2026 increased by $592 million to $(662) million
compared to $(70) million for the three months ended March 31, 2025, primarily driven by an accelerated
investment in development of the Starship vehicle as well as launch facilities to support future Starship launches,
and a decrease in revenue from customer launches, partially offset by a decrease in cost of revenue, selling, general,
and administrative expenses and impairment.
Space income (loss) from operations for the year ended December 31, 2025 decreased by $678 million to $(657)
million compared to $21 million for the year ended December 31, 2024 , while Space income (loss) from operations
for the year ended December 31, 2024 increased by $22 million to $21 million for the year ended December 31,
2024 compared to $(1) million for the year ended December 31, 2023 . The year-over-year decrease in 2025 was
primarily driven by an accelerated investment in development of the Starship vehicle as well as launch facilities to
support future Starship launches, partially offset by an increase in revenue and decrease in cost of revenue.
Connectivity Income (Loss) from Operations
Connectivity income from operations for the three months ended March 31, 2026 increased by $155 million to
$1,188 million compared to $1,033 million for the three months ended March 31, 2025, primarily driven by
increased revenue from our consumer subscribers ( composed of 104.7% growth in Starlink Subscribers, offset by a
22.9% decline in Starlink Subscriber ARPU, primarily due to international expansion and the addition of lower
priced service plans) and enterprise business, partially offset by higher depreciation of capitalized launch and
satellite costs due to the increase in Starlink flights, as well as higher operating expenses including ground operating
costs and international expansion costs to support and drive subscriber growth.
Connectivity income from operations for 2025 increased by $2,417 million to $4,423 million compared to $2,006
million for the year ended December 31, 2024 while Connectivity income from operations for the year ended
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December 31, 2024 increased by $1,537 million to $2,006 million compared to $469 million for the year ended
December 31, 2023 . The year-over-year increase in 2025 was primarily driven by increased revenue from growth of
our consumer and enterprise customers by $2,378 million and $1,410 million , respectively, partially offset by higher
depreciation of capitalized launch and satellite costs due to the increase in Starlink flights, as well as higher
marketing and international expansion costs to drive subscriber growth.
AI Income (Loss) from Operations
AI loss from operations for the three months ended March 31, 2026 increased by $1,533 million to $(2,469) million
compared to $(936) million for the three months ended March 31, 2025, primarily driven by higher cloud computing
and GPU depreciation costs, data center infrastructure and employee expenses, partially offset by higher revenue.
AI loss from operations for 2025 increased by $4,794 million to $(6,355) million compared to $(1,561) million for
the year ended December 31, 2024 , while AI loss from operations for the year ended December 31, 2024 decreased
by $2,412 million to $(1,561) million compared to $(3,973) million for the year ended December 31, 2023 . The
increase in 2025 was primarily driven by higher cloud computing costs, facilities-related costs and employee
expenses, partially offset by higher revenue.
Segment Adjusted EBITDA
Segment Adjusted EBITDA is defined as segment income (loss) from operations excluding (i) depreciation and
amortization, (ii) share-based compensation, (iii) restructuring charges and (iv) impairment.
Space Segment Adjusted EBITDA
Space Segment Adjusted EBITDA for the three months ended March 31, 2026 decreased by $575 million to $(351)
million compared to $224 million for the three months ended March 31, 2025, primarily driven by an accelerated
investment in development of the Starship vehicle as well as launch facilities to support future Starship launches,
and a decrease in revenue from customer launches, partially offset by a decrease in cost of revenue, selling, general,
and administrative expenses.
Space Segment Adjusted EBITDA for 2025 decreased by $501 million to $653 million compared to $1,154 million
in 2024, while Space Segment Adjusted EBITDA for 2024 increased by $157 million to $1,154 million compared to
$997 million in 2023. The year-over-year decrease in 2025 was primarily driven by an accelerated investment in
development of the Starship vehicle, as well as launch facilities to support future Starship launches, partially offset
by an increase in NASA Cargo Resupply Services (CRS) for additional missions to the International Space Station,
along with increased revenue from a U.S. Department of War contract . Our Space Segment Adjusted EBITDA is
also driven by the reusability and efficiency of our rockets, which boosts cadence and reliability and supports a
diversified base of commercial and government customers. These efforts have created a strong foundation for our
Space Segment Adjusted EBITDA, and we believe position us to unlock further high-value opportunities in the
expanding space economy.
Connectivity Segment Adjusted EBITDA
Connectivity Segment Adjusted EBITDA for the three months ended March 31, 2026 increased by $469 million to
$2,087 million compared to $1,618 million for the three months ended March 31, 2025, primarily driven by higher
revenue from growth in consumer and enterprise revenue. Consumer revenue was composed of 104.7% growth in
Starlink Subscribers, offset by a 22.9% decline in Starlink Subscriber ARPU, primarily due to international
expansion and the addition of lower priced service plans. Enterprise and government revenue had an increase
primarily driven by the growth in our aviation, maritime, mobility, and other enterprise business, partially offset by a
decrease in our government business. These increases in revenue were offset by higher operating expenses for
international expansion, and higher research and development costs.
Connectivity Segment Adjusted EBITDA for 2025 increased by $3,319 million to $7,168 million compared to
$3,849 million in 2024 while Connectivity Segment Adjusted EBITDA for 2024 increased by $2,247 million to
$3,849 million compared to $1,602 million in 2023. The year-over-year increase in 2025 was primarily driven by
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higher revenue from growth in our consumer and enterprise customers, partially offset by higher marketing and
international expansion costs to grow our subscribers, as well as higher research and development costs for our next-
generation product development . We have driven our strong sequential Connectivity Segment Adjusted EBITDA
growth by expanding the scale and efficiency of our LEO satellite constellations and our highly verticalized supply
chain, which has delivered major cost reductions in user terminal production.
AI Segment Adjusted EBITDA
AI Segment Adjusted EBITDA for the three months ended March 31, 2026 decreased by $497 million to $(609)
million compared to $(112) million for the three months ended March 31, 2025, primarily driven by higher cloud
compute and data center infrastructure and operating costs, and employee compensation expenses, partially offset by
higher revenue.
AI Segment Adjusted EBITDA for 2025 decreased by $1,584 million to $(1,237) million compared to $347 million
in 2024 while AI Segment Adjusted EBITDA for 2024 decreased by $875 million to $347 million , compared to
$1,222 million in 2023. The decrease in 2025 was primarily driven by higher cloud computing costs, facilities-
related costs and employee expenses, partially offset by higher revenue. AI Segment Adjusted EBITDA is primarily
driven by our strategy to rapidly and cost-effectively scale compute infrastructure. We expect to continue to expand
our terrestrial data centers, and to launch orbital data centers, and we expect a multi-year investment horizon before
these deployments translate into sustained positive Segment Adjusted EBITDA for our AI segment.
Segment Adjusted EBITDA is a non-GAAP measure. Please refer to the section titled “—Non-GAAP Financial
Measures” for additional information on our non-GAAP financial measures, including reconciliations of Segment
Adjusted EBITDA to segment income (loss) from operations, the most directly comparable GAAP measure.
Capital Expenditures
The following table presents our capital expenditures by segment :
Three Months Ended March 31,
Year Ended December 31,
(in millions)
2026
2025
2025
2024
2023
Space ..................................................
$ 1,052
$ 759
$ 3,832
$ 2,032
$ 1,497
Connectivity .......................................
1,332
814
4,178
3,498
2,455
AI ........................................................
7,723
2,567
12,727
5,633
463
Total Capital Expenditures .................
$ 10,107
$ 4,140
$ 20,737
$ 11,163
$ 4,415
Space Capital Expenditures
Space capital expenditures for the three months ended March 31, 2026 increased $293 million to $1,052 million
compared to $759 million for the three months ended March 31, 2025. The increase was primarily driven by
increased investment in our launch site infrastructure for Starship.
Space capital expenditures for 2025 increased $1,800 million to $3,832 million compared to $2,032 million in 2024,
while Space capital expenditures for 2024 increased $535 million to $2,032 million compared to $1,497 million in
2023. The increase in each year-over-year period was primarily driven by increased investment in our launch site
infrastructure for Starship.
Connectivity Capital Expenditures
Connectivity capital expenditures for the three months ended March 31, 2026 increased $518 million to $1,332
million compared to $814 million for the three months ended March 31, 2025. The increase was primarily driven by
higher satellite and ground equipment costs as we continue to increase our number of satellites and grow our satellite
network.
Connectivity capital expenditures for 2025 increased $680 million to $4,178 million compared to $3,498 million in
2024, while Connectivity capital expenditures for 2024 increased $1,043 million to $3,498 million compared to
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$2,455 million in 2023. The increase in each year-over-year period was primarily driven by higher satellite and
ground equipment costs as we continue to increase our number of satellites and grow our satellite network.
AI Capital Expenditures
AI capital expenditures for the three months ended March 31, 2026 increased $5,156 million to $7,723 million
compared to $2,567 million for the three months ended March 31, 2025. The increase was primarily driven by
investments in the rapid expansion of our terrestrial data centers, including the development, construction, and
equipping of new facilities and supporting infrastructure.
AI capital expenditures for 2025 increased $7,094 million to $12,727 million compared to $5,633 million in 2024,
while AI capital expenditures for 2024 increased $5,170 million to $5,633 million compared to $463 million in
2023. This increase was primarily driven by significant investments in the rapid expansion of our terrestrial data
centers, including the development, construction, and equipping of new facilities and supporting infrastructure.
Drivers of Our Performance
Developing Starship. Starship is our next-generation vehicle that we expect will dramatically expand our launch
capability through full and rapid reusability combined with unprecedented mass to orbit capability. As the most
powerful launch system ever developed, we expect that Starship V3 will be able to carry a payload of 100 metric
tons, and that future generations could reach 200 metric tons, potentially as soon as Starship V4. Starship is central
to our goal of unlocking growth through our unique vertically integrated business model. Starship is expected to be
the only vehicle with fully reusable first and second stages, which is critical to reducing launch costs and increasing
launch cadence. We believe that Starship can eventually reduce the cost to reach orbit by 99% or more relative to the
historical average launch cost per kilogram according to NASA of $18,500, establishing a scalable path to creating
the infrastructure of the future, such as orbital AI compute.
We have already demonstrated catching and reusing the first stage booster for Starship through our innovative
“chopsticks” method to catch the booster. To date, we have executed 11 Starship flight tests. We have also
scheduled a 12th flight test, which will debut the next generation Starship vehicle and Super Heavy booster . This
next-generation Starship introduces major changes for better orbital performance and reusability. We plan to
demonstrate key development milestones of catching the upper stage and demonstrating in-orbit propellant transfer
capabilities. These milestones will be the key unlocks for a rapidly reusable rocket that we expect will take hundreds
of thousands of tons of mass to orbit to drive growth in our Connectivity and AI segments, and allow us to develop
the lunar economy and eventually to reach Mars . We expect Starship to commence payload delivery to orbit in the
second half of 2026 following additional flight tests. For additional information about this risk, please refer to “Risk
Factors —Risks Related to Our Business—Any failure or delay in the development of Starship at scale or in
achieving the required launch cadence, reusability and capabilities thereafter would delay or limit our ability to
execute our growth strategy, including the deployment of next-generation satellites, global satellite-to-mobile
connectivity, and orbital AI compute, which could materially adversely affect our business, financial condition,
results of operations, and future prospects ” in this prospectus.
Launch Costs and Cadence. Our launch costs and cadence underpin the foundational competitive advantage that
enables the performance of each of our segments. The reusability of our launch vehicles meaningfully reduces the
cost per kilogram to orbit by eliminating or limiting the need to manufacture new vehicles for every mission.
Reusability also enables higher launch cadence by shortening the time between flights, as vehicles can be rapidly
reflown after their return. These factors enable performance in our Connectivity segment by supporting faster and
more cost‑effective deployment of our satellite constellations. We expect they will support our AI segment as we
aim to deploy a large fleet of orbital AI compute. We expect continued enhancements to our launch infrastructure
and launch vehicles, including Starship, to drive cost down and throughput up, extending these benefits to our
businesses, as well as to our third‑party customers who rely on our launch capabilities. As we continue to reduce
launch costs and increase launch cadence, we expect to transform the rocket launch industry into airline-like
operations, enabling continuous and affordable access to space. Period-to-period comparisons of launch costs and
cadence are impacted by factors out of our control, including timing of delivery of customer payloads which impacts
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the mix of customer and internal payloads and related financial reporting, or weather which can delay a launch from
one period to another.
Increasing Satellite Capacity. The scale, reliability, and capacity of our LEO broadband and mobile satellite
constellations drive our Connectivity segment’s growth and operating performance. In 2025 , launching and
operating higher-throughput satellites supported Starlink’s service quality and customer reach by increasing
available network capacity and improving service consistency during peak usage periods. As of March 31, 2026, we
operated over 9,600 Starlink broadband and mobile satellites in Low-Earth Orbit, with the majority composed of our
second-generation, V2 Mini satellites. We expect to commence deploying our next-generation V3 satellites,
designed to offer one Tbps of downlink capacity per satellite, using Starship in the second half of 2026 and expect
that a single Starship launch will be capable of deploying up to 60 V3 satellites to LEO, representing a twenty-fold
increase in Starlink downlink capacity deployed relative to a Falcon 9 launch.
We also provide satellite-to-mobile connectivity, supplementing terrestrial networks and substantially reducing
mobile “dead zones” in approximately 30 countries. Since January 2025, we have grown our constellation from
approximately 360 m obile V1 Mobile satellites to approximately 650 mobile V1 Mobile satellites. Through this
constellation and in partnership with more th an 30 mobile network operators , we provided data, over-the-top voice,
and messaging services to approximately 7.4 million monthly unique devices across approximately 30 countrie s .
During 2025 , we also entered into agreements to acquire 65 MHz of spectrum in the United States as well as certain
global Mobile Satellite Service spectrum licenses from EchoStar for $19.6 billion of equity and cash consideration,
as described below u nder “—Liquidity and Capital Resources—Material Cash Commitments .” We expect the
spectrum acquisition to close in November 2027, subject to required regulatory approvals and other closing
conditions . We expect the wider bandwidth operations enabled by this spectrum purchase, together with our
authorization to deploy 7,500 satellites including with the 2GHz spectrum band, will provide stronger support for
current performance and potential future services, including broadband data and IoT connectivity, and is expected to
enable 5G connectivity.
These investments in satellite scale, per-satellite capacity, and expanded capabilities are instrumental to the growth
and operating performance of our Connectivity segment, enabling us to onboard new users while improving service
quality.
Increasing Starlink Brand Awareness and Acquiring New Subscribers. Our growth is driven in part by increased
global awareness of Starlink’s capabilities and our ability to convert that awareness into customer adoption. Trust,
visibility, and demonstrated reliability are central to customer acquisition, particularly for those in remote and
infrastructure-limited regions. Proven performance in rural, remote, and disaster-affected areas, along with strong
brand awareness, reinforces Starlink’s reputation as essential infrastructure, leading to higher adoption in new
markets.
As of March 31, 2026, we had over 9,600 Starlink broadband and mobile satellites in Low-Earth Orbit, operating the
world’s most advanced broadband constellation providing internet connectivity to approximately 10.3 million
Starlink Subscribers across 164 countries, territories, and other markets, collectively home to more than 3.3 billion
people. We are focused on growing the number of Starlink Subscribers by expanding our consumer distribution
network across thousands of authorized retail stores globally, and executing region-specific marketing campaigns to
increase brand awareness. By clearly demonstrating Starlink’s superior speed, low-latency, and ease of installation,
we expect to drive meaningful subscriber growth.
Increasing Enterprise Customer Adoption . As we continue to grow our Starlink constellation and bandwidth, we
see a large opportunity to grow the enterprise connectivity market by providing solutions that had not previously
been available. Our network is global and can provide primary connectivity for on-the-move applications as well as
a resilient backup option for enterprises serviced by land-based connectivity. We plan to deepen our penetration with
enterprise and government customers through direct, vertical-specific acquisition strategies. In recent years, we have
assembled dedicated sales and engineering teams to market and support fleet-wide conversions in aviation and
maritime, customized deployments for land mobility, which we expect to continue to grow as consumers who
experience Starlink begin to expect high-performance connectivity when traveling. We expect to enable more
customized deployments for land mobility across existing use cases such as commercial trucking fleets, and new
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applications enabled by more connected devices. We also continue to develop specialized networks for secure
government applications via Starshield. By leveraging proven performance in mission-critical environments and
expanding through channel partners in select geographies, we expect to drive increased adoption among high-value
enterprise and government accounts.
Accelerating Investment in Growth and Innovation. We are simultaneously developing and scaling a wide range of
complex, capital‑intensive projects, including Starship and terrestrial and orbital AI compute. We believe speed is a
competitive advantage, and periodically we decide to increase and accelerate our investments. For example, in 2025
we accelerated our timeline for Starship development, increasing R&D in our Space segment to $3,004 million ,
compared to $1,835 million in 2024 . In our AI segment, in 2025 we successfully accelerated deployment of compute
for the development of Grok, increasing R&D in our AI segment to $5,064 million , compared to $1,176 million in
2024 . We believe pursuing multiple ambitious programs in parallel enables us to compound advantages across our
vertically integrated innovation engine and unlock new large addressable markets over time. The timing of our
investments is not fixed and may accelerate based on technical progress, market opportunity, or resource
availability. As a result, our operating results, margins and profitability may fluctuate from period to period as we
continue to prioritize execution speed, capacity expansion, and technological leadership over near‑term margin
optimization. We believe that this approach maximizes long‑term value creation by allowing us to move faster than
competitors, scale earlier in emerging markets, and reinforce durable competitive advantages that we expect to
benefit our business over time.
Supply Chain and Manufacturing Efficiency for User Terminals. The operating performance of our Connectivity
segment depends in part on the cost and availability of user terminals at scale. We are vertically integrated across
terminal design, production, and support, including silicon, hardware, software, manufacturing, fulfillment, and
operations, which enables us to control our means of production as well as rapidly iterate to continuously improve
the performance of our user terminals and optimize product cost. Since our initial launch of our user terminal, we
have optimized the design of our phased-array antennas, our self-aligning antenna responsible for connecting user
equipment to our LEO satellite network, for manufacturability and high-volume scale. Over the past five years, we
have significantly lowered production costs and have scaled terminal output to approximately 200,000 terminals per
week. We plan to continue to further scale production significantly and make gains that improve margins, lower
customer barriers, and broaden addressable markets.
Scaling our AI Compute Rapidly and Efficiently . Our ability to rapidly and cost-effectively scale AI compute is a
significant driver of our competitiveness. We view scaling of compute capacity through a simple lens: power
availability and the powered shell together determine how quickly we can deploy compute, and our model and
serving stack in that powered shell determines how efficiently we convert that compute into useful tokens. In order
to scale our AI segment rapidly and efficiently, our strategy is extreme vertical integration, “from shovels to tokens.”
Power Availability and Powered Shells. We have demonstrated an industry-leading ability to rapidly deploy
large-scale data center infrastructure at unprecedented speed and cost efficiency. Our COLOSSUS and
COLOSSUS II data centers collectively provide approximately 1.0 gigawatt of compute power, with additional
power capacity available for data center operations. We brought the first cluster of COLOSSUS online in 122
days, repurposing the shell of an existing factory, and the first cluster of COLOSSUS II online even faster in 91
days. As an illustrative comparison, an industry benchmark to bring online a 100 megawatt greenfield data
center is approximately two years. We also demonstrated a significant improvement in cost efficiency,
achieving data center construction costs for COLOSSUS II that are considerably lower than industry
benchmarks on a per megawatt basis.
COLOSSUS and COLOSSUS II were brought online almost entirely through on-site power generation
capabilities that we designed, built, and deployed ourselves. We view our proven ability to construct power
infrastructure at this scale and speed as a significant competitive advantage. We partner closely with local
utilities to fund grid infrastructure expansions and access excess capacity, while proactively curtailing our grid
usage whenever required to prioritize community needs. Megapacks—utility-scale battery storage systems—
deliver critical redundancy and help stabilize operations during peak demand. Going forward, COLOSSUS II is
expected to be primarily powered by a dedicated natural gas power plant, supplemented over time by additional
grid capacity that we are directly funding through our local utility partners. Our comprehensive expertise across
the full infrastructure stack—from power procurement and on-site generation to distribution and advanced
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cooling systems—enables us to translate available power into usable compute capacity with exceptional
efficiency. As we continue to scale and optimize, we expect to drive further improvements in Power Usage
Effectiveness. We expect these gains to accelerate the path from buildout to monetization.
AI Token Generation Efficiency. We are highly vertically integrated. We design, own or lease, and install all of
our powered shells and dedicated processor capacity. This full-stack ownership enables us to efficiently convert
power capacity into usable compute, precisely control cluster configuration, and operate a true end-to-end
system spanning infrastructure through to model deployment. Our operating performance depends on how
effectively we utilize deployed compute once capacity comes online—specifically, our ability to convert raw
infrastructure into reliable, high-throughput token generation at scale. Achieving this requires tight coordination
across model training and inference workflows, hardware configuration, and data center operations so that
utilization and throughput ramp efficiently as we expand. We believe we hold a meaningful efficiency
advantage by tightly integrating the model layer directly with the compute layer. Unlike third-party
environments that impose multiple abstraction layers, we run our serving stack close to the processors and
optimize serving, networking, and cluster configuration as a single unified system. This “model-to-compute”
integration reduces overhead, improves hardware utilization, and increases the proportion of available compute
that is converted into delivered output tokens. Output tokens represent the final generated response delivered to
the user, while total processing can be substantially higher when a request triggers additional inference-time
reasoning steps. Because we control workload scheduling and serving logic, we can prioritize high token
efficiency—intelligently balancing compute allocated to reasoning with strong final output to maintain or
improve response quality. This end-to-end control, combined with our sourcing relationships with leading
compute providers, gives us a performance-per-watt advantage and enables us to adopt new processor
generations at scale more rapidly through a repeatable playbook for reconfiguration and recommissioning.
Orbital AI Compute Has the Potential to Massively Increase Our Ability to Scale Our AI Compute,
Accelerate Our Pace, and to Be More Cost Effective Relative to Terrestrial Options. We believe we are the
only company with a commercially viable path to building orbital AI compute at scale. This is underpinned by
our unique ability to launch substantial mass into orbit cost efficiently through reusable rockets and manufacture
secure, reliable, and high performance satellites at low cost and high volume. We plan to develop orbital data
centers to enable scaling of compute capacity for us and our customers that is independent of terrestrial power
infrastructure constraints. Space offers the potential to access virtually limitless power and an operating
environment that supports sustained high‑density compute, including structural advantages for power
generation, cooling, and uninterrupted operations as capacity grows. We plan to employ a modular shell
approach built around our scalable satellite constellation, which enables compute capacity to be deployed and
expanded efficiently as capacity requirements grow. The architecture also supports shorter refresh cycles at the
token layer, as we can upgrade compute as successive chip generations arrive, increasing token output per unit
of installed capacity. Our goal over time is to launch 100 gigawatts of compute to space each year. If operated
continuously, the generation resources used to support 100 gigawatts of compute could generate approximately
one-fifth of the annual power production in the United States, which was 4.4 thousand terawatt hours in 2025 ,
according to the U.S. Energy Information Administration (EIA). We expect space‑based compute to massively
increase AI compute scale, while also improving token economics.
Ability to Increase Revenue from our Consumer User Base. Our performance depends in part on our ability to
effectively increase revenue from our over 1.3 billion accounts active in the last twelve months ended March 2026 ,
including approximately 550 million monthly active AI users across Grok and X through multiple complementary
monetization channels:
Growing our Advertising Platform. A dvertising remains a core monetization channel for our AI segment, with
revenue driven by our ability to deliver highly relevant ads. We aim to grow advertising revenue per user by
strengthening performance advertising, expanding AI‑driven targeting and measurement, and introducing richer
ad formats and creative tools. A central focus of ours is making ads feel like content—contextually relevant,
aligned with user interests, and integrated into real‑time conversations. Grok increasingly supports this strategy
by helping advertisers with campaign creation, creative optimization, and alignment with trending topics and
user intent. While these factors help us drive advertising revenue, the pricing of our advertising products is also
affected by other factors, including the global economy and the highly competitive nature of our industry. We
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believe continued investment in AI‑powered advertising will further improve advertiser ROI while further
enhancing user experience.
Conversion of Users to Paid Subscribers. In parallel, we are focused on converting a greater portion of our user
base into paying subscribers through our X subscription (Premium and Premium+) and Grok subscription
offerings. Subscribers benefit from enhanced functionality, exclusive features, and access to our latest AI
models. As of March 31, 2026, we reached approximately 6.3 million active paid subscribers, which was
comprised of approximately 4.4 million X Premium and Premium+ paid subscribers and approximately 1.9
million SuperGrok, SuperGrok Heavy and SuperGrok Lite paid subscribers. We plan to continue adding new
features and functionality while releasing increasingly capable Grok models to increase the penetration rate of
our subscriber base. Our AI segment has demonstrated exceptional model velocity: since launching Grok, we
have developed leading frontier models at a far faster rate of innovation than others. We believe this pace of
innovation strengthens the value proposition of our subscription offerings and supports long‑term subscriber
growth.
Progress Toward the Everything App and New Monetization Channels. We aim to evolve X into an
“Everything App,” integrating real-time information, communications, media, payments, banking, commerce
and more within one consumer experience. This can increase the usefulness of X, and therefore increase the
usage and monetization potential of X. We have rapid product launch velocity, with a frequent cadence of new
features and products launched since 2023, including features such as long‑form video, improved group
interactions, and creator tools. We plan to further broaden the value proposition of X through offerings like
Money, a product we launched in beta in November 2025, which aims to expand platform utility by enabling
payments and other financial services. We released X Chat in November 2025, which features end-to-end
encryption and has no connection to advertising, unlike other services. We intend to further embed Grok
throughout the platform to enhance discovery, analysis of posts, user support, and personalization, making core
workflows more useful and reducing friction for users to adopt paid features.
Growing Enterprise and Government Adoption of Our AI Offerings. Our future growth and financial performance
depend in part on our ability to increase adoption and usage of our AI offerings among enterprise and government
customers. We have launched Grok Business, Grok Enterprise, Grok API, and xAI Gov, products that we believe
will be attractive to enterprises and governments, and we expect substantial opportunities to acquire new customers.
We are also partnering with Cursor to advance Grok and potentially to create jointly-owned coding and knowledge
work AI models, trained on our compute infrastructure. Over time, we also believe enterprises and governments will
present significant opportunities for revenue expansion as they deploy our models more broadly across their
organizations, adopt new capabilities, and build and operate solutions using our API. We also intend to continue to
offer our compute infrastructure to third-party customers. Our ability to realize these expansion opportunities
depends on continued innovation, reliable performance, and meeting evolving technical, security, and compliance
requirements.
Components of Results of Operations
Description of Our Segments
Space
Revenue - Space
Space segment generates revenue primarily through (i) Launch Services for the deployment of payloads to their
intended orbits for both commercial and government customers utilizing Falcon 9 and Falcon Heavy, and (ii)
Launch and Development for the development of spacecraft and provision of launch and mission services for
government agency space programs utilizing Falcon 9, Falcon Heavy, Starship, and Dragon. Launch Services
revenue is derived from fixed-price contracts that range from one to five years. Launch and Development revenue is
derived from fixed-price contracts that can range from one to fourteen years.
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The Company recognizes Launch Services revenue at a point in time , due to the interchangeability of flight
hardware and minimal unique engineering costs. Revenue and costs are deferred and not recognized until upon the
launch or deployment of the customer’s payload to their intended orbit.
The Company recognizes Launch and Development revenue over time as the Company’s performance on the
contract creates an asset with no alternative use and the Company has an enforceable right to payment for
performance to date. The Company measures progress on these contracts using the cost-to-cost input method, which
the Company believes represents the most appropriate measure towards satisfaction of its performance obligation.
For launches of our Starlink satellites, the Company does not recognize any inter-segment revenue, rather those
launch costs are capitalized in satellites in Property, plant, and equipment, net . We allocate a significant amount of
launch capacity to our Connectivity segment, and expect to allocate a significant amount to our AI segment in the
future. Our Space segment revenue only reflects our customer launches and customer activities.
Revenue from Launch Services recognized at point in time and revenue from Launch and Development recognized
over time as a percentage of total Space segment revenue are as follows:
Three Months Ended March 31,
Year Ended December 31,
2026
2025
2025
2024
2023
Launch Services ...............................
53.3 %
65.4 %
63.0 %
68.2 %
55.2 %
Launch & Development ...................
46.7 %
34.6 %
37.0 %
31.8 %
44.8 %
Space ................................................
100.0 %
100.0 %
100.0 %
100.0 %
100.0 %
We expect Space revenue growth to continue to be lower than total company revenue growth as our internal
business continues to absorb most of the growth in our launch capacity. In addition, we expect Launch and
Development to represent a larger portion of our Space revenue as we continue to serve our long-term contracts for
our government customers. From period to period, Space revenue will vary based on the mix of launches used for
customers and our own businesses.
Expenses - Space
Cost of Revenue
The Company’s Falcon 9 and Falcon Heavy are composed of boosters (also known as first stages), second stages,
Merlin engines, and fairings. Boosters, fairings, and Merlin engines are reusable and are classified as property, plant,
and equipment and are depreciated to cost of revenue. The second stages are not reusable and are recorded to cost of
revenue when they are launched for Launch Services revenue transactions or assigned for Launch and Development
revenue transactions. Dragon is comprised of a fully reusable capsule that is classified as Property, plant, and
equipment, net and is depreciated to cost of revenue. Starship is comprised of a booster, ship, and Raptor engines
and is currently in the development stage. A majority of Starship costs are currently expensed to Research and
development as incurred. Raptor engines are expensed when used in test flights.
Space segment’s cost of revenue includes second stages flown related to the Company’s Falcon 9 and Falcon Heavy
launches, launch operations and overhead, depreciation (inclusive of booster, Merlin engine, and fairing
depreciation), employee compensation costs (including salaries, benefits, and share-based compensation) for our
operations teams, launch testing and overhead, engineering costs, inventory excess and obsolescence, shared costs
incurred in the production of launch hardware, and ongoing product support.
We expect Space cost of revenue to increase both in absolute dollars and as a percentage of revenue based on our
expected mix of Launch Services and Launch and Development . From period to period, Space segment cost of
revenue will vary based on the mix of customer and internal launches.
Research and Development
Space segment’s research and development (“R&D”) expenses mainly relate to the development, build, and testing
of Starship. Starship costs consist of test flight hardware, Raptor engines, employee compensation costs (including
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salaries, benefits, and share-based compensation), tooling and equipment expenses, depreciation for R&D
equipment, and allocated overhead. R&D also includes certain expenses related to the development of features and
modules created through engineering services for the Company’s Falcon vehicles, where the Company retains the
associated intellectual property.
We expect Space research and development to increase both in absolute dollars and as a percentage of revenue in
2026 , as we invest in the development and commercialization of Starship, and to moderate both in absolute dollars
and as a percentage of revenue once Starship is commercialized by delivering payload to orbit. At
commercialization, Starship costs generally will be capitalized and then depreciated in cost of revenue of the
segment associated with the payload delivered.
Selling, General, and Administrative
Space segment’s selling, general, and administrative (“SG&A”) expenses include allocated employee compensation
costs (including salaries, benefits, and share-based compensation) for our sales, facilities, legal, finance, information
technology, human resources, and other administrative employees, depreciation, and corporate aircraft costs.
We expect Space segment's SG&A to increase in absolute dollars to support growth of our business, and to decrease
as a percentage of revenue as we continue to work to reduce operating costs as a percentage of revenue.
Impairment
Space impairment includes impairment losses on fixed assets due to anomalies on the Company’s flight vehicles and
launch sites, which occur outside our normal business operations.
Connectivity
Revenue - Connectivity
Connectivity segment generates revenue from (i) the broadband and mobile connectivity services provided through
Starlink and (ii) the sale of the Starlink Kit (inclusive of the terminal) . The Company provides connectivity services
and Starlink Kits to c onsumers or enterprise and government customers.
The Company recognizes revenue from broadband and mobile connectivity services over time as the customer
simultaneously receives and consumes the benefits provided. The Company generates service revenue from (i)
fixed-price services that require advance or recurring monthly payments by the customer or (ii) variable-priced
services based on actual data consumption. The amounts received from customers for advanced payments for
broadband and mobile connectivity services are recognized either ratably over the subscription term or based on
actual data consumption. The Company’s broadband contracts are generally month-to-month and the revenue
recognized for these recurring consumer customers is equal to the amount billed in that month. The Company’s
mobile connectivity agreements are generally multi-year contractual obligations that range from one to five years,
although the customer can generally terminate at any time.
The Company recognizes revenue over time for certain contracts related to our Starshield business that are multi-
year in nature. For revenue that is recognized over time, we use the cost-to-cost input method. The Company records
revenue based upon costs (such as materials and labor hours) incurred to date relative to the total estimated cost at
completion.
The Company records revenue for the Starlink Kit upon delivery to the customer, or in the instance of certain
enterprise customers, when it is installed. Starlink Kit revenue is reported net of sales returns, credits, and
chargebacks.
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Expenses - Connectivity
Cost of Revenue
Connectivity segment’s cost of revenue includes depreciation (inclusive of launch, satellite, and ground
infrastructure costs), Starlink Kit costs, shipping and handling costs, ground operating expenses, employee
compensation costs (including salaries, benefits, and share-based compensation) for our engineering and operations
teams, payment processor fees, warranty expense, inventory excess and obsolescence, and customs and duties.
We expect Connectivity cost of revenue to increase in absolute dollars as we grow our revenue, and to decrease as a
percentage of revenue as we continue to drive efficiencies in our next-generation satellites, Starlink Kits, and ground
infrastructure.
Research and Development
Connectivity segment’s R&D expenses mainly relate to the development, build, and testing of our next-generation
satellites, Starlink K its , and ground infrastructure . These costs include employee compensation costs (including
salaries, benefits, and share-based compensation), contractor compensation expenses, equipment lease expenses,
depreciation for R&D equipment, and allocated overhead.
We expect Connectivity research and development to increase in absolute dollars as we grow our revenue, and to
decrease as a percentage of revenue as we scale our business.
Selling, General, and Administrative
Connectivity segment’s SG&A expenses include allocated employee compensation costs (including salaries,
benefits, and share-based compensation) for our sales, facilities, legal, finance, information technology, human
resources, and other administrative employees, licensing and regulatory fees, marketing expenses, depreciation, and
bad debt expense.
We expect Connectivity SG&A to increase in absolute dollars and as a percentage of revenue in 2026 as we
introduce marketing spend to support growth of our business, and to decrease as a percentage of revenue over time
as we continue to work to reduce operating costs as a percentage of revenue .
Impairment
Connectivity impairment includes costs related to discontinuation of a product line for Starlink K its that is non-
recurring.
AI
Revenue - AI
AI segment generates revenue from the sale of digital platform services, including advertising, subscription, and
licensing services offered to consumers and enterprise customers.
The Company generates revenue from (i) the sale of ad products displayed on its X platform, and (ii) providing AI
solutions and infrastructure, which includes subscription-related offerings , data licensing arrangements , and API
access to Grok models.
Revenue for advertising services is recognized in the period when advertising is delivered as evidenced by a person
engaging with an ad on the Company’s platforms in a manner satisfying the types of engagement selected by the
advertisers. The Company’s contract terms for advertising services are typically cancellable short-term
arrangements . We experience seasonality in our advertising revenues. Overall advertising spend tends to be highest
in the fourth quarter of each year due in large part to end-of-year advertiser spending and lowest in the first quarter
of each year.
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Revenue for AI solutions and infrastructure includes: (i) premium subscriptions on X and Grok which is recognized
ratably over the period of the subscription term (ranging from month-to-month to one year) , (ii) data licensing
revenue which is generally recognized ratably over the period (from month-to-month to two years) in which the
Company provides data as the customer consumes and benefits from the use of the licensed data, (iii) revenue from
providing API access to Grok models recognized ratably over the contract term (typically month-to-month or up to
one year) for stand-ready access or as services are consumed for usage based arrangements.
Expenses - AI
Cost of Revenue
AI segment’s cost of revenue includes infrastructure costs, revenue share expenses, payment processor fees,
payments to creators, amortization of acquired intangible assets, and allocated labor and overhead costs.
Infrastructure costs consist primarily of costs related to data center facilities, including lease and hosting costs,
related support, maintenance, energy, and bandwidth costs, depreciation of servers and networking equipment,
public cloud hosting costs, and employee compensation costs (including salaries, benefits, and share-based
compensation) for our operations teams.
We expect AI cost of revenue to increase in absolute dollars as we grow our revenue, and to decrease as a
percentage of revenue as we monetize our products and as we expand our service offerings for AI solutions .
Research and Development
AI segment’s R&D expenses mainly relate to the training of Grok, our leading frontier model , development, build,
and testing of our next-generation AI-enabled products and data center costs to train AI-enabled products. These
costs include cloud computing expenses, employee compensation expenses (including salaries, benefits, and share-
based compensation), power generation costs, and depreciation of data center assets, including processors,
equipment lease expenses, and networking equipment.
We expect AI R&D expenses to increase, both in absolute dollars and as a percentage of revenue, as we invest in
compute infrastructure for Grok. Additionally, AI R&D expenses may increase as a result of the compute agreement
with Cursor .
Selling, General, and Administrative
AI segment’s SG&A expenses consist primarily of employee compensation expenses (including salaries, benefits,
and share-based compensation) for our sales, sales support, marketing, finance, legal, information technology,
human resources and other administrative employees. In addition, SG&A expenses include fees and costs for
professional services, including consulting, content moderation, third-party legal and accounting services and
facilities costs and other supporting overhead costs that are not allocated to other departments .
We expect AI SG&A to increase in absolute dollars to support growth of our business, and to decrease as a
percentage of revenue as we continue to work to reduce operating costs as a percentage of revenue. Additionally, AI
SG&A may increase as a result of the compute agreement with Cursor.
Restructuring C harges
AI restructuring charges are the result of the acquisition of Twitter in October 2022 by X Holdings. The charges
include workforce restructuring for former Twitter employees, as well as impairment and early termination penalties
as a result of consolidation of Twitter’s various office leases.
Impairment
AI impairment includes a one-time impairment of the Twitter brand when Twitter was rebranded to X in July 2023.
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Other Corporate Expenses
Interest Expense
Interest expense includes interest expense related to our borrowings, amortization of associated debt issuance costs,
undrawn fees, and finance leases. Interest expense is reflected net of capitalized interest.
Interest Income
Interest income includes interest income earned on cash and cash equivalents and marketable securities, and
dividend income from our investments in mutual funds.
Other Income (Expense), N et
Other income (expense), net consists of gain or loss on digital assets, gain or loss on foreign currency transactions,
and loss on extinguishment of debt.
Provision for (Benefit from) Income Taxes
The provision for (benefit from) income taxes consists primarily of income taxes in certain federal, state, local and
foreign jurisdictions in which we conduct business. Foreign jurisdictions typically have different statutory tax rates
from those in the United States. Accordingly, our effective tax rates may vary depending on the impact of the
valuation allowance as well as the relative proportion of foreign income to domestic income, generation of tax
credits, changes in the valuation of our deferred tax assets and liabilities, and changes in tax laws.
Comparison of the three months ended March 31, 2026 and 2025
Consolidated Results of Operations
The following table sets forth our consolidated financial statements data for the periods indicated:
Three Months Ended March 31,
2026 vs. 2025 Change
(in millions)
2026
2025
$ Change
% Change
Revenue ...............................................................
$ 4,694
$ 4,067
$ 627
15.4 %
Costs and expenses
Cost of revenue ..............................................
2,388
1,962
426
21.7 %
Research and development .............................
3,514
1,557
1,957
125.7 %
Selling, general, and administrative ...............
746
493
253
51.3 %
Restructuring charges (credits) .......................
(11)
4
(15)
NM
Impairment .....................................................
—
24
(24)
NM
Total costs and expenses ...........................
6,637
4,040
2,597
64.3 %
Income (loss) from operations ............................
(1,943)
27
(1,970)
NM
Interest expense ...................................................
(664)
(447)
(217)
48.5 %
Interest income ....................................................
213
117
96
82.1 %
Other expense, net ...............................................
(1,876)
(211)
(1,665)
789.1 %
Loss before income taxes ....................................
(4,270)
(514)
(3,756)
730.7 %
Provision for income taxes ..................................
6
14
(8)
(57.1) %
Net loss ................................................................
$ (4,276)
$ (528)
$ (3,748)
709.8 %
_________________
NM — Absolute percentage comparisons from positive to negative values or to zero values are considered not meaningful.
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Revenue
Revenue for the three months ended March 31, 2026 increased by $627 million , or 15.4% , compared to the three
months ended March 31, 2025 . This increase was primarily due to an increase in revenue from our Connectivity
segment of $782 million as our Starlink Subscriber base continued to grow as well as an increase in revenue from
our AI segment of $91 million from higher X and Grok subscriptions, partially offset by a decrease in revenue from
our Space segment of $246 million due to lower Launch Services missions and timing of work for government
contracts.
Cost of Revenue
Cost of revenue for the three months ended March 31, 2026 increased by $426 million , or 21.7% , compared to the
prior three months ended March 31, 2025 . This increase was primarily due to an increase in costs in our
Connectivity segment of $437 million driven by an increase in depreciation related to the number of satellites placed
into orbit and higher operating costs of $5 million in our AI segment, partially offset by a decrease in cost of revenue
from our Space segment of $16 million due to less customer launches.
Research and Development
Research and development expense for the three months ended March 31, 2026 increased by $1,957 million , or
125.7% , compared to the prior three months ended March 31, 2025 . This increase was primarily due to higher costs
in our AI segment of $1,471 million driven by depreciation of GPU hardware , and the cost of cloud computing and
data center infrastructure expenses as a result of our AI data center expansions and higher costs from our Space
segment of $404 million driven by accelerated investment in our Starship vehicle and related facilities.
Selling, General, and Administrative
Selling, general, and administrative expense for the three months ended March 31, 2026 increased by $253 million ,
or 51.3% , compared to the prior three months ended March 31, 2025 . This increase was primarily due to higher
employee-related costs and professional fees for our AI segment of $163 million as our AI business grew rapidly,
higher marketing and international expansion costs of $79 million and $23 million, respectively, for our
Connectivity segment. These increase s were partially offset by lower expenses of $18 million in our Space segment.
Restructuring Charges (Credits)
Restructuring charges (credits) for the three months ended March 31, 2026 decreased by $15 million compared to
the prior three months ended March 31, 2025 . This decrease was primarily due to change in estimated settlement
amounts for former Twitter employees as part of the workforce reduction program implemented in 2022.
Impairment
Impairment for the three months ended March 31, 2026 decreased by $24 million compared to the prior three
months ended March 31, 2025 . The impairment in the three months ended March 31, 2025 was related to a post-
landing anomaly in our Space segment. There was no impairment for the three months ended March 31, 2026.
Income (Loss) from Operations
Income (loss) from operations for the three months ended March 31, 2026 decreased by $1,970 million compared to
the prior three months ended March 31, 2025 driven by the factors described above.
Interest Expense
Interest expense for the three months ended March 31, 2026 increased by $217 million , or 48.5% , compared to the
prior three months ended March 31, 2025 . This increase was primarily due to additional debt raised by the Company
and other financing arrangements entered into during the period by our AI segment.
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Interest Income
Interest income for the three months ended March 31, 2026 increased by $96 million , or 82.1% , compared to the
prior three months ended March 31, 2025 . This increase was primarily due to an increase in interest income earned
from cash equivalents and marketable securities.
Other Income (Expense), Net
Other expense, net for the three months ended March 31, 2026 increased by $1,665 million , compared to the prior
three months ended March 31, 2025 . This increase was primarily due to the loss on extinguishment of debt and
unrealized loss on digital assets.
Provision for (Benefit from) Income Taxes
Provision for income taxes for the three months ended March 31, 2026 decreased by $8 million compared to the
prior three months ended March 31, 2025 . This decrease was primarily due to the change in the mix of our
jurisdictional earnings subject to different tax rates.
Net Income (Loss)
Net loss for the three months ended March 31, 2026 increased by $3,748 million compared to the prior three months
ended March 31, 2025 driven by the factors described above.
Segment Results
Space
Three Months Ended March 31,
2026 vs. 2025 Change
(in millions)
2026
2025
$ Change
% Change
Revenue .............................................................
$ 619
$ 865
$ (246)
(28.4) %
Costs and expenses
Cost of revenue ...................................................
281
297
(16)
(5.4) %
Research and development .............................
930
526
404
76.8 %
Selling, general, and administrative ...............
70
88
(18)
(20.5) %
Impairment .....................................................
—
24
(24)
NM
Total costs and expenses ................................
$ 1,281
$ 935
$ 346
37.0 %
Loss from operations .................................
$ (662)
$ (70)
$ (592)
845.7 %
_________________
NM — Absolute percentage comparisons from positive to negative values or to zero values are considered not meaningful.
Revenue
Revenue for the three months ended March 31, 2026 decreased $246 million , or 28.4% , compared to the prior three
months ended March 31, 2025 . This decrease was primarily driven by a decrease in Launch Services revenue of
$236 million and a decrease of $10 million in Launch and Development revenue. The decrease in Launch Services
revenue is due to a decrease in customer launches period over period. While total Falcon launches increased by 4
from 36 for the three months ended March 31, 2025 to 40 for the three months ended March 31, 2026, Launch
Services missions decreased by 4 over the same period. Launch and Development revenue decreased due to timing
of work performed on government contracts.
Cost of Revenue
Cost of revenue for the three months ended March 31, 2026 decreased by $16 million , or 5.4% , compared to the
prior three months ended March 31, 2025 . This decrease was primarily due to the decrease in customer launches and
timing of work on government contracts of $34 million, offset by an increase of $10 million in inventory excess and
obsolescence reserves and $10 million in launch hardware disposals for damaged Falcon fairings.
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Research and Development
Research and development for the three months ended March 31, 2026 increased by $404 million , or 76.8% ,
compared to the prior three months ended March 31, 2025 . This increase was primarily driven by higher production
costs of $194 million, higher engineering costs of $95 million, and higher test and launch costs of $62 million, due
to the accelerated investment in development of the Starship vehicle and continued development of production and
launch facilities to support future Starship launches.
Selling, General, and Administrative
Selling, general, and administrative for the three months ended March 31, 2026 decreased by $18 million , or 20.5% ,
compared to the prior three months ended March 31, 2025 . This decrease was primarily due to lower allocated
general and administrative overhead of $13 million.
Impairment
Impairment for the three months ended March 31, 2026 decreased by $24 million compared to the prior three
months ended March 31, 2025 . This decrease was primarily due to a non-recurring impairment loss on a Falcon 9
booster due to a post-landing anomaly during the three months ended March 31, 2025 . There was no impairment for
the three months ended March 31, 2026.
Loss from Operations
Space loss from operations for the three months ended March 31, 2026 increased by $592 million compared to the
prior three months ended March 31, 2025 driven by the factors described above.
Connectivity
Three Months Ended March 31,
2026 vs. 2025 Change
(in millions)
2026
2025
$ Change
% Change
Revenue .............................................................
$ 3,257
$ 2,475
$ 782
31.6 %
Costs and expenses
Cost of revenue ..............................................
$ 1,651
$ 1,214
$ 437
36.0 %
Research and development .............................
205
123
82
66.7 %
Selling, general, and administrative ...............
213
105
108
102.9 %
Total costs and expenses ................................
$ 2,069
$ 1,442
$ 627
43.5 %
Income from operations .............................
$ 1,188
$ 1,033
$ 155
15.0 %
Revenue
Revenue for the three months ended March 31, 2026 increased by $782 million , or 31.6% , compared to the prior
three months ended March 31, 2025 . This increase was primarily driven by an increase of $656 million in revenue
from our consumer subscribers, composed of 104.7% growth in Starlink Subscribers, offset by an 22.9% decline in
Starlink Subscriber ARPU, primarily due to international expansion and the addition of lower priced service plans.
In addition, enterprise and government revenue had an increase of $126 million primarily driven by the growth in
our aviation, maritime, and other enterprise business of $209 million, our mobile connectivity business of $85
million, partially offset by a decrease of $175 million in our government connectivity business.
Cost of Revenue
Cost of revenue for the three months ended March 31, 2026 increased by $437 million , or 36.0% , compared to the
prior three months ended March 31, 2025 . This increase was primarily due to higher depreciation of $276 million
from capitalized launch and satellite costs, higher operating expenses of $140 million mainly driven by ground
operating costs of $50 million, customer support and installation costs of $42 million, payment processor fees of $19
million, freight costs of $15 million, and warranty costs of $12 million.
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Research and Development
Research and development for the three months ended March 31, 2026 increased by $82 million , or 66.7% ,
compared to the prior three months ended March 31, 2025 . This increase was primarily due to higher costs for the
next-generation production development of satellites of $62 million, Starlink Kits of $8 million, and ground
equipment of $14 million.
Selling, General, and Administrative
Selling, general, and administrative for the three months ended March 31, 2026 increased by $108 million , or
102.9% , compared to the prior three months ended March 31, 2025 . This increase was primarily driven by higher
marketing costs of $79 million and higher international expansion costs of $23 million, partially offset by lower bad
debt expense of $9 million.
Income from Operations
Connectivity income from operations for the three months ended March 31, 2026 increased by $155 million , or
15.0% , compared to the prior three months ended March 31, 2025 driven by the factors described above.
AI
Three Months Ended March 31,
2026 vs. 2025 Change
(in millions)
2026
2025
$ Change
% Change
Revenue .............................................................
$ 818
$ 727
$ 91
12.5 %
Costs and expenses
Cost of revenue ..............................................
456
451
5
1.1 %
Research and development .............................
2,379
908
1,471
162.0 %
Selling, general, and administrative ...............
463
300
163
54.3 %
Restructuring charges .....................................
(11)
4
(15)
NM
Total costs and expenses ...........................
$ 3,287
$ 1,663
$ 1,624
97.7 %
Loss from operations .................................
$ (2,469)
$ (936)
$ (1,533)
163.8 %
_________________
NM — Absolute percentage comparisons from positive to negative values or to zero values are considered not meaningful.
Revenue
Revenue for the three months ended March 31, 2026 increased by $91 million , or 12.5% , compared to the prior three
months ended March 31, 2025 due to the increase in AI solutions and infrastructure revenue of $191 million , offset
by decrease in advertising revenue of $100 million . The increase in AI solutions and infrastructure was primarily
due to an increase in Grok and X subscription revenue of $177 million and an increase in data licensing
arrangements of $12 million . The decrease in advertising revenue is due to an overhaul of the Company’s
advertising platform which impacted ad sales for a short period of time during the rebuild.
Cost of Revenue
Cost of revenue for the three months ended March 31, 2026 increased by $5 million , or 1.1% , compared to the prior
three months ended March 31, 2025 . This increase was primarily due to an increase in revenue share and content
creator expenses of $71 million , and higher payment processing fees of $18 million , partially offset by a decrease in
amortization expenses of technology intangibles of $89 million that were fully amortized during 2025.
Research and Development
Research and development for the three months ended March 31, 2026 increased by $1,471 million , or 162.0% ,
compared to the prior three months ended March 31, 2025 . This increase was primarily due to higher GPU
depreciation expense of $908 million , and higher cloud computing and data center infrastructure expenses of $301
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million associated with the continued build out of our compute infrastructure, as well as higher employee
compensation expenses (including salaries, benefits, and share-based compensation) of $262 million .
Selling, General, and Administrative
Selling, general, and administrative for the three months ended March 31, 2026 increased by $163 million , or
54.3% , compared to the prior three months ended March 31, 2025 . This increase was primarily due to higher
employee compensation expenses (including salaries, benefits, and share-based compensation) of $148 million as
we continue to expand our AI business and higher legal expenses of $33 million , partially offset by a decrease in
facilities and general and administrative costs of $18 million .
Restructuring Charges (Credits)
Restructuring charges (credits) for the three months ended March 31, 2026 decreased by $15 million compared to
the prior three months ended March 31, 2025 . This decrease was primarily due to a change in estimated settlement
amounts for former Twitter employees as part of the workforce reduction program implemented in 2022.
Loss from Operations
AI loss from operations for the three months ended March 31, 2026 increased by $1,533 million , or 163.8% ,
compared to the prior three months ended March 31, 2025 driven by the factors described above.
Comparison of the Years Ended December 31, 2025 and 2024
Consolidated Results of Operations
The following table sets forth our consolidated statements of operations data for the periods indicated:
Year Ended December 31,
2025 vs. 2024 Change
(in millions)
2025
2024
$ Change
% Change
Revenue ...............................................................
$ 18,674
$ 14,015
$ 4,659
33.2 %
Costs and expenses
Cost of revenue ..............................................
9,451
7,996
1,455
18.2 %
Research and development .............................
8,643
3,464
5,179
149.5 %
Selling, general, and administrative ...............
2,644
1,813
831
45.8 %
Restructuring charges .....................................
487
213
274
128.6 %
Impairment .....................................................
38
63
(25)
(39.7) %
Total costs and expenses ...........................
21,263
13,549
7,714
56.9 %
Income (loss) from operations ............................
(2,589)
466
(3,055)
NM
Interest expense ...................................................
(1,945)
(1,580)
(365)
23.1 %
Interest income ....................................................
492
371
121
32.6 %
Other income, net ................................................
(177)
985
(1,162)
NM
Income (loss) before income taxes ......................
(4,219)
242
(4,461)
NM
Provision for (benefit from) income taxes ..........
718
(549)
1,267
NM
Net income (loss) ................................................
$ (4,937)
$ 791
$ (5,728)
NM
_________________
NM — Absolute percentage comparisons from positive to negative values or to zero values are considered not meaningful.
Revenue
Revenue for the year ended December 31, 2025 increased by $4,659 million , or 33.2% , compared to the prior year
ended December 31, 2024 . This increase was primarily due to an increase in revenue from our Connectivity segment
of $3,788 million as our Starlink Subscriber base continued to grow as well as our Connectivity enterprise and
government sales, and increases in revenue from our Space segment of $290 million due to increases in Launch and
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Development revenue for work performed on government contracts, and an increase in revenue from our AI
segment of $581 million as advertising, Grok and X subscriptions, and data licensing arrangements grew.
Cost of Revenue
Cost of revenue for the year ended December 31, 2025 increased by $1,455 million , or 18.2% , compared to the prior
year ended December 31, 2024 . This increase was primarily due to an increase in costs in our Connectivity segment
of $1,153 million driven by higher depreciation as the number of satellites placed into orbit grew and higher
operating expenses, and higher infrastructure and cloud computing costs of $491 million in our AI segment, partially
offset by a decrease in cost of revenue from our Space segment of $189 million due to the increased reusability of
our Falcon launch vehicles resulting in lower depreciation.
Research and Development
Research and development expense for the year ended December 31, 2025 increased by $5,179 million , or 149.5% ,
compared to the prior year ended December 31, 2024 . This increase was primarily due to higher R&D costs in our
AI segment of $3,888 million driven by the depreciation of GPU hardware and the cost of cloud computing as a
result of our AI data center expansions and higher R&D costs from our Space segment of $1,169 million driven by
accelerated investment in our Starship vehicle.
Selling, General, and Administrative
Selling, general, and administrative expense for the year ended December 31, 2025 increased by $831 million , or
45.8% , compared to the prior year ended December 31, 2024 . This increase was primarily due to higher employee
and facilities-related costs and higher legal expenses for our AI segment of $722 million as our AI business grew
rapidly, and higher marketing and international expansion costs of $53 million and $37 million, respectively , for our
Connectivity segment. These increase s were partially offset by lower allocated general and administrative overhead
in our Space segment.
Restructuring Charges
Restructuring charges for the year ended December 31, 2025 increased by $274 million , or 128.6% , compared to the
prior year ended December 31, 2024 . This increase was primarily due to additional expense related to the settlement
to former Twitter employees as part of the workforce reduction program implemented in 2022.
Impairment
Impairment for the year ended December 31, 2025 decreased by $25 million , or 39.7% , compared to the prior year
ended December 31, 2024 . The decrease was primarily related to a discontinuation of a Starlink Kit production line
in our Connectivity segment that occurred during the year ended December 31, 2024 with no impairment in 2025,
partially offset by an increase in impairment in our Space Segment during the year ended December 31, 2025
primarily related to a post-landing anomaly.
Income (Loss) from Operations
Income (loss) from operations for the year ended December 31, 2025 decreased by $3,055 million compared to the
prior year ended December 31, 2024 driven by the factors described above.
Interest Expense
Interest expense for the year ended December 31, 2025 increased by $365 million , or 23.1% , compared to the prior
year ended December 31, 2024 . This increase was primarily due to new term loans and senior notes entered into by
the Company and other financing arrangements for GPUs entered into during the year by our AI segment.
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Interest Income
Interest income for the year ended December 31, 2025 increased by $121 million , or 32.6% , compared to the prior
year ended December 31, 2024 . This increase was primarily due to an increase in dividend income earned from
marketable securities and cash equivalents.
Other Income (Expense), N et
Other income (expense), net for the year ended December 31, 2025 decreased by $1,162 million , compared to the
prior year ended December 31, 2024 . This decrease was primarily due to an unrealized loss on digital assets.
Provision for (Benefit from) Income Taxes
Provision for income taxes for the year ended December 31, 2025 increased by $1,267 million compared to the prior
year ended December 31, 2024 . The increase was primarily due to a partial valuation allowance release in 2024 and
the establishment of a valuation allowance in 2025. For the year ended December 31, 2024 , the Company released a
partial valuation allowance on the Company’s U.S. deferred tax assets. As of December 31, 2024 , the Company
forecasted $ 659 million of deferred tax assets related to U.S. R&D credits would be utilized in the future. For the
year ended December 31, 2025, as a result of the enactment of the One Big Beautiful Bill Act (Public Law No.
119-21), we assessed the realizability of our deferred tax assets and reversed the benefit that was recognized for the
year ended December 31, 2024 .
Net Income (Loss)
Net income (loss) for the year ended December 31, 2025 decreased by $5,728 million compared to the prior year
ended December 31, 2024 driven by the factors described above.
Segment Results
Space
Year Ended December 31,
2025 vs. 2024 Change
(in millions)
2025
2024
$ Change
% Change
Revenue ...............................................................
$ 4,086
$ 3,796
$ 290
7.6 %
Costs and expenses
Cost of revenue ..............................................
1,352
1,541
(189)
(12.2) %
Research and development .............................
3,004
1,835
1,169
63.7 %
Selling, general, and administrative ...............
349
375
(26)
(6.9) %
Impairment .....................................................
38
24
14
61.5 %
Total costs and expenses ...........................
$ 4,743
$ 3,775
$ 968
25.7 %
Income (loss) from operations ............................
$ (657)
$ 21
$ (678)
NM
_________________
NM — Absolute percentage comparisons from positive to negative values or to zero values are considered not meaningful.
Revenue
Revenue for the year ended December 31, 2025 increased by $290 million , or 7.6% , compared to the prior year
ended December 31, 2024 . Launch Services revenue remained relatively flat year over year, while Launch and
Development revenue increased by $298 million . The Launch and Development revenue increase was primarily
driven by increased revenue for an extended contract with NASA for additional Cargo Resupply Services (CRS)
missions to the International Space Station and increased revenue from a U.S. Department of War contract. While
total Falcon launches increased by 31 from 134 in 2024 to 165 in 2025, Space customer launches and average price
per launch remained relatively flat year over year.
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Cost of Revenue
Cost of revenue for the year ended December 31, 2025 decreased by $189 million , or 12.2% , compared to the prior
year ended December 31, 2024 . This decrease was primarily due increased reusability of our Falcon launch vehicles
resulting in lower deprecation of $240 million, lowering the cost of each launch, and lower overhead costs of $11
million. The decrease is also due to the relative increase in Starlink satellite launches from 89 launches in 2024 to
122 launches in 2025 , resulting in relatively more of our launch operations and overhead costs capitalized in our
Connectivity segment of $14 million. This decrease was partially offset by an increase in inventory excess and
obsolescence reserves of $51 million mainly due to less demand on rocket vehicle and spacecraft parts as reusability
has increased.
Research and Development
Research and development for the year ended December 31, 2025 increased by $1,169 million , or 63.7% , compared
to the prior year ended December 31, 2024 . This increase was primarily driven by higher production costs of $779
million, higher launch costs of $218 million, and higher engineering costs of $185 million, due to the accelerated
investment in development of the Starship vehicle and continued development of production and launch facilities to
support future Starship launches.
Selling, General, and Administrative
Selling, general, and administrative for the year ended December 31, 2025 decreased by $26 million , or 6.9% ,
compared to the prior year ended December 31, 2024 . This decrease was primarily due to lower allocated general
and administrative overhead of $52 million, partially offset by higher employee compensation expenses (including
salaries, benefits, and share-based compensation) of $16 million.
Impairment
Impairment for the year ended December 31, 2025 increased by $14 million , or 61.5% , compared to the prior year
ended December 31, 2024 . This increase was primarily due to a non-recurring impairment loss on a Falcon 9 booster
due to a post-landing anomaly during the year.
Income (Loss) from Operations
Space income from operations for the year ended December 31, 2025 decreased by $678 million compared to the
prior year ended December 31, 2024 driven by the factors described above.
Connectivity
Year Ended December 31,
2025 vs. 2024 Change
(in millions)
2025
2024
$ Change
% Change
Revenue ...............................................................
$ 11,387
$ 7,599
$ 3,788
49.8 %
Costs and expenses
Cost of revenue ..............................................
5,921
4,768
1,153
24.2 %
Research and development .............................
575
453
122
27.1 %
Selling, general, and administrative ...............
468
333
135
40.4 %
Impairment .....................................................
—
39
(39)
NM
Total costs and expenses ................................
$ 6,964
$ 5,593
$ 1,371
24.5 %
Income from operations ......................................
$ 4,423
$ 2,006
$ 2,417
120.4 %
_________________
NM — Absolute percentage comparisons from positive to negative values or to zero values are considered not meaningful.
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Revenue
Revenue for the year ended December 31, 2025 increased by $3,788 million , or 49.8% , compared to the prior year
ended December 31, 2024 . This increase was primarily driven by an increase of $2,377 million in revenue from our
consumer subscribers, composed of 99.9% growth in Starlink Subscribers , offset by an 11.2% decline in Starlink
Subscriber ARPU, primarily due to international expansion and the addition of lower priced service plans. In
addition, Connectivity revenue had an increase of $1,411 million from our enterprise and government customers,
primarily driven by the growth in our enterprise connectivity business of $1,218 million inclusive of growth in our
mobile connectivity business of $632 million, and growth in our government connectivity business of $193 million.
Cost of Revenue
Cost of revenue for the year ended December 31, 2025 increased by $1,153 million , or 24.2% , compared to the prior
year ended December 31, 2024 . This increase was primarily due to higher depreciation of $827 million from
capitalized launch and satellite costs , higher operating expenses of $283 million mainly driven by ground operating
costs of $134 million, payment processor fees of $45 million, international expansion of $44 million, warranty costs
of $38 million, and employee compensation expenses (including salaries, benefits, and share-based compensation)
of $12 million, and higher freight costs of $72 million.
Research and Development
Research and development for the year ended December 31, 2025 increased by $122 million , or 27.1% , compared to
the prior year ended December 31, 2024 . This increase was primarily due to higher costs for the next-generation
production development of satellites of $84 million, Starlink Kits of $22 million, and ground equipment of $15
million.
Selling, General, and Administrative
Selling, general, and administrative for the year ended December 31, 2025 increased by $135 million , or 40.4% ,
compared to the prior year ended December 31, 2024 . This increase was primarily driven by higher marketing costs
of $53 million, higher international expansion costs of $37 million, and higher allocated general and administrative
overhead of $67 million.
Impairment
Impairment for the year ended December 31, 2025 decreased by $39 million compared to the prior year ended
December 31, 2024 . The decrease was primarily related to the discontinuation of a Starlink Kit production line in
2024 with no impairment in 2025.
Income from Operations
Connectivity income from operations for the year ended December 31, 2025 increased by $2,417 million , or
120.4% , compared to the prior year ended December 31, 2024 driven by the factors described above.
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AI
Year Ended December 31,
2025 vs. 2024 Change
(in millions)
2025
2024
$ Change
% Change
Revenue ...............................................................
$ 3,201
$ 2,620
$ 581
22.2 %
Costs and expenses
Cost of revenue ..............................................
2,178
1,687
491
29.1 %
Research and development .............................
5,064
1,176
3,888
330.8 %
Selling, general, and administrative ...............
1,827
1,105
722
65.4 %
Restructuring charges .....................................
487
213
274
129.1 %
Total costs and expenses ...........................
$ 9,556
$ 4,181
$ 5,375
128.6 %
Loss from operations ...........................................
$ (6,355)
$ (1,561)
$ (4,794)
307.1 %
_________________
NM — Absolute percentage comparisons from positive to negative values or to zero values are considered not meaningful.
Revenue
Revenue for the year ended December 31, 2025 increased by $581 million , or 22.2% , compared to the prior year
ended December 31, 2024 . This increase was primarily due to an increase in advertising revenue of $116 million as
advertising spend increased from advertising partners on X and an increase in AI solutions and infrastructure
revenue of $465 million . The increase in AI solutions and infrastructure revenue is mainly due to an increase in X
and Grok subscription revenue of $365 million and an increase in revenue from data licensing arrangements of $88
million .
Cost of Revenue
Cost of revenue for the year ended December 31, 2025 increased b y $491 million , or 29.1% , compared to the prior
year ended December 31, 2024 . This increase was primarily due to higher infrastructure and cloud computing costs
of $412 million attributable to increased subscriber revenue, higher employee compensation expenses (including
salaries, benefits, and share-based compensation) of $90 million , higher revenue share and content creator fees of
$45 million , and higher payment processor fees of $28 million , partially offset by a decrease in depreciation and
amortization expense of $97 million driven by a decrease in amortization expense for intangible assets that were
fully amortized during 2025.
Research and Development
Research and development for the year ended December 31, 2025 increased by $3,888 million , or 330.8% ,
compared to the prior year ended December 31, 2024 . This increase was primarily due to higher GPU depreciation
expense of $1,673 million , higher infrastructure and cloud computing expenses of $1,440 million associated with the
build out of our compute infrastructure, and higher employee compensation expenses (including salaries, benefits,
and share-based compensation) and allocated overhead costs of $775 million .
Selling, General, and Administrative
Selling, general, and administrative for the year ended December 31, 2025 increased by $722 million , or 65.4% ,
compared to the prior year ended December 31, 2024 . This increase was primarily due to higher employee
compensation expenses (including salaries, benefits, and share-based compensation) of $519 million as we continue
to expand our AI business, higher legal expenses of $189 million , and higher facilities and general and
administrative costs of $14 million .
Restructuring Charges
Restructuring charges for the year ended December 31, 2025 increased by $274 million or 129.1% , compared to the
prior year ended December 31, 2024 . This increase was primarily due to additional expense recorded to settle with
former Twitter employees as part of the workforce reduction program implemented in 2022.
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Loss from Operations
AI loss from operations for the year ended December 31, 2025 increased by $4,794 million , or 307.1% , compared to
the prior year ended December 31, 2024 driven by the factors described above.
Comparison of the Years Ended December 31, 2024 and 2023
Consolidated Results of Operations
Year Ended December 31,
2024 vs. 2023 Change
(in millions)
2024
2023
$ Change
% Change
Revenue ...............................................................
$ 14,015
$ 10,387
$ 3,628
34.9 %
Costs and expenses
Cost of revenue ..............................................
7,996
6,110
1,886
30.9 %
Research and development .............................
3,464
2,105
1,359
64.6 %
Selling, general, and administrative ...............
1,813
1,665
148
8.9 %
Restructuring charges .....................................
213
237
(24)
(10.1) %
Impairment .....................................................
63
3,775
(3,712)
(98.3) %
Total costs and expenses ...........................
13,549
13,892
(343)
(2.5) %
Income (loss) from operations ............................
466
(3,505)
3,971
NM
Interest expense ...................................................
(1,580)
(1,693)
113
(6.7) %
Interest income ....................................................
371
249
122
49.0 %
Other income, net ................................................
985
(42)
1,027
NM
Income (loss) before income taxes ......................
242
(4,991)
5,233
NM
Benefit from income taxes ..................................
(549)
(363)
(186)
51.2 %
Net income (loss) ................................................
$ 791
$ (4,628)
$ 5,419
NM
_________________
NM — Absolute percentage comparisons from positive to negative values or to zero values are considered not meaningful.
Revenue
Revenue for the year ended December 31, 2024 increased by $3,628 million , or 34.9% , compared to the prior year
ended December 31, 2023. This increase was primarily due to an increase in revenue from our Connectivity segment
of $3,730 million as both our Starlink consumer subscriber base continued to grow as well as our C onnectivity
enterprise and government sales, and an increase in revenue from our Space segment of $239 million due to the
increase in Falcon 9 launches partially offset by a decrease in Launch and Development revenue due to timing of
government contracts. This increase was partially offset by a decrease in revenue from our AI segment of $341
million driven by a decrease in advertising sales, partially offset by an increase in X subscriptions and data licensing
arrangements.
Cost of Revenue
Cost of revenue for the year ended December 31, 2024 increased by $1,886 million , or 30.9% , compared to the prior
year ended December 31, 2023. This increase was primarily due to a higher cost of revenue from the Connectivity
segment of $1,982 million as a result of the higher volume spend on Starlink Kits as deliveries increased and higher
depreciation of launch costs driven by an increase in the number of satellites placed into orbit , partially offset by
cost efficiency from increased reusability of our Falcon launch vehicles in our Space segment of $128 million .
Research and Development
Research and development for the year ended December 31, 2024 increased by $1,359 million , or 64.6% , compared
to the prior year ended December 31, 2023. This increase was primarily due to higher cost in our AI segment of
114
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$990 million related to advancing our AI technologies and higher costs of $297 million in our Space segment for
investment in Starship production, launch and engineering costs, and related facilities.
Selling, General, and Administrative
Selling, general, and administrative for the year ended December 31, 2024 increased by $148 million , or 8.9% ,
compared to the prior year ended December 31, 2023. This increase was primarily due to: ( i) higher international
expansion costs of $18 million, higher employee compensation expenses (including salaries, benefits, and share-
based compensation) of $11 million, and higher allocated general and administrative overhead of $54 million in our
Connectivity segment, and ( ii) higher employee compensation expenses (including salaries, benefits, and share-
based compensation) and professional fees of $25 million in our Space segment.
Restructuring Charges
Restructuring charges for the year ended December 31, 2024 decreased by $24 million , or 10.1% , compared to the
prior year ended December 31, 2023. This decrease was due to the impairment on office leases assumed as part of
the Twitter acquisition that occurred during the year ended December 31, 2023, partially offset by an increase in
workforce-related restructuring charges.
Impairment
Impairment for the year ended December 31, 2024 decreased by $3,712 million , or 98.3% , compared to the prior
year ended December 31, 2023. The impairment during the year ended December 31, 2023 was primarily related to
the impairment of the Twitter brand following its rebranding to X.
Income (Loss) from Operations
Income from operations for the year ended December 31, 2024 increased by $3,971 million compared to the prior
year ended December 31, 2023 driven by the factors described above.
Interest Expense
Interest expense for the year ended December 31, 2024 decreased by $113 million , or 6.7% , compared to the prior
year ended December 31, 2023. This decrease was primarily due to the debt issuance costs related to the X Bridge
Credit Facilities being amortized only through July 2024, the original maturity date, as compared to a full year of
amortization in 2023.
Interest Income
Interest income for the year ended December 31, 2024 increased by $122 million , or 49.0% , compared to the prior
year ended December 31, 2023. This increase was primarily due to an increase in dividend income earned from
marketable securities.
Other Income (Expense), net
Other income (expense), net for the year ended December 31, 2024 increased by $1,027 million compared to the
prior year ended December 31, 2023. This increase was primarily due to an unrealized gain on digital assets.
Benefit from Income Taxes
Benefit from income taxes for the year ended December 31, 2024 increased by $186 million , or 51.2% , compared to
the prior year ended December 31, 2023. This increase was primarily due to the change in the realizability of our net
deferred tax assets. As of December 31, 2024, we forecasted additional deferred tax assets related to U.S. R&D
credits would be utilized.
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Net Income (Loss)
Net income for the year ended December 31, 2024 increased by $5,419 million compared to the prior year ended
December 31, 2023 driven by the factors described above.
Space
Year Ended December 31,
2024 vs. 2023 Change
(in millions)
2024
2023
$ Change
% Change
Revenue ...............................................................
$ 3,796
$ 3,557
$ 239
6.7 %
Costs and expenses
Cost of revenue ..............................................
1,541
1,669
(128)
(7.6) %
Research and development .............................
1,835
1,538
297
19.3 %
Selling, general, and administrative ...............
375
351
24
7.0 %
Impairment .....................................................
24
—
24
NM
Total costs and expenses ...........................
$ 3,775
$ 3,558
$ 217
6.1 %
Income (loss) from operations ............................
$ 21
$ (1)
$ 22
NM
_________________
NM — Absolute percentage comparisons from positive to negative values or to zero values are considered not meaningful.
Revenue
Revenue for the year ended December 31, 2024 increased by $239 million , or 6.7% , compared to the prior year
ended December 31, 2023. Launch Services revenue increased by $620 million as total Falcon launches increased by
38 from 96 in 2023 to 134 in 2024, with Launch Services missions increasing by 8 . This increase was partially
offset by a decrease of $381 million for Launch and Development revenue due to decreased activity in our
International Space Station contracts and lower revenue from a U.S. Department of War contract.
Cost of Revenue
Cost of revenue for the year ended December 31, 2024 decreased by $128 million , or 7.6% , compared to the prior
year ended December 31, 2023. This decrease was primarily due to increased reusability of our Falcon launch
vehicles resulting in lower depreciation of $80 million, lowering the cost of each launch. T he decrease was also due
to the relative increase in Starlink satellite launches from 63 launches in 2023 to 89 launches in 2024, resulting in
relatively more of our launch operations and overhead costs capitalized in our Connectivity segment of $99 million.
This decrease was offset by an increase in launch overhead costs of $77 million due to the increase in Falcon
launches.
Research and Development
Research and development for the year ended December 31, 2024 increased by $297 million , or 19.3% , compared to
the prior year ended December 31, 2023. This increase was primarily due to higher production costs of $159 million,
higher launch costs of $67 million, and higher engineering costs of $56 million due to the increased investment in
the development of the Starship vehicle and related launch facilities.
Selling, General, and Administrative
Selling, general, and administrative for the year ended December 31, 2024 increased by $24 million , or 7.0% ,
compared to the prior year ended December 31, 2023. This increase was primarily due to higher employee
compensation expenses (including salaries, benefits, and share-based compensation) and professional fees of $25
million .
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Impairment
Impairment for the year ended December 31, 2024 increased by $24 million compared to the prior year ended
December 31, 2023. This increase was primarily due to non-recurring impairment losses resulting from one-time
launch anomalies experienced during the year.
Income (Loss) from Operations
Income (loss) from operations for the year ended December 31, 2024 increased by $22 million compared to the prior
year ended December 31, 2023 driven by the factors described above.
Connectivity
Year Ended December 31,
2024 vs. 2023 Change
(in millions)
2024
2023
$ Change
% Change
Revenue ...............................................................
$ 7,599
$ 3,869
$ 3,730
96.4 %
Costs and expenses
Cost of revenue ..............................................
4,768
2,786
1,982
71.1 %
Research and development .............................
453
381
72
18.8 %
Selling, general, and administrative ...............
333
233
100
43.0 %
Impairment .....................................................
39
—
39
NM
Total costs and expenses ...........................
$ 5,593
$ 3,400
$ 2,193
64.5 %
Income from operations ......................................
$ 2,006
$ 469
$ 1,537
327.4 %
_________________
NM — Absolute percentage comparisons from positive to negative values or to zero values are considered not meaningful.
Revenue
Revenue for the year ended December 31, 2024 increased by $3,730 million , or 96.4% , compared to the prior year
ended December 31, 2023. This increase was primarily driven by an increase of $2,013 million in revenue from our
consumer subscribers, composed of 96.5% growth in Starlink Subscribers offset by a 8.1% decline in Starlink
Subscriber ARPU primarily due to international expansion. In addition, Connectivity revenue had an increase of
$1,717 million from our enterprise and government customers, primarily driven by the growth in our enterprise
connectivity business of $466 million and growth in our government connectivity business of $1,250 million .
Cost of Revenue
Cost of revenue for the year ended December 31, 2024 increased by $1,982 million , or 71.1% , compared to the prior
year ended December 31, 2023. This increase was primarily due to higher volume spend on Starlink Kits of $907
million driven by higher kit deliveries and higher depreciation of $555 million from capitalized launch and satellite
costs driven by an increase in the number of launches and satellites placed into orbit.
Research and Development
Research and development for the year ended December 31, 2024 increased by $72 million , or 18.8% , compared to
the prior year ended December 31, 2023. This increase was primarily due to higher costs for the next-generation
production development of satellites of $73 million, ground equipment of $4 million, offset by lower costs of $4
million for Starlink Kits.
Selling, General, and Administrative
Selling, general, and administrative for the year ended December 31, 2024 increased by $100 million , or 43.0% ,
compared to the prior year ended December 31, 2023. This increase was primarily due to higher international
expansion costs of $18 million , higher employee compensation expenses (including salaries, benefits, and share-
based compensation) of $11 million , and higher allocated general and administrative overhead of $54 million .
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Impairment
Impairment for the year ended December 31, 2024 increased by $39 million compared to the prior year ended
December 31, 2023. This increase was due to a discontinuation of a certain Starlink Kit production line.
Income from Operations
Income from operations for the year ended December 31, 2024 increased by $1,537 million , or 327.4% , compared to
the prior year ended December 31, 2023 driven by the factors described above.
AI
Year Ended December 31,
2024 vs. 2023 Change
(in millions)
2024
2023
$ Change
% Change
Revenue ...............................................................
$ 2,620
$ 2,961
$ (341)
(11.5) %
Costs and expenses
Cost of revenue ..............................................
1,687
1,655
32
1.9 %
Research and development .............................
1,176
186
990
531.5 %
Selling, general, and administrative ...............
1,105
1,081
24
2.3 %
Restructuring charges .....................................
213
237
(24)
(10.2) %
Impairment .....................................................
—
3,775
(3,775)
NM
Total costs and expenses ...........................
$ 4,181
$ 6,934
$ (2,753)
(39.7) %
Loss from operations ...........................................
$ (1,561)
$ (3,973)
$ 2,412
(60.7) %
_________________
NM — Absolute percentage comparisons from positive to negative values or to zero values are considered not meaningful.
Revenue
Revenue for the year ended December 31, 2024 decreased by $341 million , or 11.5% , compared to the prior year
ended December 31, 2023. This decrease was due to a decrease in advertising revenue of $595 million , partially
offset by an increase in AI solutions and infrastructure revenue of $254 million . The decrease in advertising revenue
was due to the loss of advertising partners for X. The increase in AI solutions and infrastructure was due to an
increase in X subscription revenue of $157 million and an increase in data licensing arrangements of $90 million . In
2023 and 2024, substantially all of our AI segment revenue consisted of advertising, subscriptions, and data
licensing revenue gen erated from X, formerly known as Twitter.
Cost of Revenue
Cost of revenue for the year ended December 31, 2024 increased by $32 million , or 1.9% , compared to the prior
year ended December 31, 2023. This increase was primarily due to higher server depreciation of $97 million ,
partially offset by lower infrastructure and revenue share expenses of $46 million , and lower employee and
facilities-related expenses of $18 million resulting from the Company’s restructuring and cost reduction efforts.
Research and Development
Research and development for the year ended December 31, 2024 increased by $990 million , or 531.5% , compared
to the prior year ended December 31, 2023. This increase was primarily due to increased investments made in
advancing our AI technologies, including employee compensation expenses (including salaries, benefits, and share-
based compensation) and infrastructure services of $703 million and higher depreciation of $321 million for our
equipment hardware.
Selling, General, and Administrative
Selling, general, and administrative for the year ended December 31, 2024 increased by $24 million , or 2.3% ,
compared to the prior year ended December 31, 2023. This increase was primarily due to an increase in our
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amortization expense of $107 million related to the Twitter brand becoming a finite-lived intangible asset and higher
legal costs of $65 million , partially offset by lower employee and facilities related costs of $125 million and lower
professional fees of $23 million resulting from the Company’s restructuring and cost reduction efforts.
Restructuring charges
Restructuring charges for the year ended December 31, 2024 decreased by $24 million , or 10.2% , compared to the
prior year ended December 31, 2023. This decrease was due to the impairment on the office leases assumed as part
of the Twitter acquisition that primarily occurred during the year ended December 31, 2023, partially offset by an
increase in workforce-related restructuring charges.
Impairment
Impairment for the year ended December 31, 2024 decreased by $3,775 million compared to the prior year ended
December 31, 2023. The impairment during the year ended December 31, 2023 was related to the impairment of the
Twitter brand intangible asset following its rebranding to X.
Loss from Operations
Loss from operations for the year ended December 31, 2024 decreased by $2,412 million , or 60.7% , compared to the
prior year ended December 31, 2023 driven by the factors described above.
Non-GAAP Financial Measures
Management believes that certain financial measures that are not presented in accordance with GAAP provide
management and investors with useful supplemental information that provides a meaningful view of our financial
condition and results of operations across periods by removing the impact of items that management believes do not
directly reflect our ongoing operating performance. Adjusted EBITDA and Segment Adjusted EBITDA are
supplemental measures that are not required by or presented in accordance with GAAP. In evaluating our
performance as measured by Adjusted EBITDA and Segment Adjusted EBITDA, management recognizes and
considers the limitations of these measures. Other companies in our industry may calculate Adjusted EBITDA and
Segment Adjusted EBITDA differently than we do or may not calculate them at all, limiting their usefulness as
comparative measures. Because of these limitations, Adjusted EBITDA and Segment Adjusted EBITDA should not
be considered in isolation or as a substitute for net income (loss), income (loss) from operations, or any other
measure calculated in accordance with GAAP, and should be considered together with our GAAP financial
measures and the reconciliations to the corresponding most directly comparable GAAP financial measures set forth
in this prospectus.
Adjusted EBITDA is defined as net income (loss) excluding (i) depreciation and amortization, (ii) share-based
compensation, (iii) impairment, (iv) restructuring charges, (v) interest expense, (vi) interest income, (vii) other
income (expense), net and (viii) provision for income taxes. Segment Adjusted EBITDA is defined as segment
income (loss) from operations excluding (i) depreciation and amortization, (ii) share-based compensation, (iii)
restructuring charges, and (iv) impairment. Adjusted EBITDA and Segment Adjusted EBITDA are key performance
measures that our management uses to assess our financial performance as well as for internal planning and
forecasting purposes. We consider Adjusted EBITDA and Segment Adjusted EBITDA to be meaningful
performance measures for investors to evaluate our operating performance and to compare the financial results
between periods.
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The following table sets forth a reconciliation of Net income (loss), the most directly comparable GAAP measure, to
Adjusted EBITDA:
Three Months Ended March 31,
Year Ended December 31,
(in millions)
2026
2025
2025
2024
2023
Net income (loss) ........................................
$ (4,276)
$ (528)
$ (4,937)
$ 791
$ (4,628)
Add (deduct):
Depreciation and amortization ....................
2,442
1,443
6,701
3,824
2,635
Share-based compensation ..........................
639
232
1,947
784
679
Restructuring charges ..................................
(11)
4
487
213
237
Impairments ................................................
—
24
38
63
3,775
Interest expense ...........................................
664
447
1,945
1,580
1,693
Interest income ............................................
(213)
(117)
(492)
(371)
(249)
Other (income) expense, net .......................
1,876
211
177
(985)
42
Provision for (benefit from) income taxes ..
6
14
718
(549)
(363)
Adjusted EBITDA .....................................
$ 1,127
$ 1,730
$ 6,584
$ 5,350
$ 3,821
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The following table sets forth a reconciliation of Income (loss) from operations for each segment, the most directly
comparable GAAP measure, to Segment Adjusted EBITDA :
Three Months Ended March 31,
2026
(in millions)
Space
Connectivity
AI
Total Reportable
Segments
Income (loss) from operations ............................
$ (662)
$ 1,188
$ (2,469)
$ (1,943)
Add:
Depreciation and amortization ............................
166
783
1,493
2,442
Share-based compensation ..................................
145
116
378
639
Restructuring charges ..........................................
—
—
(11)
(11)
Segment Adjusted EBITDA ................................
$ (351)
$ 2,087
$ (609)
$ 1,127
Three Months Ended March 31,
2025
(in millions)
Space
Connectivity
AI
Total Reportable
Segments
Income (loss) from operations ............................
$ (70)
$ 1,033
$ (936)
$ 27
Add:
Depreciation and amortization ............................
162
510
771
1,443
Share-based compensation ..................................
108
75
49
232
Restructuring charges ..........................................
—
—
4
4
Impairment ..........................................................
24
—
—
24
Segment Adjusted EBITDA ................................
$ 224
$ 1,618
$ (112)
$ 1,730
Year Ended December 31,
2025
(in millions)
Space
Connectivity
AI
Total Reportable
Segments
Income (loss) from operations ............................
$ (657)
$ 4,423
$ (6,355)
$ (2,589)
Add:
Depreciation and amortization ............................
757
2,376
3,568
6,701
Share-based compensation ..................................
515
369
1,063
1,947
Restructuring charges ..........................................
—
—
487
487
Impairment ..........................................................
38
—
—
38
Segment Adjusted EBITDA ................................
$ 653
$ 7,168
$ (1,237)
$ 6,584
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Year Ended December 31,
2024
(in millions)
Space
Connectivity
AI
Total Reportable
Segments
Income (loss) from operations ............................
$ 21
$ 2,006
$ (1,561)
$ 466
Add:
Depreciation and amortization ............................
637
1,508
1,679
3,824
Share-based compensation ..................................
472
296
16
784
Restructuring charges ..........................................
—
—
213
213
Impairment ..........................................................
24
39
—
63
Segment Adjusted EBITDA ................................
$ 1,154
$ 3,849
$ 347
$ 5,350
Year Ended December 31,
2023
(in millions)
Space
Connectivity
AI
Total Reportable
Segments
Income (loss) from operations ............................
$ (1)
$ 469
$ (3,973)
$ (3,505)
Add:
Depreciation and amortization ............................
571
884
1,180
2,635
Share-based compensation ..................................
427
249
3
679
Restructuring charges ..........................................
—
—
237
237
Impairment ..........................................................
—
—
3,775
3,775
Segment Adjusted EBITDA ................................
$ 997
$ 1,602
$ 1,222
$ 3,821
Liquidity and Capital Resources
Our primary sources of liquidity are cash flows generated from operations, our total cash and cash equivalents of
$15,852 million as of March 31, 2026, short-term marketable securities of $7,823 million as of March 31, 2026, and
borrowings under our credit facilities. As of March 31, 2026, we have $1,500 million available to borrow under the
SpaceX Credit Facility . The cash we generate from our core operations also enables us to fund our research and
development projects including our Starship rocket and next-generation satellites, the construction of future data
centers, and the continued expansion of our AI-enabled products.
In addition, because we expect a significant portion of our future expenditures to fund growth initiatives, we retain
flexibility to adjust spending across segments. For example, if our near-term data center needs decrease in scale or
ramp more slowly than expected, including due to global economic, tax, trade or business conditions, we may
reduce future capital expenditures in this segment and reallocate those expenditures to other segments based on
business priorities and growth opportunities. In addition, we continually evaluate our cash needs and may decide it is
best to raise additional capital or seek alternative financing sources to fund the rapid growth of our business,
including through drawdowns on existing or new debt facilities. We may seek to refinance the SpaceX Bridge Loan,
including with the proceeds from notes offerings, bank borrowings, or other financial arrangements. We may also
from time to time determine that it is in our best interests to voluntarily repay certain indebtedness early.
Accordingly, we believe we have sufficient sources of funding to meet our business requirements for at least the
next twelve months from the issuance of the consolidated financial statements.
Debt Agreements
SpaceX Credit Facility
In February 2025, SpaceX entered into a five-year senior unsecured revolving credit agreement with a syndicate of
banks, under which the Company may borrow up to $1,500 million (“SpaceX Credit Facility”). The SpaceX Credit
Facility is subject to certain customary representations, warranties, covenants, and events of default, including a
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maximum financial covenant requiring the Company to maintain a Consolidated Leverage Ratio (as defined in the
SpaceX Credit Facility) of no greater than 3.75 to 1.0 as of the end of each fiscal quarter (subject to temporary
increases to 4.25 to 1.0 following certain qualified acquisitions) and other customary reporting requirements. The
SpaceX Credit Facility also includes sublimits of up to $150 million for financial letters of credit and up to $1,000
million for performance letters of credit. The SpaceX Credit Facility terminates, and all outstanding loans become
due and payable, on February 7, 2030, unless the parties agree to an extension in accordance with the terms of the
SpaceX Credit Facility. As of March 31, 2026 and December 31, 2025, no amounts were outstanding under the
SpaceX Credit Facility.
Borrowings under the SpaceX Credit Facility bear interest, at the Company’s option, at a rate per annum equal to (i)
a forward-looking term rate based on SOFR (“Term SOFR”) plus an applicable margin ranging from 0.75% and
1.25% (depending on the Company’s debt rating), or (ii) a base rate equal to the highest of (a) Federal Funds Rate
plus 0.5%, (b) the Prime Rate, (c) Term SOFR plus 1.00%, and (d) 1.00% plus an applicable margin ranging from
0.0% and 0.25% (depending on the Company’s debt rating). The Company may also borrow in various alternative
currencies, with interest calculated at rates based on SONIA for Pound Sterling-denominated loans and EURIBOR
for Euro-denominated loans, plus an applicable margin. In addition, the Company pays a commitment fee on the
unused portion of the SpaceX Credit Facility, which ranges from 0.07% (amended to 0.06% under the Amended
SpaceX Credit Facility described below) to 0.11% per annum based on the Company’s debt rating. As of March 31,
2026, the Company was in compliance with all covenants under the SpaceX Credit Facility.
In March 2026, the Company entered into a First Amendment to Credit Agreement and Waiver (the “First
Amendment”) with its lenders, in connection with the Company’s entry into the SpaceX Bridge Loan (as defined
below). The First Amendment, among other things, (i) waived certain specified defaults and (ii) amended certain
definitions and covenants under the SpaceX Credit Facility to conform to the terms of the SpaceX Bridge Loan.
In May 2026, SpaceX amended the SpaceX Credit Facility to increase the borrowing capacity up to $5,000 million
(“Amended SpaceX Credit Facility”). As part of the Amended SpaceX Credit Facility, the sublimit for performance
letters of credit was increased to $2,000 million. The Amended SpaceX Credit Facility terminates, and all
outstanding loans become due and payable, on May 19, 2031, unless the parties agree to an extension in accordance
with the terms of the Amended SpaceX Credit Facility. All other terms were consistent with the terms of the SpaceX
Credit Facility.
SpaceX Bridge Loan
In March 2026, SpaceX entered into a new bridge loan credit agreement (the “SpaceX Bridge Loan”) with a
syndicate of lenders, providing for an unsecured bridge term loan facility in an aggregate principal amount of
$20,000 million . The SpaceX Bridge Loan matures on September 2, 2027, with two three-month extensions at the
Company’s option, subject to the absence of a continuing default and the payment of an extension fee of 0.25% of
the aggregate outstanding principal per extension, resulting in a final extended maturity date of March 2028.
The proceeds of the SpaceX Bridge Loan were used to repay the X B-1 Term Loan, the X B-3 Term Loan, the xAI
Fixed Rate Loan, the xAI Floating Rate Loan and the xAI 12.5% Senior Secured Notes (as defined and described in
Note 10, Debt, to the consolidated financial statements included elsewhere in this prospectus). The Company may
also use the remaining proceeds for general corporate purposes.
The SpaceX Bridge Loan bears interest, at the Company’s election, at a rate per annum equal to (i) Term SOFR plus
an applicable margin ranging from 0.75%-1.75% (depending on the Company’s debt rating), or (ii) a base rate equal
to the highest of (a) the Federal Funds Rate plus 0.5% , (b) the Prime Rate, (c) Term SOFR plus 1.0% and (d) 1.00%,
plus an applicable margin ranging from 0.00% to 0.75% (depending on the Company’s debt rating). In addition, the
Company is obligated to pay duration fees equal to 0.125% of outstanding principal on the first anniversary of
closing and 0.25% of outstanding principal on the fifteen-month anniversary of closing. As of March 31, 2026, the
Company was in compliance with all covenants under the SpaceX Bridge Loan.
The obligations of the Company under the SpaceX Bridge Loan are guaranteed on a joint and several basis by X
Corp., X.AI LLC, and CTC Property LLC (each a subsidiary of the Company). The SpaceX Bridge Loan may be
prepaid at any time, in whole or in part, without premium or penalty. The Company is required to use an amount
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equal to the net cash proceeds of certain debt financings to repay amounts outstanding under the SpaceX Bridge
Loa n and to apply an amount equal to the net proceeds of a qualified initial public offering, including this offering,
to repay such amounts within six months following receipt of such proceeds .
The SpaceX Bridge Loan contains customary events of default and affirmative and negative covenants, including
restrictions on liens, subsidiary indebtedness, fundamental changes (including a prohibition on the disposition of
Starlink assets and other material businesses outside the consolidated group), and changes in the nature of the
Company’s business. The sole financial maintenance covenant requires the Company to maintain a Consolidated
Leverage Ratio — defined as consolidated funded indebtedness (net of 85% of unrestricted cash) to Consolidated
EBITDA (as defined in the SpaceX Bridge Loan) — of no greater than 3.75 to 1.0 as of the end of each fiscal
quarter, with a temporary step-up to 4.25 to 1.0 for four fiscal quarters following a qualifying acquisition of at least
$1.0 billion.
Material Cash Commitments
From time to time in the ordinary course of business, we enter into agreements with suppliers for the purchase of
parts and raw materials to manufacture our products. However, due to contractual terms, variability in the precise
growth curves of our development and production ramps, and opportunities to renegotiate pricing, these contracts
generally do not have long-term binding and enforceable purchase orders, and the timing and magnitude of purchase
orders beyond the short term is difficult to accurately project. Because we do not have long-term purchase orders for
these parts and raw materials, future purchases may result in material cash commitments. For additional information
about this risk, please refer to “Risk Factors” in this prospectus.
On September 7, 2025, the Company entered into a License Purchase Agreement (the “Spectrum License Purchase
Agreement”) with Spectrum Business Trust 2025-1, a Nevada Business Trust (“Trust”) and EchoStar Corporation
( “E choStar” and the transactions contemplated thereby, “ Spectrum Transaction ”). On November 5, 2025 the parties
amended and restated the Spectrum License Purchase Agreement to include EchoStar’s licenses for up to 15 MHz of
additional unpaired AWS-3 spectrum. The total consideration for the acquisition of EchoStar’s spectrum is
approximately $19.6 billion, consisting of (i) approximately $11.1 billion in equity, payable through the issuance of
approximat ely 261.8 million shares of the Company’s Class A common stock at a fixed value of $42.40 per share,
and (ii) up to $8.5 billion related to the payoff of designated EchoStar debt, with any shortfall below $8.5 billion to
be paid in cash. The allocation of cash and equity consideration is subject to certain adjustments based on the
amount of EchoStar debt satisfied at or prior to closing. The Spectrum Transaction was approved by the FCC on
May 12, 2026 and is expected to close on or about November 30, 2027 subject to other closing conditions . Upon
closing, the Company intends to either use cash and cash equivalents on hand or seek alternative financing sources
to fund the cash payment to EchoStar.
As of March 31, 2026, we and our subsidiaries had outstanding $29,132 million in aggregate principal amount of
indebtedness and no debt principal payments are due until August 28, 2027 if we choose not to extend. As of March
31, 2026, our total minimum lease payments wa s $5,823 million , of which $1,026 million is due within this fiscal
year. For details regarding our indebtedness and lease obligations, refer to Note 10 , Debt , and Note 11 , Leases of our
audited consolidated financial statements and Note 9 , Debt of our unaudited consolidated financial statements
included elsewhere in this prospectus.
Summary of Cash flows
The following table summarizes our cash flows for the periods indicated:
Three Months Ended March 31,
Year Ended December 31,
(in millions)
2026
2025
2025
2024
2023
Net cash provided by (used in)
Operating activities ........................
$ 1,047
$ 727
$ 6,785
$ 5,776
$ 4,520
Investing activities .........................
$ (16,724)
$ (4,170)
$ (19,575)
$ (10,796)
$ (4,867)
Financing activities ........................
$ 7,125
$ 354
$ 26,350
$ 11,830
$ 422
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Operating Activities
Net cash provided by operating activities increased by $320 million from $727 million during the three months
ended March 31, 2025 to $1,047 million during the three months ended March 31, 2026 . This increase was primarily
driven by an increase in working capital for deferred revenue of $1,153 million from upfront payments from our
Space and Connectivity customers , partially offset by lower net income exclusive of non-cash items.
Net cash provided by operating activities increased by $1,009 million from $5,776 million during the year ended
December 31, 2024 to $6,785 million during the year ended December 31, 2025 . This increase was primarily driven
by higher net income exclusive of non-cash items and an increase of $1,080 million for accounts payable and other
liabilities as we continue to expand our infrastructure and timing of payments, and higher deferred revenue from
cash received from upfront payments from our aviation customers. This increase was partially offset by an increase
of $449 million for accounts receivable, prepaid expenses, and inventory .
Net cash provided by operating activities increased by $1,256 million from $4,520 million during the year ended
December 31, 2023 to $5,776 million during the year ended December 31, 2024 . This increase was primarily driven
by higher net income exclusive of non-cash items, partially offset by a decrease of $628 million for inventory,
accounts receivable, prepaid expenses and other assets due to increase in our revenue and production of Starlink
Kits.
Investing Activities
Net cash used in investing activities increased by $12,554 million from $4,170 million during the three months
ended March 31, 2025 to $16,724 million during the three months ended March 31, 2026 . This increase was
primarily driven by an increase in capital expenditures of $5,967 million related to the build out of data centers and
related infrastructure, and space launch facilities and related infrastructure, as well as an increase in purchases of
marketable securities of $7,489 million in the period. This increase was partially offset by an increase in cash
received from product rebates of $1,195 million .
Net cash used in investing activities increased by $8,779 million from $10,796 million during the year ended
December 31, 2024 to $19,575 million during the year ended December 31, 2025 . This increase was primarily
driven by an increase in capital expenditures of $9,574 million related to the build out of data centers and related
infrastructure, and space launch facilities and related infrastructure, partially offset by a net increase in cash received
from marketable securities of $1,264 million .
Net cash used in investing activities increased by $5,929 million from $4,867 million during the year ended
December 31, 2023 to $10,796 million during the year ended December 31, 2024 . This increase was primarily
driven by an increase in capital expenditures of $6,748 million related to the build out of data centers and related
infrastructure, and space launch facilities and related infrastructure, partially offset by an increase in cash received
for the maturities of marketable securities of $981 million .
Financing Activities
Net cash provided by financing activities increased by $6,771 million from $354 million during the three months
ended March 31, 2025 to $7,125 million during the three months ended March 31, 2026 . This increase was
primarily driven by an increase in proceeds from the SpaceX Bridge Loan and other financing arrangements of
$17,950 million and proceeds from sale of our capital stock of $7,420 million , partially offset by an increase in
payment on existing debt obligations and debt extinguishment costs of $14,703 million from the proceeds from the
SpaceX Bridge Loan as well as an increase in repurchases of our capital stock of $3,838 million following the xAI
Merger .
Net cash provided by financing activities increased by $14,520 million from $11,830 million during the year ended
December 31, 2024 to $26,350 million during the year ended December 31, 2025 . This increase was primarily
driven by an increase in proceeds from debt and other financing arrangements for our AI segment of $16,055 million
and proceeds from sale of our capital stock of $5,706 million , partially offset by an increase in repayments on debt
and other financing arrangements for our AI segment of $6,781 million .
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Net cash provided by financing activities increased by $11,408 million from $422 million during the year ended
December 31, 2023 to $11,830 million during the year ended December 31, 2024 . This increase was primarily
driven by an increase in proceeds from the sale of our capital stock of $12,327 million , partially offset by an increase
in the buyback of common and preferred shares by the Company of $104 million .
Critical Accounting Estimates
The preparation of financial statements and related disclosures in conformity with GAAP and the Company’s
discussion and analysis of its financial condition and operating results require the Company’s management to make
judgments, assumptions and estimates that affect the amounts reported. Note 2, “Summary of Significant
Accounting Policies” of the Notes to audited consolidated financial statements included elsewhere in this p rospectus
describes the significant accounting policies and methods used in the preparation of the Company’s consolidated
financial statements. Management bases its estimates on historical experience and on various other assumptions it
believes to be reasonable under the circumstances, the results of which form the basis for making judgments about
the carrying values of assets and liabilities.
Revenue Recognition
Space contract revenue is derived from fixed-price contracts related to the development and provision of launch
services for the deployment of spacecraft and other payloads to their intended orbit for both commercial customers
and governmental agency space programs. Connectivity contract revenue for Starshield customers is mostly derived
from fixed-price contracts related to the development of a secure satellite network designed specifically for
government an d national security applications.
The Company recognizes revenue over time when the Company’s performance on the contract creates an asset with
no alternative use and when the Company has an enforceable right to payment for performance to date. The
Company measures progress on these contracts using the cost-to-cost input method, as the Company believes this
represents the most appropriate measure towards satisfaction of its performance obligation. Under the cost-to-cost
input method, the Company records revenue based upon costs (such as materials and labor hours) incurred to date
relative to the total estimated cost at completion.
The Company’s contracts recognized over time using the cost-to-cost input method are complex and require the
Company to estimate the total costs to perform over the term of the contracts, as well as the measurement of
progress towards completion for each performance obligation. For Space contracts, developing the estimated total
cost at completion for each performance obligation requires the use of significant management judgment, including
assumptions regarding launch timing, labor hours, allocation of shared costs for launch vehicles that have been
identified as reusable for multiple launches, as well as expected technological changes to launch vehicles and
spacecraft. For Connectivity contracts, developing the estimated total cost at completion for each performance
obligation requires the use of significant management judgment, including assumptions regarding labor hours,
allocation of shared costs used in the production of satellites, satellite material costs, as well as expected
technological changes to satellites. Material changes in estimated contract revenue or costs at completion and the
resulting changes in contract profit could have a material impact on the Company’s financial condition and operating
results.
The impact of net adjustments from contracts recognized over time using the cost-to-cost input method to our
revenue and operating income was not material for the years ended December 31, 2025, 2024, and 2023 and for the
three months ended March 31, 2026. If the combined gross margins for our contracts recognized over time using the
cost-to-cost input method had been estimated to be higher or lower by 1% during 2025, it would have increased or
decreased operating income for the year by approximately $110 million.
Property, Plant, and Equipment, Net
Property, plant, and equipment, net is stated at cost less accumulated depreciation. The Company depreciates these
assets primarily using the straight-line method over the estimated useful lives of the assets except flight vehicles and
spacecraft, which are depreciated over the expected number of average flights for each flight vehicle and spacecraft.
Leasehold improvements are depreciated over the shorter of their estimated useful lives or the related lease term.
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Determining the useful lives and the number of average flights a flight vehicle and spacecraft can fly require the
Company to estimate the period over which we expect to recover the economic value of our property, plant, and
equipment. For each of our flight vehicle hardware and spacecraft, we consider recovery and refurbishment success
rates, refurbishment economics, customer acceptance limits that may prohibit the use of vehicles that have been
flown more than a certain number of launches, expected future launches included in the mission manifest, as well as
any anticipated retirement timing of certain flight vehicle and spacecraft models such as Falcon as a result of
anticipated transition to Starship to determine the expected number of average flights for each vehicle.
For our satellites assets, we consider factors such as on-orbit performance, orbit-raise timing, expected service
capability, and the evolution of constellation density and technology.
When we determine that the useful lives or expected remaining flights of assets are shorter or longer than we had
originally estimated, we adjust the rate of depreciation to reflect the assets' revised useful lives or number of
remaining flights.
The Company periodically evaluates impairment of its property, plant, and equipment assets whenever events or
circumstances indicate that the carrying value of an asset or asset group may not be recoverable. Factors we consider
to identify indicators of potential impairment include significant changes or planned changes in our use of certain
property, plant and equipment, technological developments that reduce the utility of the existing assets, declines in
forecasted cash flows, and significant negative industry or economic trends.
Impairment is assessed at the lowest level for which identifiable cash flows are largely independent of the cash flows
of other assets and liabilities. If estimated future cash flows are less than the carrying value of the asset or asset
group, an impairment charge is recognized to the extent its carrying value exceeds its estimated fair value to cost of
revenue or selling, general, and administrative expenses depending on the nature of the assets, or to impairment
charges if the impairment is considered to be outside the normal course of business. For the years ended December
31, 2025, 2024, and 2023, and for the three months ended March 31, 2026, impairments on fixed assets were not
material.
If the average remaining flights for our flight vehicle and spacecraft had been estimated to be five more or fewer
flights, the impact to our operating income for the year ended December 31, 2025 and three months ended March 31,
2026 would not be material. If the average useful life of our satellite assets had been changed by one year, it would
have an approximately $480 million and $170 million impact on our operating income for the year ended December
31, 2025 and three months ended March 31, 2026, respectively.
Legal and Other Contingencies
The Company is subject to various legal proceedings and claims that arise in the ordinary course of business, the
outcomes of which are inherently uncertain. The Company records a liability when it is probable a loss has been
incurred and the amount is reasonably estimable, the determination of which requires significant judgment.
Resolution of legal matters in a manner inconsistent with management’s expectations could have a material impact
on the Company’s financial condition and operating results.
Recent Accounting Pronouncements
Refer to Note 2 , Summary of Significant Accounting Policies , to the audited consolidated financial statements
included elsewhere in this prospectus.
Quantitative a nd Qualitative Disclosures About Market Risk
Foreign Currency Risk
Our Connectivity and AI businesses operate in many countries and transact in multiple currencies. In general, we are
a net receiver of currencies other than the U.S. dollar for our foreign subsidiaries. Accordingly, we are exposed to
foreign currency risk both from fluctuations in exchange rates affecting foreign-currency denominated transactions
and from the impact of translating the assets, liabilities, revenues, costs of revenue, and other operating expenses of
our foreign subsidiaries into U.S. dollars. We have experienced, and will continue to experience, fluctuations in our
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net income as a result of gains (losses) on the settlement and the re-measurement of monetary assets and liabilities
not denominated in our functional currencies. We do not hedge foreign currency risk and changes in exchange rates
could have an adverse impact on our operating results and cash flows.
We considered the historical trends in foreign currency exchange rates and determined that it is reasonably possible
that adverse changes in foreign currency exchange rates of 10% for all currencies could be experienced in the near-
term. These changes were applied to our total monetary assets and liabilities denominated in our non-functional
currencies at the balance sheet date to compute the impact these changes would have had on our income (loss)
before income taxes. These changes would have resulted in an immaterial gain or loss as of March 31, 2026 and
December 31, 2025 , respectively.
Interest Rate Risk
Our exposure to changes in interest rates relates primarily to our investment portfolio, interest income on cash and
cash equivalents and our credit facilities.
Our cash and cash equivalents consist of cash, time deposits, money market funds, U.S. government and agency
securities. Our investment policy and strategy are focused on preservation of capital and supporting our liquidity
requirements. Changes in U.S. interest rates affect the interest earned on our cash and cash equivalents. A
hypothetical 100 basis point increase or decrease in market interest rates would have resulted in an immaterial
increase or decrease in interest income for the year ended December 31, 2025 and three months ended March 31,
2026.
The effective interest rate on outstanding borrowings under the SpaceX Bridge Loan was 4.58% as of March 31,
2026 . A hypothetical 100 basis point increase in U.S. interest rates would increase annual interest expense by
approximately $200 million.
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BUSINESS
“You want to wake up in the morning and think the future is going to be great — and that’s what being a space-faring
civilization is all about. It’s about believing in the future and thinking that the future will be better than the past. And
I can’t think of anything more exciting than going out there and being among the stars.”
— Elon Musk
Our Mission
Our mission is to build the systems and technologies necessary to make life multiplanetary, to understand the true
nature of the universe, and to extend the light of consciousness to the stars. To do this, we have formed the most
ambitious, vertically integrated innovation engine on (and off) Earth with unmatched capabilities to rapidly
manufacture and launch space-based communications that connect the world, to harness the Sun to power a truth-
seeking artificial intelligence that advances scientific discovery, and ultimately to build a base on the Moon and
cities on other planets.
Overview
Founded in 2002, SpaceX is the only company building the integrated hardware and software infrastructure of the
future across space, connectivity, and AI. At our core, we are builders. We design, manufacture, launch, and operate
products and services built on cutting-edge technologies, including the world’s most advanced rockets and
spacecraft. We safely and reliably transport astronauts, satellites, and other payloads on missions that benefit life on
Earth. Since 2023, we have launched more than 80% of mass to orbit for the world each year with an over 99%
mission success rate with Falcon rockets. We also operate a high-speed, low-latency global broadband data and
communications network powered by approximately 9,600 Starlink broadband and mobile satellites in Low-Earth
Orbit, delivering connectivity to millions of consumer, enterprise, and government customers across 164 countries,
territories, and other markets, as of March 31, 2026. Using our dedicated satellite-to-mobile constellation, we offer
connectivity services, supplementing terrestrial networks and substantially reducing mobile “dead zones” across
approximately 30 countries.
With the potential to improve both space exploration and life on Earth, AI accelerates SpaceX’s mission to make life
multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars.
xAI, which was founded in 2023 and acquired by SpaceX in early 2026, is now an integral pillar of our vertically
integrated company. We are rapidly constructing AI compute infrastructure—starting on Earth with the goal of
extending to space—at industry-leading pace and cost efficiency. Our infrastructure supports training and inference
for Grok, which has emerged as one of the world’s most advanced frontier models. Grok is designed as a truth-
seeking AI model, built on our founder Elon Musk’s mission to enable humanity to understand the universe. We
believe that accomplishing this mission requires a truth-seeking approach to AI. We define truth seeking as the
active, relentless pursuit of what is objectively true about reality, and grounded in evidence, logic, empirical data,
and first principles thinking. Our goal is to understand and explain what the universe appears to be doing, as
accurately as current knowledge allows. Within two years of its initial model release, Grok achieved frontier-level
performance in scientific reasoning, as measured by its GPQA Diamond score, an industry benchmark that evaluates
AI models on a standardized set of questions written and validated by experts, on a faster timeline than reported by
other leading model providers. Grok also benefits from integration with X, our real-time information, entertainment,
and free speech platform, which serves as a foundational distribution and data engine for our AI ecosystem and
further enhances Grok’s truth-seeking objective.
We believe that space represents the largest economic frontier in human history, unlocking unprecedented
opportunities in orbit and on Earth. Earth has limits, so we must build infrastructure and industries in space,
expanding human capabilities to improve life on Earth and to establish life beyond. Connectivity infrastructure in
space is designed to help everyone on Earth have access to education, healthcare, entertainment, and
communications, and to enable people to overcome many traditional limits, such as physical and political borders.
We believe AI infrastructure in space can utilize the virtually limitless power of the Sun and thereby enable the use
of AI as a transformative force for understanding the universe and improving the daily lives of all humans. We
believe the convergence of these areas will enable an unprecedented expansion in the global economy, leading to an
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age of abundance. Our innovations and technological advancements are redefining industries on Earth, while we aim
to create new ones on the Moon, Mars, and beyond. We are truly building the infrastructure of the future.
SpaceX is the only company that has cracked the code on accessing space at scale, revolutionizing an industry
characterized by decades of stagnation, risk aversion, and economically perverse cost structures. SpaceX upended
this paradigm through the application of first-principles thinking, which rejects industry assumptions and builds
solutions based on the fundamental laws of physics. Our intense, mission-driven, engineering-first culture and focus
on extreme vertical integration have propelled us to achieve what many deemed impossible. We have demonstrated
the ability to achieve groundbreaking technological innovations with speed, quality control, and precision. We
pioneered high-cadence, reliable, and affordable access to space with our Falcon family of rockets, with a goal to
transform the rocket launch industry into airline-like operations. In 2015, we established at least a 10-year lead over
the industry by successfully landing our first Falcon 9 booster back from space before anyone else. We have
continued to invest significantly in further increasing our lead by pursuing full and rapid reusability at scale,
including investing over $15 billion in our next-generation rocket, Starship.
We bel ieve rocket launche s and landings should be as routine and commonplace as airplanes taking off and l anding.
To achieve this sort of cadence, our iterative approach emphasizes rapid designing, testing, and process
optimization , putting flight hardware in the flight environment as often as possible. This allows us to accelerate our
learning by repeatedly using and improving our systems. This has resulted in a significantly higher flight rate at
costs that are much lower than launch programs that existed before SpaceX. For example, according to NASA, the
first version of Falcon 9 in 2010 had a launch cost of approximately $2,700 per kilogram, which represented a
reduction of approximately 85% compared to the historical average launch cost per kilogram of $18,500. The first
version of Falcon Heavy in 2018 further reduced this cost to approximately $1,400 per kilogram, a reduction of
approximately 92% compared to the historical average cost. With the future deployment of Starship, which is
designed to be the world’s first fully and rapidly reusable spacecraft, we aim to further reduce the cost to reach orbit
by 99% or more relative to the historical average launch cost. Central to our cost advantage is the reusability of key
hardware—most notably boosters—which we recover, refurbish, and refly many times instead of discarding after
single use. This dramatically lowers per-launch costs by minimizing hardware replacement expenses and spreading
fixed production costs across repeated uses. Space flight that historically cost billions per launch now costs in the
tens of millions, fundamentally reducing the cost of space access, providing the opportunity to build new enterprises
in space.
Similarly, xAI has cracked the code in the complexities of building and scaling AI compute infrastructure, becoming
the first company to deploy a coherent gigawatt-scale AI training cluster. We believe the combination of our
proprietary AI infrastructure capability, our truth-seeking frontier model, Grok, and our access to real-time data on
X creates a formidable competitive advantage, allowing us to maintain a leading position in the development of
advanced artificial intelligence. This advantage stems from our complete vertical integration and the common vision
infused by our founder, Elon Musk. In just a few years, we have demonstrated an ability to build coherent compute
at scale and rapid speed with lower cost. COLOSSUS and COLOSSUS II collectively provide approximately 1.0
gigawatt of compute power, with additional power capacity available for data center operations. We believe speed is
a competitive advantage. In order to bring compute clusters online as fast as possible, we employ a vertically
integrated, nimble approach to construction. At COLOSSUS, we brought online the first cluster of approximately
100,000 H100 processors, approximately 130 megawatts of compute power, in just 122 days, repurposing the shell
of an existing factory. At COLOSSUS II, we brought online the first cluster of approximately 110,000 GB200
processors, approximately 210 megawatts of compute power, even faster in 91 days. As an illustrative comparison,
an industry benchmark to bring online a 100 megawatt greenfield data center is approximately two years.
Furthermore, in the case of COLOSSUS II, following the initial cluster, we brought online the second cluster of
110,000 GB300 processors and 220 megawatts of compute power in 64 days, demonstrating our ability to rapidly
scale our facilities once built. We expect that once fully operational, the next phase of expansion at COLOSSUS II
will bring online at least 220,000 additional GB300 processors and over 400 additional megawatts of compute
power. We also demonstrated a significant improvement in cost efficiency, achieving data center construction costs
for COLOSSUS II that are considerably lower than industry benchmarks on a per megawatt basis.
We are able to deploy power and compute significantly faster than other AI companies through first-principles
thinking, behind-the-meter power generation, coupled with what we believe is the world’s largest network of
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sustainable battery storage systems, and innovations in advanced liquid cooling, high-density rack layouts, and
efficient networking. Our facilities also incorporate innovative design features that limit the effects on regional
electricity pricing for neighbors and include advanced water cleaning, reclamation, and recycling processes to
support sustainable operations. We partner with utilities and communities to connect to and enhance the grid over
time, and do so while pledging to cover costs of all new power delivery infrastructure upgrades to service our data
centers, including adequate network upgrade costs, to ensure that these expenses are not passed on to the ordinary
household. Our ability to rapidly and cost-effectively scale with the latest processors keeps us ahead of competitors
who deploy traditional and more expensive methods. As a result, we believe COLOSSUS II became one of the
world’s first data centers to deploy GB200s and GB300s, the most advanced AI processors available at the time, at
significant scale, and is currently powering training for our next frontier models, including Grok-5. Furthermore,
through our Terafab initiative together with Tesla to build a manufacturing facility capable of producing 1 terawatt
per year of compute hardware, we intend to further extend our vertical integration to chip design and manufacturing
to alleviate potential future chip shortages at SpaceX, optimize compute performance, and potentially reduce overall
compute costs. Intel, which has the ability to design, fabricate, and package ultra-high-performance chips at scale,
also joined the Terafab project in early April 2026. Our shovels-to-tokens approach allows us to train and iterate our
frontier models at high velocity, accelerating development cycles, eliminating external bottlenecks, and driving
rapid, continuous improvements in model performance.
In pursuing our mission, SpaceX has created new opportunities across our three foundational competitive
advantages, Space , Connectivity , and AI :
• Space. Launch is one of our foundational competitive advantages. We were the first private company to
develop and launch a liquid-fuel rocket to reach orbit (2008), the first private company to successfully dock a
private spacecraft with the International Space Station (2012), the first company to propulsively land (2015) and
refly an orbital-class rocket booster (2017), the first to begin deploying a large-scale LEO broadband satellite
constellation (2019), and the first private company to launch astronauts to orbit, allowing American astronauts
to again fly to and from the International Space Station on an American launch vehicle (2020). As of March 31,
2026, SpaceX had completed approximately 650 orbital space launches, and over 540 of those launches were
completed by a flight-proven Falcon rocket, drastically reducing the cost of access to space. We are the only
private company that is certified by NASA to send human missions to orbit. We are currently developing
Starship, designed to be the world’s most powerful launch vehicle. Starship is designed to be a fully and rapidly
reusable transportation system capable of carrying larger payloads farther and at lower marginal cost per launch
than our current Falcon rockets. Our unparalleled launch capabilities power every aspect of our business.
• Connectivity. Since activating service for customers in 2020, Starlink has rapidly expanded global access to
high-speed internet, prioritizing underserved rural and remote communities worldwide. While building
terrestrial networks in such communities can be prohibitively expensive, Starlink is capable of delivering
broadband connectivity anywhere on Earth with just a Starlink Kit. As of March 31, 2026, we had
approximately 9,600 Starlink broadband and mobile satellites in Low-Earth Orbit, operating the world’s most
advanced broadband constellation providing internet connectivity to approximately 10.3 million Starlink
Subscribers across 164 countries, territories, and other markets. In January 2024, we also began deploying our
Starlink Mobile constellation that utilizes separate Starlink satellites with satellite-to-mobile capabilities,
substantially reducing mobile “dead zones” around the world. As of March 31, 2026, our dedicated satellite-to-
mobile constellation of approximately 650 V1 Mobile satellites provides satellite-to-mobile data, over-the-top
voice, and messaging service s to approximately 7.4 million monthly unique devices across approximately 30
countries.
• AI. We were the first company to deploy a coherent gigawatt-scale AI training cluster. We own and operate
what we believe to be the largest AI training data center clusters on Earth, consisting of hundreds of thousands
GPUs —all in the same spirit that enabled us to launch Grok faster than any other leading foundational AI model
—while maintaining full vertical integration from on-site power generation and water reclamation to GPU
deployment. In under two years, we have established a dual advantage in both cost efficiency and deployment
speed at scale. By owning the compute infrastructure and vertically integrating across the full AI stack, we can
train and iterate our frontier models at lower cost and higher velocity and accelerate development cycles. This
eliminates external bottlenecks and drives rapid, continuous improvements in model performance. The addition
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of the Terafab initiative aims to further extend our control to the foundational processor layer. We believe that
the key constraints in the continued growth of AI are physical—chip manufacturing, data center infrastructure,
and power generation; the future of AI will be determined by the control of the physical stack. We believe no
other AI company has better control over the full physical stack than SpaceX. We believe this combination of
our state-of-the-art AI compute infrastructure, our truth-seeking frontier model, and our access to real-time data
on X creates a significant strategic advantage. Our integrated AI platforms across Grok and X have over 1.3
billion supported accounts active in the last twelve months ended March 31, 2026, including approximately 550
million MAUs, up from over 1.1 billion supported accounts and approximately 520 million MAUs as of
December 31, 2025, and generating approximately 350 million daily posts. Of our MAUs, we had
approximately 117 million MAUs that used Grok’s AI features as of March 31, 2026. Grok’s deep integration
with X enables freshness, relevance, and contextual awareness that we believe is a competitive differentiator.
This direct, real-time access to the information and human discourse on X enhances Grok’s truth-seeking
capabilities by grounding outputs in up-to-date knowledge and diverse viewpoints. As a result, we believe Grok
can deliver the most objective and relevant insights and best serve high-frequency, high-value use cases across
consumer and enterprise AI applications.
For complex r easoning and agentic workloads, compute is directly correlated with the quality of intelligence
and task completion speed. Over the long-term, however, we expect Earth’s finite resources will not be able to
sustain the immense computational demands of advanced AI models. Sustainably satisfying this compute
demand will require space-based infrastructure that utilizes the ultimate fusion energy source: the Sun. We
believe we are the only company with a commercially viable path to building orbital AI compute at scale, due to
our unique ability to launch substantial mass into orbit through reusable, cost-efficient rockets, to manufacture
secure, reliable, and high-performance satellites at low cost and high volume, and to manage large-scale
constellations. We expect that owning scalable, power-efficient infrastructure to train and operate frontier
models will be the most important driver for AI differentiation as AI systems converge toward artificial general
intelligence (“AGI”)—which has the potential to unlock large-scale productivity gains, scientific discovery, and
societal abundance.
We have created distinct new markets across the space, connectivity, and AI industries by building the integrated
hardware and software infrastructure of the future and by combining our broad range of capabilities. For example,
SpaceX’s recent acquisition of xAI unites SpaceX’s launch capabilities and global connectivity network with xAI’s
AI development capabilities. Specifically, we believe SpaceX’s reusable rockets, scaled satellite manufacturing, and
operational expertise can enable the cost-effective and rapid deployment of massive AI compute satellite
constellations—with potentially millions of satellites—for orbital data centers. We believe these AI compute
satellites in Sun-synchronous orbit will be able to handle energy-intensive AI workloads, such as inference demand,
at far greater scale and efficiency than terrestrial alternatives, with Starlink providing low-latency, global
connectivity linking these orbital AI systems to people around the world and delivering real-time intelligence. Our
goal is to leverage our launch leadership, global connectivity network, and AI expertise to allow us to continue
building the integrated infrastructure of the future on Earth, the Moon, Mars, and beyond to benefit humanity.
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We have an intense, mission-driven, engineering-first culture that seeks to achieve what many have deemed
impossible. “The Algorithm,” as it is known internally, is a five-step iterative process that emphasizes making the
requirements less dumb, deleting unnecessary processes or parts (embracing the principle that the best part is no
part), only then optimizing the necessary processes or parts, accelerating cycle time, and automating only proven
processes. We strive to make the incredible and extraordinary accessible and repeatable, and we have grown rapidly
by continuously leveraging our core strengths, including:
• Global leadership in orbital launch services;
• Unrivaled satellite and connectivity platform across design, manufacturing, deployment, and operations;
• Truth-seeking AI model enhanced by real-time data;
• Extreme vertical integration enabling high velocity and superior cost efficiency at scale;
• Unique ability to scale new trillion-dollar markets across Space, Connectivity, and AI;
• Business models that are incredibly difficult to replicate; and
• Our mission-driven culture and world-class talent.
We have a stellar track record of capital allocation and value creation in Space and Connectivity. Since SpaceX’s
founding in 2002, we have raised over $9 billion of equity capital to fund the development and growth of these two
business segments. The Space segment became Segment Adjusted EBITDA positive on a sustained basis beginning
in 2018 and the Connectivity segment became in aggregate Segment Adjusted EBITDA positive on a sustained basis
beginning in 2023. In 2025, our Space segment generated a loss from operations of $(657) million and Segment
Adjusted EBITDA of $653 million , including the impact of funding $3,004 million in research and development
expense for our next-generation Starship launch vehicle program. In 2025, our Connectivity segment generated
income from operations of $4,423 million and Segment Adjusted EBITDA of $7,168 million .
Our financial results reflect the strength of our operating model and our ability to create and scale multiple new
businesses:
• For the three months ended March 31, 2026, we generated revenue on a consolidated basis of $4,694 million,
loss from operations of $(1,943) million and Adjusted EBITDA of $1,127 million. In 2025, we generated
revenue on a consolidated basis of $18,674 million, loss from operations of $(2,589) million and Adjusted
EBITDA of $6,584 million. Our Space and Connectivity segments contributed the substantial majority of our
consolidated revenue in the three months ended March 31, 2026 and the year ended December 31, 2025 ,
demonstrating the benefits of their scale and operating leverage in our vertically integrated business model;
• For the three months ended March 31, 2026, our Space segment generated revenue of $619 million, loss from
operations of $(662) million, and Segment Adjusted EBITDA of $(351) million. In 2025 , our Space segment
generated revenue of $4,086 million , loss from operations of $(657) million , and Segment Adjusted EBITDA of
$653 million Additionally, our Space segment funded $930 million and $3,004 million in research and
development expense during the three months ended March 31, 2026 and the year ended December 31, 2025,
respectively, for our next-generation Starship launch vehicle program. Starship is designed to enable a step-
function change in our launch capability across reusability, payload capacity, and launch cadence, and is the key
enabler of our long-term growth strategy by unlocking entirely new categories of missions ;
• For the three months ended March 31, 2026, our Connectivity segment generated revenue of $3,257 million,
income from operations of $1,188 million, and Segment Adjusted EBITDA of $2,087 million. Our Connectivity
segment, primarily driven by Starlink, generated revenue of $11,387 million , income from operations of $4,423
million , and Segment Adjusted EBITDA of $7,168 million in 2025 , representing year-over-year growth of
49.8% , 120.4% , and 86.2% , respectively, benefiting from subscriber growth, increasing enterprise adoption, and
continued improvement in network efficiency;
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• In our newly acquired AI segment, we plan to prioritize growth and investment to capture significant
opportunities in AI applications and compute infrastructure. For the three months ended March 31, 2026, our AI
segment generated revenue of $818 million, loss from operations of $(2,469) million, and Segment Adjusted
EBITDA of $(609) million. In 2025 , our AI segment generated revenue of $3,201 million , loss from operations
of $(6,355) million , and Segment Adjusted EBITDA of $(1,237) million , reflecting its earlier stage of
development and continued investments to support long-term growth opportunities in AI; and
• For the three months ended March 31, 2026, capital expenditures for our Space segment was $1,052 million, for
our Connectivity segment was $1,332 million and for our AI segment was $7,723 million. In 2025, capital
expenditures for our Space segment was $3,832 million, for our Connectivity segment was $4,178 million and
for our AI segment was $12,727 million.
Segment Adjusted EBITDA is a non-GAAP measure. Please refer to the section titled “Management’s Discussion
and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures” for additional
information on our non-GAAP financial measures, including reconciliations of Segment Adjusted EBITDA to
segment income (loss) from operations, the most directly comparable GAAP measure .
Why This Matters Now
For the entirety of its existence, human civilization has lived on a single celestial body: Earth. The current paradigm,
in which human civilization is confined to one planet, exposes humanity to existential threats that are unpredictable
and uncontrollable on a planetary scale. These threats include naturally occurring catastrophic events—such as
asteroid impacts, volcanic activity, or solar fluctuations—as well as man-made global conflicts. Geological and
astronomical records indicate a non-zero probability of extinction-level events occurring over periods measurable in
millions of years. Reliance on a single planetary home constitutes a single point of failure and carries existential risk
with a probability of one that must be solved. By moving beyond the only home we have ever known, we ensure
species-level redundancy and that the light of consciousness will not be tied to a single planet subject to the
inevitable hazards of a harsh and vast universe. We do not want humans to have the same fate as dinosaurs. We want
to give them a reason to look ahead with excitement, with the prospect that we are entering an age of abundance
with an endlessly prosperous and exciting future.
Artist Visualization of Life on Mars
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For decades, a reality where humanity travels between the planets and the stars has felt tantalizingly close but still
locked in the pages and screens of science fiction. We are capable of better understanding the universe, exploring the
universe, and ultimately making life multiplanetary across the universe. We are becoming a civilization with the
ability to reach beyond Earth’s cradle and begin to inhabit other worlds. While we remain dedicated to this
fundamental mission, our progress in accessing space continues to yield opportunities that enrich life on Earth.
We believe our steps into the expanse will be accelerated by the rapid emergence of AI. As humanity moves into the
unknown, we believe AI will be our greatest tool for innovation and navigation, helping us better understand day-to-
day life and the universe, and master the complexity of establishing new civilizations in the far-flung reaches of
space. For AI to help us understand the universe, we believe it must be able to discard the often popular, but wrong,
in favor of the unpopular, but true. By combining the innate human desire to seek truth and explore with our
breakthrough technologies, we believe humanity will eventually reach new frontiers across the universe, while
enhancing the quality and resilience of life on Earth.
The rapid emergence of the AI era intensifies the urgency of our mission, as AI has the potential to accelerate not
only space exploration, but also transformative societal advancements on Earth. However, AI’s ability to
revolutionize human potential is directly dependent on meeting exponentially increasing resource demands. On
Earth, the massive expansion of data center capacity to support growing compute demand is significantly outpacing
electricity generation, which was effectively flat in the United States for approximately 15 years, growing at a
compound annual growth rate of 0.1% from 2008 to 2023. Despite the recent increase in electricity demand from AI
data centers, electricity generation in the United States has grown at an annual rate of less than 3% between 2023
and 2025, while electricity generation in China has grown at approximately twice that rate in the same time period.
U.S. compute demand has already outpaced available power supply with estimated demand of 62 gigawatts in 2025
exceeding the power generation of 49 gigawatts, according to industry sources. We expect the gap between demand
for compute and power supply to continue to widen meaningfully as AI compute needs proliferate. Such structural
power shortages are expected to intensify over the coming years. This supply and demand imbalance is already
imposing unsustainable strains on terrestrial power grids, supply chains, and the environment. The Sun contains
approximately 99.8% of the solar system’s energy and, as a result, we believe it is the only truly scalable solution to
terrestrial energy constraints in the age of AI. Harnessing this energy in space is considerably more efficient than on
land. Space-based solar arrays can generate more than five times the energy per unit area of terrestrial solar due to
continuous illumination, lack of atmospheric interference, and optimal orientation. SpaceX is well-positioned to
capture this space-based solar energy through our ability to rapidly access Sun-synchronous orbit through our
satellite manufacturing scale and launch capability. As a result, we are expanding our footprint and harnessing the
vast resources of space that are essential to sustaining technological development. Our goal is to ensure that AI
becomes a force for human flourishing and a benefit to civilization, rather than a catalyst for terrestrial resource
depletion and instability. We believe owning scalable, power-efficient infrastructure to train and operate frontier
models will be the most important competitive differentiator as AI systems converge toward AGI—which has the
potential to unlock large-scale productivity gains, scientific discovery, and societal abundance.
We believe space represents the largest economic frontier in human history. Our unmatched launch cadence has
massively increased access to space, enabling rapid and reliable missions for humans, cargo, and satellites—creating
unprecedented opportunities for innovation, scientific discovery, and global connectivity. SpaceX has always been a
mission-driven company, founded with the goal of making humanity multiplanetary. By dramatically reducing the
cost of access to space, we have been able to expand our mission to address some of the Earth’s most pressing
challenges, including bridging the digital divide by aiming to connect over three billion unconnected people to the
internet and humanity’s collective knowledge. Starlink is our groundbreaking solution for global internet
connectivity, delivering high-speed, low-latency access to the most remote and underserved corners of the world—
from Antarctica’s frozen wilderness to vast oceans and towering mountaintops—overcoming barriers posed by
traditional terrestrial infrastructure. Starlink’s unparalleled global reach has the potential to enable society to educate
billions of people, to help lift entire communities out of poverty, and to provide essential connectivity to schools,
hospitals, and critical services, fostering a more equitable and informed future for humanity. We support essential
applications such as education in rural and underserved regions, telemedicine for hard-to-reach patients, seamless
connectivity for aviation and maritime users, and resilient communications during natural disasters. For example,
during the 2023 Maui wildfires, which devastated Lahaina and left thousands without power or cellular service,
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Starlink rapidly deployed over 650 terminals to restore high-speed internet connectivity, enabling first responders,
humanitarian organizations, and survivors to coordinate relief efforts, access aid resources, communicate with
family, and support recovery in areas where traditional infrastructure had completely failed. During Hurricanes
Helene and Milton in 2024 in the southeastern United States, our Starlink terminals provided a rapid lifeline for
communication and recovery when traditional cell towers, broadband lines, and power infrastructure were knocked
out for days or weeks by widespread damage caused by flooding and high winds.
Our AI technology also has the ability to elevate the quality of life for people and communities around the world.
We believe AI has the potential to revolutionize human potential—from advanced manufacturing and infrastructure
development to scientific research and medicine—delivering tangible real-world benefits for individuals,
organizations, and governments. For example, AI systems can expedite scientific discovery for researchers, aid
healthcare professionals in precise medical analysis and diagnosis, and empower educators to craft tailored learning
experiences for students. Moreover, these technologies can optimize Earth’s resource allocation, enhance disaster
response strategies, and drive efficiencies in transportation and energy systems.
We believe that our current space efforts will catalyze transformative breakthroughs that could reshape terrestrial
industries and lead to the emergence of new trillion-dollar markets on the Moon, Mars, and beyond. In particular, we
believe our goal of establishing a lunar presence will enable terawatt-scale annual AI compute growth, support
deeper space exploration and industrialization, and serve as a stepping stone to establishing a civilization on Mars.
Due to technological advancements that we are working towards, such as in-space propellant transfer, we believe
our Starship vehicle will be capable of landing massive amounts of cargo on the Moon. Once there, we believe it
will be possible to establish a permanent presence for scientific and manufacturing pursuits. For example, we believe
that factories on the Moon will be able to take advantage of lunar resources to manufacture millions of AI compute
satellites and deploy them farther into space. Our goal is to establish a sustainable lunar presence for scientific
exploration, industrialization, and as a stepping stone to Mars, serving as a proving ground for habitats, resource
utilization, and Starship systems essential for long-term human survival beyond Earth.
We believe the next paradigm shift for humanity is the creation of a resilient, perpetually expanding spacefaring
civilization that drives continuous innovation across new frontiers, ultimately propelling us to Kardashev Type II
status—a civilization that harnesses the full energy output of our Sun. In the near term, we expect space-enabled
technologies to enhance life on Earth through greater global connectivity and breakthroughs forged in the harsh
environments of our solar system, leading to accelerating progress in energy and AI. As we build infrastructure in
the Earth’s orbit, and potentially on the Moon, Mars and beyond, we believe we are capable of unlocking an era of
unprecedented economic expansion, while also contributing to the safeguards of humanity’s future against
existential risk.
Who We Are
Our mission is to build the systems and technologies necessary to make life multiplanetary, to understand the true
nature of the universe, and to extend the light of consciousness to the stars. To do this, we’ve formed the most
ambitious, vertically integrated innovation engine on (and off) Earth. We are combining the most transformative and
critical technologies in human history, including reusable rockets, a fully global internet service, satellite-to-mobile
communications that enable connectivity everywhere, our real-time information, entertainment, and free speech
platform, and a truth-seeking AI system designed to accelerate scientific discovery and augment human capabilities.
These capabilities form a self-reinforcing ecosystem: launch systems deploy and maintain the satellite network,
which delivers ubiquitous connectivity and vast data flows; the platform surfaces real-time information and supports
open discourse; and AI processes data at scale to drive breakthroughs in physics, materials science, and space
exploration. Together, they create a foundation for the development of the infrastructure of the future and the
ultimate goal of establishing a self-sustaining human presence on other planets.
SpaceX designs, manufactures, launches, and operates the world’s most advanced rockets and spacecraft. We safely
and reliably transport astronauts, satellites, and other payloads on missions that benefit life on Earth. Since 2023, we
have launched more than 80% of mass to orbit for the world each year with an over 99% mission success rate. We
believe our unparalleled launch capabilities represent the foundational competitive advantage that enables all other
parts of our business. We operate a high-speed, low-latency broadband data and communications network powered
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by approximately 9,600 Starlink broadband and mobile satellites in Low-Earth Orbit, delivering connectivity to
millions of consumer, enterprise, and government customers across 164 countries, territories, and other markets, as
of March 31, 2026. We also built one of the world’s most advanced models in under two years and are rapidly
scaling the associated AI compute infrastructure—starting on Earth with the goal of extending to space—at industry-
leading pace and cost efficiency. We believe that space represents the largest economic frontier in human history
and that AI is a transformative force for understanding the universe. Together, we believe that space and AI will
enable an age of abundance that will lead to an unprecedented expansion in the global economy. We are the only
company that has the foundational infrastructure across hardware and software necessary to drive transformative
innovation across space, connectivity, and AI. Our technological advancements are redefining industries on Earth,
while aiming to create new ones on the Moon, Mars, and beyond.
Our Unparalleled Launch Capabilities
Since our founding in 2002, SpaceX has cracked the code on accessing space at scale, transforming an industry
characterized by decades of stagnation, risk aversion, and economically perverse cost structures. We design,
manufacture, launch, and refurbish reusable launch vehicles that provide cost-efficient, reliable, and high-cadence
access to space for our own purposes as well as for third-party commercial and government customers. In 2025, we
launched from four primary launch pads in the United States and successfully recovered boosters across seven
landing facilities including autonomous drone ships and catch towers based on the vehicle type and mission profile.
Our extensive vertical integration and end-to-end control over the entire value chain, from design to launch to
operations, allows us to achieve unprecedented speed and cost efficiency.
As of March 31, 2026, SpaceX had launched a total mass to orbit of approximately 7,400 metric tons with an over
99% mission success rate across our Falcon rockets. We have completed approximately 650 orbital space launches,
and over 540 of those launches were completed by a flight-proven Falcon rocket . In 2025 alone, SpaceX completed
170 missions across Falcon and Starship vehicles and 159 flight-proven booster launches with an over 99% success
rate on attempted booster recoveries. We launched over 2,200 metric tons, representing over 80% of mass to orbit
for the world in 2025 . With the first successful launch of Falcon 1 in 2008, we became the first private company to
successfully launch a liquid-fueled rocket to Earth’s orbit. Just two years later, in 2010, the commercial debut of the
Falcon 9 rocket revolutionized space access by delivering unprecedented cost efficiency. For example, according to
NASA, the first version of Falcon 9 in 2010 reduced launch cost to approximately $2,700 per kilogram, which
represented a reduction of approximately 85% compared to the historical average launch cost per kilogram of
$18,500. The first version of Falcon Heavy in 2018 further reduced this cost to $1,400 per kilogram, a reduction of
approximately 92% compared to the historical average. We have also reduced our internal cost of launch through a
combination of engineering improvements, manufacturing efficiencies, and economies of scale—most notably,
through our ability to drive more frequent reuse of rockets.
In December 2015, we achieved what many deemed impossible: landing a rocket launched to space back on Earth.
By 2017, we were routinely recovering and reusing the Falcon 9 first-stage booster post-launch, delivering another
step-function drop in space access costs via groundbreaking reusability. As of March 31, 2026, our Falcon 9 rockets
have demonstrated the ability to refly a first-stage 34 times. Since 2020, our Dragon spacecraft has safely flown 78
crewmembers from 20 countries. With the future deployment of Starship, which is designed to be the world’s first
fully and rapidly reusable spacecraft, we aim to reduce the cost to reach orbit by 99% or more relative to the
historical average launch cost, establishing the most affordable and scalable path to creating new opportunities in
space, such as orbital AI compute and Mars exploration.
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Booster Reusabili ty Enables Increasing Launch Rates
Our principal launch vehicles and spacecraft include:
• Falcon 9 . As the world’s first orbital-class rapidly reusable rocket, Falcon 9 was first launched in 2010 and has
a payload capacity to LEO of approximately 23 metric tons when fully expendable. Falcon 9 has completed
approximately 620 orbital space launches as of March 31, 2026, and an over 99% mission success rate, making
it the most active orbital launch vehicle today. In 2025 alone, we launched 165 Falcon 9 rockets, of which 157
were flight-proven booster launches , and during the three months ended March 31, 2026, we launched 40
Falcon rockets, of which 39 were flight-proven booster launches .
• Falcon Heavy . Falcon Heavy first launched in 2018 when it put a Tesla Roadster and its mannequin passenger,
known as Starman, into orbit around the Sun. With a payload capacity to LEO of approximately 64 metric tons,
Falcon Heavy is a partially reusable super heavy-lift launch vehicle designed to deliver large payloads to orbit.
Falcon Heavy is one of the most powerful operational rockets in the world measured by liftoff thrust, with 11
launches as of March 31, 2026 and a 100% mission success rate.
• Dragon. Launched by Falcon 9 in 2012, our Dragon spacecraft became the first commercial spacecraft to
deliver cargo to and from the International Space Station and, eight years later, the first privately built vehicle to
fly humans to the orbiting laboratory. Since its first flight, Dragon has visited the International Space Station
over 50 times, and restored America’s ability to launch astronauts. Dragon has also supported all of NASA’s
private astronaut missions to the International Space Station, flown the first all-commercial astronaut crew,
completed the first human spaceflight over the Earth’s polar regions, and supported the first-ever commercial
spacewalk.
• Starship. First launched in 2023, Starship is designed to be a fully reusable, super heavy-lift launch vehicle.
Starship V3 is designed to deliver 100 metric tons to Earth’s orbit in a fully reusable configuration while
enabling rapid turnaround times akin to commercial aviation. Future generations of Starship are being designed
to double this payload capacity. To date, we have executed 11 Starship flight tests. We have also scheduled a
12th flight test, which will debut the next generation Starship vehicle and Super Heavy booster, powered by the
next evolution of our Raptor engine and launching from a newly designed pad at Starbase. We expect Starship
to commence payload delivery to orbit in the second half of 2026. We have achieved innovative milestones
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such as catching a booster using “chopstick” arms on the same tower it launched from. We expect this
capability will facilitate rapid refurbishment and reuse, allowing for multiple launches per day at reduced costs.
Upon achieving rocket reusability, we recognized the immense potential of our launch business to enable new
revenue streams, as our launch capacity would eventually outstrip demand from traditional space customers alone.
This realization, along with our efforts to make life multiplanetary, drove us to reimagine what was possible when
access to space became more affordable. Rather than asking what was being done in space, we asked what large-
scale global need could be better served from space. This led to the development of Starlink, our global satellite
internet constellation, consisting of thousands of LEO satellites designed to provide high-speed, low-latency
broadband connectivity to underserved areas worldwide. Although the concept of using satellites for global internet
connectivity dates back decades, technical challenges and the prohibitive cost of accessing space historically
rendered attempts to provide such connectivity economically unviable. Within three years of our first satellite launch
in 2019, we solved the technical and production challenges of the satellites, and within five years, we had deployed
the largest LEO constellation in existence. Today, Starlink is the sole low-latency network available globally.
As the leader in space access, our launch operations are an important and expanding competitive advantage. By
combining increasing launch cadence, expanding cargo capacity, and declining unit costs—driven by rapid
reusability—we have generated a compounding competitive advantage. This not only fortifies our core business, but
also provides vast new market opportunities uniquely enabled by space.
Our Leading Capabilities Across Space, Connectivity, and AI
Space . While our launch capabilities support our other businesses, such as Starlink Consumer Broadband and
Starlink Mobile, we also sell launches to third-party customers. We offer launch services to commercial, civil, and
government customers through our reusable Falcon 9 and Falcon Heavy rockets for satellite, cargo, and crew
missions. We fly to LEO, MEO, GEO, lunar, and interplanetary trajectories, as well as the International Space
Station. We are the primary launch provider for the U.S. government. In 2025, we launched 11 of 12 National
Security Space Launch (“NSSL”) medium and heavy lift missions and all five U.S. crew and cargo missions to the
International Space Station for NASA. We serve commercial and government customers—including NASA, the
National Reconnaissance Office (“NRO”), Axiom Space, SES, Eutelsat, and Oneweb. We charge our customers
based on the type of rocket, mass to orbit, size of payload, and type of service, such as whether the launch is
dedicated to a single customer or part of a “rideshare” with other customers.
Starship is our next-generation reusable rocket vehicle that we expect will expand our launch capability dramatically
through full and rapid reusability combined with currently unprecedented mass to orbit capability. As the most
powerful launch system ever developed, we expect that Starship V3 will be able to carry a payload of 100 metric
tons, and that future generations could reach 200 metric tons, potentially as soon as Starship V4. Starship is designed
to deliver our next-generation satellites to orbit, long-haul point-to-point transportation on Earth, the cargo and crew
necessary to develop a base on the Moon and a city on Mars for research and human spaceflight development.
Connectivity . Starlink provides global access to high-speed internet, including underserved rural and remote
communities worldwide. As of March 31, 2026, we had approximately 9,600 Starlink broadband and mobile
satellites in Low-Earth Orbit, providing broadband connectivity to approximately 10.3 million Starlink Subscribers
across 164 countries, territories, and other markets. We also provide satellite-to-mobile texting and over-the-top
voice services to approximately 7.4 million monthly unique devices across approximately 30 countries.
• Starlink Consumer Broadband. We operate the world’s largest and most advanced space-based internet
broadband service with median latency at approximately 25 milliseconds as of March 31, 2026. We provide
fiber-like download speeds—at a median of 225 Mbps during peak hours for residential users as of March 31,
2026—and the technological capability to provide service everywhere on Earth, including the poles. This
service quality is enabled by our vast network of approximately 9,600 Starlink broadband and mobile satellites
in Low-Earth Orbit, which accounted for approximately 75% of all active maneuverable satellites in orbit as of
March 31, 2026. We expect to commence deploying our next-generation V3 satellites, designed to offer one
Tbps of downlink capacity per satellite, using Starship in the second half of 2026. We expect that a single
Starship launch will be capable of deploying up to 60 V3 satellites to LEO, representing a potential twenty-fold
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increase in Starlink downlink capacity deployed relative to a Falcon 9 launch. As of March 31, 2026, we had
approximately 10.3 million Starlink Subscribers, up approximately 105% from 5.0 million subscribers a year
prior. We charge our Starlink Subscribers a monthly subscription fee, which varies based on geographic market
and download speed, plus typically a one-time upfront terminal cost.
• Enterprise Solutions . SpaceX is a critical partner to a wide array of enterprises. We offer Starlink’s high-
speed, low-latency, reliable internet services to enterprise customers across industries including construction,
agriculture, retail, telecom, hospitality, aviation, maritime, and land mobility. Starlink’s unique capabilities are
well‑suited for deployments across field offices, remote worksites, research stations, drilling rigs, rural
hospitals, aircraft, cruise ships, trains, and hotels. Our enterprise customers include companies such as United
Airlines, Carnival, Maersk, and John Deere, among others. We also serve a broad fixed‑site customer base
across industries such as retail and financial services that require high availability for critical operations as well
as reliable connectivity in remote or hard-to-serve locations. As companies continue to invest in secure and
resilient networks and backup systems to keep critical infrastructure online—such as point‑of‑sale and payment
processing systems—we often start as a backup solution and then transition to being the primary solution. Our
enterprise contracts are based on a combination of subscriptions, data consumption, capacity, or other pricing
models depending on each customer’s particular needs. Since 2023, no Starlink Enterprise customer having
contributed more than $750,000 of annual revenue has voluntarily discontinued their service, demonstrating the
strong performance and value of our offering. This is despite the ability of our customers to cancel the service at
any time.
• Government Solutions. For our government customers, we provide high-speed, resilient connectivity for
public services, social impact, humanitarian efforts, and disaster response in even the most remote and
challenging environments. Examples include support for the FEMA in coordinating disaster recovery after
hurricanes and wildfires, the NOAA for at-sea testing and environmental monitoring, the Government of the
Philippines for linking remote islands, schools, and public institutions, the Government of Jamaica for
improving digital access in remote and maritime areas, and the Government of Ecuador for supporting
education and healthcare connectivity in isolated communities. Separately with Starshield, we have leveraged
our commercial LEO satellite constellation engineering learnings and operational experiences to develop a
secure, dedicated satellite network designed specifically for United States Government customers and national
security applications.
• Starlink Mobile. We provide satellite-to-mobile connectivity, supplementing terrestrial networks and
substantially reducing mobile “dead zones” across approximately 30 countries. We partner with MNOs
including major wireless carriers like T-Mobile in the United States, and other international operators including
One NZ, Optus, Telstra, Rogers, KDDI, Salt, Entel, Kyivstar, and VMO2. Through these partnerships, we
enable consumers, businesses, and public-sector customers to use their existing phones in more places, support
critical connectivity during disasters and power outages, and open new applications for low-bandwidth mobile
and IoT devices. Our current capabilities under our “V1” constellation (consisting of approximately 650 V1
Mobile satellites in orbit) include light data, text messaging (SMS), and over-the-top voice services (e.g.,
WhatsApp and FaceTime ). We are developing more comprehensive satellite-to-mobile services, including
broadband data and IoT connectivity, which are expected to deliver resilient, infrastructure-independent
connectivity worldwide and enable 5G connectivity. We have partnerships with approximately 30 MNOs on six
continents, covering an area that is home to approximately 1.9 billion people. We charge MNOs either a fixed
fee or a per-mobile user fee-based amount, which is typically passed through to the customer via the carrier as
an “add-on” feature.
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Our Global Starlink Subscriber Base
AI. We operate a highly vertically integrated AI platform spanning gigawatt-scale AI compute infrastructure, our
truth-seeking frontier AI model, Grok, AI solutions for consumer and enterprise customers, and X, our real-time
information, entertainment, and free speech platform. We believe AI is rapidly converging toward AGI, where
human cognitive capabilities can be replicated and scaled at machine speeds, profoundly augmenting human
productivity. Once an AGI system exists, its true value derives from the ability to create limitless duplicates of
human-like intelligence, necessitating vast computational resources and cost-efficient deployment to achieve
meaningful scale. Without large-scale, power-efficient infrastructure, AGI cannot be deployed broadly or
economically—making such infrastructure a critical strategic differentiator.
• AI Compute Infrastructure. xAI has established a leading position in building and scaling terrestrial AI
compute infrastructure, becoming the first company to deploy a coherent gigawatt-scale AI training cluster. Our
AI compute facilities, COLOSSUS and COLOSSUS II, collectively provide approximately 1.0 gigawatt of
compute power, with additional power capacity available for data center operations. Our first-principles
thinking enables us to build coherent compute at scale and at rapid speed with lower costs than most other
companies in the industry. We brought the first cluster of COLOSSUS online in 122 days, repurposing the shell
of an existing factory, and the first cluster of COLOSSUS II online even faster in 91 days. As an illustrative
comparison, an industry benchmark to bring online a 100 megawatt greenfield data center is approximately two
years. We also demonstrated a significant improvement in cost efficiency, achieving data center construction
costs for COLOSSUS II that are considerably lower than industry benchmarks on a per megawatt basis. This
dual speed and cost advantage stems from our complete vertical integration and the shared culture infused by
our founder, Mr. Musk, across our Space, Connectivity, and AI segments. The addition of Terafab, an initiative
together with Tesla to build a manufacturing facility capable of producing 1 terawatt per year of compute
hardware, aims to further extend our vertical integration to chip design and manufacturing to alleviate potential
future chip shortages at SpaceX, optimize compute performance, and potentially reduce overall compute costs.
Intel, which has the ability to design, fabricate, and package ultra-high-performance chips at scale, has also
joined the Terafab project. We believe that the key constraints in the continued growth of AI are physical—chip
manufacturing, data center infrastructure, and power generation; the future of AI will be determined by the
control of the physical stack.
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• Truth-Seeking Frontier Model . xAI has developed one of the world’s most advanced, truth-seeking frontier
models with Grok. Since launching Grok-1 in November 2023, we have released four major versions and
notable variations thereof, achieving one of the fastest iteration cycles in the industry, culminating in Grok-4.3
(April 2026). Building on this trajectory, we expect to continue scaling Grok through subsequent generations.
Ongoing training of next‑generation models is expected to scale toward multiple trillions of parameters, which
could represent a step change in reasoning in depth and overall intelligence. In this context, the number of
parameters refers to the scale of the model, where parameters are the internal numerical values, such as
“weights,” that are adjusted during training to enable the model to recognize patterns and relationships in data.
A larger number of parameters generally allows the model to capture more complex relationships, store greater
amounts of knowledge, and achieve higher levels of reasoning capability. Within two years of its initial model
release, Grok achieved frontier-level performance in scientific reasoning, as measured by its GPQA Diamond
score, an industry benchmark that evaluates AI models on a standardized set of questions written and validated
by experts, on a faster timeline than reported by other leading model providers. This accelerated rate of
innovation stems from our highly vertically integrated stack: full ownership of training infrastructure, access to
the world’s most powerful compute clusters, and relentless focus on truth seeking and real-world utility. A key
competitive differentiator is Grok’s deep integration with X, enabling proprietary access to a real-time
information stream of approximately 350 million daily posts, which enhances freshness, relevance, and
contextual awareness for Grok. This direct, real-time access to the information and human discourse on X
enhances Grok’s truth-seeking capabilities by grounding outputs in up-to-date knowledge and diverse
viewpoints. We believe that this combination of compute infrastructure scale and the massive dataset available
to us through X, subject to some limitations for certain content, has allowed us to achieve industry-leading
performance and provide model outputs that analyze real-time information on global events. We expect that our
compute infrastructure and direct access to real-time data via X constitute substantial performance advantages
for Grok that will result in increasingly rapid and dramatic iteration cycles.
• Consumer and Enterprise Applications . We leverage our leading frontier models and compute infrastructure
to deliver consumer and enterprise applications. In under six months, we developed Grok Voice, a real-time
speech engine, including in multilingual performance. Our image and video generation system, Imagine,
produced approximately 10 billion images and over 2 billion videos per month, on average, for the quarter
ending March 31, 2026. Together with Tesla, we are also developing Macrohard, an agentic AI platform
designed to be capable of fully emulating digital workflows and augmenting human operation of computers—
from coding and product development to management and entire business processes—using sophisticated
autonomous agents. We believe Macrohard will have the potential to fundamentally transform how companies
are structured and operate, thereby allowing dramatic increases in human productivity. In addition, we believe
our existing government relationships and track record as large government contractors are a structural
advantage as governments become significant consumers of AI applications.
Our integrated AI platforms across Grok and X have over 1.3 billion supported accounts active in the last
twelve months ended March 31, 2026 , including approximately 550 million MAUs, up from over 1.1 billion
supported accounts and approximately 520 million MAUs as of December 31, 2025. Of our MAUs, we had
approximately 117 million MAUs that used Grok’s AI features as of March 31, 2026.
We also monetize user activity through high-impact advertising inventory on X. We believe X’s scale , real-time
engagement, and integration with Grok provide a differentiated foundation for building a unified user
experience across communication, content discovery, commerce, and financial services, among others. For
enterprises that advertise on X, we offer large-scale user engagement, real-time content, and advanced AI-
driven performance marketing tools. For enterprises, we offer tailored deployments of Grok customized to
specific workflows and security needs through Grok Business and Grok Enterprise, sold on license-,
consumption-, or outcome-based pricing models.
Collaboration with Tesla
SpaceX and Tesla developed the early foundation of a strong and constructive partnership through a series of limited
but successful commercial engagements. Our relationship with Tesla evolved meaningfully following Tesla’s
January 2026 commitment to invest in xAI — an investment that, upon SpaceX’s acquisition of xAI, was converted
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into an equity interest in SpaceX. Tesla and xAI continue to build upon their longstanding collaborative relationship
by evaluating future strategic opportunities between the companies.
One expected area of collaboration is an AI project called Macrohard. We expect Macrohard to benefit from running
on both state-of-the-art processors and cost efficient, next-generation Tesla processors, a critical advantage of our
vertical integration.
Another expected area of collaboration is Terafab, an announced AI chip manufacturing initiative designed to
vertically integrate the design, fabrication, and deployment of advanced logic and memory chips. We believe this
initiative will alleviate potential future chip shortages at SpaceX and optimize compute performance. We expect
Terafab to be the world’s largest chip manufacturing facility. Our strategy for Terafab is to vertically integrate
across the design of lithography masks, fabrication of logic and memory chips, and design of advanced packaging in
a single closed-loop plant. Conducting all these activities end-to-end in a single facility enables rapid testing and
iterations, allowing us to improve chip design and scale manufacturing faster. We expect that our speed and cost
advantage from vertical integration will allow us to scale efficiently in AI chip manufacturing towards our long-term
goal of producing one terawatt of compute each year. We are partnering to build Terafab in order to support growth
in two kinds of chips— one type optimized for terrestrial edge and inference to be used primarily in Tesla’s Optimus
robots and vehicles, and another type optimized for the space environment to be used in our orbital compute
infrastructure. While Terafab is intended to expand our internal chip manufacturing capabilities, we expect to
continue sourcing a significant portion of our compute hardware from third-party suppliers. We view Terafab as
complementary to these relationships, enabling us to augment our access to compute hardware at massive scale and
further complete our highly vertically integrated compute platform by extending our control to the foundational chip
layer. We believe that the key constraints in the continued growth of AI are physical—chip manufacturing, data
center infrastructure, and power generation; the future of AI will be determined by the control of the physical stack.
We believe that we are better positioned than other AI companies given our unique control over the full physical
stack. We plan to explore other areas of strategic collaboration with Tesla in the future.
Collaboration with Cursor
On April 19, 2026, we entered into a compute agreement with Cursor. Cursor develops and operates an AI-native
integrated development environment that enables professional software developers and engineering teams to write,
edit, review, and refactor code using LLM-powered agents and workflows integrated via its proprietary model
harness. In 2025, Cursor launched Composer, its own LLM trained for software development. It recently released
Composer 2, which offers improvements in coding performance at lower cost. We believe the compute agreement
and any acquisition of Cursor (described below), if completed, will extend our strategy to vertically integrate
compute infrastructure, models, and applications, can help accelerate our development of AI-native software tools,
and combined with our significant compute capacity, will help strengthen our position in AI-assisted developer
productivity. We expect to accelerate the development of our existing AI models, including Grok, through our
collaboration with Cursor.
Under the compute agreement, we will provide Cursor with certain GPU cluster compute capacity for use in
connection with specified development, training, improvement and other activities related to AI models and other
technology and intellectual property. In exchange, Cursor will contribute certain personnel, data and datasets,
documentation, technical know-how, workflows, prompts, specifications and software code. We will collaborate
with Cursor to improve our existing models, including Grok, and potentially to jointly develop AI models and
related model-specific deliverables. Each party retains ownership of its pre-existing and independently developed
intellectual property (including, in the case of SpaceX, Grok) and related improvements and derivatives, including
where they are utilized in connection with joint development activities. Any jointly developed models will be jointly
owned, and each party will have a broad right to use, reproduce, modify, distribute, license, commercialize and
otherwise exploit them without an obligation to account to the other party.
We also entered into an option agreement pursuant to which we have the right, but not the obligation, to acquire
Cursor. The option agreement generally provides that we may exercise the call option at any time during the 30-day
period following the earlier of (i) seven trading days following the completion of this offering and (ii) September 30,
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2026. Exercise of the call option is in our sole discretion and subject to further approval by our board of directors.
Cursor is also subject to certain exclusivity obligations under the option agreement.
If we exercise the call option, we would simultaneously execute a merger agreement with Cursor, pursuant to which,
following satisfaction of the closing conditions set forth in the merger agreement, including receipt of requisite
regulatory approvals, Cursor would become our subsidiary, and, as a result, we would acquire all of Cursor’s cash,
intellectual property, personnel, customer contracts and other assets. As of January 31, 2026 (Cursor’s fiscal year-
end), Cursor had $3.1 billion of total assets, primarily comprising $2.7 billion of cash and cash equivalents, and
$0.55 billion of total liabilities. The purchase price would primarily be allocated to goodwill on our balance sheet.
Cursor has historically earned some revenue by providing services to customers and, if we acquired Cursor, we may
provide these or similar services to customers after the acquisition although at revenue levels that may vary
significantly from historical performance. If we exercise the call option to acquire Cursor, we would expect to retain
certain Cursor talent by committing to provide continuing employees with competitive compensation and retention-
focused incentives designed to support the long-term value of SpaceX.
The consideration for the acquisition of Cursor, if any, after the closing of this offering would consist of shares of
our Class A common stock based on an implied equity value of Cursor of $60.0 billion, and the price of our Class A
common stock that equals the volume-weighted average closing price thereof over the seven consecutive trading
days immediately preceding the closing of the acquisition. If either (i) we decide to terminate the option agreement
or (ii) Cursor is eligible to and decides to terminate due to our material breach of the option agreement (subject to
notice and cure provisions), Cursor is entitled to a $1.5 billion termination fee under the option agreement and an
$8.5 billion deferred services fee under the compute agreement. These fees are payable in cash (or Class A common
stock, if this offering has not been consummated at the time the fees become payable).
Any shares of our Class A common stock issuable pursuant to the merger agreement would be issued in reliance
upon the exemption from the registration requirements of the Securities Act provided by Section 4(a)(2) thereof. As
a result, any such shares of Class A common stock would be deemed “restricted securities” as such term is defined
under Rule 144 under the Securities Act. Such shares of Class A common stock would be eligible for resale only if
registered under the Securities Act or if such resales qualify for an exemption from registration.
We have conducted preliminary due diligence on Cursor’s business, technology and operations, and expect to
continue such diligence in connection with any decision to exercise the call option. We cannot predict whether we
will elect to exercise the call option or, if exercised, whether the acquisition will close on the anticipated terms, or at
all.
Compute Services Agreements with Third Parties
We believe our compute infrastructure and related strategy provides us with substantial flexibility in how we
allocate and monetize capacity. We have the ability to use compute resources to support our proprietary AI
applications (such as Grok 5, which is currently being trained at COLOSSUS II), while also providing access to
select compute capacity to third-party customers. For example, in May 2026, we entered into Cloud Services
Agreements with Anthropic, an AI research and development public benefit corporation, with respect to access to
compute capacity across COLOSSUS and COLOSSUS II. Pursuant to these agreements, the customer has agreed to
pay us $1.25 billion per month through May 2029, with capacity ramping in May and June 2026 at a reduced fee.
The agreements may be terminated by either party upon 90 days’ notice. The customer will retain ownership and
intellectual property rights in its content, AI models, and related data. This structure allows us to monetize unused
compute capacity in our infrastructure, while still permitting reallocation of the capacity for our own internal
initiatives if needed in the future. We have sufficient capacity to provide compute for our own AI models, including
support of our training and inference demands, and to satisfy the obligations under these agreements. We expect to
enter into additional similar services contracts for compute capacity with third parties. To the extent we become
compute constrained due internal and external utilization, we would need to expand our compute infrastructure. We
believe this opportunity highlights the increasing importance of large-scale, frontier-level AI infrastructure and
positions us as a differentiated provider of high-performance compute capacity to both internal and third-party AI
workloads. We believe our dual monetization strategy provides multiple pathways to generate returns on invested
capital.
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Our Repeatable Business Model
Our business model is built on a repeatable, engineering-driven framework that combines our unparalleled launch
capabilities, extreme vertical integration, rapid iteration, and disciplined capital investment to create durable, large-
scale businesses. We execute this framework through the following core principles:
1. Leverage our unparalleled launch capabilities to enable massive scale . Our rockets—with unmatched
launch cadence, best-in-class reliability, and dramatically reduced cost-to-orbit—are the foundation that we
expect will enable us to create economic opportunities in space and deliver a diversified portfolio of services.
Our launch capabilities enable large-scale deployment of assets that would not otherwise be economically
viable.
2. Identify and create new trillion-dollar market opportunities. We focus on market opportunities that are
useful for humanity and that present trillion-dollar opportunities, including global broadband and mobile
connectivity for consumers, enterprises, and governments; and AI applications and computational infrastructure.
We prioritize opportunities where structural inefficiencies or legacy technological limitations have constrained
supply.
3. Design a solution with world-class engineering and first-principles thinking. We apply physics-based
engineering and first-principles thinking to design products and systems from the ground up—boiling things
down to the most fundamental truths and reasoning up from there. This helps us drive massive, step-function
improvements in performance, scalability, and cost.
4. Apply “The Algorithm” (make less dumb, delete, optimize, accelerate, automate). We operate under a set
of core execution principles that we refer to as “The Algorithm,” a five-step iterative process that we use as our
guiding principles day-to-day. We make the requirements less dumb , delete unnecessary processes or parts
(embracing the principle that the best part is no part), only then optimize the necessary processes or parts, and
then accelerate cycle time (many entities have launched once; no one other than us has ever launched over 100
times per year), and automate only proven processes after the first four steps are completed. We apply the
Algorithm across every aspect of our organization, creating a cultural and operational standard of excellence
that has defined SpaceX since inception.
5. Vertically integrate all the way to the end customer. We design and manufacture a significant portion of our
components in-house, including engines, avionics, structures, and software, even producing the “tools that make
the tools,” enabling us to test, fail, and iterate rapidly. We can then release newer, more advanced hardware with
speed and cost efficiency.
6. Continuously drive cost down and throughput up. Through rocket reusability, manufacturing at scale,
advanced automation, and rigorous operational discipline, we continuously reduce unit costs while increasing
launch cadence, satellite network, and AI hosting capacity.
7. Generate significant cash flow and reinvest in the future. As our businesses scale, they generate significant
cash flow, which we reinvest into nascent market opportunities— driving a self-reinforcing cycle of constant
innovation and potentially creating significant additional value.
Starship is a powerful example of this business model in action. Upon achieving a fully and rapidly reusable design,
we believe Starship will support a step-function increase in launch capacity and be capable of landing massive
amounts of cargo on the Moon. Once there, we believe it will be possible to establish a permanent presence for
scientific and manufacturing pursuits. For example, we believe that factories on the Moon could take advantage of
lunar resources to manufacture millions of AI compute satellites and deploy them farther into space. Additionally,
we are collaborating with NASA under the Artemis program to land humans on the Moon, with the goal of using
Starship for transportation, which will be the first such mission since 1972.
We will continue leveraging our expanding launch capabilities, combined with our engineering and manufacturing
expertise, to create and scale new markets in space for the benefit of humanity—on Earth, the Moon, Mars, and
beyond.
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Our Engineering-First Culture
We are able to achieve transformative technological breakthroughs because we accept only the laws of physics as
the limiting factors to our work and mission. Our core approach is deeply rooted in first-principles thinking, which
rejects any preconceived notions or experience-based norms. Our unparalleled track record demonstrates our
capacity to execute space missions and achieve technological breakthroughs with speed and precision that others
have not achieved. We have a track record of achieving what many have deemed impossible. Some of our industry-
defining achievements and historic milestones include:
• The first private company to develop and launch a liquid-fuel rocket to reach orbit (2008);
• The first private company to successfully dock a private spacecraft with the International Space Station (2012);
• The first to successfully propulsively land (2015) and refly orbital-class rocket boosters (2017);
• The first to begin deploying a large-scale LEO broadband satellite constellation (2019);
• The first private company to transport astronauts to orbit, returning America’s ability to fly astronauts to and
from the International Space Station (2020);
• The first to manufacture consumer-grade phased-array user terminals at scale (2022);
• The first to deploy a large-scale LEO satellite-to-mobile constellation (2025);
• The first to build a gigawatt-scale AI training cluster and largest coherent supercomputer (2026);
• The first gigawatt-scale Megapack battery installation (2026); and
• The only company capable of building orbital AI compute at scale.
Our organizational philosophy fosters an engineering- and data-led culture that embraces failure as an essential
learning opportunity and is maniacally focused on efficiency and speed. This culture allows us to deliberately move
quickly to test new hardware, knowing that early failures provide more valuable data than protracted analysis. We
view our factories as the machines that build the machines and maintain a relentless focus on our ability to move,
fail, and fix fast.
Our AI Compute Infrastructure Advantage and Growth Strategy
We believe AI leadership will be defined by the ability to rapidly scale compute capacity to support exponential
usage growth and frontier intelligence. There is a meaningful compounding benefit of greater usage, creating more
data for training, driving improvements in model performance, and in turn leading to greater usage. We believe that
our highly vertically integrated, shovels-to-tokens approach allows us to train and iterate our frontier models at
lower cost and higher velocity, accelerating development cycles, eliminating external bottlenecks, and driving rapid,
continuous improvements in model performance. This dynamic reinforces the criticality of scale and cost efficiency
in compute infrastructure as the primary differentiator in the AI landscape. In addition, our leadership in compute
infrastructure positions us to monetize not only AI software applications built on our models, but also the underlying
compute that powers them. As we continue to scale our terrestrial and orbital compute infrastructure to support
internal model development, training, and inference workloads, we intend to sell our high-performance compute
capacity to a limited number of third party customers.
Why Compute Matters . The training and inference demanded by advanced AI models require substantial
computational resources. Greater compute capacity enables more intelligence by training new generations of models
with increasing frequency and creating more capable models, ability to support inference, or usage, across a large
and growing user base, and extraction of the highest performance from those models. As the AI user base expands,
we also expect compute demand per user to increase significantly. Reasoning models introduced in 2024
demonstrated that allocating more computational resources during inference directly leads to higher-quality
intelligence. AI agents popularized in 2026 demonstrated that allocating more computational resources enabled
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multi-step task execution, meaningfully increasing compute demand per human user interaction. In addition,
compute infrastructure with end-to-end, cluster-level coherence through tight integration across software and
hardware systems enables more efficient, stable, and higher-fidelity training and inference at scale—ultimately
enhancing model intelligence and performance. Within inference, we expect computationally-intensive reasoning,
agentic, and multi-modal workloads will continue to grow as a portion of overall usage. We therefore expect
demand for compute will continue to increase across consumer, enterprise, and government applications as AI
adoption accelerates. For example, U.S. compute demand has already outpaced available power supply with
estimated demand of 62 gigawatts in 2025 exceeding the power generation of 49 gigawatts, according to industry
sources. We expect the gap between demand for compute and power supply to continue to widen meaningfully as AI
compute needs proliferate. Furthermore, we believe that third-party estimates on data center demand are constrained
by the practical supply limitations that exist in a terrestrial context and the power shortage may be far greater than
what research estimates suggest. We believe operators with superior model-to-compute integration—the ability to
efficiently support and allocate compute across both training and inference workloads—are best positioned to win
the AI race.
Self-Reinforcing Network Effects Among Lower Cost Per Token, Model Quality, and User Adoption. AI systems
are ultimately constrained or differentiated by the cost, speed, and scale at which they can generate and process
tokens. A “token” represents the fundamental unit of data consumed and produced by modern AI models, for
example corresponding to words, images, audio, or other modalities. It serves as the atomic unit through which
models read, reason, and generate output. As such, tokens are the primary basis for measuring both the cost of
training and cost of inference, making them a foundational economic metric in the AI space. Companies that can
structurally reduce energy, compute, networking, and deployment costs per token will be positioned to train faster,
iterate more rapidly, and ultimately manufacture greater intelligence, scale models more rapidly, and deliver
increasingly powerful and accessible AI solutions. This creates a self-reinforcing advantage in which lower token
costs drive greater model quality and user adoption, reinforcing AI leadership. This is because lower cost per token
enables more frequent model training, larger and more sophisticated models, longer chains of processing for
reasoning and agentic workloads, and significantly higher inference volumes at economically viable prices. This
dynamic directly impacts model quality, responsiveness, and accessibility, while also determining the ability to
serve the rising global demand across consumer, enterprise, and mission-critical AI applications. As AI systems
scale toward increasingly complex reasoning tasks and higher usage intensity, improvement in cost per token
enables meaningful advantages in performance quality, scaled distribution, and monetization. This is particularly
true as the industry converges towards recursive self-improving learning that minimizes human i ntervention, which
is highly token consumptive.
Cost of Compute is th e Main Driver of Cost Per Token . The cost of compute is the primary driver of cost per token
across both training and inference workloads. Each token processed by an AI model requires a quantifiable amount
of computational effort. The total cost per token is determined by the efficiency, availability, and unit economics of
the underlying compute resources. According to SemiAnalysis, for most AI companies without a build cost
advantage, their total capital cost of building compute infrastructure derives approximately 30% from data center
construction costs (including, but not limited to, the shell; mechanical, electrical, and plumbing (“MEP”); and grid
interconnection) and approximately 70% from the cost of procuring processors and critical IT equipment. Ongoing
operational costs of utilizing this compute infrastructure include the cost of power to run the processors, cost of
maintaining those processors, and cost of delivering inference workloads to the end user. Improvement in the cost of
building and operating this compute infrastructure—whether through lower data center construction cost, lower
power infrastructure cost, shorter time to grid interconnection, or higher cluster-level throughput—translates directly
into lower cost per token. Accordingly, for a given level of intelligence, we expect the long-term economics of AI
companies to be driven by the ability to consistently deliver bleeding-edge compute at the lowest possible cost per
token. Put simply, we view cost per token as a function of three primary inputs—the underlying AI model, the
compute hardware, and energy, and we expect to have a competitive advantage in the latter two cost components.
We believe we have a pathway over time that will significantly reduce compute hardware costs through continued
vertical integration and development of proprietary chips, building on our experience designing custom silicon for
our Starlink satellites. We also expect that the marginal cost of energy for our AI compute satellites will be minimal
because our satellites are powered by solar arrays in space. By driving the energy component to minimal levels and
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pursuing improvements in compute hardware cost, we believe we can achieve a meaningfully lower overall cost per
token in the future.
We Have a Dual Speed and Cost Advantage in Terrestrial AI Compute. We have established a leading position in
building and scaling terrestrial AI compute infrastructure, becoming the first company to deploy a coherent
gigawatt-scale AI training cluster. We own and operate what we believe to be the largest AI training data center
clusters on Earth. Our AI compute facilities, COLOSSUS and COLOSSUS II, collectively provide approximately
1.0 gigawatt of compute power, with additional power capacity available for data center operations. Our first-
principles thinking enables us to build coherent compute at scale and at rapid speed with lower costs than most other
companies in the industry. We brought the first cluster of COLOSSUS online in 122 days, repurposing the shell of
an existing factory, and the first cluster of COLOSSUS II online even faster in 91 days. As an illustrative
comparison, an industry benchmark to bring online a 100 megawatt greenfield data center is approximately two
years. We also demonstrated a significant improvement in cost efficiency, achieving data center construction costs
for COLOSSUS II that are considerably lower than industry benchmarks on a per megawatt basis. We are able to
deploy power and compute significantly faster than other AI companies through first-principles thinking, behind-
the-meter power generation, coupled with what we believe is the world’s largest network of sustainable battery
storage systems, and innovations in advanced liquid cooling, high-density rack layouts, and efficient networking.
Our first-principles thinking and innovations in advanced liquid cooling, high-density rack layouts, and efficient
networking enable rapid, cost-effective scaling with the latest processors—keeping us ahead of competitors
deploying traditional methods. Faster deployments reinforce our cost advantage: we are able to access and bring
online the highest performing hardware before our competitors, allowing us to sustain a token cost advantage. For
example, we believe COLOSSUS II became one of the world’s first data centers to deploy GB200s and GB300s at
significant scale and is currently powering training for our next frontier models, including Grok-5. We have already
proven in multiple large-scale terrestrial data centers that we have built not only faster than competitors in the
industry, but also at a lower cost.
We have a Unique Right to Win in Orbital AI . The Sun contains approximately 99.8% of the solar system’s energy
and offers what we believe is the only truly scalable solution to terrestrial energy constraints, as we expect the cost
and availability of terrestrial energy sources over time will necessitate a transition to orbital AI solutions. The logical
path forward is to move power-intensive AI workloads into orbit, where solar energy is near-constant and
uninterrupted. With such accessibility to energy, we believe that our launch business will enable us to consistently
activate the highest performing hardware before our competitors without such access, shrinking the timeline to
useful tokens on bleeding-edge hardware and sustaining our token cost advantage . Manufacturing next-generation
satellites and launching them into space in very large numbers is a core component of our plans. We believe we are
the only company with a commercially viable path to building orbital AI compute at scale. This is underpinned by
our unique ability to launch substantial mass into orbit cost-efficiently through reusable rockets and to manufacture
secure, reliable, and high-performance satellites at low cost and high volume.
• Terrestrial compute leadership. We believe the same cost and build advantages that have underpinned our
leadership in gigawatt-scale terrestrial data centers will enable us to innovate across other terrestrial data center
formats such as modular data centers for inference. We believe our modular terrestrial data center architectures
will provide a foundation for the deployment of compute infrastructure in orbit given similarities in form factor
in contrast to a gigawatt-scale campus.
• Satellites. Just as we expect our expertise in terrestrial data centers will enable us to package AI compute into
modular, satellite form factors, we expect our leadership in satellite communications to allow us to interconnect
our fleet of AI compute satellites into a massive, coherent constellation of compute. For example, as of March
31, 2026, our constellation already incorporated over 23,000 inter-satellite lasers that create a dynamic mesh
network in space, enabling traffic to route through orbit rather than relying solely on terrestrial backhaul
infrastructure. We are designing next-generation, high-performance AI compute satellites built for high volume,
low cost, and with the reliability required for long-duration operation in space.
• Starship. We expect each of our Starship V3 vehicles to carry 100 metric tons to Earth’s orbit in a reusable
configuration, and future generations could reach 200 metric tons in capacity, potentially as soon as Starship
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V4 . Future generations of Starship are being designed to eventually deliver millions of tons to orbit and beyond
per year. Delivering large amounts of mass to orbit at low cost will be critical to deploying AI compute satellites
at scale.
We Believe Orbital AI Can Accelerate Time to Power and Reduce Token Costs . The Sun contains approximately
99.8% of the solar system’s energy and offers what we believe is the only truly scalable solution to the challenge of
accelerating demand for compute relative to terrestrial energy constraints. The logical path forward is to move
power-intensive AI workloads into orbit, where solar energy is near-constant and uninterrupted. With such
accessibility to energy, we believe that our launch business will enable us to consistently activate the highest
performing hardware before our competitors without such access. We believe SpaceX is uniquely positioned to
deploy and operate data centers in orbit that can eventually achieve a lower cost than terrestrial data centers over
time due to our extreme vertically integrated approach across launch, satellite manufacturing at scale, network
connectivity and terrestrial data center expertise.
• Time to useful tokens on new generations of infrastructure. Although we have already demonstrated an
ability to rapidly scale new generations of compute in terrestrial deployments, we believe orbital AI will
accelerate our time to useful tokens on bleeding-edge AI infrastructure. Physical deployment of new hardware
is expected to be enabled by our launch business, where we believe reusability and launch cost efficiency will
drive rapid cycles of payload delivery. Rapid time to useful tokens on that hardware will be enabled by the
Sun’s near-constant, uninterrupted supply of power, which would circumvent terrestrial power infrastructure
constraints such as power procurement, grid interconnections, and permitting. As new generations of AI
infrastructure continue to deliver step-function improvements in token efficiency, we believe that maintaining
an AI fleet consistently at the bleeding edge of the frontier curve has the potential to deliver a sustainable cost
per token advantage relative to our competitors .
• Construction, power, and cooling infrastructure. In orbit, construction costs are replaced by launch costs and
satellite production costs. We expect reusable launch systems and high flight cadence will significantly reduce
the cost per kilogram to orbit, enabling more efficient deployment of compute payloads to orbit, and eventually
approach the cost of fuel. We believe our advanced satellite manufacturing capabilities enable us to build AI
compute satellites at scale and lower cost than competitors. Other terrestrial data center construction costs such
as building the shell, MEP, and grid interconnection are not applicable in space. As a result, once Starship and
our AI compute satellites are fully deployed at scale, we believe that the initial deployment costs of in-orbit
compute in the aggregate will be less than construction costs of others’ terrestrial data centers.
• Cost to procure and service processors. The cost of processors is a significant cost for both terrestrial and
orbital data centers. We do not believe that moving compute to space in and of itself will have a meaningful
impact on the cost of procuring processors. However, we believe that diversifying our long-term access to the
supply of processors, including through our Terafab initiative with Tesla and Intel, will be a key driver in
reducing the overall cost of compute hardware over time. By combining internally manufactured, lower cost
chips with those we source from third-party suppliers, we expect the overall cost of our processors to decline. In
addition to reducing costs, we also expect that this hybrid sourcing strategy will help alleviate potential future
chip shortages at SpaceX. In addition, we i ntend to conduct intensive pre-deployment testing to reduce the rate
of chip failure in space, as we do not anticipate servicing or repairing processors in space.
• Ongoing operations. The total cost of operating data centers is heavily influenced by energy, cooling, and
distribution requirements. In orbit, chips are expected to be powered by solar energy which is low cost and
unlimited, and we expect to leverage radiative cooling architectures, which incur no operating costs compared
to liquid or air cooling. Our integrated, space-based Starlink network architecture also enables more cost
efficient routing of data between compute clusters and to end users on a global basis.
We Believe We Are Well-Positioned to Deliver Orbital AI Compute . We believe orbital AI compute is an incredibly
difficult technical challenge that only we can solve at scale in the near term. We are the only company that has
already accomplished the key technical challenges associated with evolving connectivity satellites into AI compute
satellites. In our view, due to our proven experience, we are well-positioned to deliver a full-scale AI compute
satellite constellation. Significant work remains, but we are confident in our singular leadership position.
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• We have unmatched satellite launch capabilities to enable deployment at scale. Our ability to launch mass
at scale and low cost is our foundational competitive advantage. Deployment of 100 gigawatts per year via
satellites carrying over 100 kilowatts of compute power per metric ton will require thousands of launches per
year and the transport of approximately one million metric tons to orbit annually. The fully reusable nature of
Starship positions us to be capable of launching this level of mass. We plan to leverage our PEZ dispenser
system, an integrated payload deployment system for Starship, along with our experience in developing fully
deployable single-unit systems that are designed to substantially reduce the risks associated with in-orbit
assembly. Starlink Broadband V1 and V2 Mini satellites have already demonstrated launch survivability and
high reliability under vibration, shock, g-loads, acoustic stress, and vacuum exposure, achieving 99.9% average
uptime. Although introducing AI processors would traditionally increase component-level failure rates, we plan
to subject compute hardware to extensive pre-deployment testing on Earth to identify early life failures before
launch.
• We have already solved many of the significant technical hurdles to evolving connectivity satellites into
AI compute satellites. Through our leading expertise in connectivity satellites and Starlink’s existing technical
and operational capabilities—including constellation-scale satellite management, autonomous operations, over-
the-air software updates, inter-satellite laser communications, mesh network deployment, radiation-hardened
system design, proprietary chip development, and the ability to operate computers reliably in the space
environment —we have already solved the hardest part in the development of AI compute satellites. AI compute
satellites represent an evolution of spacecraft engineering already demonstrated at scale through Starlink’s
connectivity satellites, and we believe development of AI compute satellites will be easier for us than for
anyone else. AI compute satellites must integrate high-density compute payloads developed with radiation-
tolerant designs and components with high electrical power generation, advanced thermal management, and
inter satellite networking. To source the electricity needed to power our AI processors, we aim to continuously
scale our existing space-grade solar technologies through insourced process development and build a
constellation in dawn-dusk Sun-synchronous orbit that delivers near-constant solar exposure. We expect solar
cells optimized for the space environment will be produced at a rapid rate, with early satellites generating 100
kilowatts of compute power and scaling from there. In orbit, thermal control must be accomplished through
radiation rather than convection and conduction. We plan to advance thermal control systems—many of which
have been proven on Starlink—by using radiators, vapor chambers, active cooling loops, and coatings to
dissipate the heat generated by AI hardware in space’s vacuum. We will also utilize inter-satellite lasers
pioneered by Starlink for mesh networking at scale, creating coherent computing clusters across free space
instead of wired connections used in terrestrial data centers. Our existing Starlink constellation, with over
23,000 inter-satellite lasers, will be a crucial enabler of orbital AI compute, as its global network allows data
from our AI compute satellites in Sun-synchronous orbit to reach ground stations anywhere on Earth. The
SpaceX AI compute satellites will be designed for high rate, automated production to enable the scale of
satellites needed for the large amounts of compute planned in space.
There are material differences between connectivity satellites and AI compute satellites. Connectivity satellites
are primarily designed for communications, with substantial onboard equipment dedicated to phased-array
antennas, radio systems, and data transmission. In contrast, AI compute satellites are optimized for high-
performance computing. Key differences include significantly larger solar arrays to support higher power
requirements, substantially larger radiators for thermal management, different electronics centered on AI
accelerators rather than communications processors, and the removal of much of the communications hardware.
Our V3 satellite platform already incorporates proprietary chips, providing a strong foundation for the ability to
operate AI-focused electronics in space, and we expect to begin deploying our orbital AI compute satellites as
early as 2028.
The primary remaining challenge is one of scale. For example, a deployment rate of approximately 10 gigawatts
per year would require a materially lower manufacturing and launch cadence, which we believe would still
enable a commercially attractive AI compute business with strong economic returns. While our long-term vision
includes the ambition of deploying up to 100 gigawatts of power to orbit annually, which would require the
deployment of thousands of launches per year, assuming 100 kilowatts of compute power per metric ton and
Starship capacity to orbit of 100 metric tons, we believe we can be economically successful at significantly
more modest volumes.
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Our 100 gigawatt annual power deployment goal is based on reasoned engineering analyses and design
parameters developed through our ongoing design and development work on next-generation AI compute
satellites. These analyses are based on currently available space-grade solar technology and do not require
fundamental technological advances beyond existing capabilities. Specifically, we expect these satellites to
leverage our already-designed V3 satellite platform. The core V3 satellite design is complete, and the AI
compute satellites are expected to generate substantially more power than V3 satellites. This performance is
expected to be achieved primarily through the use of significantly larger solar arrays. These satellites are
targeted to generate approximately 100 kW of compute power per ton, which initially will require
approximately five times the solar array output compared to V3 satellite designs.
We currently do not anticipate material supply constraints for space-based solar panels, as global production
capacity, including through our vertical integration efforts, is believed to be sufficient to meet its requirements.
We are actively developing the manufacturing, launch cadence, and operational capabilities that we believe
would be needed to support such launch rates.
The precise solar collection area, total system mass per satellite, and on-orbit assembly requirements associated
with this goal continue to be refined as part of our ongoing engineering efforts. In general, the approach
contemplates larger deployable solar arrays on each satellite, with no significant on-orbit assembly currently
anticipated.
• We will use our proven Starlink in-orbit technology to optimize our orbital AI compute. In order to
operate orbital AI compute satellites, we plan to build on our vast experience of operating approximately 9,600
Starlink broadband and mobile satellites in Low-Earth Orbit. In 2025 alone, Starlink satellites proactively
performed over 1,000 automated collision avoidance maneuvers per day guided by this technology to safely and
efficiently operate the constellation. This operating model gives us control over workload placement across
Earth and space while maintaining resilience through redundancy and fail safe systems. To ensure optimized
thermal management and power generation, we will design each satellite’s solar arrays to face the sun for
constant power while its housing radiator panels face cold deep space for radiative cooling. A high degree of
controllability will allow the satellite to be optimized for brightness mitigation, disposal, and other modes of
operation. As more advanced AI hardware becomes available, we plan to manage the lifecycle of deployed
systems by shifting older hardware to lower intensity workloads as performance characteristics evolve, and
retiring systems that are no longer needed through controlled end of life disposition, including transition to
graveyard orbits where appropriate. These retirements may occur sooner than our estimates for the useful lives
of our satellites, which estimates are based on engineering studies, historical on-orbit performance, propellant
life, utilization patterns, design enhancements across generations, and planned transitions to newer satellite
technology. Space based compute also introduces orbital debris risk, which we already manage at constellation
scale through our autonomous collision avoidance system across Starlink. To date, we have not experienced any
failures of our autonomous collision avoidance system that have resulted in satellite loss.
• We can manufacture our AI compute constellations at scale with rapid upgrade cycles. We have built one
of the largest satellite manufacturing operations in the world with standardized bus architectures, rapid iteration
cycles, and automotive-style production lines, enabling us to evolve bus architecture and subsystem design with
limited reliance on third-party suppliers. Our highly vertically integrated approach will be key to our mass-
scaling efforts and should allow us to deploy the latest AI processors. Our ability to quickly develop and deploy
new generations of AI compute to orbit will be a key advantage in maintaining frontier performance of the
constellation. We believe SpaceX will be the first and only company to manufacture satellites at the scale of
automotive manufacturing.
• We are building chip manufacturing capabilities to scale our access to AI compute hardware. We
announced a collaboration with Tesla in March 2026 to build the Terafab initiative with a long-term goal of
producing one terawatt of compute hardware each year. Intel joined the project in April 2026 and is expected to
contribute its expertise in designing, fabricating, and packaging ultra-high-performance chips to help Terafab
scale. In connection with such collaboration, we have agreed with Tesla on a general framework for the future
development of Terafab. Any specific projects undertaken pursuant to this framework will be subject to separate
negotiations and agreements (including any development timelines, milestones and capital expenditures) and
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have not yet been determined. Our strategy for Terafab is to vertically integrate across design of lithography
masks, fabrication of logic and memory chips, design of advanced packaging and rapidly test and iterate in
order to improve chip design and performance. With this internal manufacturing capability, we plan to alleviate
potential future chip shortages at SpaceX, especially as we develop orbital AI at scale, and design chips that are
optimized for the space environment. We expect that our speed and cost advantage from vertical integration will
allow us to scale efficiently in AI chip manufacturing.
• We can leverage our terrestrial experience to build and operate compute clusters and AI workloads at
scale. We believe our experience operating compute infrastructure on Earth provides the technical and
operational foundation to extend these capabilities into orbit. For example, manufacturing and silicon defects in
AI processors can cause failures early in life. We plan to subject compute hardware to extensive pre-deployment
testing on Earth to identify early life failures before launch to reduce in-orbit disruption. Over time, we plan to
design AI compute processors optimized for the space environment. Our operating experience will be critical in
informing our orbital data center designs for highly reliable operations even with potential chip failures. This
capability is further supported by our flexible allocation of AI workloads across compute clusters, enabling us to
utilize orbital data centers for workloads without hardware reconfigurations or maintenance. For compute
hardware that does fail, we plan to leverage existing Starlink fleet management software to reallocate traffic to
other satellites and prevent cluster-level downtime. We further believe that our strong relationships with chip
makers enhance our ability to build a well-functioning, integrated AI compute system in space.
We Believe Our Infrastructure is a Distinct Advantage in Delivering Superior AI. We believe that the key
constraints in the continued growth of AI are physical – chip manufacturing, data center infrastructure, and power
generation; the future of AI will be determined by the control of the physical stack. We believe no other AI company
has better control over the full physical stack than SpaceX. We expect the combination of competitive cost per
token, our ability to deploy and operate data centers in orbit, and our strength in connectivity to result in more
scalable intelligence that is accessible globally at high speeds by way of the following structural advantage s:
• Time to power. If we are able to deploy our AI compute satellite constellation, we believe it will enable
compute capacity to be deployed and expanded efficiently as capacity requirements grow. This approach will
also allow us to deploy new generations of compute hardware in quicker succession relative to terrestrial
approaches where data centers cannot be easily retrofitted for new compute hardware. Due to terrestrial
retrofitting limitations, adding terrestrial capacity typically demands building large, new data centers designed
for specific generations of compute hardware. This approach is usually burdened with long lead times for
activities such as power procurement, utility grid interconnections, and permitting before new computing
hardware can generate useful tokens. We belie ve our orbital, modular approach will allow us to circumvent
terrestrial power infrastructure constraints.
• Highly scalable compute capacity. Unlike terrestrial facilities constrained by physical footprint and
availability of power in a given location, orbital data centers leverage a decentralized mesh architecture. This
permits the aggregation of massive compute clusters interconnected over long distances by inter-satellite lasers
pioneered by Starlink. Space offers effectively unlimited power and vast expanse to sustain uninterrupted
operations as capacity grows. We believe this abundance of power and physical area will allow us to scale our
connected compute capacity faster and far beyond levels that are terrestrially viable.
• Low latency . Our satellite constellation provides a direct, orbital data path that circumvents the bottlenecks of
terrestrial communications networks. This architecture is particularly suitable to support high-speed
connectivity for latency-sensitive workloads, which we believe are increasingly valued in certain consumer- and
enterprise-facing applications.
• Global distribution. Because of the global coverage of our satellite constellation, not only can we deliver high-
speed, ultra-low latency AI solutions, we can do so anywhere in the world. We believe our increasingly global
network of Starlink satellites will enable us to deliver frontier intelligence, at high speed and reliability, to
communities and economies around the world.
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Design and manufacture our own chips. Terafab aims to be the world’s largest chip manufacturing facility, with
the goal of achieving one terawatt of annual compute production capacity. While Terafab is intended to expand our
internal chip manufacturing capabilities, we expect to continue sourcing a significant portion of our compute
hardware from third-party suppliers. We view Terafab as complementary to these relationships, enabling us to
augment our access to compute hardware at massive scale and further complete our highly vertically integrated
compute platform by extending our control to the foundational chip layer. By developing end-to-end capabilities
spanning the design of lithography masks, fabrication of logic and memory chips, and advanced packaging, all in a
vertically integrated closed-loop single plant, we will be able to more rapidly iterate to improve chip design and
performance. We plan to design chips that are optimized for the space environment. This collaboration directly
enables our planned orders-of-magnitude increases in AI compute deployment in orbit which would be constrained
by pure reliance on external foundries. Leveraging shared engineering resources, intellectual property, and
infrastructure across Tesla and SpaceX, as well as Intel’s proposed contribution of its expertise in designing,
fabricating and packaging ultra-high-performance chips at scale, Terafab creates powerful ecosystem synergies that
accelerate innovation cycles and reduce costs. Just as we manufacture approximately 80% of Starship in-house,
enabling it to be the world’s most powerful and, eventually, the most cost-effective launch vehicle through full and
rapid reusability, we expect significant speed and cost advantages from Terafab’s vertical integration. We believe
this will provide us with a critical competitive advantage in the race to scale AI infrastructure, especially as we begin
our orbital AI compute satellite deployments.
Industry Overview
We are focused on three rapidly evolving industries: space, connectivity, and AI. Technological advancements and
breakthrough innovation are enabling what we believe is the next great economic frontier, as progress across space
launch, global communications, frontier models, AI compute, robotics, and automation reshape what is possible on
and off Earth. There are several key trends driving the growth and evolution of these industries in which we operate:
• Reusable launch and industrialized space operations are materially reducing the cost of access to orbit,
increasing mass carried per launch, and enabling high-cadence deployment of space-based infrastructure;
• High‑volume satellite manufacturing, combined with rapid constellation refresh cycles, is expanding the ability
for ubiquitous connectivity across unconnected, underconnected, and mobile “dead zone” areas; and
• AI, automation, and robotics are accelerating engineering iteration cycles, streamlining operations, and
revolutionizing complex construction, reducing reliance on scarce specialized labor while delivering faster,
more precise, and cost-optimized infrastructure.
The Space Industry
For most of the space age—dating back to the first launches in the 1950s—spaceflight was shaped by onerous
regulatory requirements and government budgets that determined launch cadence. The prevailing cost-plus
procurement model offered limited incentives to reduce costs or increase launch cadence, creating an operating
environment that constrained technological innovation. Government agencies served as the primary launch services
providers and the industry remained stagnant for decades. According to NASA, until the 2000s and the introduction
of the Falcon 9 rocket by SpaceX, global commercial launch activity averaged 25 to 35 launches per year. As a
result, the space industry remained a niche domain with limited ability to support large commercial markets or
scaled space-based infrastructure.
During this period, satellites—which comprised the majority of launch payload—were typically bespoke, expensive
systems requiring significant non-recurring engineering that consisted of development cycles that were measured in
decades. Launch vehicles were designed to be largely expendable and optimized for single-mission use, reinforcing
a low-throughput ecosystem that lacked flexibility, scalability, and responsiveness to evolving customer
requirements.
The need for more advanced launch capabilities became clear as space-based use cases expanded to include
communications, navigation, Earth observation, environmental monitoring, scientific research, Intelligence,
Surveillance and Reconnaissance, and access to the International Space Station. In 2006, NASA awarded SpaceX,
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along with Rocketplane Kistler, the landmark Commercial Orbital Transportation Services contract that heralded the
age of commercial space launch, marking a shift toward a more scalable approach to accessing space. This inflection
point catalyzed a transition toward systems designed for more frequent operations, lower cost, and greater
operational flexibility.
Fundamental breakthroughs in high cadence, reliable, and affordable access to space—driven largely by SpaceX—
have expanded space from a purely mission-driven activity to a fully industrialized and commercial sector capable
of supporting and enabling industries far beyond traditional launch and satellites. SpaceX’s advancements reduced
the cost of access to orbit from tens of thousands of dollars per kilogram to just a few thousand dollars per kilogram.
Cost of Space Launches to Low-Earth Orbit
(constant 2021 $ per kilogram; plotted o n a logarithmic axis)
As launch economics have changed rapidly over the last decade, demand for orbital infrastructure has expanded
dramatically. Commercial operators have launched thousands of satellites since 2015 as constellation architectures
scale and diversify. The number of active maneuverable satellites in orbit has grown from less than 1,000 in 2015 to
approximately 12,700 as of March 31, 2026. With approximately 9,600 Starlink broadband and mobile satellites in
Low-Earth Orbit as of March 31, 2026, SpaceX owns and operates approximately 75% of all active maneuverable
satellites. Additionally, launch activity has continued to grow, with approximately 220 metric tons of payload
launched to orbit in 2012 increasing to approximately 2,600 metric tons in 2025, of which over 80% was launched
b y SpaceX.
Government demand is rising in parallel: according to the Space Foundation, excluding classified spending, U.S.
Government space spending in 2024 totaled approximately $77 billion. Notably, U.S. national security customers
have also awarded approximately $13.7 billion across the National Security Space Launch (“NSSL”) Program’s
Phase 3 Lane 2 contracts through 2032, supporting approximately 54 missions from 2025 to 2032, with the overall
Phase 3 manifest nearly doubling Phase 2’s manifest to 84 missions. Amid escalating geopolitical tensions that
further underscore the critical role of resilient launch infrastructure, we believe government space budgets around
the world are positioned for sustained, long‑term growth.
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Falcon Heavy Boosters Landing
On the back of dramatically reduced launch cost pioneered by SpaceX over the past two decades, the global
economy is reorganizing around a new domain: space. We believe the development of a lunar economy will be
central to unlocking the full potential of this new domain and advancing the long-term transition to a multiplanetary
civilization.
The Connectivity Industry
Modern life relies on connectivity. Over the past several decades, the technologies that underpin global connectivity
have evolved rapidly, reshaping the way individuals, families, and organizations communicate, collaborate, and
access information.
Despite remarkable technological advancements, terrestrial networks remain constrained by the same inherent
structural limitations that have hindered them since their inception. According to the Global Satellite Operators
Association, terrestrial network infrastructure only covers approximately 20% of global land mass, resulting in
significant unserved and underserved regions across both developed and developing economies. This terrestrial
connectivity gap spans areas that are remote, difficult to build in, or economically impractical to serve—and also
includes mobile “dead zones” within otherwise well-connected areas and in urban markets. According to the J.D.
Power U.S. Wireless Network Quality Performance Study, U.S. wireless customers experienced service problems in
approximately one out of every 11 mobile interactions, even in well-connected areas. As demand for ubiquitous,
high-reliability connectivity continues to rise, terrestrial networks alone are increasingly unable to bridge the
widening gap between user demand and available coverage.
The development of large-scale LEO constellations represented a paradigm shift, breaking from the long-standing
dependence on terrestrial networks for global connectivity. Deployed at unprecedented scale—such as through
SpaceX’s Starlink and Mobile constellations—these satellites can provide high-speed, low-latency service that
integrates seamlessly with terrestrial infrastructure. This evolution has transformed satellite connectivity from a
solution of last resort into a core pillar of resilient, ubiquitous global communications.
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Consumer Broadband
Residential internet access began with the dial-up connection in the late 1990s with maximum speeds of .056 Mbps,
when early users relied on narrowband copper phone lines to connect. As demand for speed and reliability grew,
dial-up gave way to DSL, cable, and eventually fiber, each increasing bandwidth and enabling more connected
devices. According to the Speedtest Global Index, the global average broadband download speed has increased to
approximately 120 Mbps. Satellite internet also emerged in the 1990s through geostationary orbit (GEO) systems
that extended coverage to remote and unconnected regions—beginning with early offerings such as Hughesnet’s
first satellite service DirecPC, which provided downstream speeds of roughly 400 kbps compared to dial-up
averages of 28.8 kbps—but these systems were constrained by limited throughput and high latency, making it
difficult to keep pace as consumer requirements evolved. Starlink satellites operate in Low-Earth Orbit, substantially
closer to the Earth’s surface than traditional geostationary communications satellites. This architecture reduces
signal latency and is designed to support broadband connectivity in remote and underserved areas. Each launch of
additional Starlink satellites increases the overall capacity of the network, which provides service globally.
In today’s digital landscape, consumers increasingly rely on seamless, high-performance connectivity to power all
aspects of connected life—from every day digital services to demanding applications that require high throughput,
consistent performance, and low latency. These needs are particularly challenging to satisfy in regions where
terrestrial networks are limited, degraded, or unavailable due to prohibitive deployment costs, rugged terrain, low
population density, or outdated infrastructure. Consequently, consumer broadband has evolved into a multifaceted
ecosystem, where diverse access technologies converge and providers compete based on superior reliability,
consistent performance, and an exceptional overall user experience.
Consumer demand for data is surging at a pace that terrestrial infrastructure has struggled to match. According to
International Data Corporation’s Global DataSphere, in 2025, global data generation was estimated to have reached
more than 585 exabytes of per day—up from approximately 10.8 exabytes per day in 2010—reflecting an immense
escalation in consumption. With fixed broadband connections projected to reach two billion by 2030 according to
Ericsson, and terrestrial expansion often economically unfeasible in remote and challenging regions, only space-
based systems can deliver truly global, ubiquitous, high-throughput coverage capable of supporting this explosive
growth in data demand.
Enterprise and Government Broadband
Enterprise broadband internet has evolved alongside residential internet, beginning with fixed private lines that
connected offices and infrastructure. As businesses adopted real-time, distributed workflows, they needed secure,
low-latency connectivity across multiple sites and mobile assets. Mobility became essential in sectors like
manufacturing, transportation, and logistics, extending connectivity demands beyond fixed locations into dynamic
environments that terrestrial networks often cannot support reliably or economically. Enterprises now expect
seamless, uninterrupted performance with instant failover where terrestrial systems are unavailable or unstable—
driving adoption of hybrid architectures that combine ground networks with space-based solutions.
Enterprise connectivity demand continues to rise as organizations digitize operations and rely on real‑time,
cloud‑based workflows that require secure, low‑latency connectivity across distributed sites and mobile
environments. This is particularly true in the case of aviation, maritime, and land mobility applications, where
aircraft, vessels, and ground fleets are inherently mobile and therefore unable to depend on continuous terrestrial
network coverage for connectivity. These platforms increasingly require resilient communications to support flight
and voyage operations, crew applications, passenger internet access, telematics, and port or shipboard logistics. In
aviation, legacy GEO-based systems that are still prevalent across most major commercial fleets typically provide
low Mbps speeds and significantly higher latency, often exceeding 500 milliseconds, falling well short of the
approximately 100 Mbps throughput and sub-50 milliseconds latency that today’s applications—such as streaming,
cloud services, and real-time collaboration—increasingly demand. Therefore, there is a need for modern LEO-
powered in-flight connectivity systems—such as Starlink Broadband—that can deliver passenger download speeds
exceeding 400 Mbps with latency as low as 21 milliseconds. Terrestrial networks cannot meet these evolving
demands where deployment is costly, complex, and slowed by regulatory constraints, and legacy satellite solutions
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have not delivered the latency or consistency needed for enterprise‑grade applications, with average terrestrial ISP
download speeds at 120 Mbps and average latency from 7-34 milliseconds.
Defense and civil agencies similarly require secure, resilient, and global connectivity, often operating in contested or
infrastructure-poor regions where terrestrial networks are unavailable or vulnerable. As the battlefield becomes
increasingly connected, the need for robust, persistent connectivity across all domains is more urgent than ever.
Modern missions depend on high-throughput, low-latency connectivity for command and control, autonomous
systems, emergency response, and humanitarian operations, driving demand for architectures that maintain
performance where terrestrial systems fail. Substantial government investment into mission-critical, space-based
communication services illustrates the institutional reliance on LEO architecture for defense applications. High-
throughput, low-latency LEO constellations add a new architectural layer that enhances redundancy, operational
continuity, and flexibility across mission sets. There is an increasing need for purpose-built secure platforms—such
as Starshield, that can provide encrypted, high-assurance communications and modular payload integration—further
expand the utility of space-based connectivity for defense, civil, and national resilience needs. Together, these
advances position space as the foundational component of future mission‑critical communications architectures.
Satellite-to-Mobile Service
Since the early rise of mobile phones, terrestrial networks have expanded at immense cost and increasing density to
support successive generations of cellular technology—from the primarily voice-centric networks of the 1980s to
today’s high-speed 5G data networks. These investments have enabled much of the global population to become
well‑connected, yet the capital‑intensive nature of terrestrial build‑outs has resulted in vast geographic mobile “dead
zones” where coverage remains too expensive or is nonexistent. In many regions particularly those that are remote
or sparsely populated, extending towers is economically impractical for mobile network operators, resulting in large
segments of the population with limited or no access to reliable connectivity. Early satellite-based cellular options,
beginning in the 1980s with dedicated satellite phones, helped fill these gaps but required bulky hardware and
carried high usage cost, limiting them to narrow and mission-driven use cases. As consumer expectations for
ubiquitous coverage have grown, mobile network operators face structural limits in closing these “dead zones” with
terrestrial infrastructure alone, making LEO-based augmentation the most viable path to continuous, reliable mobile
connectivity at global scale.
Early satellite-to-mobile services (i.e., those connecting directly to standard smartphones) emerged in the 2020s with
support for basic messaging and, in some cases, voice in areas without terrestrial coverage. These offerings provided
more contiguous communication for safety, continuity, and remote operations. However, they were introduced at the
same time mobile data consumption was accelerating dramatically, and consumer expectations for “always-
connected” devices were rising. As a result, satellite-to-mobile technology is now evolving beyond emergency-only
communication. It is shifting toward enabling everyday smartphones to remain seamlessly connected when outside
traditional cellular or Wi-Fi range, integrating satellite connectivity into routine mobile usage, rather than treating it
as a contingency layer. At the same time, telecom operators have been reducing capital expenditures amid slower
revenue growth, weaker monetization, and declining returns on invested capital—pressures that have limited their
willingness to maintain historically high levels of network deployment. These shifts are also increasing demand for
harmonized, scalable spectrum allocations capable of supporting higher-capacity satellite-to-mobile services without
interfering with terrestrial networks, with the potential to add an incremental $1.4 trillion of economic growth over
the next 10 years, as forecasted by Cellular Telecommunications and Internet Association.
These industry shifts have opened the door for deeper collaboration among satellite operators, MNOs, carriers,
spectrum owners, device manufacturers, and regulators. As satellite network performance continues to improve and
these partnerships expand, satellite-to-mobile offerings—such as Starlink Mobile—are poised to evolve from a
“backup” layer into a meaningful complement to terrestrial networks, extending coverage and enhancing overall
network resilience and performance.
The AI Industry
Humanity is defined by our relentless pursuit of knowledge, with each transformative breakthrough dramatically
expanding our capacity to create, preserve, and share ideas across time and space. AI marks the next—and arguably
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most consequential—chapter in this progression. For the first time, we are creating systems that do more than simply
amplify or transmit human-generated knowledge. These systems can reason, learn, and generate new knowledge
autonomously—synthesizing information, forming hypotheses, and in some domains even making original
discoveries. In doing so, they augment, accelerate, and will likely surpass unaided human cognition. This represents
a profound shift: we are moving from tools that simply extend the mind to autonomous agents and companions that
actively participate in the act of knowing.
Over the past decade, the convergence of big data, advances in AI hardware, and the breakthrough development of
LLMs have transformed AI from a speculative academic field into a foundational driver of the modern economy.
AI Compute
Massive demand for frontier AI models is accelerating the build-out of AI infrastructure at a pace and scale with few
historical precedents. Meeting projected AI needs will require $7 trillion in global data center investment through
2030, with generative AI workloads expected to account for roughly 70% of total data-center power demand by the
end of the decade. Each new generation of frontier models requires exponentially greater compute, following well-
established scaling laws that link model performance to the volume and quality of training data, parameter count,
and total compute expected. The rise of agentic AI and the potential emergence of artificial general intelligence are
expected to further amplify inference workloads, driving a step-function increase in compute requirements and the
corresponding data center capacity needed to support them. Frontier AI has become fundamentally infrastructure-
constrained. Only operators with access to massive amounts of power, very large GPU clusters and tightly integrated
training infrastructure can train cutting-edge models, and these systems exhibit non-linear performance advantages
that compound over time. Compute infrastructure scale helps determine model iteration speed, model quality, and
capital efficiency—making infrastructure itself a critical capability.
AI Frontier Models
A new class of frontier models has emerged, which includes LLMs and multimodal models. LLMs are neural
network-based models trained on massive datasets to interpret user questions and generate responses to highly
complex questions. LLMs can synthesize existing research, propose new ideas, and communicate in a natural
language that requires no programming expertise by the user. Demand for these tools has been explosive—according
to a YouGov survey, approximately 60% of Americans have used AI tools since December 2024, and 34% use AI
tools at least weekly. Multimodal models are AI systems that can process, understand, and generate outputs across
multiple types of data simultaneously—such as text, images, audio, video, and sometimes other modalities—rather
than being limited to just one (like text-only language models). Multimodal models offer several key benefits over
traditional unimodal (e.g., text-only) systems by processing and integrating multiple data types like text, images,
audio, video, and sometimes sensor data simultaneously. They provide richer contextual understanding, capturing
relationships and nuances across modalities that are invisible in isolation, leading to more accurate predictions and
reasoning.
AI frontier models are shaped by the values, objectives, and design choices of their creators. Model intelligence and
performance reflect decisions around data curation, training methodologies, alignment frameworks, and system
constraints, resulting in different reasoning styles, interpretations, and responses across models. Therefore, values
can be embedded in the technology, influencing accuracy, logic, and utility of the model outputs and how well
models can serve end users.
Following rapid frontier model innovation and broad adoption of chat-based tools, organizations are now beginning
to deploy agentic systems—AI that can use tools and operate with limited supervision. This marks the beginning of
what we believe will be a broader transition from co-pilots to agentic systems that enable high-complexity
workflows and create materially higher inference demand.
Consumer and Enterprise Applications
Advances in digital communication have reshaped how information is created, shared, and consumed, laying the
foundation for today’s social media platforms. These platforms have become essential channels for digital
advertising by combining large‑scale user engagement with targeted content and ad distribution. Recent advances in
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AI are further strengthening advertising, allowing enterprises to optimize campaigns and measure outcomes. At the
same time, consumer expectations for AI‑powered tools are rising, with users seeking timely, accurate and
trustworthy information across an expanding universe of digital content.
We believe the ongoing convergence of consumer platforms, consumer AI, and integrated digital services will
accelerate the emergence of super‑app ecosystems that combine communication, content creation, information,
commerce, and banking within a single platform. These trends are expected to expand the role of internet platforms
as distribution channels and support next‑generation AI‑enabled applications and advertising solutions.
For enterprises and governments, frontier models and agentic AI—autonomous systems capable of multi-step
reasoning and independent task execution—are beginning to manage increasingly complex processes and
workflows. As of February 2026, more than 80% of Fortune 500 companies were using AI active agents. Entire
industries are being reshaped by AI-driven applications, including agentic commerce (personalized AI-directed
shopping), vibe coding (software development with minimal or no human-written code), and autonomous driving for
vehicles.
The ultimate frontier in AI is human augmentation: creating systems that amplify and multiply human reasoning,
creativity, decision-making, and productivity, enabling people to perform highly complex tasks with unprecedented
speed, scale, and insight. By enhancing how humans think, learn, and interact, such systems act as cognitive
multipliers, supercharging individual and collective capabilities far beyond biological limits. As AI evolves, we
expect both consumer platforms and enterprises to adopt increasingly agentic systems that serve as powerful
extensions of human intelligence. These tools will orchestrate multi-step workflows, interact seamlessly with
business applications, and accelerate operational processes, with humans at the center of judgment, creativity, and
strategy. Emerging efforts in enterprise AI illustrate how future systems could coordinate entire business functions
as force multipliers—dramatically expanding what a human team can achieve with minimal scaling friction and
maximal leverage. Human augmentation also offers a transformative solution to the escalating effort required for
breakthroughs in technology and beyond. For example, the human effort needed to sustain Moore’s Law (chip
density doubling approximately every two years) has increased eighteenfold since the early 1970s; AI augmentation
could reverse this trend by empowering engineers, researchers, and innovators to iterate faster, explore more
possibilities, and achieve exponential progress with smaller, core teams of experts.
As humanity expands beyond Earth, augmented human intelligence will be essential to managing the immense
operational, scientific, and logistical complexity of a spacefaring civilization. The core promise of augmentation lies
in multiplication: AI not as a substitute for human minds, but as an amplifier for human ingenuity, curiosity and
purpose that unlocks new frontiers of what humans can accomplish together.
Our Strengths
We have an intense, mission-driven, and engineering-first culture that seeks to achieve what many have deemed
impossible. We make the incredible and extraordinary possible and repeatable by continuously leveraging our core
strengths:
Global Leadership in Orbital Launch Services
Our unique ability to reliably, quickly, and cost efficiently launch rockets at scale into space is our core competitive
advantage that enables other parts of our business. Our launch capabilities form the foundation of our orbital
infrastructure and have created new multi-trillion-dollar opportunities in space, global connectivity, and AI. We
believe no other launch provider is competitive at this scale today, nor is likely to become so in the near term. Our
fleet of 24 flight-proven, reusable rockets and our growing share of total mass delivered to orbit has increased every
year since 2021. Reusability completely changes the economics of space access. Qualified for 40 launches, our
reusable rockets can fly multiple times with only minimal refurbishment between missions, sharply lowering the
cost per launch, while boosting our launch rate, asset use, and overall efficiency compared to traditional expendable
rockets. As a result, we can offer competitive launch prices, rapidly deploy our own satellites and infrastructure, and
make it easier and cheaper for us to pursue new opportunities requiring orbital access. Our higher launch rates and
reusability also create a virtuous cycle: more flights lead to faster improvements in design, manufacturing, and
operations through accumulated experience. Additionally, not only did we demonstrate at least a 10-year advantage
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over the rest of the industry when we first landed our Falcon 9 booster back from space in 2015, but we have
continued to invest significantly in further increasing our lead by pursuing full and rapid reusability at scale,
including investing over $15 billion in our next-generation rocket, Starship.
Unrivaled Satellite and Connectivity Platform across Design, Manufacturing, Deployment, and Operations
We are able to design, engineer, and manufacture the world’s most advanced satellites at scale, enabling the creation
and scaling of new businesses leveraging this core satellite technology platform, including: Starlink Broadband, our
space-based internet broadband service; Starlink Mobile, our global satellite-to-mobile service; and emerging AI
initiatives. Unlike traditional satellite manufacturers that rely on fragmented supply chains and low-volume
production, we have built an integrated satellite platform that spans architecture, chip design, software, power
systems, and final assembly. As we rapidly iterate on our next-generation satellites in-house, some others are
contracting outsourced manufacturers to build satellite architectures with capacity comparable to satellites that we
retired years ago. As of March 31, 2026, our constellation also incorporates over 23,000 inter-satellite lasers that
create a dynamic mesh network in space, enabling data traffic to route through orbit rather than relying solely on
terrestrial backhaul infrastructure. By controlling satellite design, production, launch and operations, we can tailor
payloads, networking capabilities, and power requirements to support new use cases. For example, our AI compute
constellations will leverage our core satellite technologies already developed for our existing Starlink constellations.
We will build new satellites that can host processors for high-density compute payloads, offer enhanced power
generation with larger solar panels and storage systems, and enable higher-capacity networking capabilities to
support low-latency workloads in orbit. Our high-throughput manufacturing capabilities—combined with our launch
capabilities—enable us to produce and deploy thousands of satellites per year, an uneconomic proposition for those
lacking an ability to deliver substantial mass into space. This capability accelerates our deployment timelines and
allows us to commercialize entire constellations with capital efficiency that we believe is difficult to replicate.
Our global connectivity platform, Starlink, is powered by the world’s largest LEO constellation and supported by
our vertically integrated launch and satellite manufacturing capabilities to enable the delivery of high-speed, low-
latency broadband and mobile connectivity to homes and businesses everywhere in the world. Our vertically
integrated model allows us to provide reliable service with unmatched speed and cost across geographies where
traditional terrestrial infrastructure has been limited, uneconomical, or unavailable.
Truth-Seeking AI Model Enhanced by Real-Time Data
AI frontier models are shaped by the values, objectives, and design choices of their creators that influence accuracy,
logic, and utility of the model outputs. We believe Grok represents a differentiated approach to AI, grounded in a
core objective of truth seeking and powered by continuous, proprietary access to real-time data inflows through its
integration with X. With approximately 350 million daily posts, X enables freshness, relevance, and contextual
awareness for Grok that we believe is a competitive differentiator. This direct, real-time access to the information
and human discourse on X enhances Grok’s truth-seeking capabilities by grounding outputs in up-to-date knowledge
and diverse viewpoints.
This architecture reflects our core philosophy that maximizing truth seeking—through the active, relentless pursuit
of what is objectively true about reality, grounded in evidence, logic, empirical data, and first principles thinking—
drives superior model outputs and higher utility intelligence. By combining our unique truth-seeking model with
proprietary access to one of the world’s largest real-time information platforms, we believe Grok can deliver the
most objective and relevant insights and best serve high-frequency, high-value use cases across consumer and
enterprise AI applications.
Extreme Vertical Integration Enabling High Velocity and Superior Cost Efficiency at Scale
While conventional aerospace manufacturing relies heavily on fragmented and outsourced supply chains, we operate
with extreme vertical integration. By designing and manufacturing a significant portion of our components in-house,
we bypass many of the slow, bloated sourcing channels that structurally constrain the rest of the industry. For
example, approximately 80% of Starship, SpaceX’s next-generation launch vehicle, is manufactured in-house. Our
vertical integration allows us to achieve iterative cycles in weeks, compared to years for some legacy companies,
enabling us to build newer, more technologically advanced products faster than many of our competitors. We
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believe this technological and logistical gap is widening meaningfully as our speed and cost advantage compound.
Our vertical integration extends beyond design and manufacturing—it permeates our entire business model,
encompassing engineering, deployment, and operations. We are the only company building integrated hardware and
software infrastructure of the future across space, connectivity and AI. This end-to-end control allows us to deliver
value through structural advantages in speed, cost and quality.
Our strong belief in the benefits of extreme vertical integration is further exemplified by our acquisition of xAI. We
not only develop best-in-class models to support the application layer of AI, where we leverage real-time data
ingestion from X (subject to some limitations for certain content), but we also own and operate the physical compute
infrastructure required to train and run inference on those models, providing a substantial cost and speed advantage.
Through our Terafab initiative together with Tesla and Intel, we intend to further extend our vertical integration to
chip design and manufacturing to alleviate potential future chip shortages at SpaceX, optimize compute
performance, and reduce overall compute costs. Intel will contribute its expertise in designing, fabricating, and
packaging ultra-high-performance chips to help Terafab scale. This highly vertically integrated approach allows us
to train and iterate our frontier models at high velocity, accelerating development cycles, eliminating external
bottlenecks, and driving rapid, continuous improvements in model performance. Compute availability is also critical
for running more complex workloads and delivering higher performance inference at scale. As AI adoption
accelerates and demand for low-latency, high-throughput inference increases, we believe operators with the ability
to support and efficiently allocate compute across both training and inference workloads are best positioned to win
the AI race. Our human augmentation solutions are being designed to capitalize on this shift, enabling us to deliver
superior performance for our customers. This advantage of vertical integration exists in both a terrestrial context,
where we own our own data centers and the associated power infrastructure, and eventually in a space-based
context, where we are planning to build our own orbital AI compute infrastructure. The key constraints in the
continued growth of AI are physical—chip manufacturing, data center infrastructure, and power generation.
Differentiation is rapidly shifting from model architecture alone to AI compute scale, cost efficiency, power
availability, and speed of deployment. We believe that physical infrastructure, not models, will be the primary
competitive differentiator for AI companies, and no other AI company has better control over the full physical
infrastructure than SpaceX.
Unique Ability to Scale New Trillion-Dollar Markets Across Space, Connectivity, and AI
We believe space represents the largest economic frontier in human history. We believe we have a distinct ability to
identify, activate, and commercialize new multi-trillion-dollar markets that did not previously exist. Historically,
space access was impaired by high launch costs, low flight cadence, and limited demand. While such constraints
may limit others’ ability to access space at a scale, our ability to build large-scale and complex hardware
infrastructure is a meaningful competitive advantage. By pioneering the world’s first and only fleet of reusable
rockets at scale, we revolutionized space access through dramatically lower cost and unmatched reliability.
Lowering costs by orders of magnitude does not just expand the launch market, it enables the creation of entirely
new industries on Earth and in space that have historically been technologically and economically infeasible for
others to access historically.
When we have identified a new trillion-dollar market opportunity to pursue, we design a solution rooted in the same
world-class engineering and first-principles thinking that has driven our technological breakthroughs and success to
date. Our first trillion-dollar market was connectivity: we founded Starlink, a satellite service supported by our low-
latency, high-speed LEO constellation. Starlink required the rapid, low-cost deployment of millions of kilograms of
hardware into orbit, a feat economically impossible to solve for anyone lacking our foundational launch capabilities.
Our Starlink constellation powers a global connectivity platform capable of supporting the world’s largest and most
advanced space-based internet broadband service and satellite-to-mobile service, enabling high-speed internet access
to homes, enterprises, governments, and mobile users around the world. We believe our next trillion-dollar market is
AI compute, and we expect to leverage our rockets and satellites for massive orbital deployments of AI
infrastructure. We believe this AI compute infrastructure will help us develop and monetize the Grok model faster
than other AI companies that are dependent on finite sources of power on Earth. No other company has built the
capabilities to create value across all these end markets at scale.
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In addition, we believe we are poised to catalyze transformative breakthroughs in other industries on Earth and in
space such as long haul point-to-point terrestrial travel, in-orbit manufacturing, passenger and cargo transportation to
the Moon and Mars, manufacturing and energy production on the Moon and Mars, and asteroid mining. In
particular, we believe that if we achieve our goal of establishing a lunar presence, it will potentially enable terawatt-
scale annual AI compute growth, support deeper space exploration and industrialization, and serve as a stepping
stone to establishing a civilization on Mars. As we continue to scale and expand into new trillion-dollar markets, we
expect our more mature businesses will continue to generate substantial cash flows, enabling us to reinvest in
emerging opportunities.
Business Models that Are Incredibly Difficult to Replicate
Our business model is simple to describe: leverage our unparalleled launch capabilities to reduce the cost of access
to space, apply first-principles thinking and world-class engineering to solve large structural constraints, vertically
integrate across the value chain, continuously improve cost efficiency and throughput, and reinvest cash flow to
expand our capabilities and create new markets. While simple to describe, we believe this model is extraordinarily
difficult to replicate. We believe no other organization can execute this combination of reusable orbital launch
systems at industrial scale, breakthrough engineering designs with reliable high-volume manufacturing, full stack
proprietary software, and end-to-end operational control. These capabilities reinforce each other, and our vertical
integration enables faster innovation cycles and structural cost advantages that widen our competitive advantage.
Our business model has allowed us to build a diversified portfolio of complementary businesses and revenue streams
from a common technological foundation. Our Space segment generates revenue from commercial and government
customers, while also serving as the backbone for our Connectivity segment which generates highly predictable and
recurring subscription revenue from Starlink broadband consumer, enterprise, and government customers, as well as
Starlink Mobile subscribers. The result is a powerful, self-reinforcing value creation cycle: success in one business
fuels faster growth in the others, enabling reinvestment into the next frontier. We believe this model has the potential
to create compounding value across our ecosystem, allowing our lead to grow and become more durable over time.
Mission-Driven Culture and World-Class Talent
We have the benefit of being founded and led by Elon Musk, one of the great visionaries of our generation. We
believe that our ability to attract and retain world-class technical and engineering talent is a significant competitive
advantage. Our founding goal of making life multiplanetary serves as the ultimate mission-driven filter and retention
tool, which has only been enhanced by xAI’s truth-seeking mission of understanding the universe. Top engineers are
drawn to SpaceX to work on some of the hardest, most consequential problems facing humanity—doing things that
have never been done before, like landing and re-using rockets, working towards making humanity multiplanetary,
and gaining a better understanding of the mysteries of the universe through AI. They are also drawn to our intense,
engineering-led, first-principles culture, which treats the laws of physics as the only true constraints. We reinforce
this culture through “The Algorithm,” a five-step iterative process that emphasizes making the requirements less
dumb, deleting unnecessary processes or parts (embracing the principle that the best part is no part), only then
optimizing what remains, accelerating cycle time, and automating only proven processes. Our organizational
philosophy embraces failure as an essential learning opportunity and maintains a relentless focus on efficiency and
speed, enabling rapid iteration and repeatable execution on the hardest technical problems. To this end, our
engineering-oriented organization maintains access to some of the world’s most selective talent pool. In 2025, we
accepted under 2% of our engineering applicants, reflecting our ability to be highly selective and hire among the
best talent in the industry. We also foster commitment by aligning employee interests with organizational success:
our broad-based employee ownership program ensures that those who help us build the future are also direct
beneficiaries of our success. This commitment to quality and mission results in exceptional employee loyalty,
reflected by an average tenure across our broader SpaceX leadership team of 12 years.
Our Growth Strategies
We have created what we believe to be the world’s most ambitious vertically integrated innovation engine that
captures significant growth across three domains: Space, Connectivity, and AI. While our Space segment provides
us with a foundational competitive advantage that enables all other parts of our business, our Connectivity and AI
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segments are expected to be the primary driver of revenue growth in the near term. In the next few years, we are
focused on increasing the monetization of our existing Connectivity infrastructure and our existing AI user base. We
also intend to continue to build out our AI infrastructure, which we expect to enable growth as we address the
significant AI market opportunity. Our growth strategy aligns with our value creation cycle where we identify
emerging opportunities, invest in innovation, rigorously test and iterate, launch new offerings, and generate strong
cash flows to fuel the next wave of breakthroughs.
Space
Increase launch payload capacity. We plan to drive meaningful growth in payload delivered to orbit (mass to orbit)
through higher launch cadence and increased payload per launch, while enhancing launch efficiency and reducing
costs. Our next-generation fully and rapidly reusable Starship V3 vehicle is designed to carry 100 metric tons to
Earth’s orbit in a reusable configuration, driving substantial improvements in payload capacity per launch , while
enabling significantly more frequent flights, at unparalleled cost efficiency. To date, we have executed 11 Starship
flight tests. We have also scheduled a 12th flight test, which will debut the next generation Starship vehicle and
Super Heavy booster, powered by the next evolution of our Raptor engine and launching from a newly designed pad
at Starbase. We expect Starship to commence payload delivery to orbit in the second half of 2026. We have
achieved innovative milestones, such as the creation of booster catches using “chopstick” arms that facilitate rapid
refurbishment and reuse, including launching multiple times per day. To enable a more frequent launch cadence and
overall greater payload delivery, we are also expanding our ground launch infrastructure, including investing in
additional pads, on-site propellant production, and other support facilities, and investing in future generations of
Starship, which could carry 200 metric tons in capacity, potentially as soon as Starship V4. We expect these efforts
to continue to drive launch payload growth that is expected to provide the foundational capacity needed to scale our
Starlink Broadband and Starlink Mobile constellations that underpin our Connectivity platform. Our growing
payload capacity is also intended to underpin the deployment of orbital AI compute that will accelerate our AI
business, as well as benefit third-party customers who use our launch offerings.
Establish the lunar economy. Advancing access to the lunar surface represents an important next step in the
evolution of our Space segment and is a prerequisite for long-term commercialization beyond Earth. We are focused
on developing the capability to transport significant amounts of cargo and crew to the lunar surface in a repeatable
and economically viable manner. We believe this capability will also enable creating a petawatt-scale AI
constellation through the use of lunar satellite production and a lunar mass driver for launch activities. By leveraging
Starship’s expected fully and rapidly reusable capabilities and in‑space refueling, we expect to materially reduce the
cost of lunar missions relative to historical norms. Our initial efforts will prioritize lunar cargo landings and
returning Americans to the Moon, followed by expanded crewed missions that we believe can establish a continuous
flow of cargo and humans between Earth and the lunar surface.
We believe that the foundation of a commercial lunar economy begins with achieving infrastructure development,
lunar resource utilization, and high bandwidth communications at scale. This requires the ability to mine, extract and
process raw material for the production of solar power on the lunar surface. Combined with the ability to locally
produce water and fuel, we believe these capabilities would enable sustained lunar operations, support lunar
exploration, and provide the foundation for humanity’s permanent presence on the Moon. The lunar base would then
allow sustained, high volume testing of new technologies in a space environment much closer to Earth than deep
space.
We intend to establish lunar‑based manufacturing capabilities, including factories to produce large‑scale AI compute
satellites. We believe we can efficiently launch our satellites at scale, namely due to the potential use of a lunar mass
driver that is capable of high-frequency, low-cost launches of satellites from the lunar surface. By shifting energy
and material and mass-intensive satellite and solar manufacturing activities off Earth that leverage sustainable power
generation and the Moon’s low gravity, we aim to significantly reduce costs and terrestrial resource constraints. We
expect to use raw materials from the Moon to construct most of the mass of the satellites and ship chips and other
lower mass elements from Earth. This roadmap positions the Moon not only as a potential gateway to Mars and
space exploration, but as the first space-based industrial economy at scale.
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Once resource utilization capabilities are proven feasible, we believe there is an opportunity to commercialize the
harvesting and exportation of rare materials, which is estimated to be present on the Moon in quantities exceeding
one million tons and has potential applications in future nuclear energy and quantum computing systems. Large-
scale access to these resources, coupled with the Moon’s low gravity, could unlock the potential for scalable growth
by establishing a vertically-integrated resource extraction, processing and exportation hub. Using Starship’s high
payload capacity, we believe these materials could be economically transported directly to Earth. In parallel, the
Moon could function as a proving ground for closed-loop ecosystems, long-duration habitats, and autonomous
construction techniques, all of which are essential for industrialization. Over time, this infrastructure has the
potential to position the Moon as a strategic industrial and transportation node.
Establishing lunar operations for mining, refueling, manufacturing, and habitation is subject to a variety of
interconnected engineering and other hurdles as well as known and currently unknown risks and uncertainties. These
include hurdles, risks and uncertainties that relate to, among other things, transporting and deploying heavy
equipment to the lunar surface, developing reliable power generation and storage systems, extracting and processing
lunar resources at commercial scale, operating equipment in extreme temperature, radiation and dust conditions,
maintaining communications and navigation infrastructure, and supporting long-duration human presence in a
remote and hazardous environment.
Connectivity
Grow Starlink Broadband customers. In the near term, we are focused on increasing global awareness of our
Starlink brand and capabilities to grow our base of Starlink Broadband subscribers and to increase Starlink
Broadband adoption in new and existing markets.
• Starlink Consumer Broadband. We have grown the number of Starlink Subscribers rapidly over the last
several years. As of March 31, 2026, we had approximately 10.3 million Starlink Subscribers across 164
countries, territories, and other markets. These subscribers represent a small fraction of the estimated 3.3 billion
potential end users in the markets we currently serve, many of whom still lack reliable high-speed broadband.
Because we report Starlink Subscribers on a per‑Service Line basis, the number of individual end users who
access Starlink is already likely meaningfully higher than 10.3 million, as multiple people may share a single
Service Line, including within a household. We intend to grow the number of Starlink Subscribers by
expanding our consumer distribution network across thousands of authorized retail stores globally and execute
region-specific marketing campaigns to increase Starlink brand awareness. By clearly demonstrating Starlink’s
superior speed, low-latency, affordability, and ease of installation—not only in rural, remote, and infrastructure-
limited areas, but also in suburban and urban areas with wireline broadband options—we expect to drive
meaningful subscriber and revenue growth.
• Enterprise and Government Starlink Customers. We plan to drive growth in enterprise and government
Starlink customers through our direct, vertical-specific sales model. In recent years, we have assembled
dedicated sales and engineering teams to market and support fleet-wide conversions in the aviation and
maritime sectors. This has enabled partnerships with many of the world’s leading airlines, including United
Airlines, Southwest Airlines, Qatar Airways, Lufthansa Group, British Airways, Alaska Airlines, and Hawaiian
Airlines, many of which have implemented or committed to fleet-wide Starlink installations for seamless in-
flight connectivity. We have also partnered with premier cruise operators, such as Carnival Corporation, Royal
Caribbean Group, MSC Cruises, and Norwegian Cruise Line Holdings, for full-fleet deployments that deliver
reliable high-speed internet across thousands of vessels worldwide. In addition, we have partnered with land
mobility operators, including John Deere and the California Fire Department, as well as passenger rail operators
such as Brightline (Florida), and Italo Treno, to provide remote monitoring and management of their fleets. We
are actively driving growth in these sectors by onboarding new major airlines, cruise lines, and land mobility
operators around the world, expanding existing relationships through deeper fleet penetration, and introducing
advanced service tiers to make Starlink the standard connectivity solution for aviation, maritime, and land
mobility customers globally. We also intend to expand our government customer base, securing major contracts
with the United States and allied governments while delivering secure, resilient, and mission-critical
connectivity for defense operations, humanitarian efforts, disaster response, and national security applications in
even the most remote and challenging environments. We also serve a broad fixed‑site customer base across
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industries such as retail and financial services that require high availability for critical operations as well as
reliable connectivity in remote or hard-to-serve locations. As companies continue to invest in secure and
resilient networks to keep critical infrastructure—such as point‑of‑sale and payment processing systems—we
see an opportunity to grow our broad fixed‑site customer base, often starting as back-up and then transitioning
to primary.
Expand our Starlink Mobile offering. As of March 31, 2026, we provide Starlink Mobile services to approximately
7.4 million monthly unique devices across approximately 30 countries. We partner with leading device
manufacturers, application developers, and mobile network operators to enhance the services we provide over one
satellite network, including over-the-top voice, video, and messaging. In 2025, we entered into agreements to
acquire 65 MHz of spectrum in the United States and certain global Mobile Satellite Service spectrum licenses from
EchoStar, which will enable a step-change in the possibilities for our Starlink Mobile service. Furthermore, we
anticipate that Starship will be able to deploy approximately 50 mobile satellites per launch, significantly increasing
capacity per launch and accelerating the deployment of our next-generation constellation. With the deployment of
our next-generation constellation, which is designed to fully utilize the acquired spectrum, and the expansion of our
MNO partnerships, we aim to further deliver on our goal of providing connectivity for everyone and substantially
reducing mobile “dead zones” worldwide—eventually with 5G connectivity to unmodified cell phones and IoT
devices globally.
Increase the capacity of our constellations. Our current constellations of approximately 9,600 Starlink broadband
and mobile satellites, including over 3,000 satellites deployed in 2025, support over 700 Tbps of cumulative
downlink capacity. To support larger numbers of customers through our Connectivity segment, we plan to materially
increase the capacity of our broadband and mobile constellations. For our Starlink broadband constellation, we will
continue deployment of more of our V2 Mini satellites, and in the second half of 2026, we expect to begin
deployment of our next-generation V3 satellites, each of which is designed to offer one Tbps of downlink capacity
per satellite. We expect Starship will be able to deploy up to 60 V3 satellites per launch, representing a twenty-fold
increase in downlink capacity deployed per launch compared to Falcon 9, enabling a more rapid expansion of our
Starlink broadband constellation at a significantly lower cost. For our Starlink Mobile constellation, we currently
have approximately 650 existing dedicated mobile satellites. We are developing more comprehensive satellite-to
mobile services, which we refer to as our Starlink Mobile Gen2 services, including broadband data and IoT
connectivity, which are expected to deliver resilient, infrastructure-independent connectivity worldwide and enable
5G connectivity.
We plan to expand our mobile constellation by deploying our next-generation mobile V2 Mobile satellites in 2027
which, combined with the EchoStar spectrum acquisition and optimized 5G protocols, are expected to increase
capacity by orders of magnitude compared to our first-generation constellation. In the U.S., the FCC approved the
EchoStar license transfer in May 2026, and we separately expect to receive the remaining necessary U.S. regulatory
authorizations in the second or third quarter of 2026. While these authorizations would be sufficient from a U.S.
regulatory perspective, we still require our V2 Mobile satellites to be in orbit and must complete the acquisition of
the relevant spectrum from EchoStar before we can commence our planned commercial Gen2 service in the United
States. Internationally, we have filed applications in nearly every country in which we intend to operate our Gen2
service, and approvals have been granted in a limited number of these jurisdictions to date. Each international
jurisdiction presents its own regulatory process and timeline, and we cannot predict when or whether approvals will
be granted in any given market. In addition, our Gen2 service is subject to ITU coordination requirements. We have
an operational coordination agreement with EchoStar, which we expect to continue through 2026 and 2027, under
which EchoStar has agreed to protect our lower-priority S-band V2 Mobile constellation. By prioritizing these step-
change capacity increases in our satellite-to-mobile capabilities, we expect to both enhance high-speed, low-latency
service quality in existing markets and provide services to previously capacity-limited and unserved regions,
including dense urban areas and emerging markets.
AI
Grow consumer AI platform monetization. We plan to continue to grow revenue from our AI platform, the Grok
application, by increasing monetization of our existing user base. We will leverage our unique combination of
real‑time data, large‑scale distribution, leading foundational model, and hardware expertise to increase the number
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of Grok subscribers. Subscribers benefit from enhanced functionality, exclusive features, and access to our latest AI
models. Since the introduction of our Grok subscription offering in 2025, we have increased the number of available
features to add value to our subscribers, including providing access to our latest and enhanced AI tools. We plan to
continue adding new features and functionality while releasing increasingly capable Grok models to increase the
penetration rate of our subscriber base. Our AI segment has demonstrated exceptional model velocity: since
launching Grok, we have developed leading frontier models at a far faster rate of innovation than others. We
continue to invest in scaling Grok through subsequent generations, including Grok 5. Our roadmap for future models
contains multi-trillion parameter models, which could represent a step change in reasoning depth and overall
intelligence. We believe this pace of innovation strengthens the value proposition of our subscription offerings and
supports long term subscriber growth. While our subscriber growth has been strong, we believe we are still early in
increasing paid penetration across our Grok user base. We further believe there might be an incremental
monetization opportunity by introducing advertising into our stand-alone Grok offering.
Grow X monetization. We intend to drive X revenue growth by increasing engagement across our users, increasing
X Premium subscriber conversion, growing advertising revenue per user, and diversifying our advertising base. We
continue to evolve X into an “Everything App,” integrating real-time information, communications, media,
payments, banking, and more within one consumer app experience. This can improve the usefulness of X, and
therefore increase the usage and monetization potential of X. We have demonstrated rapid product launch velocity,
with frequent features and products launched since 2023, including Grok integration, long‑form video, audio and
video calling, secure messaging, tool calling, long-form articles, and creator tools. We plan to further broaden the
value proposition of X through offerings like Money, a product we launched in beta in November 2025, which aims
to expand platform utility by enabling payments and other financial services. We updated X chat in 2025, featuring
end-to-end encryption and no connection to our ad personalization, unlike other messaging services. We intend to
further embed Grok throughout X to enhance discovery, analysis of posts, user support, and personalization,
increasing the usefulness of X and further improving the value of a paid subscription.
We also expect to grow advertising revenue per user and to diversify our advertiser base over time because of X’s
compelling advertiser value proposition—large-scale user engagement, real-time content, and advanced AI-driven
performance marketing tools. We intend to drive further advertising revenue growth by improving our performance
advertising capabilities, embedding AI to optimize ad campaigns, and launching richer ad formats, including those
that increase advertiser return on ad spending and their spend with us. In determining our advertising rates, we use
an auction process in which advertisers bid to have their ads shown to the audience they are targeting, except for
certain reserved inventory, which is sold on a fixed price basis. We provide advertisers with several engagement
metrics, including: the number of impressions, price per ad, clicks, and conversions. Currently, Grok API access is
not included in our advertising rates to advertisers. We do not currently sell or offer advertisers the ability to place
ads on the Grok API.
We also expect X’s real-time content stream and engagement feedback, subject to some limitations for certain
content, to strengthen our advertising product performance and relevance, improving outcomes for both consumers
and advertisers, and increasing retention. We also began a phased roll-out of our new advertising platform, including
the new X Ads Manager, in April 2026. X Ads Manager is designed to help advertisers launch better campaigns
faster, with AI-powered systems enabling more precise, relevant, and dynamic ad delivery and a centralized
workflow for campaign creation, optimization, and real-time monitoring. Grok supports this strategy by helping
advertisers with campaign creation, creative optimization, and alignment with trending topics and user intent.
Deepen enterprise and government adoption. We believe adoption of AI by both enterprise and government reflects
a structural industry shift, with room for substantial long-term growth. Our Grok Business, Grok Enterprise, and xAI
Gov offerings position us to scale in tandem with broader enterprise and governmental AI adoption. Our Grok API
further extends our reach by enabling developers to integrate our models directly into their applications and
workflows. We intend to further support our enterprise offerings with a specialized salesforce and forward deployed
engineers, engineers who embed directly with a client to implement our solution, to support customer acquisition
and expansion.
Increase the scale of our terrestrial power and AI compute infrastructure. We plan to rapidly scale our terrestrial
AI compute infrastructure through the continued deployment of large-scale clusters to support the training and
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inference of our AI models. To rapidly bring gigawatt-scale data centers online, we leverage world-class
engineering, first-principles thinking and deep “shovels-to-tokens” vertical integration. Our AI compute facilities,
COLOSSUS and COLOSSUS II, collectively provide approximately 1.0 gigawatt of compute power, with additional
power capacity available for data center operations. COLOSSUS II will also provide the compute to train our next-
generation Grok 5 AI model. We expect that once fully operational, the next phase of expansion at COLOSSUS II
will represent an additional 400MW of compute capacity. Our first-principles thinking enables us to build coherent
compute at scale and at rapid speed with lower costs than most other companies in the industry. We brought the first
cluster of COLOSSUS online in 122 days, repurposing the shell of an existing factory, and the first cluster of
COLOSSUS II online even faster in 91 days. As an illustrative comparison, an industry benchmark to bring online a
100 megawatt greenfield data center is approximately two years. We also demonstrated a significant improvement in
cost efficiency, achieving data center construction costs for COLOSSUS II that are considerably lower than industry
benchmarks on a per megawatt basis. As AI workloads increase in complexity and scale, data center operators face
constraints related to power density, cooling, network bandwidth, supply chain management, construction expertise
and capital deployment. Our experience in designing mission-critical hardware systems, optimizing power
efficiency, and operating distributed infrastructure networks provides a differentiated foundation for continuing to
grow and advance the next-generation compute platform. We believe that continued investment in our compute
infrastructure is critical to supporting long-term consumer and enterprise growth as AI adoption accelerates, while
also providing a powerful foundation for our transition to orbital AI compute at scale.
In addition, our leadership in compute infrastructure positions us to monetize not only AI software applications built
on our models, but also the underlying compute that powers them. As we continue to scale our terrestrial compute
infrastructure to support internal model development, training, and inference workloads, we intend to sell our high-
performance compute capacity to a limited number of third party customers.
Deploy orbital AI compute at scale. We believe growth of the projected $26.5 trillion-dollar AI market will be
constrained by Earth’s inability to rapidly scale power generation, underscoring the challenge of achieving terawatt-
scale compute without harming people and the environment. While we expect terrestrial power generation to
continue to grow, we believe the physical, environmental, and regulatory constraints will prevent it from delivering
the orders-of-magnitude increases needed to match future energy demands of the AI era. Power from the Sun, an
enormous, free fusion reactor in the sky, represents approximately 99.8% of the solar system’s energy and offers the
only truly scalable solution to terrestrial energy constraints. By combining virtually unlimited solar power in space
with our industry-leading launch costs and satellite manufacturing capabilities, we believe we can deliver compute
over time at a fundamentally lower cost structure than is possible on Earth. By the end of the decade, we intend to
deploy the first modular orbital AI compute shells and begin monetizing capacity through the sale of AI software
and AI compute. We aim to launch 100 gigawatts of AI compute capacity on solar-powered satellites each year,
equivalent to roughly one fifth of total annual U.S. power production in 2025. The amount of compute capacity we
can launch depends on three components—payload, satellite capacity, and launch frequency. With respect to
payload, Starship V3 is designed to deliver 100 metric tons to space in a fully reusable configuration while enabling
rapid turnaround times, and future generations could reach 200 metric tons, potentially as soon as Starship V4. With
respect to satellite capacity, we expect solar cells optimized for the space environment will be produced at a rapid
rate, with early satellites generating 100 kilowatts of compute power and scaling from there. Finally, with respect to
launch frequency, we expect to be able to scale to thousands of launches per year. Together, we expect these
achievements will allow us to transport approximately one million metric tons to orbit annually, powering 100
gigawatts of AI compute. Such compute capacity will also play a critical role in advancing our human augmentation
vision by expanding the reach, speed, and capability of AI beyond what is possible with terrestrial compute
infrastructure alone.
We believe we are well-positioned to execute and deliver orbital AI compute to build the infrastructure of the future.
We believe orbital AI compute is an incredibly difficult challenge that only we can solve at scale in the near term.
Design and manufacture our own chips. We plan to deepen our strategic collaboration with Tesla and Intel through
Terafab. In connection with such collaboration, we have agreed with Tesla on a general framework for the future
development of Terafab. Any specific projects undertaken pursuant to this framework will be subject to separate
negotiations and agreements (including any development timelines, milestones and capital expenditures) and have
not yet been determined. We expect Terafab to be the world’s largest chip manufacturing facility, with the goal of
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eventually achieving one terawatt of annual compute production capacity. While Terafab is intended to expand our
internal chip manufacturing capabilities, we expect to continue sourcing a significant portion of our compute
hardware from third-party suppliers. We view Terafab as complementary to these relationships, enabling us to
augment our access to compute hardware at massive scale and further complete our highly vertically integrated
compute platform by extending our control to the foundational chip layer. By developing end-to-end capabilities
spanning the design of lithography masks, fabrication of logic and memory chips, and advanced packaging, all in a
vertically integrated closed-loop single plant, we will be able to more rapidly iterate to improve chip design and
performance. We plan to design chips that are optimized for the space environment. This collaboration directly
enables our planned orders-of-magnitude increases in AI compute deployment in orbit which would be constrained
by pure reliance on external foundries. Leveraging shared engineering resources, intellectual property, and
infrastructure across Tesla and SpaceX, as well as Intel’s expertise in designing, fabricating and packaging ultra-
high-performance chips at scale, Terafab is designed to create powerful ecosystem synergies that accelerate
innovation cycles and reduce costs. Just as we manufacture approximately 80% of Starship in-house, we expect
significant speed and cost advantages from Terafab’s vertical integration. We believe this integration, if achieved,
will provide us with a critical competitive advantage in the race to scale AI infrastructure, especially as we begin our
orbital AI compute satellite deployments.
Launch digital human augmentation . In partnership with Tesla, we are developing Macrohard, an agentic platform
designed to fully emulate digital workflows and augment human operation of computers—from coding and product
development to management and entire business processes. Similar to how autonomous systems emulate human
inputs to execute complex tasks, Macrohard is designed to augment how humans operate computers and tools to
analyze, create, and manage workflows. Unlike other enterprise software and AI applications that primarily digitize
workflows and systematize historical processes, our solutions are designed to operate as real-time, intelligence-
driven extensions of the user. Macrohard aims to combine our frontier AI model with Tesla’s physical AI prowess to
achieve the goal of augmenting the operational functions of entire companies. We expect Macrohard to benefit from
running on both state-of-the-art processors and cost efficient Tesla processors, a critical advantage of our vertical
integration. We believe Macrohard has the potential to fundamentally transform how companies across all industries
are structured and operate, thereby allowing dramatic increases in human productivity and prosperity.
Future Markets
We aim to build the infrastructure of the future in Space, leveraging our foundational competitive advantage, the
ability to launch mass at scale. By opening access to space to industries on Earth, we can grow our business by
creating new markets. Our technological capabilities enable us to repeatedly create new markets by pushing the
boundaries of what space can support. As we continue to advance and scale, we expect to unlock new market
opportunities. Over the long-term, we expect our Starship-enabled opportunities to include:
• Point-to-point terrestrial travel. We plan to develop ultra-fast long-haul point-to-point Earth transport using
Starship, enabling passengers and cargo to travel between major cities in a fraction of current transit times,
revolutionizing global logistics and passenger travel with unprecedented speed and efficiency.
• Space tourism. With meaningful advances in space technology and the continued build-out of orbital flight
infrastructure, we expect increasing interest in human space travel as it becomes easier and more common to
access space.
• In-orbit manufacturing. We aim to establish in-space manufacturing facilities that leverage the unique
microgravity conditions of space to produce materials, pharmaceuticals, and advanced components that are
difficult or impossible to manufacture on Earth, opening new high-value industrial markets.
• Passenger and cargo transport to the Moon and Mars. We intend to support large-scale passenger and cargo
missions to the Moon and Mars, delivering the people, equipment, and supplies needed to establish permanent
human settlements and accelerate the path to becoming a self-sustaining multiplanetary civilization.
• Energy production on the Moon and Mars. We aim to develop large-scale solar energy production on the
Moon and Mars, taking advantage of the thin atmosphere and constant solar exposure to generate power for
manufacturing, habitats, and future infrastructure at scale.
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• Manufacturing capabilities on the Moon and Mars. We plan to build manufacturing infrastructure on the
Moon and Mars that utilizes local resources to produce fuel, construction materials, and other essential
resources, reducing dependence on Earth resupply and enabling sustainable long-term presence.
• Asteroid mining. We plan to pursue asteroid mining operations to extract metals and other critical resources
from near-Earth and main-belt asteroids, providing abundant raw materials for space-based industries and
reducing the need to launch mass from Earth.
Our Market Opportunity
We believe space represents the largest economic frontier in human history. Our innovations and technological
advancements are redefining existing industries and creating new market opportunities across Space, Connectivity
and AI. We believe we have a distinct ability to identify, develop, and commercialize new multi-trillion-dollar
markets that did not previously exist. We currently stand alone in our ability to deliver revolutionary breakthroughs
across spaceflight and exploration, global connectivity, and artificial intelligence, enabling an age of abundance that
we believe has the potential to propel an unprecedented expansion in the global economy.
By pioneering the world’s first and only fleet of reusable rockets at scale, we revolutionized space access through
dramatically lower cost and unmatched reliability. Lowering costs by orders of magnitude creates entirely new
industries on Earth and in space that were technologically and economically infeasible for others to access
historically. Our first trillion-dollar market was Starlink, a satellite service supported by our low-latency, high-speed
LEO constellation that required the rapid, low-cost deployment of millions of kilograms of hardware into orbit. Our
Starlink constellation powers a global connectivity platform capable of supporting broadband and mobile services,
enabling high-speed internet access to homes, enterprises, governments, and mobile users across virtually any
location on Earth. We believe our next trillion-dollar market is AI compute, which we contemplate will leverage our
rockets and satellites for massive orbital deployment.
We believe we have identified the largest TAM in human history. We estimate that our quantifiable TAM is $28.5
trillion, consisting of $370 billion in Space from space-enabled solutions; $1.6 trillion in Connectivity across $870
billion in Starlink Broadband and $740 billion in Starlink Mobile as well as additional opportunities in enterprise
and government; $26.5 trillion in AI across $2.4 trillion in AI infrastructure, $760 billion in consumer subscriptions,
$600 billion in digital advertising, and $22.7 trillion in enterprise applications. For illustrative purposes of sizing our
addressable market opportunity, we exclude China and Russia from our global estimates.
In addition to the markets we serve today, we believe we are poised to catalyze transformative breakthroughs and
create entirely new markets. Given these are longer-term opportunities at earlier stages of development, we do not
quantify them in our TAM estimates; however, we believe that over time each of these markets could eventually
represent multi-trillion-dollar economic opportunities. These new markets include long haul point-to-point terrestrial
travel, space tourism, in-orbit manufacturing, asteroid mining, energy production and manufacturing on the Moon
and Mars, and passenger and cargo transportation to the Moon and Mars.
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Space X’s Estimated TAM by Segment
Space
While the size of the space market is massive for any company to address, our capabilities in space represent a
foundational competitive advantage that allow us to address markets that represent significant portions of global
gross domestic product (“GDP”)—connectivity and AI. We estimate a total market opportunity of $370 billion
across space-enabled solutions, with the lunar economy presenting a significant upside not included in the estimate.
Space-Enabled Solutions. According to Novaspace, space-enabled solutions represented a $370 billion market in
2025, including spacecraft manufacturing, launch services, satellite operations, positioning, navigation and timing
(“PNT”) devices and value-added services, as well as uncontracted costs of government space agencies. Both
commercial and government customers participate in this market, with growing space-based defense budgets
reflecting prioritization of security, resilience, and strategic autonomy by governments globally. For the purpose of
sizing our TAM, we exclude the value of satellite communications services, as we include those within our
Connectivity segment.
Lunar Economy. We believe the development of a sustained human and commercial presence on the Moon has the
potential to give rise to a new lunar economy encompassing transportation, infrastructure, communications, energy,
manufacturing (including the production of satellites and advanced chips), resource extraction, and scientific and
commercial activity. Early demand is already emerging from government space agencies and research institutions,
and we expect this to expand over time to include commercial enterprises seeking to leverage the Moon as a
platform for logistics, industrial activity, and deep-space exploration. Establishing a lunar economy requires first
proving reliable extraction of water ice to sustain life and producing hydrogen-oxygen propellant, alongside building
power, transport, and storage infrastructure in an extreme, high-cost environment. If achieved, we believe these
same resources and the Moon’s low gravity unlock the potential for scalable growth through an efficient fuel
production and refueling hub, creating a strategic access point that can potentially support deeper space
industrialization and serve as a stepping stone to establishing a civilization on Mars. Although we believe the
potential size and scope of the lunar economy is extraordinarily large, we are not providing an estimate of the TAM
for this opportunity at this time because expectations regarding the timing, pace of adoption, regulatory frameworks,
and ultimate scope of commercial activity beyond Earth are rapidly evolving alongside the development and
deployment of the technology necessary to establish a lunar presence (such as Starship). As the Moon transitions
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from a scientific outpost into an industrial frontier, SpaceX is positioned to spearhead this revolutionary expansion,
and we believe that continued advancements in our launch capabilities, space infrastructure capabilities, and cost
efficiency will allow us to meaningfully accelerate the development of a sustainable lunar economy.
Connectivity
We believe the global connectivity market represents a substantial and durable opportunity, driven by the increasing
reliance of consumers, enterprises, and governments on high-speed, low-latency, reliable connectivity across both
terrestrial and remote environments. Across Starlink Broadband and Starlink Mobile, we estimate a total market
opportunity of $1.6 trillion reflecting primarily consumer use cases. We believe these traditional use cases, however,
do not account for the long-term market opportunity, as connectivity is evolving into a critical infrastructure layer
underpinning the global economy, enabling entirely new categories of demand. As high-performance, ubiquitous
connectivity becomes embedded across transportation networks, autonomous systems, and smart devices, we expect
the scope of the market to extend well beyond the traditional definitions.
Starlink Broadband. The global demand for ubiquitous, high-speed broadband internet creates an approximately
$870 billion dollar opportunity. Our satellite broadband service, Starlink, is positioned to capture value across
multiple massive and rapidly expanding markets:
• Consumer Broadband. As the digital economy continues to expand, ubiquitous, high-speed, reliable internet
has become a structural necessity for households worldwide—powering opportunity and the next wave of
global prosperity. According to Euromonitor, there were approximately 1.8 billion global households in 2025.
As Starlink develops, we believe that our broadband network can connect, and improve the existing connection,
of every household globally. Given varying economic conditions and consumer purchasing power across
different countries, we use a different monthly ARPU for different parts of the world based on country-specific
consumer broadband ARPU from Omdia as we seek to make our service affordable and accessible across
different economic development contexts. Region-specific ARPU assumptions result in a weighted average of
$31 monthly ARPU for residential broadband internet services globally, according to Omdia. This global
average consists of a weighted average monthly ARPU of $43 in high-income markets, $16 in upper-middle
income markets, and $9 in lower-middle income and low income markets per World Bank classification.
Together this represents a total addressable market of $660 billion based on 1.8 billion households.
Approximately 40% of the global population lives in rural areas, remaining structurally underserved by
terrestrial broadband infrastructure due to unfavorable deployment economics, limited network density and high
last-mile costs.
This structural imbalance creates a large, durable and relatively uncontested baseline market for satellite-based
connectivity solutions. For many of these households, Starlink represents the first viable option for high-speed,
low-latency internet access, with limited competition from terrestrial providers. Unlike terrestrial networks,
which require significant incremental capital to extend coverage to low-density areas, our space-based
architecture enables economically scalable service delivery across these regions with minimal marginal cost per
additional user.
Importantly, while rural and underserved geographies provide a compelling initial adoption vector, we believe
Starlink’s value proposition extends well beyond these markets. As network capacity increases and product
performance continues to improve, we expect to compete increasingly in suburban and urban environments.
Accordingly, while rural households represent a large and durable entry point for our connectivity offering, we
view this segment as a foundational layer upon which significantly broader consumer, enterprise and
government demand can be built.
• Enterprise Solutions. We offer fixed site broadband solutions tailored for the needs of our enterprise customers
across many different industries, including construction, agriculture, retail, telecom, hospitality and others. For
the purpose of sizing market opportunity, we include small and medium sized businesses within our Enterprise
Solutions market opportunity. Our Starlink enterprise offerings can provide important primary or back-up
connectivity for every business in the geographies where we are licensed to operate. According to Grand View
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Research, the global business broadband market in 2025 across small to medium sized business and enterprise
usage is estimated to be $200 billion.
• Government Solutions. Driven by increasing demand for resilient, low-latency, and highly secure
communications in contested and remote environments, defense organizations and governments around the
world are increasingly turning to commercial satellite providers with connectivity solutions to supplement and
enhance traditional military networks. According to Novaspace, the global satellite communications market
driven by defense and government demand in 2025 was $5 billion. The estimate of the government
communications market includes only publicly disclosed programs and budgets and does not include classified
missions or other restricted uses, which we believe represent additional sources of demand.
Starlink Mobile. According to Omdia, as of December 31, 2025, there were eight billion mobile connected devices
globally. We believe our Starlink Mobile offering will be able to provide continuous global coverage and
substantially reduce mobile “dead zones,” which remain areas that are structurally underserved by the limitations of
the networks of current mobile network operators. For example, according to the J.D. Power U.S. Wireless Network
Quality Performance Study, U.S. wireless customers experienced service problems in approximately one out of
every 11 mobile interactions, even in well-connected areas. In addition, an estimated 40% of the global population
resided in rural areas in 2024 according to the World Bank, where terrestrial mobile coverage can be limited or
unreliable. While we expect Starlink Mobile service today to be most impactful for customers in remote areas
uncovered by terrestrial mobile networks, as our constellation grows and our product performance continues to
improve, we will compete to be the preferred connectivity experience to our customers no matter where they are
located, whether in rural, suburban, or urban areas. The next-generation of Starlink Mobile satellites, in combination
with our recent purchase of wireless spectrum from EchoStar, is designed to provide high bandwidth and low
latency connectivity directly to end user devices, enabling a connectivity solution on par with terrestrial mobile
networks. Given varying economic conditions and consumer purchasing power across different countries, we
assume a different monthly ARPU for different parts of the world as we seek to make our service affordable and
accessible across different economic development contexts. Our region-specific ARPU assumptions result in a
weighted average monthly mobile ARPU of $8 per user. This global average consists of a weighted average monthly
ARPU of $18 in high-income markets, $5 in upper-middle income markets, $2 in lower-middle, and $2 in low
income markets. Based on the total number of connected devices globally and the mobile ARPU, we estimate the
Starlink Mobile market opportunity to be $740 billion. We expect to continue to partner with mobile network
operators globally as we expand coverage and participate in the broader mobile connectivity market.
Additional and Future Starlink Applications . We believe the long-term market opportunity for Starlink extends
materially beyond traditional fixed broadband and satellite-to-mobile connectivity. Many of these use cases
represent new categories of demand that were not previously addressable with legacy terrestrial or satellite solutions
due to limitations in coverage, latency, capacity, or cost. While these additional and future use cases are early stage
and not yet captured in conventional industry market definitions, we believe they have the potential to significantly
expand the total addressable market for connectivity over time.
• Enterprise Mobility. Because our Starlink solutions are uniquely well-suited for in-motion environments,
remote, or hard-to-serve locations, we are able to provide high-performance connectivity across land, air, and
sea. We believe we have a differentiated right to win these verticals as existing connectivity solutions are not
able to provide sufficient speed, latency and reliability, with frequent service outages driven by weather, orbital
mechanics and coverage gaps. Our Starlink constellation directly addresses these deficiencies, creating a
compelling path for us to capture a substantial share of opportunities and to unlock previously unattainable
levels of service quality and customer willingness to pay.
In land mobility, Starlink supports connectivity for vehicle fleets, including trucking, rail, public safety vehicles,
and autonomous systems, enabling real-time telematics, route optimization, safety monitoring, and onboard
passenger connectivity, as fleets become increasingly connected and data-driven.
In aviation, Starlink delivers high-speed, low-latency in-flight connectivity for commercial airlines, business
aviation, and government aircraft, supporting passenger broadband, operational communications, and real-time
aircraft data transmission, as airlines increasingly prioritize differentiated onboard experiences and operational
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efficiency. There are approximately 23,900 commercial aircraft, according to Oliver Wyman, and
approximately 24,500 privately owned aircraft, according to Corporate Jet Investor, in the world, which can be
served by our aviation offering.
In maritime, Starlink provides connectivity for commercial shipping, offshore energy platforms, cruise lines,
and government vessels, enabling crew welfare, operational optimization, safety systems, and real-time data
transfer, as connectivity becomes a standard requirement across global fleets. Our potential customer base as of
2025 consists of approximately 99,000 commercial merchant ships, defined as being 100 gross tons or more,
approximately 21,000 fishing vessels, and approximately 4,000 cruise ships and private yachts, according to
Marine Traffic Dashboard.
• Expanded Enterprise and Government Applications
Enterprise Back-Up and Failover Connectivity. As connectivity becomes a mission critical component of
enterprise operations, we believe back-up and failover connectivity is evolving into a foundational layer of
enterprise infrastructure. The increasing cost of downtime, combined with the proliferation of cloud-based and
latency-sensitive applications, is driving enterprises to prioritize uptime, business continuity, and network
resilience and adopt multi-layered connectivity architectures. We believe this shift will result in a meaningful
expansion of the connectivity market.
Expanded Government Applications . We believe traditional connectivity market estimates do not fully
capture the scope of government-related demand, particularly in mission-critical and classified applications. The
growing importance of secure communications, real-time intelligence, and resilient network architectures is
driving sustained investment in connectivity capabilities across defense and civilian agencies. These use cases
tend to command higher value and longer-duration contracts, contributing to a meaningful and durable
expansion of the connectivity market.
Smart Device Connectivity . The proliferation of connected devices across various physical environments—
including sensors, wearables, vehicles, appliances, and infrastructure systems—is driving increasing demand for
ubiquitous, reliable, and low-latency connectivity. As of 2025, there were approximately 22 billion IoT
connected devices globally, forecasted to reach 47 billion by 2031. As billions of connected devices generate,
transmit, and act on data, connectivity becomes an essential enabler of new categories of economic activity. As
these devices grow in scale into the tens of billions globally and become more intelligent and data-intensive, we
believe the scope of the connectivity market will expand significantly beyond traditional human-centric usage.
In-Orbit Data Transport . We operate a large constellation of over 23,000 inter-satellite lasers that create a
dynamic mesh network in space and enable traffic rerouting through orbit. We believe this laser mesh network
will help us unlock a new connectivity market by enabling third-party satellites to utilize our in-orbit data
transport layer. While most of our laser mesh network capacity is used to power our Starlink services, we
selectively monetize excess capacity through our Plaser program. We allow third parties to purchase our space
laser hardware and connect their satellites to our Starlink network, allowing them to offload data to a ground
station anywhere on Earth while bypassing the need to build their own relay architecture or ground stations. As
satellite constellations grow, we expect market demand for high-throughput, low-latency data relay to increase
across commercial and government operators. While this market remains nascent, we believe the opportunity
represents a meaningful expansion beyond traditional satellite connectivity TAM.
Artificial Intelligence
The market for artificial intelligence is currently undergoing explosive structural growth, emerging as a foundational
utility for the modern global economy and unlocking a multi-trillion-dollar opportunity. Our frontier models,
consumer and enterprise applications, and AI infrastructure solutions are strategically positioned to capture value
across four key components of this vast ecosystem, resulting in an estimated total market opportunity of $26.5
trillion.
AI Infrastructure. According to RAND Corporation, global data center compute demand is estimated to be 235
gigawatts in 2030, of which 70% is estimated to be utilized for AI workloads. Assuming a target Power Usage
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Effectiveness of 1.2 and an all-in chip power consumption per GPU of 1.3 kilowatts per GPU—that of an H100
SXM— this AI workload demand corresponds to 104 million GPUs required. We apply an 80% utilization rate per
the National Electrical Installation Standards and a GPU rental rate of $3.33 per hour, according to Silicon Data,
which is based on the median of neocloud GPU rental rates in 2025; we note that the rental rate has historically
varied subject to market conditions. As a result, we estimate the AI compute infrastructure market opportunity to be
approximately $2.4 trillion.
Consumer Subscriptions. As demand for AI solutions surges, fueled by widespread adoption of AI tools that
enhance productivity, creativity, personalization, and real-time assistance in everyday life, consumers are
increasingly turning to subscription-based access to high-performance AI platforms. These platforms, equipped with
advanced reasoning, seamless real-time data integration, and multimodal capabilities, are essential in today’s ever-
more receptive and interconnected world. We believe SpaceX is well positioned to address this opportunity through
our X and Grok platforms by delivering a differentiated product centered on truth-seeking and real-time relevance.
Our roadmap for future models contains multi-trillion parameter models, which could represent a step change in
reasoning depth and overall intelligence. Through Grok’s integration with X and proprietary access to real-time data
inflows, we believe we can better address a broader set of high-frequency, high-value consumer use cases and
increase user engagement and willingness to pay, positioning Grok to capture a larger share of the consumer AI
subscription market relative to standalone, non-integrated offerings. We estimate our market opportunity based on
the global population of individuals aged 10 and over in 2025—approximately five and a half billion according to
Euromonitor—multiplied by the weighted average monthly subscription revenue of $12, resulting in an annualized
market opportunity of approximately $760 billion. Our weighted average monthly revenue assumes different
monthly subscription fees across different geographies around the world. We assume $30 monthly cost of a
SuperGrok subscription in high-income countries, $8 monthly cost in upper-middle and lower-middle income
countries, and significantly lower monthly cost in low income countries, as defined by the World Bank.
Digital Advertising. Digital advertising represents a large and growing global market opportunity as businesses
increase marketing budgets towards digital platforms that enable targeted advertising, measurable performance, and
direct engagement with consumers. In 2025, global digital advertising spending totaled $600 billion according to
S&P Global Market Intelligence. We believe that X’s ability to combine large-scale user engagement, real-time
content, and advanced AI-driven performance marketing tools positions us well to participate in this significant
market opportunity.
Enterprise Applications. AI is revolutionizing enterprise applications as organizations across industries increasingly
adopt AI solutions to automate complex workflows, augment knowledge workers, enhance decision-making,
redefine productivity, and improve operational efficiency. Specifically, we believe that our enterprise applications,
including Macrohard, agentic AI, will increasingly support knowledge workers across industries by automating
routine cognitive tasks, assisting with research and analysis, generating content and code, and refining decision-
making processes. Ultimately, we believe this transformation could evolve knowledge workers into empowered
managers of autonomous agents, unlocking unprecedented levels of creativity and productivity.
We believe we are still in the early days of AI transforming enterprises, with AI-powered enterprise applications
poised to reshape the digital economy. The Digital Cooperation Organization (“DCO”) defines the digital economy
as economic activity reliant on, significantly enhanced, or enabled by digital technologies and their applications,
including the following products and services: AI and advanced analytics, blockchain and decentralized
technologies, cloud services, digital connectivity, digital devices and the IoT, encryption and cybersecurity,
immersive technologies, and robotics and autonomous systems. DCO estimates that the digital economy will grow
three times faster in 2026 on a year-over-year basis compared to the estimated growth of the global GDP, reaching
approximately $22.7 trillion in 2026. In a survey of CTOs, senior technologists, policymakers, and digital economy
experts, also conducted by DCO, AI and advanced analytics were identified by 69% of respondents as their top
digital technology priority—higher than any other surveyed priority. We believe that our enterprise strategy, which
is focused on serving the digital needs of the world’s largest industries with AI solutions, positions us competitively
to pursue this rapidly growing opportunity.
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Future Markets
Beyond the established markets reflected in our TAM, we envision that ongoing advancements in our technology
and infrastructure will unlock entirely new markets over time. As launch costs decline, satellite capabilities advance,
and large-scale compute infrastructure expands, innovative applications and new markets may emerge that harness
our integrated infrastructure across space, connectivity, and AI. Although these prospects remain nascent, with
uncertain timing and scale—and thus are excluded from our quantified total addressable market estimates—we
believe they hold trillions of dollars of eventual potential for groundbreaking innovation and value creation,
eventually representing multi-trillion-dollar economic opportunities.
Long-Haul Point-to-Point Terrestrial Travel. Our Starship vehicle has the potential to revolutionize terrestrial
commercial transportation by achieving an unparalleled combination of speed, reliability and cost efficiency. This
capability could reduce most international long-haul flights to under 30 minutes, enabling point-to-point travel to the
furthest location in an hour or less. While we must surmount technological, economic and regulatory obstacles to
fully capitalize on this opportunity—such as restrictions on supersonic flights over land in certain regions due to
sonic booms, and the economic feasibility of shorter routes—we believe we are strategically positioned to take share
of the terrestrial logistics and transportation market.
Space Tourism. Historically, human spaceflight has been limited to government astronauts, augmented by a limited
number of privately funded missions. Yet, with meaningful advances in space technology and the ongoing
expansion of orbital flight infrastructure, we anticipate a gradual increase in accessibility of spaceflight over time,
potentially enabling a new category of commercial human spaceflight and tourism. Under 30 people out of the
global population visited Earth’s orbit in 2025, which we believe could be a far greater number in the future.
Passenger and Cargo Transport to the Moon and Mars. Looking further ahead, advances in reusable launch
systems and deep-space transportation infrastructure may enable new forms of interplanetary logistics, including
passenger and cargo transportation to the Moon and Mars. Supporting a sustained human presence on another planet
would require the regular transport of people, equipment, and materials at a scale not previously possible.
Energy Production and Manufacturing on the Moon and Mars. Establishing a sustained human and industrial
presence on the Moon and Mars would require reliable, large-scale energy generation to support habitats,
manufacturing, and scientific operations. Potential solutions could include solar power systems, taking advantage of
the thin atmosphere, constant solar exposure, and other advanced energy technologies designed to operate in the
unique environmental conditions of the Moon and Mars. Over time, we believe that advances in planetary
infrastructure may enable manufacturing on the Moon and Mars using locally available resources.
In-Orbit Manufacturing. Terrestrial manufacturing is inherently constrained by gravity, which imposes
fundamental limitations on processes at the atomic and molecular level. Establishing in-orbit infrastructure unlocks
large-scale, high-value production free from those traditional barriers, enabling breakthroughs in precision and
efficiency. The microgravity environment of space fosters innovative advancements in key industries, such as
pharmaceuticals—where it enhances drug solubility, purity, crystallization, and stability—as well as, advanced
materials and semiconductors, allowing for superior crystal formation and material properties unattainable on Earth.
Beyond these particle-level innovations, in-orbit facilities overcome Earth’s energy constraints by harnessing
abundant, uninterrupted solar power, facilitating energy-intensive operations with unparalleled sustainability.
Asteroid Mining. Asteroid resources, including platinum-group metals, rare earth elements, nickel, cobalt, iron and
water, represent a vast untapped reservoir beyond Earth’s gravity well, with some near-Earth objects containing
concentrations of elements far exceeding typical terrestrial ore grades. With meaningful advances in reusable launch
capabilities, autonomous robotics, and in-situ processing technologies, we believe the accessibility of asteroid
resources will expand over time, unlocking a new category of commercial space resource extraction. We believe our
experience in launch systems, spacecraft development, and space infrastructure uniquely positions us to pursue
asteroid mining operations to extract metals and other critical resources from near-Earth and main-belt asteroids,
providing abundant raw materials for space-based infrastructure, reducing the need to launch all mass from Earth.
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Our Solutions & Services
Unparalleled Launch Capability
Our unmatched launch capability is the foundational competitive advantage that enables our unique solutions and
services. We are the market leader in orbital launch, providing low-cost, reliable, and frequent access to space for
commercial and government customers. Our launch services are built around a fleet of reusable rockets and
spacecraft. SpaceX’s family of rocket systems and spacecraft address missions ranging from routine cargo delivery
to the International Space Station to deep-space exploration. The Falcon class of rockets delivered over 80% of mass
to orbit in the year ending December 31, 2025. Starship, a two-stage super heavy-lift launch vehicle that we have
been flight testing since 2023, further enhances our industry-defining launch offerings.
Separate from our fleet of reusable rockets, SpaceX’s launch advantage is equally underpinned by our fleet of
advanced spacecraft. Our International Space Station cargo and human spaceflight missions are launched on Falcon
9 and flown on the Dragon crew and cargo spacecraft. The vehicles autonomously dock to the station, delivering
pressurized and unpressurized cargo, and passengers. Both Dragon variants are partially reusable and perform fully
autonomous rendezvous, docking, and return operations.
Our Fleet of Launch Vehicles and Spacecraft
Our Fleet of Launch Vehicles
Falcon 9. The Falcon 9 rocket is a reusable, two-stage rocket designed and manufactured by SpaceX for the safe,
reliable, and cost-effective transport of satellites, scientific payloads, cargo, and crew to Earth orbit and beyond.
Powered by liquid oxygen and rocket-grade kerosene, the first-stage is equipped with nine Merlin 1D engines
producing over 1.7 million pounds of thrust at sea level, while the second stage utilizes a single vacuum-optimized
Merlin engine for precise orbital insertion. First launched in 2010, Falcon 9 is the world’s first orbital-class rapidly
reusable rocket, and has become the most active orbital launch vehicle today, with approximately 620 orbital space
launches as of March 31, 2026 and an over 99% mission success rate. Falcon 9 is capable of delivering
approximately 23 metric tons to LEO and eight metric tons to geosynchronous transfer orbit. Reusability allows
SpaceX to refly the most expensive parts of the rocket, which in turn drives down the cost of space access. Falcon
9’s reusable components primarily include its booster, which lands on one of our autonomous drone ships out on the
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ocean or on one of our landing zones near our launch pads ahead of being refurbished for a future launch, and its
payload fairing halves, which are recovered via parachute-assisted splashdowns and are refurbished and reused after
retrieval. The second stage is not designed for recovery or reuse and instead safely deorbits after successful payload
deployment.
Falcon 9 Overview
Falcon 9 introduced a combination of technical innovation, cost reduction, and operational scale that materially
altered the economics of orbital launch and established our position as the leading commercial launch provider.
• First Orbital-Class Rapidly Reusable Rocket: In December 2015, Falcon 9 achieved the first vertical landing
of an orbital-class booster, followed in April 2016 by the first autonomous drone ship landing in the Atlantic
Ocean. Reuse of boosters and fairings, a practice pioneered by SpaceX in the launch industry, fundamentally
enables our launch rate and capacity and forms the basis for the launch system’s inherent reliability. Through
recovering, inspecting, and evaluating flown hardware, SpaceX gains insight into system performance that
would not be otherwise achievable. Partial reusability for orbital spaceflight has reduced cost per ton to orbit by
approximately 85% as compared to the historical average launch cost per kilogram of $18,500.
• Reusability Enabled Cost Structure Advantage: Reuse of the first-stage—representing the majority of
vehicle manufacturing cost—has materially reduced marginal launch costs relative to fully expendable systems.
• Highest Operational Tempo in History: With approximately 620 orbital space launches over 15 years of
operation, Falcon 9 is the most frequently flown active orbital launch vehicle to date. In 2025, Falcon 9
conducted 165 launches, accounting for over half of all global orbital launches in the year while delivering over
80% of mass to orbit.
• Track Record of Success: As of March 31, 2026, Falcon 9 has achieved an over 99% mission success rate.
Falcon 9 has achieved over 530 successful booster landings and more than 540 launches completed by a flight-
proven Falcon rocket, underscoring the reliability of its reusability architecture.
• Human Spaceflight Certified: Falcon 9, paired with SpaceX’s Dragon crew spacecraft, is the only U.S.-based
launch vehicle certified by NASA under the Commercial Crew Program to transport astronauts to and from the
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International Space Station. As of December 31, 2025, Falcon 9 has successfully launched 19 human
spaceflight missions with a 100% mission success rate.
• In-House Engine Development and Manufacturing: Falcon 9 is powered by Merlin engines that are
designed, developed, and manufactured in‑house, providing vertical integration across propulsion design,
production, and testing. The Merlin engine achieves one of the highest thrust‑to‑weight ratios of any rocket
engine in operational service, contributing to Falcon 9’s performance and payload capacity.
Falcon 9
As we transition primary production and development resources toward the fully and rapidly reusable Starship
system, Falcon 9 continues to serve as the backbone of our launch revenue base; generating high-margin recurring
cash flows while providing critical operational experience in high-cadence reuse. The proven capabilities of Falcon
9 established us as the leading provider of launch services globally and laid the technological and economic
foundation for the next era of space transportation.
Falcon Heavy. Falcon Heavy is a partially reusable super heavy-lift launch vehicle, designed to deliver large
payloads to orbit. Building on the proven architecture of the Falcon 9 rocket, Falcon Heavy is composed of three
reusable Falcon 9 nine-engine boosters whose combined 27 Merlin engines generate more than five million pounds
of thrust at liftoff—one of the most powerful operational rockets in the world today. It is capable of carrying
approximately 64 metric tons of payload to LEO and 27 metric tons to geosynchronous transfer orbit. Falcon
Heavy’s reusable components primarily include its three boosters, which are designed to land vertically on drone
ships in the ocean and landing zones near our launch sites, and its payload-faring halves, which are recovered via
parachute-assisted splashdown and are refurbished and reused after retrieval. The second stage is not designed for
recovery or reuse and is designed to safely deorbit after successful payload deployment, similar to Falcon 9.
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Falcon Heavy Overview
• Reusability: Falcon Heavy incorporates a design focused on reusability, which has contributed to lowering the
cost of access to space and altering the launch industry’s economic model for large or high-value payloads. The
vehicle’s two side boosters, equipped with hypersonic grid fins and advanced propulsion systems, enable
controlled recovery and soft landings. This capability enables reusability, with missions launching on flight-
proven boosters generally priced below those of traditional expendable flights . Our Falcon 9 boosters, which are
qualified for up to 40 flights, are also used on Falcon Heavy, with an average of 6 flights per booster on Falcon
Heavy. Although our Falcon 9 boosters have been engineered and demonstrated to support up to 40 flights, we
have established a maximum accounting useful life of 25 flights as an estimate based on forecasted utilization.
This estimate reflects: (i) our strategic transition to Starship, which is expected to materially reduce future
Falcon 9 flight demand; and (ii) restrictions under certain government contracts that prohibit the use of boosters
flown more than five times on their missions. These useful life estimates are periodically reassessed based on
engineering qualification data, post-flight inspections, recovery success rates, actual fleet performance, cost
sensitivity analyses, and the long-range launch manifest.
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Falcon Heavy
• Exploratory Missions Beyond Earth’s Orbit: Falcon Heavy first launched in February 2018, when it put a
Tesla Roadster and its mannequin passenger, Starman, into orbit around the Sun. This was the first instance of a
car sent into deep space and demonstrated the rocket’s capability for trans-Mars injection. Since its inaugural
flight, Falcon Heavy has completed missions that expanded the scope of space exploration and commercial
spaceflight. Falcon Heavy has been selected by NASA to launch critical weather satellites, interplanetary probes
including Europa Clipper (Jupiter) and Dragonfly (Saturn), and the upcoming Nancy Grace Roman telescope,
designed to study exoplanets and dark energy and matter.
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Starman in Orbit
• Perfect Performance Record: As of March 31, 2026, Falcon Heavy had successfully completed 11 launches,
all resulting in successful payload delivery. Falcon Heavy flown boosters have also safely completed 18 total
recoveries and 16 reflights. It was certified for National Security Space Launch in 2019, authorizing its use for
U.S. government operations alongside Falcon 9.
Starship. A fully reusable two-stage super heavy-lift launch vehicle, Starship stands to fundamentally transform
spaceflight by making it more accessible, cost-effective, and scalable than ever before. Comprising the Super Heavy
booster (powered by 33 Raptor engines) and the Starship upper stage (with three sea-level and three vacuum Raptor
engines), Starship V3 is designed to deliver 100 metric tons to space in a fully reusable configuration while enabling
rapid turnaround times akin to commercial aviation, and future generations could reach 200 metric tons, potentially
as soon as Starship V4. To date, we have executed 11 Starship flight tests. We have also scheduled a 12th flight test,
which will debut the next generation Starship vehicle and Super Heavy booster, powered by the next evolution of
our Raptor engine and launching from a newly designed pad at Starbase. We expect Starship to commence payload
delivery to orbit in the second half of 2026. We have achieved innovative milestones, including multiple successful
ascents of the world’s most powerful rocket; the launch, return, catch, and reuse of the Super Heavy booster; the
return of its upper stage within three meters of its intended landing point; the transfer of approximately five metric
tons of cryogenic propellant between tanks while in space, a first of its kind operation that provides key data for
future full-scale propellant transfer operations; successful in-space relights of the Raptor engines; and multiple
controlled reentries through Earth’s atmosphere. The purpose of flight tests is to collect data so no result, even loss
of a vehicle, is considered a failure because we learn something.
Starship is a key enabler of our growth objectives, including the deployment of next-generation V3 satellites, direct-
to-cell constellations, and orbital AI compute at scale. Achieving our targeted launch cadence with Starship will
require significant progress on several key milestones and the investment of significant capital resources. These
include: securing additional land and developing high-rate launch sites and supporting infrastructure across multiple
locations; scaling production of Starship vehicles and Raptor engines; constructing propellant production facilities,
including air separation units and methane liquefaction plants co-located with launch sites; securing sufficient power
supply; and obtaining the necessary regulatory approvals, particularly from the FAA, to support a high launch
cadence while addressing public safety and environmental considerations. Our development of Starship and its
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associated infrastructure assumes continued successful iteration through flight testing, regulatory progress, supply
chain scaling, and cost reduction driven by increasing reusability. We have made substantial investments in
manufacturing scale-up, including Starfactory for high-volume vehicle production, multiple large-scale vertical
integration and refurbishment facilities, additional launch towers, test infrastructure, propellant production assets,
and power generation capabilities.
Full reusability of Starship’s upper stage is not required to deploy our V3 satellites and V2 Mobile satellites in low-
Earth orbit. In-orbit refueling is also not required for any of these LEO programs and is instead intended for
missions beyond LEO, such as lunar and interplanetary transport. Starship’s substantial payload capacity to LEO,
even in partially reusable or expendable configurations, enables meaningful progress toward these objectives. We
have already demonstrated Super Heavy booster reusability in multiple integrated flight tests. As a result,
meaningful advancement across the deployment of next-generation V3 satellites, direct-to-cell constellations, and
the orbital AI compute program is not dependent on achieving full reusability.
Starship Overview
• Full and Rapid Reusability and Drastically Reduced Launch Costs: Starship’s core design innovation is its
full and rapid approach to reusability: both stages return to Earth for catch and rapid refurbishment. The Super
Heavy booster returns to the launch site following stage separation and is caught mid-air by the launch tower’s
mechanical arms, also known as “chopsticks,” to facilitate immediate inspection, refurbishment, and relaunch .
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“Chopstick” Super Heavy Booster Catch
The Starship upper stage, after orbital delivery or missions beyond, is designed to reenter protected by advanced
heat shield tiles, execute a propulsive landing burn, and be similarly caught mid-air by the launch tower’s
mechanical arms. We believe that Starship’s full and rapid reusability will enable sub-one hour reflights,
causing a paradigm shift in launch cadence .
Starship Landing Burn
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• Improvements in Engine Development Underpin Starship’s Massive Payload Capacity: With a payload
bay volume rivaling the pressurized sections of the International Space Station, Starship is designed to deploy
structures like space station modules, large telescopes, our next-generation V3 satellites, and future AI compute
satellites. Starship is powered by 39 Raptor engines, which are full-flow staged combustion cycle rocket engines
burning cryogenic liquid methane and liquid oxygen. Raptor engines offer nearly triple the thrust per engine,
higher efficiency, and better performance for heavy-lift and deep space missions compared to the Merlin engine
used on Falcon 9. Each Raptor 3 engine in Starship saves nearly a ton of vehicle mass compared to previous
generations by removing heat shields and simplifying plumbing. Starship’s capacity enables the next leg of our
growth, including scaling our Starlink Mobile constellation and orbital AI compute.
• Orbital Refueling: Starship’s expected orbital refueling capability will allow tanker variants to refill the upper
stage in LEO and extend its range for deep-space missions beyond Earth’s orbit. These capabilities are expected
to revolutionize mission architecture, with each Starship designed to be capable of transporting large numbers
of people or hundreds of metric tons of cargo to destinations like the surface of the Moon and Mars.
• Sustainable Human Exploration Beyond Earth: Starship was designed from the beginning to fly to other
worlds and enable self-growing bases on the Moon, an entire civilization on Mars, and ultimately expansion
beyond our solar system. As NASA’s Human Landing System for Artemis, Starship is built to deliver
astronauts and cargo to the lunar surface and serve as the key enabler for supporting permanent presence on the
Moon.
• Versatility Across Mission Profiles: Beyond deep space, Starship is designed to adapt to diverse roles
including the U.S. Space Force’s Rocket Cargo program for rapid point-to-point global logistics, Starlink and
other commercial satellite constellations, in-orbit manufacturing components and hardware, space tourism, and
others.
Starship is designed to enable a step-function advancement in our capabilities, featuring rapid, full reusability of
both the Super Heavy booster and the Starship spacecraft to achieve unprecedented throughput at significantly
reduced costs compared to existing systems. As Starship progresses toward full operational utilization, the Falcon 9
and Falcon Heavy platforms will remain key assets for specialized missions, including NASA crew rotations and
national security payloads.
Dragon Cargo Spacecraft. The Dragon cargo spacecraft is an uncrewed vehicle designed primarily for transporting
cargo to and from the International Space Station under NASA’s Commercial Resupply Services program. As an
evolution of the original Dragon spacecraft, this vehicle represents a critical component of our portfolio, enabling
reliable, cost-effective logistics for space missions. The spacecraft consists of a pressurized section for
environmentally controlled cargo and an unpressurized trunk section for additional payloads. It has a launch payload
mass of up to 6,000 kilograms and a return payload mass of 3,000 kilograms, making it uniquely suited for both
delivery and retrieval of scientific experiments, supplies, and hardware, and establishing SpaceX as the only
company capable of returning significant amounts of cargo from the International Space Station back to Earth.
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Dragon Cargo Overview
• Key features: Key highlights of the Dragon cargo spacecraft include its propulsion system with 16 Draco
thrusters for precise orbital maneuvering, autonomous docking capabilities via NASA’s International Docking
System Standard (IDSS), and a trunk equipped with solar panels for power generation during flight.
• Launch vehicle, return mechanism and mission profiles: The spacecraft is launched atop the Falcon 9 rocket
and returns to Earth via parachute-assisted splashdown in the ocean, where it is recovered for refurbishment and
reuse. Dragon supports extended in-orbit durations, typically spending several weeks docked to the International
Space Station before undocking with returned cargo.
• Historic accomplishments: Launched by Falcon 9 in 2012, our Dragon spacecraft became the first commercial
spacecraft to deliver cargo to and from the International Space Station and, eight years later, the first privately
built vehicle to fly humans to the orbiting laboratory. This achievement ended U.S. reliance on foreign vehicles
for International Space Station resupply following the Space Shuttle’s retirement in 2011. The original Dragon
variant (later known as Dragon 1) established a critical role in advancing research on the space station as the
only spacecraft capable of returning significant amounts of cargo to Earth. The upgraded cargo spacecraft
pioneered autonomous docking without robotic arm assistance, delivered major hardware upgrades for the
station including new solar arrays, and recently debuted the ability to reboost the station’s altitude. It remains
the only reusable cargo spacecraft in operation. As of March 31, 2026, our Dragon spacecraft has completed
over 30 cargo missions to the International Space Station.
Dragon Crew Spacecraft. Dragon is engineered to fly humans to and from Earth orbit, including the International
Space Station. The spacecraft is designed to accommodate up to seven passengers, with a pressurized cabin for crew
habitation, life support systems, and cargo.
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Dragon Orbiting Earth's Poles
• Key features: Dragon Crew spacecraft is equipped with advanced avionics, touchscreen interfaces for manual
control, and an integrated trunk with solar power generation. Dragon Crew’s propulsion includes 16 Draco
thrusters for orbital adjustments and 8 Super Draco engines for its launch escape system, enabling rapid
separation from the rocket in the unlikely event of an emergency.
• Launch vehicle, return mechanism and mission profiles: The spacecraft is launched atop the Falcon 9 rocket
and returns to Earth via parachute-assisted splashdown in the ocean, where it is recovered for refurbishment and
reuse. The design emphasizes reusability, with vehicles certified for multiple flights after refurbishment, and
supports missions lasting up to nine months on the International Space Station.
• Historic accomplishments: Revolutionary accomplishments of Dragon include being the first privately
developed spacecraft to transport humans to and from the International Space Station, achieved during the
Demo-2 mission in May 2020 which carried NASA astronauts Doug Hurley and Bob Behnken. This milestone
returned human spaceflight capabilities to the United States for the first time since the Space Shuttle’s
retirement in 2011, reducing dependence on foreign spacecraft. Dragon has enabled regular astronaut rotations
under NASA’s Commercial Crew Program, flying nearly 15 successful Crew and Private Astronaut missions to
the International Space Station to date, while pioneering space tourism by carrying commercial astronauts on
private flights. Its autonomous docking technology, life support for extended durations, and abort system have
set new safety standards achieving a flawless record in crewed operations.
Connectivity
Starlink Consumer Broadband
Starlink Consumer Broadband is a broadband network powered by our global LEO satellite constellation, designed
to deliver high-speed, low-latency internet connectivity anywhere on Earth. The service provides fiber-like
download speeds with latency low enough to support intensive real-time applications, such as content streaming,
video calls, and online gaming, while requiring only visible sight to the sky and electricity for installation. Since
launch, Starlink has scaled rapidly, serving approximately 10.3 million subscribers across 164 countries, territories,
and other markets as of March 31, 2026.
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Starlink Consumer Broadband is enabled by the largest satellite constellation in human history with approximately
9,000 broadband satellites as of March 31, 2026, operating in LEO to deliver latency comparable to many terrestrial
broadband connections. We launched approximately 3,100 Starlink broadband and mobile satellites in 2025, which
is approximately five times more than the total number of active satellites in the entire second largest LEO satellite
constellation. We provide download speeds exceeding 400 Mbps with round-trip latencies as low as 21 milliseconds
—performance that rivals or surpasses traditional terrestrial broadband while also reaching locations no traditional
fiber or cellular network can economically serve. Satellite-based communications are uniquely suited to reach
underserved and remote areas by delivering coverage directly from LEO without requiring local infrastructure. In
contrast, terrestrial networks depend on costly, ground-based buildouts that are often uneconomical in low-density or
hard-to-access regions. As of March 31, 2026, the constellation incorporated over 23,000 inter-satellite lasers that
create a dynamic mesh network in space, enabling traffic to route through orbit rather than relying solely on
terrestrial backhaul infrastructure. Satellites autonomously maneuver to avoid collisions and are designed for
controlled end-of-life deorbit, supporting long-term orbital sustainability. Successive generations of our broadband
satellites, including V3 satellites, are expected to increase throughput, power capacity, and network efficiency, with
production vertically integrated and performed largely in-house. Our focus on vertical integration has allowed us to
reduce the Starlink satellite manufacturing cost per one Gbps of downlink capacity by approximately three times
from Starlink V1 Broadband satellites to V2 Mini satellites. We expect to achieve a total cost reduction of nine times
from Starlink V1 Broadband satellites to V3 satellites.
Starlink Broadband V2 and V3 Satellites
On Earth, users access the network through proprietary Starlink terminals that we design and manufacture. As of
March 31, 2026, we have reduced the cost of Starlink terminals—achieving an approximately 59% reduction in the
average manufacturing cost of a Starlink Kit since 2022—while improving performance and reliability, which we
believe collectively provides us a meaningful and durable competitive advantage over other terrestrial and satellite
broadband providers. Our portfolio of terminals, which we are able to manufacture and sell for a fraction of the cost
of terminals used by other satellite internet providers, includes three primary consumer configurations including: a
Standard terminal designed for fixed residential and small business use, featuring a wide field of view; a Mini
terminal roughly the size of a laptop, designed for mobility and travel use cases with a built-in Wi-Fi router and the
ability to operate on portable battery systems or 12V vehicle power; and the Performance terminal, designed for
demanding environments, with a maximum download speed over 450 Mbps and a higher power consumption of
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110W or more under load. Each type of terminal is designed to be quick and seamless for a consumer to self-set up,
support in-motion connectivity up to speeds of 100 mph, and deliver global, oceanwide coverage for consumer
maritime use. We believe that this combination of low cost, portability (particularly in the case of our Starlink Mini
terminal), and ease of installation of our terminals will help scale our consumer broadband offering.
Starlink Standard and Mini User Terminals
We monetize Starlink primarily through subscription plans paired with hardware sales. Service tiers vary by speed,
priority access, geographic coverage, and mobility requirements, including Local and Global Priority options for
small to medium sized business, enterprise, and government Starlink customers . As the constellation scales and
capacity expands with next-generation satellites, we expect Starlink to continue growing as a global, recurring-
revenue connectivity platform and foundational layer of a space-enabled digital economy.
Enterprise Solutions
Enterprise Solutions offers the same fundamental advantages of Starlink Consumer Broadband—high throughput,
low-latency, and global coverage—into mission-critical, in-motion, and distributed connectivity environments for
enterprises. Starlink’s architecture is designed to deliver consistent performance across routes, oceans, and remote
industrial sites. Enterprise services are supported by dedicated hardware configurations and commercial structures
tailored to usage intensity, service-level requirements, and fleet-scale deployments.
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Enterprise Solutions
Aviation Connectivity
Starlink Aviation provides broadband connectivity for commercial and private aircraft, enabling high-quality
internet service for passengers and crew from gate to gate, including during taxi and prior to take-off. The service is
differentiated by materially lower latency and higher throughput than legacy in-flight connectivity systems, enabling
streaming, video conferencing, and real-time applications at scale while in flight—even bandwidth-intensive
applications such as gaming, previously impractical from an airplane. Starlink’s global network is designed to
eliminate “dead zones” and supports performance on polar and high-latitude routes that can be challenging for
traditional providers. In recent years, we have assembled dedicated sales and engineering teams to market and
support fleet-wide conversions in the aviation sector. This has enabled partnerships with many of the world’s
leading airlines, including United Airlines, Southwest Airlines, Qatar Airways, Lufthansa Group, British Airways,
Alaska Airlines, and Hawaiian Airlines, many of which have implemented or committed to fleet-wide Starlink
installations for seamless in-flight connectivity.
Maritime Connectivity
Starlink Maritime provides broadband connectivity for vessels operating in coastal and deep-ocean environments,
supporting both operational requirements (navigation, telemetry, maintenance, logistics) and end-user connectivity
(crew welfare and passenger internet). The service is designed for consistent coverage regardless of proximity to
land, including routes that may experience service degradation under legacy satellite architectures. Starlink terminals
are engineered for marine operating conditions and are designed to be installed or swapped efficiently alongside
existing onboard communications systems, reducing downtime during retrofit. For many maritime operators,
Starlink functions as a wholesale or “syndicated” connectivity layer: vessel owners or cruise operators purchase and
allocate capacity across passengers, crew, and critical ship systems, including when reselling Wi-Fi access as an
onboard service. Pricing structures vary by vessel class, expected consumption, coverage requirements (coastal vs.
ocean), and priority level, and are generally implemented through recurring subscription arrangements with fleet-
based commercial terms. To support fleet-wide conversions in the maritime sector, we have partnered with premier
cruise operators, such as Carnival Corporation, Royal Caribbean Group, MSC Cruises, and Norwegian Cruise Line
Holdings, for full-fleet deployments that deliver reliable high-speed internet across thousands of vessels worldwide.
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Land Mobility and IoT
Starlink supports in-motion connectivity for land mobility and industrial IoT applications where terrestrial networks
are intermittent or unavailable. These deployments include fleet vehicles, remote field operations, and ruggedized
use cases that require continuous broadband while moving, often across large geographies. The service is
particularly relevant for emergency responders, disaster recovery, and critical infrastructure continuity, where
resilient communications materially impact safety and response effectiveness. In industrial settings, Starlink can
serve as a connectivity backbone for connected equipment and telemetry-driven workflows, enabling real-time
monitoring and remote operations in agriculture, energy, and logistics environments. Commercial deployments are
typically structured around fleets or enterprise accounts, with hardware and service tiers aligned to mobility
requirements, usage intensity, and priority performance. We have partnered with land mobility operators, including
John Deere and the California Fire Department, as well as passenger rail operators such as Brightline (Florida), and
Italo Treno, to provide remote monitoring and management of their fleets.
Starlink Fixed Site
Starlink Fixed Site is designed to provide primary or backup connectivity for distributed business locations globally,
including sites that are difficult to serve economically with fiber or that require redundancy for uptime. Starlink’s
lack of dependence on wireline infrastructure—which is subject to damage or disruption from natural disasters,
conflict, and other events—makes it well-suited for businesses that rely on continuous broadband connectivity and
cannot afford a terrestrial offering going temporarily “offline.” Customers deploy Starlink to support point-of-sale
systems, corporate networking, video and security systems, and business continuity, including during disasters and
localized outages where terrestrial infrastructure may be impaired. The service is differentiated by rapid
installability, geographic flexibility, and reliable performance in remote and hard-to-reach locations, making it
suitable for retailers, industrial operators, and remote facilities (including offshore and field sites). Pricing models
include multiple tiers and configurations depending on speed, priority access, coverage footprint, and the number of
sites deployed, with typical enterprise arrangements structured as recurring subscriptions paired with hardware.
Government Solutions
We provide U.S. civil, state, and local government agencies as well as international civil government agencies high-
speed, resilient connectivity for public services, social impact, humanitarian efforts, and disaster response in even
the most remote and challenging environments. Examples include support for the FEMA in coordinating disaster
recovery after hurricanes and wildfires, the NOAA for at-sea testing and environmental monitoring, the Government
of the Philippines for linking remote islands, schools, and public institutions, the Government of Jamaica for
improving digital access in remote and maritime areas, and the Government of Ecuador for supporting education and
healthcare connectivity in isolated communities.
Separately, we operate Starshield, a secure satellite network designed specifically for national security applications.
Built on the technology, manufacturing, and launch infrastructure that underpin Starlink, Starshield is focused on
three core mission areas: Earth observation, global secure communications, and hosted payloads. Starshield satellites
are designed to integrate a wide range of sensors and instruments, allowing government customers to deploy
mission-specific capabilities in LEO without having to design, build, and launch standalone spacecraft for every
program.
Starshield builds on the end-to-end data encryption used in our commercial network by adding high-assurance
cryptographic capabilities tailored to military and other government requirements. By combining this security
posture with our high-cadence launch capability and evolving Starlink-derived infrastructure, we aim to offer a
scalable national security platform that can be updated, replenished, and expanded as mission needs change over
time.
Starlink Mobile
We are extending the reach of Starlink beyond fixed and mobility terminals through our mobile service, connecting
smartphones (with no modifications or incremental hardware) and other terrestrial devices directly to our satellites.
We aim to entirely eliminate mobile “dead zones.” By using satellites that effectively function as cell towers in
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space, we enable data, over-the-top voice, video and messaging in remote and hard-to-reach locations where
terrestrial networks have historically been unavailable or unreliable. Starlink Mobile is already commercially
available for messaging in select markets and has been used to support emergency communications following
natural disasters, demonstrating its strength as resilient, infrastructure-independent connectivity.
V1 Mobile Satellites and V2 Mobile Satellites
Our mobile constellation builds on the same LEO architecture as our broadband network, with satellites specifically
designed to communicate directly with everyday LTE handsets and IoT devices without requiring specialized or
additional hardware. These satellites use exclusive licensed spectrum, allowing us to integrate into MNOs’ existing
networks while delivering coverage far beyond the reach of ground-based towers. Since launching the first mobile
satellites in early 2024, we have rapidly scaled the network to hundreds of in-orbit spacecraft and demonstrated key
technical milestones, including the first SMS tests within days of launch, live video calls, and public posts sent
directly from standard smartphones through a Starlink Mobile satellite. Our ability to design, manufacture and
launch these satellites on our own vehicles enables us to iterate quickly on payloads and software, expanding
capacity and performance over time.
Today, our Starlink Mobile service is delivered in partnership with leading mobile network operators around the
world. We are initially focused on messaging for consumer subscribers in areas with limited or no terrestrial
coverage, with a roadmap to support broader data, voice and IoT services. We partner with approximately 30 MNOs
across six continents, including T-Mobile in the United States, and other international operators including One NZ,
Optus, Telstra, Rogers, KDDI, Salt, Entel, Kyivstar, and VMO2. Through these partnerships, we enable consumers,
businesses and public-sector customers to use their existing phones in more places, support critical connectivity
during disasters and power outages, and open new applications for low-bandwidth mobile and IoT devices.
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Map of Starlink Mobile Coverage
Satellite Life
We estimate that our satellites have useful lives of three to five years based on engineering studies, historical on-
orbit performance, propellant life, utilization patterns, design enhancements across generations, and planned
transitions to newer satellite technology. We, however, often deorbit satellites before the end of their useful lives,
primarily to reduce degradation risks that could impair our autonomous collision avoidance system and compromise
constellation safety. To date, our autonomous collision avoidance system has not experienced any failures resulting
in satellite loss, and satellite losses from other causes remain de minimis.
AI
Grok
Grok represents a core pillar of our mission to advance humanity’s understanding of the universe through the
development of truth-seeking artificial intelligence. Grok is designed and optimized for rigorous reasoning, real-time
information synthesis, and transparent outputs, with a product philosophy centered on intellectual honesty, first-
principles thinking, and engagement with complex topics.
Grok is designed as a truth-seeking AI model, built on our founder Elon Musk’s mission to enable humanity to
understand the universe. We believe that accomplishing this mission requires a truth-seeking approach to AI. We
define truth seeking as the active, relentless pursuit of what is objectively true about reality, and grounded in
evidence, logic, empirical data, and first principles thinking. Our goal is to understand and explain what the universe
appears to be doing, as accurately as current knowledge allows. In pursuit of this truth-seeking objective, Grok also
benefits from its integration with X, our real-time information, entertainment, and free speech platform. This direct,
real-time access to the information and human discourse on X enhances Grok’s truth-seeking capabilities by
grounding outputs in up-to-date knowledge and diverse viewpoints.
Since the initial release of Grok 1, we have iterated rapidly, releasing Grok 2, Grok 3, and, the current version, Grok
4, each delivering material improvements in pre-training, reasoning depth, multimodal capabilities, latency, and
scale. Building on this trajectory, we expect to continue scaling Grok through subsequent generations. Ongoing
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training of next‑generation models is expected to scale toward multiple trillions of parameters, which could
represent a step change in reasoning in depth and overall intelligence. In this context, the number of parameters
refers to the scale of the model, where parameters are the internal numerical values, such as “weights,” that are
adjusted during training to enable the model to recognize patterns and relationships in data. A larger number of
parameters generally allows the model to capture more complex relationships, store greater amounts of knowledge,
and achieve higher levels of reasoning capability. Our accelerated development cadence positions Grok among the
fastest-advancing frontier models relative to peers, including OpenAI, Anthropic, and Google. Grok is differentiated
by its emphasis on real-time data integration, particularly through insights derived from the X platform (subject to
some limitations for certain content), enabling dynamic awareness of current events and user discourse, as well as by
explicit investment in reasoning transparency and explainability. Grok enhances the X ecosystem by improving
content understanding, personalization, and recommendation systems, thereby increasing user engagement and
platform intelligence. We are currently developing next-generation iterations, including Grok 5, which are expected
to further expand reasoning fidelity, multimodal integration, and domain-specific performance.
Terrestrial AI Compute
Our terrestrial AI compute forms the backbone of the Grok model family and is anchored by the COLOSSUS and
COLOSSUS II data centers that boast some of the world’s largest and most advanced AI training clusters.
COLOSSUS and COLOSSUS II collectively provide approximately 1.0 gigawatt of compute power, with the
additional power capacity available for data center operations. We brought the first cluster of COLOSSUS online in
122 days, repurposing the shell of an existing factory, and the first cluster of COLOSSUS II online even faster in 91
days. As an illustrative comparison, an industry benchmark to bring online a 100 megawatt greenfield data center is
approximately two years. We also demonstrated a significant improvement in cost efficiency, achieving data center
construction costs for COLOSSUS II that are considerably lower than industry benchmarks on a per megawatt basis.
COLOSSUS II is capable of operating entirely by our self-built behind-the-meter gigawatt-scale natural gas power
plant. Our data centers are integrated with the world’s largest Megapack deployment, providing additional layers of
reliability and operating performance. At all our existing data centers we have employed a brownfield retrofit
strategy leveraging existing industrial sites, advanced direct-to-chip cooling to support higher rack densities, and
high-speed networking. The clusters deploy leading-edge GPUs to maximize training throughput and model
performance. The next phase of expansion at COLOSSUS II is designed to train our next-generation Grok 5 AI
model. As we continue to expand our AI compute infrastructure, we will also continue to enhance our power
capabilities utilizing a combination of grid-power and behind-the-meter natural gas power plant buildouts. At
COLOSSUS, our grid power capabilities are designed to purchase power from the grid as available, and to rely on
our behind-the-meter, self-generated power and Megapack installations when grid power is curtailed.
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COLOSSU S II F acility
X Platform
X is a real-time information, entertainment, and free speech platform that serves as a foundational distribution and
data engine for our AI ecosystem. With a global user base generating substantial volumes of content at all times
across a wide variety of topics, X provides a uniquely dynamic data for model training and real-time context
integration, subject to some limitations for certain content, which significantly differentiates Grok from the other
frontier lab offerings.
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X is Our Real-time Information, Entertainment, and Free Speech Platform
X is our real-time information, entertainment, and free speech platform that serves as a global town square with
integrated AI capabilities powered by Grok. Designed to evolve toward an “everything app,” X enables users to post
content, share media, engage in conversations, host, view, and participate in live group discussions, follow real-time
events, use encrypted messaging, and leverage advanced features such as Grok-assisted post creation, content
discovery, and conversational AI directly within the interface via the prominent Grok icon.
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Grok Holds Front and Center Real Estate on the X Platform
With native integration of Grok’s frontier models, including real-time access to X data for up-to-date insights,
trending analysis, and enhanced search, X delivers personalized feeds, smarter recommendations, and low-latency
AI assistance for our users worldwide. Our X Premium subscription options, including Basic, Premium and
Premium+ tiers, offer expanded features, ad-reduced experiences, and priority Grok interactions. In 2023, Grok’s
chat functionality was integrated into the X app allowing for the user to open the chat interface to type prompts and
get real time answers.
Public X data enhances Grok’s training and reasoning capabilities, while the platform continues to deliver
measurable performance outcomes for advertisers, with an increasing strategic focus on performance-based
marketing solutions.
In addition to X consumer products, X offers advertisers and developers a powerful suite of tools to reach highly
engaged audiences. Advertisers can target audiences through diverse ad formats—such as Promoted Ads, Vertical
Video Ads, Collection Ads, and premium options such as X Amplify and Takeovers—blending seamlessly with
organic content for authentic engagement. With advanced targeting based on public conversations, events,
keywords, interests, locations, and look-alike audiences, brands can connect with audiences while benefiting from
flexible, performance-based pricing (pay only for actions such as clicks or engagements) and often lower costs
compared to other platforms. We expect that our ongoing innovations—including Grok-powered integrations, new
contextual ad tests, and expanded aspect ratio support for easy reuse of ad creative—make X a competitive choice
for driving traffic, conversions, and brand awareness and visibility among X’s hundreds of millions of MAUs.
Developers have access to a continuous, high-volume, real-time stream of data around current events, trends, or
sentiment, which they can access through an official X Developer Platform and APIs.
In April 2026, we began a phased roll-out of our new advertising platform, that we rebuilt from the ground up. The
new Ads Manager is built to help advertisers launch better campaigns, faster, with stronger ROI. Powered by AI, the
new systems enable more precise, relevant and dynamic ad delivery. Ads are seamlessly integrated into a User’s X
feed.
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By combining high-volume user interactions with frontier AI, AI compute infrastructure, and vertical integration, X
accelerates progress toward ubiquitous connectivity, real-time global awareness, and the foundational social layer
for multiplanetary human endeavors.
X Ads Manager . X provides a comprehensive suite of advertising products, including promoted posts, video ads,
carousels, and sponsored content, which enable businesses to reach targeted audiences in real time across the
platform. Powered by real-time conversation data, interest-based targeting, and behavioral signals, these solutions
support objective-based campaigns focused on website traffic, video views, app installs, lead generation, and brand
awareness. X’s Ad Manager provides a centralized platform that allows advertisers to manage creation,
optimization, and real-time monitoring of ad campaigns with detailed audience insights, bidding controls,
performance analytics, and A/B testing capabilities. Integration with Grok AI further streamlines creative
development, making X’s scalable ad solutions effective for businesses of all sizes seeking efficient engagement in a
dynamic public conversation environment.
Grok Consumer Products
Our consumer products are powered by Grok, including Grok language and coding models, Grok image and video
generation models (more commonly known as Grok Imagine), and Grokipedia. These applications leverage the
underlying Grok model family to deliver advanced multimodal interaction, real-time information awareness, and
transparent reasoning outputs. We currently offer three different tiers of subscription for Grok—basic, SuperGrok,
SuperGrok Heavy, and SuperGrok Lite, each priced on a monthly or annual basis. Higher pricing tiers unlock
expanded access to advanced models, increased usage limits, priority compute, and a suite of premium features
tailored to power users and enterprise-grade applications.
Grok Chat. Grok Chat represents the primary conversational interface of Grok, enabling users to submit text or
voice queries for explanations, problem-solving, research, coding, brainstorming, and in-depth discussions with real-
time integration of web search, X data, code execution, and multimodal analysis of images or documents. Available
via grok.com, dedicated mobile apps, X platform integration, and the xAI API, it provides truth-seeking, helpful,
and minimally censored responses optimized for factual precision and complex reasoning.
Grok Chat
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Grok Imagine. Grok Imagine is Grok’s generative visual and multimedia creation suite, powered by proprietary
models for producing high-quality images, short videos (up to 15 seconds at 720p in current iterations), and
synchronized audio from text prompts, reference images, or existing visuals. It supports text-to-image/video editing,
image-to-video editing, and video-to-video editing, style transfer, and cinematic motion with strong prompt
adherence and photorealistic output, accessible through the Grok platform, Imagine tab, and dedicated API.
Grok Imagine
Grok Voice. Grok Voice delivers natural, real-time conversational AI through voice interactions, allowing users to
seamlessly speak and listen to Grok for faster access to information and task execution.
Grok Enterprise Products
Grok Teams. Grok Teams empowers small-to-medium-sized organizations to integrate Grok’s advanced AI
capabilities directly into collaborative workflows. Teams gain access to dedicated workspaces with secure sharing,
enhanced privacy protections, and administrative controls for inviting users and managing access. Grok Teams
accelerates analysis, innovation, and creation while ensuring data remains private and is never used for training.
Grok API. The Grok API provides programmatic access to Grok’s frontier models, including advanced reasoning,
vision, tool-use, image generation, voice AI, and real-time search capabilities, tailored for enterprise-scale
integration. It offers features like agentic workflows, and enterprise-grade options such as custom allocations, secure
authentication, and dedicated support. Designed for developers and organizations building production applications,
the API enables seamless embedding of Grok’s powerful AI into custom solutions, driving innovation across
industries with speed, precision, and reliability. For example, the enterprise version of the Grok Voice Agent API
allows developers and businesses to build multilingual voice agents capable of speech recognition, tool calling, real-
time data querying, and low-latency responses. It supports production-grade voice applications that enhance
customer service, internal operations, and interactive experiences with high performance in audio reasoning
benchmarks.
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Infrastructure and Facilities
SpaceX maintains a highly vertically integrated, geographically diverse manufacturing ecosystem that designs,
produces, and qualifies a significant share of components in-house, from raw materials and rocket engines to
complete launch vehicles, crewed spacecraft, satellites, and user terminals, enabling unprecedented iteration speed,
quality control, and cost efficiency essential for successful production of reusable systems and high-cadence
operations. Our manufacturing facilities are complemented by our physical infrastructure, which supports launch
and orbital operations for human spaceflight, satellite deployment, and cargo missions, as well as large-scale
artificial intelligence training and inference. We continue to invest in expansions and improvements across our sites
to accommodate anticipated growth in launch cadence, Starlink Subscribers, and AI compute requirements.
SpaceX Facilities
While none of our properties are individually material to our operations because of the long-term timetables for
renewal and the opportunities for alternative sites, we maintain an effective network of vertically integrated facilities
across the United States, including:
• Starbase, Texas: Development, manufacturing, testing, and launch of Starship currently takes place at
Starbase, home to SpaceX headquarters and one of the world’s first commercial spaceports designed for orbital
missions. The site is located at the newly created city of Starbase in Cameron County, Texas, along the Gulf of
America. Its infrastructure includes Starfactory, a manufacturing facility designed to mass produce Starship and
Super Heavy at scale; a large office structure co-locating engineering and production personnel; and large,
vertical integration buildings including the upcoming Gigabay, which will be able to support Starship and Super
Heavy vehicles up to 85 meters (279 feet) tall and will provide 24 work cells for integration and refurbishment
work, along with cranes capable of lifting up to 400 tons. Starbase also has an orbital launch pad for flight of the
world’s most powerful rocket, complete with one of the tallest launch towers in the world, specially designed to
integrate, test, launch, and catch Starship and Super Heavy vehicles, with an additional pad underway to support
Starship V3. The Starbase team also operates a site for full and subscale vehicle structural testing, static fires,
and component level testing.
Starbase is also home to several hundred SpaceX employees and their families, many of whom have relocated
from across the country to the community to support the development and operation of Starship. SpaceX, in
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partnership with the newly formed city, is developing local infrastructure and municipal services, including
utilities, governance, schools, and environmental conservation initiatives, to support a world-class, concentrated
engineering and manufacturing community focused on the rapid advancement of Starship and SpaceX’s long-
term mission. This close integration of residential life, engineering, and manufacturing around a single program
enables a mission-focused environment designed to accelerate development, testing, and launch operations.
SpaceX Headquarters at Starbase, Texas
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• Hawthorne, California: Our original flagship facility in Hawthorne, California manufactures Falcon 9 and
Falcon Heavy first and second stages, Dragon Crew and Dragon Cargo spacecraft, Merlin engines, Starship’s
Raptor engines, Starlink User Terminals, as well as other various Starship components. The site supports high-
reliability production for hundreds of successful missions, including NASA-certified crew rotations. We also
maintain a corporate presence in Hawthorne.
Hawthorne, California
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• McGregor, Texas: The McGregor rocket engine complex is the most active rocket development and testing
facility in the world. It serves as the primary site for qualification, acceptance, and post-flight testing of Merlin
and Raptor engines. It features 15 specialized test stands, including dedicated vertical stands for Raptor engines
and multiple stands for Falcon 9’s Merlin engines, as well as component-level testing facilities for Starship
hardware, including composite overwrapped pressure vessels, tanks, and experimental systems.
McGregor, Texas
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• Redmond, Washington: The Redmond Starlink satellite manufacturing facility has produced an average of
approximately 70 satellites per week (approximately 3,640 per year at full rate) from December 2025 to April
2026, covering bus structures, phased-array antennas, propulsion, solar arrays, and inter-satellite lasers,
enabling rapid Starlink constellation expansion.
Redmond, Washington
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• Bastrop, Texas: We build the majority of Starlink products at our manufacturing facility in Bastrop, Texas,
which opened in 2023, producing tens of thousands of Starlink Kits per day and all of the current generation
Starlink Standard and Performance Kits.
In 2026, we expect to more than double the size of the Bastrop facility, expanding our design and
manufacturing capabilities to support new Starlink products, plus deepening our vertical integration by adding
the production of Starlink gateway antennas, solar cells and AI compute satellites.
Bastrop, Texas
• Kennedy Space Center and Cape Canaveral, Florida: SpaceX operations in Florida span across NASA’s
Kennedy Space Center and Cape Canaveral Space Force Station, which includes two active launch sites—
Launch Complex 39A (LC-39A) and Space Launch Complex 40 (SLC-40)—Falcon booster and Dragon
spacecraft refurbishing facilities, launch operations, and payload processing buildings. Both launch sites support
critical missions to geostationary orbit and the International Space Station while also providing launch
opportunities to a wide range of low, mid, and polar orbit inclinations for science and national security
missions. SpaceX also utilizes Landing Zones 40 and 2 at the Cape, which support Return to Launch Site
landings for Falcon boosters ahead of recovery and refurbishment for future missions.
Once recovered, flight hardware is refurbished at one of two state-of-the-art SpaceX facilities, HangarX and X2,
on Kennedy Space Center. These facilities also house our Falcon Launch and Landing Control Center, where
our Dragon spacecraft are refurbished and prepared for their next missions after they are recovered off the coast
of southern California, where we produce Starship heatshield tiles in the Bakery, and where we process
customer payloads before launch in our Payload Processing Facility.
For future launches, SpaceX is expanding its operations in Florida to bring Starship to the Cape. In addition to
the under-construction Starship launch pad at LC-39A expected to be completed by the end of 2026, SpaceX is
constructing Space Launch Complex 37 (SLC-37) on Cape Canaveral Space Force Station as another Starship
launch site. SLC-37 will host two orbital launch pads, including up to two towers for Starship launch, catch, and
testing operations, culminating in a total of four operational launch pads for Starship by the end of 2027.
SpaceX is also building a new integration facility called Gigabay, next to its HangarX location at Kennedy
Space Center by late 2026.
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In connection with preparing leased real property for our launch operations, we make significant capital
improvements and install extensive real and personal property at these government-owned sites. The launch
facilities we build are a unique capital improvement compared to standard commercial use sites because the
federal government specifically designates these launch sites for aerospace activities, such as rocket launches.
Given the specific use requirements of these government-owned sites, we have historically entered into
handover agreements with the relevant government entities upon expiration or termination of the leases,
pursuant to which the improvements are transferred to the government rather than removed. This fact pattern
has historically been the case with previous leases such as at Cape Canaveral Space Force Station.
NASA’s Kennedy Space Center, Florida
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Cape Canaveral Space Force Station, Florida
• Vandenberg Space Force Base, Space Launch Complex 4: Space Launch Complex 4 East at Vandenberg
Space Force Base is our West Coast launch site and serves as our primary facility for polar and high-inclination
orbit missions critical to Starlink constellation deployment, national security payloads, Earth observation
satellites, and select lunar trajectories. The facility includes a modernized orbital launch pad optimized for
Falcon 9 launches, featuring a fixed launch mount, integration tower, propellant loading infrastructure, flame
trench, and support systems enabling frequent operations. Adjacent Space Launch Complex 4 West functions as
a dedicated Falcon 9 booster landing zone, supporting downrange recoveries to maximize reusability. Please
refer to “—Kennedy Space Center and Cape Canaveral, Florida” for additional information regarding our lease
arrangements with government entities.
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Vandenberg Space Force Base, California
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• Memphis, Tennessee and Southaven, Mississippi: We operate a cluster of high-density data centers in the
Greater Memphis Area extending into northern Mississippi along the state border, to power training and
inference for frontier AI models, including the Grok family. The flagship COLOSSUS supercomputer campus
is located on Paul R. Lowry Road in Memphis, Tennessee; the COLOSSUS II facilities are located on Tulane
Road in Memphis, Tennessee and on Stateline Road in Southaven, Mississippi.
Memphis, Tennessee
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• Palo Alto, California: The corporate headquarters for our AI operations following the acquisition of xAI in
February 2026 is located in Palo Alto, California. This location , under long-term lease, houses our advanced AI
research, development, and engineering teams and is strategically situated in Silicon Valley to attract and retain
top AI research talent. The engineers responsible for the design, training, and continued evolution of Grok, our
proprietary frontier AI model, are based at this facility .
Palo Alto, California
In addition to our infrastructure and facilities across the United States, we also operate a fleet of recovery vessels,
autonomous spaceport drone ships (“ASDS”), and a network of Starlink ground stations.
• Our recovery fleet: Our fleet of ASDS forms the maritime backbone of SpaceX’s reusable rocket architecture,
enabling high-probability downrange booster landings for Falcon 9 and Falcon Heavy missions while
maximizing vehicle recovery and rapid refurbishment. The core ASDS fleet consists of three operational
vessels: “Of Course I Still Love You,” the pioneering East Coast-to-Pacific vessel homeported at the Port of
Long Beach, California, and dedicated to supporting primarily polar and high-inclination launches from
Vandenberg Space Force Base with its large landing deck and thruster-based dynamic positioning; “Just Read
the Instructions,” stationed at Port Canaveral, Florida, serving East Coast operations from Cape Canaveral and
Kennedy Space Center; and “A Shortfall of Gravitas,” the newest and most advanced addition since 2021, also
based at Port Canaveral with enhanced autonomy, station-keeping precision, and upgraded deck infrastructure
to handle frequent, high-cadence missions. These autonomous ships have collectively facilitated hundreds of
successful booster touchdowns, dramatically reducing expendable flight profiles and enabling the reuse of
boosters 34 times a s of March 31, 2026 . Complementing the drone ships are dedicated support vessels for
fairing half recovery, such as “Bob” and “Doug,” named after astronauts Bob Behnken and Doug Hurley, and
Dragon retrieval vessel “Shannon,” named in honor of astronaut Shannon Walker. These support vessels ensure
comprehensive ocean-based recovery operations across Atlantic and Pacific theaters and underpin our
constellation deployments, national security launches, and crewed missions while advancing toward full
reusability for Starship in future offshore scenarios.
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Autonomous Drone Ship “A Shortfall of Gravitas”
• Starlink ground stations: A Starlink ground station, also referred to as a gateway, is a terrestrial relay station
that communicates with our satellite constellation. These stations transmit data between satellites and terrestria l
internet networks. We operate ground stations around the world, with over 400 sites globally.
Customer Case Studies
The following examples illustrate ways in which customers across a range of industries have used and benefited
from our solutions within our Space, Connectivity, and AI segments. These examples are intended to highlight
representative applications of our offerings and the types of operational, performance and efficiency benefits that
customers may realize.
In addition, we include examples of our deployment of Starlink services in response to natural disasters, which
demonstrate our ability to rapidly establish communications infrastructure to support emergency response and
recovery efforts in challenging environments.
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Competition
Our principal sources of competition vary based on the segment and market in which our business operates.
In Space, we compete with launch service providers that transport small, medium, and heavy payloads and
astronauts to Earth’s orbit and beyond. Participants in this market include established aerospace and defense
companies, emerging commercial launch providers, and national space agencies. Key established aerospace and
defense competitors providing launch services include, among others, United Launch Alliance, a joint venture
between Boeing and Lockheed Martin, Arianespace, a French-based aerospace company operating a family of
European-developed rockets, and Northrop Grumman, manufacturer of the Cygnus cargo spacecraft. Emerging
commercial launch providers include Blue Origin, which has developed launch vehicles intended to compete with
our Falcon 9 rocket, and Rocket Lab, which operates in the small-lift launch market but is expanding into medium-
lift payloads, as well as other domestic competitors such as Firefly Aerospace and Relativity Space. While we
typically do not compete directly for the same missions, national space agencies also provide launch services in their
respective markets.
However, the launch services market is characterized by significant barriers to entry, including substantial capital
requirements, advanced technological expertise, regulatory licenses and approvals, and established relationships
with government and commercial customers. Competition in this market is based on factors that include launch
reliability and cadence, payload capacity, mission flexibility, manufacturing capabilities and price. For this reason,
while the established aerospace and defense competitors and emerging commercial launch providers may provide
launch services at varying degrees of scale, we believe that SpaceX holds a meaningful advantage in terms of the
breadth of our launch solutions and services and the cadence at which we are able to launch, and thus a significant
competitive advantage relative to these players.
In Connectivity, we compete with operators of terrestrial and satellite communications infrastructure and providers
of satellite -to-mobile connectivity solutions, including terrestrial fixed network providers, terrestrial mobile network
companies, and other satellite service providers, as described below:
• Consumer and Enterprise Broadband . Our Starlink Consumer and Enterprise broadband offerings compete with
terrestrial fixed network providers, terrestrial mobile network companies, and other satellite service providers.
Terrestrial fixed network providers include operators of cable and fiber networks such as Verizon, Comcast,
AT&T, T-Mobile, Lumen, Charter Communications, Google Fiber, Astound, BT, Deutsche Telekom, and
Liberty Global. Terrestrial mobile network companies also operate land-based infrastructure, including wireless
antennas affixed to mobile towers used to provide fixed wireless services, and include AT&T, Telefónica, T-
Mobile, Verizon, and Vodafone Group. These network providers typically serve customers in one or more
countries (for example, Verizon in the United States, or Telefónica in Spain and Brazil, among others), but are
not global players insofar as they do not sell to a global customer base, nor does their network infrastructure
exist globally. Satellite service providers include, among others, GEO satellite network operators such as
EchoStar, SES, Telesat Corporation (“Telesat”) GEO, and Viasat, as well as current and planned LEO and
MEO constellations including Amazon LEO, Blue Origin’s TeraWave, Eutelsat OneWeb, Iridium NEXT and
Telesat Lightspeed. Some of these service providers are also launch customers of SpaceX as they contract with
us to launch their satellite constellations into orbit.
• Government Solutions . Our Starlink broadband offering for government use cases competes primarily with the
same terrestrial network providers and satellite service providers with which our Starlink Consumer and
Enterprise broadband offerings compete, as well as defense prime contractors. In certain cases, these providers
also have dedicated subsidiaries or business units focused on serving government customers, such as Telesat
Government Solutions.
• Starlink Mobile . Our Starlink Mobile offering competes with other satellite -to-mobile satellite operators
including, among others, AST SpaceMobile, Lynk, Globalstar and Skylo.
The satellite connectivity market involves significant barriers to entry, including substantial capital requirements,
advanced technological capabilities, access to spectrum and orbital resources, regulatory licenses and approvals, and
the development of relationships with government, enterprise and commercial customers. Competition in this market
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is based on factors that include network coverage, capacity, latency and reliability, spectrum access, density of urban
environments, satellite deployment capability and efficiency, price and user acquisition, retention, and experience.
In AI, we compete with developers of foundational AI models and providers of AI products and services, as well as
general purpose and vertical search engines, information services, online advertising platforms and social networks.
Participants in this market include large technology companies, emerging AI model developers and providers of AI-
enabled products and services. Key competitors in these markets include, among others, AI model developers and
platform providers such as OpenAI, Anthropic, Google, Meta, Microsoft, and various open source model providers,
as well as social networks such as Threads (owned by Meta), Reddit, and TikTok. As we continue to build out our
AI compute infrastructure, we intend to sell our excess capacity by offering it to a limited number of third parties
and intend to continue to explore monetizing excess capacity, potentially positioning us to emerge as a competitor to
AI cloud providers such as Coreweave and Nebius as well as hyperscalers.
Our AI businesses likewise compete in markets characterized by significant barriers to entry, including substantial
computational and infrastructure requirements, access to large datasets and the ability to attract and retain highly
skilled technical talent. Competition in these markets is based on factors including pricing and cost efficiency, the
performance and technical features of AI platforms, customer experience across our products and services, the
ability to attract new and retain existing subscribers, users and advertisers and the ability to deploy compute and
innovative technologies at scale.
Intellectual Property
The intellectual property that is material to our business includes our proprietary knowledge and software, as well as
our brands and our selectively patented inventions and technologies. Our proprietary knowledge includes expertise
in design, testing, manufacturing, software, in-orbit operations, real-time platforms, and artificial intelligence
development. The protection of our technology and intellectual property is an important aspect of our business. We
rely upon a combination of patents, trademarks, trade secrets, copyrights, confidentiality procedures, contractual
commitments and other legal rights to establish and protect our intellectual property. We have registered, and
applied for the registration of, U.S. and international trademarks, service marks, domain names, and copyrights. We
have also filed patent applications and acquired patents in the United States and foreign countries covering certain
aspects of our technology, and in some cases, we have acquired patent assets of others to supplement our portfolio.
We have licensed in the past, and expect that we may license in the future, certain of our rights to other parties or
from other parties. We generally enter into confidentiality agreements and invention or work product assignment
agreements with our employees, contractors, and consultants to control access to, and clarify ownership of, our
proprietary information and other intellectual property. For additional information, please refer to “Risk Factors—
Risks Related to Our Business—We may face substantial potential liability and operational disruptions if we violate
the intellectual property rights or other rights of third parties, and if we fail to adequately protect, maintain, defend
or enforce our intellectual property and other similar rights, we could lose an important competitive advantage, in
each case which could have a material adverse effect on our business, financial condition, results of operations,
customer trust and future prospects.”
Human Capital
As of March 31, 2026, we employed over 22,000 full-time employees worldwide, none of whom are subject to any
collective bargaining agreement. We believe our strong culture of collaboration and innovation distinguishes us and
serves as an important driver of our business performance.
Regulatory Environment
We are required to comply with a variety of governmental regulations, which could have a significant impact on our
business, including our capital expenditures, earnings and competitive position. In particular, our ability to (i)
conduct launches and reentries, (ii) operate and expand our satellite systems and related ground infrastructure and
(iii) perform certain U.S. government programs depends on maintaining key governmental authorizations and
complying with evolving safety, spectrum, national security, environmental, contractual, and trade-control
requirements. Our ability to provide our AI products and X platform depends on complying with evolving AI, data
privacy, online services, cybersecurity and environmental requirements. We incur and will continue to incur
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substantial costs to monitor and take actions to comply with governmental and other regulations that are or will be
applicable to our businesses, including, among others, restrictions and regulations of the U.S. Department of
Transportation, the FAA, the FCC and other government agencies in the United States and the other countries in
which we operate, economic sanctions and trade embargo laws, export controls, import controls and customs. For
additional information, please refer to “Risk Factors—Risks Related to Our Business—Our ability to continue and
expand launch and satellite operations depends upon our ability to obtain new and leverage existing U.S. export
control and sanctions authorizations, and any significant changes to the geopolitical landscape or U.S. government
regulatory approach to licensing could materially and adversely impact our international business operations by
compromising existing licenses or limiting our ability to engage in commercial dealings in or involving
geopolitically sensitive countries.” We will also be subject to additional laws and regulations as a result of being a
public company, which will require us to devote significant management resources and incur additional legal,
accounting and other expenses.
Space
Our Space segment is subject to extensive regulation in the United States and internationally, including (i)
regulations administered by the FAA relating to commercial space launches and reentries, (ii) regulations
administered by the FCC relating to radio communications used in launch activities and spacecraft operations, and
related domestic and international coordination processes, including through the International Telecommunication
Union, (iii) U.S. export and import regulatory regimes, and (iv) additional regulations that relate to being a U.S.
government contractor.
Commercial space launch and reentry activities require licenses and permits from the FAA. FAA licenses are
generally granted on a launch-by-launch basis and may incorporate safety, environmental and operational
conditions. Where applicable, reentry operations require separate authorization. We are generally required to obtain
licenses or license modifications from the FAA in connection with changes to vehicles, launch sites, flight profiles,
operational procedures, payloads, or other mission parameters, and our launch and range operations may also be
subject to environmental reviews, consultations, and permits. We depend on timely approvals of licenses or license
modifications from the FAA and the timing and outcome of the FAA approval process may affect our ability to
conduct launches and reentries or require operational restrictions or mitigation measures. For additional information,
please refer to “Risk Factors—Risks Related to Our Business—Any delays or difficulties in obtaining, maintaining
or renewing required regulatory approvals and licenses required for our space-related activities, including FAA
launch and reentry licenses, would materially delay or disrupt our operations, harm our business, or limit our ability
to execute our business strategy.”
Radio communications for launch activities and spacecraft operations require licenses from the FCC and are subject
to technical and operational conditions, coordination requirements, and interference-mitigation frameworks. We rely
on obtaining licenses from the FCC to conduct our launch and spacecraft operations, and many of our FCC licenses
include conditions regarding milestone schedules, reporting and surety‑bond requirements, among other conditions.
In addition, our spacecraft and satellite operations are subject to evolving regulatory expectations relating to space
situational awareness and orbital debris mitigation, including requirements regarding collision avoidance and post-
mission disposal. International spacecraft frequency use is coordinated via International Telecommunication Union
filings made through the FCC and similar international regulatory bodies, and through country‑by‑country market
access approvals for non‑U.S. service. For additional information, please refer to “Risk Factors—Risks Related to
Our Business—Any delays or difficulties in obtaining, maintaining or renewing required regulatory approvals and
licenses required for our space-related activities, including FAA launch and reentry licenses, would materially delay
or disrupt our operations, harm our business, or limit our ability to execute our business strategy.”
Additionally, as a contractor and subcontractor to certain agencies of the U.S. government, we are subject to the
Federal Acquisition Regulation, and other applicable laws, security requirements, and regulations, including
supplemental agency regulations, which comprehensively regulate the formation, administration, and performance
under government contracts. Certain contracts with the U.S. government may require us to be issued facility security
clearances under the National Industrial Security Program Operating Manual Rule, as a result of which we are
required to maintain with the Department of War mitigation measures with respect to foreign ownership, control and
influence. Additionally, certain transactions in which we may be involved from time to time may be subject to the
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jurisdiction of the Committee on Foreign Investment in the United States (“CFIUS”), which has authority to conduct
national security reviews of certain foreign investments. CFIUS may impose mitigation conditions to grant clearance
of a particular transaction, may unilaterally initiate national security review of certain transactions, and may
recommend that the President of the United States order parties to divest their shareholdings in certain situations,
among other actions.
Connectivity
Our Connectivity services, including our global satellite -to-mobile connectivity services under Starlink Mobile,
depend on authorizations from the FCC in the United States and telecommunications regulators in other countries.
Without these licenses and approvals, we generally cannot offer connectivity services in a given market. In the
United States, these authorizations include FCC approvals for our satellite system and related earth stations and use
of radio frequency spectrum, and they may be subject to technical, operational, and reporting conditions and
ongoing compliance obligations (including interference mitigation, coordination requirements and orbital debris
mitigation requirements). All communications services that rely on radio frequency communications require use of
radio frequency spectrum, the assignment and distribution of which is subject to FCC oversight. Our access to
spectrum and orbital resources is also subject to international coordination processes, including through International
Telecommunication Union filing and coordination processes, and disputes or delays in these processes could
adversely affect our operations. If demand continues to increase or if new spectrum is required for a future
generation of technology, we may need to obtain additional spectrum usage rights or related authorizations through
FCC proceedings (including modification applications), coordination processes, auctions or secondary market
transactions, or partnerships with third parties, each of which may be subject to review, approval, and conditions.
We hold FCC authorizations and licenses that allow us to provide a wide range of satellite-based connectivity
services, including through the operation of our satellite system and related earth stations. FCC spectrum licenses
and authorizations typically have terms of 10-15 years, at which time they are subject to renewal. Similarly, our
subsidiaries operating outside the United States are subject to the jurisdiction of regulatory authorities in the
territories in which the subsidiaries operate, including any requirements to obtain spectrum licenses or other market
access authorization. Our licensing, compliance and advocacy initiatives in foreign countries support our ability to
offer enterprise and consumer connectivity services in various international markets. Although we generally seek to
renew and maintain these authorizations, challenges could be raised in the future, and there can be no assurance that
our applications to renew, modify, or expand our authorizations will be granted on a timely basis, or at all, or
without additional conditions. If a spectrum license was revoked or not renewed, we would not be permitted to
provide services on the spectrum covered by that license or could be required to modify or curtail operations.
Within the United States, the Communications Act generally preempts regulation by state and local governments of
the entry of, or the rates charged by, wireless carriers. It does not prohibit states from regulating the other “terms and
conditions” of wireless service. For example, some states impose reporting and consumer protection requirements.
Several states also have laws or regulations that address safety issues (for example, use of wireless handsets while
driving), universal service funding, and taxation matters. Some states are also considering new network reliability or
service quality requirements that may affect how and where we provide services if not preempted by federal law.
AI
Certain enacted and proposed laws and regulations related to AI may impose requirements with respect to our
development, deployment, and use of AI systems and models, including obligations relating to security, integrity,
transparency, labeling, detection, and provenance of AI data, models and AI-generated content, as well as
restrictions on the export or import of AI-related systems and components. AI regulation is evolving rapidly across
jurisdictions, with regulators applying, or considering applying, existing laws or adopting new, non-harmonized
frameworks with respect thereto, including emerging AI laws. Development, deployment, and use of AI can also be
subject to existing, technology-agnostic regulatory frameworks, including, for example, those addressing consumer
protection, data privacy, cybersecurity, intellectual property, content moderation, non-discrimination, and
employment. Data centers necessary for AI-related systems may also be subject to changing regulatory frameworks
under federal, state, local, and foreign environmental, health, and safety laws. The scope and enforcement of these
regimes remain uncertain, and their potential impact on our multiple and overlapping business lines is difficult to
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predict. Divergent or conflicting regulatory approaches across jurisdictions, as well as evolving enforcement
priorities, may also create compliance uncertainty and require market-specific limitations or modifications to AI-
related functionality, increasing operational complexity.
In addition, third parties may allege intellectual property violations, or misappropriation relating to the training data
used in, or the outputs generated by, AI systems and models. The uncertain and evolving legal status of AI-
generated content may create legal and operational risk, including with respect to the ownership of, and ability to
obtain intellectual property protection for, such outputs, as well as our ability to offer services in certain markets.
Open-source and other license terms applicable to AI systems and models may limit the distribution of AI-related
functionality or constrain product design.
Separately, AI systems and models may present legal operational and reputational risks. Legal and reputational risk
may arise in the context of datasets used in the development or operation of AI systems and models as well as the
use of AI-enabled products or services to generate output that is perceived as objectionable or inappropriate.
Emerging legislation, such as the European Union’s Artificial Intelligence Act, California’s Transparency in
Frontier Artificial Intelligence Act (SB 53) and New York’s Responsible AI Safety and Education Act (RAISE Act),
may impose requirements relating to, among other things, safety, governance, transparency, and incident reporting
on developers of large or frontier AI models. Misuse of our AI systems, models, products, or services by customers
or partners may similarly create safety, compliance, or brand risks. These risks have in the past and may in the future
result in regulatory scrutiny, legal liability, or reputational harm and adversely affect our business, results of
operations, and financial condition. Addressing these risks may require substantial investment in testing,
moderation, guardrails, enforcement, and other mitigation measures. For additional information, please refer to
“Risk Factors—Risks Related to Our Business—If the recommendations, forecasts, content, analyses or other output
that our AI technologies, including Grok, assist in producing are or are alleged to be deficient, inaccurate, harmful,
illegal, or used for an improper purpose, we could continue to be subjected to claims and investigations, and we
could be subjected to legal liability and brand, reputational, or competitive harm.”
Privacy, Cybersecurity, Data Protection, Online Safety, and Digital Platform Regulation
We are subject to complex and evolving global legal and regulatory frameworks relating to privacy, cybersecurity,
AI, data protection, lawful access, content moderation, and digital platform regulation, as well as contractual and
other commitments we make in the course of doing business and our internal and external policies, procedures and
controls. These laws and regulations vary across jurisdictions and sectors, are not harmonized, and may conflict or
impose overlapping or inconsistent obligations, and continue to evolve and emerge. In particular, the California
Consumer Privacy Act (as amended), the European Union’s General Data Protection Regulation (and its equivalent
in the United Kingdom) and other data privacy laws and regulations impose stringent and burdensome requirements
in connection with the processing of personal information and include significant penalties for non-compliance.
Additionally, as a government contractor, we are also subject to the Department of War’s Cybersecurity Maturity
Model Certification requirements, which requires companies that do business with the Department of War to,
depending on the level of security required, meet or exceed certain specified cybersecurity standards to be eligible
for new contract awards. The interpretation and application of these and other existing laws not originally enacted to
address privacy, cybersecurity, AI, data protection, lawful access, content moderation, or digital platforms are
uncertain and continue to develop as they are applied to new technologies and data-driven products and services.
These frameworks impose obligations regarding, among other things, the collection, use, storage, protection,
disclosure, transfer, and other processing of data, including personal information, and may restrict or condition
cross-border data transfers, require data localization, or impose content moderation or other platform-related
requirements, and may be interpreted or enforced in ways that are inconsistent, unclear, or subject to significant
regulatory discretion. The risks are particularly acute for us because we operate globally across multiple industries
and develop cutting-edge technologies that present novel regulatory and security issues. The data we collect and
otherwise process is integral to our business, technology, and services, and regulatory restrictions or limitations on
our ability to secure and process such data could materially affect our operations and business model.
In addition, our products and services, including those enabled by AI, may also be subject to online safety and
youth-protection laws and regulations. Such laws and regulations may impose obligations relating to content risk
mitigation, age assurance, platform governance, and, in certain jurisdictions, content reporting and removal
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requirements. For example, the UK’s Online Safety Act 2023 and Australia’s Online Safety Amendment (Social
Media Minimum Age) Act 2024 impose risk mitigation and age-related requirements on certain online platforms. As
a result of these requirements or to otherwise seek to maintain the safety of our platforms, we maintain content
policies and enforcement mechanisms across our platforms and related products and services. These include a
combination of automated detection tools, classifiers and filters, algorithmic signals, and human review processes.
We also employ measures to help detect and challenge suspicious accounts during sign-up and ongoing use, provide
user reporting channels, and apply enforcement actions. Additional safeguards to help mitigate safety concerns
include age-related controls, content restrictions, and specialized modes; and labeling or watermarks on certain
outputs and other market-specific restrictions on certain content categories where required by local laws.
This evolving landscape will continue to affect our ability to maintain, develop, or launch products and services,
including those that rely on the processing of personal information or other sensitive data, including targeted
advertising and other data-driven offerings, and may require market-specific changes to our products, services, or
business practices, increasing operational complexity and cost. In addition, emerging laws and regulations seeking to
restrict cross-border transfer of or access to certain data in light of perceived national security considerations may
increase compliance costs and restrict our operational flexibility, investment activities, or ability to achieve our
strategic objectives. As our business evolves, and if we expand into additional industries or jurisdictions, our
compliance requirements and associated costs may increase and we may be subject to heightened regulatory
scrutiny.
We also face cybersecurity risks, including the potential unlawful, accidental, or unauthorized access to, or use,
disclosure, alteration, loss, or disruption of, our technology, products, systems, and data, or those of our service
providers and partners, which could result in a loss of confidentiality, integrity, or availability. We operate in
industries that have been, and will continue to be, targeted by sophisticated and persistent internal and external threat
actors, including those controlled by or affiliated with nation states. For additional information, please refer to “Risk
Factors—Risks Related to Our Business—Any significant disruption in, or unauthorized access to, our computer and
data systems or those of third parties that we utilize in our operations could result in a loss or degradation of service,
loss of trust in us and harm to our business.” Many jurisdictions impose mandatory breach notification and reporting
obligations, and compliance with such requirements can be costly, time-sensitive, and operationally burdensome,
and we may bear such costs in the event of a material incident. As we continue to use and integrate advanced
technologies, including AI systems and models, into our operations, products, and services, our exposure to
cybersecurity incidents may increase, particularly as threat actors also try to adopt and deploy AI-enabled tools to
evade detection and compromise systems or data. Compliance with applicable privacy, cybersecurity, AI, data
protection, lawful access, content moderation and digital platform obligations can be costly and operationally
demanding and may require changes to our products, services, business practices, or technical infrastructure.
Environmental, Health, and Safety
Our operations and facilities, as well as existing and planned infrastructure, are subject to an extensive regulatory
framework of federal, state, local, and foreign environmental, health, and safety laws, and regulations and permits
that govern, among other things, employee health and safety, discharges of pollutants into the air and water, the
generation, handling, storage, and disposal of hazardous materials and wastes and the investigation and remediation
of certain materials, substances, and wastes. These include various regulations promulgated by federal, state, and
local regulatory agencies and legislative bodies. Certain of our operations, including launch, reentry, testing, and
manufacturing activities and the development or expansion of facilities, as well as the siting, construction and
operation of data centers, may require environmental reviews, consultations, and permits and may be subject to
conditions or mitigation measures that could increase costs or limit operations.
We are required to obtain a number of permits and entitlements from various government agencies to construct and
operate our facilities, including zoning, land use and building code permits, air quality permits for permanent
combustion equipment (including both diesel generators and natural gas turbines), stormwater and wastewater
discharge permits, and fire and life safety approvals. We have issued or pending permit applications for certain of
our facilities. For additional information, please refer to “Risk Factors—Risks Related to Our Business—
Environmental laws, regulations, litigation, liabilities and proceedings may adversely affect our operations,
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including our launch operations, manufacturing activities, fuel storage and handling operations, launch facilities and
ground infrastructure, and data center operations and expansion plans.”
Government Contracts
A portion of our revenue is derived from contracts, directly or indirectly, with the U.S. government. We have
numerous direct contracts with the U.S. government, primarily NASA, the Department of War, the General Services
Administration, and certain Intelligence Community agencies. These contracts focus mainly on launch services,
spacecraft development, and satellite deployment, and artificial intelligence products. We are almost always the
prime contractor on our government contracts, and we rarely use subcontractors. All of our launch contracts with
U.S. government agencies are firm fixed-price contracts with milestone-based payments.
These contracts are subject to U.S. government contracting rules and regulations (Federal Acquisition Regulation
(FAR) and Defense Federal Acquisition Regulation Supplement (DFARS)), and therefore, we are subject to the
business risks specific to the defense industry. These regulations impose stringent requirements on our operations,
business practices and reporting, and noncompliance could result in civil or criminal penalties, suspension or
debarment from government contracting, or loss of existing or future business. These requirements, although
customary in U.S. government contracts, increase our performance and compliance costs. These costs might increase
in the future. The U.S. government has the ability to unilaterally: (i) declare us ineligible to receive new contracts;
(ii) terminate existing contracts at its convenience and without advance notice; (iii) reduce the scope and value of
existing contracts; (iv) audit our contract-related costs and fees, including allocated indirect costs; and (v) revoke
required security clearances. Violations of government procurement laws could result in civil or criminal penalties.
We are also required to maintain special security clearances and comply with executive orders, federal laws and
regulations, and customer security requirements for classified programs, and our government contracts impose
cybersecurity and information assurance requirements, including implementation of information security protections
in accordance with NIST Special Publication 800-171 and obligations to review and report certain cyber incidents.
Failure to comply could result in suspension of payments, termination of contracts, civil or criminal penalties, or
exclusion from future government contracting opportunities. For additional information, please refer to “Risk
Factors—Risks Related to Our Business—Our services are subject to risks related to supplying services to the U.S.
government.”
In addition, in connection with preparing leased real property for our launch operations at Kennedy Space Center
and Cape Canaveral, Florida, and Space Launch Complex 4 at Vandenberg Space Force Base, California, we make
significant capital improvements and install extensive real and personal property at these government-owned sites.
The launch facilities we build are a unique capital improvement compared to standard commercial use sites because
the federal government specifically designates these launch sites for aerospace activities, such as rocket launches.
Given the specific use requirements of these government-owned sites, we have historically entered into handover
agreements with the relevant government entities upon expiration or termination of the leases, pursuant to which the
improvements are transferred to the government rather than removed. This fact pattern has historically been the case
with previous leases such as at Cape Canaveral Space Force Station.
Legal Proceedings
We are involved in the legal proceedings describ ed in Note 17 , Commitments and Contingencies , in our audited
consolidated financial statements and Note 16 , Commitments and Contingencies in our unaudited consolidated
financial statements included elsewhere in this prospectus, and we are subject to other claims and litigation arising in
the ordinary course of business. The outcome of any litigation is inherently uncertain, and if decided adversely to us,
or if we determine that settlement of particular litigation is appropriate, we may be subject to liability that could
have a material adverse effect on our business.
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MANAGEMENT
Below is certain information as of May 1, 2026 regarding individuals who are expected to serve as our executive
officers and directors upon the completion of this offering.
Name
Age
Position
Elon Musk ......................
54
Chief Executive Officer, Chief Technical Officer and Chairman of the Board
Gwynne Shotwell ...........
62
President, Chief Operating Officer and Director
Bret Johnsen ...................
57
Chief Financial Officer
Ira Ehrenpreis .................
57
Director
Randy Glein ....................
60
Director
Antonio J. Gracias ..........
55
Director
Donald Harrison .............
54
Director
Steve Jurvetson ...............
59
Director
Luke Nosek .....................
50
Director
Executive Officers and Management Directors
Elon Musk has served as our Chief Executive Officer, Chief Technical Officer and Chairman of our board since
May 2002. Mr. Musk is also the Technoking of Tesla and has served as Chief Executive Officer of Tesla since
October 2008. Mr. Musk was Chief Technology Officer and on the board of directors of X, beginning October 2022
and served as the Chief Executive Officer and on the board of directors of xAI, beginning March 2023, in each case
through the March 2025 merger of X and xAI. Following the merger, Mr. Musk served as the President, Treasurer,
and Chief Executive Officer and on the board of directors of xAI, until it was acquired by the Company in February
2026. Mr. Musk is also a founder and Chief Executive Officer of Neuralink Corp., a company focused on
developing brain-machine interfaces, and The Boring Company, an infrastructure company. Prior to the Company,
Mr. Musk co-founded PayPal, an electronic payment system, which was acquired by eBay in October 2002, and
Zip2 Corporation, a provider of Internet enterprise software and services, which was acquired by Compaq in March
1999. Mr. Musk serves on the board of directors of Tesla and previously served on the board of directors of
Endeavor Group Holdings, Inc. from April 2021 to June 2022. Mr. Musk holds a B.A. in Physics from the
University of Pennsylvania and a B.S. in Business from the Wharton School of the University of Pennsylvania. Mr.
Musk brings to our board historical knowledge, operational and technical expertise, and continuity.
Gwynne Shotwell has served as our President and Chief Operating Officer since 2008 and has been a member of our
board since March 2009. Previously, Ms. Shotwell served as our Vice President, Business Development, from 2002
to 2008. Prior to joining the Company, Ms. Shotwell held positions with Microcosm, Inc., an aerospace company, as
a director, and The Aerospace Corporation, an independent, non-profit organization performing objective technical
analyses and assessments for a variety of government, civil, and commercial customers, as a senior project engineer.
Ms. Shotwell also serves on the board of directors of Polaris, Inc., a manufacturer of powersports vehicles, and on
Northwestern University’s Board of Trustees. Ms. Shotwell was inducted into the National Academy of Engineering
and was previously named the Satellite Executive of the Year, included on Time’s 100 Most Influential People, and
Fortune Magazine’s World’s 50 Greatest Leaders. Ms. Shotwell holds a B.S. in Mechanical Engineering and an
M.S. in Applied Mathematics from Northwestern University. As one of the key members of our leadership team,
Ms. Shotwell brings to our board extensive operational experience and in-house knowledge of the Company’s
operations, technology, research and development and business management.
Bret Johnsen has served as our Chief Financial Officer since 2011. In this role, Mr. Johnsen leads our global
finance organization and is responsible for our long-term financial strategy, internal financial operations,
interactions with the financial community, and the financial aspects of our growth initiatives. With more than two
decades of experience in financial leadership, primarily in high-profile technology and semiconductor companies,
his leadership continues to play a key role in driving our financial performance, long-term value creation and
operational discipline. Prior to joining the Company, Mr. Johnsen served as Chief Financial Officer at Mindspeed
Technologies, Inc., a publicly traded semiconductor company, from 2008 to 2011. Prior to that role, he spent nearly
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a decade at Broadcom Inc., a global semiconductor company, from 1999 to 2008, holding roles of increasing
responsibility within the organization, including serving as Vice President and Corporate Controller. Mr. Johnsen
serves as a Trustee of the University of Southern California and holds a B.S. in Accounting from the University of
Southern California and an M.S. in Finance from San Diego State University, and he is a Certified Public
Accountant (CPA).
Non-Management Directors
Ira Ehrenpreis has served on our board since February 2026. Mr. Ehrenpreis is a founder and managing member of
DBL Partners, a leading impact investing venture capital firm, formed in 2015. Previously, he was a partner at
Technology Partners, a venture capital firm. Mr. Ehrenpreis serves on the board of directors of Tesla. He serves as
the Chairman of the VCNetwork, the largest and most active California venture capital organization. Mr. Ehrenpreis
also serves as the Chair of the National Association of Corporate Directors (NACD) Northern California and the Co-
Chair of the Stanford Precourt Institute for Energy Advisory Council. Among several other awards and honors, Mr.
Ehrenpreis has been named a member of the NACD Directorship 100 for being “one of the most influential leaders
in the boardroom and corporate governance community.” Mr. Ehrenpreis holds a B.A. from the University of
California, Los Angeles and a J.D. and M.B.A. from Stanford University. Mr. Ehrenpreis brings to our board
experience in the technology, impact and venture capital industries, as well as valuable insights in corporate
governance, strategic growth and shareholder values.
Randy Glein has served on our board since February 2026 and previously served as a board observer since 2009.
Mr. Glein is co-founder and managing partner of DFJ Growth, a venture capital firm that has invested in more than
100 growth-stage technology companies over the past 20 years. He currently serves on the board of directors of
several private technology companies and has previously served on the board of directors of Anaplan, Inc. and
Tremor Video, Inc. Prior to DFJ Growth, Mr. Glein served as Chief Financial Officer of FeedBurner (acquired by
Google in 2007) and Vice President of Tribune Company and its corporate investment group, Tribune Ventures. Mr.
Glein began his career in the aerospace industry as a systems engineer with Hughes Space & Communications and
in business development roles with its DIRECTV and New Ventures units. Mr. Glein holds a B.S.E.E. in Electrical
Engineering from the University of Florida, an M.S.E.E. in Electrical Engineering from the University of Southern
California, and an M.B.A. from the UCLA Anderson School of Management. Mr. Glein brings to our board
experience in the venture capital industry and more than 35 years of business and leadership experience in the
technology, media, and satellite communications industries.
Antonio J. Gracias has served on our board since October 2010. Since 2001, Mr. Gracias has been Chief Executive
Officer and Chief Investment Officer of Valor Management LLC, a private equity firm. As Founder, CEO, and CIO
of Valor, he oversees one of the leading growth-focused investment firms in the United States with over $55 billion
in assets under management. He has served on the board of Neuralink Corp., a company focused on developing
brain-machine interfaces, since May 2026, served on the board of The Boring Company, an infrastructure company,
since May 2026 and served as a director of Harmony Biosciences Holdings, Inc., a pharmaceutical company, from
September 2017 to May 2026. He also served as a director of Marathon Pharmaceuticals, LLC from November 2013
until its acquisition by PTC Therapeutics in May 2017, and SolarCity Corporation from 2012 to 2016. Mr. Gracias
previously served as a director of Tesla from 2007 to 2021 helping take the company public and acting as Lead
Independent Director for eight years. Prior to founding Valor Management LLC in 2001, Mr. Gracias served as
Founder and Managing Member of MG Capital, a private equity firm headquartered in Chicago, where he was the
lead transaction principal from 1995 through 2000. Prior to MG Capital, Mr. Gracias was an associate with
Goldman, Sachs & Co. in New York, where he served the firm’s institutional clients in the International Equity
Division. Mr. Gracias is also actively involved in philanthropic activities. He is a trustee of The Aspen Institute,
where he was a 2009 Henry Crown Fellow, an Aspen Institute program designed to engage the next generation of
leaders in the challenge of community-spirited leadership. Additionally, he serves as a member of several
prestigious non-profit and endowment boards, including the Board of Visitors for the Georgetown University School
of Foreign Service and the Pritzker School of Molecular Engineering at the University of Chicago. He is also a
member of the University of Chicago Board of Trustees. Mr. Gracias holds a joint B.S. and M.S.F.S. (Honors
Degree) in International Finance and Economics from the Georgetown University School of Foreign Service and a
J.D. from the University of Chicago Law School. Mr. Gracias brings to our board skills and experience in
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investment strategy, portfolio company management and improvement, operations of business, and finance across
several industries, including aerospace, technology, and manufacturing.
Donald Harrison has served on our board since February 2015. Mr. Harrison has served as President, Global
Partnerships and Corporate Development at Google LLC, a technology company, since 2017. Mr. Harrison
previously served as Vice-President, Corporate Development at Google from 2012 to 2017 and as Vice-President
and Deputy General Counsel from 2005 to 2012. Mr. Harrison also sits on the board of directors of Reliance Jio, the
largest mobile telecommunications services provider in India. Mr. Harrison holds a B.A. in Philosophy and Political
Science from the University of King’s College and a J.D. and LLB from the University of Toronto. Mr. Harrison
brings to our board years of business and leadership experience and provides valuable experience in the areas of
strategic transactions and partnerships.
Steve Jurvetson has served on our board since March 2009. Mr. Jurvetson is a co-founder of Future Ventures, a
venture capital firm, which he founded in 2019, and previously he co-founded and served as Managing Director of
Draper Fisher Jurvetson, a venture capital firm, from 1995 to 2017. Mr. Jurvetson serves as a director of The Metals
Company, a deep sea mining exploration company, and also previously served as a director of Tesla from 2009 to
2020, and NeoPhotonics Corp. from 2004 to 2011. Mr. Jurvetson also served as a director of Planet Labs from 2011
to 2017 and a director of D-Wave from 2003 to 2020. Before co-founding Future Ventures and Draper Fisher
Jurvetson, Mr. Jurvetson was an R&D Engineer at Hewlett-Packard, where seven of his chip designs were
fabricated. He also worked in product marketing at Apple Inc. and NeXT and management consulting with Bain &
Company. Mr. Jurvetson holds B.S. and M.S. degrees in Electrical Engineering from Stanford University and an
M.B.A. from the Stanford Business School. Mr. Jurvetson brings to our board experience in the venture capital
industry and years of business and leadership experience.
Luke Nosek has served on our board since July 2008. Mr. Nosek co-founded Gigafund, a venture capital firm, in
July 2017, and has been Managing Partner since inception. Mr. Nosek previously co-founded Founders Fund, a
venture capital fund, in April 2006, and served as General Partner through July 2017. Prior to that, Mr. Nosek co-
founded and served as Vice President of Business Development, Vice President of Marketing, and Vice President of
Strategy of PayPal, an electronic payment system, from November 1998 to February 2002. Mr. Nosek also serves as
a member of the board of directors of various private companies, including Last Energy, a nuclear energy company
that designs and manufactures small modular reactors, Emerald Cloud Lab, which operates remotely accessible and
largely autonomous life science laboratories, and ResearchGate, an online platform connecting scientists and
researchers with each other and their work. Mr. Nosek also served as a board member of DeepMind prior to its
acquisition by Google. Mr. Nosek holds a B.S. in Computer Engineering from the University of Illinois Urbana-
Champaign. Mr. Nosek brings to the board experience in the venture capital industry and years of business and
leadership experience.
Additional Information
On October 16, 2018, the U.S. District Court for the Southern District of New York entered a final judgment
approving the terms of a settlement, filed with the court on September 29, 2018, in connection with the actions taken
by the SEC relating to Mr. Musk’s August 7, 2018 Twitter (now known as X) posts stating that he was considering
taking Tesla private at a specified price and with secured financing. The SEC alleged that these posts were
materially false and misleading, in violation of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5
thereunder. In settling the action, Mr. Musk did not admit or deny the SEC’s allegations and consented to the entry
of a judgment that enjoined him from violating these laws, ordered him to pay a $20 million civil penalty and
required him to comply with procedures implemented by Tesla with respect to preclearing his public statements
about Tesla. While he was required to step down as chairman of the board of Tesla for three years, there is no
restriction on Mr. Musk’s ability to serve as an officer or director on the board of directors of any public or private
company. On April 26, 2019, this settlement was amended to further clarify the pre-clearance procedures applicable
to his making certain public statements about Tesla. The amendment was subsequently approved by the District
Court.
On April 3, 2026, in Pampena v. Musk , the U.S. District Court for the Northern District of California entered a
partial judgment against Mr. Musk in his personal capacity only in favor of lead plaintiffs on behalf of themselves
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and a class of investors who sold certain Twitter, Inc. equity securities between May 13 and October 4, 2022. The
judgment is based on a jury verdict rendered on March 20, 2026 that found (i) in favor of plaintiffs on claims
alleging that Mr. Musk violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder in
connection with two statements made by Mr. Musk in May 2022 and (ii) in favor of Mr. Musk on claims challenging
a third statement and alleging a “scheme to defraud” under Rules 10b-5(a) and (c). The claims in this case all
concern Mr. Musk’s then-pending potential purchase of Twitter, Inc. On May 1, 2026, Mr. Musk challenged the
partial judgment by filing a post-trial motion for judgment as a matter of law and motion to decertify the class. The
motion practice is ongoing, and the Court is expected to hear these motions in June 2026.
Family Relationships
There are no family relationships among any of our directors or executive officers.
Controlled Company Exemption
Upon completion of this offering, Mr. Musk will beneficially own approximately % of our outstanding Class B
common stock, which under our charter, as described under “Description of Capital Stock,” will be entitled to elect
51% of the total number of authorized directors (rounded up to the nearest whole number), and % of the total
voting power of our outstanding common stock (or % if the underwriters exercise their option to purchase
additional shares of Class A common stock in full). As a result, we will be a “controlled company” within the
meaning of Nasdaq and Nasdaq Texas corporate governance standards. Under the listing rules of Nasdaq and
Nasdaq Texas, a company of which more than 50% of the voting power with respect to director elections is held by
another person or group of persons acting together is a “controlled company” and may elect not to comply with
certain Nasdaq and Nasdaq Texas corporate governance requirements, including the requirements that:
• a majority of such company’s board of directors consist of independent directors as defined under the listing
rules of Nasdaq and Nasdaq Texas;
• director nominees be selected or recommended for board of directors’ selection by a nominating committee
composed entirely of independent directors, with a written charter addressing the nominations process as
required under the listing rules of Nasdaq and Nasdaq Texas;
• the compensation committee be composed entirely of independent directors with a written charter addressing
the committee’s purpose and responsibilities; and
• annual performance evaluations of the compensation and nominating committees be conducted.
Following the completion of this offering, we intend to utilize certain of these exemptions. As a result, we do not
expect to have a compensation and nominating committee that is composed entirely of independent directors or that
has a committee charter that addresses all Nasdaq and Nasdaq Texas requirements applicable to companies that are
not controlled companies. Additionally, we may elect to take advantage of certain other exemptions in the future for
as long as we remain a “controlled company.” Accordingly, our Class A shareholders will not have the same
protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of
Nasdaq and Nasdaq Texas. In the event that we cease to be a “controlled company” and our shares continue to be
listed on Nasdaq and Nasdaq Texas, we will be required to comply with all of the applicable governance
requirements within the applicable transition periods.
Composition of Our Board
Upon the consummation of the offering, our board will consist of eight directors. Subject to the terms of our charter
and bylaws, the number of directors on our board will be determined from time to time by our board. Under the
terms of our charter, the holders of our outstanding Class B common stock, voting separately as a class, will have
the right to elect 51% of the total number of authorized directors, rounded up to the nearest whole number (the
“Class B Directors”). Holders of Class A and Class B common stock, voting together as a single class, will elect the
remaining members of our board (the “Common Stock Directors”). We expect that upon the completion of the
offering Mr. Musk, Gwynne Shotwell, Antonio J. Gracias, Donald Harrison, and Luke Nosek will serve as the initial
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Class B Directors and Ira Ehrenpreis, Randy Glein, and Steve Jurvetson will serve as the initial Common Stock
Directors.
Our board will be subject to annual elections. Each director will hold office until the next annual meeting of our
shareholders and until his or her successor is duly elected and qualified or until his or her earlier death, resignation
or removal (as provided in our charter). For additional information, please refer to “Description of Capital Stock.”
Role of our Board in Risk Oversight
We face a number of risks, including those described under the section titled “Risk Factors” included elsewhere in
this prospectus. Our board believes that risk management is an important part of establishing, updating and
executing on our business strategy. Our board, as a whole and at the committee level, has oversight responsibility
relating to risks that could affect our corporate strategy, business objectives, compliance, operations and financial
condition and performance. Our board focuses its oversight on the most significant risks facing us and on the
processes to identify, prioritize, assess, manage and mitigate those risks. While our board has an oversight role,
management is principally tasked with direct responsibility for management and assessment of risks and the
implementation of processes and controls to mitigate their effects on us.
Director Independence
Based upon information requested from and provided by each director concerning his or her background,
employment and affiliations, our board has determined that each of Ira Ehrenpreis, Randy Glein, Donald Harrison,
Steve Jurvetson, and Luke Nosek is independent within the meaning of the listing standards of Nasdaq and Nasdaq
Texas currently in effect. In making this determination, our board considered the relationships that each of these
directors has with our company and all other facts and circumstances our board deemed relevant in determining their
independence, including (i) the beneficial ownership of our capital stock by each such director and/or investment
funds or other entities affiliated with them and (ii) the relationships set forth below under “Certain Relationships and
Related Person Transactions.” The board also considered that Donald Harrison was employed by an organization
that does business with Company. The amount received by the Company or such other organization in each of the
last three fiscal years did not exceed the greater of $200,000 or 5% of either the Company’s or such organization’s
consolidated gross revenues.
Board Leadership Structure
Upon the completion of this offering, as provided in our charter, our board will continue to be led by Mr. Musk.
Pursuant to the terms of our charter, he can only be removed from the board and these leadership positions by the
affirmative vote of the holders of a majority of the outstanding shares of our Class B common stock, voting
separately as a class.
Our board has concluded that our current leadership structure is appropriate at this time.
Board Committees
In connection with the completion of this offering, our board will establish an audit committee and a compensation
and nominating committee. Audit and compensation and nominating committees will be governed by their charters
that will be available on our website at www.spacex.com . Pursuant to our bylaws, our board may, from time to time,
establish other committees to facilitate the management of our business and operations. Information contained on
our website or linked therein or otherwise connected thereto does not constitute part of nor is it incorporated by
reference into this prospectus or the registration statement of which this prospectus forms a part.
Audit Committee
The primary responsibilities of our audit committee will include, among other things:
• assisting our board in its oversight responsibilities regarding the integrity of our financial statements, our
compliance with legal and regulatory requirements, the independent accountant’s qualifications and
independence and our accounting and financial reporting processes of and the audits of our financial statements;
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• preparing the report required by the SEC for inclusion in our annual proxy or information statement;
• approving audit and non-audit services to be performed by the independent accountants; and
• performing such other functions as our board may from time to time assign to the audit committee.
The audit committee will be empowered to retain any advisors as it deems necessary or appropriate to assist it in
fulfilling its responsibilities, and to approve the fees and other retention terms of such advisors.
Upon the completion of this offering, Randy Glein and Steve Jurvetson are expected to be the members of our audit
committee. Randy Glein is expected to qualify as an “audit committee financial expert” as such term is defined
under the rules of the SEC implementing Section 407 of the Sarbanes-Oxley Act and each of Randy Glein and Steve
Jurvetson qualifies as an independent director for purposes of Rule 10A-3 of the Exchange Act and the listing
standards of Nasdaq and Nasdaq Texas. We will identify the third member to serve on the audit committee within
the applicable one year period under the Nasdaq and Nasdaq Texas listing rules. Randy Glein is expected to serve as
the chair of the audit committee.
Compensation and Nominating Committee
The primary responsibilities of our compensation and nominating committee will include, among other things:
• overseeing the Company’s overall compensation philosophy;
• reviewing and approving, or recommending to the full board for approval, the compensation and other benefits
for executive officers;
• reviewing and recommending to our board for approval the form and amount of compensation for our
independent directors;
• making recommendations to our board regarding director candidates and assisting our board in determining the
composition of our board and its committees, subject to the terms of our charter; and
• performing such other functions as our board may from time to time assign to the committee.
Upon the completion of this offering, Ira Ehrenpreis, Antonio J. Gracias, and Luke Nosek are expected to be the
members of our compensation and nominating committee. As a “controlled company,” we will rely upon the
exemption from Nasdaq’s and Nasdaq Texas’ requirement that we have a compensation and nominating committee
that is composed entirely of independent directors with a committee charter that addresses all Nasdaq and Nasdaq
Texas’ requirements applicable to companies that are not controlled companies. Each of Ira Ehrenpreis and Luke
Nosek qualifies as an independent director under the listing standards of Nasdaq and Nasdaq Texas, including the
heightened independence standards for members of a compensation committee, and as a “non-employee director” as
defined in Rule 16b-3 of the Exchange Act. Ira Ehrenpreis is expected to serve as the chair of the compensation and
nominating committee.
Compensation Committee Interlocks and Insider Participation
During the last completed fiscal year, we were not a publicly traded company and did not have a compensation
committee or any other committee serving a similar function. Historically, the board has been responsible for
determining, and has made all decisions regarding, the compensation for Mr. Musk. With respect to those expected
to serve as our other executive officers, Mr. Musk has had primary responsibility for compensation-related
decisions; however, all equity awards were approved by the board.
Code of Business Conduct and Ethics
In connection with this offering, our board will adopt a code of business conduct and ethics applicable to our
employees, directors and officers, in accordance with applicable SEC rules and the corporate governance rules of
Nasdaq and Nasdaq Texas. We expect that any amendments to the code or any waivers of its requirements
applicable to our directors and executive officers will be disclosed on our website at www.spacex.com , as and to the
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extent required by applicable SEC rules and the corporate governance rules of Nasdaq and Nasdaq Texas.
Information contained on our website or linked therein or otherwise connected thereto does not constitute part of,
nor is it incorporated by reference into, this prospectus or the registration statement of which this prospectus forms a
part.
Corporate Governance Guidelines
In connection with the completion of this offering, we intend to adopt corporate governance guidelines, which will
set forth expectations for directors, director qualification standards, committee structure and functions and other
policies for the governance of our company. A copy of our corporate governance guidelines will be posted on our
website at www.spacex.com . Information contained on our website or linked therein or otherwise connected thereto
does not constitute part of, nor is it incorporated by reference into, this prospectus or the registration statement of
which this prospectus forms a part.
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EXECUTIVE COMPENSATION
Compensation Discussion and Analysis
This Compensation Discussion and Analysis, or CD&A, provides an overview of our executive compensation
philosophy, objectives, and design and each element of our executive compensation program with regard to the
compensation awarded, to, earned by, or paid to the following named executive officers (collectively, our “NEOs”)
for the fiscal year ended December 31, 2025 (the “2025 Fiscal Year”), which includes all of our executive officers
for the 2025 Fiscal Year. For the 2025 Fiscal Year, our NEOs were:
Name
Position
Elon Musk ......................................
Chief Executive Officer, Chief Technical Officer and Chairman of the Board
Gwynne Shotwell ...........................
President, Chief Operating Officer and Director
Bret Johnsen ...................................
Chief Financial Officer
Our Compensation Philosophy and Objectives
Our compensation program is designed to attract, retain and reward executives and employees, with a heavy
emphasis on equity compensation to provide employees with a financial stake in our business and an ownership
mindset. We offer a number of programs that allow employees to voluntarily elect to receive elements of their
compensation in equity or to otherwise increase their ownership interests in the Company.
Process for Setting Compensation
Historically, our board has been responsible for determining, and has made all decisions regarding, the
compensation for Mr. Musk. With respect to the other NEOs, Mr. Musk has had primary responsibility for
compensation-related decisions (in consultation with Ms. Shotwell with respect to Mr. Johnsen’s compensation). All
equity awards are approved by our board.
In connection with this offering, we plan to establish a compensation and nominating committee of our board who
will oversee our executive compensation program going forward. The compensation and nominating committee, in
consultation with Mr. Musk (other than with respect to his own compensation), will have primary responsibility for
evaluating and approving the compensation of our NEOs or making recommendations regarding such compensation
to our board when appropriate, including with respect to Mr. Musk’s compensation.
Elements of Compensation
Base Salary
Each NEO’s base salary is a fixed component of compensation for performing specific job duties and functions.
Base salaries are generally reviewed on an annual basis, taking into account the NEO’s experience and
responsibilities. Mr. Musk’s base salary of $54,080 has remained unchanged since 2019, and prior to our relocation
to Texas in 2024 was tied to California’s minimum salary for exempt employees. Mr. Musk has historically
determined the base salary for Ms. Shotwell, which was increased from $1,040,000 to $1,080,000 effective April 20,
2025. Mr. Musk and Ms. Shotwell have historically determined the base salary for Mr. Johnsen, which was
increased from $780,000 to $825,000 on April 6, 2025, with retroactive effect for the full 2025 Fiscal Year.
As participants in a broader employee equity election program, our NEOs, other than Mr. Musk, were eligible to
elect to receive all or a portion of their base salary in the form of restricted stock units (“RSUs”). For the 2025 Fiscal
Year, Ms. Shotwell received $353,077 of her base salary in cash and the remainder as a grant of 19,650 RSUs that
vested 50% on May 15, 2025 and 50% on November 15, 2025, and Mr. Johnsen elected to receive his base salary
fully in cash. The base salaries paid to our NEOs reflect the only cash compensation that they are eligible to receive,
as no NEO participates in an annual bonus program.
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Long-Term Incentive Compensation
In 2025, we granted long-term incentive compensation under our 2024 Equity Incentive Plan (the “2024 Plan”),
which replaced our 2015 Equity Incentive Plan (the “2015 Plan”) with respect to new grants; however, outstanding
grants under the 2015 Plan remained outstanding and subject to the terms of the 2015 Plan, which are substantially
similar to the terms of the 2024 Plan. The 2024 Plan provides for the issuance of up to 365,950,000 shares of Class
C common stock thereunder pursuant to stock options (which may be either incentive stock options or nonstatutory
stock options), RSUs, and other equity awards, in each case, on the terms determined by our board. It is expected
that, in connection with and following the completion of this offering, all outstanding awards under the 2015 Plan
and the 2024 Plan will remain outstanding and continue to be subject to their existing terms; however, awards in
respect of Class C common stock will be converted into awards in respect of Class A common stock on a one-for-
one basis as part of the Class C Reclassification. It is expected that the 2024 Plan will be amended and restated in
connection with this offering, as described below.
Given his significant ownership interest in our Company, Mr. Musk was not granted any annual long-term incentive
compensation in 2025, and generally does not participate in our annual long-term incentive compensation program.
However, as part of our efforts to further incentivize Mr. Musk to achieve our long-term business objectives, the
board granted him a performance-based award of restricted shares of Class B common stock in January 2026, as
described further under “—2026 Compensation Developments” below.
Ms. Shotwell was eligible to participate in our long-term incentive election program with a target award of $5
million, pursuant to which she could elect to receive 20% of her target award in cash or RSUs that vest after six
months and 80% of her target award in cash vesting over five years, RSUs vesting over five years or stock options
vesting over six years. In accordance with her elections, on May 10, 2025, our board granted Ms. Shotwell 27,030
RSUs, representing $1 million of her target award, that vested on November 15, 2025 and stock options to purchase
324,325 shares of Class C common stock, representing $4 million of her target award, which vest as to 12.5% on
May 15, 2027 and monthly thereafter in equal installments through November 15, 2030, in each case, subject to Ms.
Shotwell’s continued employment with us through the applicable vesting date.
Because Mr. Johnsen held outstanding stock options tied to aggressive performance milestones, a portion of which
were adjusted in 2026 as described further under “—2026 Compensation Developments” below, he was not eligible
to participate in the long-term incentive election program described above. Instead, Mr. Johnsen’s long-term
incentive award for the 2025 Fiscal Year consisted exclusively of stock options to purchase 324,325 shares of Class
C common stock, which was granted by our board on May 10, 2025. These stock options vest as to 40% in equal
monthly installments from January 1, 2027 through December 1, 2027 and as to 60% in equal monthly installments
from January 1, 2028 through December 1, 2030, in each case, subject to Mr. Johnsen’s continued employment with
us through the applicable vesting date.
On October 20, 2025, as a special equity grant intended to further promote their retention, reward their individual
performance, and encourage efforts to continue growing the Company, our board granted Ms. Shotwell stock
options to purchase 3,537,740 shares of Class C common stock and granted Mr. Johnsen stock options to purchase
141,510 shares of Class C common stock. These special stock options vest as to 20% on September 30, 2027 and
monthly thereafter in equal installments through September 30, 2031, in each case, subject to the NEO’s continued
employment with us through the applicable vesting date.
Other Elements of Compensation
Retirement Benefits
All of our U.S. employees, including our NEOs, are eligible to participate in our 401(k) plan, which is a broad-
based, tax-qualified defined contribution retirement plan. Under the 401(k) plan, we may make discretionary
matching and non-elective contributions, subject to certain limits under the Internal Revenue Code of 1986, as
amended (the “Code”), and such contributions would vest ratably and would be 100% vested after five years of
credited service; however, no such company contributions were made for 2025.
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Employee Stock Purchase Plans
Historically, we have provided two employee stock purchase plans in which all of our U.S. employees, including the
NEOs, are eligible to participate. Our Amended and Restated 2017 Employee Stock Purchase Plan (the “2017
ESPP”) is intended to qualify under Section 423 of the Code and allows eligible employees to purchase shares of
Class C common stock using accumulated payroll contributions at a discount. It is expected that the 2017 ESPP will
be amended and restated in connection with this offering, as described below. Our 2023 Non-Qualified ESPP (the
“NQ ESPP”) is not intended to qualify under Section 423 of the Code and allows eligible employees to purchase
shares of Class C common stock using accumulated payroll contributions at fair market value. Our NQ ESPP will be
discontinued in connection with this offering.
Perquisites
The Company provides security equipment to enhance security at Ms. Shotwell’s personal residence. The aggregate
incremental cost of these security benefits are reported in the “—Executive Compensation Tables—2025 Summary
Compensation Table” below. No other material perquisites are provided to our NEOs.
Other Matters
2026 Compensation Developments
On January 13, 2026, our board approved the grant of 1 billion performance-based restricted shares of Class B
common stock to Mr. Musk. The restricted shares vest upon (i) our achievement of specified market capitalization
milestones across 15 equal tranches and (ii) the Company’s establishment of a permanent human colony on Mars
with at least one million inhabitants, in each case, subject to Mr. Musk’s continued employment with us through the
date on which achievement is certified by our board. For any tranche of the award to vest, both the applicable market
capitalization milestone for such tranche and the human colony milestone must be met. In connection with the xAI
Merger that closed on February 2, 2026, the market capitalization milestones were equitably adjusted in accordance
with the terms of the award agreement to the following:
Restricted Shares Subject to Tranche
Market Capitalization
Milestone
66,666,665 ...............................................................................................................................
$ 500,000,000,000
66,666,665 ...............................................................................................................................
$ 1,000,000,000,000
66,666,665 ...............................................................................................................................
$ 1,500,000,000,000
66,666,665 ...............................................................................................................................
$ 2,000,000,000,000
66,666,665 ...............................................................................................................................
$ 2,500,000,000,000
66,666,665 ...............................................................................................................................
$ 3,000,000,000,000
66,666,665 ...............................................................................................................................
$ 3,500,000,000,000
66,666,665 ...............................................................................................................................
$ 4,000,000,000,000
66,666,665 ...............................................................................................................................
$ 4,500,000,000,000
66,666,665 ...............................................................................................................................
$ 5,000,000,000,000
66,666,670 ...............................................................................................................................
$ 5,500,000,000,000
66,666,670 ...............................................................................................................................
$ 6,000,000,000,000
66,666,670 ...............................................................................................................................
$ 6,500,000,000,000
66,666,670 ...............................................................................................................................
$ 7,000,000,000,000
66,666,670 ...............................................................................................................................
$ 7,500,000,000,000
In connection with the xAI Merger, we also assumed a performance stock award originally granted to Mr. Musk by
xAI on November 26, 2025. In accordance with the terms of that award agreement, the award was adjusted to
account for the xAI Merger and, following such adjustment, reflected Mr. Musk’s right to receive shares of our
Class A common stock equal to 0.20% of the fully diluted capitalization of the Company upon achievement of each
of 12 valuation milestones ranging from $1.065 trillion to $6.565 trillion, with each milestone reflecting $500 billion
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in additional valuation, in each case, subject to Mr. Musk’s continued employment with us. The first valuation
milestone was achieved prior to the xAI Merger, and Mr. Musk was issued 25,172,695 shares of our Class A
common stock in settlement of that portion of the award. On March 23 , 2026, this award and the 25,172,695 shares
earned upon achievement of the first valuation milestone were cancelled and replaced with a grant of 302,072,285
performance-based restricted shares of Class B common stock, which vest upon both (i) achievement of specified
market capitalization milestones across 12 equal tranches ranging from $1.065 trillion to $6.565 trillion, with each
milestone reflecting $500 billion in additional valuation, and (ii) the Company’s completion of non-Earth-based data
centers capable of delivering 100 terawatts of compute per year, in each case, subject to Mr. Musk’s continued
employment with us through the date on which achievement is certified by our board.
On January 4, 2026, our board approved an amendment to Mr. Johnsen’s 4 million performance-based stock options
originally granted in 2024. In lieu of vesting based on free cash flow achievement in excess of a baseline, 371,125 of
the stock options will vest for each $10 billion in adjusted EBITDA achieved during the 2025 through 2029 fiscal
years, assessed on an annual basis. For purposes of this award, adjusted EBITDA is calculated as income from
operations excluding (i) depreciation and amortization, (ii) share-based compensation, (iii) impairment, and (iv)
restructuring impacts. Once a tranche of the stock options have become earned as a result of our adjusted EBITDA
performance as of the end of a particular fiscal year, such stock options remain subject to an additional one-year and
one day service-based vesting requirement following December 31 of the fiscal year in which such tranche was
earned. None of the stock options became earned on account of our 2025 Fiscal Year adjusted EBITDA
performance.
Clawback Policy
In connection with this offering, we will adopt a compensation recoupment (clawback) policy that complies with the
Nasdaq and Nasdaq Texas listing standards implementing Rule 10D-1 of the Exchange Act.
Executive Compensation Tables
2025 Summary Compensation Table
The following table presents information regarding the total compensation awarded to, earned by, and paid to the
NEOs for the 2025 Fiscal Year.
Name and Principal Position
Year
Salary
($)
Option
Awards
($) (1)
Stock
Awards
($) (2)
All Other
Compensation
($) (3)
Total
Compensation
($)
Elon Musk
Chief Executive Officer, Chief
Technical Officer and
Chairman of the Board ............
2025
54,080
—
—
—
54,080
Gwynne Shotwell
President, Chief Operating
Officer and Director ................
2025
1,080,127
(4)
82,969,515
1,727,160
30,095
85,806,897
Bret Johnsen
Chief Financial Officer ...............
2025
825,000
9,013,002
—
—
9,838,002
__________________
(1) Amounts in this column represent the grant date fair value of stock options granted to the NEOs during the 2025 Fiscal Year calculated in
accordance with FASB ASC Topic 718, disregarding the effect of estimated forfeitures. For additional information regarding the
assumptions underlying this calculation, please refer to Note 15, Share-based Compensation—Fair Value Determination, to the consolidated
financial statements included elsewhere in this prospectus.
(2) Amounts in this column represent the grant date fair value of RSUs granted to the NEOs calculated in accordance with FASB ASC Topic
718, disregarding the effect of estimated forfeitures, based on the fair market value of a share of our Class C common stock on the
applicable date.
(3) Amounts in the column include, for Ms. Shotwell, the incremental cost to the Company of security equipment to enhance security at Ms.
Shotwell’s personal residence. From time to time, each NEO may also be accompanied by personal guests on travel on Company-owned
aircraft that otherwise has a business purpose; however, there is no incremental cost to the Company of such travel.
(4) This amount includes the grant date fair value of 19,650 RSUs granted to Ms. Shotwell in lieu of base salary, calculated in accordance with
FASB ASC Topic 718, disregarding the effect of estimated forfeitures, based on the fair market value of a share of our Class C common
stock on the applicable date ($37 on May 10, 2025). For additional information, please refer to “—Compensation Discussion and Analysis
—Elements of Compensation—Base Salary” above and “Grants of Plan-Based Awards” below.
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Grants of Plan-Based Awards
The following table provides information on the stock options to purchase shares of our Class C common stock and
RSUs representing a right to receive shares of our Class C common stock, in each case, granted to each NEO during
the 2025 Fiscal Year under the 2024 Plan. Mr. Musk did not receive any equity grants from the Company during the
2025 Fiscal Year.
Name
Grant
Date
All Other Stock
Awards: Number
of Shares of
Stock
or Units (#) (1)
All Other Option
Awards: Number
of
Securities
Underlying
Options (#) (2)
Exercise or
Base Price of
Option Awards
($/Sh) (3)
Grant Date Fair
Value of Stock
and
Option Awards
($) (4)
Gwynne Shotwell
RSUs ......................................
5/10/25
19,650
(5)
$ 727,050
RSUs ......................................
5/10/25
27,030
$ 1,000,110
Options ...................................
5/10/25
324,325
$ 37.00
$ 6,136,878
Options ...................................
10/20/25
3,537,740
$ 42.40
$ 76,832,637
Bret Johnsen
Options ...................................
5/10/25
324,325
$ 37.00
$ 5,939,688
Options ...................................
10/20/25
141,510
$ 42.40
$ 3,073,314
__________________
(1) Amounts in this column represent RSUs granted during the 2025 Fiscal Year. For more information, please refer to “—Compensation
Discussion and Analysis—Elements of Compensation—Long-Term Incentive Compensation” and “Compensation Discussion and Analysis
—Elements of Compensation—Base Salaries” above.
(2) Amounts in this column represent stock options granted during the 2025 Fiscal Year. For more information, please refer to “—
Compensation Discussion and Analysis—Elements of Compensation—Long-Term Incentive Compensation” above.
(3) The exercise price of each stock option granted during the 2025 Fiscal Year reflects the fair market value of a share of our Class C common
stock on the date of grant and was determined based on a third-party valuation obtained in accordance with Section 409A of the Code.
(4) Amounts in this column represent the grant date fair value of stock options and RSUs, calculated in accordance with FASB ASC Topic 718,
disregarding the effect of estimated forfeitures. For additional information regarding the assumptions underlying this calculation, refer to
Note 15, Share-based Compensation—Fair Value Determination, to the audited financial statements included elsewhere in this prospectus.
(5) Represents the RSUs granted to Ms. Shotwell in lieu of $726,923 of her 2025 base salary. For additional information, please refer to “—
Compensation Discussion and Analysis—Elements of Compensation—Base Salary” above.
Outstanding Equity Awards at Fiscal Year-End
The following table presents information regarding the outstanding stock option awards held by our NEOs as of
December 31, 2025. No NEOs held outstanding RSUs or other unvested stock awards in the Company as of
December 31, 2025. Awards in respect of Class C common stock reflected in this following table will be converted
into awards in respect of Class A common stock on a one-for-one basis as part of the Class C Reclassification.
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Name
Option Awards
Number of
Securities
Underlying
Unexercised
Options (#)
Exercisable
Number of
Securities
Underlying
Unexercised
Options (#)
Unexercisable
Equity Incentive
Plan Awards:
Number of
Securities
Underlying
Unexercised
Unearned Options
(#)
Option
Exercise Price
($)
Option
Expiration
Date
Elon Musk
Class B Options .....................
344,166,650
8,333,350
(1)
—
$ 8.3998
2/11/31
Gwynne Shotwell
Class C Options .....................
27,800
305,550
(2)
—
$ 8.3998
4/20/31
Class C Options .....................
14,885
163,690
(2)
—
$ 11.20
4/27/32
Class C Options .....................
—
618,560
(3)
—
$ 19.40
5/16/34
Class C Options .....................
—
324,325
(4)
—
$ 37.00
5/10/35
Class C Options .....................
—
3,537,740
(5)
—
$ 42.40
10/20/35
Bret Johnsen
Class C Options .....................
711,850
—
—
$ 4.40
4/24/30
Class C Options .....................
1,019,400
480,600
(2)
—
$ 8.3998
4/20/31
Class C Options .....................
535,715
—
2,142,860
(6)
$ 11.20
4/27/32
Class C Options .....................
139,285
375,005
(7)
—
$ 15.40
5/1/33
Class C Options .....................
—
371,135
(3)
—
$ 19.40
5/16/34
Class C Options .....................
—
—
4,000,000
(8)
$ 19.40
5/16/34
Class C Options .....................
—
324,325
(9)
—
$ 37.00
5/10/35
Class C Options .....................
—
141,510
(5)
—
$ 42.40
10/20/35
__________________
(1) These stock options to purchase shares of our Class B common stock vested on January 1, 2026.
(2) These stock options to purchase shares of our Class C common stock vest in approximately equal monthly installments through November
15, 2026, subject to the NEO’s continued employment.
(3) These stock options to purchase shares of our Class C common stock vest as to 12.5% on May 15, 2026 and thereafter in approximately
equal monthly installments through November 15, 2029, subject to the NEO’s continued employment.
(4) These stock options to purchase shares of our Class C common stock vest as to 12.5% on May 15, 2027 and thereafter in approximately
equal monthly installments through November 15, 2030, subject to the NEO’s continued employment.
(5) These stock options to purchase shares of our Class C common stock vest as to 20% on September 30, 2027 and thereafter in approximately
equal monthly installments through September 30, 2031, subject to the NEO’s continued employment.
(6) These stock options to purchase shares of our Class C common stock vest as follows: (i) 75% vests in three equal tranches upon
achievement of a 50%, 80% and 90% reduction in cost per ton to orbit from such cost in April 2022, and (ii) 25% vests in two equal
tranches upon achievement of 80% and 90% reduction in Starlink service delivery costs from such costs in April 2022, in each case, subject
to the NEO’s continued employment.
(7) These stock options to purchase shares of our Class C common stock vest in approximately equal monthly installments through November
15, 2028, subject to the NEO’s continued employment.
(8) These stock options to purchase shares of our Class C common stock were eligible to vest based on our free cash flow performance
exceeding $2 billion beginning in 2025, subject to the NEO’s continued employment. In 2026, these stock options were amended as
described in more detail under —”Compensation Discussion and Analysis—Other Matters—2026 Compensation Developments” above.
(9) These stock options to purchase shares of our Class C common stock vest as follows: (i) 129,730 vest in approximately equal monthly
installments from January 1, 2027 through December 1, 2027 and (ii) 194,595 vest in approximately equal monthly installments from
January 1, 2028 through December 1, 2030, in each case, subject to the NEO’s continued employment.
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Option Exercises and Stock Vested
The following table reflects stock options to purchase Class C common stock exercised by our NEOs during the
2025 Fiscal Years and RSUs held by our NEOs which vested during 2025.
Name
Option Awards
Stock Awards
Number of
Shares
Acquired on
Exercise (#)
Value Realized
on
Exercise ($) (1)
Number of
Shares
Acquired on
Vesting (#)
Value Realized
on
Vesting ($) (2)
Elon Musk ..........................................................
—
—
—
—
Gwynne Shotwell ...............................................
1,684,515
44,800,662
46,680
1,926,177
Bret Johnsen .......................................................
1,182,150
41,906,655
—
—
__________________
(1) The value realized on the exercise of stock options is determined based on the fair market value of a share of our Class C common stock on
the exercise date, less the applicable exercise price.
(2) The value realized on the vesting of RSUs is determined based on the fair market value of a share of our Class C common stock on the
vesting date.
Potential Payments Upon Termination or Change in Control
None of our NEOs are party to an employment agreement or severance arrangement that provides for payments or
benefits upon termination of employment or a change in control of the Company. Under the terms of the RSU award
agreements, in the event of an NEO’s death, the RSUs scheduled to vest within the following 12-month period
would become vested. No NEOs held outstanding RSUs as of December 31, 2025. No other equity award
agreements provide for benefits upon termination of employment or a change in control of the Company.
Amended and Restated 2024 Equity Incentive Plan
In connection with this offering, we intend to amend and restate our 2024 Plan (the “A&R 2024 Plan”). The purpose
of the A&R 2024 Plan is to secure and retain the services of eligible employees, directors and consultants to provide
incentives for such persons to exert maximum efforts for the success of the Company and to provide a means by
which such eligible recipients may be given an opportunity to benefit from increases in value of our Class A
common stock. The A&R 2024 Plan allows for the grant of stock options, both incentive stock options and
“nonstatutory” stock options; stock appreciation rights (“SARs”); restricted stock; RSUs; and other equity awards.
We refer to these collectively herein as “Awards.”
The following description of the A&R 2024 Plan is not intended to be complete and is qualified in its entirety by
reference to the complete text of the A&R 2024 Plan, a copy of which will be filed as an exhibit to the registration
statement of which this prospectus forms a part. Please read the A&R 2024 Plan in its entirety.
Administration
The A&R 2024 Plan will be administered by our board or a committee thereof designated by our board to administer
the A&R 2024 Plan, which we refer to herein as the “Plan Administrator.” The Plan Administrator will have broad
authority, subject to the provisions of the A&R 2024 Plan, to administer and interpret the A&R 2024 Plan and
Awards granted thereunder. All decisions and actions of the Plan Administrator will be final, binding and conclusive
on all persons.
Stock Subject to A&R 2024 Plan
The maximum number of shares of Class A common stock that may be issued under the A&R 2024 Plan will not
exceed 365,950,000 shares (the “Share Reserve”), inclusive of shares issued under the 2024 Plan prior to the
adoption of the A&R 2024 Plan. The Share Reserve is subject to certain adjustments in the event of a change in our
capitalization. Shares of Class A common stock issued under the A&R 2024 Plan may be authorized but unissued or
reacquired shares, including shares repurchased by the Company on the open market or otherwise.
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Shares of Class A common stock subject to any award under our 2012 Equity Incentive Plan or the 2015 Plan that
expires, terminates or is forfeited or that are reacquired, withheld or not issued to satisfy a tax withholding obligation
will be added to the Share Reserve. Shares of Class A common stock subject to any award under the A&R 2024 Plan
that expires, terminates or is forfeited or that are reacquired, withheld or not issued to satisfy a tax withholding
obligation or payment of an exercise price will be again be available for issuance under the A&R 2024 Plan.
Eligibility
Current or prospective employees, non-employee directors and consultants of the Company and its affiliates will be
eligible to participate in the A&R 2024 Plan.
Types of Awards
Stock Options . Stock options granted under the A&R 2024 Plan may be granted as incentive stock options or
nonstatutory stock options, in either case with a term not to exceed 10 years (or five years for incentive stock options
granted to 10% shareholders). Subject to the express provisions of the A&R 2024 Plan, stock options generally may
be exercised over such period, in installments or otherwise, as the Plan Administrator may determine. The exercise
price for any stock option granted may not generally be less than the fair market value of the Class A common stock
subject to that option on the grant date (or 110% of the fair market value for incentive stock options granted to 10%
shareholders). The exercise price may be paid in cash or such other method as determined by the Plan Administrator,
including an irrevocable commitment by a broker to pay over such amount from a sale of the shares issuable under
an option, the delivery of previously owned shares, or withholding of shares deliverable upon exercise.
Stock Appreciation Rights . SARs represent, upon exercise, the right to receive the amount by which the fair market
value of the Class A common stock at the time of exercise exceeds the exercise price of the SAR. This amount is
payable in Class A common stock, cash, or a combination thereof, or in any other form of consideration at the Plan
Administrator’s discretion. The exercise price for any SARs may not generally be less than the fair market value of
the Class A common stock subject to the SAR on the grant date and may not have a term in excess of 10 years.
Restricted Stock and RSUs . Awards of restricted stock consist of shares of stock that are transferred to the
participant subject to restrictions that may result in forfeiture if specified conditions are not satisfied. RSUs result in
the transfer of shares of Class A common stock, cash or other form of consideration to the participant only after
specified conditions are satisfied. The Plan Administrator will determine the restrictions and conditions applicable to
each award of restricted stock or RSUs, which may include performance vesting conditions.
Other Equity Awards . Other equity awards are Awards valued in whole or in part by reference to, or otherwise
based, on Class A common stock, including the appreciation in value thereof. Other equity awards may be granted
either alone or in tandem with other Awards under the A&R 2024 Plan.
Performance Criteria
The Plan Administrator may specify certain performance criteria which must be satisfied before Awards will be
granted or will vest. The performance goals may vary from participant to participant, group to group, and period to
period.
Transferability
Except as otherwise permitted by the Plan Administrator, Awards generally are not transferable except by will or by
the laws of descent and distribution, and each stock option or SAR will be exercisable during the lifetime of the
participant only by the participant.
Clawback
Awards will be subject to recoupment in accordance with any clawback policy that we adopt, including any
clawback policy required under Rule 10D-1 of the Exchange Act.
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Amendment and Termination
The Plan Administrator may amend, suspend or terminate the A&R 2024 Plan at any time; however certain
enumerated material amendments may not be made without shareholder approval. Suspension or termination of the
A&R 2024 Plan may not impair the rights and obligations of any outstanding Award. The Plan Administrator may
also amend any outstanding Award, subject to the participant’s consent in the event such amendment impairs such
participant’s rights under such Award. The A&R 2024 Plan is expected to be adopted by our board in connection
with this offering and will terminate on December 10, 2034, unless earlier terminated by our board.
Second Amended and Restated 2017 Employee Stock Purchase Plan
In connection with this offering, we intend to further amend and restated our 2017 ESPP. The purpose of the A&R
2017 ESPP is to encourage and enable our eligible employees to acquire a proprietary interest in us through the
ownership of our Class A common stock. The A&R 2017 ESPP, and the rights of participants to make purchases
thereunder, is intended to qualify under the provisions of Section 423 of the Code.
The following description of the A&R 2017 ESPP is not intended to be complete and is qualified in its entirety by
reference to the complete text of the A&R 2017 ESPP, a copy of which will be filed as an exhibit to the registration
statement of which this prospectus forms a part. Please read the A&R 2017 ESPP in its entirety.
Administration
The A&R 2017 ESPP will be administered by our board or a committee thereof designated by our board to
administer the A&R 2017 ESPP, which we refer to herein as the “ESPP Administrator.” The ESPP Administrator
has the final power to determine all questions of policy and expediency that may arise in the administration of the
A&R 2017 ESPP. The ESPP Administrator may delegate its responsibilities under the A&R 2017 ESPP to one or
more other persons.
Stock Subject to A&R 2017 ESPP
The maximum number of shares of Class A common stock that may be issued under the A&R 2017 ESPP will not
exceed 75,000,000 shares (the “ESPP Share Pool”), inclusive of shares issued under the 2017 ESPP prior to the
adoption of the A&R 2017 Plan. The ESPP Share Pool is subject to certain adjustments in the event of a change in
our capitalization. Shares of Class A common stock issued under the A&R 2017 ESPP may be either authorized and
unissued shares or previously issued shares acquired by us. A participant does not have the rights of a shareholder
until the shares are actually issued to the participant.
Eligibility; Limitations
An employee is eligible to participate in the A&R 2017 ESPP if the employee has been continuously employed by
us our one of our related corporations incorporated in the United States since at least the last day of the calendar
month preceding the month in which the offering date occurs and does not own 5% or more of the combined voting
power of the Company or any related corporations (as determined under Section 423 and 424 of the Code). Eligible
employees must enroll in a particular offering at least 10 business days prior to the offering date of such offering,
and once enrolled for an offering, employees will be automatically enrolled in subsequent offerings unless the
employee withdraws.
A participant is not permitted to purchase shares of our Class A common stock with a fair market value in excess of
$25,000 in any one calendar year (calculated based on the fair market value on the offering date).
Offerings
The offerings and purchase periods will be determined by the ESPP Administrator, subject to limitations under the
Section 423 of the Code. It is expected that we will continue six-month successive purchase periods with purchase
dates occurring on April 15 th and October 15 th of each year.
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During the purchase period, a participant may contribute between 1% and 100% of their eligible earnings (in whole
percentage increments) through payroll deductions. A participant may change their payroll deduction prior to the
beginning of an offering; however, during an offering, a participant may not increase the contribution percentage
and may only decrease it up to two times (with the second decrease required to be to 0%), subject to the withdrawal
provisions. At the end of each offering period, unless the participant has withdrawn from the A&R 2017 ESPP,
payroll deductions are applied automatically to purchase shares of Class A common stock at the purchase price
described below. The number of shares purchased is determined by dividing the payroll deductions by the applicable
purchase price, with any remaining funds held in the participant’s account for the subsequent purchase period
(subject to the withdrawal provisions).
In the event of a participant’s termination of employment or a participant’s withdrawal from an offering (which may
occur at any time prior to the ten-business day period preceding the purchase date), such participant’s accumulated
deductions will be returned to the participant as soon as administratively practicable.
Purchase Price
The price per share at which shares are purchased under the A&R 2017 ESPP in a particular offering period is
determined by the ESPP Administrator, but in no event will be less than 85% of the lower of the fair market value of
the Class A common stock on the offering date or the fair market value of the Class A common stock on the
purchase date.
Adjustments
In the event of any reorganizations, recapitalizations, stock splits, reverse stock splits, stock dividends, extraordinary
dividends or distributions, or similar events, the ESPP Administrator will appropriately adjust the number and class
of shares available under the A&R 2017 ESPP and subject to the purchase limits under each ongoing offering and
the applicable purchase price of such shares in each ongoing offering.
Transferability
Rights to purchase Class A common stock under the A&R 2017 ESPP may not be transferred by a participant and
may be exercised during a participant’s lifetime only by the participant.
Amendment and Termination
The A&R 2017 ESPP will become effective when it is approved by our board. Our board may amend, alter, or
discontinue the A&R 2017 ESPP in any respect at any time, subject to shareholder approval as required by
applicable laws and regulations.
Director Compensation
During 2025, our non-employee directors did not receive cash or equity compensation for their service on our board.
Mr. Musk and Ms. Shotwell do not receive any additional compensation for their respective services as directors.
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CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS
The following is a description of certain relationships and transactions that exist, are proposed to exist or have
existed or that we have entered into or propose to enter into with our directors, executive officers, holders of more
than 5% of our capital stock or their affiliates and immediate family members since January 1, 2023 and where:
• we have been or are to be a participant;
• the amount involved exceeded or will exceed $120,000; and
• any of our directors, executive officers, or holders of more than 5% of our capital stock, or any immediate
family member of, or persons sharing their household with, any of these individuals, had or will have a direct or
indirect material interest.
Note Regarding the xAI Merger
On February 2, 2026, we effected the xAI Merger, pursuant to which we acquired xAI (which includes X). For the
purposes of the disclosures set forth in this section pursuant to Item 404 of Regulation S-K, the transactions
described below also include certain agreements and transactions originally entered into by xAI or X Holdings prior
to the xAI Merger to the extent that such agreements and transactions are ongoing following the consummation of
the xAI Merger.
Transactions with Elon Musk and Affiliated Entities
Elon Musk, our founder, Chief Executive Officer, Chief Technical Officer, Chairman of our board, and principal
shareholder, also serves as the Technoking, Chief Executive Officer and director of Tesla, and is an approximately
20% shareholder of Tesla as of November 10, 2025. Mr. Musk is also the founder of several other ventures,
including The Boring Company (an infrastructure company). In addition, Mr. Musk was a stockholder, director, and
officer of each of xAI and X prior to the X Merger and the xAI Merger. We have certain relationships and/or
transactions with Mr. Musk and affiliated entities, as described below.
Transactions with Tesla
Tesla is the beneficial owner of 18,990,195 shares of our Class A common stock as of May 1, 2026, representing an
ownership interest of less than 1.0% of the total outstanding number of shares of our Class A common stock, after
giving effect to the sale of shares of Class A common stock in this offering.
Tesla designs, develops, manufactures, sells, and leases fully electric vehicles and energy generation and storage
systems that deliver AI-related and enhanced software and services to its customers. We have historically
collaborated with Tesla through commercial, licensing, and support agreements. Certain amounts presented below
that may have been incurred in one year could be paid in another year.
• SpaceX c ommercial, licensing and support agreements. We are party with Tesla to certain agreements which
generally relate to commercial, licensing, and support agreements and standardized commercial transactions
with Tesla done on terms no less favorable to SpaceX than those generally available to unaffiliated third parties
under similar circumstances. Pursuant to those agreements, we obtained goods and services of $11 million in
2 023, $4 million in 2024, $144 million in 2025, a nd $0.2 million from January 1, 2026 through February 28,
2026.
• xAI commercial, licensing and support agreements. xAI is party to certain commercial, licensing, and
support agreements with Tesla. Under these agreements, xAI obtained goods and services of $191 million in
2024, $506 million in 2025 , and $34 million from January 1, 2026 through February 28, 2026, and xAI
recognized revenue of $2 million in 2025 and $0.4 million from January 1, 2026 through February 28, 2026
from Tesla.
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• X Holdings advertising agreements. Tesla has directly and indirectly purchased advertising on our X
platform. These amounts totaled $0.5 million in 2024, $4 million in 2025, and $0 fro m January 1, 2026 through
February 28, 2026 .
• Aircraft usage. Since April 2016, we have owned and operated aircraft used by Mr. Musk, in his capacity as
the Chief Executive Officer of Tesla, and other Tesla personnel for business travel, and we have invoiced Tesla
for the use of such aircraft owned and operated by us at rates determined by Tesla and SpaceX, subject to rules
of the Federal Aviation Administration governing such arrangements. For such aircraft use, we charged Tesla
$1 million in 2023, $1 million in 2024, $ 2 million in 2025, and $ 0 from January 1, 2026 through February 28,
2026.
Transactions with The Boring Company
In 2024, X entered into a lease for office space with a subsidiary owned by The Boring Company (an entity
affiliated with Mr. Musk). Under this agreement, X made lease payments of $0.1 million in 2024, $1 million in
2025, and $0.1 million from January 1, 2026 through February 28, 2026. In addition, SpaceX incurred expenses of
$1 million in 2025 in connection with the construction of tunnels by The Boring Company in Bastrop, Texas.
Relationships with Musk Industries LLC
xAI leases a real property owned by the Musk Industries LLC, which is owned by Mr. Musk. Under this agreement,
xAI made lease payments of $0.5 million in 2024, $2 million in 2025, and $0.2 million from January 1, 2026
through February 28, 2026.
Security Services provided to Mr. Musk
We are party to a services agreement with a security company owned by Mr. Musk and organized to provide
security services concerning him, including in connection with his duties to and work for SpaceX. SpaceX incurred
expenses of $2 million for such SpaceX-related security services in 2023, $3 million for such security services in
2024, $4 million for such security services in 2025, and $1 million for such security services from January 1, 2026
through February 28, 2026.
Relationship with Antonio J. Gracias and Affiliated Entities
Transactions with Valor Equity Partners and Affiliated Entities
Mr. Antonio J. Gracias, a member of our board, also serves as the founder, CEO and Chief Investment Officer of
Valor Equity Partners (together with its affiliates, “Valor”).
Certain subsidiaries of xAI, have entered into certain equipment lease, sublease, and access agreements with Valor.
These arrangements include (i) an equipment lease agreement under which a subsidiary of xAI leases computing and
related equipment from Valor, which provides for aggregate cash payments of $6,986 million to be made by such
subsidiary over the life of the lease, (ii) a second equipment lease agreement under which such subsidiary leases
certain computing and related equipment from Valor, which provides for aggregate cash payments of $6,633 million
to be made by such subsidiary over the life of the lease, and (iii) a third equipment lease under which such
subsidiary leases certain computing and related equipment from Valor, which provides for aggregate cash payments
of $6,587 million to be made by such subsidiary over the life of the lease. The lessees’ payments and performance
obligations under these agreements are guaranteed by Space Exploration Technologies Corp. or one of its
subsidiaries. Pursuant to the lease agreements described above, our subsidiaries have made payments of $885
million in 2025, and $857 million from January 1, 2026 through February 28, 2026.
In connection with certain X API services, X received payments from Valor of $1 million in 2024, $1 million in
2025, and $0.1 million from January 1, 2026 through February 28, 2026.
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Other Transactions with our Directors and Executive Officers
We own and operate, through our subsidiary, Falcon Landing, LLC, three aircraft for use by our directors, executive
officers and employees in connection with the performance of their duties for business purposes. One of the aircraft
is maintained and serviced by Craft Aviation Services, LLC, an affiliate of Mr. Musk. The amount of the expenses
incurred by us for the maintenance and service of this aircraft was $1 million in 2023, $1 million in 2024, $3 million
in 2025, and $1 million from January 1, 2026 through February 28, 2026. As disclosed above, we have also invoiced
Tesla for their use of one of the aircraft owned and operated by us at rates determined by Tesla and SpaceX, subject
to rules of the Federal Aviation Administration governing such arrangements.
In certain circumstances, when our aircraft are unavailable, Mr. Musk uses his personal aircraft for SpaceX business
purposes and is reimbursed by us, subject to rules of the Federal Aviation Administration governing such
arrangements. In connection with the use of such aircraft, SpaceX has incurred expenses of $0.1 million in 2023, $3
million in 2024, $2 million in 2025, and $0.2 million from January 1, 2026 through February 28, 2026.
Ms. Shotwell, our President, Chief Operating Officer and Director, and Mr. Johnsen, our Chief Financial Officer,
separately co-own an aircraft for their personal use. In certain circumstances, when none of our aircraft are available
for business use, our directors and employees, including Ms. Shotwell and Mr. Johnsen, have used this aircraft for
SpaceX business purposes. Any leasing fees for the use of such aircraft for our business purposes have been waived
by the owners, and we have agreed to assume the cost of maintenance, crew and operation of such aircraft for such
use, subject to rules of the Federal Aviation Administration governing such arrangements. In connection with the use
of this aircraft, SpaceX has incurred expenses of $3 million in 2023, $3 million in 2024, $3 million in 2025, and $1
million from January 1, 2026 through February 28, 2026.
Investors’ Rights Agreement
Certain existing investors in our equity securities, including entities affiliated with Elon Musk, Google, Valor, and
DFJ Growth, are party to an Amended and Restated Investors’ Rights Agreement, dated as of August 4, 2020 (the
“Investors’ Rights Agreement”). Under the Investors’ Rights Agreement, such existing investors are entitled to
registration rights with respect to shares of our Class A common stock beneficially owned by them (collectively, the
“Registrable Securities”). These registration rights, if exercised, would require us to register such existing investors’
Registrable Securities under the Securities Act, and would facilitate the resale of such securities by such existing
investors into the public markets.
We will pay all registration expenses, other than underwriting discounts and commissions, associated with
registrations effected pursuant to the Investors’ Rights Agreement, subject to limited exceptions.
Demand Registration Rights
At any time commencing six months after the effective date of the first registration statement for a public offering of
our securities (other than a registration on certain registration forms or for transactions not providing for the sale of
Registrable Securities), such holders of a majority of the then‑outstanding Registrable Securities, excluding for this
purpose shares issuable or issued upon conversion of certain series of our preferred stock, may request that we file a
registration statement within 60 days after receipt of the request covering the offer and sale of Registrable Securities,
provided that, among other things, the anticipated aggregate offering price, net of underwriting discounts and selling
expenses, exceeds $250.0 million. Further, the initiating holders may require that such registration be an
underwritten offering, in which case the underwriter will be selected by a majority in interest of the initiating
holders, subject to our reasonable approval.
Piggyback Registration Rights
If we propose to register any of our securities under the Securities Act for sale to the public for cash (other than on
certain registration forms or for transactions that do not permit piggyback participation), we must promptly give
each holder of Registrable Securities notice of such proposed registration and, upon timely request, cause to be
registered all Registrable Securities that such holder requests to be included, subject to any cutbacks, as permitted by
the agreement.
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Policies and Procedures for Review of Related Person Transactions
In connection with the completion of this offering, we will adopt a written policy pursuant to which the audit
committee will review and approve or disapprove certain “related person transactions” (as defined in the policy and
summarized below) with our directors, executive officers and holders of more than 5% of any class of our voting
securities and certain of their family members and affiliates. In approving or disapproving any such transaction, we
expect that our audit committee will consider the relevant facts and circumstances available and deemed relevant to
the audit committee. Any member of the audit committee who is a related person with respect to a transaction under
review will not be permitted to participate in the deliberations or vote on approval or disapproval of the transaction.
In addition, certain transactions (including compensation arrangements with our executives and directors) will
constitute pre-approved related person transactions under the terms of our policy.
For purposes of the policy, (i) “related person transaction” is a transaction, arrangement or relationship in which we
or any of our subsidiaries was, is or will be a participant, the amount of which involved exceeds $120,000, and in
which any related person had, has or will have a direct or indirect material interest; and (ii) “related person” means:
(1) any person who is, or at any time during the applicable period was, one of our executive officers or one of our
directors; (2) any person who is known by us to be the beneficial owner of more than 5.0% of any class of our
common stock; and (3) any immediate family member of any of the foregoing persons, which means any child,
stepchild, parent, stepparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-
law or sister-in-law of a director, executive officer or a beneficial owner of more than 5.0% of any class of our
common stock, and any person (other than a tenant or employee) sharing the household of such director, executive
officer or beneficial owner of more than 5.0% of any class of our common stock.
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SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The following table sets forth certain information with respect to the beneficial ownership of our common stock as
of May 1, 2026 and as adjusted to give effect to the completion of this offering and transactions related thereto, for:
• each person (or group of affiliated persons) known to us to beneficially own more than 5% of any class of our
voting securities;
• each of our named executive officers and directors; and
• all of our executive officers and directors as a group.
Unless otherwise indicated, the address of each beneficial owner listed below is c/o Space Exploration Technologies
Corp., 1 Rocket Road, Starbase, Texas 78521.
The percentage ownership information before this offering shown in the table is based on 6,932,508,000 shares of
our Class A common stock and 5,602,790,410 shares of our Class B common stock outstanding as of May 1, 2026,
after giving effect to the Class C Reclassification, the Preferred Conversion, and the 2026 Stock Split. The
percentage ownership information after this offering shown in the table is based on shares of our Class A
common stock and shares of our Class B common stock outstanding as of May 1, 2026, after giving effect
to the sale of shares of Class A common stock in this offering and to the Class C Reclassification, the
Preferred Conversion, and the 2026 Stock Split.
To the extent that the underwriters sell more than shares of Class A common stock, the underwriters have
the option to purchase up to an additional shares of Class A common stock from us. These amounts are
shown assuming no exercise of the underwriters’ option to purchase additional shares of Class A common stock.
The following table does not reflect any of the shares of Class A common stock that may be purchased in this
offering through the directed share program described in “Underwriting—Directed Share Program.”
We have determined beneficial ownership in accordance with the rules of the SEC. Shares of common stock subject
to options, warrants and rights that are exercisable within 60 days of May 1, 2026 are considered outstanding and
beneficially owned by the person holding such options or warrants for the purpose of computing the percentage
ownership of that person but are not treated as outstanding for the purpose of computing the percentage ownership
of any other person, except with respect to the percentage ownership of all directors and executive officers as a
group.
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Shares Beneficially Owned Before This Offering
Shares Beneficially Owned After This Offering (No Exercise)
Class A common stock (8)
Class B common stock
Combined
voting
power
Class A common stock
Class B common stock
Combined
voting
power
Number
%
Number
%
%
Number
%
Number
%
%
5% Shareholders:
Elon Musk (1) ...................................
849,494,440
12.3 %
5,569,053,075
93.6 %
85.1 %
%
%
%
Named Executive Officers and
Directors:
Elon Musk (1) ...................................
849,494,440
12.3 %
5,569,053,075
93.6 %
85.1 %
%
%
%
Gwynne Shotwell (2) ........................
5,460,400
*
7,113,550
*
*
%
%
%
Bret Johnsen (3) ................................
9,583,690
*
—
*
*
%
%
%
Ira Ehrenpreis (4) ..............................
809,050
*
564,650
*
*
%
%
%
Randy Glein (5) .................................
277,800
*
—
*
*
%
%
%
Antonio J. Gracias (6) .......................
503,414,530
7.3 %
—
*
*
%
%
%
Donald Harrison ..............................
—
*
—
*
*
%
%
%
Steve Jurvetson ...............................
—
*
—
*
*
%
%
%
Luke Nosek (7) .................................
32,987,360
*
—
*
*
%
%
%
All executive officers and directors
as a group ( persons) ......
1,402,027,270
20.2 %
5,576,731,275
93.7 %
86.0 %
%
%
%
__________________
* Represents beneficial ownership or voting power of less tha n 1%.
(1) Includes (i) 1,302,072,285 shares of restricted Class B common stock issued to and held of record by Mr. Musk, which may be voted by Mr. Musk and the vesting
of which is subject to the satisfaction of certain performance and other conditions, (ii) 842,091,670 shares of Class A common stock and 3,788,654,145 shares of
Class B common stock held of record by the Elon Musk Revocable Trust dated July 22, 2003, of which Mr. Musk serves as trustee, (iii) 900,495 shares of Class B
common stock held of record by the Musk 2017 Sprinkling Trust dated 12/12/2017, of which Mr. Musk serves as trustee, (iv) 7,402,770 shares of Class A
common stock held of record by the EM 2024 GRAT-A under agreement dated November 26, 2024, of which Mr. Musk serves as trustee, (v) 127,426,150 shares
of Class B common stock held of record by the Mission Trust dated December 12, 2019, of which Mr. Musk serves as trustee, and (vi) 350,000,000 shares of
Class B common stock issuable to Mr. Musk upon exercise of options exercisable within 60 days of May 1, 2026. The reported amounts include 237,530 shares of
Class A common stock pledged as security for personal indebtedness.
(2) Includes (i) 2,258,135 shares of Class A common stock and 7,113,550 shares of Class B common stock held of record by Ms. Shotwell, (ii) 1,556,055 shares of
Class A common stock held of record by QM GS 2021 Exempt Trust, of which Ms. Shotwell and her spouse serve as trustees, (iii) 1,556,005 shares of Class A
common stock held of record by QM RS 2021 Exempt Trust, of which Ms. Shotwell and her spouse serve as trustees, and (iv) 90,205 shares of Class A common
stock issuable to Ms. Shotwell upon exercise of options exercisable within 60 days of May 1, 2026.
(3) Includes (i) 2,518,540 shares of Class A common stock held of record by B & C Johnsen Holdings LLC, of which Mr. Johnsen and his spouse serve as managers,
(ii) 3,866,970 shares of Class A common stock held of record by the Bret and Catherine Johnsen Family Trust dated July 2, 2015, of which Mr. Johnsen and his
spouse serve as trustees, and (iii) 3,198,180 shares of Class A common stock issuable to Mr. Johnsen upon exercise of options exercisable within 60 days of May
1, 2026.
(4) Consists of 809,050 shares of Class A common stock and 564,650 shares of Class B common stock held of record by a revocable trust, of which Mr. Ehrenpreis
and his spouse serve as trustees.
(5) Represents 277,800 shares of Class A common stock held of record by Galaxy2021 Partners, LLC for which Mr. Glein serves as a manager. Mr. Glein disclaims
beneficial ownership of the shares held of record by Galaxy2021 Partners, LLC, except to the extent of his pecuniary interest therein.
(6) Consists of shares of Class A common stock held of record by the following: (i) 16,250,015 shares held by CV Consortio A LLC, (ii) 5,154,650 shares held by CV
Consortio F LLC, (iii) 4,464,250 shares held by CV Consortio G LLC, (iv) 2,375,295 shares held by CV Consortio M LLC, (v) 4,652,600 shares held by CV
Consortio N LLC, (vi) 3,648,645 shares held by KVSX I L.P., (vii) 1,118,920 shares held by TM33 Partner Holdings LLC, (viii) 911,430 shares held by Valor
Equity Partners Opportunity Fund I L.P., (ix) 190,610 shares held by Valor Equity Partners Opportunity Fund I-A L.P., (x) 1,576,525 shares held by Valor Equity
Partners Opportunity Fund I-B L.P., (xi) 20,529,605 shares held by Valor Equity Partners VI L.P., (xii) 495,880 shares held by Valor Equity Partners VI-A L.P.,
(xiii) 13,152,840 shares held by Valor Equity Partners VI-B L.P., (xiv) 52,569,550 shares held by Valor IV Space Holdings, LLC, (xv) 39,793,000 shares held by
Valor M33 II L.P., (xvi) 22,066,800 shares held by Valor M33 IV L.P., (xvii) 77,810,800 shares held by Valor M33 V L.P., (xviii) 8,939,445 shares held by Valor
M33 VI L.P., (xix) 31,083,705 shares held by Valor M33 L.P., (xx) 7,552,000 shares held by Valor R&D Series LLC, (xxi) 97,883,000 shares held by Valor
Space Holdings, LLC, (xxii) 34,051,100 shares held by Valor V Space Holdings, L.P., (xxiii) 1,179,245 shares held by Valor VII Space Holdings, L.P., (xxiv)
20,497,155 shares held by VG 1.0 L.P., (xxv) 4,272,795 shares held by VG 2.0 L.P., (xxvi) 783,920 shares held by VG AI Holdings L.P., (xxvii) 27,462,910
shares held by VGX 1.0 L.P., (xxviii) 669,600 shares held by VOF Space Holdings L.P., (xxix) 1,197,160 shares held by VSV II XAI Holdings L.P., and (xxx)
1,081,080 shares held by VX Holdings L.P. (collectively, “Valor Entities”). By virtue of his position with the Valor Entities or the general partners of the Valor
Entities, Antonio J. Gracias may be deemed to have beneficial ownership of the shares held of record by the Valor Entities. Mr. Gracias disclaims beneficial
ownership of the shares held of record by each of the Valor Entities, except to the extent of his pecuniary interest therein. The address for each of the Valor
Entities identified in this footnote and Antonio Gracias is c/o Valor Equity Partners, 320 North Sangamon Street, Suite 1200, Chicago, IL 60607.
(7) Includes (i) 24,987,340 shares of Class A common stock held of record by Mr. Nosek and (ii) 8,000,020 shares of Class A common stock held of record by Nosek
Capital, LLC, for which Mr. Nosek is the managing member. The reported amounts include 2,381,000 shares of Class A common stock pledged as security for
personal indebtedness.
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(8) The amounts in the table with respect to Class A Common Stock do not include the shares of Class B Common Stock beneficially owned by the persons listed
therein. Each share of Class B common stock is convertible at any time at the option of the holder into one share of our Class A common stock. In addition,
subject to certain exceptions, each share of Class B common stock will convert automatically into one share of Class A common stock upon any sale of such share
of Class B common stock or any legal or beneficial interest in such share, as described in “Description of Capital Stock—Common Stock—Conversion.”
Beneficial ownership is determined in accordance with the rules of the SEC, which generally attribute ownership to persons who have or share voting or
investment power with respect to the relevant securities. Shares of Class A Common Stock that may be acquired within 60 days upon conversion of outstanding
Class B Common Stock are deemed to be beneficially owned. Securities not outstanding, but included in the beneficial ownership of each such person, are deemed
to be outstanding for the purpose of computing the percentage of outstanding securities of the class owned by such person, but are not deemed to be outstanding
for the purpose of computing the percentage of the class(es) of securities owned by any other person. Except as indicated in these footnotes, and subject to
community property laws where applicable, the persons named in the table have sole voting and investment power with respect to all securities shown as
beneficially owned by them. Moreover, as described in “Description of Capital Stock—Voting Rights,” subject to the terms of our charter, each holder of our
Class A common stock is entitled to one vote per share, and each holder of our Class B common stock is entitled to ten votes per share. Holders of our Class B
common stock, voting separately as a class, are entitled to elect 51% of the total number of authorized directors (rounded up to the nearest whole number).
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DESCRIPTION OF CAPITAL STOCK
The following summary of the Company’s capital stock and charter and bylaws (each as in effect upon completion of
this offering) does not purport to be complete and is qualified in its entirety by reference to the provisions of
applicable law and to our charter and bylaws, which are filed as exhibits to the registration statement of which this
prospectus is a part. To understand the material terms of our common stock and preferred stock, you should read
our charter and our bylaws in their entirety. For purposes of this section, the term “common stock” refers to our
Class A, Class B, and Class C common stock.
General
Upon completion of this offering, the authorized capital stock of the Company will consist of 36,132,150,000 shares
of Class A common stock, par value $0.001 per share, of which shares will be issued and outstanding,
6,125,000,000 shares of Class B common stock, par value $0.001 per share, of which shares will be issued and
outstanding, 10,000,000,000 shares of Class C common stock, par value $0.001 per share, of which no shares will be
issued and outstanding, and 2,400,000,000 shares of preferred stock, par value $0.001 per share, of which no shares
will be issued and outstanding.
Common Stock
Voting Rights
General
Subject to the terms of our charter, each holder of our Class A common stock is entitled to one vote per share; each
holder of our Class B common stock is entitled to ten votes per share; and the holders of our Class C common stock
will have no voting rights. Generally speaking, with respect to matters to be voted on by shareholders of the
Company, the holders of all classes of our voting common stock will vote together as a single class. Notwithstanding
the foregoing, our charter will provide that (i) as further described below, (1) holders of our Class B common stock,
voting separately as a class, are entitled to elect 51% of the total number of authorized directors (rounded up to the
nearest whole number); and (2) removal of Mr. Musk from his board and leadership roles (Chief Executive Officer
and Chairman of our board) requires the approval of the holders of at least a majority of the voting power of the
outstanding shares of Class B common stock, voting separately as a class; and (ii) in addition to any other required
vote, under our charter, the approval of the Class B common stock, voting separately as a class, is required to
approve (1) any amendment to our charter that would make any change in the rights, powers, preferences and
privileges of the Class B common stock (including with respect to Class B Directors); and (2) certain combinations,
mergers or sales, as described in our charter. Otherwise, classes of common stock will not be entitled to any separate
class votes, as our charter will provide for an opt-out from class votes that would otherwise be required under the
TBOC.
Election and Removal of Directors
With respect to the election of directors, our charter will provide that (i) holders of our Class B common stock,
voting separately as a class, are entitled to elect 51% of the total number of authorized directors (rounded up to the
nearest whole number) for so long as any shares of Class B common stock remain outstanding; and that (ii) holders
of all classes of our voting common stock, voting together as a single class, are entitled to elect the remaining
directors (the “Common Stock Directors”). Class B Directors may be removed with or without cause by the
affirmative vote of the holders of at least a majority of the voting power of the outstanding shares of Class B
common stock, voting separately as a class. Vacancies occurring with respect to the Class B Directors, including as
a result of newly created directorships on the board, may be filled at any time by the affirmative vote of the holders
of at least a majority of the voting power of the outstanding shares of Class B common stock, voting separately as a
class, or by the remaining Class B Directors, and not any other persons, subject to the terms of our charter. Common
Stock Directors may be removed with or without cause by the affirmative vote of the holders of at least a majority of
the voting power of the outstanding shares of voting common stock, voting together as a single class. Vacancies
occurring with respect to the Common Stock Directors, including as a result of newly created directorships on the
board, may be filled at any time by the affirmative vote of the holders of at least a majority of the voting power of
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the outstanding shares of voting common stock, voting together as a single class, or by the remaining directors,
subject to the terms of our charter.
Upon completion of this offering, Mr. Musk will continue to serve as our Chief Executive Officer, Chief Technical
Officer and Chairman of the board. Notwithstanding the preceding paragraph, pursuant to the terms of our charter,
Mr. Musk will only be subject to removal from the board and from his Chief Executive Officer and Chairman of the
board leadership positions with the approval of the holders of at least a majority of the voting power of the
outstanding shares of our Class B common stock, voting separately as a class.
Notwithstanding the above, each of the voting rights described above will be subject to the rights that may be
granted in the future to the holders of any one or more series of preferred stock, as applicable.
Dividends
Subject to the prior rights of holders of all classes and series of the Company’s capital stock at the time outstanding
having prior rights as to dividends, the holders of shares of Class A common stock, Class B common stock and Class
C common stock will be entitled to receive such dividends as may be declared from time to time by the board. Any
dividends paid to the holders of shares of Class A common stock, Class B common stock and Class C common stock
will be paid pro rata, on an equal priority, pari passu basis.
Dissolution and Liquidation
Upon the Company’s liquidation, dissolution or winding up, holders of shares of Class A common stock, Class B
common stock and Class C common stock are entitled to share ratably in all assets remaining after payment of
liabilities and the liquidation preference of any then outstanding shares of capital stock of the Company.
Conversion
Holders of our Class A common stock and Class C common stock do not have conversion rights. Each share of
Class B common stock is convertible at any time at the option of the holder into one share of our Class A common
stock. In addition, subject to certain exceptions specified in the charter that do not constitute a “Transfer” (as defined
below) and other than in the case of certain “permitted transfers” (as summarized below), each share of Class B
common stock will convert automatically into one share of Class A common stock upon any sale, assignment,
encumbrance, transfer, conveyance, hypothecation, pledge, gift, or other transfer or disposition of any kind of such
share of Class B common stock or any legal or beneficial interest in such share, whether or not for value and
whether voluntary or involuntary or by operation of law, including, without limitation, the transfer of, or entering
into a binding agreement with respect to, voting control over such share by proxy or otherwise (each, a “Transfer”).
For purposes of our charter, “permitted transfers” will include transfers to and from (i) the registered holders of
Class B common stock; (ii) each natural person who transferred shares of Class B common stock or equity awards
(including any option or warrant exercisable or convertible into shares of Class B common stock) to certain
“permitted entities” (as defined in the charter); (iii) one or more family members of shareholders specified in clauses
(i) and (ii); (iv) certain other trusts, general partnerships, limited partnerships, limited liability companies,
corporations, or other entities owned by certain qualified shareholders (as defined in the charter), including certain
permitted non-for-profits; as well as (v) certain transfers to bona fide trusts for the benefit of a charitable
organization, contributions to which are deductible for federal income, estate, gift and generation skipping transfer
tax purposes, to certain retirement accounts, and for certain estate or succession planning purposes. “Permitted
Transferees” will include a transferee of shares of Class B common stock received in a Transfer that constitutes a
“permitted transfer.”
No Preemptive or Other Rights
Holders of the Company’s Class A common stock, Class B common stock, and Class C common stock do not have
preemptive, subscription, redemption rights, or sinking fund.
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Issuance of Additional Shares
We may issue additional authorized shares of Class A common stock, Class B common stock and Class C common
stock at any time or from time to time, subject to applicable provisions of our charter, our bylaws and Texas law.
Our charter will provide that additional shares of Class B common stock may only be issued in the future to Mr.
Musk, his family members and certain entities permitted under our charter.
Preferred Stock
Our charter authorizes our board, subject to any limitations prescribed by applicable law and any stock exchange,
without further shareholder approval, to establish and to issue from time to time one or more series of preferred
stock. Each series of preferred stock will have the powers, designations, preferences and relative, participation,
optional or other rights, if any, including voting rights, and the qualifications, limitations or restrictions thereof, if
any, and the number of shares constituting the series, as determined by the board. Any issuance of preferred stock
could have the effect of decreasing the market price of our Class A common stock.
Anti-takeover Effects of Provisions of Our Charter, our Bylaws and Texas Law
Some provisions of Texas law, and our charter and our bylaws contain provisions that could make the following
transactions more difficult: acquisitions of us by means of a tender offer, a proxy contest or otherwise; or removal of
our incumbent officers and directors. These provisions may also have the effect of preventing changes in our
management. It is possible that these provisions could make it more difficult to accomplish or could deter
transactions that shareholders may otherwise consider to be in their best interest or in our best interests, including
transactions that might result in a premium over the market price for our shares of Class A common stock.
These provisions, as summarized below, are expected to discourage coercive takeover practices and inadequate
takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us to first
negotiate with us. We believe that the benefits of increased protection and our potential ability to negotiate with the
proponent of an unfriendly or unsolicited proposal to acquire or restructure us outweigh the disadvantages of
discouraging these proposals because, among other things, negotiation of these proposals could result in an
improvement of their terms.
Anti-takeover statute under Texas law
We will be subject to Section 21.606 of the TBOC, which in general, prohibits a publicly held Texas corporation,
like the Company after the completion of this offering, from engaging, under certain circumstances, in a business
combination with an affiliated shareholder (as defined in the TBOC) for a period of three years following the date
the person became an affiliated shareholder unless:
• the board approved either the business combination or the transaction that resulted in the shareholder becoming
an affiliated shareholder before the affiliated shareholder’s share acquisition date; or
• at or subsequent to the date of the transaction, the business combination is approved by the board and authorized
at an annual or special meeting of shareholders, and not by written consent, by the affirmative vote of at least
two-thirds of the outstanding voting shares not beneficially owned by the affiliated shareholder or any of its
affiliates or associates at a meeting of shareholders called for that purpose not less than six months after the
affiliated shareholder’s share acquisition date.
Provisions of our charter and our bylaws that may have an anti-takeover effect
Election of Class B Directors
As discussed above, our charter will provide that holders of our Class B common stock, voting separately as a class,
are entitled to elect 51% of the total number of authorized directors (rounded up to the nearest whole number). Upon
completion of this offering, Mr. Musk will beneficially own shares of our Class A common stock
and shares of our Class B common stock, representing approximately % of the combined voting
power of our outstanding shares of voting common stock. As the holder of a majority of our outstanding shares of
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Class B common stock, Mr. Musk will be able to elect, remove or fill any vacancy among the Class B Directors. As
a result, Mr. Musk will have the power to control the outcome of matters requiring shareholder approval, including
election of the board, and our business and affairs. This may have the effect of deferring, delaying or discouraging
hostile takeovers, or changes in control or management, of the Company.
No cumulative voting
Our charter will not permit cumulative voting in the election of directors.
Special meetings of shareholders
Our charter will provide that special meetings of shareholders may be called by the chairman of the board, the chief
executive officer, the president (to the extent required by the TBOC), our board, our founder or by shareholders
holding not less than 50% (or the highest percentage of ownership that may be set under the TBOC) of the
Company’s then outstanding shares of capital stock entitled to vote on the proposed action at the meeting.
Shareholder action by written consent
Our charter will provide that any action required to be taken at any annual or special meeting of the shareholders
may be taken without a meeting, without prior notice and without a vote if a consent or consents in writing, setting
forth the action so taken, is signed by the holders of outstanding stock having not less than the minimum number of
votes that would be necessary to authorize or take such action at a meeting at which all shares of stock entitled to
vote thereon were present and voted. Our charter will also provide that any action required or permitted to be taken
by the holders of Class B common stock, voting separately as a class, may be taken without a meeting, without prior
notice and without a vote if a consent or consents in writing, setting forth the action so taken, is signed by the
holders of outstanding Class B common stock having not less than the minimum number of votes that would be
necessary to authorize or take such action at a meeting at which all shares of Class B common stock entitled to vote
thereon were present and voted.
Requirements for advance notification of shareholder meetings, nominations and proposals
Our bylaws will establish advance notice procedures with respect to shareholder proposals and the nomination of
candidates for election as a director. In order for any matter to be “properly brought” before a meeting, a shareholder
(other than Mr. Musk and his permitted transferees) must comply with such advance notice procedures and provide
us with certain information.
Section 21.373 of the TBOC permits a “nationally listed corporation” to amend its governing documents to elect to
impose stock ownership requirements on shareholders seeking to submit a proposal on a matter (other than director
nominations and procedural resolutions ancillary to the conduct of a shareholder meeting) to the shareholders of
such corporation for approval at a shareholder meeting. If a “nationally listed corporation” elects to be governed by
Section 21.373 of the TBOC, a shareholder or group of shareholders may submit a proposal on a matter to the
shareholders of such corporation for approval at a meeting of shareholders only if such shareholder or group of
shareholders (i) holds an amount of voting shares (determined as of the date of submission of the proposal) equal to
at least $1,000,000 in market value or 3% of the corporation’s voting shares, and (ii) holds such amount for a
continuous period of at least six months before the date of the meeting and throughout the entire duration of the
meeting and (iii) solicits the holders of shares representing at least 67% of the voting power of shares entitled to vote
on the proposal at the shareholder meeting. For the purpose of this paragraph, “voting shares” means shares that
entitle the holder of the shares to vote on the proposal. Our bylaws will adopt these requirements for submitting a
shareholder proposal to go into effect immediately upon the completion of this offering, when we will qualify as a
“nationally listed corporation.”
Authorized but unissued shares
As mentioned above, our authorized but unissued shares of common stock and preferred stock will generally be
available for future issuance without the approval of our shareholders. The TBOC does not require shareholder
approval for any issuance of authorized shares. However, the Nasdaq and Nasdaq Texas listing requirements require
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shareholder approval of certain issuances equal to or exceeding 20% of the then-outstanding voting power or the
then-outstanding number of shares of common stock. We may issue additional shares for a variety of corporate
purposes, including future public offerings to raise additional capital, corporate acquisitions and employee benefit
plans.
Corporate Opportunities
Under our charter, to the fullest extent permitted by applicable law, we will renounce any interest or expectancy of
the Company or its subsidiaries in, or in being offered an opportunity to participate in, certain business opportunities
(as specified in our charter) that are from time to time presented to any member of the board or board observer or
attendee, regardless of whether any such person is an employee of the Company and their respective affiliates (other
than the Company and its subsidiaries) (together, the “Business Opportunities Exempt Party”), even if the business
opportunity is one that we or our subsidiaries might reasonably be deemed to have pursued or had the ability or
desire to pursue if granted the opportunity to do so, and no Business Opportunities Exempt Party shall have any duty
to present any such business opportunity to us or be liable to us or any of our subsidiaries or any shareholder,
including for breach of any fiduciary or other duty, as a director or officer or controlling shareholder or otherwise,
and we shall indemnify each Business Opportunities Exempt Party against any claim that such person is liable to us
or our shareholders for breach of any fiduciary duty, by reason of the fact that such person (i) fails to present any
such business opportunity, (ii) pursues, acquires or exploits any such business opportunity, or (iii) directs, sells,
assigns or transfers any such business opportunity to another person or entity, unless, in the case of a person who is
our director or officer, such business opportunity is presented to, or acquired, created or developed by, or otherwise
comes into the possession of, such Business Opportunities Exempt Party expressly and solely in his or her capacity
as an employee, director, board observer or attendee, or shareholder of the Company.
Exclusive Forum and Venue and Arbitration, Jury Trial Waiver
Our bylaws will provide that, unless the Company consents in writing to the selection of an alternative forum, the
sole and exclusive forum for any of the filing, adjudication and trial of all disputes (“Internal Disputes”) between (i)
one or more shareholders and (ii) the Company or its directors, officers, or controlling persons, or any underwriter of
securities issued by the Company (or controlling person thereof) relating to any of the following: (1) any derivative
proceeding, meaning a civil dispute brought in the right of the Company; (2) any action based on the governance,
governing documents, or internal affairs of the Company; (3) any action based on state or federal securities or trade
regulation laws; (4) any action based on the alleged act(s) or omission(s) by a person in its capacity as a shareholder,
controlling person, director, officer, or other managerial official of the Company; (5) any action based on the alleged
breach(es) by one or more shareholders, controlling persons, directors, officers, or other managerial officials of a
duty owed, in his or her capacity as such, to the Company or to any shareholder thereof; (6) an action seeking to
hold a shareholder, controlling person, director, officer, or other managerial official of the Company liable for an
obligation of the Company, other than on account of a written contract signed by the person to be held liable in a
capacity other than as a shareholder or managerial official; and (7) any action arising out of the TBOC, will be the
Business Court.
Our bylaws will further provide that to the extent, and solely to the extent, that a court of competent jurisdiction
determines in a final and unappealable judgment that an Internal Dispute is not subject to the sole and exclusive
venue and forum provision or to the jurisdiction of the Business Court (such Internal Dispute, an “Other Dispute”),
such Other Dispute, irrespective of the amount in dispute, shall be exclusively and finally settled by arbitration
before the International Chamber of Commerce (“ICC”) in Houston, Texas, conducted under the Expedited
Procedure Provisions of the Rules (the “Arbitration Rules”) of the ICC as those rules may be periodically updated.
Our bylaws will provide the following for arbitration:
• The tribunal will include one arbitrator for claims of $5 million or less or a panel of three arbitrators for claims
exceeding $5 million, and our bylaws will specify procedures governing the selection of the panel. The ICC fees
and arbitrator(s) fees will be governed by the ICC fee and arbitrator fee schedule as may apply depending on the
nature and amount of the claim.
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• If more than three claims arising from the same or similar conduct, transaction, or occurrence are submitted to
arbitration within any three-year period, all but the first-filed claim shall be stayed pending final resolution of
that first-filed claim. In such circumstance, the Company and each shareholder asserting such a claim shall bear
equal shares of the ICC fees and arbitrator(s) fees. However, if any shareholder party or parties are ultimately
successful on all of their claims, the Company shall reimburse the successful shareholder party or parties for the
ICC fees and arbitrator(s) fees paid by such shareholder party or parties.
• If more than three claims are submitted by the same shareholder(s) within any three-year period, then the
Company shall pay the ICC fees and arbitrator(s) fees associated with the first three claims only. However, if
any shareholder party or parties are ultimately successful on all of their claims, the Company shall reimburse the
successful shareholder party or parties for the ICC fees and arbitrator(s) fees paid by such shareholder party or
parties.
• If any claim submitted to arbitration is determined by the tribunal to be frivolous, without reasonable cause, or
for an improper purpose such as bad faith or vexatious litigation, the Company shall be entitled to recover its
reasonable attorney’s fees and costs incurred in defending against such claim, including any ICC fees and
arbitrator(s) fees.
• The tribunal’s authority is subject to the same limits as the authority of a judge in a Texas court of law. The
tribunal does not have authority to issue an award that (i) exceeds the tribunal’s authority under the Texas
Arbitration Act; (ii) contains a reversible error of state or federal law, including as to the admissibility of
evidence, or a clearly erroneous finding of fact; or (iii) applies a cause of action or provides a remedy not
expressly provided for under applicable Texas or federal law. The tribunal’s application of the pleading and
discovery limitations imposed by the Private Securities Litigation Reform Act is mandatory for applicable
claims and shall not constitute a refusal to hear evidence pertinent and/or material to the controversy under
Texas or federal law.
• Pursuant to the Texas Arbitration Act, the scope of judicial review of the tribunal’s award includes the ordinary
grounds for vacatur, modification, and correction imposed by the Texas Civil Practice & Remedies Code §§
171.088 and 171.091, and is expanded beyond what is otherwise available under the Texas Civil Practice &
Remedies Code to include review of whether the award: (i) contains a reversible error of state or federal law,
including as to the admissibility of evidence, or a clearly erroneous finding of fact; or (ii) applies a cause of
action or provides a remedy not expressly provided for under applicable Texas or federal law. The arbitral
tribunal’s award and the findings of fact and conclusions of law shall be reviewable upon the same standards of
review as if said award and supporting findings of fact and conclusions of law were entered by a Texas court.
• Any action seeking to confirm, vacate, modify, correct, or otherwise challenge the tribunal’s award shall be
brought in the Business Court. In any such action, the parties shall file all court filings under seal, to the fullest
extent allowed by applicable law.
Our bylaws will further provide that the extent, and solely to the extent, that a court of competent jurisdiction
determines in a final and unappealable judgment that the requirement that Other Disputes be exclusively and finally
settled by arbitration is unenforceable in whole or part, the sole and exclusive forum and venue for such Other
Disputes which are determined not to be subject to mandatory arbitration shall be the United States District Court for
the Southern District of Texas, Houston Division (the “Federal Court”), or if a court of competent jurisdiction
determines in a final and unappealable judgment that the Federal Court lacks jurisdiction over any such Other
Dispute, the sole and exclusive forum and venue for such Other Dispute shall be the state district courts of Harris
County, Texas.
Our bylaws will further provide that Other Disputes will be governed either by Texas state law or federal law,
depending on the claim asserted.
Our bylaws will also provide that:
• The Company and each shareholder, director, and officer of the Company irrevocably and unconditionally
waives, and any person or entity purchasing or otherwise acquiring or holding any interest in shares of stock of
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the Company shall be deemed to have irrevocably and unconditionally waived, any right it may have to a trial
by jury in any legal action or proceeding relating to Internal Disputes described above.
• Internal Disputes may not be brought as a class, or consolidated or joined, except at the Company’s option.
Although we believe these provisions will benefit us by providing increased consistency in the application of Texas
law for the specified types of actions and proceedings, the provisions may have the effect of discouraging or
increasing the costs of lawsuits against our directors, officers, other managerial officials employees and agents.
However, it is possible that, in connection with a future legal proceeding, a court could rule that all or a portion of
these provisions in our bylaws purporting to require an exclusive forum for certain disputes, to waive the right to a
jury trial or to require arbitration for shareholder claims are inapplicable, unconstitutional or otherwise
unenforceable.
Stock Ownership Requirement for Derivative Suits
Our bylaws will specify that the required ownership threshold for a shareholder or group of shareholders to institute
or maintain a derivative proceeding in the right of the Company for purposes of Section 21.552(a)(3) of the TBOC
will be 3% of the outstanding shares of common stock of the Company. This provision will continue to apply so
long as any shares of the Company’s common stock are listed for trading on a national securities exchange or the
Company affirmatively elects to be governed by TBOC 21.419 and has 500 or more shareholders.
Limitations on Liability and Indemnification of Officers and Directors
Our charter will include a provision eliminating the liability of our directors and officers for monetary damages for
an act or omission by the person in the person’s capacity as a director or officer, respectively, except for: (i) a breach
of the duty of loyalty to the Company or its shareholders; (ii) an act or omission not in good faith that constitutes a
breach of duty of the person to the Company or involves intentional misconduct or a knowing violation of applicable
law; (iii) a transaction from which the director or officer obtains an improper benefit, regardless of whether the
benefit resulted from an action taken within the scope of the person’s duties; or (iv) an act or omission for which the
liability of a director or officer is expressly provided by an applicable statute (such as wrongful distributions). Our
charter also will provide that if the TBOC is amended in the future to authorize corporate action further eliminating
or limiting of the personal liability of directors and officers, the liability of directors and officers will be eliminated
or limited to the fullest extent permitted by the TBOC as so amended.
Any amendment, repeal or modification of these provisions will be prospective only and would not affect any
limitation on liability of a director or officer for acts or omissions that occurred prior to any such amendment, repeal
or modification.
Our bylaws also provide that we will indemnify and advance expenses to our directors and officers to the fullest
extent permitted by the TBOC, subject to reimbursement in the event it is ultimately determined that the individual
was not entitled to indemnification under the TBOC or the indemnification agreement. Our bylaws also will permit
us to purchase insurance on behalf of any officer, director, employee, or other agent for any liability arising out of
that person’s actions as our officer, director, employee or agent, regardless of whether the TBOC would permit
indemnification. We intend to enter into indemnification agreements with each of our current and future directors
and officers. These agreements will require us to indemnify these individuals against liability that may arise by
reason of their service to us, and to advance expenses incurred as a result of any proceeding against them as to which
they could be indemnified. As permitted by the TBOC, because these agreements are expected to be approved by
our shareholders, the agreements may require indemnification or payment of expenses in favor of the indemnitee in
certain circumstances in which we would not otherwise have the power to do so under the provisions of the TBOC
or our charter or bylaws. We believe that the limitation of liability provision that will be in our charter and the
indemnification agreements will facilitate our ability to continue to attract and retain qualified individuals to serve as
directors and officers.
Our bylaws will provide that the Company affirmatively elects to be governed by Section 21.419 of the TBOC and
any successor provision thereto. Because the Company will have a class of voting common stock (our Class A
common stock) listed on a national securities exchange, Section 21.419 will also be deemed to apply to the
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Company. Under Section 21.419 of the TBOC, in taking or declining to take any action on any matters of a
corporation’s business, a director or officer of the Company is presumed to act (i) in good faith, (ii) on an informed
basis, (iii) in furtherance of the interests of the Company, and (iv) in obedience to the law and the Company’s
governing documents. In addition, neither the Company nor any of its shareholders has a cause of action against the
director or officer as a result of any act or omission in the person’s capacity as such unless the claimant rebuts one or
more of the foregoing presumptions and it is proven by the claimant that (A) the director’s or officer’s act or
omission constitutes a breach of one or more of the person’s duties as a director or officer and (B) the breach
involved fraud, intentional misconduct, an ultra vires act or a knowing violation of law.
Protection for Conflicts of Interest
Section 21.418 of the TBOC provides that, at any time a corporation’s voting common stock is listed for trading on a
national securities exchange, the corporation’s directors and officers will not be liable to the corporation or its
shareholders for claims alleging a breach of duty arising from the making, authorization, or performance of a
contract or transaction solely because the director or officer had an interest in the transaction unless the claim would
be permitted under Section 21.419 of the TBOC as described above. Because the Company will have a class of
voting common stock (our Class A common stock) listed on a national securities exchange, Section 21.418 of the
TBOC will be deemed to apply to the Company.
Registration Rights
For a description of registration rights with respect to our Class A common stock, see “Certain Relationships and
Related Person Transactions—Investors' Rights Agreement.”
Transfer Agent and Registrar
The Transfer Agent and Registrar for our Class A common stock is .
Listing
We have applied to list our Class A common stock on Nasdaq and Nasdaq Texas under the symbol “SPCX.”
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SHARES ELIGIBLE FOR FUTURE SALE
Prior to this offering, there has been no public market for our Class A common stock. Future sales of our Class A
common stock in the public market, or the availability of such shares for sale in the public market, could adversely
affect the market price of our Class A common stock prevailing from time to time. As described below, only a
limited number of shares will be available for sale shortly after this offering due to contractual and legal restrictions
on resale. Nevertheless, sales of a substantial number of shares of our Class A common stock in the public market
after such restrictions lapse, or the perception that those sales may occur, could adversely affect the prevailing
market price of our Class A common stock at such time and our ability to raise equity-related capital at a time and
price we deem appropriate.
Sales of Restricted Shares
Upon the completion of this offering, we will have outstanding an aggregate of shares of Class A
common stock. Of these shares, all shares of Class A common stock sold in this offering will be freely tradable
without restriction or further registration under the Securities Act, unless the shares are held by any of our
“affiliates” as such term is defined in Rule 144 under the Securities Act. All shares of Class A and Class B common
stock issued prior to the closing of this offering, including shares held by Mr. Musk and other existing investors, will
be deemed “restricted securities” as such term is defined under Rule 144. The restricted securities were issued in
private transactions and are eligible for public sale only if registered under the Securities Act or if they qualify for an
exemption from registration under Rule 144 or Rule 701 under the Securities Act, which rules are summarized
below.
As a result of the lock-up agreements described below, shares of Class A common stock, and potentially
an additional shares of Class A common stock, assuming that 100% of our Class B common stock has
been converted into Class A common stock on a one-for-one basis, will be eligible for sale upon the expiration of
the lock-up agreements, beginning days after the date of this prospectus when permitted under Rule 144
or Rule 701.
Lock-Up Agreements
We and all of our directors and executive officers have agreed not to sell any shares of Class A common stock for a
period of days after the date of this prospectus, subject to certain exceptions. Please refer to
“Underwriting” for a description of these lock-up provisions.
Registration Rights
After the completion of this offering, holders of an aggregate of approximately shares of our Class A
common stock will be entitled to certain rights with respect to the registration of such shares under the Securities
Act. The registration of these shares of our Class A common stock under the Securities Act would result in these
shares becoming eligible for sale in the public market without restriction under the Securities Act immediately upon
the effectiveness of such registration, subject to certain limitations applicable to affiliates. See “Certain
Relationships and Related Person Transactions—Investors' Rights Agreement” for a description of these registration
rights.
Rule 144
In general, under Rule 144 under the Securities Act as currently in effect, a person (or persons whose shares are
aggregated) who is not deemed to have been an affiliate of ours at any time during the three months preceding a sale,
and who has beneficially owned restricted securities within the meaning of Rule 144 for at least six months
(including any period of consecutive ownership of preceding non-affiliated holders) would be entitled to sell those
shares, subject only to the availability of current public information about us. A non-affiliated person (who has been
unaffiliated for at least the past three months) who has beneficially owned restricted securities within the meaning of
Rule 144 for at least one year would be entitled to sell those shares without regard to the provisions of Rule 144.
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Beginning 90 days after the effective date of the registration statement of which this prospectus forms a part, a
person (or persons whose shares are aggregated) who is deemed to be an affiliate of ours and who has beneficially
owned restricted securities within the meaning of Rule 144 for at least nine months would be entitled to sell within
any three-month period a number of shares that does not exceed the greater of one percent of the then outstanding
shares of our Class A common stock or the average weekly trading volume of our Class A common stock reported
through Nasdaq and Nasdaq Texas during the four calendar weeks preceding the filing of a notice on Form 144 with
respect to the sale. Such sales are also subject to certain manner of sale provisions, notice requirements and the
availability of current public information about us.
Regulation S
Regulation S under the Securities Act (“Regulation S”) provides that ordinary shares owned by any person may be
sold without registration in the United States, provided that the sale is effected in an offshore transaction and no
directed selling efforts are made in the United States (as these terms are defined in Regulation S), subject to certain
other conditions. In general, this means that our Class A common stock may be sold outside the United States under
certain circumstances without registration in the United States being required.
Rule 701
In general, under Rule 701 under the Securities Act, any of our employees, directors, officers, consultants or
advisors who purchases shares from us in connection with a compensatory stock or option plan or other written
agreement before the effective date of this offering is entitled to sell such shares 90 days after the effective date of
this offering in reliance on Rule 144, without having to comply with the holding period requirement of Rule 144
and, in the case of non-affiliates, without having to comply with the public information, volume limitation or notice
filing provisions of Rule 144. The SEC has indicated that Rule 701 will apply to typical stock options granted by an
issuer before it becomes subject to the reporting requirements of the Exchange Act, along with the shares acquired
upon exercise of such options, including exercises after the date of this prospectus.
Stock Issued Under Employee Plans
We intend to file a registration statement on Form S-8 under the Securities Act to register stock issuable under our
A&R 2024 Plan and A&R 2017 ESPP and to register stock issuable pursuant to outstanding awards under our other
Equity Plans. This registration statement on Form S-8 is expected to be filed following the effective date of the
registration statement of which this prospectus is a part and will be effective immediately upon filing. Accordingly,
shares of Class A common stock registered under such registration statement will be available for sale in the open
market following the effective date, unless such shares are subject to vesting restrictions with us or the lock-up
restrictions described above.
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MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR NON-U.S. HOLDERS OF CLASS
A COMMON STOCK
The following discussion is a summary of the material U.S. federal income tax consequences of the purchase,
ownership, and disposition of shares of our Class A common stock by a Non-U.S. Holder (as defined below). This
discussion does not address all aspects of U.S. federal income taxation that may be relevant to particular taxpayers in
light of their special circumstances (including the impact of the Medicare contribution tax on net investment income
and the alternative minimum tax) or to taxpayers subject to special tax rules (including a “controlled foreign
corporation,” a “passive foreign investment company,” a company that accumulates earnings to avoid U.S. federal
income tax, a tax-exempt organization or a governmental organization, a financial institution, a person that elects to
mark their securities to market, a person required to conform the timing of income accruals to financial statements
pursuant to Section 451 of the Internal Revenue Code of 1986, as amended (the “Code”), a person holding our Class
A common stock as part of a hedge, straddle, or other risk reduction strategy or as part of a conversion transaction or
other integrated investment, a person who holds or receives our Class A common stock pursuant to the exercise of
any employee stock option or otherwise as compensation, a tax-qualified retirement plan, a “qualified foreign
pension fund” as defined in Section 897(l)(2) of “Code” or an entity all of the interests of which are held by
qualified foreign pension funds, a broker or dealer in securities or currencies, a U.S. expatriate, a former U.S. citizen
or resident, or a partnership or other entity or arrangement treated as a partnership for U.S. federal income tax
purposes).
Except as specifically provided herein, this discussion does not address any aspect of U.S. federal taxation other than
U.S. federal income taxation or any aspect of state, local or foreign taxation. In addition, this discussion deals only
with U.S. federal income tax consequences to a Non-U.S. Holder that acquires our Class A common stock in this
offering and holds our Class A common stock as a capital asset.
This discussion is based on the Code, Treasury Regulations promulgated thereunder, judicial decisions, and
published rulings and administrative pronouncements of the Internal Revenue Service (the “IRS”), in each case, in
effect as of the date hereof. These authorities may change or be subject to differing interpretations. Any such change
or differing interpretation may be applied retroactively in a manner that could adversely affect a Non-U.S. Holder of
our Class A common stock. We have not sought and will not seek any rulings from the IRS regarding the matters
discussed below. We cannot assure that the IRS or a court will not take a contrary position to that discussed below
regarding the tax consequences of the purchase, ownership, and disposition of our Class A common stock, or that a
change in law will not alter significantly the tax considerations that we describe in this summary.
A “Non-U.S. Holder” is a beneficial owner of our Class A common stock that is an individual, corporation (or other
entity treated as a corporation for U.S. federal income tax purposes), trust or estate that is not, for U.S. federal
income tax purposes:
• an individual who is a citizen or resident of the United States;
• a corporation created or organized in or under the laws of the United States or any State thereof (including the
District of Columbia);
• an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or
• a trust, the administration of which is subject to the primary supervision of a court within the United States and
for which one or more U.S. persons have the authority to control all substantial decisions, or that has a valid
election in effect under applicable Treasury Regulations to be treated as a U.S. person.
If a partnership or an entity or arrangement treated as a partnership for U.S. federal income tax purposes holds our
Class A common stock, the U.S. federal income tax treatment of a partner generally will depend upon the status of
the partner and the activities of the partnership. Partnerships holding our Class A common stock and partners in such
partnerships should consult their tax advisors concerning the U.S. federal income and other tax consequences of
investing in our Class A common stock.
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THIS DISCUSSION OF U.S. FEDERAL INCOME TAX CONSIDERATIONS IS FOR GENERAL
INFORMATION PURPOSES ONLY AND IS NOT TAX ADVICE. PROSPECTIVE HOLDERS SHOULD
CONSULT THEIR TAX ADVISORS CONCERNING THE U.S. FEDERAL INCOME TAX CONSEQUENCES
TO THEM OF PURCHASING, OWNING, AND DISPOSING OF OUR CLASS A COMMON STOCK, AS WELL
AS THE APPLICATION OF ANY U.S. FEDERAL NON-INCOME, STATE, LOCAL AND NON-U.S. INCOME,
GIFT, ESTATE AND OTHER TAX LAWS.
Distributions
As described in the section titled “Dividend Policy,” we do not anticipate declaring or paying dividends to holders of
our Class A common stock in the foreseeable future. However, if we do make distributions of cash or property on
our Class A common stock (other than certain pro rata distributions of our stock), such distributions will be treated
as dividends to the extent paid out of our current or accumulated earnings and profits (as determined under U.S.
federal income tax principles). Amounts not treated as dividends for U.S. federal income tax purposes will be treated
as a tax-free return of capital and first be applied against and reduce a Non-U.S. Holder’s tax basis in its shares of
our Class A common stock, but not below zero. Any excess will be treated as capital gain from the sale or exchange
of the Non-U.S. Holder’s shares of Class A common stock taxable as described below under “—Sale or Disposition
of Class A Common Stock.”
Subject to the discussion below on backup withholding and FATCA, dividends paid to a Non-U.S. Holder of our
Class A common stock that are not effectively connected with the Non-U.S. Holder’s conduct of a trade or business
within the United States will generally be subject to withholding of U.S. federal income tax at a 30% rate or such
lower rate as may be specified by an applicable income tax treaty, provided the Non-U.S. Holder furnishes a valid
IRS Form W-8BEN or W-8BEN-E (or other applicable documentation) certifying qualification for the lower treaty
rate. These certifications must be provided to the applicable withholding agent prior to the payment of dividends and
must be updated periodically. A Non-U.S. Holder that does not timely furnish the required documentation, but is
eligible for a reduced rate of withholding tax under an income tax treaty, may obtain a refund or credit of any excess
amounts withheld by filing an appropriate claim for refund with the IRS. Non-U.S. Holders should consult their tax
advisors regarding their entitlement to benefits under an applicable income tax treaty and the manner of claiming the
benefits of such treaty.
Dividends that are effectively connected with a Non-U.S. Holder’s conduct of a trade or business within the United
States (and, if required by an applicable income tax treaty, are attributable to a permanent establishment or fixed
base that such holder maintains or maintained in the United States) are not subject to the withholding tax described
above but instead are subject to U.S. federal income tax on a net income basis at applicable graduated U.S. federal
income tax rates. In order for its effectively connected dividends to be exempt from the withholding tax described
above, a Non-U.S. Holder will be required to provide a duly completed and properly executed IRS Form W-8ECI,
certifying that the dividends are effectively connected with the Non-U.S. Holder’s conduct of a trade or business
within the United States. Dividends received by a Non-U.S. Holder that is a corporation that are effectively
connected with its conduct of a trade or business within the United States may be subject to an additional “branch
profits tax” at a 30% rate or such lower rate as may be specified by an applicable income tax treaty. Non-U.S.
Holders should consult their tax advisors regarding any applicable tax treaties that may provide for different rules.
Sale or Disposition of Class A Common Stock
Subject to the discussion below on backup withholding and FATCA, a Non-U.S. Holder generally will not be
subject to U.S. federal income or withholding tax on any gain recognized upon the sale, exchange or other taxable
disposition of shares of our Class A common stock, unless:
• such gain is effectively connected with the conduct by such Non-U.S. Holder of a trade or business within the
United States and, if the Non-U.S. Holder is entitled to claim treaty benefits (and the Non-U.S. Holder complies
with applicable certification and other requirements), is attributable to a permanent establishment or fixed base
maintained by the Non-U.S. Holder within the United States;
• such Non-U.S. Holder is a nonresident alien individual who is present in the United States for 183 days or more
in the taxable year of disposition and certain other conditions are met; or
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• we are or have been a “United States real property holding corporation” for U.S. federal income tax purposes at
any time within the shorter of the five-year period ending on the date of disposition or the period that such Non-
U.S. Holder held shares of our Class A common stock.
A Non-U.S. Holder described in the first bullet point immediately above will be subject to tax on the gain derived
from the sale or other disposition in the same manner as if the Non-U.S. Holder were a U.S. person as defined under
the Code. In addition, if any Non-U.S. Holder described in the first bullet point immediately above is a corporation,
the gain realized by such Non-U.S. Holder may be subject to an additional “branch profits tax” at a 30% rate or such
lower rate as may be specified by an applicable income tax treaty. An individual Non-U.S. Holder described in the
second bullet point immediately above will be subject to a 30% (or such lower rate as may be specified by an
applicable income tax treaty) tax on the gain derived from the sale or other taxable disposition, which gain may be
offset by U.S. source capital losses even though the individual is not considered a resident of the United States,
provided the Non-U.S. Holder has timely filed U.S. federal income tax returns with respect to such losses.
Generally, a corporation is a “United States real property holding corporation” (“USRPHC”) if the fair market value
of its United States real property interests equals or exceeds 50% of the sum of the fair market value of its
worldwide real property interests and its other assets used or held for use in a trade or business (all as determined for
U.S. federal income tax purposes). We believe we are not and do not anticipate becoming a USRPHC for U.S.
federal income tax purposes. However, because the determination of whether we are a USRPHC depends on the fair
market value of our U.S. real property interests relative to the fair market value of our business assets, there can be
no assurances that we are not a USRPHC or will not become one in the future. Even if we became a USRPHC, a
Non-U.S. Holder would not be subject to U.S. federal income tax on a sale, exchange, or other taxable disposition of
our Class A common stock by reason of our status as USRPHC so long as our Class A common stock is regularly
traded on an established securities market (within the meaning of the applicable regulations) and such Non-U.S.
Holder does not own and is not deemed to own (directly, indirectly or constructively) more than 5% of our
outstanding Class A common stock at any time during the shorter of the five year period ending on the date of
disposition and such holder’s holding period. Each Non-U.S. Holder should consult its tax advisor regarding the
possible consequences to them if we are, or were to become, a USRPHC.
Information Reporting Requirements and Backup Withholding
The amount of dividends or proceeds paid to a Non-U.S. Holder, the name and address of the Non-U.S. Holder and
the amount of tax, if any, withheld generally will be reported to the IRS. Copies of these information returns may
also be made available under the provisions of a specific treaty or agreement to the tax authorities of the country in
which the Non-U.S. Holder resides. A Non-U.S. Holder generally will be required to provide proper certification
(usually on an IRS Form W-8BEN, W-8BEN-E or W-8ECI, as applicable) to establish that the Non-U.S. Holder is
not a U.S. person or otherwise qualifies for an exemption in order to avoid backup withholding tax with respect to
our payment of dividends on, or the proceeds from the disposition of, our Class A common stock. Backup
withholding is not an additional tax. Any amounts withheld under the backup withholding rules will be allowed as a
refund or a credit against that Non-U.S. Holder’s U.S. federal income tax liability provided the required information
is timely furnished to the IRS. Each Non-U.S. Holder should consult its tax advisor regarding the application of the
information reporting rules and backup withholding to it.
Additional Withholding Tax on Payments Made to Foreign Accounts
Withholding taxes may be imposed under Sections 1471 to 1474 of the Code, the Treasury Regulations promulgated
thereunder and other official guidance (commonly referred to as “FATCA”) on certain types of payments made to
non-U.S. financial institutions and certain other non-U.S. entities. Specifically, a 30% withholding tax may be
imposed on dividends on, or (subject to the proposed Treasury Regulations discussed below) gross proceeds from
the sale or other disposition of, our Class A common stock paid to a “foreign financial institution” or a “non-
financial foreign entity” (each as defined in the Code), unless applicable exceptions apply. Foreign financial
institutions located in jurisdictions that have an intergovernmental agreement with the United States governing
FATCA may be subject to different rules.
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Under the applicable Treasury Regulations and administrative guidance, withholding under FATCA generally
applies to payments of dividends on our Class A common stock. However, under proposed Treasury Regulations (on
which taxpayers may rely until final Treasury Regulations are issued), this withholding tax will not apply to the
gross proceeds from the sale, exchange, redemption or other taxable disposition of our Class A common stock.
There can be no assurance that the proposed Treasury Regulations will be finalized in their present form.
Each Non-U.S. Holder should consult its tax advisor regarding the effects of FATCA on its investment in our Class
A common stock.
THE PRECEDING DISCUSSION OF U.S. FEDERAL INCOME TAX CONSIDERATIONS IS NOT TAX
ADVICE. EACH PROSPECTIVE INVESTOR SHOULD CONSULT ITS TAX ADVISOR REGARDING THE
PARTICULAR U.S. FEDERAL, STATE, LOCAL AND NON-U.S. TAX CONSEQUENCES OF PURCHASING,
OWNING, AND DISPOSING OF OUR CLASS A COMMON STOCK, INCLUDING THE CONSEQUENCES
OF ANY PROPOSED CHANGE IN APPLICABLE LAWS, INTERGOVERNMENTAL AGREEMENTS, OR
TAX TREATIES.
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UNDERWRITING
Under the terms and subject to the conditions in an underwriting agreement dated the date of this prospectus, the
underwriters named below, for whom Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, BofA Securities,
Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are acting as representatives, have severally
agreed to purchase, and we have agreed to sell to them, severally, the number of shares of Class A common stock
indicated below:
Name
Number of
Shares
Goldman Sachs & Co. LLC .................................................................................................................
Morgan Stanley & Co. LLC ................................................................................................................
BofA Securities, Inc. ............................................................................................................................
Citigroup Global Markets Inc. .............................................................................................................
J.P. Morgan Securities LLC .................................................................................................................
Barclays Capital Inc. ............................................................................................................................
Deutsche Bank Securities Inc. .............................................................................................................
RBC Capital Markets, LLC .................................................................................................................
UBS Securities LLC ............................................................................................................................
Wells Fargo Securities, LLC ...............................................................................................................
Banco BTG Pactual S.A. – Cayman Branch .......................................................................................
ING Bank N.V. ....................................................................................................................................
Macquarie Capital (USA) Inc. .............................................................................................................
Mirae Asset Securities Co., Ltd. .........................................................................................................
Mizuho Securities USA LLC ...............................................................................................................
Santander US Capital Markets LLC ...................................................................................................
Allen & Company LLC .......................................................................................................................
Cantor Fitzgerald & Co. .....................................................................................................................
Needham & Company, LLC ................................................................................................................
Raymond James & Associates, Inc. ....................................................................................................
SG Americas Securities, LLC ..............................................................................................................
Stifel, Nicolaus & Company, Incorporated .........................................................................................
William Blair & Company, L.L.C. ......................................................................................................
Total ..............................................................................................................................................
The underwriters and the representatives are collectively referred to as the “underwriters” and the “representatives,”
respectively. The underwriters are offering the shares of Class A common stock subject to their acceptance of such
shares from us and subject to prior sale. The underwriting agreement provides that the obligations of the several
underwriters to pay for and accept delivery of the shares of Class A common stock offered by this prospectus are
subject to the approval of certain legal matters by their counsel and to certain other conditions. The underwriters are
obligated to take and pay for all of the shares of Class A common stock offered by this prospectus if any such shares
are taken. However, the underwriters are not required to take or pay for the shares covered by the underwriters’
option to purchase additional shares described below. The offering of the shares of Class A common stock by the
underwriters is subject to their receipt and acceptance of the shares being offered and subject to the underwriters’
right to reject any order in whole or in part.
The underwriters initially propose to offer part of the shares of Class A common stock directly to the public at the
offering price listed on the cover page of this prospectus and part to certain dealers at a price that represents a
concession not in excess of $ per share of Class A common stock under the public offering price. After the
initial offering of the shares of Class A common stock, the offering price and other selling terms may from time to
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time be varied by the representatives. Sales of Class A common stock made outside of the United States may be
made by affiliates of the underwriters.
We have granted to the underwriters an option, exercisable for 30 days after the date of this prospectus, to purchase
up to additional shares of Class A common stock at the public offering price listed on the cover page of
this prospectus, less underwriting discounts and commissions. To the extent the option is exercised, each underwriter
will become obligated, subject to certain conditions, to purchase about the same percentage of the additional shares
of Class A common stock as the number listed next to the underwriter’s name in the preceding table bears to the
total number of shares of Class A common stock listed next to the names of all underwriters in the preceding table.
ING Bank N.V., Banco BTG Pactual S.A. – Cayman Branch and Mirae Asset Securities Co., Ltd. are not broker-
dealers registered with the SEC and therefore may not make sales of any shares of Class A common stock in the
United States or to U.S. persons except in compliance with applicable U.S. laws and regulations.
The following table shows the per share and total public offering price, underwriting discounts and commissions,
and proceeds before expenses to us. These amounts are shown assuming both no exercise and full exercise of the
underwriters’ option to purchase up to an additional shares of Class A common stock.
Total
Per Share
No Exercise
Full Exercise
Public offering price .......................................................................
$
$
$
Underwriting discounts and commissions to be paid by us ...........
$
$
$
Proceeds, before expenses, to us ....................................................
$
$
$
The estimated offering expenses payable by us, exclusive of the underwriting discounts and commissions, are
approximately $ . We have agreed to reimburse the underwriters for their reasonable expenses relating to
clearance of this offering with the Financial Industry Regulatory Authority up to $ .
The underwriters have informed us that they do not intend sales to discretionary accounts to exceed 5% of the total
number of shares of Class A common stock offered by them.
We have applied to list our Class A common stock on Nasdaq and Nasdaq Texas under the trading symbol “SPCX.”
In addition to allocations made to retail investors by the underwriters, we currently anticipate that certain of the
shares of Class A common stock offered hereby will, at our request, be offered to retail investors through Charles
Schwab & Co., Inc., Fidelity Brokerage Services LLC and Fidelity Capital Markets, a division of National Financial
Services LLC, Robinhood Financial, LLC, and SoFi Securities LLC, as selling group members, via their respective
online brokerage platforms. We also anticipate that certain of the shares of Class A common stock will be offered to
retail investors through E*TRADE by Morgan Stanley , an affiliate of Morgan Stanley & Co. LLC, one of the
underwriters of this offering. These platforms are not affiliated with us. Purchases through these platforms will be
subject to the terms, conditions and requirements set by each selling group member. Any purchase of our Class A
common stock in this offering through these platforms will be at the same initial public offering price, and at the
same time, as any other purchases in this offering, including purchases by institutions and other large investors. The
selling group members’ platforms and information on the selling group members’ applications do not form a part of
nor are they incorporated by reference into this prospectus.
We have agreed with the underwriters that during the period of 180 days after the date of this prospectus (the “lock-
up period”), without the prior written consent of Goldman Sachs & Co. LLC, on behalf of the underwriters, subject
to certain exceptions, we will not (a) offer, sell, contract to sell, pledge, grant any option to purchase, make any short
sale or otherwise transfer or dispose of, directly or indirectly, or file with the SEC a registration statement under the
Securities Act relating to, any of our common stock or other securities substantially similar to our common stock,
including but not limited to any options or warrants to purchase shares of our common stock or any securities that
are convertible into or exchangeable for, or that represent the right to receive, common stock or any such
substantially similar securities, or publicly disclose the intention to do any of the foregoing, or (b) enter into any
swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of any
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of our common stock or such other securities, whether any such transaction described in clause (a) or (b) above is to
be settled by delivery of our common stock or such other securities, in cash or otherwise. These restrictions will not
apply to securities to be issued by the Company in connection with any mergers, acquisitions or similar transactions
during the lock-up period. Certain additional exceptions to these restrictions will be detailed in a subsequent
amendment to the registration statement of which this prospectus forms a part.
Our Founder and certain significant investors have agreed with the underwriters, that during a period of 366 days
after the date of this prospectus, an aggregate of shares owned by them (including 100% of the shares owned by
our Founder), representing % of our shares outstanding, are subject to the restrictions described in the paragraph
below. This total amount of shares will not be subject to any early release provisions.
These shareholders and our Founder may not (and may not cause any of their direct or indirect affiliates to), without
the prior written consent of Goldman Sachs & Co. LLC, on behalf of the underwriters, subject to certain exceptions:
(a) offer, sell, contract to sell, pledge, grant any option, right or warrant to purchase, purchase any option or contract
to sell, lend or otherwise transfer or dispose of (directly or indirectly) any shares of our common stock, or any
options, rights, or warrants to purchase any shares of our common stock or any securities convertible into,
exchangeable for or that represent the right to receive shares of our common stock (such shares of common stock,
options, rights, warrants or other securities, collectively, the "lock-up securities"), including without limitation any
such lock-up securities now owned or hereafter acquired, (b) engage in any hedging or other transaction or
arrangement (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call
option, or combination thereof, forward, swap or any other derivative transaction or instrument, however described
or defined) which is designed to or which reasonably could be expected to lead to or result in a sale, loan, pledge, or
other disposition (whether by the applicable lock-up party or someone other than such lock-up party), or transfer of
any of the economic consequences of ownership, in whole or in part, directly or indirectly, of any lock-up securities,
whether any such transaction or arrangement (or instrument provided for thereunder) would be settled by delivery of
our common stock or such other securities, in cash or otherwise, (c) make any demand for or exercise any right with
respect to the registration of any lock-up securities, or (d) otherwise publicly announce any intention to engage in or
cause any action, activity, transaction or arrangement described in clause (a), (b) or (c) above. Certain exceptions to
these restrictions will be detailed in a subsequent amendment to the registration statement of which this prospectus
forms a part.
In addition, all of the remaining shares of our common stock, and securities convertible into, exchangeable for or
that represent the right to receive our common stock, are subject to a variety of other terms governing restrictions on
the sale, short sale, transfer, hedging, pledging, or other disposition of their interests in our equity, pursuant to a
number of different agreements, for 180 days from the date of this prospectus.
Furthermore, there are automatic releases from these restrictions on a portion of securities earlier than 180 days as
follows, for (i) the total number of shares of common stock comprising or underlying (as applicable) the outstanding
lock-up securities, as of the date of this offering, subject to the 180-day lock-up period described above, and (ii) %
of the total number of shares of common stock comprising or underlying (as applicable) the outstanding lock-up
securities, as of the date of this offering, subject to the 366-day lock-up period described above (together, the “Early
Release Eligible Shares”):
a. on or after the second full trading day on Nasdaq immediately following the public release of our quarterly
financial results (which for this purpose does not include “flash” numbers or preliminary, partial earnings) for
the quarter ended June 30, 2026 (such date, the “First Earnings Release Date”), up to 20% of the Early Release
Eligible Shares may be transferred;
b. if the reported closing price of our Class A common stock on Nasdaq is at least 30% greater than the public
offering price set forth on the cover page of this prospectus for at least five of the ten consecutive trading days
ending on, and including, the First Earnings Release Date,, on or after the second full trading day immediately
after the First Earnings Release Date, up to additional 10% of the Early Release Eligible Shares may be
transferred ;
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c. up to additional 7% of the Early Release Eligible Shares may be transferred on or after each of the dates that are
70 days, 90 days, 105 days, 120 days, and 135 days, respectively, after this offering ;
d. on the second full trading day immediately following the public release of our quarterly financial results (which
for this purpose does not include “flash” numbers or preliminary, partial earnings) for the quarter ended
September 30, 2026, up to additional 28% of the Early Release Eligible Shares may be transferred; an d
e. on or after the date that is 180 days after this offering, all remaining Early Release Eligible Shares may be
transferred.
Our Founder is not party to any of the early release provisions during the extended lock-up period.
In order to facilitate the offering of our Class A common stock, the underwriters, with Morgan Stanley & Co. LLC
acting as stabilization agent, may engage in transactions that stabilize, maintain or otherwise affect the price of our
Class A common stock. Specifically, the underwriters may sell more shares of Class A common stock than they are
obligated to purchase under the underwriting agreement, creating a short position. A short sale is covered if the short
position is no greater than the number of shares available for purchase by the underwriters under the option to
purchase additional shares. The underwriters can close out a covered short sale by exercising the option to purchase
additional shares or purchasing shares in the open market. In determining the source of shares to close out a covered
short sale, the underwriters will consider, among other things, the open market price of our Class A common stock
compared to the price available under the option to purchase additional shares. The underwriters may also sell shares
of Class A common stock in excess of the option to purchase additional shares, creating a naked short position. The
underwriters must close out any naked short position by purchasing shares of Class A common stock in the open
market. A naked short position is more likely to be created if the underwriters are concerned that there may be
downward pressure on the price of our Class A common stock in the open market after pricing that could adversely
affect investors who purchase shares of Class A common stock in this offering. As an additional means of
facilitating this offering, the underwriters may bid for, and purchase, shares of Class A common stock in the open
market to stabilize the price of our Class A common stock. These activities may raise or maintain the market price of
our Class A common stock above independent market levels or prevent or retard a decline in the market price of our
Class A common stock. The underwriters are not required to engage in these activities and may end any of these
activities at any time.
We and the underwriters have agreed to indemnify each other against certain liabilities, including liabilities under
the Securities Act.
A prospectus in electronic format may be made available on websites maintained by one or more underwriters, or
selling group members, if any, participating in this offering. The representatives may agree to allocate a number of
shares of Class A common stock to underwriters for sale to their online brokerage account holders. Internet
distributions will be allocated by the representatives to the underwriters that may make internet distributions on the
same basis as other allocations.
The underwriters and their respective affiliates are full service financial institutions engaged in various activities,
which may include securities trading, commercial and investment banking, financial advisory, investment
management, investment research, principal investment, hedging, financing and brokerage activities. Certain of the
underwriters and their respective affiliates have, from time to time, performed, and may in the future perform,
various financial advisory and investment banking services for us, for which they received or will receive customary
fees and expenses. Certain of the underwriters and their respective affiliates have in the past been, are currently, and
may in the future be, our customers in arm’s length transactions. In addition, Morgan Stanley & Co. LLC advised us
in connection with the acquisition of xAI. Affiliates of Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC,
BofA Securities, Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC serve as lenders or
administrative agents under the SpaceX Bridge Loan. Affiliates of Barclays Capital Inc., Deutsche Bank Securities
Inc., RBC Capital Markets, LLC, UBS Securities LLC and Wells Fargo Securities, LLC are lenders under the
SpaceX Bridge Loan. Affiliates of BofA Securities, Inc., Citigroup Global Markets Inc., Goldman Sachs & Co.
LLC, Morgan Stanley & Co. LLC, Barclays Capital Inc., Deutsche Bank Securities Inc., Wells Fargo Securities,
LLC, RBC Capital Markets, LLC and UBS Securities LLC are lenders under the SpaceX Credit Facility. Affiliates
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of Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC serve as co-
syndication agents; affiliates of Barclays Capital Inc., Deutsche Bank Securities Inc. and Wells Fargo Securities,
LLC serve as co-documentation agents; affiliates of BofA Securities, Inc., Citigroup Global Markets Inc., Goldman
Sachs & Co. LLC and Morgan Stanley & Co. LLC serve as joint lead arrangers; affiliates of BofA Securities, Inc.,
Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Barclays Capital Inc.,
Deutsche Bank Securities Inc. and Wells Fargo Securities, LLC serve as joint bookrunners; and an affiliate of BofA
Securities, Inc. serves as administrative agent under the SpaceX Credit Facility.
In addition, in the ordinary course of their various business activities, the underwriters and their respective affiliates
may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative
securities) and financial instruments (including bank loans) for their own account and for the accounts of their
customers and may at any time hold long and short positions, or provide loans or other financing on or secured by,
in such securities and instruments. Such investment and securities activities may involve our securities and
instruments. The underwriters and their respective affiliates may also make investment recommendations or publish
or express independent research views in respect of such securities or instruments and may at any time hold, or
recommend to clients that they acquire, long or short positions in such securities and instruments.
Pricing of the Offering
Prior to this offering, there has been no public market for our Class A common stock. The initial public offering
price has been determined by negotiations between us and the representatives. Among the factors considered in
determining the initial public offering price were prevailing market conditions, our future prospects and those of our
industry in general, our historical financial and operating performance in recent periods, an assessment by our
management and the consideration of the above factors in relation to market valuation of companies engaged in
activities similar to ours.
Directed Share Program
At our request, the underwriters have reserved up to percent of the shares of Class A common stock
offered by this prospectus for sale at the initial public offering price through a directed share program to certain
employees and persons identified by our management, which may include parties with whom we have a business
relationship and friends and family of management. If purchased by these persons, these shares will not be subject to
a lock-up restriction. The number of shares of Class A common stock available for sale to the general public will be
reduced by the number of reserved shares sold to these persons. Any reserved shares not purchased by these persons
will be offered by the underwriters to the general public on the same basis as the other shares of Class A common
stock offered by this prospectus. We will agree to indemnify the underwriters and their affiliates against certain
liabilities and expenses, including liabilities under the Securities Act, in connection with sales of the shares reserved
for the directed share program. Morgan Stanley & Co. LLC, an underwriter in this offering, and its affiliates will
administer the global directed share program.
Offerings Outside the United States
This offering includes public offerings in Australia, certain provinces and territories of Canada, certain member
states of the European Economic Area, Japan, Switzerland, and the United Kingdom. We do not currently intend to
list our Class A common stock on any exchange in such jurisdictions.
Subject to applicable law, the underwriters may offer shares of our Class A common stock outside of the United
States, Australia, Canada, the European Economic Area, Japan, Switzerland and the United Kingdom. The
underwriters may use one or more affiliates in order to offer and sell shares outside of the United States. No shares
of our Class A common stock will be offered or sold in any jurisdiction except by or through brokers or dealers duly
registered under the applicable securities laws of that jurisdiction, or in circumstances where any exemption from
such registration requirements is available.
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Selling Restrictions
Argentina
The shares of Class A common stock are not authorized for public offering in Argentina by the Comisión Nacional
de Valores pursuant to Argentine Public Offering Law No. 17,811, as amended, and they shall not be sold publicly.
Therefore, any transaction carried out in Argentina must be made privately.
Australia
This prospectus does not constitute a prospectus, product disclosure statement, or other disclosure document under
Chapter 6D.2 of the Corporations Act 2001 (the “Corporations Act”), and does not purport to include the
information required for a prospectus, product disclosure statement or other disclosure document under the
Corporations Act.
Any offer in Australia of the shares of Class A common stock made pursuant to this prospectus may only be made to
persons (the “Exempt Investors”) who are “sophisticated investors” (within the meaning of section 708(8) of the
Corporations Act), “professional investors” (within the meaning of section 708(11) of the Corporations Act) or
otherwise pursuant to one or more exemptions contained in section 708 of the Corporations Act so that it is lawful to
offer the shares of Class A common stock without disclosure to investors under Chapter 6D of the Corporations Act.
The shares of Class A common stock applied for by Exempt Investors in Australia pursuant to this prospectus must
not be offered for sale in Australia in the period of 12 months after the date of allotment under the offering, except in
circumstances where disclosure to investors under Chapter 6D of the Corporations Act would not be required
pursuant to an exemption under section 708 of the Corporations Act or otherwise, or where the offer is pursuant to a
disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring the shares of
Class A common stock pursuant to this prospectus must observe such Australian on-sale restrictions.
The public offering in Australia will be made pursuant to a separate prospectus (“Australian Prospectus”) which
complies with the requirements of the Corporations Act and will be lodged with the Australian Securities and
Investments Commission. Any non-Exempt Investor who wishes to participate in the offering must apply pursuant
to the Australian Prospectus, through an application form which accompanies the Australian Prospectus.
This prospectus contains general information only and does not take account of the investment objectives, financial
situation or particular needs of any particular person. It does not contain any securities recommendations or financial
product advice. Before making an investment decision, investors need to consider whether the information in this
prospectus is appropriate to their needs, objectives and circumstances and, if necessary, seek expert advice on those
matters.
Brazil
The offer and sale of the shares of Class A common stock have not been and will not be registered with the Brazilian
Securities Commission (Comissão de Valores Mobiliários, or “CVM”) and, therefore, will not be carried out by any
means that would constitute a public offering in Brazil under CVM Resolution No. 160, dated 13 July 2022, as
amended, or unauthorized distribution under Brazilian laws and regulations. The shares of Class A common stock
will be authorized for trading on organized non-Brazilian securities markets and may only be offered to Brazilian
Professional Investors (as defined by applicable CVM regulation), who may only acquire the shares of Class A
common stock through a non-Brazilian account, with settlement outside Brazil in non-Brazilian currency. The
trading of the shares of Class A common stock on regulated securities markets in Brazil is prohibited.
Chile
The shares of Class A common stock offered by this prospectus are not registered in the Securities Registry
(Registro de Valores) or subject to the control of the Chilean Securities and Exchange Commission
(Superintendencia de Valores y Seguros de Chile). This prospectus and other offering materials relating to the offer
of the shares of Class A common stock do not constitute a public offer of, or an invitation to subscribe for or
purchase, the shares of Class A common stock in the Republic of Chile, other than to individually identified
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purchasers pursuant to a private offering within the meaning of Article 4 of the Chilean Securities Market Act (Ley
de Mercado de Valores) (an offer that is not “addressed to the public at large or to a certain sector or specific group
of the public”).
China
This prospectus will not be circulated or distributed in the People’s Republic of China (the “PRC”) and the shares of
Class A common stock will not be offered or sold, and will not be offered or sold to any person for re-offering or
resale directly or indirectly, to any residents of the PRC (for such purposes, not including the Hong Kong and Macau
Special Administrative Regions or Taiwan), except pursuant to any applicable laws and regulations of the PRC.
Neither this prospectus nor any advertisement or other offering material may be distributed or published in the PRC,
except under circumstances that will result in compliance with applicable laws and regulations.
Colombia
The shares of Class A common stock have not been and will not be registered with the Colombian National Registry
of Securities and Issuers (Registro Nacional de Valores y Emisores - RNVE) maintained by the Financial
Superintendence of Colombia (Superintendencia Financiera de Colombia; the “SFC”) and, therefore, the shares of
Class A common stock may not be publicly offered or delivered in Colombia. However, the shares of Class A
common stock may be offered in Colombia under Colombian law pursuant to the private placement exemption set
forth in the Colombian regulation (Decree 2555 of 2010), in accordance of which an offering shall be deemed a
private placement if it is addressed to fewer than one hundred (100) specific persons (article 6.1.1.1.1, Decree 2555
of 2010). These materials are solely our responsibility and have not been reviewed or authorized by the SFC and
may not be publicly distributed in Colombia. In making an investment decision, all investors, including any
Colombian investor who may acquire shares of the Class A common stock from time to time, must rely on their own
examination of the terms of the offering and shares of the Class A common stock, including the merits and risks
involved.
Dubai
This prospectus relates to an “Exempt Offer” in accordance with the Offered Securities Rules of the Dubai Financial
Services Authority (the “DFSA”). This prospectus is intended for distribution only to persons of a type specified in
the Offered Securities Rules of the DFSA. It must not be delivered to, or relied on by, any other person. The DFSA
has no responsibility for reviewing or verifying any documents in connection with Exempt Offers. The DFSA has
not approved this prospectus nor taken steps to verify the information set forth herein and has no responsibility for
the prospectus. The shares of Class A common stock to which this prospectus relates may be illiquid or subject to
restrictions on their resale. Prospective purchasers of the shares of Class A common stock should conduct their own
due diligence on the shares of Class A common stock. If you do not understand the contents of this prospectus, you
should consult an authorized financial advisor.
Hong Kong
The shares of Class A common stock have not been offered or sold and will not be offered or sold in Hong Kong, by
means of any document, other than (a) to “professional investors” as defined in the Securities and Futures Ordinance
(Cap. 571 of the laws of Hong Kong) (the “SFO”) and any rules made thereunder; or (b) in other circumstances
which do not result in this prospectus being a “prospectus” as defined in the Companies (Winding Up and
Miscellaneous Provisions) Ordinance (Cap. 32 of the Laws of Hong Kong) (the “CO”) or which do not constitute an
offer to the public within the meaning of the CO. No advertisement, invitation or document relating to the shares of
Class A common stock has been or may be issued or has been or may be in the possession of any person for the
purposes of issue, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be
accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong)
other than with respect to the shares of Class A common stock which are or are intended to be disposed of only to
persons outside Hong Kong or only to “professional investors” as defined in the SFO and any rules made
thereunder.
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India
This prospectus has not been and will not be registered as a prospectus with any registrar of companies in India. This
prospectus has not been and will not be reviewed or approved by any regulatory authority in India, including the
Securities and Exchange Board of India, any registrar of companies in India or any stock exchange in India. This
prospectus and this offering of the shares of Class A common stock are not and should not be construed as an
invitation, offer or sale of any securities to the public in India. Other than in compliance with the private placement
exemptions under applicable laws and regulations in India, including the Companies Act, 2013, as amended, the
shares of Class A common stock have not been, and will not be, offered or sold to the public or any member of the
public in India. This prospectus is strictly personal to the recipient and neither this prospectus nor the offering of the
shares of Class A common stock is calculated to result, directly or indirectly, in the shares of Class A common stock
becoming available for subscription or purchase by persons other than those receiving the invitation or offer. Each
investor is deemed to have acknowledged, represented and agreed that it is eligible to invest in the shares of Class A
common stock under applicable laws, rules and regulations in India, without the requirement to obtain any prior
approval, and that it is not prohibited or prevented under any law, rule or regulation in India from acquiring, owning
or selling the shares of Class A common stock.
Indonesia
This prospectus does not, and is not intended to, constitute a public offering in Indonesia under Law Number 8 of
1995 regarding Capital Market. This prospectus may not be distributed in the Republic of Indonesia and the shares
of Class A common stock may not be offered or sold in the Republic of Indonesia or to Indonesian citizens wherever
they are domiciled, or to Indonesia residents, in a manner which constitutes a public offering under the laws of the
Republic of Indonesia.
Israel
In the State of Israel this prospectus shall not be regarded as an offer to the public to purchase shares of Class A
common stock under the Israeli Securities Law, 5728—1968, which requires a prospectus to be published and
authorized by the Israel Securities Authority, if it complies with certain provisions of Section 15 of the Israeli
Securities Law, 5728–1968, including, inter alia, if: (i) the offer is made, distributed or directed to not more than 35
investors, subject to certain conditions (the “Addressed Investors”), or (ii) the offer is made, distributed or directed
to certain qualified investors defined in the First Addendum of the Israeli Securities Law, 5728—1968, subject to
certain conditions (the “Qualified Investors”). The Qualified Investors shall not be taken into account in the count of
the Addressed Investors and may be offered to purchase securities in addition to the 35 Addressed Investors. We
have not and will not take any action that would require it to publish a prospectus in accordance with and subject to
the Israeli Securities Law, 5728—1968. We have not and will not distribute this prospectus or make, distribute or
direct an offer to subscribe for our Class A common stock to any person within the State of Israel, other than to
Qualified Investors and up to 35 Addressed Investors.
Qualified Investors may have to submit written evidence that they meet the definitions set out in of the First
Addendum to the Israeli Securities Law, 5728—1968. In particular, we may request, as a condition to be offered
shares of Class A common stock, that Qualified Investors will each represent, warrant and certify to us and/or to
anyone acting on our behalf: (i) that it is an investor falling within one of the categories listed in the First Addendum
to the Israeli Securities Law, 5728—1968; (ii) which of the categories listed in the First Addendum to the Israeli
Securities Law, 5728—1968 regarding Qualified Investors is applicable to it; (iii) that it will abide by all provisions
set forth in the Israeli Securities Law, 5728—1968 and the regulations promulgated thereunder in connection with
the offer to be issued shares of Class A common stock; (iv) that the shares of Class A common stock that it will be
issued are, subject to exemptions available under the Israeli Securities Law, 5728—1968: (a) for its own account; (b)
for investment purposes only; and (c) not issued with a view to resale within the State of Israel, other than in
accordance with the provisions of the Israeli Securities Law, 5728—1968; and (v) that it is willing to provide further
evidence of its Qualified Investor status. Addressed Investors may have to submit written evidence in respect of their
identity and may have to sign and submit a declaration containing, inter alia, the Addressed Investor’s name, address
and passport number or Israeli identification number.
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Malaysia
No prospectus or other offering material or document in connection with the offer and sale of shares of Class A
common stock offered by this prospectus has been or will be registered with the Securities Commission of Malaysia
(the “Malaysian Commission”) for the Malaysian Commission’s approval pursuant to the Capital Markets and
Services Act 2007. Accordingly, this prospectus and any other document or material in connection with the offer or
sale, or invitation for subscription or purchase, of the shares of Class A common stock may not be circulated or
distributed, nor may the shares of Class A common stock be offered or sold, or be made the subject of an invitation
for subscription or purchase, whether directly or indirectly, to persons in Malaysia other than (i) a closed-end fund
approved by the Malaysian Commission; (ii) a holder of a Capital Markets Services License; (iii) a person who
acquires shares of Class A common stock, as principal, if the offer is on terms that the shares if Class A common
stock may only be acquired at a consideration of not less than RM250,000 (or its equivalent in foreign currencies)
for each transaction; (iv) an individual whose total net personal assets or total net joint assets with his or her spouse
exceeds RM3 million (or its equivalent in foreign currencies), excluding the value of the primary residence of the
individual; (v) an individual who has a gross annual income exceeding RM300,000 (or its equivalent in foreign
currencies) per annum in the preceding twelve months; (vi) an individual who, jointly with his or her spouse, has a
gross annual income of RM400,000 (or its equivalent in foreign currencies), per annum in the preceding twelve
months; (vii) a corporation with total net assets exceeding RM10 million (or its equivalent in foreign currencies)
based on the last audited accounts; (viii) a partnership with total net assets exceeding RM10 million (or its
equivalent in foreign currencies); (ix) a bank licensee or insurance licensee as defined in the Labuan Financial
Services and Securities Act 2010; (x) an Islamic bank licensee or takaful licensee as defined in the Labuan Financial
Services and Securities Act 2010; and (xi) any other person as may be specified by the Commission; provided that,
in each of the preceding categories (i) to (xi), the distribution of the shares of Class A common stock is made by a
holder of a Capital Markets Services License who carries on the business of dealing in securities. The distribution in
Malaysia of this prospectus is subject to Malaysian laws. This prospectus does not constitute and may not be used
for the purpose of a public offering or an issue, offer for subscription or purchase, or invitation to subscribe for or
purchase any securities requiring the registration of a prospectus with the Malaysian Commission under the Capital
Markets and Services Act 2007.
Mexico
The shares of Class A common stock have not been and will not be registered with the Mexican National Securities
Registry (Registro Nacional de Valores or the “RNV”) maintained by the Mexican National Banking and Securities
Commission (Comisión Nacional Bancaria y de Valores, or the “CNBV”), and therefore, may not be offered or sold
publicly in Mexico or otherwise be subject to intermediation activities in Mexico. However, the shares of Class A
common stock may only be offered and sold in Mexico on a private placement basis to investors that qualify as
institutional or qualified investors pursuant to the private placement exemption set forth in Article 8 of the Mexican
Securities Market Law (Ley del Mercado de Valores) and regulations thereunder. The information contained in this
prospectus is solely our responsibility and has not been reviewed or authorized by the CNBV and may not be
publicly distributed in Mexico. In making an investment decision, all investors, including any Mexican investor,
who may acquire the shares of Class A common stock from time to time, must rely on their own examination of us
and the terms of this offering and the shares of Class A common stock, including the merits and risks involved.
New Zealand
This document has not been registered, filed with or approved by any New Zealand regulatory authority under the
Financial Markets Conduct Act 2013 (the “FMC Act”). The shares of Class A common stock may only be offered or
sold in New Zealand (or allotted with a view to being offered for sale in New Zealand) to a person who:
• is an investment business within the meaning of clause 37 of Schedule I of the FMC Act;
• meets the investment activity criteria in clause 38 of Schedule I of the FMC Act;
• is large within the meaning of clause 39 of Schedule I of the FMC Act;
• is a government agency within the meaning of clause 40 of Schedule I of the FMC Act; or
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• is an eligible investor within the meaning of clause 41 of Schedule I of the FMC Act.
Peru
The shares of Class A common stock and the information contained herein are not being publicly marketed or
offered in Peru and will not be distributed or caused to be distributed to the general public in Peru. Peruvian
securities laws and regulations on public offerings will not be applicable to this offering and therefore, the disclosure
obligations set forth therein will not be applicable to the Company or the sellers of the shares of Class A common
stock before or after their acquisition by prospective investors. The shares of Class A common stock and the
information contained herein have not been and will not be reviewed, confirmed, approved or in any way submitted
to the Superintendencia del Mercado de Valores (Peruvian capital market regulator) (the “SMV”), nor have they
been registered with the SMV’s Securities Market Public Registry (Registro Público del Mercado de Valores).
Accordingly, the shares of Class A common stock cannot be offered or sold within Peruvian territory except to the
extent any such offering or sale qualifies as a private offering under Peruvian law and regulations and complies with
the provisions on private offerings set forth therein.
Philippines
The shares of Class A common stock being offered or sold have not been and will not be registered with the
Philippine Securities and Exchange Commission under the Securities Regulation Code of the Philippines (the
“SCR”). Any future offer or sale of the shares of Class A common stock within the Philippines is subject to the
registration requirements under the SRC unless such offer or sale qualifies as a transaction exempt from the
registration under the SRC.
Accordingly, this prospectus, and any other document or material in connection with the offer or sale, or invitation
for subscription or purchase of the shares of Class A common stock, may not be circulated or distributed in the
Philippines, and the shares of Class A common stock may not be offered or sold, or be made the subject of an
invitation for subscription or purchase, to persons in the Philippines, other than (i) to qualified investors in
transactions that are exempt from the registration requirements of the SRC; and (ii) by persons licensed to make
such offers or sales in the Philippines.
Qatar
In the State of Qatar, the offer contained in this prospectus is made on an exclusive basis to the specifically intended
recipient thereof, upon that person’s request and initiative, for personal use only and shall in no way be construed as
a general offer for the sale of the shares of Class A common stock to the public or an attempt to do business as a
bank, an investment company or otherwise in the State of Qatar. This prospectus and the underlying securities have
not been approved or licensed by the Qatar Central Bank or the Qatar Financial Center Regulatory Authority or any
other regulator in the State of Qatar. The information contained in this prospectus shall only be shared with any third
parties in the State of Qatar on a need to know basis for the purpose of evaluating the offering. Any distribution of
this prospectus by the recipient to third parties in the State of Qatar beyond the terms hereof is not permitted and
shall be at the liability of such recipient.
Saudi Arabia
This prospectus may not be distributed in the Kingdom of Saudi Arabia except to such persons as are permitted
under the Rules on the Offer of Securities and Continuing Obligations Regulations as issued by the board of the
Saudi Arabian Capital Market Authority (the “CMA”) pursuant to resolution number 3-123-2017 dated 27
December 2017, as amended. The CMA does not make any representation as to the accuracy or completeness of this
prospectus and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance upon,
any part of this prospectus. Prospective purchasers of the shares of Class A common stock offered hereby should
conduct their own due diligence on the accuracy of the information relating to the shares of Class A common stock.
If you do not understand the contents of this prospectus, you should consult an authorized financial adviser.
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Singapore
This prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, the
shares of Class A common stock may not be offered or sold, or made the subject of an invitation for subscription or
purchase, nor may this prospectus or any other document or material in connection with the offer or sale, or
invitation for subscription or purchase of the shares of Class A common stock be circulated, whether directly or
indirectly, to any person in Singapore other than (i) to an institutional investor (as defined in Section 4A of the
Securities and Futures Act 2001 of Singapore, as modified or amended from time to time (the “SFA”)) pursuant to
Section 274 of the SFA or (ii) to an accredited investor (as defined in Section 4A of the SFA) pursuant to and in
accordance with the conditions specified in Section 275 of the SFA.
South Africa
Due to restrictions under the securities laws of South Africa, no “offer to the public” (as such term is defined in the
South African Companies Act, No. 71 of 2008 (as amended or re-enacted) (the South African Companies Act)) is
being made in connection with the issue of the shares of Class A common stock in South Africa. Accordingly, this
document does not, nor is it intended to, constitute a “registered prospectus” (as that term is defined in the South
African Companies Act) prepared and registered under the South African Companies Act and has not been approved
by, and/or filed with, the South African Companies and Intellectual Property Commission or any other regulatory
authority in South Africa. The shares of Class A common stock are not offered, and the offer should not be
transferred, sold, renounced, or delivered in South Africa or to a person with an address in South Africa, unless one
or other of the following exemptions stipulated in section 96(1) applies:
Section 96(1)(a) the offer, transfer, sale, renunciation or delivery is to:
i. persons whose ordinary business, or part of whose ordinary business, is to deal in securities, as principal or
agent;
ii. the South African Public Investment Corporation;
iii. persons or entities regulated by the Reserve Bank of South Africa;
iv. authorized financial service providers under South African law;
v. financial institutions recognized as such under South African law;
vi. a wholly-owned subsidiary of any person or entity contemplated in (iii), (iv) or (v), acting as agent in the
capacity of an authorized portfolio manager for a pension fund, or as manager for a collective investment
scheme (in each case duly registered as such under South African law); or
vii. any combination of the person in (i) to (vi);
Section 96(1)(b) the total contemplated acquisition cost of the shares of Class A common stock, for any single
addressee acting as a principal is equal to or greater than ZAR 1,000,000 or such higher amount as may be
promulgated by notice in the Government Gazette of South Africa pursuant to section 96(2)(a) of the South African
Companies Act.
Information made available in this prospectus should not be considered as “advice” as defined in the South African
Financial Advisory and Intermediary Services Act 2002.
South Korea
The shares of Class A common stock offered by this prospectus have not been and will not be registered under the
Financial Investments Services and Capital Markets Act of Korea and the decrees and regulations thereunder (the
“FSCMA”), and the shares of Class A common stock have been and will be offered in Korea as a private placement
under the FSCMA. None of the shares of Class A common stock may be offered, sold or delivered directly or
indirectly, or offered or sold to any person for re-offering or resale, directly or indirectly, in Korea or to any resident
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of Korea except pursuant to the applicable laws and regulations of Korea, including the FSCMA and the Foreign
Exchange Transaction Law of Korea and the decrees and regulations thereunder (the “FETL”). The shares of Class
A common stock have not been listed on any of securities exchanges in the world including, without limitation, the
Korea Exchange in Korea. Furthermore, the purchaser of the shares of Class A common stock will comply with all
applicable regulatory requirements (including but not limited to requirements under the FETL) in connection with
the purchase of shares of Class A common stock. By the purchase of shares of Class A common stock, the relevant
holder thereof will be deemed to represent and warrant that if it is in Korea or is a resident of Korea, it purchased the
shares of Class A common stock pursuant to the applicable laws and regulations of Korea.
Switzerland
Except pursuant to the Swiss public offering described above, the shares of Class A common stock may not be
publicly offered in Switzerland. In addition, the Class A common stock will not be listed on any trading venue in
Switzerland.
Other than in the context of the Swiss public offering described above, the shares of Class A common stock may
only be offered, sold or advertised, directly or indirectly, in or into Switzerland (i) to any investor that qualifies as a
professional client within the meaning of the Swiss Financial Services Act ("FinSA") or (ii) in any other
circumstances falling within Article 36 FinSA.
This document does not constitute a prospectus within the meaning of the FinSA and has not been and will not be
filed with, or reviewed or approved by, a Swiss review body pursuant to Article 51 FinSA. This document does not
comply with the disclosure requirements applicable to a prospectus within the meaning of the FinSA. This document
may not be publicly distributed or otherwise made publicly available in Switzerland.
Taiwan
The shares of Class A common stock have not been and will not be registered with the Financial Supervisory
Commission of Taiwan pursuant to relevant securities laws and regulations and may not be sold, issued or offered
within Taiwan through a public offering or in circumstances which constitutes an offer within the meaning of the
Securities and Exchange Act of Taiwan that requires a registration or approval of the Financial Supervisory
Commission of Taiwan. No person or entity in Taiwan has been authorized to offer, sell, give advice regarding or
otherwise intermediate the offering and sale of the shares of Class A common stock in Taiwan.
Thailand
This prospectus does not, and is not intended to, constitute a public offering in Thailand. The shares of Class A
common stock may not be offered or sold to persons in Thailand, unless such offering is made under the exemptions
from approval and filing requirements under applicable laws, or under circumstances which do not constitute an
offer for sale of the shares Class A common stock to the public for the purposes of the Securities and Exchange Act
of 1992 of Thailand, nor require approval from the Office of the Securities and Exchange Commission of Thailand.
United Arab Emirates
The shares of Class A common stock have not been, and are not being, publicly offered, sold, promoted or
advertised in the United Arab Emirates (including the Dubai International Financial Centre) other than in
compliance with the laws of the United Arab Emirates (and the Dubai International Financial Centre) governing the
issue, offering and sale of the shares of Class A common stock. Further, this prospectus does not constitute a public
offer of securities in the United Arab Emirates (including the Dubai International Financial Centre) and is not
intended to be a public offer. This prospectus has not been approved by or filed with the Central Bank of the United
Arab Emirates, the Securities and Commodities Authority, Financial Services Regulatory Authority or the Dubai
Financial Services Authority.
United Kingdom
This prospectus has been prepared on the basis that the offering of the shares of Class A common stock falls within
one of the exceptions specified in Part 1 of Schedule 1 of the Public Offers and Admissions to Trading Regulations
276
Table of Contents
2024 (the “POATRs”) and, accordingly, there will not be a prospectus prepared or published for the purposes of the
POATRs. This prospectus does not constitute a prospectus for the purposes of the POATRs.
Each underwriter has represented and agreed that it has not made and will not make an offer of the shares of Class A
common stock which are the subject of this prospectus to the public in the United Kingdom, except that it may make
an offer:
• at any time to any legal entity which is a qualified investor as defined in paragraph 15 of Schedule 1 to the
POATRs;
• at any time to fewer than 150 persons (other than qualified investors as defined in paragraph 15 of Schedule 1 to
the POATRs) in the United Kingdom subject to obtaining the prior consent of the relevant underwriters
nominated by us for any such offer; or
• at any time in any other circumstances falling within Part 1 of Schedule 1 to the POATRs.
For the purposes of this provision, the expression an “offer to the public” in relation to the shares of Class A
common stock in the United Kingdom means the communication in any form and by any means of sufficient
information on the terms of the offer and the shares of Class A common stock to be offered so as to enable an
investor to decide to purchase or subscribe for the shares of Class A common stock.
277
Table of Contents
LEGAL MATTERS
The validity of the shares of Class A common stock offered by this prospectus will be passed upon for us by Gibson,
Dunn & Crutcher LLP, Houston, Texas. Certain legal matters in connection with this offering will be passed upon
for the underwriters by Davis Polk & Wardwell LLP, New York, New York.
EXPERTS
The financial statements as of December 31, 2025 and 2024 and for each of the three years in the period ended
December 31, 2025 included in this prospectus have been so included in reliance on the report of
PricewaterhouseCoopers LLP (which contains an explanatory paragraph relating to the Company’s significant
transactions with related parties, as described in Note 18 to the consolidated financial statements), an independent
registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.
WHERE YOU CAN FIND ADDITIONAL INFORMATION
We have filed with the SEC a registration statement on Form S-1 under the Securities Act relating to the shares of
our Class A common stock offered by this prospectus. This prospectus, which constitutes a part of the registration
statement, does not contain all of the information set forth in the registration statement or the exhibits and schedules
thereto. For more information regarding us and the shares of our Class A common stock offered by this prospectus,
we refer you to the full registration statement, including the exhibits and schedules filed therewith. This prospectus
summarizes certain provisions of certain contracts and other documents filed as exhibits to which we refer you.
Because the summaries may not contain all of the information that you may find important, you should review the
full text of those documents.
The SEC maintains a website at www.sec.gov that contains reports, information statements and other information
regarding issuers that file electronically with the SEC. Our registration statement, of which this prospectus
constitutes a part, can be downloaded from the SEC’s website. As a result of the offering, we will become subject to
the reporting requirements of the Exchange Act and will file with or furnish to the SEC periodic reports and other
information. We intend to furnish or make available to our shareholders annual reports containing our audited
consolidated financial statements prepared in accordance with GAAP. We also intend to furnish or make available to
our shareholders quarterly reports containing our unaudited interim financial information, for the first three fiscal
quarters of each fiscal year. Our website is located at www.spacex.com . Following the completion of this offering,
we intend to make our periodic reports and other information filed with or furnished to the SEC available, free of
charge, through our website, as soon as reasonably practicable after those reports and other information are
electronically filed with or furnished to the SEC. Information contained on our website or linked therein or
otherwise connected thereto does not constitute part of nor is it incorporated by reference into this prospectus or the
registration statement of which this prospectus forms a part. We may use our website www.spacex.com / or
our X account to make information publicly available for purposes of Regulation FD from time to time.
F-1
Table of Contents
INDEX TO FINANCIAL STATEMENTS
Page
Space Exploration Technologies Corp.
Audited Consolidated Financial Statements
Report of Independent Registered Public Accounting Firm ...................................................................
F-2
Consolidated Balance Sheets as of December 31, 2025 and 2024 ..........................................................
F-4
Consolidated Statements of Operations for the Years Ended December 31, 2025, 2024, and 2023 ......
F-5
Consolidated Statements of Comprehensive Income (Loss) for the Years Ended December 31, 2025,
2024, and 2023 .....................................................................................................................................
F-6
Consolidated Statements of Redeemable Convertible Preferred Stock and Shareholders' Equity for
the Years Ended December 31, 2025, 2024, and 2023 ........................................................................
F-7
Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024, and 2023 .....
F-8
Notes to Consolidated Financial Statements ...........................................................................................
F-10
Unaudited Consolidated Financial Statements
Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 ........................................
F-63
Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025 ..........
F-64
Consolidated Statements of Comprehensive Loss for the Three Months Ended March 31, 2026 and
2025 .....................................................................................................................................................
F-65
Consolidated Statements of Redeemable Convertible Preferred Stock and Shareholders' Equity for
the Three Months Ended March 31, 2026 and 2025 ..........................................................................
F-66
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 .........
F-67
Notes to Consolidated Financial Statements ...........................................................................................
F-69
F-2
Table of Contents
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of Space Exploration Technologies Corp.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Space Exploration Technologies Corp. and its
subsidiaries (the “Company”) as of December 31, 2025 and 2024, and the related consolidated statements of
operations, of comprehensive income (loss), of redeemable convertible preferred stock and shareholders' equity and
of cash flows for each of the three years in the period ended December 31, 2025, including the related notes
(collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial
statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025
and 2024, and the results of its operations and its cash flows for each of the three years in the period ended
December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.
Change in Accounting Principle
As discussed in Note 2 to the consolidated financial statements, the Company changed the manner in which it
accounts for digital assets in 2024.
Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is
to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public
accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the
applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB.
Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the
consolidated financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial
statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures
included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial
statements. Our audits also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that
our audits provide a reasonable basis for our opinion.
Significant Transactions with Related Parties
As discussed in Note 18 to the consolidated financial statements, the Company has entered into significant
transactions with related parties.
Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated
financial statements that was communicated or required to be communicated to the audit committee and that (i)
relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our
especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter
in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by
communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the
accounts or disclosures to which it relates.
F-3
Table of Contents
Revenue Recognition – Estimate of Total Cost at Completion for Certain Contracts Recognized Over Time
As described in Notes 2 and 3 to the consolidated financial statements, the Company recognized revenue of $4.1
billion and $11.4 billion for the year ended December 31, 2025 within the Space and Connectivity segments,
respectively, a portion of which related to contracts recognized over time using the cost-to-cost input method. Under
the cost-to-cost input method, the Company records revenue based upon costs (such as materials and labor hours)
incurred to date relative to the total estimated cost at completion. Developing the estimated total cost at completion
for each performance obligation requires the use of significant management judgment, including assumptions
regarding (i) launch timing, labor hours, allocation of shared costs for launch vehicles that have been identified as
reusable for multiple launches, as well as expected technological changes to launch vehicles and spacecraft for
Space contracts, and (ii) labor hours, allocation of shared costs used in the production of satellites, satellite material
costs, as well as expected technological changes to satellites for Connectivity contracts. The Company recognizes
changes in estimated contract revenue or costs at completion and the resulting changes in contract profit on a
cumulative basis.
The principal considerations for our determination that performing procedures relating to revenue recognition –
estimate of total cost at completion for certain contracts recognized over time is a critical audit matter are (i) the
significant judgment by management in developing the estimate of total cost at completion, including significant
judgments and assumptions on a contract by contract basis, and (ii) a high degree of auditor judgment, subjectivity,
and effort in performing procedures and evaluating audit evidence related to management’s estimate of total cost at
completion, including estimated labor hours.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming
our overall opinion on the consolidated financial statements. These procedures included, among others, (i) testing
the completeness and accuracy of underlying data used by management related to actual costs to date, (ii) testing
management’s process for developing the estimate of total cost at completion, including evaluating on a test basis,
the reasonableness of certain significant judgments and assumptions considered by management specific to each
contract, including estimated labor hours. Evaluating the significant judgments and assumptions related to the
estimates of total cost at completion involved evaluating whether the significant judgments and assumptions used by
management were reasonable considering (i) management’s historical forecasting accuracy; (ii) evidence to support
the relevant aforementioned assumptions; (iii) the consistent application of accounting policies; and (iv) the timely
identification of circumstances which may require a modification to a previous estimate.
/s/PricewaterhouseCoopers LLP
Los Angeles, California
March 30, 2026, except for the effects of the reorganization of entities under common control and the effects of the
stock split discussed in Note 1 to the consolidated financial statements and the change in reportable segments
discussed in Note 19 to the consolidated financial statements, as to which the date is May 7, 2026
We have served as the Company’s auditor since 2012.
F-4
Table of Contents
Space Exploration Technologies Corp.
Consolidated Balance Sheets
(in millions, except per share data)
December 31,
2025
2024
Assets
Current assets
Cash and cash equivalents .............................................................................................................................
$ 24,747
$ 11,385
Marketable securities .....................................................................................................................................
—
800
Accounts receivable, net of allowance for credit losses of $39 and $119 at December 31, 2025 and 2024,
respectively ...............................................................................................................................................
1,579
1,052
Inventory ........................................................................................................................................................
2,416
2,003
Prepaid expenses and other current assets .....................................................................................................
2,210
868
Total current assets .....................................................................................................................................
30,952
16,108
Property, plant, and equipment, net (a) ...................................................................................................................
42,602
21,147
Finance lease right-of-use assets ..........................................................................................................................
1,260
1,686
Intangible assets, net ............................................................................................................................................
1,548
2,211
Digital assets .........................................................................................................................................................
1,637
1,749
Goodwill ...............................................................................................................................................................
11,809
11,129
Deferred tax assets ................................................................................................................................................
141
696
Other assets ...........................................................................................................................................................
2,130
2,336
Total assets ...............................................................................................................................................
$ 92,079
$ 57,062
Liabilities, Redeemable Convertible Preferred Stock, and Shareholders ’ Equity
Current liabilities
Accounts payable ...........................................................................................................................................
11,792
4,413
Deferred revenue, current .............................................................................................................................
6,111
5,498
Debt and finance leases, current (related party of $455 and $- at December 31, 2025 and 2024,
respectively) ..............................................................................................................................................
928
372
Accrued expenses and other current liabilities ..............................................................................................
2,569
1,508
Total current liabilities ................................................................................................................................
21,400
11,791
Long-term liabilities .............................................................................................................................................
Deferred revenue, net of current ..........................................................................................................................
6,005
4,681
Debt and finance leases, net of current (related party of $4,052 and $- at December 31, 2025 and 2024,
respectively) ....................................................................................................................................................
21,968
13,421
Other liabilities .....................................................................................................................................................
1,381
1,365
Total liabilities ..........................................................................................................................................
50,754
31,258
Commitments and contingencies (Note 17)
Redeemable convertible preferred stock
Redeemable convertible preferred stock, par value $0.001; 2,351 and 1,997 shares issued; 2,046 and
1,748 shares outstanding as of December 31, 2025 and 2024, respectively .............................................
38,752
20,941
Shareholders’ equity
Class A common stock, par value $0.001; 2,036 and 1,832 shares issued; 1,954 and 1,832 shares
outstanding as of December 31, 2025 and 2024, respectively ..................................................................
3
2
Class B common stock, par value $0.001; 644 and 768 shares issued and outstanding as of December
31, 2025 and 2024, respectively ................................................................................................................
1
1
Class C common stock, par value $0.001; 482 and 421 shares issued and outstanding as of December
31, 2025 and 2024, respectively ................................................................................................................
0
0
Class D common stock, par value $0.0001; no shares issued and outstanding as of December 31, 2025
and 2024, respectively ...............................................................................................................................
—
—
Additional paid-in capital .....................................................................................................................................
37,706
35,865
Accumulated deficit .............................................................................................................................................
(37,035)
(32,098)
Accumulated other comprehensive income .........................................................................................................
1,898
1,093
Total shareholders ’ equity ......................................................................................................................
2,573
4,863
Total liabilities, redeemable convertible preferred stock, and shareholders ’ equity .......................
$ 92,079
$ 57,062
__________________
(a) Refer to Note 18 , Related Party Transactions for additional details on related party arrangements.
The accompanying notes are an integral part of these consolidated financial statements .
F-5
Table of Contents
Space Exploration Technologies Corp.
Consolidated Statements of Operations
(in millions, except per share data)
Year Ended December 31,
2025
2024
2023
Revenue ........................................................................................
$ 18,674
$ 14,015
$ 10,387
Costs and expenses ......................................................................
Cost of revenue ............................................................................
9,451
7,996
6,110
Research and development ..........................................................
8,643
3,464
2,105
Selling, general, and administrative .............................................
2,644
1,813
1,665
Restructuring charges ...................................................................
487
213
237
Impairment ...................................................................................
38
63
3,775
Total costs and expenses ...........................................................
21,263
13,549
13,892
Income (loss) from operations ....................................................
(2,589)
466
(3,505)
Interest expense (related party of $66, $-, and $- for December
31, 2025, 2024, and 2023, respectively) .....................................
(1,945)
(1,580)
(1,693)
Interest income ...............................................................................
492
371
249
Other income (expense), net ...........................................................
(177)
985
(42)
Income (loss) before income taxes ..............................................
(4,219)
242
(4,991)
Provision for (benefit from) income taxes .....................................
718
(549)
(363)
Net income (loss) ..........................................................................
$ (4,937)
$ 791
$ (4,628)
Net income (loss) attributable to shareholders - basic .................
$ (4,937)
$ 18
$ (4,628)
Net income (loss) attributable to shareholders - diluted ..............
$ (4,937)
$ 21
$ (4,628)
Net income (loss) per share of common stock attributable to
common shareholders
Basic ...............................................................................................
$ (1.69)
$ 0.01
$ (1.68)
Diluted ............................................................................................
$ (1.69)
$ 0.00
$ (1.68)
Weighted average shares used in computing net income (loss)
per share of common stock
Basic ...............................................................................................
2,926
2,848
2,759
Diluted ............................................................................................
2,926
9,956
2,759
The accompanying notes are an integral part of these consolidated financial statements .
F-6
Table of Contents
Space Exploration Technologies Corp.
Consolidated Statements of Comprehensive Income (Loss)
(in millions)
Year Ended December 31,
2025
2024
2023
Net income (loss) .........................................................................
$ (4,937)
$ 791
$ (4,628)
Other comprehensive income (loss)
Change in foreign currency translation adjustments, net of tax ....
805
(391)
222
Unrealized gains (losses) on marketable securities, net of tax ......
0
(1)
1
Other comprehensive income (loss) ..............................................
805
(392)
223
Comprehensive income (loss) ....................................................
$ (4,132)
$ 399
$ (4,405)
The accompanying notes are an integral part of these consolidated financial statements .
F-7
Table of Contents
Space Exploration Technologies Corp.
Consolidated Statements of Redeemable Convertible Preferred Stock and Shareholders’ Equity
(in millions)
Redeemable Convertible Preferred
Stock
Common Stock
Shares
Amount
Shares
Amount
Additional
Paid-in Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income
Total
Shareholders’
Equity
Balances at December 31, 2022 ....................................
136
$ 7,239
2,742
$ 3
$ 35,275
$ (28,757)
$ 1,262
$ 7,783
Share-based compensation ...............................................
—
3
—
—
784
—
—
784
Issuance of redeemable convertible preferred stock ........
750
750
—
—
—
—
—
—
Common stock issued, net of tax withholding .................
—
—
249
0
(41)
—
—
(41)
Repurchase of common stock ..........................................
—
—
(11)
0
(170)
—
—
(170)
Net loss .............................................................................
—
—
—
—
—
(4,628)
—
(4,628)
Other comprehensive income (loss) .................................
—
—
—
—
—
—
223
223
Balances at December 31, 2023 ....................................
886
$ 7,992
2,980
$ 3
$ 35,848
$ (33,385)
$ 1,485
$ 3,951
Adjustment for prior periods from adoption of ASU
2023-08 .......................................................................
—
—
—
—
—
496
—
496
Share-based compensation ..............................................
—
—
—
—
914
—
—
914
Issuance of redeemable convertible preferred stock ........
862
13,001
—
—
—
—
—
—
Common stock issued, net of tax withholding .................
—
—
75
0
72
—
—
72
Repurchase of common and redeemable convertible
preferred stock .............................................................
0
(21)
(46)
0
(1,000)
—
—
(1,000)
Conversion of redeemable convertible preferred stock
to common stock ..........................................................
0
(31)
14
0
31
—
—
31
Net income ......................................................................
—
—
—
—
—
791
—
791
Other comprehensive income (loss) .................................
—
—
—
—
—
—
(392)
(392)
Balances at December 31, 2024 ....................................
1,748
$ 20,941
3,023
$ 3
$ 35,865
$ (32,098)
$ 1,093
$ 4,863
Share-based compensation ..............................................
—
—
—
—
2,087
—
—
2,087
Issuance of redeemable convertible preferred stock ........
299
17,898
—
—
—
—
—
—
Common stock issued, net of tax withholding .................
—
—
97
1
740
—
—
741
Repurchase of common stock ..........................................
—
—
(69)
0
(1,125)
—
—
(1,125)
Conversion of redeemable convertible preferred stock
to common stock ..........................................................
(1)
(87)
28
0
87
—
—
87
Transfer of equity in business combination .....................
—
—
0
0
52
—
—
52
Net loss .............................................................................
—
—
—
—
—
(4,937)
—
(4,937)
Other comprehensive income (loss) .................................
—
—
—
—
—
—
805
805
Balances at December 31, 2025 ....................................
2,046
$ 38,752
3,079
$ 4
$ 37,706
$ (37,035)
$ 1,898
$ 2,573
The accompanying notes are an integral part of these consolidated financial statements .
F-8
Table of Contents
Space Exploration Technologies Corp.
Consolidated Statements of Cash Flows
(in millions)
Year Ended December 31,
2025
2024
2023
Cash flows from operating activities
Net income (loss) ...........................................................................
$ (4,937)
$ 791
$ (4,628)
Adjustments to reconcile net income (loss) to net cash provided
by operating activities:
Depreciation and amortization ...................................................
6,701
3,824
2,635
Share-based compensation ........................................................
1,947
784
679
Intangible asset impairment .......................................................
—
—
3,775
Deferred income taxes ...............................................................
626
(675)
(409)
Unrealized (gain) loss on digital assets .....................................
112
(955)
—
Impairment and loss on disposal of fixed assets, net .................
88
135
36
Amortization of debt discount and issuance costs .....................
93
84
212
Other ..........................................................................................
66
115
214
Changes in operating assets and liabilities
Accounts receivable ..............................................................
(543)
(347)
345
Inventory ...............................................................................
(413)
(309)
(72)
Prepaid expenses and other assets ........................................
(673)
(328)
41
Accounts payable ..................................................................
709
472
220
Deferred revenue ..................................................................
1,929
1,876
1,695
Operating lease liabilities, net ...............................................
(56)
(37)
(15)
Other liabilities .....................................................................
1,136
346
(208)
Net cash provided by operating activities ........................
$ 6,785
$ 5,776
$ 4,520
Cash flows from investing activities
Purchases of property, plant, and equipment (related party of
$666, $171, and $11 for December 31, 2025, 2024, and 2023,
respectively) ................................................................................
(20,737)
(11,163)
(4,415)
Capitalized interest .........................................................................
(169)
—
—
Proceeds from product rebates .......................................................
118
—
—
Purchases of marketable securities .................................................
(611)
(3,542)
(3,535)
Maturities of marketable securities ................................................
548
3,712
2,731
Proceeds from sales of marketable securities .................................
1,457
193
333
Investments in unconsolidated affiliates ........................................
(86)
—
—
Other investing activities, net .........................................................
(95)
4
19
Net cash used in investing activities ..........................................
$ (19,575)
$ (10,796)
$ (4,867)
Cash flows from financing activities
Principal repayments on finance leases ..........................................
(295)
(154)
—
Proceeds from debt and other financing obligations ......................
16,055
—
—
Payment of debt issuance costs ......................................................
(66)
—
—
Repayments on debt and other financing obligations ....................
(6,858)
(77)
(112)
Proceeds from issuance of capital stock, net of issuance costs ......
18,807
13,101
774
Proceeds from employee equity award plans .................................
328
224
141
F-9
Table of Contents
Year Ended December 31,
2025
2024
2023
Payments for repurchase of common and redeemable convertible
preferred stock ............................................................................
(1,125)
(1,021)
(170)
Taxes paid related to net share settlement of equity award ............
(496)
(243)
(211)
Net cash provided by financing activities ..................................
$ 26,350
$ 11,830
$ 422
Effect of exchange rate changes on cash and cash equivalents ......
63
1
(2)
Net change in cash and cash equivalents and restricted cash .........
13,623
6,811
73
Cash and cash equivalents and restricted cash, beginning of year .
11,501
4,690
4,617
Cash and cash equivalents and restricted cash, end of year ...........
$ 25,124
$ 11,501
$ 4,690
Supplemental disclosures of cash flow information
Cash paid for the following:
Interest, net of interest capitalized .............................................
$ 1,476
$ 1,500
$ 1,365
Income taxes, net .......................................................................
$ 154
$ 134
$ 45
Supplemental schedule of noncash investing and financing
activities
Share-based compensation capitalized in property, plant, and
equipment, net .............................................................................
$ 154
$ 132
$ 108
Acquisition of property, plant, and equipment included in
accounts payable .........................................................................
$ 7,088
$ 2,481
$ 505
The accompanying notes are an integral part of these consolidated financial statements .
F-10
Table of Contents
SPACE EXPLORATION TECHNOLOGIES CORP.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(tables in millions, except per share data)
Note 1 - Nature of Business
Description of Business
Space Exploration Technologies Corp. and its wholly owned subsidiaries, collectively referred to as the “Company”
or “SpaceX,” operate three segments – (i) the Space segment designs, manufactures, and launches reusable rockets
to provide high cadence, reliable, and affordable access to space at unprecedented scale, (ii) the Connectivity
segment operates a worldwide high-speed, low-latency broadband network powered by t housands of Starlink
satellites in Low-Earth Orbit , delivering connectivity to millions of consumer, enterprise, and government customers
through our Starlink offering , and (iii) the AI segment operates a vertically integrated AI platform spanning a
frontier LLM Grok, AI solutions for consumer and enterprise customers, X — a real-time information,
entertainment, and free speech platform — and AI computational infrastructure.
SpaceX is advancing the boundaries of space technology and human spaceflight through its Falcon launch vehicles
and Dragon spacecraft and is currently developing Starship, a fully reusable transportation system that is designed to
carry crew, cargo, satellites, and data centers to Earth orbit, the Moon, Mars, and beyond.
SpaceX operates Starlink which delivers high-speed, low-latency broadband internet to customers around the globe,
including to those who live in some of the most remote places on Earth. The Company also provides access to
satellite-to-mobile texting and voice services to mobile users (referred to as “Starlink Mobile”).
SpaceX operates a global platform for public conversation known as X (formerly known as Twitter) as well as the
Grok suite of text and multi-modal AI models, accessible to individual users via online platforms such as x.com and
to enterprise clients for applications in research, productivity, and decision-making.
The Company ’ s corporate headquarters is located in Starbase, Texas. SpaceX was incorporated in the state of
Delaware on March 14, 2002 and converted into a corporation organized under the laws of the State of Texas on
February 14, 2024.
On May 4 , 2026, the Company effected a five-for-one forward stock split of its authorized, issued, and outstanding
shares of Class A, Class B, and Class C Common Stock (“2026 Stock Split”). The conversion rate of SpaceX
Redeemable Convertible Preferred Stock was proportionately adjusted to factor in the 2026 Stock Split. All share
and per share information has been retroactively adjusted to reflect the 2026 Stock Split for all periods presented.
On February 2, 2026, the Company completed its acquisition of X.AI Holdings Corp. (“xAI”), pursuant to which
xAI became a wholly-owned subsidiary of the Company (“xAI Merger”). Prior to the xAI Merger, on March 28,
2025, xAI completed its acquisition of X Holdings Corp. (“X”) and X.AI Corp., in which X and X.AI Corp. became
wholly-owned subsidiaries of xAI (“X Merger”, and collectively with xAI Merger, “Mergers”). X.AI Corp began
operations in March 2023 and Twitter, Inc. (“Twitter”) was acquired by Mr. Elon Musk in October 2022. The
Mergers were each effected through a share exchange.
The Mergers have been accounted for as reorganizations of entities under common control as Mr. Elon Musk had a
controlling financial interest in the Company, xAI and X through his majority voting interest in each such entity
during the years presented in these consolidated financial statements . The Company’s consolidated financial
statements have been prepared to reflect the retrospective combination of the net assets of the entities at their
historical carrying amounts for all periods presented. No new goodwill or other intangible assets have been recorded
and all historical related party transactions between the entities have been eliminated in consolidation. The capital
stock and shareholders’ equity for all periods presented reflects a continuation of the historical SpaceX capital stock
and shareholders’ equity, combined with the historical capital stock and shareholders’ equity of X and xAI merged
under common control, as adjusted by the respective exchange ratios used to effect the Mergers, except for xAI’s
historical redeemable convertible preferred stock. This presentation constitutes a change in reporting entity. Refer to
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Note 13 , Redeemable Convertible Preferred Stock and Shareholders’ Equity for additional details.
As the consolidated financial statements already reflect the reorganization of entities under common control for all
periods presented, separate financial statements of xAI and X are not provided.
Note 2 - Summary of Significant Accounting Policies
Basis of Presentation
The consolidated financial statements are presented in accordance with generally accepted accounting principles
(“GAAP”) in the United States of America (“U.S.”).
Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All
intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make
estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent
assets and liabilities at the date of the consolidated financial statements , and the reported amounts of revenue and
expenses during the reporting period. Actual results could differ from those estimates. Amounts which are subject to
significant judgment and use of estimates include revenues recognized over time using the cost-to-cost input
method, the determination of valuation allowances associated with deferred tax assets and estimates of tax liabilities,
reserves for excess and obsolete inventory, fair value of indefinite-lived intangible assets and goodwill, useful lives
of property, plant, and equipment, the determination of incremental borrowing rate for lease liabilities, litigation and
settlement costs, and the valuation and assumptions underlying share-based compensation. On an ongoing basis, the
Company evaluates its estimates compared to historical experience and current trends, which forms the basis for
making judgments about the carrying value of assets and liabilities. In addition, the Company engages valuation
specialists to assist in the valuation of equity instruments.
Concentration of Supplier Risk
Certain materials and products that are key inputs in the Company’s Space, Connectivity, and AI segments are
available from a limited number of suppliers, including sole or limited-source suppliers; and the Company’s direct
chip suppliers are dependent on a concentrated group of advanced semiconductor fabrication facilities. The
Company believes that alternative suppliers are available for many, but not all, of these products and services. The
inability of these suppliers to deliver necessary components of the products in a timely manner and at prices, quality
levels, and volumes acceptable to the Company, or interruptions in supply of materials or products on which these
suppliers rely, could have an adverse effect on the Company’s ability to meet customer demands and contractual
obligations, to execute on its growth strategy, or to manage its expenses or timelines as expected, which could
adversely impact the Company’s financial condition and operating results.
Cash and Cash Equivalents and Restricted Cash
Cash and cash equivalents consist of cash in checking accounts, money market accounts, and certificates of deposit
at high quality financial institutions primarily in the U.S. All highly liquid investments with an original maturity of
three months or less at the date of purchase are considered to be cash equivalents. The Company maintains certain
cash and cash equivalents for which the withdrawal or use is restricted. The restricted cash and cash equivalents are
generally held in separate, dedicated accounts required to secure letters of credit related to various customer,
insurance, and facility lease agreements.
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The Company’s total cash and cash equivalents and restricted cash, as presented in the consolidated statements of
cash flows , are as follows :
Year Ended December 31,
2025
2024
2023
Cash and cash equivalents ..............................................................
$ 24,747
$ 11,385
$ 4,620
Restricted cash included in prepaid expenses and other current
assets ...........................................................................................
182
23
28
Restricted cash included in other assets .........................................
195
93
42
Total as presented in the consolidated statements of cash
flows ..........................................................................................
$ 25,124
$ 11,501
$ 4,690
Marketable Securities
The Company’s marketable securities consist primarily of debt securities of the U.S. Government, time deposits and
certificates of deposits, and are classified and accounted for as either available-for-sale or held-to-maturity.
Management determines the classification of its investments at the time of purchase and reevaluates the
classification at each balance sheet date. Marketable securities are classified as held-to-maturity when the Company
has the positive intent and ability to hold the securities to maturity and are carried at cost. The Company’s available-
for-sale investments in marketable securities are recorded at fair value, with any unrealized gains and losses, net of
taxes, reported as a component of accumulated other comprehensive income (loss) in shareholders’ equity until
realized. Realized gains and losses on the sale of available-for-sale marketable securities are recorded in Other
income (expense), net . Interest on marketable securities is included in Interest income .
The Company classifies its marketable securities as either short-term or long-term based on each instrument’s
underlying contractual maturity date. Marketable securities with maturities of 12 months or less from the balance
sheet date are classified as short-term, and maturities greater than 12 months from the balance sheet date are
classified as long-term and included in Other assets .
Accounts Receivable, Unbilled Receivables, and Allowance for Credit Losses
The Company extends credit in the normal course of business to its customers and performs credit evaluations on a
case-by-case basis. The Company generally does not obtain collateral or other security to secure accounts receivable.
Billed receivables are recorded at their carrying amount, net of allowance for credit losses, and do not bear interest.
Unbilled receivables is comprised principally of revenue recognized on contracts that are not contractually billable at
the balance sheet date.
The allowance for credit losses is established through a provision for bad debt expense which is recorded in Selling,
general, and administrative expense in the consolidated statements of operations . The Company determines the
adequacy of its allowance for credit losses by considering a number of factors including: age of invoices, each
customer ’ s expected ability to pay and collection history, customer-specific information, and current economic
conditions that may impact a customer ’ s ability to pay. Accounts receivable are written off when they are deemed
uncollectible.
Fair Value Measurement
Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair
Value Measurement , states that fair value is an exit price, representing the amount that would be received to sell an
asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a
market-based measurement that should be determined based on assumptions that market participants would use in
pricing an asset or a liability. The three-tiered fair value hierarchy, which prioritizes which inputs should be used in
measuring fair value, is comprised of:
Level I Observable inputs such as quoted prices in active markets
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Level II Inputs other than quoted prices in active markets that are observable either directly or indirectly
Level III Unobservable inputs for which there is little or no market data
The fair value hierarchy requires the use of observable market data when available in determining fair value. The
Company’s financial assets only include cash equivalents, certain restricted cash accounts, digital assets and
marketable securities that are measured and recorded at fair value on a recurring basis. The carrying amounts of the
Company’s other financial instruments, including cash, accounts receivable, and accounts payable approximate fair
value because of their short maturities. The carrying value of financing obligations approximate fair value based on
the interest rate remaining relatively consistent from the dates these arrangements were initially entered into and/or
the overall materiality of the related liability balances.
Launch Vehicles and Spacecraft
The Company has four types of launch vehicles - Falcon 9, Falcon Heavy, Dragon, and Starship. Falcon 9 and
Falcon Heavy are comprised of the following significant components: boosters (also known as first stages), second
stages, Merlin engines, and fairings. Boosters, fairings, and Merlin engines are reusable and are classified as
Property, plant, and equipment, net . The second stages are not reusable and are recorded as inventory until they are
launched for point-in-time revenue transactions or assigned for over-time revenue transactions. Dragon is composed
of a fully reusable capsule that is classified as Property, plant, and equipment, net . Starship is a fully reusable rocket
composed of boosters, ships, and Raptor engines and is currently in the development stage. A majority of Starship
costs are expensed to Research and development as incurred.
Inventory
Inventory consists primarily of raw materials and work-in-progress used in the production of launch vehicles and
Starlink K its , and finished goods for Starlink Kits, Falcon 9 and Falcon Heavy second stages awaiting launch.
Inventory is computed using standard cost or weighted average, which approximates actual cost on a first-in, first-
out basis and is stated at the lower of cost or net realizable value. The Company records inventory write-downs in
Cost of revenue in the consolidated statements of operations for estimated obsolescence or unmarketable inventories
based upon assumptions about future demand and design, and technological or other changes.
Property, Plant, and Equipment, net
Property, plant, and equipment are stated at cost, less accumulated depreciation. Depreciation is computed using the
straight-line method over the estimated useful lives of the assets except flight vehicles, which is computed based on
the expected number of average flights for each flight vehicle. Leasehold improvements are depreciated over the
shorter of their estimated useful lives or the related lease term. Management periodically reviews these useful life
estimates with engineering and operations teams and revises them as additional data becomes available.
The Company estimates the useful lives of its satellite assets based on engineering studies, historical on-orbit
performance, propellant life, utilization patterns, design enhancements across generations, and planned transitions to
newer satellite technology. The Company estimates broadband satellites to have a five-year useful life and the first
generation mobile satellites to have a three-year useful life.
The Company estimates the expected flights for its flight vehicle hardware based on three key criteria: (1) the
continued ability to successfully recover and refurbish the hardware for additional flights, (2) the continued
economic feasibility of using the hardware on incremental flights, supported by declining refurbishment costs and
sensitivity analyses, and (3) customer acceptance for reflown hardware as evidenced by the Company’s launch
manifest.
Expenditures for maintenance and repairs that do not extend the lives of the respective assets are expensed as
incurred while significant refurbishment, renewals, and enhancements that increase the functionality, output or
expected life of an asset are capitalized and depreciated ratably over the identified useful life.
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Satellites include costs to build the satellites (parts, labor, and allocated overhead) as well as capitalized launch costs
incurred by the Space segment to launch the satellites to orbit, which include an allocation of the flight vehicle
hardware costs.
The Company capitalizes certain interest costs associated with significant acquisition or construction of certain
Property, plant, and equipment, net . The Company begins to capitalize qualified interest cost once activities
necessary to get the asset ready for its intended use have commenced. The Company calculates qualified interest
capitalization using the average amount of accumulated expenditures during the period the asset is being prepared
for its intended use and a capitalization rate which is derived from the Company’s weighted average borrowing rate
during such time, in the absence of specific borrowings related to the significant long term construction projects.
The Company ceases capitalization on any portions substantially completed and ready for their intended use.
Capitalized interest is considered a part of the assets’ historical cost, and depreciates over the estimated useful lives
of the underlying assets.
The Company evaluates impairment of its Property, plant, and equipment assets at the lowest level for which
identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The Company
reviews Property, plant, and equipment for impairment whenever events or circumstances indicate that the carrying
value of an asset or asset group may not be recoverable. If estimated future cash flows are less than the carrying
value of the asset or asset group, an impairment charge is recognized to the extent its carrying value exceeds its
estimated fair value. Routine asset disposals, scrapping, gateway decommissions, and other recurring operational
losses are charged to Cost of revenue or Selling, general, and administrative expenses depending on the nature of the
assets, or to impairment if the impairment is considered to be outside the normal course of business.
The estimated useful lives of the Company’s Property, plant, and equipment, net are as follows:
Classification
Estimated Useful Life
Servers and networking equipment ...................................
5 - 6 years
Satellites ............................................................................
3 - 5 years
Machinery and equipment .................................................
3 - 10 years
Flight vehicle hardware .....................................................
5 - 25 flights
Data center infrastructure ..................................................
20 - 25 years
Launch sites .......................................................................
7 - 20 years
Buildings and improvements .............................................
30 years
Leasehold improvements ...................................................
Shorter of 7 - 20 years or the life of the lease
Leases
The Company leases facilities, corporate offices, data centers, and manufacturing equipment primarily in the U.S.
under various operating and finance leases. In addition, the Company enters into various lease agreements for its
satellite gateway sites throughout the world.
The Company determines whether an arrangement is or contains a lease at inception. If a lease exists, any lease
arrangements with contractual terms longer than twelve months are classified as either an operating or finance lease.
Finance leases are generally those leases that allow the Company to substantially utilize or pay for the entire asset
over its estimated life. All other leases that do not meet any of the criteria for finance lease classification are
classified as operating leases.
Leases with a lease term of twelve months or less are not recorded on the consolidated balance sheets and are
expensed on a straight-line basis over the lease term in the consolidated statements of operations .
Certain lease agreements include options that grant the Company the ability to renew or extend the lease term, or
early terminate the lease. When determining the lease term, the Company does not include renewal or early
termination options unless they are deemed to be reasonably certain of being exercised at the lease commencement
date.
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Upon lease commencement, the Company recognizes a lease liability measured at the present value of the fixed
future minimum lease payments and a right-of-use asset for an amount equal to the lease liability, adjusted by
prepaid and accrued rent, lease incentives, and initial direct costs. The Company has elected the practical expedient
to not separate lease and non-lease components. Operating lease expense is recognized on a straight-line basis over
the lease term, with the cost presented as a component of Cost of revenue , Research and development, or Selling,
general, and administrative expenses in the consolidated statements of operations depending on the nature of the
operating lease. Finance lease cost is composed of a separate interest component and amortization component. The
interest component of a finance lease is included in Interest expense in the consolidated statements of operations and
the amortization component of a finance lease is included in Cost of revenue, Research and development, or Selling,
general, and administrative expenses in the consolidated statements of operations depending on the nature of the
finance lease.
The Company’s leases generally do not provide information about the rate implicit in the lease. Therefore, the
Company utilizes an incremental borrowing rate to calculate the present value of future lease obligations. The
Company ’ s incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with
similar terms and payments, and in economic environments where the leased asset is located.
Goodwill and Indefinite-Lived Intangible Assets
Goodwill represents the excess of the purchase price over the fair value of identifiable assets acquired and the
liabilities assumed in connection with a business combination. Goodwill and indefinite-lived intangible assets are
not amortized but rather, are tested for impairment annually on October 1 and more frequently if events and
circumstances indicate that the asset might be impaired. Events that could indicate impairment of goodwill and other
indefinite-lived intangible assets that trigger an impairment assessment i nclude, but are not limited to, adverse
economic market conditions, long-term declining industry outlook conditions, entity-specific financial
underperformance, changes in the use of the asset, and other adverse legal and regulatory events. Goodwill is tested
for impairment at the reporting unit level.
The Company may elect to utilize a qualitative assessment to evaluate whether it is more likely than not that the fair
value of a reporting unit or indefinite-lived intangible asset is less than its carrying value and if so, the Company
performs a quantitative test. Impairment is recognized when the quantitative assessment results in the carrying value
exceeding the fair value . The reporting unit’s estimated fair value is determined on the basis of discounted future
cash flows and market approach using the guideline public company method .
The Company conducted its annual goodwill impairment test and no goodwill impairments were identified for the
years ended December 31, 2025, 2024, and 2023 . Refer to Note 6 , Intangible Assets and Goodwill for additional
discussion on indefinite-lived intangible assets.
Digital Assets
The Company has ownership of and control over its digital assets, which consist of bitcoin, and utilizes, and expects
to continue to utilize, third-party custodians to hold its bitcoin.
The Company determines and records the fair value of its bitcoin based on quoted prices on the active exchange that
the Company has determined is the principal market for bitcoin (Level I inputs). The cost of bitcoin is based upon
the specific identification method. Realized and unrealized gains and losses are recorded to Other income (expense),
net in the Company’s consolidated statements of operations .
The Company adopted Accounting Standards Update No. 2023-08, Intangibles—Goodwill and Other—Crypto
Assets (Subtopic 350-60) (“ASU 2023-08”) , using a modified retrospective approach effective January 1, 2024. The
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cumulative effect of the changes made on the Company’s January 1, 2024 consolidated balance sheet for the
adoption of ASU 2023-08 were as follows:
Balance at
December 31,
2023
Adjustment from
adoption of ASU
2023-08
Balance at
January 1, 2024
Assets
Digital assets ..................................................................................
$ 299
$ 496
$ 794
Shareholders’ Equity
Accumulated deficit .......................................................................
$ (4,664)
$ 496
$ (4,168)
Loss Contingencies
The Company is currently involved in, and may in the future be involved in, legal proceedings, claims,
investigations, and government inquiries and investigations arising in the ordinary course of business. The Company
records a liability when it believes that it is both probable that a loss has been incurred and the amount or range can
be reasonably estimated. If the Company determines there is a reasonable possibility that it may incur a loss and the
loss or range of loss can be estimated, it discloses the possible loss to the extent material. Significant judgment is
required to determine both probability and the estimated amount. The Company reviews these provisions on a
regular basis and adjusts these provisions accordingly to reflect the impact of negotiations, settlements, rulings,
advice of legal counsel, and updated information. Legal fees are expensed as incurred.
Joint Ventures and Investments
The Company has made strategic investments in joint ventures. The Company evaluates each investment to
determine if the investee is a variable interest entity, and, if so, whether the Company is the primary beneficiary of
the variable interest entity. The Company has determined, as of December 31, 2025 , there were no variable interest
entities required to be consolidated in the Company’s consolidated financial statements . The Company’s investments
in unconsolidated affiliates are primarily non-marketable equity securities without readily determinable fair values.
The Company accounts for each of its investments in unconsolidated affiliates either under equity method
accounting, fair value, or by adjusting the carrying value of its non-marketable equity securities to fair value upon
observable transactions for identical or similar investments of the same issuer or upon impairment (referred to as the
measurement alternative). The investments in unconsolidated affiliates are included within Other assets on the
consolidated balance sheets . Gains and losses on the Company ’ s non-marketable equity securities are recognized in
Other income (expense), net in the consolidated statements of operations . Refer to Note 9 , Investments in
unconsolidated affiliates for additional details.
Revenue Recognition
Below describes the Company’s significant revenue recognition policies by segment.
Space Segment
The Company’s Space segment generates revenue primarily through (i) Launch Services for the deployment of
payloads to their intended orbits for both commercial and government customers utilizing Falcon 9 and Falcon
Heavy, and (ii) Launch and Development for the development of spacecraft and provision of launch and mission
services for government agency space programs utilizing Falcon 9, Falcon Heavy, Starship, and Dragon.
Space revenue is derived from fixed-price contracts related to the development and provision of launch services for
the deployment of spacecraft and other payloads to its intended orbit for both commercial customers and
governmental agency space programs. The Company recognizes revenue as control is transferred to the customer,
either “over time” or at a “point in time ”. The Company recognizes revenue over time for Launch and Development
contracts when the Company’s performance on the contract creates an asset with no alternative use and when the
Company has an enforceable right to payment for performance to date. The Company measures progress on these
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contracts using the cost-to-cost input method, as the Company believes this represents the most appropriate measure
towards satisfaction of its performance obligation. Under the cost-to-cost input method, the Company records
revenue based upon costs (such as materials and labor hours) incurred to date relative to the total estimated cost at
completion. For Launch Services contracts where revenue is recognized at a point in time, due to the
interchangeability of flight hardware and minimal unique engineering costs, revenue and costs are deferred and not
recognized until the launch or deployment of the customer’s spacecraft to its intended orbit.
The Company’s contracts are complex and require the Company to estimate total costs to perform over the term of
the contracts, as well as the measurement of progress towards completion for each performance obligation.
Developing the estimated total cost at completion for each performance obligation requires the use of significant
management judgment, including assumptions regarding launch timing, labor hours, allocation of shared costs for
launch vehicles that have been identified as reusable for multiple launches, as well as expected technological
changes to launch vehicles and spacecraft. The Company recognizes changes in estimated contract revenue or costs
at completion and the resulting changes in contract profit on a cumulative basis.
Connectivity Segment
The Company’s Connectivity segment generates revenue primarily through broadband and Starlink Mobile services
to consumers, and enterprise and government customers throughout 156 markets.
Substantially all of the Company’s contracts with Starlink customers contain multiple performance obligations.
These performance obligations typicall y include (i) the broadband services provided through Starlink and (ii) the
sale of the Starlink Kit (inclusive of the terminal). For customer contracts that include multiple performance
obligations, the Company accounts for individual performance obligations if they are distinct. The transaction price
is allocated to each performance obligation based on its standalone selling price. The Company determines the
standalone selling price based on the price at which the good or service is sold separately on a standalone basis to
similar customers in similar locations. Starlink Mobile services have one performance obligation.
The Company’s performance obligation to provide broadband and Starlink Mobile services is satisfied over time as
the customer simultaneously receives and consumes the benefits provided. The Company generates service revenue
by (i) fixed price services that require advanced or recurring monthly payments by the customer or (ii) variable
priced services based on actual data usage of the Starlink broadband . The amounts received from customers for
advanced payment for broadband and Starlink Mobile service are included in deferred revenue on the Company’s
consolidated balance sheets and revenue is recognized either ratably over the subscription term or based on actual
data usage. The Company’s contracts are generally month to month and the revenue recognized for these recurring
customers is equal to the amount billed in that month.
The Company’s performance obligation to provide the Starlink Kit and other related hardware is satisfied at the
point in time when control is transferred to the customer. In almost all circumstances, control passes to the customer
upon delivery of the Starlink Kit and other related hardware to the customer, or in the instance of certain enterprise
customers, when it is installed. Starlink Kit revenue is reported net of sales returns and chargebacks. Shipping and
handling charges are included in the transaction price. The Company recognizes shipping and handling activities as
fulfillment activities and not as a separate performance obligation.
The Company recognizes revenue over time for certain contracts related to the Starshield business that are long-term
in nature using the cost-to-cost input method. The Company records revenue based upon costs (such as materials
and labor hours) incurred to date relative to the total estimated cost at completion.
The Company’s Starshield contracts are complex and require the Company to estimate the total costs to perform
over the term of the contracts, as well as the measurement of progress towards completion for each performance
obligation. Developing the estimated total cost at completion for each performance obligation requires the use of
significant management judgment, including assumptions regarding labor hours, allocation of shared costs used in
the production of satellites, satellite material costs, as well as expected technological changes to satellites. The
Company recognizes changes in estimated contract revenue or costs at completion and the resulting changes in
contract profit on a cumulative basis.
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AI Segment
The AI segment generates revenue from the sale of advertising and from AI solutions and infrastructure services,
which include (i) subscription offerings, (ii) data licensing arrangements, and (iii) API access to Grok models.
Revenue from advertising is recognized in the period in which the advertising is delivered, as evidenced by a user
engaging with the ad in a manner that satisfies the advertiser’s selected engagement criteria. The Company evaluates
whether it acts as principal or agent when third parties are involved. For advertising products sold directly through
its X platform, the Company controls the specified ad services prior to transfer to the advertiser, is responsible for
serving the advertisements, and fulfills the advertiser’s engagement criteria. Accordingly, it acts as principal and
recognizes revenue on a gross basis. For advertising sold through supply side platform (“SSP”) partners, the
Company receives a percentage share of gross advertising spend. The SSP partner controls the advertising inventory
prior to its transfer to the advertisers, is primarily responsible for fulfilling the performance obligation to the
advertiser, and has discretion in pricing. As a result, the Company acts as agent and recognizes revenue on a net
basis.
Subscription revenue is recognized ratably over the period of the subscription term.
Data licensing arrangements grant customers a right to access, search, and analyze the Company’s historical and
real-time intellectual property (“IP”) on the X platform through the developer channel for a defined period. These
arrangements may contain a single performance obligation (satisfied at a point in time for historical IP or over time
for future IP) or multiple performance obligations satisfied separately. For arrangements with a fixed monthly fee
and a single future IP performance obligation, revenue is recognized on a straight-line basis over the period in which
the Company provides the data . When such arrangements contain multiple performance obligations, the Company
allocates revenue on a relative basis between the performance obligations based on standalone selling price based on
directly observable standalone transactions and recognizes revenue as the performance obligations are satisfied. For
certain data licensing arrangements, the Company charges customers based on the amount of sales they generate
from downstream customers using its data. For arrangements with a minimum guarantee and a single future IP
performance obligation, the minimum guarantee is recognized on a straight-line basis over the period. For
arrangements with a minimum guarantee and two or more performance obligations, the Company allocates revenue
on a relative basis between the performance obligations based on standalone selling price based on directly
observable standalone transactions and recognizes revenue as each performance obligation is satisfied. Any royalties
in excess of minimum guarantees, if any, are recognized over the contract term, on a straight-line, on a cumulative
catch-up basis.
For the Company’s API services, the primary performance obligation is to stand ready to provide customers with
access to the platform to process data through token-based inputs and utilize compute hours for outputs. Revenue is
recognized ratably on a straight-line basis over the contract term for subscription arrangements that provide stand-
ready access. For usage-based arrangements, revenue is recognized as the services are consumed (i.e., as tokens are
processed or compute hours are utilized).
For all segments, the Company records payment processing fees for its credit card sales within Cost of revenue.
Taxes collected from customers and remitted to government authorities are not included in the transaction price. The
Company expenses sales commissions as incurred when the amortization period is one year or less within Selling,
general, and administrative expenses in the consolidated statements of operations .
Cost of Revenue
Cost of revenue includes the cost of materials, depreciation and amortization, shipping and handling, payment
processor fees, customs and duties, revenue share costs, infrastructure costs, allocated overhead, and employee
compensation costs (including salaries, benefits, and share-based compensation). Infrastructure costs consist
primarily of rocket, kit, and satellite manufacturing facilities and data center costs related to the Company’s
colocated facilities, which include lease and hosting costs, related support and maintenance costs, energy and
bandwidth costs, and public cloud hosting costs.
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Warranty on Starlink Kits
The Company offers a standard product warranty for a period of one to two years on Starlink Kits. The Company
has an obligation to either repair or replace the defective Starlink Kit. At the time revenue is recognized, an estimate
of future warranty costs is recorded as a component of Cost of revenue. Factors that affect the warranty obligation
include historical as well as current product failure rates and costs incurred in correcting product failures. Warranty
expenses and related liabilities are not material to the consolidated financial statements.
Research and Development Expenses
The Company sponsors various research and development projects, whose costs are expensed as incurred. Research
and development (“R&D”) expenses consist of cost of materials, employee compensation costs (including salaries,
benefits, and share-based compensation), contractor compensation expenses, cloud computing expenses, data
services, equipment lease expenses, depreciation for R&D equipment and allocated overhead. R&D costs also
include certain expenses related to the development of features and modules created through engineering services
for the Company’s products, where the Company retains the associated intellectual property.
Software Development Costs
The Company expenses software development costs marketed under on-premise perpetual license agreements. Costs
incurred prior to the establishment of technological feasibility are expensed as research and development costs. Due
to the nature of the Company’s development cycle, technological feasibility typically occurs shortly before the
product is available for general release. All software development costs for the years ended December 31, 2025,
2024, and 2023 were expensed as incurred.
Share-Based Compensation
The fair value of stock options, restricted share units (“RSUs”) and restricted share awards (“RSAs”) with service
and/or performance conditions and the employee share purchase plan (“ESPP”) are estimated on the grant or
offering date. The fair value of RSUs, RSAs, and ESPP is determined based on the fair value of the Company’s
common stock on the date of grant and the fair value of stock options is determined using the Black-Scholes option-
pricing model. The Black-Scholes option-pricing model requires inputs such as the fair value of the Company’s
common stock, risk-free interest rate, expected award term and expected share price volatility.
Share-based compensation expense for equity awards with performance conditions is recognized over the requisite
service period when the vesting of the award becomes probable. Share-based compensation expense is recognized
on a straight-line basis for equity awards with only a service condition and on a graded vesting basis for equity
awards with a performance condition. The Company accounts for forfeitures as they occur rather than on an
estimated basis.
The fair value and derived service period of awards granted to the Company’s CEO with market, service, and
performance conditions are estimated on the grant date using a Monte Carlo simulation model. A Monte Carlo
simulation model requires inputs such as fair value of the Company’s common stock, the risk-free interest rate,
expected award term, expected share dilution and expected share price volatility. These inputs, which are subjective
and generally require judgment, are unique to each award based on the best available information at the valuation
date. For these awards, share-based compensation expense is not recognized until the performance condition is
probable. Once the performance condition is met, share-based compensation is recorded based on the requisite
service period associated with th e probable performance conditio n.
Advertising Expense
The Company expenses the cost of advertising and other promotional expenditures to primarily market Starlink
services as incurred. For the years ended December 31, 2025, 2024, and 2023 , advertising expenses included in
Selling, general, and administrative expenses on the consolidated statements of operations are $69 million , $31
million , and $29 million , respectively.
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Net Income (Loss) per Share of Common Stock Attributable to Common Shareholders
Net income (loss) per share attributable to common shareholders is computed using the two-class method required
for participating securities. Under this method, net income is allocated to common shareholders and participating
securities based on their respective rights to receive dividends as if all earnings for the period had been distributed.
Certain series of the Company’s redeemable convertible preferred stock are considered participating securities
because they are entitled to receive dividends on an as-converted basis if and when dividends are declared on
common stock. These securities do not participate in net losses. The Company’s classes of common stock have
identical economic rights, resulting in the same net income (loss) per share for each class. Accordingly, the
Company presents a single net income (loss) per share for all classes of common stock.
Diluted net (loss) income per share is computed based on the more dilutive of (i) the two-class method or (ii) the if-
converted method. Potentially dilutive shares from outstanding share-based compensation awards, including stock
options and restricted stock units, are included when calculating diluted net income (loss) per share of attributable to
common shareholders using the treasury stock method when their effect is dilutive.
Refer to Note 13 , Redeemable Convertible Preferred Stock and Shareholders’ Equity for additional details of the
Company’s preferred and common stock.
Income Taxes
The Company utilizes the asset and liability method of accounting for income taxes as set forth in ASC Topic 740,
Income Taxes (“ASC 740”). Under this method, deferred tax assets and liabilities are recognized using enacted tax
rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities.
ASC 740 also requires that deferred tax assets be reduced by a valuation allowance if it is more likely than not that
some portion or all of the net deferred tax assets will not be realized. The Company’s ability to realize deferred tax
assets is assessed at each year-end and a valuation allowance is established if necessary. The factors used to assess
the likelihood of realization may include forecasts of future taxable income, future reversal of existing taxable
temporary differences, and available tax planning strategies that could be implemented to realize net deferred tax
assets.
The Company applies the provisions of ASC 740-10, which requires the Company to recognize in the consolidated
financial statements the impact of a tax position only if it is more likely than not to be sustained upon examination
based on the technical merits of the position. The Company recognizes interest and penalties related to uncertain tax
positions in income tax expense.
In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740)
(“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate
reconciliation as well as additional information on income taxes paid. The Company adopted this ASU on a
prospective basis effective January 1, 2025. Refer to Note 16 , Income Taxes for the inclusion of new disclosures
required.
Investment Tax Credits
The Company recognizes investment tax credits when there is reasonable assurance that the credit will be received
and the Company will comply with the conditions specified in the agreement or statutory requirements. The
Company records capital-related credits as a reduction to Property, plant, and equipment, net within the consolidated
balance sheets and recognizes a reduction to depreciation expense over the useful life of the corresponding acquired
asset.
Foreign Currency
The reporting currency of the Company is the United States (“U.S.”) dollar. The Company determines the functional
and reporting currency of each of its international subsidiaries based on the primary currency in which they operate.
If the functional currency is not the U.S. dollar, the Company recognizes a cumulative translation adjustment created
by the different rates the Company applies to current period income or loss and the balance sheet . For each
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subsidiary, the Company applies the monthly average functional exchange rate to its monthly income or loss and the
month-end functional currency rate to translate the balance sheet .
Foreign currency transaction gains and losses are a result of the effect of exchange rate changes on transactions
denominated in currencies other than the functional currency. Transaction gains and losses are recognized in Other
income (expense), net in the consolidated statements of operations . Net foreign currency transaction gains (losses)
were not material to the consolidated financial statements .
Recent Accounting Pronouncements
In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (Subtopic
220-40) . The ASU requires the disaggregated disclosure of specific expense categories, including purchases of
inventory, employee compensation, depreciation, and amortization, within relevant income statement captions. This
ASU also requires disclosure of the total amount of selling expenses along with the definition of selling expenses.
The ASU is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years
beginning after December 15, 2027. Adoption of this ASU can either be applied prospectively to consolidated
financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all
prior periods presented in the consolidated financial statements . This ASU will likely result in the required
additional disclosures being included in the consolidated financial statements , once adopted. The Company is
currently evaluating the provisions of this ASU.
In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement
of Credit Losses for Accounts Receivable and Contract Assets . The amendments in this update provide a practical
expedient permitting an entity to assume that conditions at the balance sheet date remain unchanged over the life of
the asset when estimating expected credit losses for current classified accounts receivable and contract assets. This
update is effective for annual periods beginning after December 15, 2025, including interim periods within those
fiscal years. Adoption of this ASU can be applied prospectively for reporting periods after its effective date. Early
adoption is permitted. The Company is currently evaluating the provisions of this ASU and does not expect this
ASU to have a material impact on the consolidated financial statements .
In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software
(Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software . The ASU simplifies the
capitalization guidance by removing all references to prescriptive and sequential software development stages
(referred to as “project stages”) throughout ASC 350-40. The ASU is effective for annual periods beginning after
December 15, 2027, and interim periods within those fiscal years. Adoption of this ASU can be applied
prospectively for reporting periods after its effective date; or follow a modified transition approach that is based on
the status of the respective projects and whether software costs were capitalized before the date of adoption; or
retrospectively to any or all prior periods presented in the consolidated financial statements . Early adoption is
permitted. The Company is currently evaluating the provisions of this ASU and does not expect this ASU to have a
material impact on the consolidated financial statements.
In December 2025, the FASB issued ASU No. 2025-10, Government Grants (Topic 832): Accounting for
Government Grants Received by Business Entities . The ASU establishes authoritative guidance in GAAP about
accounting for government grants received by business entities, clarifies the appropriate accounting, in an effort to
reduce diversity in practice, and increase consistency of application across business entities. The ASU is effective
for annual reporting periods beginning after December 15, 2028, and interim reporting periods within those annual
reporting periods. Adoption of this ASU can be applied a modified prospective approach, a modified retrospective
approach, or a retrospective approach. Early adoption is permitted. The Company is currently evaluating the
provisions of this ASU and does not expect this ASU to have a material impact on the consolidated financial
statements.
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Note 3 - Revenue
Revenue disaggregated by products and services is as follows:
Year Ended December 31,
2025
2024
2023
Products ..........................................................................................
$ 1,510
$ 1,470
$ 1,093
Services ..........................................................................................
17,164
12,545
9,294
Total revenues ..............................................................................
$ 18,674
$ 14,015
$ 10,387
All of products revenue is attributable to the Connectivity segment.
Revenue disaggregated by type and segment is as follows:
Year Ended December 31,
2025
2024
2023
Launch Services ...........................................................................
$ 2,576
$ 2,584
$ 1,964
Launch & Development ...............................................................
1,510
1,212
1,593
Space .............................................................................................
4,086
3,796
3,557
Consumer .....................................................................................
7,208
4,830
2,817
Enterprise & Government (1) ........................................................
4,179
2,769
1,052
Connectivity .................................................................................
11,387
7,599
3,869
Advertising ...................................................................................
1,844
1,728
2,323
AI Solutions & Infrastructure ......................................................
1,357
892
638
AI ..................................................................................................
3,201
2,620
2,961
Total revenues .........................................................................
$ 18,674
$ 14,015
$ 10,387
___________________
(1) Enterprise & Government revenue includes revenue from Starlink Mobile service offerings.
Deferred revenue
Deferred revenue is recorded when cash payments are received or due, in advance of the Company’s performance.
Deferred revenu e primarily relates to Space agreements and Connectivity enterprise and government contracts. Total
deferred revenue as of December 31, 2024 was $10,179 million , of which $4,080 million was recognized as revenue
for the year ended December 31, 2025 . Total deferred revenue as of December 31, 2025 was $12,116 million .
Revenue recognized during the years ended December 31, 2024 and 2023 that were included in the deferred revenue
balance at the beginning of each period was $3,414 million and $2,691 million , respectively.
Backlog
The Company’s backlog represents the transaction price of performance obligations to customers for which work
remains to be performed. The amount of backlog increases with new contracts or additions to existing contracts and
decreases as revenue is recognized on existing contracts. Contracts are included in backlog when an enforceable
agreement has been reached. Backlog does not include amounts related to performance obligations that are billed
and recognized as they are delivered, optional purchases that do not represent material rights and any estimated
amounts of vari able consideration that are subject to constraint. Backlog totaled $28,377 million as of December 31,
2025 , of which $12,116 million was recognized as deferred revenue at December 31, 2025 . A pproximately 32% is
expected to be recognized within one year, and approximately 53% to be recognized in 2027 and 2028, with the
remaining 15% to be recognized thereafter.
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Concentration of risk
Consolidated revenue from a significant customer is as follows:
Year Ended December 31,
2025
2024
2023
Customer A ....................................................................................
20.9 %
24.2 %
25.2 %
Revenue from this customer relates to all three segments. No other customers represented more than 10% of
consolidated revenue during the years ended December 31, 2025 , 2024 and 2023 .
Note 4 - Inventory
Inventory consists of the following:
December 31,
2025
2024
Raw materials ............................................................................................................
$ 1,030
$ 923
Work-in-progress .......................................................................................................
803
730
Finished goods ...........................................................................................................
583
350
Inventory .................................................................................................................
$ 2,416
$ 2,003
Note 5 - Property, Plant, and Equipment, Net
Property, plant, and equipment, net consist of the following:
December 31,
2025
2024
Servers and networking equipment ...........................................................................
$ 22,694
$ 6,892
Satellites .....................................................................................................................
11,949
7,591
Machinery and equipment .........................................................................................
6,343
5,343
Data center infrastructure ..........................................................................................
2,960
224
Launch sites ...............................................................................................................
2,404
2,121
Land, buildings and improvements (1) .......................................................................
1,876
913
Flight vehicle hardware .............................................................................................
1,689
1,577
Leasehold improvements ...........................................................................................
784
1,019
Construction-in-progress ...........................................................................................
4,604
3,007
Property, plant, and equipment ..................................................................................
55,303
28,687
Less: Accumulated depreciation ................................................................................
(12,701)
(7,540)
Property, plant, and equipment, net .....................................................................
$ 42,602
$ 21,147
__________________
(1) Land is not a depreciable asset.
Construction in progress is primarily comprised of ongoing construction and expansion of the facilities and
equipment as well as AI infrastructure that has not yet been placed in service.
Depreciation expense for the years ended December 31, 2025 , 2024 and 2023 was $5,915 million , $2,977 million
and $1,897 million respectively.
Interest is capitalized during the construction period for significant long term construction projects, such as the AI
infrastructure data centers. For the year ended December 31, 2025 , the Company capitalized $169 million of interest,
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which is included in Construction-in-progress amounts above. No interest was capitalized during the years ended
December 31, 2024 and 2023 .
For the years ended December 31, 2025 and 2024 , the Company recorded impairment charges of $38 million and
$63 million , respectively, related to the write off of (i) damaged flight vehicle in the Space segment, and (ii)
abandoned production line and damaged satellite hardware in the Connectivity segment. These charges are reflected
in Impairment in the consolidated statements of operations . There was no impairment related to Property, plant, and
equipment recorded in Impairment during the year ended December 31, 2023 .
During the years ended December 31, 2024 and 2023 , the Company also recorded impairment charges of $36
million and $54 million , respectively, related to its leasehold improvements and office equipment as part of its
facilities consolidation efforts in the AI segment in Restructuring charges in the consolidated statements of
operations . There was no impairment related to Property, plant, and equipment recorded in Restructuring charges
during the year ended December 31, 2025 . Refer to Note 20 , Restructuring for additional details.
In 2024, the Company closed two taxable revenue bond transactions with a local municipality, in order to receive a
personal property tax abatement on newly acquired server and networking equipment in the state. Pursuant to this
transaction, the municipality issued taxable revenue bonds of $442 million and $258 million principal amount each
to the Company and used the constructive proceeds to purchase the server and networking equipment from the
Company, and then leased the equipment back to the Company. As this effectively created a bond receivable and a
corresponding financing obligation with the municipality, and the Company has the legal right to set-off and intends
to set-off the corresponding lease expense and bond service payments received, there was no impact to the
consolidated statements of operations and consolidated balance sheets .
Note 6 - Intangible Assets and Goodwill
Intangible Assets
Finite-lived intangible assets consist of the following:
December 31, 2025
Weighted-
Average Useful
Life (years)
Gross Carrying
Value
Accumulated
Amortization
Net Carrying
Value
Brand ......................................................................
5.0
$ 743
$ (335)
$ 408
User base .................................................................
9.0
1,291
(456)
835
Existing technology ................................................
3.2
27
(16)
11
Advertising customer relationships ........................
5.0
752
(478)
274
Acquired workforce ................................................
2.0
9
—
9
Total .................................................................
$ 2,822
$ (1,285)
$ 1,537
December 31, 2024
Weighted-
Average Useful
Life (in years)
Gross Carrying
Value
Accumulated
Amortization
Net Carrying
Value
Brand ......................................................................
5.0
$ 707
$ (177)
$ 530
User base .................................................................
9.0
1,225
(297)
928
Existing technology ................................................
3.0
1,140
(823)
317
Advertising customer relationships ........................
5.0
714
(311)
403
Data licensing customer relationships ....................
3.0
102
(74)
28
Developed technology ............................................
2.0
3
(2)
1
Total .................................................................
$ 3,891
$ (1,684)
$ 2,207
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Amortization expense associated with finite-lived intangible assets was $786 million , $847 million , and $738
million in the years ended December 31, 2025 , 2024 , and 2023 , respectively.
The Company also has indefinite-lived intangible assets of $ 11 million and $ 4 million as of December 31, 2025 and
2024 , respectively. Indefinite-lived intangible assets primarily consist of domain names, which are expected to
provide long-term branding and marketing benefits. No impairment charges were recognized on indefinite-lived
intangible assets for the years ended December 31, 2025 , 2024 , and 2023 other than the Twitter impairment
described below.
Estimated future amortization expense of finite-lived intangible assets as of December 31, 2025 is as follows:
2026 ......................................................................................................................................................
$ 452
2027 ......................................................................................................................................................
421
2028 ......................................................................................................................................................
256
2029 ......................................................................................................................................................
143
2030 ......................................................................................................................................................
142
Thereafter ..............................................................................................................................................
123
$ 1,537
Twitter Impairment
In 2023, the Company rebranded its Twitter platform to X. As a result of the rebranding, the Company performed an
impairment assessment and recorded an impairment charge of $3,775 million on its previously indefinite-lived brand
intangible for the AI segment. The Company’s brand intangible asset was determined to no longer be indefinite-
lived and is presented as a finite-lived intangible asset with a five-year useful life. The fair value of the brand
intangible asset was determined using the relief-from-royalty method.
Spectrum Transactions
On September 7, 2025, the Company entered into a License Purchase Agreement (the “Spectrum License Purchase
Agreement”) with Spectrum Business Trust 2025-1, a Nevada Business Trust (“Trust”) and EchoStar Corporation
(“EchoStar” , and the transactions contemplated thereby, “Spectrum Transactions”) for total consideration of $17,000
million as discussed below.
Pursuant to the terms and subject to the conditions set forth in the Spectrum License Purchase Agreement, the
Company agreed to purchase EchoStar’s rights and licenses related to an aggregate of 50 MHz of spectrum in
frequency ranges 2000–2020, 2180–2200, 1915–1920 and 1995– 2 000 (the “AWS-4 and H-Block Licenses” and
such spectrum, “the Spectrum”) granted by the Federal Communication Commissions (“FCC ” ), together with
certain international authorizations, filings, concessions, licenses, rights and priorities related to that spectrum and
certain assets associated therewith (collectively, the “Foreign Assets”). The transfer of the AWS-4 and H-Block
Licenses will occur in two steps: first, the AWS-4 and H-Block Licenses will be transferred by EchoStar to the Trust
(the “Spectrum Transfer Closing”), and second, the AWS-4 and H-Block Licenses will be transferred by the Trust to
the Company (the “Spectrum Acquisition Closing”). The Foreign Assets will be transferred directly to the Company
at the Spectrum Acquisition Closing, to the extent the required regulatory approvals have been obtained by such
date; provided, however, that the failure to obtain such approvals will not delay or prevent the Spectrum Acquisition
Closing.
In connection wi th the Spectrum License Purchase Agreement and the Spectrum Transactions, on September 7,
2025, the Company and the Trust entered into a Credit Agreement, pursuant to which the Company has agreed upon
the Spectrum Transfer Closing, to loan to the Trust (via loans which are able to be canceled at six-month intervals)
to be used by the Trust to make debt service payments on EchoStar’s debt through at least November 30, 2027, but
in no event later than November 30, 2028. These loans will be secured on a junior lien basis by the AWS-4 and H-
Block Licenses. The aggregate amount of debt service payments through November 30, 2028 will equal
approximately $3,000 million.
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On November 5, 2025, the parties amended and restated the Spectrum License Purchase Agreement to include
EchoStar’s licenses for up to 15MHz of additional unpaired AWS-3 spectrum, and increased the consideration by
$2,600 million, to a total amount of consideration of $19,600 million. The cash payoff consideration (as noted
below), two-step transfer process, debt service payments, trust structure, and maintenance obligations remain
unchanged.
The total consideration, approximating $19.6 billion, consisting of (i) approximately $11.1 billion in equity, payable
through the issuance of approximately 261.8 million shares of the Company’s Class A common stock at a fixed
value of $42.40 per share, and (ii) up to $8.5 billion related to the payoff of designated EchoStar debt, with any
shortfall below $8.5 billion to be paid in cash. The allocation of cash and equity consideration is subject to certain
adjustments based on the amount of EchoStar debt satisfied at or prior to closing.
The Spectrum Acquisition Closing is expected to occur on or about November 30, 2027. The completion of the
Spectrum Transactions is subject to the satisfaction or waiver of customary closing conditions, including, among
others, receipt of certain consents and approvals from the FCC and the Department of Justice ( “ DOJ ” ). The
Spectrum License Purchase Agreement also provides for specified termination rights. As of December 31, 2025 , the
Spectrum Transfer Closing has not yet occurred, and as a result, the Company is not yet obligated to make any
payments under the Credit Agreement with the Trust. Once the Spectrum Transfer Closing occurs, the Spectrum
Transactions will be recognized as acquired intangible assets.
Goodwill
The activity for goodwill is as follows:
Balance at December 31, 2023 .............................................................................................................
$ 11,418
Cumulative translation adjustments .................................................................................................
(289)
Balance at December 31, 2024 .............................................................................................................
11,129
Business combination .......................................................................................................................
52
Cumulative translation adjustments ................................................................................................
628
Balance at December 31, 2025 ..........................................................................................................
$ 11,809
As of December 31, 2025 and 2024, goodwill attributable to the Connectivity segment was $513 million and $505
million , respectively, and goodwill attributable to the AI segment was $11,296 million and $10,624 million ,
respectively.
Note 7 - Digital Assets
Digital assets consist of the following:
December 31,
2025
2024
(in millions except units of digital assets)
Units
Cost Basis
Fair Value
Units
Cost Basis
Fair Value
Digital assets held:
Bitcoin .........................................
18,712
$ 661
$ 1,637
18,712
$ 661
$ 1,749
Total ................................................
18,712
$ 661
$ 1,637
18,712
$ 661
$ 1,749
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The fair value of digital assets is determined using a Level I in the fair value hierarchy. The following table
provides activities related to digital assets:
Year Ended December 31,
2025
2024
Beginning balance, at fair value ................................................................................
$ 1,749
$ 794
Unrealized gain (loss), net .........................................................................................
(112)
955
Ending balance, at fair value .................................................................................
$ 1,637
$ 1,749
Note 8 - Financial Instruments
The Company’s assets that are measured at fair value on a recurring basis are as follows :
As of December 31, 2025
Level
Cost
Unrealized
Gain
Unrealized
Loss
Fair Value
Cash and cash equivalents
Cash .................................................
I
$ 3,408
$ —
$ —
$ 3,408
Money market funds ........................
I
21,339
—
—
21,339
Prepaid expenses and other
current assets
Restricted cash .................................
I
30
—
—
30
Restricted cash in money market
funds ...............................................
I
152
—
—
152
Other assets
Restricted cash .................................
I
182
—
—
182
Restricted cash in money market
funds ...............................................
I
13
—
—
13
Total ..................................................
$ 25,124
$ —
$ —
$ 25,124
As of December 31, 2024
Level
Cost
Unrealized
Gain
Unrealized
Loss
Fair Value
Cash and cash equivalents
Cash .................................................
I
$ 3,865
$ —
$ —
$ 3,865
Money market funds ........................
I
7,520
—
—
7,520
Marketable securities
Government securities .....................
II
800
1
(1)
800
Prepaid expenses and other
current assets
Restricted cash .................................
I
23
—
—
23
Other assets
Restricted cash .................................
I
88
—
—
88
Restricted cash in money market
funds ...............................................
I
5
—
—
5
Government securities .....................
II
581
1
—
582
Total ..................................................
$ 12,882
$ 2
$ (1)
$ 12,883
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Note 9 - Investments in Unconsolidated Affiliates
Equity method investment
In April 2025, the Company, through its wholly-owned subsidiary CTC Property LLC (“CTC”), entered into a joint
venture Stateline Power, LLC (“Stateline”), with Solaris Power Solutions Stateline, LLC (“Stateline Power
Solutions”), a wholly owned subsidiary of Solaris Energy Infrastructure, Inc. (“Solaris”).
Stateline was formed to provide off-grid power to CTC’s data center campus pursuant to a long-term equipment
rental arrangement. In connection with the formation of Stateline, Solaris contributed non-cash assets valued at $86
million , consisting primarily of progress payments on power generation equipment now owned by Stateline and pre-
funded expenses, in exchange for a 50.1% equity interest in Stateline. CTC contributed $86 million in cash in
exchange for the remaining 49.9% equity interest. Interests in Stateline held by CTC were subsequently assigned to
MZX Tech LLC (“MZX”), another wholly-owned subsidiary of the Company.
Concurrent with its formation, CTC (subsequently assigned to MZX) entered into a master equipment rental
agreement (“Rental Agreement”) with Stateline under which Stateline will lease power generation equipment to
MZX for use at the Company ’ s data center facility. The Rental Agreement lease commences upon completion of
equipment deployment and commissioning activities by Stateline. No rental payments were made by the Company
for the year ended December 31, 2025 .
The Company evaluated its interest in Stateline under ASC 810 and determined that Stateline is a variable interest
entity but the Company is not the primary beneficiary because it does not have the power to direct the activities that
most significantly impact Stateline’s economic performance, which are the operations of the assets managed by a
subsidiary of Solaris and the Company’s lack of control over how the assets are managed and redeployed after the
initial term of the Rental Agreement. As a result, the Company accounts for its interest in Stateline using the equity
method of accounting. As of December 31, 2025 , the carrying value of the equity method investment was $86
million , which represents the Company ’ s initial investment in Stateline. Activity in Stateline during the year ended
December 31, 2025 was not material.
Equity investments without readily determinable fair value
As of December 31, 2025 and 2024 , the Company held investments in unconsolidated affiliates which are accounted
for as equity investments without readily determinable fair values of $157 million and $154 million , respectively.
For the years ended December 31, 2025, 2024, and 2023 , the Company recorded a total of $0 million , $1 million ,
and $45 million of impairment charges related to the equity method investments in Other income (expense), net in
the consolidated statements of operations. The Company recorded cumulative downward adjustments of $59 million
on these investments as of December 31, 2025 . No upward adjustments were recorded in the years ended December
31, 2025, 2024 and 2023.
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Note 10 - Debt
As of December 31, 2025
Principal
Unamortized
Deferred
Financing Costs
Net
X 2027 and X 2030 Notes ..............................................................
$ 27
$ —
$ 27
X B-1 Term Loan ...........................................................................
6,504
280
6,224
X B-3 Term Loan ...........................................................................
5,966
54
5,912
xAI Fixed Rate Term Loan ............................................................
995
4
991
xAI Floating Rate Term Loan ........................................................
995
40
955
xAI 12.5% Secured Senior Notes ...................................................
3,000
12
2,988
Other financings (1) .........................................................................
4,562
—
4,562
Total debt ........................................................................................
22,049
390
21,659
Finance lease liability .....................................................................
1,237
—
1,237
Total debt and finance leases ..........................................................
$ 23,286
$ 390
$ 22,896
Less: Short-term portion .................................................................
928
—
928
Total debt and finance leases, net of current ............................
22,358
390
21,968
As of December 31, 2024
Principal
Unamortized
Deferred
Financing Costs
Net
X 2027 and X 2030 Notes ..............................................................
$ 27
$ —
$ 27
X B-1 Term Loan ...........................................................................
6,571
359
6,212
X Bridge Credit Facilities ...............................................................
5,966
—
5,966
Other financings .............................................................................
57
—
57
Total debt ........................................................................................
12,621
359
12,262
Finance lease liability .....................................................................
1,531
—
1,531
Total debt and finance leases ..........................................................
14,152
359
13,793
Less: Short-term portion .................................................................
372
—
372
Total debt and finance leases, net of current ............................
13,780
359
13,421
__________________
(1) Includes obligations related to certain AI infrastructure assets recorded as failed sale-leaseback transactions. Refer to Other Financings
below for additional details.
SpaceX ABL Credit Agreement
General. In 2018 and subsequently amended through 2023, SpaceX entered into a senior secured asset-based
revolving credit agreement (“SpaceX ABL Credit Agreement”) with a syndicate of banks. The SpaceX ABL Credit
Agreement provided for a senior secured asset-based revolving credit facility, from which the Company may draw
upon as needed for up to $1,500 million . The SpaceX ABL Credit Agreement was collateralized primarily by a
pledge of certain of SpaceX ’ s inventory and equipment, and availability under the SpaceX ABL Credit Agreement
was based on the estimated fair value of such assets, as reduced by certain reserves. The Company was required to
meet various covenants, including meeting certain reporting requirements, and certain financial covenants applied
once more than 85.0% of the SpaceX ABL Credit Agreement was drawn upon. In February 2025, SpaceX
terminated the SpaceX ABL Credit Agreement. No amounts were outstanding at the time of termination.
SpaceX Credit Facility
General. I n February 2025, the Company entered into a five-year senior unsecured revolving credit agreement
( “SpaceX Credit Facility ”) with a syndicate of banks, under which the Company may draw up to $1,500 million ,
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subject to a customary financial covenant and other reporting requirements. The SpaceX Credit Facility terminates,
and all outstanding loans become due and payable, on February 7, 2030, unless the parties agree to an extension. No
amounts were borrowed under the SpaceX Credit Facility during 2025 .
Interest Rates. Under the SpaceX Credit Facility, borrowings bear interest at the Company’s option, at a rate per
annum of (i) between 0.75%-1.25%, depending on the Company’s current debt rating, plus the relevant Term SOFR
or (ii) between 0.0%-0.25% depending on the Company’s current debt rating plus the greater of (a) the Federal
Funds Rate plus 0.5%, (b) the Prime Rate, (c) Term SOFR plus 1.0% and (d) 1.0%. The Company may also borrow
in various alternative currencies at various alternative rates, including rates based on SONIA for Pound Sterling
loans and EURIBOR for Euro loans plus an applicable margin. The fee for undrawn amounts is between
0.07%-0.11% per annum, depending on the Company’s current debt rating. Interest is payable either monthly or
quarterly, depending on the interest loan option.
Covenants. The Company was in compliance with the covenants of the SpaceX Credit Facility as of December 31,
2025 ; however, the Company had a technical default when the Company acquired xAI on February 2, 2026 due to
the amount of debt assumed as part of the acquisition at the subsidiary level. On March 2, 2026, the Company
obtained a waiver from the syndicate of banks and amended the SpaceX Credit Facility allowing for the debt
refinance completed on March 2, 2026 (refer to Note 21 , Subsequent Events for additional details), resulting in the
Company being in compliance with all covenants.
X 2027 and 2030 Notes
General. In 2019, a subsidiary of X , an indirect subsidiary of the Company, issued $700 million aggregate principal
amount of 3.875% senior notes due 2027 (the “X 2027 Notes”) in a private placement. The X 2027 Notes mature on
December 15, 2027. In 2022, a subsidiary of X issued $1,000 million aggregate principal amount of 5.000% senior
notes due 2030 (the “X 2030 Notes”) in a private placement. The X 2030 Notes mature on March 1, 2030. The X
2027 and X 2030 Notes represent senior unsecured obligations of the Company.
Interest Rates. For the X 2027 Notes, the interest rate is fixed at 3.875% per annum and interest is payable semi-
annually in arrears on June 15 and December 15 of each year. For the X 2030 Notes, the interest rate is fixed at
5.000% per annum and interest is payable semi-annually in arrears on March 1 and September 1 of each year.
Principal Repayments. In November 2022, the Company purchased approximately $675 million aggregate principal
amount of X 2027 Notes and $998 million aggregate principal amount of the X 2030 Notes in settlement of the
change in control of Twitter. The X 2027 Notes and X 2030 Notes that remain outstanding may be redeemed at the
option of the Company, in whole or in part, at any time prior to September 15, 2027 and December 1, 2029,
respectively, at a price equal to 100.0% of the principal amounts plus a “make-whole” premium and accrued and
unpaid interest, if any, up to, but excluding, the redemption date.
Covenants. The Company was in compliance with the covenants of the X 2027 Notes and X 2030 Notes as of
December 31, 2025 .
X First Lien Senior Credit Facilities
General. In 2022, X Corp., an indirect subsidiary of the Company, entered into the First Lien Credit Agreement
which provided for a new term loan commitment of $6,705 million (“X B-1 Term Loan”) and a $500 million
Secured First Lien Revolving Credit Facility (including a letter of credit subfacility with an aggregate face value of
up to $100 million ) (together referred to as “X First Lien Senior Credit Facilities”). The Secured First Lien
Revolving Credit Facility matures on October 27, 2027 and the X B-1 Term Loan matures on October 27, 2029.
Amendments. In February 2025, X Corp., an indirect subsidiary of the Company, amended the X First Lien Senior
Credit Facilities and entered into a new term loan commitment for $4,741 million with a maturity date of October
27, 2029 (“X B-3 Term Loan”) and reduced the Secured First Lien Revolving Credit Facility commitment to $0 .
As part of the issuance of the X B-3 Term Loan, the Company is required to pay an arrangement fee of $51 million,
which is due and payable on February 19, 2027. In April 2025, the Company entered into an amendment to the X
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B-3 Term Loan for an additional commitment of $1,225 million with the same terms and conditions, increasing the
total X B-3 Term Loan borrowings to $5,966 million .
Proceeds. The proceeds from the X B-3 Term Loan were used to pay down and extinguish the First Lien Bridge
Credit Facility and the Second Lien Bridge Credit Facility. The Company accounted for the pay down as a partial
modification and extinguishment of debt, expensing immaterial debt issuance costs.
Interest Rates. The X B-1 Term Loan bears interest at a rate per annum of, initially, adjusted Term SOFR plus
6.50% . The Secured First Lien Revolving Credit Facility bore interest at a rate per annum of, initially, an adjusted
Term SOFR plus 4.50% , with leverage-based step-downs. Undrawn commitments under the Secured First Lien
Revolving Credit Facility were subject to an unused commitment fee of 0.50% per annum, subject to quarterly
leverage based step-downs. The X B-3 Term Loan has a fixed interest rate of 9.50% per annum. Interest on the X
B-1 Term Loan and X B-3 Term Loan is payable monthly, quarterly, or bi-annually at the option of the Company.
The effective interest rate on outstanding borrowings under the X B-1 Term Loan and X B-3 Term Loan was
12.40% and 9.80% , respectively, as of December 31, 2025 .
Principal Repayments. The X B-1 Term Loan is repayable at any time, in whole or in part, without premium or
penalty, subject to mandatory quarterly prepayments of principal beginning on the last day of the fiscal quarter
ended March 31, 2023, in amounts equal to 0.25% of the original principal amount of borrowings thereunder, with
the unpaid balance being payable on the final maturity date thereof. The X B-1 Term Loan is also subject to
additional customary mandatory prepayment provisions from the proceeds of certain debt issuances and asset sales,
as well as sweeps of a portion of excess cash flow, subject to certain leverage-based step-downs and exceptions.
None of these additional customary mandatory prepayment provisions have been triggered as of December 31, 2025 .
The X B-3 Term Loan has prepayment penalties of 107.13% of the outstanding principal before October 27, 2026,
104.75% of the outstanding principal before October 27, 2027, and 102.38% of the outstanding principal before
October 27, 2028.
Guarantors and Collateral. Obligations under the First Lien Senior Credit Facilities were guaranteed by X, and were
collateralized by a first priority lien on substantially all of the assets of X and its subsidiaries (subject to customary
exceptions) which had a carrying amount of $42,132 million as of December 31, 2025.
Covenants. The Company was in compliance with the covenants of the First Lien Senior Credit Facilities as of
December 31, 2025 .
X Bridge Credit Facilities
General. On October 27, 2022, X Corp., an indirect subsidiary of the Company, entered into the First Lien Bridge
Loan Credit Agreement and the Second Lien Bridge Loan Credit Agreement as borrower, which provided for a
$3,000 million First Lien Bridge Credit Facility and a $3,000 million Second Lien Bridge Credit Facility (together,
the “X Bridge Credit Facilities”), respectively. The initial term loans under each Bridge Credit Facility automatically
convert to permanent term loans (“Permanent Bridge Loans”) on July 31, 2025 (“Bridge Conversion Date”), as
amended. The Permanent Bridge Loans mature on October 27, 2029 and October 27, 2030 for the First Lien Bridge
Credit Facility and the Second Lien Bridge Credit Facility, respectively. In February 2025, the Company repaid the
full outstanding amount of $2,966 million resulting in the full payoff of the First Lien Bridge Credit Facility prior to
the Bridge Conversation Date. In February and April 2025, the Company made principal payments of $1,775
million and $1,225 million respectively, resulting in the full payoff of the Second Lien Bridge Credit Facility prior
to the Bridge Conversation Date.
Interest Rates. Borrowings under the First Lien Bridge Credit Facility bore interest at a rate per annum of, initially,
an adjusted term SOFR plus 6.75% , with 0.50% step-ups occurring on each successive three-month period until the
Bridge Conversion Date, but subject to a maximum all-in rate of, prior to January 20, 2023, 9.25% and, on and after
January 20, 2023, 9.50% (“First Lien Bridge Total Cap”). After the Bridge Conversion Date, any outstanding
borrowings under the First Lien Bridge Credit Facility bore interest at the First Lien Bridge Total Cap. Borrowings
under the Second Lien Bridge Credit Facility bore interest at a rate per annum of, initially, an adjusted term SOFR
plus 10.00% , with 0.50% step-ups occurring on each successive three-month period thereafter until the Bridge
Conversion Date, but subject to a maximum all-in rate of, prior to January 20, 2023, 12.75% and, on and after
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January 20, 2023, 13.00% (“Second Lien Bridge Total Cap”). After the Bridge Conversion Date, any outstanding
borrowings under the Second Lien Bridge Credit Facility bore interest at the Second Lien Bridge Total Cap.
xAI First Lien Credit Agreement
General. In June 2025, X.AI Corp. and X.AI LLC , indirect subsidiaries of the Company, entered into the First Lien
Credit Agreement to provide borrowings up to $2,000 million . The Company executed a $1,000 million Fixed Rate
Term Loan maturing on June 30, 2030 (“xAI Fixed Rate Term Loan”); and a $1,000 million Floating Rate Term
Loan maturing on June 30, 2030 (“xAI Floating Rate Term Loan”).
Interest Rates. The xAI Fixed Rate Term Loan has a fixed interest rate of 12.50% per annum and the xAI Floating
Rate Term Loan has a floating interest rate per annum of Term SOFR plus 7.25% or ABR plus 6.25%. Interest on
the xAI Fixed Rate Term Loan is payable bi-annually on January 31 and July 31, commencing on January 31, 2026.
Interest on the xAI Floating Rate Term loan is payable monthly, quarterly, or bi-annually at the option of the
Company. The effective interest rate on outstanding borrowings under the xAI Fixed Rate Term Loan and xAI
Floating Rate Term Loan was 11.91% and 12.48% , respectively, as of December 31, 2025 .
Principal Repayments. The xAI Fixed Rate Term Loan and the xAI Floating Rate Term Loan have prepayment
penalties of 103% on the principal outstanding balance prior to June 30, 2027 and 101% on the principal outstanding
balance prior to June 30, 2028.
Guarantors. Obligations under the xAI Fixed Rate Term Loan and xAI Floating Rate Term Loan were guaranteed
each jointly and severally by X.AI Corp. and the following subsidiaries of X.AI Corp.: AIQ Phase LLC, CTC
Holding LLC, CTC, LLZ Build LLC, and MZX.
Covenants. The Company was in compliance with the covenants of the xAI Fixed Rate Term Loan and xAI Floating
Rate Term Loan as of December 31, 2025 .
xAI 12.5% Secured Senior Notes
General. In June 2025, X.AI LLC and, X.AI Co Issuer Corp, indirect subsidiaries of the Company, issued $3,000
million aggregate principal amount of 12.5% interest Senior Secured Notes due in 2030 (“xAI 12.5% Senior Secured
Notes”). The Senior Secured Notes were issued at 100% of the principal amount and the entire principal amount
will be due on June 30, 2030.
Interest Rates. The xAI 12.5% Senior Secured Notes have a fixed interest rate of 12.50% per annum. Interest is
payable bi-annually on January 15 and July 15, commencing on January 15, 2026.
Principal Repayments. The xAI 12.5% Senior Secured Notes have prepayment penalties of 106.25% on the principal
outstanding balance prior to July 15, 2027 and 103.13% on the principal outstanding balance prior to July 15, 2028.
Guarantors. Obligations under the xAI 12.5% Senior Secured Notes were guaranteed each jointly and severally by
xAI and the following subsidiaries of xAI: AIQ Phase LLC, CTC Holding LLC, CTC, LLZ Build LLC, and MZX.
Covenants. The Company was in compliance with the covenants of the 12.5% Senior Secured Notes as of
December 31, 2025 .
xAI Revolving Line of Credit
General. In April 2024 and amended in May 2024, a subsidiary of xAI , an indirect subsidiary of the Company,
entered into a revolving line of credit for an aggregate face amount up to $150 million . The Company had no
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borrowings under the line of credit during 2025 . Letters of credit issued under the revolving line of credit were $145
million as of December 31, 2025 .
Interest Rates. Interest on any borrowings is calculated based on the 30-day average SOFR plus the International
Swaps and Derivatives Association spread adjustment plus a spread of 40 basis points.
Guarantors and Collateral. The agreement permits borrowings up to the value of the pledged collateral held in
custody, less any outstanding loan balances, accrued interest, and fees. The pledged collateral consisted of securities
held in xAI ’ s custodial account.
Other Financings
The Company has entered into various other financing arrangements, generally collateralized by specific machinery
and equipment. These arrangements have an average fixed interest rate of 5.5% and 5.3% per annum as of
December 31, 2025 and 2024 , respectively, with principal and interest payments due monthly, and in certain
instances, a lump sum payment at the end of term.
In addition, in November 2025, CTC completed a sale-leaseback transaction for its AI infrastructure assets which
would have been deemed finance leases resulting in failed sale-leaseback transactions. X.A I Corp. guarantees certain
of CTC ’ s obligations under the lease agreement. As a result, the Company recorded the related 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 sheets . Refer to Note 18 , Related Party Transactions for additional details.
The future scheduled principal maturities of debt as of December 31, 2025 are as follows:
2026 ......................................................................................................................................................
$ 560
2027 ......................................................................................................................................................
858
2028 ......................................................................................................................................................
1,063
2029 ......................................................................................................................................................
13,539
2030 ......................................................................................................................................................
6,029
Thereafter ..............................................................................................................................................
—
$ 22,049
The Company recognized interest expense for debt prior to capitalization of interest of $1,797 million , $1,580
million and $1,693 million , in the years ended December 31, 2025, 2024, and 2023 , respectively.
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 a discounted cash flow app roach 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, 2025
Carrying
Amount
Fair Value
X B-3 Term Loan ......................................................................................................
$ 5,912
$ 6,190
xAI Fixed Rate Term Loan ........................................................................................
$ 991
$ 1,057
xAI 12.5% Secured Senior Notes ..............................................................................
$ 2,988
$ 3,173
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Note 11 - Leases
The balances of the Company’s operating and finance leases, included in Other assets , Accrued expenses and other
current liabilities , and Other liabilities for operating leases, and Finance lease right-of-use assets , Debt and finance
leases, current , and Debt and finance leases, net of current for finance leases, in the consolidated balance sheets , are
as follows:
December 31,
2025
2024
Operating leases:
Operating lease right-of-use assets .......................................................................
$ 1,338
$ 1,367
Operating lease liabilities, current ........................................................................
422
382
Operating lease liabilities, net of current ..............................................................
1,136
1,259
Total operating lease liabilities ...................................................................
$ 1,558
$ 1,641
Finance leases:
Finance lease right-of-use assets ...........................................................................
$ 1,260
$ 1,686
Finance lease liabilities, current ............................................................................
369
295
Finance lease liabilities, net of current .................................................................
868
1,236
Total finance lease liabilitie s ........................................................................
$ 1,237
$ 1,531
The components of lease expense are as follows within the consolidated statements of operations :
Year Ended December 31,
2025
2024
2023
Operating lease expense:
Operating lease expense ............................................................
$ 475
$ 311
$ 295
Short-term lease cost .................................................................
267
101
25
Variable lease cost .....................................................................
106
83
75
Total operating lease expense ...............................................
848
495
395
Finance lease expense:
Amortization of leased assets ....................................................
330
—
—
Interest on lease liabilities .........................................................
317
—
—
Total finance lease expense ..................................................
647
—
—
Total lease expense ......................................................................
$ 1,495
$ 495
$ 395
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Other information related to leases is as follows:
December 31,
2025
2024
Weighted-average remaining lease term (in years):
Operating leases .........................................................................................................
5.9
5.2
Finance leases ............................................................................................................
3.0
4.0
Weighted-average discount rate:
Operating leases .........................................................................................................
10.3 %
10.9 %
Finance leases ............................................................................................................
22.6 %
22.6 %
During the years ended December 31, 2024 and 2023 , the Company recorded restructuring charges o f $30 million
and $106 million , respectively, for operating lease right-of-use assets as part of its facilities consolidation
restructuring efforts in Restructuring charges in the consolidated statements of operations . There was no impairment
related to leases during the year ended December 31, 2025 .
Supplemental cash flow and other information related to the Company’s leases are as follows:
Year Ended December 31,
2025
2024
2023
Cash paid for amounts included in the measurement of lease
liabilities:
Operating cash outflows from operating leases .........................
$ 533
$ 372
$ 303
Operating cash outflows from finance leases ............................
$ 317
$ —
$ —
Financing cash outflows from finance leases ............................
$ 295
$ 154
$ —
Leased assets obtained in exchange for operating lease liabilities .
$ 288
$ 564
$ 168
Leased assets obtained in exchange for finance lease liabilities ....
$ —
$ 1,686
$ —
The above tables exclude operating lease agreements that have been signed as of December 31, 2025 , but not yet
commenced for the aggregate lease payments of $1,627 million and an average lease term of 7.2 years, including the
operating lease arrangement with Stateline. Refer to Note 9 , Investments in unconsolidated affiliates for additional
details.
The maturities of the Company’s lease liabilities as of December 31, 2025 are as follows:
Operating Leases
Finance Leases
2026 ...........................................................................................................................
$ 682
$ 611
2027 ...........................................................................................................................
593
611
2028 ...........................................................................................................................
531
459
2029 ...........................................................................................................................
492
—
2030 ...........................................................................................................................
446
—
Thereafter ...................................................................................................................
995
—
Total undiscounted liabilities .....................................................................................
3,739
1,681
Less: Leases not yet commenced ...............................................................................
(1,627)
—
Less: Imputed interest ................................................................................................
(554)
(444)
Total lease liabilities ...............................................................................................
$ 1,558
$ 1,237
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Note 12 - Balance Sheet Components
Certain financial statement details are as follows:
December 31,
2025
2024
Prepaid expenses and other current assets
Tax related assets .......................................................................................................
$ 618
$ 160
Rebates and credits ....................................................................................................
597
—
Unbilled receivables ..................................................................................................
223
314
Restricted cash and deposits ......................................................................................
182
23
Other ..........................................................................................................................
590
371
Prepaid expenses and other current assets ......................................................
$ 2,210
$ 868
Accrued expenses and other current liabilities
Tax related liabilities .................................................................................................
$ 563
$ 112
Operating lease liabilities, current .............................................................................
422
382
Accrued interest .........................................................................................................
416
118
Restructuring liabilities ..............................................................................................
339
149
Payroll & employee benefit accruals .........................................................................
322
366
Other current liabilities ..............................................................................................
507
381
Accrued expenses and other current liabilities ...............................................
$ 2,569
$ 1,508
Note 13 - Redeemable Convertible Preferred Stock and Shareholders’ Equity
SpaceX Preferred and Common Stock
On February 14, 2024, the holders of outstanding stock of the Company approved and adopted a Plan of Conversion,
pursuant to which the Company converted from a Delaware corporation into a corporation organized under the laws
of the State of Texas.
In connection with the Plan of Conversion, the Company updated its authorized capitalization to issue five classes of
stock - four classes to be designated Class A common stock (“Class A”), Class B common stock (“Class B”),
Class C common stock (“Class C”), Class D common stock (“Class D”) (collectively the “SpaceX Common Stock”),
and one class of stock to be designated preferred stock and subdivided into several series of redeemable convertible
preferred stock (collectively the “SpaceX Redeemable Convertible Preferred Stock”). All references to “Class” refer
to that particular class of SpaceX Common Stock and all references to “Series” refer to that particular series of
SpaceX Redeemable Convertible Preferred Stock.
As of December 31, 2025 , the total number of shares of SpaceX Common Stock the Company is authorized to issue
is 53,855 million shares, each with a par value of $0.001 per share, except for Class D, which has a par value of
$0.0001 per share. 36,130 million shares are Class A, 5,325 million shares are Class B, 10,000 million shares are
Class C, and 2,400 million shares are Class D. The total number of SpaceX Redeemable Convertible Preferred Stock
that the Company is authorized to issue is 2,607 million shares, of which 2,400 million shares are undesignated.
With the exception of the expanded conversion rights described below, there were no changes to the dividend
provisions, liquidation preferences, conversion rights, redemption rights or the voting rights of the SpaceX
Convertible Redeemable Preferred Stock and SpaceX Common Stock during the years ended December 31, 2025,
2024, and 2023 .
In 2022, the Board approved a stock split (the “2022 Stock Split”), pursuant to which each share of the SpaceX
Common Stock issued and outstanding was split into ten shares of SpaceX Common Stock. In May 2026, the Board
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approved the 2026 Stock Split, pursuant to which each share of the Class A, Class B, and Class C SpaceX Common
Stock issued and outstanding was split into five shares of SpaceX Common Stock.
xAI Redeemable Convertible Preferred Stock and Common Stock
On March 28, 2025, xAI adopted an Amended and Restated Articles of Incorporation, which established its capital
structure and designated multiple classes of common stock and several series of redeemable convertible preferred
stock. The Articles were subsequently amended and restated through January 30, 2026 (collectively, the “xAI
Articles of Incorporation”) to add and authorize additional series of redeemable convertible preferred stock with no
economic changes to any previously existing series.
Pursuant to the xAI Articles of Incorporation, xAI’s authorized capitalization prior to the xAI Merger consisted of
three classes of common, stock, which are designated Class A common stock (“xAI Class A”), Class B common
stock (“xAI Class B”), Limited Voting common stock (“xAI Limited Voting”), (collectively the “xAI Common
Stock”) and several series of redeemable convertible preferred stock (collectively the “xAI Redeemable Convertible
Preferred Stock”). All references to “xAI Class” refer to that particular class of xAI Common Stock and all
references to “xAI Series” refer to that particular series of xAI Redeemable Convertible Preferred Stock.
As of December 31, 2025 , the total number of xAI Common Stock that xAI authorized to issue is 7,884 million
shares, each with a par value of $0.001 per share, 5,874 million shares are xAI Class A, 2,000 million shares are xAI
Class B, and 10 million shares are xAI Limited Voting. The total number of xAI Redeemable Convertible Preferred
Stock that the Company is authorized to issue is 3,302 million shares.
Effect of the xAI Merger
xAI Redeemable Convertible Preferred Stock
Upon the effective date of the xAI Merger, all outstanding shares of xAI Redeemable Convertible Preferred Stock
converted into shares of SpaceX Common Stock, based on the share-for-share exchange mechanics specified in the
Merger Agreement. Each share of xAI Series A‑1, B, C, D, and E redeemable convertible preferred stock (classified
as “xAI Low Vote Stock”) was converted into 0.1433 shares of SpaceX Class A Common Stock per preferred share
(on a pre-2026 Stock Split basis), rounded up to the nearest whole number for fractional shares. Each share of xAI
Series A redeemable convertible preferred stock (classified as “xAI High Vote Stock”) was converted into 0.1433
shares of SpaceX Class B Common Stock per preferred share (on a pre-2026 Stock Split basis), rounded up to the
nearest whole number for fractional shares. For xAI Series A Redeemable Convertible Preferred Stock, all holders
that are an eligible service provider may instead elect to receive cash of $75.46 per share (on a pre-2026 Stock Split
basis) of xAI Series A Redeemable Convertible Preferred Stock. Upon conversion, all shares of xAI Redeemable
Convertible Preferred Stock were canceled and retired, and former xAI Redeemable Convertible Preferred Stock
shareholders received the applicable shares of SpaceX Common Stock. Any shares of xAI Redeemable Convertible
Preferred Stock previously held by the Company were canceled and retired and did not receive any consideration.
Although xAI Redeemable Convertible Preferred Stock converted into SpaceX Common Stock upon the xAI Merger
closing, the xAI Redeemable Convertible Preferred Stock balances are presented as Redeemable Convertible
Preferred Stock in the consolidated financial statements for all periods presented. Because the xAI Redeemable
Convertible Preferred Stock was legally outstanding during all historical periods prior to the xAI Merger and
represented a separate equity class of a legally distinct predecessor entity, the conversion of xAI Redeemable
Convertible Preferred Stock into SpaceX Common Stock is recognized only in the period in which the exchange
actually occurs, and not retrospectively. Accordingly, the historical consolidated balance sheets and consolidated
statements of redeemable convertible preferred stock and shareholders’ equity reflect the xAI Redeemable
Convertible Preferred Stock as outstanding xAI Redeemable Convertible Preferred Stock consistent with its legal
form and rights during those periods and are not recast on an as-converted basis. The impact of the conversion will
be presented prospectively in the period of the merger (Q1 2026).
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xAI Warrants
xAI also issued warrants to customer that were outstanding as of the effective date of the xAI Merger, which had a
ten-year term originally set to expire in 2035, with an exercise price equal to the par value of the stock, and vesting
terms that resulted in the warrants vesting proportionally to the payments received under the related agreement. The
closing of the xAI Merger triggered an acceleration clause in which all outstanding xAI warrants, both vested and
unvested components, were automatically exercised on a cashless basis exercised and converted into fully vested
SpaceX Class A Common Stock at the exchange ratio of 0.1433 (on a pre-2026 Stock Split basis).
xAI and X Common Stock
Upon the effective date of the xAI Merger, every outstanding share of xAI Common Stock, whether Class A, Class
B, or Limited Voting, converted into the right to receive SpaceX Common Stock at a fixed exchange ratio of 0.1433
SpaceX shares per share of xAI Common Stock (on a pre-2026 Stock Split basis) , unless the holder was an eligible
service provider and elected to receive cash of $75.46 per share of xAI Class A or Class B. No fractional SpaceX
shares were issued and all share amounts were rounded up to the nearest whole number. Any shares of xAI Common
Stock previously held by the Company were canceled and retired and did not receive any consideration.
Effect of the X Merger
Upon the effective date of the X Merger, each class of common stock of X Holdings Corp. (“X Common Stock ” )
was converted to 2.776 shares of xAI Common Stock of the same class (rounded down to the nearest whole share),
each class of common stock of X.AI Corp. (“xAI Corp. Common Stock ” ) was converted to 1.000 share of xAI
Common Stock of the same class, and each series of X.AI Corp. preferred stock (“xAI Corp. Preferred Stock ” )
(other than shares held by X or any of its subsidiaries) was converted to 1.000 share of xAI Redeemable Convertible
Preferred Stock of the same series.
As a result of the Mergers, all of X, X.AI Corp. and xAI Common S tock are being presented in the historical
financial statements as if they had been converted into SpaceX Common Stock at the applicable exchange rate for all
periods presented. As such, all shares of historical X, X.AI Corp. and xAI Common Stock are included in the share
counts for SpaceX Common Stock below. X.AI Corp. and xAI Redeemable Convertible Preferred Stock are being
presented in the consolidated financial statements at historical values with an adjustment to the conversion rate at the
applicable exchange ratio per the xAI Merger.
Redeemable Convertible Preferred Stock
Information for each series of SpaceX and xAI Redeemable Convertible Preferred Stock (collectively, the
“ Combined Redeemable Convertible Preferred Stock”) at December 31 is as follows:
Dividend Per
Share
Initial Price
Per Share
Authorized
Shares
Outstanding (1)
Liquidation
Preference
Net Carrying
Value
2025
2025
2025
2025
2024
2025
2025
SpaceX Redeemable
Convertible Preferred
Stock
Series A ................................
$ 0.05
$ 1.00
61.0
60.4
60.5
$ 60
$ 59
Series A-1 .............................
$ 0.05
$ 1.00
61.0
0.2
0.2
—
—
Series B .................................
$ 0.10
$ 2.00
5.5
5.1
5.1
10
10
Series B-1 .............................
$ 0.10
$ 2.00
5.5
0.1
0.1
—
—
Series C .................................
$ 0.15
$ 3.00
10.5
9.7
9.7
29
23
Series D ................................
$ 0.19
$ 3.88
7.5
5.2
5.2
40
20
Series E .................................
$ 0.23
$ 4.50
10.5
10.2
10.2
46
647
Series F .................................
$ 0.38
$ 7.50
6.8
6.7
6.7
50
48
Series G ................................
$ 3.87
$ 77.46
13.0
12.6
12.8
978
978
Series H ................................
$ 6.75
$ 135.00
3.4
3.2
3.3
429
429
Series I ..................................
$ 8.45
$ 169.00
3.0
3.0
3.0
499
499
Series J ..................................
$ 9.30
$ 186.00
2.7
2.5
2.6
457
457
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Table of Contents
Dividend Per
Share
Initial Price
Per Share
Authorized
Shares
Outstanding (1)
Liquidation
Preference
Net Carrying
Value
2025
2025
2025
2025
2024
2025
2025
Series K ................................
$ 10.20
$ 204.00
2.7
2.5
2.5
518
518
Series L .................................
$ 10.70
$ 214.00
1.5
1.4
1.4
295
295
Series M ................................
$ 11.00
$ 220.00
2.7
2.7
2.7
596
596
Series N ................................
$ 13.50
$ 270.00
9.5
9.3
9.4
2,520
2,520
Total SpaceX Redeemable
Convertible Preferred
Stock ...............................
206.8
134.8
135.4
$ 6,527
$ 7,099
xAI Redeemable
Convertible Preferred
Stock
Series A ................................
$ 0.05
$ 1.00
1,000.0
750.0
750.0
$ 750
$ 753
Series A-1 .............................
$ 0.05
$ 1.00
1,000.0
—
—
—
—
Series B .................................
$ 0.60
$ 11.97
584.9
584.9
584.9
7,001
7,001
Series C .................................
$ 1.08
$ 21.65
277.1
277.1
277.1
6,000
6,000
Series D ................................
$ 1.83
$ 36.56
174.8
120.1
—
4,390
4,388
Series E .................................
$ 3.77
$ 75.46
265.0
179.2
—
13,523
13,510
Total xAI Redeemable
Convertible Preferred
Stock ...............................
3,301.8
1,911.3
1,612.0
$ 31,664
$ 31,652
Total Combined
Redeemable
Convertible Preferred
Stock ...............................
3,508.6
2,046.1
1,747.4
$ 38,191
$ 38,751
______________
(1) The number of issued redeemable convertible preferred stock is equal to the number of outstanding redeemable convertible preferred stock,
with the exception of xAI Series A and xAI Series D, of which the number of issued shares is 1,000.0 million and 175.0 million,
respectively, due to redeemable convertible preferred stock held by X and SpaceX, respectively.
The following describes the various rights and preferences of the SpaceX Redeemable Convertible Preferred Stock:
Dividend Provisions
On a per annum basis, holders of shares of SpaceX Redeemable Convertible Preferred Stock are entitled to receive
dividends prior and in preference to any declaration or payment of any dividend to common shareholders at a rate
described in the table above for each outstanding share of SpaceX Redeemable Convertible Preferred Stock . Any
such dividends are declared at the discretion of the Board of Directors and are not cumulative. For the period from
inception through December 31, 2025 , no dividends on SpaceX Redeemable Convertible Preferred Stock have been
declared. The SpaceX Redeemable Convertible Preferred Stock do not participate in distributions beyond their
preferred dividend as described above.
Liquidation Preference
The series of SpaceX Redeemable Convertible Preferred Stock listed in the table above were issued by the Company
chronologically and in alphabetical order, with Series A issued first and Series N issued most recently. Each series
of SpaceX Redeemable Convertible Preferred Stock is senior in rank to all earlier issued series and junior in rank to
all later issued series, except that: (i) Series A, A-1, B, B-1, and C SpaceX Redeemable Convertible Preferred Stock
are all on parity with each other and junior in rank to all subsequently issued series of SpaceX Redeemable
Convertible Preferred Stock; and (ii) series E, F, and G SpaceX redeemable convertible preferred stock are all on
parity with each other, are senior in rank to all earlier issued series of SpaceX Redeemable Convertible Preferred
Stock, and junior in rank to all subsequently issued series of SpaceX Redeemable Convertible Preferred Stock.
In the event of a liquidation, dissolution, or winding up of the Company, holders of a given series of SpaceX
Redeemable Convertible Preferred Stock are entitled to receive, in preference to the holders of SpaceX Common
Stock and any junior-ranking SpaceX Redeemable Convertible Preferred Stock, the liquidation preference indicated
in the table above for such series of SpaceX Redeemable Convertible Preferred Stock, plus any declared but unpaid
dividends. Holders of all series of SpaceX Redeemable Convertible Preferred Stock are entitled to receive the
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greater of the liquidation preference per share indicated above, or the amount each series would be entitled to receive
if all such outstanding SpaceX Redeemable Convertible Preferred Stock were converted to Class A or Class B
SpaceX Common Stock, as applicable, immediately prior to such liquidation, dissolution, or winding up of the
Company. Upon completion of the distributions described above, if any assets remain in the Company, the then
remaining assets will be distributed on an equal priority, pro rata basis to the holders of SpaceX Common Stock.
Conversion Rights
Each share of Series A and Series B SpaceX Redeemable Convertible Preferred Stock is convertible at the option of
the holder at any time after the date of issuance of such share into shares of Class A, Class B, or Class C SpaceX
Common Stock and each share of all other series of preferred stock are convertible at the option of the holder at any
time after the date of issuance of such share into shares of Class A or Class C SpaceX Common Stock. The number
of shares of SpaceX Common Stock to which a holder of SpaceX Redeemable Convertible Preferred Stock is
entitled shall be at a conversion rate determined by dividing the initial price by the conversion price. Each share of
SpaceX Redeemable Convertible Preferred Stock is convertible into fifty shares of SpaceX Common Stock
following the 2026 Stock Split. The conversion price is subject to adjustment set forth in the charter for certain
dilutive issuances, splits and combinations. Prior to Company’s conversion to a Texas entity, holders of Series A and
Series B SpaceX Redeemable Convertible Preferred Stock were only permitted to convert to Class B SpaceX
Common Stock, and holders of other series of SpaceX Redeemable Convertible Preferred Stock were only permitted
to convert to Class A SpaceX Common Stock.
The SpaceX Redeemable Convertible Preferred Stock automatically converts upon the earlier of (i) the Company’s
sale of its common stock in a public offering pursuant to a registration statement under the Securities Act of 1933, in
which the pre-public offering market capitalization of the Company is at least $6.0 billion and which results in
aggregate cash proceeds to the Company of not less than $250 million (“Qualified IPO”) or (ii) the date specified by
written consent or agreement of the applicable holders of shares of SpaceX Redeemable Convertible Preferred Stock
(with respect to each applicable series of SpaceX Redeemable Convertible Preferred Stock), voting in accordance
with the charter.
In the event of a transfer of a share of Series A or Series B (other than a Permitted Transfer as defined in the
charter), such share shall automatically be cancelled and converted into a corresponding share of Series A-1 or
Series B-1.
Voting Rights
Holders of each share of Series A and Series B have the right to ten votes for each share of Class B into which such
share is convertible. Holders of each share of all other series of SpaceX Redeemable Convertible Preferred Stock
have the right to one vote for each share of Class A into which such share is convertible. Such holders will have full
voting rights and powers equal to the voting rights and powers of the holders of SpaceX Common Stock, except as
required by law.
Classification
The liquidation preference provisions of the SpaceX Redeemable Convertible Preferred Stock are considered
contingent redemption provisions as deemed liquidation events such as a change of control are not solely within the
control of the Company. Accordingly, SpaceX Redeemable Convertible Preferred Stock are presented outside of
permanent equity on the Company ’ s consolidated balance sheets as Redeemable convertible preferred stock . SpaceX
Redeemable Convertible Preferred Stock has not been remeasured to their redemption amount as they are not
currently redeemable or probable of becoming redeemable.
The following describes the various rights and preferences of the xAI Redeemable Convertible Preferred Stock:
Dividend Provisions
On a per annum basis, holders of shares of xAI Redeemable Convertible Preferred Stock are entitled to receive
dividends prior and in preference to any declaration or payment of any dividend to common shareholders at a rate
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described in the table above for each outstanding share of xAI Redeemable Convertible Preferred Stock. Any such
dividends declared at the discretion of the Board of Directors and are not cumulative. After payment of any such
preferred dividends, holders of xAI Redeemable Convertible Preferred Stock are entitled to participate in any
additional dividends or distributions on an as‑converted basis with holders of xAI Common Stock. For the period
from inception through December 31, 2025, no dividends were declared on xAI Redeemable Convertible Preferred
Stock.
Liquidation Preference
The series of xAI Redeemable Convertible Preferred Stock listed in the table above were issued by xAI
chronologically and in alphabetical order, with Series A issued first and Series E issued most recently. Each of
Series A, Series A‑1, Series B, Series C, Series D, and Series E xAI Redeemable Convertible Preferred Stock has a
liquidation preference equal to the greater of (i) the applicable original issue price plus any declared but unpaid
dividends or (ii) the amount the holder would receive if the xAI Redeemable Convertible Preferred Stock were
converted to xAI Common Stock immediately prior to such event. In the event of a liquidation, dissolution, winding
up, or deemed liquidation event, holders of xAI Redeemable Convertible Preferred Stock would receive their
liquidation preference prior to holders of xAI Common Stock. After payment of all liquidation amounts owed to xAI
Redeemable Convertible Preferred Stock, remaining assets or consideration not payable to holders of xAI
Redeemable Convertible Preferred Stock (as applicable), if any, would be distributed to holders of xAI Common
Stock on a pro rata basis.
Conversion Rights
Each share of xAI Redeemable Convertible Preferred Stock is convertible at the option of the holder into xAI
Common Stock at any time after the date of issuance. The number of shares of xAI Common Stock issuable upon
conversion is determined by dividing the initial price of the applicable series by its conversion price, with the
conversion price subject to adjustment for customary anti‑dilution events, including stock splits, combinations, and
certain dilutive issuances as presented in the table above. Each share of xAI Series A Redeemable Convertible
Preferred Stock is convertible into xAI Class B Common Stock or Series A-1 Redeemable Convertible Preferred
Stock , while each remaining series of xAI Redeemable Convertible Preferred Stock is convertible into xAI Class A
Common Stock.
The xAI Redeemable Convertible Preferred Stock would automatically convert into xAI Common Stock upon the
earlier of (i) the consummation of a qualified public offering that meets the criteria set forth in the Articles, or (ii)
the written consent of the requisite percentage of voting power of the outstanding shares of xAI Redeemable
Convertible Preferred Stock.
Voting Rights
Holders of each share of xAI Series A have the right to ten votes for each share of Series A held by such holder.
Holders of each share of all other series of xAI Redeemable Convertible Preferred Stock have the right to one vote
for each share of xAI Class A into which such share is convertible. Such holders have full voting rights and powers
equal to the voting rights and powers of the holders of xAI Common Stock (other than xAI Limited Voting).
Classification
The liquidation preference provisions of the xAI Redeemable Convertible Preferred Stock are considered contingent
redemption provisions as deemed liquidation events such as a change of control are not solely within the control of
xAI . Accordingly, xAI Redeemable Convertible Preferred Stock are presented outside of permanent equity on the
Company ’ s consolidated balance sheets as Redeemable convertible preferred stock . xAI Redeemable Convertible
Preferred Stock has not been remeasured to their redemption amount as they are not currently redeemable or
probable of becoming redeemable.
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Table of Contents
Common Stock
The following describes all of the activity that occurred within each class of SpaceX Common Stock during the
years ended December 31, 2025 and 2024, incorporating all activity that occurred within the class of xAI Common
Stock on an as-converted basis to the class of SpaceX Common Stock it was converted into per the xAI Merger and
X Merger.
Class A
Class B
Class C
Class D
Common Stock
Common Stock
Common Stock
Common Stock
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Balance at December 31, 2022 .........
1,778
$ 2
647
$ 1
317
$ 0
—
$ —
Common stock issued, net of tax
withholding ...............................
6
0
188
0
55
0
—
—
Conversion between classes of
common stock ...........................
32
0
(32)
0
—
—
—
—
Repurchase of common stock .....
(6)
0
0
0
(5)
0
—
—
Balance at December 31, 2023 .........
1,810
2
803
1
367
0
—
—
Common stock issued, net of tax
withholding ...............................
8
0
9
0
58
0
—
—
Repurchase of common stock .....
(35)
0
(8)
0
(3)
0
—
—
Conversion of redeemable
convertible preferred stock to
common stock ...........................
13
0
—
—
1
—
—
—
Conversion between classes of
common stock ...........................
36
0
(36)
0
—
—
—
—
Balance at December 31, 2024 .........
1,832
2
768
1
423
0
—
—
Common stock issued, net of tax
withholding ...............................
33
1
4
0
60
0
—
—
Repurchase of common stock .....
(31)
0
(38)
0
—
—
—
—
Conversion of redeemable
convertible preferred stock to
common stock ...........................
27
0
—
—
1
0
—
—
Conversion between classes of
common stock ...........................
91
0
(91)
0
—
—
—
—
Balance at December 31, 2025 .........
1,952
$ 3
643
$ 1
484
$ 0
—
$ —
The following describes the various rights and preferences of the SpaceX Common Stock:
Dividend Provisions
Subject to the prior rights of holders of all classes and series of stock at the time outstanding having prior rights as to
dividends, holders of SpaceX Common Stock shall be entitled to receive, when, as and if declared by the Board of
Directors, out of any funds legally available, such dividends as may be declared from time to time by the Board of
Directors. For the period from inception through December 31, 2025 , no dividends were declared on SpaceX
Common Stock.
Liquidation Rights
In the event of a liquidation, dissolution, or winding up of the Company, upon the completion of the distributions
required with respect to the SpaceX Redeemable Convertible Preferred Stock, if assets remain in the Company, the
then remaining assets will be distributed on an equal priority, pro rata basis to the holders of SpaceX Common
Stock.
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Conversion Rights
Each share of Class B is convertible at the option of the holder, at any time, into one share of Class A. Each share of
Class B will automatically convert into one share of Class A upon a transfer, other than a Permitted Transfer (as
defined in the charter), of such share of Class B.
Voting Rights
Each holder of Class A is entitled to one vote for each share held. Each holder of Class B is entitled to ten votes for
each share held. The holders of Class C have no voting rights, except as required by law. Voting rights with respect
to Class D will be established when and if any shares of Class D are issued by the Board of Directors.
Reserve for Unissued Shares of Common Stock
The Company is required to reserve and keep available out of its authorized but unissued shares of SpaceX Common
Stock such number of shares sufficient to effect the conversion of all outstanding shares of SpaceX Redeemable
Convertible Preferred Stock and Class B, as applicable, plus shares granted and available for grant under the
Company’s share plans.
The amount of such shares of the SpaceX Common Stock reserved for these purposes at December 31, 2025 is as
follows:
Number of Shares
Class A
Class B
Class C
Class D
Redeemable Convertible Preferred Stock issued
(low-vote) ........................................................
4,291
—
3,459
—
Redeemable Convertible Preferred Stock issued
(high-vote) .......................................................
3,275
3,812
3,275
—
Outstanding Class B ............................................
644
—
—
—
Outstanding stock options ...................................
10
468
474
—
Outstanding RSUs ...............................................
47
43
62
—
Future grants under share-based compensation ..
161
—
383
—
8,428
4,323
7,653
—
Share Repurchases
SpaceX Share Repurchases
During the year ended December 31, 2025 , SpaceX repurchased $522 million or 14.0 million shares of SpaceX
Common Stock from eligible current and former employees. Similarly, the C ompany repurchased $920 million or
38.7 million shares of SpaceX Common Stock from eligible current and former employees and existing shareholders
during the year ended December 31, 2024 , as well as $101 million or 0.1 million shares of SpaceX Redeemable
Convertible Preferred Stock in a number of unrelated transactions with existing shareholders at their then-current
fair market value. The Company only repurchased shares held by eligible participants for more than six months at a
purchase price per share equal to the then current fair market value.
All SpaceX shares repurchased to date h ave been retired .
xAI Share Repurchase
During the year ended December 31, 2025 , the Company also purchased 11.8 million shares of xAI Common Stock
for $600 million from an existing shareholder of xAI. Following the xAI Merger, this transaction is considered as a
repurchase of xAI Common Stock in the consolidated statements of redeemable convertible preferred stock and
shareholders’ equity .
All xAI shares repurchased to date have been retired.
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Table of Contents
Note 14 - Earnings per Share
The following table presents the reconciliation of net income (loss) attributable to common shareholders to net
income (los s) used in computing basic and dilut ed net income (loss) per share of common stock:
Year Ended December 31,
2025
2024
2023
Numerator:
Net income (loss) ..........................................................................
$ (4,937)
$ 791
$ (4,628)
Less: Deemed dividend (1) ..........................................................
—
80
—
Less: Dividends and undistributed earnings allocated to
participating securities ...........................................................
—
693
—
Net income (loss) attributable to common shareholders - basic ....
(4,937)
18
(4,628)
Add: Effect of assumed conversion of SpaceX Redeemable
Convertible Preferred Stock ...................................................
—
3
—
Add: Effect of assumed conversion of stock options ................
—
0
—
Add: Effect of assumed conversion of restricted stock units ....
—
0
—
Add: Effect of assumed issuance of shares under the ESPP .....
—
0
—
Net income (loss) attributable to common shareholders - diluted ..
$ (4,937)
$ 21
$ (4,628)
Denominator:
Weighted average shares of common stock outstanding - basic ....
2,926
2,848
2,759
Weighted average shares of common stock equivalents:
Conversion of SpaceX Redeemable Convertible Preferred
Stock ......................................................................................
—
6,771
—
Exercise of stock options ...........................................................
—
292
—
Conversion of restricted stock units ..........................................
—
45
—
Conversion of ESPPs .................................................................
—
0
—
Weighted average common stock and common stock equivalent
outstanding - diluted ...................................................................
2,926
9,956
2,759
Earnings (loss) per share attributable to common shareholders
Basic ..........................................................................................
$ (1.69)
$ 0.01
$ (1.68)
Diluted .......................................................................................
$ (1.69)
$ 0.00
$ (1.68)
__________________
(1) The excess of fair market value over the consideration transferred for the repurchase of SpaceX Redeemable Convertible Preferred Stock
was treated as a deemed dividend and resulted in a decrease to net income (loss) attributable to common shareholders in the calculation of
earnings (loss) per share.
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Table of Contents
The following potentially dilutive securities on an as-converted basis are excluded from the calculation of diluted net
income (loss) per share attributable to common shareholders for the periods presented because the impact of
including them would b e anti-dilutive (refer to Note 15 , Share-based Compensation for additional details):
Year Ended December 31,
2025
2024
2023
xAI Redeemable Convertible Preferred Stock ...............................
1,369
—
537
SpaceX Redeemable Convertible Preferred Stock .........................
6,733
—
6,780
Share-based compensation .............................................................
623
18
767
The table above excludes 14.5 million , 38.3 million , and 21.2 million share-based compensation awards outstanding
as of December 31, 2025 , 2024 , and 2023 , respectively, as these awards are subject to performance and market
conditions that were not met as of those dates.
Note 15 - Share-based Compensation
X and xAI Mergers
As part of the xAI Merger, each xAI option for a share of xAI common stock outstanding and unexercised at the
time of the xAI Merger (vested and unvested) was converted into a SpaceX option to receive 0.1433 shares of
Space X Class A or Class B Common Stock (on a pre-2026 Stock Split basis), as applicable, under the same terms
and conditions (including the vesting and exercisability conditions) as the original xAI stock options at an exercise
price equal to the original xAI option exercise price divided by 0.1433 (on a pre-2026 Stock Split basis) . Each xAI
RSU that was vested and outstanding was converted to the right to receive 0.1433 of a share of SpaceX Class A or
Class B Common Stock (on a pre-2026 Stock Split basis), as applicable. Each xAI RSU that was unvested was
converted to 0.1433 of a SpaceX RS U (on a pre-2026 Stock Split basis). Each xAI RSA was converted to 0.1433
shares of SpaceX RSA for SpaceX Class A or Class B Common Stock (on a pre-2026 Stock Split basis), as
applicable, with the same terms and conditions (including the vesting terms). Holders of vested xAI options and
vested xAI RSUs also had the option to receive cash payment for $75.46 per share in lieu of conversion . Refer to
Note 13 , Redeemable Convertible Preferred Stock and Shareholders’ Equity for additional details.
As part of the X Merger, each X RSU that was outstanding was converted to a xAI RSU to receive 2.776 shares of
xAI Common Stock .
General
The Company grants RSU s, RSAs, and non-statutory options to eligible employees, key executives, and certain non-
employee service providers (collectively, the “Plans”). The Company also has a number of performance-based
awards. RSUs entitle the grantee to receive shares of Class A or Class B Common Stock upon vesting, with vesting
generally occurring either ( i) 25% after the first service year with quarterly vesting for the remaining four-year
service period, (ii) 12.5% after the first six months of service with quarterly vesting for the remaining four-year
service period, or (iii) 20% after the first service year with semi-annual vesting for the remaining five-year service
period, subject to continued service through the applicable vesting date. RSAs entitle the grantee to receive shares of
Class A or Class B Common Stock with 25% after the first service year with monthly vesting for the remaining four-
year service period. Options generally vest over (i) four years with 25% vesting after one year then one thirty-sixth
of the remainder vesting thereafter on a monthly basis or (ii) six years with 20% vesting after two years, and then
one forty-eighth of the remainder vesting thereafter on a monthly basis. Options are exercisable up to ten years from
the date of grant. At December 31, 2025 , 543.8 million shares remained available for future grant under the Plans.
The Company offers an ESPP, under which eligible employees can purchase the Company’s Common Stock at a
discounted price. The Company also offers a Non-Qualified Employee Stock Purchase Plan (“NQ ESPP”), under
which employees can purchase the Company’s Common Stock at the fair market value. At December 31, 2025 , 27.0
million and 4.8 million shares remained available for future grant under the ESPP and NQ ESPP plans, respectively.
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Table of Contents
Summary Activity under the Plans
Below table summarizes activities related to the Company’s Plans, presented on an as-converted basis per the xAI
Merger. For the purposes of the table below, each xAI option, RSU and RSA is presented as 0.1433 SpaceX option,
RSU and RSA, respective ly.
Stock Options
Number of
Options
Weighted
Average Exercise
Price
Weighted
Average
Remaining
Contractual Life
(years)
Aggregate
Intrinsic Value
Balance at December 31, 2024 ........................
530
$ 8.86
6.5
$ 14,342
Granted ................................................................
20
$ 37.27
Exercised .............................................................
(34)
$ 5.80
Cancelled .............................................................
(20)
$ 9.81
Outstanding at December 31, 2025 .................
496
$ 10.18
5.7
$ 37,171
Vested and expected to vest at December 31,
2025 ..................................................................
496
$ 10.18
5.7
$ 37,171
Vested and exercisable at December 31, 2025 ..
398
$ 8.31
5.2
$ 30,346
RSUs
RSAs
Number of
Restricted Stock
Units
Weighted
Average Grant
Date Fair Value
Per Share
Number of
Restricted Stock
Awards
Weighted
Average Grant
Date Fair Value
Per Share
Balance at December 31, 2024 ........................
110
$ 12.57
109
$ 0.00
Granted ................................................................
74
$ 54.84
0
$ 93.87
Exercised .............................................................
(51)
$ 25.53
(34)
$ 0.42
Cancelled .............................................................
(24)
$ 33.44
(42)
$ 0.00
Balance at December 31, 2025 ........................
109
$ 40.49
34
$ 0.11
The weighted-average grant-date fair value per share of options granted during the years ended December 31, 2025,
2024, and 2023 was $21.29 , $5.02 , and $7.60 respectively. The total intrinsic value of options exercised during the
years ended December 31, 2025, 2024, and 2023 was $1,249 million , $392 million and $261 million , respectively.
The weighted-average grant date fair value per share of RSUs granted during the years ended December 31, 2025,
2024, and 2023 was $54.84 , $17.68 , and $15.60 , respectively. The total fair market value of RSUs released for the
years ended December 31, 2025, 2024, and 2023 was $2,151 million , $871 million and $729 million , respectively.
The weighted-average grant date fair value per share of RSAs granted during the years ended December 31, 2025,
2024, and 2023 was $93.87 , $— , and $0.00 , respectively. There were no RSAs released during the years ended
December 31, 2025 and 2024 , and the total fair value of the RSAs released during the year ended December 31,
2023 was $38 million .
At December 31, 2025 , total remaining share-based compensation expense for unvested stock options, RSUs, and
RSAs was $4,842 million , which is expected to be recognized over a weighted-average period of 3.2 years.
ESPP
During the years ended December 31, 2025, 2024, and 2023 , under the ESPP, the Company issued 6.3 million , 8.0
million and 6.5 million shares, respectively. For the year ended December 31, 2025 , the Company issued 0.2 million
shares under the NQ ESPP. No shares were issued under NQ ESPP during the years ended December 31, 2024 and
2023 .
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CEO Award
In November 2025, the Company granted a performance-based award (“xAI Award”) to Elon Musk consisting of
twelve tranches. Each tranche represents the right to receive a number of shares at fair market value equal to 1.0% of
xAI ’ s valuation at the valuation milestone. The xAI Award is subject to market conditions based on valuation
milestones, ranging from $213 billion to $1,313 billion , performance condition requiring the Company to receive not
less than $2,000 million in proceeds from investors through capital raises on the milestone date, and a service
condition requiring Mr. Musk’s continued service over the ten-year performance period.
The grant date fair value of the award was determined to be $2,205 million an d the Company recorded $28 million
of share-based compensation expense for the year ended December 31, 2025 . In March 2026, the Company
terminated the xAI Award, refer to Note 21 , Subsequent Events for further discussion.
Performance-based awards
In March 2023, X issued performance-based RSU awards to all X employees that also included service conditions.
The performance conditions would only be satisfied upon a change in control or completion of an initial public
offering (deemed a liquidity event). For the years ended December 31, 2024 and 2023 , no share-based compensation
expense was recorded as it was not probable the performance-based vesting condition would be met. In 2025, these
awards were modified to remove the performance-based condition, resulting in additional share-based compensation
expense of $588 million .
Fair Value Determination
The weighted-average assumptions that were used to calculate the grant date fair value of the Company’s employee
stock option grants are as follows:
Year Ended December 31,
2025
2024
2023
Expected term (years) .....................................................................
6.94
6.80
6.70
Volatility .........................................................................................
43.14 %
39.80 %
43.20 %
Risk-free interest rate .....................................................................
4.02 %
4.30 %
3.60 %
Dividend yield ................................................................................
— %
— %
— %
The expected term of employee stock options represents the weighted-average period that the stock options are
expected to remain outstanding. The Company determined the expected term of options granted using the simplified
method. Under the simplified method, the expected term of an award is presumed to be the mid-point between the
vesting period and the contractual life of the award.
The Company determined the expected volatility assumption using the frequency of daily historical prices of
comparable public companies’ common stock for a period equal to the expected term of the options.
The risk-free interest rate assumption is based upon observed interest rates on U.S. Government securities for a
period consistent with the expected term of the Company’s employee stock options.
The dividend yield assumption is based on the Company’s history and expectation of dividend payouts. The
Company has never declared or paid any cash dividends on its Common Stock and does not anticipate paying any
cash dividends in the foreseeable future.
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The weighted-average assumptions that were used to calculate the grant date fair value of the CEO’s xAI Award are
as follows :
Expected term (years) ...........................................................................................................................
10.0
Volatility ...............................................................................................................................................
45% – 55%
Risk-free interest rate ............................................................................................................................
4.06
Dividend yield .......................................................................................................................................
0.00
The expected term is the period from the grant date to the end of the performance period. The Company determined
the expected volatility assumption using the frequency of daily historical prices of comparable public companies’
common stock for a period equal to the expected term. The risk-free interest rate assumption is based upon observed
interest rates on U.S. Government securities for a period consistent with the expected term. The dividend yield
assumption is based on the Company’s history and expectation of dividend payouts. The Company has never
declared or paid any cash dividends on its Common Stock and does not anticipate paying any cash dividends in the
foreseeable future.
Summary of Share-Based Compensation Information
The following table summarizes our share-based compensation expense by line item in the consolidated statements
of operations :
Year Ended December 31,
2025
2024
2023
Cost of revenue ...............................................................................
$ 253
$ 193
$ 167
Research and development .............................................................
859
230
179
Selling, general, and administrative ...............................................
835
360
333
Total .........................................................................................
$ 1,947
$ 784
$ 679
During the years ended December 31, 2025, 2024, and 2023 , share-based compensation expense capitalized to the
consolidated balance sheets was $154 million , $132 million , and $108 million , respectively. No income tax benefit
was recognized from share-based compensation expense during the years ended December 31, 2025, 2024, and 2023
due to the valuation allowance on U.S. deferred tax assets. Refer to Note 16 , Income Taxes for additional details.
Note 16 - Income Taxes
The U.S. and foreign components of consolidated income (loss) before income taxes for the years ended December
31, 2025, 2024, and 2023 are as follows:
Year Ended December 31,
2025
2024
2023
Domestic .........................................................................................
$ (3,959)
$ 73
$ (3,598)
Foreign ...........................................................................................
(260)
169
(1,393)
Income (loss) before income taxes ..............................................
$ (4,219)
$ 242
$ (4,991)
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The current and deferred provisions (benefits) for federal, state, and foreign income taxes consist of the following :
Year Ended December 31,
2025
2024
2023
Current:
Federal .......................................................................................
$ (11)
$ 57
$ 11
State ...........................................................................................
18
18
24
Foreign .......................................................................................
82
51
15
Total current provision ...............................................................
89
126
50
Deferred:
Federal .......................................................................................
659
(667)
(305)
State ...........................................................................................
4
2
(70)
Foreign .......................................................................................
(34)
(10)
(38)
Total deferred provision .............................................................
629
(675)
(413)
Total provision for (benefit from) income taxes .......................
$ 718
$ (549)
$ (363)
Upon adoption of ASU 2023-09, as described in Note 2 , Summary of Significant Accounting Policies , the
reconciliation of the U.S. federal statutory income tax rate to the Company ’ s effective income tax rate is as follows:
Year Ended December 31,
2025
U.S. federal statutory income tax rate .......................................................................
$ (886)
21.0 %
State and local income taxes, net of federal income tax effect (1) ...............................
(105)
2.5 %
Foreign tax effects .....................................................................................................
Ireland ...................................................................................................................
81
(1.9) %
Other .....................................................................................................................
22
(0.5) %
Effect of cross-border tax laws ..................................................................................
(1)
— %
Tax credits
Research and development tax credits ..................................................................
(602)
14.3 %
Foreign tax credits ................................................................................................
(27)
0.6 %
Other .....................................................................................................................
(11)
0.3 %
Change in valuation allowance ..................................................................................
2,194
(51.6) %
Nontaxable or nondeductible items
Share-based compensation ....................................................................................
(274)
6.5 %
Other .....................................................................................................................
45
(1.1) %
Change in unrecognized tax benefits .........................................................................
297
(7.0) %
Other adjustments ......................................................................................................
(15)
(0.1) %
Effective tax rate .....................................................................................................
$ 718
(17.0) %
__________________
(1) State taxes in California made up the majority (greater than 50%) of the tax effect in this category.
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The following table is a reconciliation of taxes at the U.S. federal statutory income tax rate to the Company’s benefit
from income taxes for the years ended December 31, 2024 and 2023 in accordance with the guidance prior to the
Company’s adoption of ASU 2023-09:
Year Ended December 31,
2024
2023
Federal statutory income tax rate ...............................................................................
$ 51
$ (1,048)
State and local income taxes, net of federal income tax effect ..................................
(213)
(276)
Share-based compensation ........................................................................................
(90)
(73)
Foreign tax effects .....................................................................................................
(3)
84
Research and development tax credits .......................................................................
(689)
(489)
Change in valuation allowance ..................................................................................
137
1,209
Change in unrecognized tax benefits .........................................................................
299
206
Other adjustments ......................................................................................................
(41)
24
Provision for (benefit from) income taxes ............................................................
$ (549)
$ (363)
Upon adoption of ASU 2023-09, cash paid for income taxes, net of refunds, during the year ended December 31,
2025 is as follows:
Year Ended
December 31,
2025
Federal ...................................................................................................................................................
$ 70
State and Local ......................................................................................................................................
17
Foreign
Ireland ..............................................................................................................................................
20
Mexico .............................................................................................................................................
9
Other .................................................................................................................................................
38
Total cash paid for income taxes, net of refunds .............................................................................
$ 154
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The significant components of the deferred tax assets and liabilities are as follows:
December 31,
2025
2024
Deferred tax assets:
Net operating loss carryforwards .............................................................................
$ 2,275
$ 572
Research and development and other credits ...........................................................
3,627
2,988
Intangible assets .......................................................................................................
812
568
Operating lease liability ...........................................................................................
1,613
313
Capitalized research and development costs ...........................................................
4,077
3,215
Share-based compensation ......................................................................................
366
254
Deferred revenue .....................................................................................................
757
664
Disallowed interest expense ....................................................................................
762
785
Other ........................................................................................................................
233
206
Total deferred tax assets ..........................................................................................
14,522
9,565
Valuation allowance ................................................................................................
(8,286)
(5,621)
Deferred tax assets, net of valuation allowance .......................................................
6,236
3,944
Deferred tax liabilities:
Fixed assets ..............................................................................................................
(5,209)
(2,372)
Operating lease right-of-use asset ............................................................................
(627)
(632)
Unrealized gains/losses ............................................................................................
(248)
(244)
Other ........................................................................................................................
(39)
(32)
Total deferred tax liabilities .....................................................................................
(6,123)
(3,280)
Deferred tax assets, net of valuation allowance .................................................
$ 113
$ 664
In assessing the realizability of deferred tax assets, management considered whether it is more likely than not that
some or all of the deferred tax assets will not be realizable based on the relevant weight of all positive and negative
evidence, including the retrospective combination of the financial results of the entities due to the Mergers described
in Note 1 , Nature of Business . As a result of the Mergers, management assessed the realizability of the deferred tax
assets of the combined group and concluded that the majority of the U.S. federal and state deferred tax assets are not
more likely than not to be realized based on cumulative pretax losses adjusted for permanent differences and other
negative evidence. Accordingly, the Company has recorded a full valuation allowance against its net U.S. deferred
tax assets as of December 31, 2025 with the exception of certain state deferred tax assets and transferrable
investment tax credits that are expected to be realizable. The Company will continue to assess the realizability of its
deferred tax assets in future periods and will adjust the valuation allowance as necessary based on changes in facts
and circumstances.
In addition, the Company continues to record a valuation allowance in certain foreign jurisdictions where the
Company has concluded it is more likely than not that the deferred tax assets will not be realized.
A reconciliation of the valuation allowance is as follows:
Year Ended December 31,
2025
2024
2023
Beginning balance ..........................................................................
$ 5,621
$ 5,582
$ 4,347
Charged to income tax expense ......................................................
2,551
204
1,210
Charged to other comprehensive income .......................................
114
(55)
25
Cumulative effect adjustment .........................................................
—
(110)
—
Ending balance ............................................................................
$ 8,286
$ 5,621
$ 5,582
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The valuation allowance on the Company’s net deferred tax assets increased by $2,665 million, $39 million and
$1,235 million during the years ended December 31, 2025, 2024, and 2023 , respectively. The changes in valuation
allowance are primarily driven by the generation of net operating loss carry-forwards (“NOLs”) and tax credits,
which are not more likely than not to be realizable. For the year ended December 31, 2024, the Company released a
partial valuation allowance on SpaceX’s U.S. deferred tax assets for the retrospectively combined comparative
results. Based on available projections as of December 31, 2024, management forecasted $659 million of deferred
tax assets related to U.S. R&D credits would be utilized in the following year on a separate company basis in 2025
before the Mergers occurred, and as such, no valuation allowance was recorded on those credits.
At December 31, 2025 , the Company had NOLs for federal and state income tax purposes of $9,728 million and
$5,234 million , which are available to offset taxable income in future periods. The federal NOLs generated through
December 31, 2017 expire at various dates beginning in 2034 and will continue to expire through 2037, while U.S.
federal net operating loss carryforwards generated in 2018 or later do not expire. The state NOLs will expire at
various dates beginning in 2027.
At December 31, 2025 , the Company had tax credits for federal and state income tax purposes of $3,586 million and
$2,104 million , respectively, which are available to offset future periods and begin to expire in 2036 for federal
income tax purposes. Of the $2,104 million in state tax credits, $161 million will begin to expire in 2026 and the
remaining credits do not expire.
Additionally, the Company’s net operating loss carryforwards and other tax attributes are subject to various
limitations and restrictions, including those arising from ownership changes under applicable tax laws, which may
limit the Company’s ability to utilize such attributes in the future.
At December 31, 2025 , the Company had foreign NOLs of $126 million , which will expire at various dates based on
the tax laws of the different jurisdictions we operate in.
In assessing whether uncertain tax positions should be recognized in the financial statements, the Company first
determines whether it is more likely than-not that a tax position will be sustained upon examination, including
resolution of any related appeals or litigation process, based on the technical merits of the position. In evaluating
whether a tax position has met the more likely than-not recognition threshold, the Company presumes that the
position will be examined by the appropriate taxing authority that would have full knowledge of all relevant
information. For tax positions that meet the more likely than not recognition threshold, the Company measures the
amount of benefit recognized in its financial statements at the largest amount of benefit that is greater than 50.0%
likely of being realized upon ultimate settlement.
The following table reflects changes in gross unrecognized tax benefits:
Year Ended December 31,
2025
2024
2023
Beginning balance ..........................................................................
$ 1,619
$ 1,320
$ 1,114
Gross increases - current year tax positions ...................................
282
302
233
Gross increases - prior year tax positions .......................................
16
—
—
Gross decreases - current year tax positions ..................................
—
—
—
Gross decreases - prior year tax positions ......................................
(1)
(3)
(27)
Gross decreases - settlements with tax authorities .........................
—
—
—
Gross decreases - lapse of statute of limitations .............................
—
—
—
Ending balance ............................................................................
$ 1,916
$ 1,619
$ 1,320
For the years ended December 31, 2025, 2024, and 2023 , the Company had unrecognized tax benefits of $1,916
million , $1,619 million , and $1,320 million respectively. The Company’s policy is to recognize interest and
penalties associated with uncertain tax benefits as part of the income tax provision. The amount of interest and
penalties recognized in the periods presented were insignificant. As of December 31, 2025 and 2024, the Company
has accrued $6 million and $5 million, respectively, related to interest and penalties on our unrecognized tax
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benefits. As of December 31, 2025 , u nrecognized tax benefits of $11 million, if recognized, would affect our
effective tax rate.
The Company files income tax returns in the U.S. and all state and various foreign jurisdictions. To the extent the
Company has tax attribute carryforwards, the tax years in which the attribute was generated may still be adjusted
upon examination by the federal, state or foreign tax authorities to the extent utilized in a future period. As of
December 31, 2025 , the major jurisdictions in which the Company remains subject to examinations are U.S. federal
and California for tax years 2003 and forward. Based on all available information, the Company is not aware of any
new information that would require the remeasurement of its uncertain tax positions.
On July 4, 2025, the One Big Beautiful Bill Act, Public Law No. 119-21 and formally titled “An Act to Provide for
Reconciliation Pursuant to Title II of H. Con. Res. 14” (“OBBBA”) was enacted in the United States. The OBBBA
includes a broad range of tax provisions, such as the permanent extension of certain provisions of the 2017 Act and
the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates,
with certain provisions effective in 2025 and others implemented through 2027. The Company has evaluated the
provisions of the OBBBA and determined that the most significant impacts relate to the expensing of research and
experimental expenditures under IRC Section 174A and interest expense limitation under IRC Section 163(j). The
effects of applicable provisions of OBBBA have been reflected in the Company’s income tax provision.
Note 17 - Commitments and Contingencies
Unconditional Obligations
The Company’s unconditional obligations are non-cancelable contractual commitments primarily relate to the
Company’s investments in AI infrastructure and third-party cloud capacity arrangements and other service
arrangements. It also includes the Company’s commitments under the Spectrum Transaction, which are payable in
cash and in the Company’s Class A Common Stock. Refer to Note 6 , Intangible Assets and Goodwill for additional
details. The following table summarizes the Company’s non-cancelable contractual commitments as of
December 31, 2025 :
2026 ......................................................................................................................................................
$ 2,720
2027 ......................................................................................................................................................
21,476
2028 ......................................................................................................................................................
1,250
2029 ......................................................................................................................................................
4
2030 ......................................................................................................................................................
1
Thereafter ..............................................................................................................................................
—
Total ....................................................................................................................................................
$ 25,451
Letters of Credit and Surety Bonds
The Company had outstanding letters of credit of $348 million at December 31, 2025 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 $51 million for self-insured workers’
compensation programs and other governmental licenses at December 31, 2025 .
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
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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. X filed a motion to dismiss the
complaint on August 14, 2023. On March 5, 2024, the Court dismissed plaintiffs’ direct infringement and vicarious
infringement claims, and part of plaintiffs’ claim for contributory infringement. X answered the complaint on April
9, 2024. Litigation was stayed from June 11, 2025 to September 9, 2025 for settlement discussions that were not
successful. Accordingly, discovery is ongoing.
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
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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.
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. A hearing has been scheduled for April 2, 2026.
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.
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 i njunctive relief. The defendants intend to defend themselves
vigorously in these actions.
The Company has recorded an accrual of $530 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 December 31, 2025 . For other matters, the Company is not currently able to estimate the reasonably possible loss
or range of loss.
Non-Income Taxes
The Company is under various non-income tax audits by domestic and foreign tax authorities. These audits
primarily revolve around routine inquiries, refund requests, and employee benefits. The Company accrues non-
income taxes that may result from these audits when they are probable and can be reasonably estimated. Due to the
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complexity and uncertainty of some of these matters, however, as well as the judicial process in certain jurisdictions,
the final outcome of these audits may be materially different from the Company’s expectations.
Indemnifications
In the ordinary course of business, the Company may provide indemnifications of varying scope and terms to
customers, vendors, lessors, investors, directors, officers, employees, and other parties with respect to certain
matters, including, but not limited to, losses arising out of the Company’s breach of certain agreements, services to
be provided by the Company, or from intellectual property infringement claims made by third parties . These
indemnifications may survive the termination of the underlying agreement and the maximum potential amount of
future payments the Company could be required to make under these indemnification provisions may not be subject
to maximum loss clauses. It is not possible to determine the maximum potential amount under these indemnification
agreements due to the unique facts and circumstances involved in each particular agreement. Historically, payments
made by us under these agreements have not had a material impact on our consolidated financial statements. At
December 31, 2025 and 2024 , the Company has not accrued a liability for any i ndemnification claims , because the
likelihood of incurring a payment obligation, if any, in connection with any such indemnification claims is not
probable or reasonably estimable.
Note 18 - Related Party Transactions
The Company periodically does business with certain entities with which its CEO and directors are affiliated.
During the years ended December 31, 2025 and 2024 , the Company purchased $506 million and $191 million of
Megapack products, respectively, from Tesla, Inc. (“Tesla ” ) recorded in Property, plant, and equipment, net in the
consolidated balance sheets . The Company also obtained $131 million of Cybertrucks at manufacturer’s suggested
retail price from Tesla recorded in Property, plant, and equipment, net in the consolidated balance sheets during the
year ended December 31, 2025 .
On October 12, 2025, and as subsequently amended on November 10, 2025, CTC, a subsidiary of xAI and an
indirect subsidiary of the Company, entered into an equipment lease agreement with Valor Equity Partners (“Valor ” )
for certain AI infrastructure hardware (the “Valor transaction ” ). The founder, CEO and Chief Investment Officer of
Valor, Antonio J. Gracias , serves as one of the directors of the Company. The Valor transaction was deemed to be a
failed sale-leaseback transaction and the Company recorded the related debt of $455 million and $4,052 million
within Debt and finance leases, current and Debt and finance leases, net of current , respectively, as of December 31,
2025 in the Company’s consolidated balance sheets , and $66 million in Interest expense for the year ended
December 31, 2025 in the Company’s consolidated statements of operations . Refer to Note 10 , Debt for additional
details. The related asset is recorded within Property, plant, and equipment, net in the Company’s consolidated
balance sheets .
In 2025, Elon Musk, through his trust, purchased $1,421 million of common stock from current and former
employees.
Other transactions with Tesla and other related parties during the years ended December 31, 2025, 2024, and 2023
were immaterial.
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Note 19 - Segments
Following the Mergers, the Company evaluated how to view and measure performance of the combined company
and potential realignment of individual entity’s historical segment structure. Following this evaluation, the Company
determined that as a combined company, effective in Q1 2026, 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. Prior period
presentations for segments conform to the current segment reporting structure.
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:
Year Ended December 31,
2025
Space
Connectivity
AI
Total Reportable
Segments
Revenue .............................................................
$ 4,086
$ 11,387
$ 3,201
$ 18,674
Costs and expenses
Cost of revenue .................................................
1,352
5,921
2,178
9,451
Research and development ...............................
3,004
575
5,064
8,643
Selling, general, and administrative .................
349
468
1,827
2,644
Restructuring charges .......................................
—
—
487
487
Impairment ........................................................
38
—
—
38
Total costs and expenses ................................
4,743
6,964
9,556
21,263
Income (loss) from operations .........................
(657)
4,423
(6,355)
(2,589)
Interest expense ...................................................
(1,945)
Interest income ....................................................
492
Other income (expense), net ...............................
(177)
Income (loss) before income taxes ..................
$ (4,219)
Supplemental segment information
Depreciation and amortization ............................
$ 757
$ 2,376
$ 3,568
$ 6,701
Share-based compensation ..................................
$ 515
$ 369
$ 1,063
$ 1,947
Impairment ..........................................................
$ 38
$ —
$ —
$ 38
Capital expenditures ............................................
$ 3,832
$ 4,178
$ 12,727
$ 20,737
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Year Ended December 31,
2024
Space
Connectivity
AI
Total Reportable
Segments
Revenue .............................................................
$ 3,796
$ 7,599
$ 2,620
$ 14,015
Costs and expenses
Cost of revenue .................................................
1,541
4,768
1,687
7,996
Research and development ...............................
1,835
453
1,176
3,464
Selling, general, and administrative .................
375
333
1,105
1,813
Restructuring charges .......................................
—
—
213
213
Impairment ........................................................
24
39
—
63
Total costs and expenses ................................
3,775
5,593
4,181
13,549
Income (loss) from operations .........................
21
2,006
(1,561)
466
Interest expense ...................................................
(1,580)
Interest income ....................................................
371
Other income (expense), net ...............................
985
Income (loss) before income taxes ..................
$ 242
Supplemental segment information
Depreciation and amortization ............................
$ 637
$ 1,508
$ 1,679
$ 3,824
Share-based compensation ..................................
$ 472
$ 296
$ 16
$ 784
Impairment ..........................................................
$ 24
$ 39
$ —
$ 63
Capital expenditures ............................................
$ 2,032
$ 3,498
$ 5,633
$ 11,163
Year Ended December 31,
2023
Space
Connectivity
AI
Total Reportable
Segments
Revenue .............................................................
$ 3,557
$ 3,869
$ 2,961
$ 10,387
Costs and expenses
Cost of revenue .................................................
1,669
2,786
1,655
6,110
Research and development ...............................
1,538
381
186
2,105
Selling, general, and administrative .................
351
233
1,081
1,665
Restructuring charges .......................................
—
—
237
237
Impairment ........................................................
—
—
3,775
3,775
Total costs and expenses ................................
3,558
3,400
6,934
13,892
Income (loss) from operations .........................
(1)
469
(3,973)
(3,505)
Interest expense ...................................................
(1,693)
Interest income ....................................................
249
Other income (expense), net ...............................
(42)
Income (loss) before income taxes ..................
$ (4,991)
Supplemental segment information
Depreciation and amortization ............................
$ 571
$ 884
$ 1,180
$ 2,635
Share-based compensation ..................................
$ 427
$ 249
$ 3
$ 679
Impairment ..........................................................
$ —
$ —
$ 3,775
$ 3,775
Capital expenditures ............................................
$ 1,497
$ 2,455
$ 463
$ 4,415
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The following tables provide revenue by geography based on the country of domicile in which the transaction
originated:
Year Ended December 31,
2025
2024
2023
USA ................................................................................................
$ 12,966
$ 10,008
$ 7,473
Ireland .............................................................................................
1,827
1,371
1,047
Canada ............................................................................................
764
582
447
All Other .........................................................................................
3,117
2,054
1,420
Total Revenues ..........................................................................
$ 18,674
$ 14,015
$ 10,387
As of December 31, 2025 and 2024 , substantially all of the Company’s long-lived assets were located within the
U nited States.
Note 20 - Restructuring
In 2022 . X, an indirect subsidiary of the Company (through the X Merger and subsequently, xAI Merger), initiated
global employee workforce reductions, the effects of which continued through 2025. The charges associated with
the workforce reduction include cash severance expense and other termination benefits. Restructuring charges also
include impairment of operating lease right-of-use assets for excess office space and related leasehold improvements
and office equipment, as well as lease termination penalties for office space terminated before the end of the lease
term as a result of the workforce reduction.
Total charges of $487 million , $147 million , and $77 million associated with the workforce reduction were recorded
in Restructuring charges in the consolidated statements of operations for the years ended December 31, 2025 , 2024 ,
and 2023 , respectively. Additionally, the Company recorded restructuring charges of $36 million , and $54 million
related to its leasehold improvements and office equipment, and restructuring charges of $30 million , and $106
million for operating lease right-of-use assets as part of its facilities consolidation efforts for the years ended
December 31, 2024 and 2023 , respectively.
The following table is a summary of the changes in the restructuring liabilities for each period presented, included
within Accrued expenses and other current liabilities and Other liabilities on the consolidated balance sheets :
Restructuring liabilities as of December 31, 2023 ................................................................................
$ 8
Severance and other personnel costs .................................................................................................
147
Cash payments ...................................................................................................................................
(11)
Other adjustments ..............................................................................................................................
8
Restructuring liabilities as of December 31, 2024 ................................................................................
152
Severance and other personnel costs .................................................................................................
487
Cash payments ...................................................................................................................................
(212)
Other adjustments ..............................................................................................................................
16
Restructuring liabilities as of December 31, 2025 ................................................................................
$ 443
Note 21 - Subsequent Events
The Company has evaluated subsequent events that occurred from January 1, 2026 through March 30, 2026 , which
is the date the consolidated financial statements were available to be issued, and determined that there were no
subsequent events or transactions that required recognition or disclosure in the consolidated financial statements ,
except as discussed below.
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Officer Equity Awards
In January 2026, the Company granted 1,000 million performance-based restricted shares of Class B common stock
to Elon Musk. The restricted shares vest upon (i) the Company’s achievement of specified market capitalization
milestones across 15 equal tranches ranging from $500 billion to $7.5 trillion , with each milestone reflecting $500
billion in additional valuation, and (ii) the Company’s establishment of a permanent human colony on Mars with at
least one million inhabitants, in each case, subject to Mr. Musk’s continued employ ment.
In March 2026, the Company cancelled Mr. Musk’s xAI Award and replaced it with a grant of 302.1 million
performance-based restricted shares of Class B common stock, which vest upon (i) the achievement of specified
market capitalization milestones across 12 equal tranches ranging from $1.065 trillion to $ 6.565 trillion, with each
milestone reflecting $500 billion in additional valuation, and (ii) the Company’s completion of non-Earth-based data
centers capable of delivering 100 terawatts of compute per year, in each case, subject to Mr. Musk’s continued
employ ment .
In January 2026, the Company approved an amendment to 4 million performance-based stock options granted to
Bret Johnsen, Chief Financial Officer, that were originally issued in 2024. In lieu of vesting based on free cash flow
achievement in excess of a baseline, 371 thousand of the stock options will vest for each $10 billion in adjusted
EBITDA achieved during the 2025 through 2029 fiscal years, assessed on an annual basis. For purposes of this
award, adjusted EBITDA is calculated as income from operations excluding (i) depreciation and amortization, (ii)
share-based compensation, (iii) impairment, and (iv) restructuring impacts. Once a tranche of the stock options have
become earned as a result of the Company’s adjusted EBITDA performance as of the end of a particular fiscal year,
such stock options remain subject to an additional one-year and one day service-based vesting requirement
following December 31 of the fiscal year in which such tranche was earned. The number of options granted was not
changed in the amendment. None of the stock options became earned on account of the Company’s adjusted
EBITDA performance for the year ended December 31, 2025.
Share Repurchases
Between January and March 2026, the Company repurchased Redeemable Convertible Preferred Stock and
Common Stock from eligible current and former employees as well as third-party investors totaling $1,396 million.
Sale-Leaseback Transaction
In January 2026, and as further amended on February 18, 2026, CTC entered into an equipment lease agreement
with Valor for certain AI infrastructure hardware (“Valor transaction II ” ). Similar to the Valor transaction, the Valor
transaction II was considered to be a transaction with a related party. The Valor transaction II is deemed to be a
failed sale-leaseback transaction and the Company recorded the related debt of $5,365 million in the Company’s
consolidated balance sheets .
xAI Merger Closing
Pursuant to the terms of the xAI Merger on February 2, 2026, the Company issued, prior to the 2026 Stock Split,
321.7 million shares of Class A Common Stock, 121.7 million shares of Class B Common Stock and paid $2,947
million in cash to holders of xAI Common Stock and Redeemable Convertible Preferred Stock . Refer to Note 13 ,
Redeemable Convertible Preferred Stock and Shareholders’ Equity for additional details.
Tesla’s xAI Investment and SpaceX Class A Common Stock Issuance
In January 2026, Tesla entered into an agreement with xAI to invest $2,000 million via a purchase of xAI Series E
Redeemable Convertible Preferred Stock. Pursuant to the terms of that agreement and a letter agreement entered into
between xAI and Tesla on January 16, 2026, xAI’s issuance of the shares of Series E Redeemable Convertible
Preferred Stock, and Tesla’s payment therefore, was conditioned upon the receipt of required regulatory approvals.
Following the xAI Merger, Tesla’s right to acquire Series E Redeemable Convertible Preferred Stock of xAI was
converted into the right to acquire SpaceX Class A common stock. On March 12, 2026, following expiration of the
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applicable regulatory waiting period, SpaceX issued 3.8 million shares of Class A Common Stock (on a pre-2026
Stock Split basis) to Tesla in accordance with the terms of the foregoing agreements.
Tesla Collaboration
In March 2026, the Company announced a collaboration with Tesla to build a chip manufacturing facility (referred
to as Terafab ) .
SpaceX Bridge Loan Credit Agreement
In March 2026, SpaceX entered into a new bridge loan credit agreement ( “ SpaceX Bridge Loan ” ) for
$20,000 million with a syndicate of banks. The SpaceX Bridge Loan matures on September 2, 2027 with two three-
month extensions, at the option of the Company, reaching a final maturity date of March 2, 2028. The SpaceX
Bridge Loan proceeds were used to extinguish and pay off the X B-1 Term Loan, X B-3 Term Loan, xAI Fixed Rate
Loan, xAI Floating Rate Loan, and the xAI 12.5% Senior Secured Notes. The SpaceX Bridge Loan bears interest at
a rate per annum of (i) between 0.75%-1.75% , dependent upon the debt rating of the Company, plus the relevant
Term SOFR or (ii) the highest of (a) the Federal Funds Rate plus 0.5% , (b) the Prime Rate, (c) Term SOFR plus
1.0% and (d) 1. 0 %, plus an applicable margin ranging from 0.00% to 0.75% (depending on the Company’s debt
rating). Obligations under the SpaceX Bridge Loan were guaranteed jointly and severally by certain subsidiaries of
the Company. The SpaceX Bridge Loan is repayable at any time, in whole or in part, without premium or penalty.
The Company is required to meet various covenants, including meeting certain reporting requirements, and certain
financial covenants.
Concurrently with the SpaceX Bridge Loan, the Company repaid the outstanding principal and accrued interests of
the X B-1 Term Loan, X B-3 Term Loan, xAI Fixed Rate Term Loan, xAI Floating Rate Term Loan and xAI 12.5%
Secured Senior Notes for an aggregate amount o f $18,905 million, including $1,163 million of prepayment penalty.
Purchase C ommitments
In March 2026, the Company executed a purchase agreement with an unaffiliated third party to acquire additional
turbines for the AI infrastructure totaling $805 million through 2029.
Note 22 - Subsequent Events to the Original Issuance of the Consolidated Financial Statements (Unaudited)
The Company has evaluated subsequent events that occurred from the date the consolidated financial statements
were originally issued on March 30, 2026 through May 7, 2026 , the date the consolidated financial statements were
available to be reissued, and determined that the following subsequent events require disclosure in the consolidated
financial statements .
Collaboration Agreement
On April 19, 2026, the Company entered into a compute agreement with Anysphere, Inc., doing business as Cursor,
a San Francisco-based private software company (“Cursor”). Pursuant to the compute agreement, the Company will
collaborate with Cursor to improve the Company’s existing models, including Grok, and potentially to jointly
develop AI models and related model-specific deliverables.
Concurrent with the compute agreement, the Company also entered into an option agreement for the right, but not
the obligation, to acquire Cursor. The option agreement generally provides that the Company may exercise the call
option at any time during the 30-day period following the earlier of (i) seven trading days following the completion
of the Company’s IPO and (ii) September 30, 2026. Exercise of the call option is in the Company’s sole discretion
and subject to further approval by the board of directors. Cursor is also subject to certain exclusivity obligations
under the option agreement. The consideration for the acquisition of Cursor would consist of shares of Class A
common stock based on an implied equity value of Cursor of $60.0 billion, and the price of Class A common stock
that equals, if the acquisition closed prior to the completion of this offering, the most recent quarterly valuation, or,
if the acquisition closed after the completion of the Company’s IPO, the volume-weighted average closing price
thereof over the seven consecutive trading days immediately preceding the closing of the acquisition. If either (i) the
Company decides to terminate the option agreement or (ii) Cursor is eligible to and decides to terminate due to the
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Company’s material breach of the option agreement, Cursor is entitled to a $1.5 billion termination fee under the
option agreement and an $8.5 billion deferred services fee under the compute agreement. These fees are payable in
cash (or Class A common stock, if the Company’s IPO has not been consummated at the time the fees become
payable).
The Company has conducted preliminary due diligence on Cursor’s business, technology and operations, and expect
to continue such diligence in connection with any decision to exercise the call option. The Company cannot predict
whether the Company will elect to exercise the call option or, if exercised, whether the acquisition will close on the
anticipated terms or at all.
Sale-Leaseback Transaction
On April 24, 2026, CTC entered into a five-year equipment lease agreement with Valor, a related party, for certain
AI infrastructure hardware (“Valor transaction III ” ) for total undiscounted lease payments of $6,587 million.
Asset Acquisition
On April 30, 2026 , the Company entered into an asset purchase agreement with an unaffiliated third party to
purchase certain mobile gas turbines and related p ackag es for approximately $2,000 million (the “Turbine
Acquisition”). The closing of the Turbine Acquisition is expected to occur in May 2026 and is subject to customary
closing conditions. The seller has also agreed to enter into a post-closing services agreement to support the
Company's turbine operations. The Turbine Acquisition will help provide power to the Company's data centers.
Cloud Services Agreement
On May 3, 2026, the Company entered into a cloud services agreement with Anthropic PBC, an AI research and
development public benefit corporation, with respect to access to compute capacity. Pursuant to this agreement, the
customer has agreed to pay a monthly fee through May 2029, with capacity ramping in May 2026 at a reduced fee.
The agreement may be terminated by either party upon 90 days’ notice. The customer will retain ownership and
intellectual property rights in its content, AI models, and related data.
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Sp ace Exploration Technologies Corp.
Consolidated Balance Sheets
(in millions, except per share data)
(unaudited)
March 31, 2026
December 31, 2025
Assets
Current assets
Cash and cash equivalents ................................................................................................................
$ 15,852
$ 24,747
Marketable securities .......................................................................................................................
7,823
—
Accounts receivable, net of allowance for credit losses of $47 and $39 at March 31, 2026 and
December 31, 2025, respectively ...............................................................................................
1,833
1,579
Inventory ..........................................................................................................................................
2,588
2,416
Prepaid expenses and other current assets .......................................................................................
1,636
2,210
Total current assets .....................................................................................................................
29,732
30,952
Property, plant, and equipment, net (a) ....................................................................................................
53,879
42,602
Finance lease right-of-use assets ............................................................................................................
1,182
1,260
Intangible assets, net ..............................................................................................................................
1,432
1,548
Digital assets ..........................................................................................................................................
1,293
1,637
Goodwill .................................................................................................................................................
11,681
11,809
Deferred tax assets .................................................................................................................................
213
141
Other assets ............................................................................................................................................
2,682
2,130
Total assets ...............................................................................................................................
$ 102,094
$ 92,079
Liabilities, Redeemable Convertible Preferred Stock, and Shareholders’ Equity
Current liabilities
Accounts payable ...................................................................................................................................
10,002
11,792
Deferred revenue, current .....................................................................................................................
7,207
6,111
Debt and finance leases, current (related party of $1,121 and $455 at March 31, 2026 and
December 31, 2025, respectively) .....................................................................................................
1,538
928
Accrued expenses and other current liabilities ......................................................................................
5,689
2,569
Total current liabilities ...........................................................................................................................
24,436
21,400
Long-term liabilities
Deferred revenue, net of current ...........................................................................................................
6,029
6,005
Debt and finance leases, net of current (related party of $7,920 and $4,052 at March 31, 2026 and
December 31, 2025, respectively) .....................................................................................................
28,727
21,968
Other liabilities .......................................................................................................................................
1,320
1,381
Total liabilities ......................................................................................................................................
60,512
50,754
Commitments and contingencies (Note 16)
Redeemable convertible preferred stock
Redeemable convertible preferred stock, par value $0.001; 189 and 2,351 shares issued; 135 and
2,046 shares outstanding as of March 31, 2026 and December 31, 2025, respectively ....................
7,049
38,752
Shareholders’ equity
Class A common stock, par value $0.001; 2,965 and 2,036 shares issued; 2,883 and 1,952 shares
outstanding as of March 31, 2026 and December 31, 2025, respectively .........................................
3
3
Class B common stock, par value $0.001; 2,421 and 643 shares issued and outstanding as of March
31, 2026 and December 31, 2025, respectively .................................................................................
3
1
Class C common stock, par value $0.001; 494 and 484 shares issued and outstanding as of March
31, 2026 and December 31, 2025, respectively .................................................................................
0
0
Class D common stock, par value $0.0001; no shares issued and outstanding as of March 31, 2026
and December 31, 2025, respectively ................................................................................................
—
—
Additional paid-in capital .......................................................................................................................
74,083
37,706
Accumulated deficit ...............................................................................................................................
(41,311)
(37,035)
Accumulated other comprehensive income ...........................................................................................
1,755
1,898
Total shareholders ’ equity .................................................................................................................
34,533
2,573
Total liabilities, redeemable convertible preferred stock, and shareholders ’ equity ...................
$ 102,094
$ 92,079
__________________
(a) Refer to Note 17 , Related Party Transactions for additional details on related party arrangements.
The accompanying notes are an integral part of these consolidated financial statements .
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Space Exploration Technologies Corp.
Consolidated Statements of Operations
(in millions, except per share data)
(unaudited)
Three Months Ended March 31,
2026
2025
Revenue ........................................................................................................................
$ 4,694
$ 4,067
Costs and expenses
Cost of revenue .........................................................................................................
2,388
1,962
Research and development ........................................................................................
3,514
1,557
Selling, general, and administrative ..........................................................................
746
493
Restructuring charges (credits) .................................................................................
(11)
4
Impairment ................................................................................................................
—
24
Total costs and expenses ......................................................................................
6,637
4,040
Income (loss) from operations ....................................................................................
(1,943)
27
Interest expense (related party of $186 and $- for March 31, 2026 and 2025,
respectively) ...............................................................................................................
(664)
(447)
Interest income ...............................................................................................................
213
117
Other expense, net ..........................................................................................................
(1,876)
(211)
Loss before income taxes .............................................................................................
(4,270)
(514)
Provision for income taxes ............................................................................................
6
14
Net loss ..........................................................................................................................
$ (4,276)
$ (528)
Net loss attributable to shareholders - basic and diluted ...........................................
$ (4,947)
$ (528)
Net loss per share of common stock attributable to common shareholders
Basic and Diluted ...........................................................................................................
$ (1.27)
$ (0.18)
Weighted average shares used in computing net loss per share of common stock
Basic and Diluted ...........................................................................................................
3,884
2,875
The accompanying notes are an integral part of these consolidated financial statements .
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Space Exploration Technologies Corp.
Consolidated Statements of Comprehensive Loss
(in millions)
(unaudited)
Three Months Ended March 31,
2026
2025
Net loss .....................................................................................................................
$ (4,276)
$ (528)
Other comprehensive income (loss)
Change in foreign currency translation adjustments, net of tax ...............................
(140)
257
Unrealized gains (losses) on marketable securities, net of tax .................................
(3)
2
Other comprehensive income (loss) .........................................................................
(143)
259
Comprehensive loss ................................................................................................
$ (4,419)
$ (269)
The accompanying notes are an integral part of these consolidated financial statements .
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Space Exploration Technologies Corp.
Consolidated Statements of Redeemable Convertible Preferred Stock and Shareholders’ Equity
(in millions)
(unaudited)
Redeemable Convertible
Preferred Stock
Common Stock
Shares
Amount
Shares
Amount
Additional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income
Total
Shareholders'
Equity
Balances at December 31, 2024 ........................................
1,748
$ 20,941
3,023
$ 3
$ 35,865
$ (32,098)
$ 1,093
$ 4,863
Share-based compensation ..................................................
—
—
—
—
262
—
—
262
Common stock issued, net of tax withholding ....................
—
—
26
0
931
—
—
931
Repurchase of common stock .............................................
—
—
(28)
0
(508)
—
—
(508)
Conversion of redeemable convertible preferred stock to
common stock .................................................................
0
(1)
2
0
1
—
—
1
Transfer of equity in business combination ........................
—
—
1
0
39
—
—
39
Net loss ................................................................................
—
—
—
—
—
(528)
—
(528)
Other comprehensive income ..............................................
—
—
—
—
—
—
259
259
Balances at March 31, 2025 ..............................................
1,748
$ 20,940
3,024
$ 3
$ 36,590
$ (32,626)
$ 1,352
$ 5,319
Redeemable Convertible
Preferred Stock
Common Stock
Shares
Amount
Shares
Amount
Additional
Paid-in
Capital
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income
Total
Shareholders'
Equity
Balances at December 31, 2025 ..........................................
2,046
$ 38,752
3,079
$ 4
$ 37,706
$ (37,035)
$ 1,898
$ 2,573
Share-based compensation ..................................................
—
—
—
—
693
—
—
693
Issuance of redeemable convertible preferred stock ...........
78
5,869
—
—
—
—
—
—
Common stock issued, net of tax withholding ....................
—
—
1,346
1
2,460
—
—
2,461
Repurchase of common and redeemable convertible
preferred stock ................................................................
(2)
(69)
(31)
—
(1,864)
—
—
(1,864)
Conversion of redeemable convertible preferred stock
pursuant to the xAI Merger .............................................
(1,987)
(37,476)
1,424
1
37,474
—
—
37,475
Repurchase of common stock pursuant to xAI Merger .......
—
—
(25)
—
(2,413)
—
—
(2,413)
Conversion of redeemable convertible preferred stock to
common stock .................................................................
—
(27)
5
—
27
—
—
27
Net loss ................................................................................
—
—
—
—
—
(4,276)
—
(4,276)
Other comprehensive loss ...................................................
—
—
—
—
—
—
(143)
(143)
Balances at March 31, 2026 ..............................................
135
$ 7,049
5,798
$ 6
$ 74,083
$ (41,311)
$ 1,755
$ 34,533
The accompanying notes are an integral part of these consolidated financial statements .
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Space Exploration Technologies Corp.
Consolidated Statements of Cash Flows
(in millions)
(unaudited)
Three Months Ended March 31,
2026
2025
Cash flows from operating activities
Net loss .....................................................................................................................................
$ (4,276)
$ (528)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization ............................................................................................
2,442
1,443
Share-based compensation ..................................................................................................
639
232
Unrealized loss on digital assets .........................................................................................
344
188
Impairment and loss on disposal of fixed assets, net ..........................................................
5
32
Amortization of debt discount and issuance costs ..............................................................
19
18
Loss on debt extinguishment ..............................................................................................
1,526
—
Other ...................................................................................................................................
(26)
31
Changes in operating assets and liabilities
Accounts receivable .......................................................................................................
(218)
(197)
Inventory ........................................................................................................................
(384)
(322)
Prepaid expenses and other assets .................................................................................
(74)
(88)
Accounts payable ...........................................................................................................
(528)
93
Deferred revenue ...........................................................................................................
1,119
(34)
Operating lease liabilities, net .......................................................................................
(5)
(1)
Other liabilities ..............................................................................................................
464
(140)
Net cash provided by operating activities ................................................................
$ 1,047
$ 727
Cash flows from investing activities
Purchases of property, plant, and equipment (related party of $34 and $84 for March 31,
2026 and 2025, respectively) ...............................................................................................
(10,107)
(4,140)
Capitalized interest ...................................................................................................................
(7)
—
Proceeds from product rebates .................................................................................................
1,195
—
Purchases of marketable securities ...........................................................................................
(7,801)
(312)
Maturities of marketable securities ..........................................................................................
—
289
Other investing activities, net ...................................................................................................
(4)
(7)
Net cash used in investing activities ...................................................................................
$ (16,724)
$ (4,170)
Cash flows from financing activities
Principal repayments on finance leases ....................................................................................
(82)
(66)
Proceeds from debt and other financing obligations ................................................................
22,694
4,744
Payment of debt issuance costs
(23)
(3)
Repayments on debt and other financing obligations ..............................................................
(18,295)
(4,745)
Payment of debt extinguishment premium
(1,153)
—
Proceeds from issuance of capital stock, net of issuance costs ................................................
8,319
899
Proceeds from employee equity award plans ...........................................................................
111
33
Payments for repurchase of common and redeemable convertible preferred stock .................
(4,346)
(508)
Taxes paid related to net share settlement of equity awards ....................................................
(100)
—
Net cash provided by financing activities ...........................................................................
$ 7,125
$ 354
Effect of exchange rate changes on cash and cash equivalents ................................................
36
70
Net change in cash and cash equivalents and restricted cash ...................................................
(8,516)
(3,019)
Cash and cash equivalents and restricted cash, beginning of the period ..................................
25,124
11,501
Cash and cash equivalents and restricted cash, end of the period ............................................
$ 16,608
$ 8,482
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Three Months Ended March 31,
2026
2025
Supplemental disclosures of cash flow information
Cash paid for the following:
Interest, net of interest capitalized ......................................................................................
$ 990
$ 382
Income taxes, net ................................................................................................................
$ 8
$ 7
Supplemental schedule of noncash investing and financing activities
Share-based compensation capitalized in property, plant, and equipment, net ........................
$ 60
$ 30
Purchases of property, plant, and equipment included in accrued expenses and accounts
payable .................................................................................................................................
$ 10,649
$ 565
Purchases of property, plant, and equipment financed by other financings ............................
$ 2,684
$ —
The accompanying notes are an integral part of these consolidated financial statements .
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SPACE EXPLORATION TECHNOLOGIES CORP.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
(tables in millions, except per share data)
(unaudited)
Note 1 - Nature of Business
Description of Business
Space Exploration Technologies Corp. and its wholly owned subsidiaries, collectively referred to as the “Company”
or “SpaceX,” operate three segments – (i) the Space segment designs, manufactures, and launches reusable rockets
to provide high cadence, reliable, and affordable access to space at unprecedented scale, (ii) the Connectivity
segment operates a worldwide high-speed, low-latency broadband network powered by thousands of Starlink
satellites in Low-Earth Orbit, delivering connectivity to millions of consumer, enterprise, and government customers
through our Starlink offering, and (iii) the AI segment operates a vertically integrated AI platform spanning a
frontier LLM Grok, AI solutions for consumer and enterprise customers, X — a real-time information,
entertainment, and free speech platform — and AI computational infrastructure.
On February 2, 2026 (“xAI Merger Date”), the Company completed its acquisition of X.AI Holdings Corp. (“xAI”),
pursuant to which xAI became a wholly-owned subsidiary of the Company (“xAI Merger”). Prior to the xAI
Merger, on March 28, 2025, xAI completed its acquisition of X Holdings Corp. (“X”) and X.AI Corp., in which X
and X.AI Corp. became wholly-owned subsidiaries of xAI (“X Merger”, and collectively with xAI Merger,
“Mergers”). X.AI Corp began operations in March 2023 and Twitter, Inc. (“Twitter”) was acquired by Mr. Elon
Musk in October 2022. The Mergers were each effected through a share exchange.
The Mergers have been accounted for as reorganizations of entities under common control as Mr. Elon Musk had a
controlling financial interest in the Company, xAI and X through his majority voting interest in each such entity
during the periods presented in these consolidated financial statements . The Company’s consolidated financial
statements have been prepared to reflect the retrospective combination of the net assets of the entities at their
historical carrying amounts for all periods presented. No new goodwill or other intangible assets have been recorded
and all historical related party transactions between the entities have been eliminated in consolidation. The capital
stock and shareholders’ equity for all periods presented reflects a continuation of the historical SpaceX capital stock
and shareholders’ equity, combined with the historical capital stock and shareholders’ equity of X and xAI merged
under common control, as adjusted by the respective exchange ratios used to effect the Mergers, except for xAI’s
historical redeemable convertible preferred stock through the date of the xAI Merger. All of xAI’s redeemable
convertible preferred stock were converted to SpaceX common stock as part of the xAI Merger and are presented as
such from the date of the xAI Merger. This presentation constitutes a change in reporting entity. Refer to Note 12 -
Redeemable Convertible Preferred Stock and Shareholders’ Equity for additional details.
On May 4, 2026, the Company effected a five-for-one forward stock split of its authorized, issued, and outstanding
shares of Class A, Class B, and Class C Common Stock (“2026 Stock Split”). The conversion rate of SpaceX
Redeemable Convertible Preferred Stock was proportionately adjusted to factor in the 2026 Stock Split. All share
and per share information has been retroactively adjusted to reflect the 2026 Stock Split for all periods presented.
Note 2 - Summary of Significant Accounting Policies
Unaudited Interim Financial Statements
The consolidated financial statements , including the consolidated balance sheet as of March 31, 2026 , the
consolidated statements of operations , the consolidated statements of comprehensive loss , the consolidated
statements of redeemable convertible preferred stock and shareholders’ equity and the consolidated statements of
cash flows for the three months ended March 31, 2026 and 2025 , as well as other information disclosed in the
accompanying notes, are unaudited. The consolidated balance sheet as of December 31, 2025 was derived from the
audited consolidated financial statements as of that date. The interim consolidated financial statements and the
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accompanying notes should be read in conjunction with the annual consolidated financial statements and the
accompanying notes.
The interim consolidated financial statements and the accompanying notes have been prepared on the same basis as
the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which
include only normal recurring adjustments, necessary for a fair statement of the results of operations for the periods
presented. The consolidated results of operations for any interim period are not necessarily indicative of the results
to be expected for the full year or for any other future years or interim periods.
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make
estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent
assets and liabilities at the date of the consolidated financial statements , and the reported amounts of revenue and
expenses during the reporting period. Actual results could differ from those estimates. Amounts which are subject to
significant judgment and use of estimates include revenues recognized over time using the cost-to-cost input
method, the determination of valuation allowances associated with deferred tax assets and estimates of tax liabilities,
reserves for excess and obsolete inventory, fair value of indefinite-lived intangible assets and goodwill, useful lives
of property, plant, and equipment, the determination of incremental borrowing rate for lease liabilities, litigation and
settlement costs, and the valuation and assumptions underlying share-based compensation. On an ongoing basis, the
Company evaluates its estimates compared to historical experience and current trends, which forms the basis for
making judgments about the carrying value of assets and liabilities. In addition, the Company engages valuation
specialists to assist in the valuation of equity instruments.
Cash and Cash Equivalents and Restricted Cash
The Company’s total cash and cash equivalents and restricted cash, as presented in the consolidated statements of
cash flows , are as follows:
March 31, 2026
December 31,
2025
Cash and cash equivalents .........................................................................................
$ 15,852
$ 24,747
Restricted cash included in prepaid expenses and other current assets .....................
67
182
Restricted cash included in other assets .....................................................................
689
195
Total as presented in the consolidated statements of cash flows ........................
$ 16,608
$ 25,124
Significant Accounting Policies
There have been no material changes to the Company’s significant accounting policies from the annual consolidated
financial statements for the year ended December 31, 2025 .
Recent Accounting Pronouncements
In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope
Improvements . The ASU improves the guidance in Topic 270 by improving the navigability of the required interim
disclosures and clarifying when that guidance is applicable. The amendments also provide additional guidance on
what disclosures should be provided in interim reporting periods. The amendments add to Topic 270 a principle that
requires entities to disclose events since the end of the last annual reporting period that have a material impact on the
entity. The ASU is effective for interim reporting periods within annual reporting periods beginning after December
15, 2027. Adoption of this ASU can either be applied prospectively or retrospectively to any or all prior periods
presented in the financial statements, and early adoption is permitted. The Company is currently evaluating the
provisions of this ASU and does not expect this ASU to have a material impact on the consolidated financial
statements.
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Recently adopted accounting pronouncements
In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement
of Credit Losses for Accounts Receivable and Contract Assets . The amendments in this update provide a practical
expedient permitting an entity to assume that conditions at the balance sheet date remain unchanged over the life of
the asset when estimating expected credit losses for current classified accounts receivable and contract assets. The
Company adopted this ASU on a prospective basis effective January 1, 2026. While this ASU was adopted, the
Company did not elect the practical expedient permitted under this ASU. Therefore, the adoption has no impact on
the consolidated financial statements.
Note 3 - Revenue
Revenue disaggregated by products and services is as follows:
Three Months Ended March 31,
2026
2025
Products .....................................................................................................................
$ 380
$ 352
Services ......................................................................................................................
4,314
3,715
Total revenues .........................................................................................................
$ 4,694
$ 4,067
All of products revenue is attributable to the Connectivity segment.
Revenue disaggregated by type and segment is as follows:
Three Months Ended March 31,
2026
2025
Launch Services ...................................................................................................
$ 330
$ 566
Launch & Development ........................................................................................
289
299
Space ........................................................................................................................
619
865
Consumer ..............................................................................................................
2,148
1,492
Enterprise & Government (1) .................................................................................
1,109
983
Connectivity ............................................................................................................
3,257
2,475
Advertising ............................................................................................................
343
443
AI Solutions & Infrastructure ...............................................................................
475
284
AI ..............................................................................................................................
818
727
Total revenues .........................................................................................................
$ 4,694
$ 4,067
___________________
(1) Enterprise & Government revenue includes revenue from Starlink Mobile service offerings.
Deferred revenue
Deferred revenue is recorded when cash payments are received or due, in advance of the Company’s performance.
Deferred revenu e primarily relates to Space agreements and Connectivity enterprise and government contracts. Total
deferred revenue as of December 31, 2025 was $12,116 million , of which $1,165 million was recognized as revenue
for the three months ended March 31, 2026 . Total deferred revenue as of March 31, 2026 was $13,236 million .
Backlog
The Company’s backlog represents the transaction price of performance obligations to customers for which work
remains to be performed. The amount of backlog increases with new contracts or additions to existing contracts and
decreases as revenue is recognized on existing contracts. Contracts are included in backlog when an enforceable
agreement has been reached. Backlog does not include amounts related to performance obligations that are billed
and recognized as they are delivered, optional purchases that do not represent material rights and any estimated
amounts of variable consideration that are subject to constraint. Backlog totaled $27,621 million as of March 31,
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2026 , of which $13,236 million was recognized as deferred revenue at March 31, 2026 . A pproximately 36% is
expected to be recognized within one year, and approximately 46% is expected to be recognized between one and
three years, with the remaining 18% to be recognized thereafter.
Note 4 - Inventory
Inventory consists of the following:
March 31, 2026
December 31,
2025
Raw materials ............................................................................................................
$ 1,054
$ 1,030
Work-in-progress .......................................................................................................
835
803
Finished goods ...........................................................................................................
699
583
Inventory .................................................................................................................
$ 2,588
$ 2,416
Note 5 - Property, Plant, and Equipment, Net
Property, plant, and equipment, net consist of the following:
March 31, 2026
December 31,
2025
Servers and networking equipment ...........................................................................
$ 23,850
$ 22,694
Satellites .....................................................................................................................
12,893
11,949
Machinery and equipment .........................................................................................
8,020
6,343
Data center infrastructure ..........................................................................................
2,965
2,960
Launch sites ...............................................................................................................
2,479
2,404
Land, buildings and improvements (1) .......................................................................
2,018
1,876
Flight vehicle hardware .............................................................................................
1,459
1,689
Leasehold improvements ...........................................................................................
842
784
Construction-in-progress ...........................................................................................
14,045
4,604
Property, plant, and equipment ..................................................................................
68,571
55,303
Less: Accumulated depreciation ................................................................................
(14,692)
(12,701)
Property, plant, and equipment, net .....................................................................
$ 53,879
$ 42,602
__________________
(1) Land is not a depreciable asset.
Construction in progress is primarily comprised of ongoing construction and expansion of the facilities and
equipment as well as AI infrastructure that has not yet been placed in service.
Depreciation expense for the three months ended March 31, 2026 and 2025 was $2,329 million and $1,237 million ,
respectively.
Interest is capitalized during the construction period for significant long term construction projects, such as the AI
infrastructure data centers and launch facilities. For the three months ended March 31, 2026 , the Company
capitalized $7 million of interest, which is included in Construction-in-progress amounts above. No interest was
capitalized during the three months ended March 31, 2025 .
For the three months ended March 31, 2025 , the Company recorded impairment charges of $24 million related to the
write off of damaged flight vehicles in the Space segment. These charges are reflected in Impairment in the
consolidated statements of operations . There were no impairment charges related to Property, plant, and equipment
during the three months ended March 31, 2026 .
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Note 6 - Intangible Assets and Goodwill
Intangible Assets
Finite-lived intangible assets consist of the following:
March 31, 2026
Weighted-
Average Useful
Life (years)
Gross Carrying
Value
Accumulated
Amortization
Net Carrying
Value
Brand ......................................................................
5.0
$ 735
$ (367)
$ 368
User base .................................................................
9.0
1,277
(486)
791
Existing technology ................................................
3.0
27
(17)
10
Advertising customer relationships ........................
5.0
745
(510)
235
Acquired workforce ................................................
2.0
11
(2)
9
Total .................................................................
$ 2,795
$ (1,382)
$ 1,413
December 31, 2025
Weighted-
Average Useful
Life (in years)
Gross Carrying
Value
Accumulated
Amortization
Net Carrying
Value
Brand ......................................................................
5.0
$ 743
$ (335)
$ 408
User base .................................................................
9.0
1,291
(456)
835
Existing technology ................................................
3.2
27
(16)
11
Advertising customer relationships ........................
5.0
752
(478)
274
Acquired workforce ................................................
2.0
9
—
9
Total .................................................................
$ 2,822
$ (1,285)
$ 1,537
Amortization expense associated with finite-lived intangible assets was $113 million and $206 million in the three
months ended March 31, 2026 and 2025 , respectively.
The Company also has indefinite-lived intangible assets of $ 19 million and $ 11 million as of March 31, 2026 and
December 31, 2025 , respectively. Indefinite-lived intangible assets primarily consist of trade names and domain
names, which are expected to provide long-term branding and marketing benefits.
Goodwill
The activity for goodwill is as follows:
Balance at December 31, 2025 .............................................................................................................
11,809
Business combination .......................................................................................................................
3
Cumulative translation adjustments ................................................................................................
(131)
Balance at March 31, 2026 .................................................................................................................
$ 11,681
As of March 31, 2026 and December 31, 2025 , goodwill attributable to the Connectivity segment was $515 million
and $513 million , respectively, and goodwill attributable to the AI segment was $11,166 million and $11,296
million , respectively.
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Table of Contents
Note 7 - Financial Instruments
The Company’s assets that are measured at fair value on a recurring basis are as follows:
March 31, 2026
Level
Cost
Unrealized Gain
Unrealized Loss
Fair Value
Cash and cash equivalents
Cash .............................................
I
7,181
—
—
7,181
Money market funds ....................
I
6,950
—
—
6,950
Government securities .................
II
1,721
—
—
1,721
Marketable securities .....................
Government securities .................
II
7,823
—
0
7,823
Prepaid expenses and other
current assets
Restricted cash .............................
I
15
—
—
15
Restricted cash in money market
funds .........................................
I
52
—
—
52
Other assets .....................................
Restricted cash .............................
I
512
—
—
512
Restricted cash in money market
funds .........................................
I
146
—
—
146
Restricted cash in government
securities ...................................
II
31
—
—
31
Total .................................................
$ 24,431
$ —
$ —
$ 24,431
December 31, 2025
Level
Cost
Unrealized Gain
Unrealized Loss
Fair Value
Cash and cash equivalents
Cash ..............................................
I
$ 3,408
$ —
$ —
$ 3,408
Money market funds ....................
I
21,339
—
—
21,339
Prepaid expenses and other
current assets
Restricted cash .............................
I
30
—
—
30
Money market funds ....................
I
152
—
—
152
Other assets ....................................
Restricted cash .............................
I
182
—
—
182
Restricted cash in money market
funds .........................................
I
13
—
—
13
Total .................................................
$ 25,124
$ —
$ —
$ 25,124
As of March 31, 2026 and December 31, 2025 , the Company also held 18,712 units of Bitcoin with a cost basis of
$661 million and fair value of $1,293 million and $1,637 million , respectively. The fair value of these digital assets
is determined using Level I in the fair value hierarchy.
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Note 8 - Investments in Unconsolidated Affiliates
Equity method investment
As of March 31, 2026 and December 31, 2025 , the Company held an investment in Stateline Power, LLC, which is
accounted for as an equity method investment, of $80 million and $86 million , respectively.
Equity investments without readily determinable fair value
As of March 31, 2026 and December 31, 2025 , the Company held investments in unconsolidated affiliates which are
accounted for as equity investments without readily determinable fair values of $168 million and $157 million ,
respectively. The Company recorded cumulative downward adjustments of $59 million on these investments as of
March 31, 2026 . Upward adjustments or impairment on these investments during the three months ended March 31,
2026 and 2025 were not material.
Note 9 - Debt
March 31, 2026
Principal
Unamortized
Deferred
Financing Costs
Net
SpaceX Bridge Loan ......................................................................
20,000
21
19,979
X 2027 and X 2030 Notes ..............................................................
27
—
27
Other financings (1) .........................................................................
9,105
—
9,105
Total debt ........................................................................................
29,132
21
29,111
Finance lease liability .....................................................................
1,154
—
1,154
Total debt and finance leases ..........................................................
30,286
21
30,265
Less: Short-term portion .................................................................
1,538
—
1,538
Total debt and finance leases, net of current .............................
$ 28,748
$ 21
$ 28,727
December 31, 2025
Principal
Unamortized
Deferred
Financing Costs
Net
X 2027 and X 2030 Notes ..............................................................
27
—
27
X B-1 Term Loan ...........................................................................
6,504
280
6,224
X B-3 Term Loan ...........................................................................
5,966
54
5,912
xAI Fixed Rate Term Loan ............................................................
995
4
991
xAI Floating Rate Term Loan ........................................................
995
40
955
xAI 12.5% Secured Senior Notes ...................................................
3,000
12
2,988
Other financings (1) .........................................................................
4,562
—
4,562
Total debt ........................................................................................
22,049
390
21,659
Finance lease liability .....................................................................
1,237
—
1,237
Total debt and finance leases ..........................................................
23,286
390
22,896
Less: Short-term portion .................................................................
928
—
928
Total debt and finance leases, net of current .............................
$ 22,358
$ 390
$ 21,968
__________________
(1) Includes obligations related to certain AI infrastructure assets recorded as failed sale-leaseback transactions. Refer to Other Financings
below for additional details.
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SpaceX Bridge Loan
General. In March 2026, SpaceX entered into a new bridge loan credit agreement (the “SpaceX Bridge Loan”) with
a syndicate of lenders, providing for an unsecured bridge term loan facility in an aggregate principal amount of
$20,000 million . The SpaceX Bridge Loan matures on September 2, 2027, with two three-month extensions at the
Company’s option, subject to the absence of a continuing default and the payment of an extension fee of 0.25% of
the aggregate outstanding principal per extension, resulting in a final extended maturity date in March 2028.
Proceeds. The proceeds of the SpaceX Bridge Loan were used to repay the X B-1 Term Loan, the X B-3 Term
Loan, the xAI Fixed Rate Loan, the xAI Floating Rate Loan, and the xAI 12.5% Senior Secured Notes (as defined
and described below). The remaining proceeds were used for general corporate purposes.
Interest Rates. The SpaceX Bridge Loan bears interest, at the Company’s election, at a rate per annum equal to (i)
Term SOFR plus an applicable margin ranging from 0.75%-1.75% (depending on the Company’s debt rating), or (ii)
a base rate equal to the highest of (a) the Federal Funds Rate plus 0.5% , (b) the Prime Rate, (c) Term SOFR plus
1.00% and (d) 1.00% , plus an applicable margin ranging from 0.00% to 0.75% (depending on the Company’s debt
rating). In addition, the Company is obligated to pay duration fees equal to 0.125% of outstanding principal on the
first anniversary of closing and 0.25% of outstanding principal on the fifteen-month anniversary of closing. The
effective interest rate on outstanding borrowings under the SpaceX Bridge Loan was 4.58% as of March 31, 2026 .
Principal Repayments. The SpaceX Bridge Loan may be prepaid at any time, in whole or in part, without premium
or penalty. The Company is required to use the net proceeds of certain debt financings to repay amounts outstanding
under the SpaceX Bridge Loan and to apply the net proceeds of a qualified initial public offering (“IPO”) to repay
such amounts within six months following receipt.
Guarantors and Collateral. The obligations of the Company under the SpaceX Bridge Loan are guaranteed on a
joint and several basis by X Corp., X.AI LLC, and CTC Property LLC (each a subsidiary of the Company).
Covenants. The SpaceX Bridge Loan contains customary events of default and affirmative and negative covenants,
including restrictions on liens, subsidiary indebtedness, fundamental changes (including a prohibition on the
disposition of Starlink assets and other material businesses outside the consolidated group), and changes in the
nature of the Company’s business. The sole financial maintenance covenant requires the Company to maintain a
Consolidated Leverage Ratio — defined as consolidated funded indebtedness (net of 85% of unrestricted cash) to
Consolidated EBITDA (as defined in the SpaceX Bridge Loan) — of no greater than 3.75 to 1.0 as of the end of
each fiscal quarter, with a temporary step-up to 4.25 to 1.0 for four fiscal quarters following a qualifying acquisition
of at least $1.0 billion. The Company was in compliance with the covenants as of March 31, 2026.
Accounting Treatment . The Company accounted for the repayment of the X B-1 Term Loan, the X B-3 Term Loan,
the xAI Fixed Rate Loan, the xAI Floating Rate Loan and the xAI 12.5% Senior Secured Notes as an
extinguishment of debt, resulting in a loss on extinguishment of $1,526 million , recorded in Other expense, net .
SpaceX Credit Facility
General. In February 2025, the Company entered into a five-year senior unsecured revolving credit agreement
(“SpaceX Credit Facility”) with a syndicate of banks, under which the Company may draw up to $1,500 million ,
subject to a customary financial covenant and other reporting requirements. The SpaceX Credit Facility terminates,
and all outstanding loans become due and payable, on February 7, 2030, unless the parties agree to an extension. No
amounts were borrowed under the SpaceX Credit Facility during the three months ended March 31, 2026 and 2025.
Amendment. In March 2026, the Company entered into a First Amendment to Credit Agreement and Waiver (the
“First Amendment”) with its lenders, in connection with the Company’s entry into the SpaceX Bridge Loan (as
defined above). The First Amendment, among other things, (i) waived certain specified defaults and (ii) amended
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certain definitions and covenants under the SpaceX Credit Facility to conform to the terms of the SpaceX Bridge
Loan.
Interest Rates. Under the SpaceX Credit Facility, borrowings bear interest at the Company’s option, at a rate per
annum of (i) between 0.75%-1.25%, depending on the Company’s current debt rating, plus the relevant Term SOFR
or (ii) between 0.0%-0.25% depending on the Company’s current debt rating plus the greater of (a) the Federal
Funds Rate plus 0.5%, (b) the Prime Rate, (c) Term SOFR plus 1.0% and (d) 1.0%. The Company may also borrow
in various alternative currencies at various alternative rates, including rates based on SONIA for Pound Sterling
loans and EURIBOR for Euro loans plus an applicable margin. The fee for undrawn amounts is between
0.07%-0.11% per annum, depending on the Company’s current debt rating. Interest is payable either monthly or
quarterly, depending on the interest loan option.
Covenants. The Company was in compliance with the covenants as of March 31, 2026 ; however, the Company had
a technical default when the Company acquired xAI on February 2, 2026 due to the amount of debt assumed as part
of the acquisition at the subsidiary level. On March 2, 2026, the Company obtained a waiver from the syndicate of
banks and amended the SpaceX Credit Facility allowing for the debt refinance completed on March 2, 2026,
resulting in the Company being in compliance with all covenants.
X 2027 and 2030 Notes
General. In 2019, a subsidiary of X, an indirect subsidiary of the Company, issued $700 million aggregate principal
amount of 3.875% senior notes due 2027 (the “X 2027 Notes”) in a private placement. The X 2027 Notes mature on
December 15, 2027. In 2022, a subsidiary of X issued $1,000 million aggregate principal amount of 5.000% senior
notes due 2030 (the “X 2030 Notes”) in a private placement. The X 2030 Notes mature on March 1, 2030. The X
2027 and X 2030 Notes represent senior unsecured obligations of the Company.
Interest Rates. For the X 2027 Notes, the interest rate is fixed at 3.875% per annum and interest is payable semi-
annually in arrears on June 15 and December 15 of each year. For the X 2030 Notes, the interest rate is fixed at
5.000% per annum and interest is payable semi-annually in arrears on March 1 and September 1 of each year.
Principal Repayments. In November 2022, the Company purchased approximately $675 million aggregate principal
amount of X 2027 Notes and $998 million aggregate principal amount of the X 2030 Notes in settlement of the
change in control of Twitter. The X 2027 Notes and X 2030 Notes that remain outstanding may be redeemed at the
option of the Company, in whole or in part, at any time prior to September 15, 2027 and December 1, 2029,
respectively, at a price equal to 100.0% of the principal amounts plus a “make-whole” premium and accrued and
unpaid interest, if any, up to, but excluding, the redemption date.
Covenants. The Company was in compliance with the covenants as of March 31, 2026 .
X First Lien Senior Credit Facilities
General. In 2022, X Corp., an indirect subsidiary of the Company, entered into the First Lien Credit Agreement
which provided for a new term loan commitment of $6,705 million (“X B-1 Term Loan”) and a $500 million
Secured First Lien Revolving Credit Facility (including a letter of credit subfacility with an aggregate face value of
up to $100 million ) (together referred to as “X First Lien Senior Credit Facilities”). The Secured First Lien
Revolving Credit Facility matures on October 27, 2027 and the X B-1 Term Loan matures on October 27, 2029.
Amendments. In February 2025, X Corp., an indirect subsidiary of the Company, amended the X First Lien Senior
Credit Facilities and entered into a new term loan commitment for $4,741 million with a maturity date of October
27, 2029 (“X B-3 Term Loan”) and reduced the Secured First Lien Revolving Credit Facility commitment to $0 .
As part of the issuance of the X B-3 Term Loan, the Company is required to pay an arrangement fee of $51 million ,
which is due and payable on February 19, 2027. In April 2025, the Company entered into an amendment to the X
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B-3 Term Loan for an additional commitment of $1,225 million with the same terms and conditions, increasing the
total X B-3 Term Loan borrowings to $5,966 million .
Interest Rates. The X B-1 Term Loan bore interest at a rate per annum of, initially, adjusted Term SOFR plus
6.50% . The Secured First Lien Revolving Credit Facility bore interest at a rate per annum of, initially, an adjusted
Term SOFR plus 4.50% , with leverage-based step-downs. Undrawn commitments under the Secured First Lien
Revolving Credit Facility were subject to an unused commitment fee of 0.50% per annum, subject to quarterly
leverage based step-downs. The X B-3 Term Loan had a fixed interest rate of 9.50% per annum. Interest on the X
B-1 Term Loan and X B-3 Term Loan was payable monthly, quarterly, or bi-annually at the option of the Company.
Principal Repayments. On March 2, 2026, the Company repaid the full outstanding principal balance and accrued
interest, including a prepayment penalty of $425 million , resulting in the extinguishment of the X B-1 Term Loan
and X B-3 Term Loan. The X B-1 Term Loan was repayable at any time, in whole or in part, without premium or
penalty, subject to mandatory quarterly prepayments of principal beginning on the last day of the fiscal quarter
ended March 31, 2023, in amounts equal to 0.25% of the original principal amount of borrowings thereunder, with
the unpaid balance being payable on the final maturity date thereof. The X B-1 Term Loan was also subject to
additional customary mandatory prepayment provisions from the proceeds of certain debt issuances and asset sales,
as well as sweeps of a portion of excess cash flow, subject to certain leverage-based step-downs and exceptions.
The X B-3 Term Loan had prepayment penalties of 107.13% of the outstanding principal before October 27, 2026,
104.75% of the outstanding principal before October 27, 2027, and 102.38% of the outstanding principal before
October 27, 2028.
Guarantors and Collateral. Obligations under the First Lien Senior Credit Facilities were guaranteed by X, and were
collateralized by a first priority lien on substantially all of the assets of X and its subsidiaries (subject to customary
exceptions).
xAI First Lien Credit Agreement
General. In June 2025, X.AI Corp. and X.AI LLC, indirect subsidiaries of the Company, entered into the First Lien
Credit Agreement to provide borrowings up to $2,000 million . The Company executed a $1,000 million Fixed Rate
Term Loan maturing on June 30, 2030 (“xAI Fixed Rate Term Loan”); and a $1,000 million Floating Rate Term
Loan maturing on June 30, 2030 (“xAI Floating Rate Term Loan”).
Interest Rates. The xAI Fixed Rate Term Loan had a fixed interest rate of 12.50% per annum and the xAI Floating
Rate Term Loan had a floating interest rate per annum of Term SOFR plus 7.25% or ABR plus 6.25%. Interest on
the xAI Fixed Rate Term Loan was payable bi-annually on January 31 and July 31, commencing on January 31,
2026. Interest on the xAI Floating Rate Term loan was payable monthly, quarterly, or bi-annually at the option of
the Company.
Principal Repayments. On March 2, 2026, the Company repaid the full outstanding principal balance and accrued
interest, including a prepayment penalty of $221 million, resulting in the extinguishment of the xAI Fixed Rate
Term Loan and xAI Floating Rate Term Loan. The xAI Fixed Rate Term Loan and the xAI Floating Rate Term
Loan had prepayment penalties of 103% on the principal outstanding balance prior to June 30, 2027 and 101% on
the principal outstanding balance prior to June 30, 2028.
Guarantors. Obligations under the xAI Fixed Rate Term Loan and xAI Floating Rate Term Loan were guaranteed
each jointly and severally by X.AI Corp. and the following subsidiaries of X.AI Corp.: AIQ Phase LLC, CTC
Holding LLC, CTC, LLZ Build LLC, and MZX.
xAI 12.5% Secured Senior Notes
General. In June 2025, X.AI LLC and, X.AI Co Issuer Corp, indirect subsidiaries of the Company, issued $3,000
million aggregate principal amount of 12.5% interest Senior Secured Notes due in 2030 (“xAI 12.5% Senior Secured
Notes”). The Senior Secured Notes were issued at 100% of the principal amount and the entire principal amount
will be due on June 30, 2030.
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Interest Rates. The xAI 12.5% Senior Secured Notes had a fixed interest rate of 12.50% per annum. Interest was
payable bi-annually on January 15 and July 15, commencing on January 15, 2026.
Principal Repayments. On March 5, 2026, the Company repaid the full outstanding principal balance and accrued
interest, including a prepayment penalty of $518 million, resulting in the extinguishment of the xAI 12.5% Senior
Secured Notes . The xAI 12.5% Senior Secured Notes had prepayment penalties of 106.25% on the principal
outstanding balance prior to July 15, 2027 and 103.13% on the principal outstanding balance prior to July 15, 2028.
Guarantors. Obligations under the xAI 12.5% Senior Secured Notes were guaranteed each jointly and severally by
xAI and the following subsidiaries of xAI: AIQ Phase LLC, CTC Holding LLC, CTC, LLZ Build LLC, and MZX.
xAI Revolving Line of Credit
General. In April 2024 and amended through March 2026, a subsidiary of xAI, an indirect subsidiary of the
Company, entered into a revolving line of credit up to borrowing capacity of $250 million . The Company had no
borrowings under the line of credit during the three months ended March 31, 2026 and 2025.
Interest Rates. Interest on any borrowings is calculated based on the 30-day average SOFR plus the International
Swaps and Derivatives Association spread adjustment plus a spread of 40 basis points.
Guarantors and Collateral. The agreement permits borrowings up to the value of the pledged collateral held in
custody, less any outstanding loan balances, accrued interest, and fees. The pledged collateral consisted of securities
held in xAI ’ s custodial account.
Other Financings
The Company has entered into various other financing arrangements, generally collateralized by specific machinery
and equipment. These arrangements have an average fixed interest rate of 4.4% and 5.5% per annum as of March
31, 2026 and December 31, 2025 , respectively, with principal and interest payments due monthly, and in certain
instances, a lump sum payment at the end of term.
In addition, in November 2025 and January 2026, CTC completed sale-leaseback transactions for its AI
infrastructure assets which would have been deemed finance leases resulting in failed sale-leaseback transactions. As
a result, the Company recorded the related debt of $1,121 million and $7,920 million within Debt and finance leases,
current and Debt and finance leases, net of current , respectively, in the Company ’ s consolidated balance sheets as of
March 31, 2026 for these two failed sale-leaseback transactions. Refer to Note 17 , Related Party Transactions for
additional details.
The future scheduled principal maturities of debt as of March 31, 2026 are as follows:
2026 (remaining nine months) ..............................................................................................................
$ 801
2027 ......................................................................................................................................................
21,540
2028 ......................................................................................................................................................
1,938
2029 ......................................................................................................................................................
2,393
2030 ......................................................................................................................................................
2,460
Thereafter ..............................................................................................................................................
—
Total .....................................................................................................................................................
$ 29,132
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Note 10 - Leases
The components of lease expense are as follows within the consolidated statements of operations :
Three Months Ended March 31,
2026
2025
Operating lease expense:
Operating lease expense ........................................................................................
$ 107
$ 120
Short-term lease cost .............................................................................................
113
29
Variable lease cost ................................................................................................
31
23
Total operating lease expense ..........................................................................
251
172
Finance lease expense:
Amortization of leased assets ...............................................................................
$ 79
$ 84
Interest on lease liabilities .....................................................................................
68
85
Total finance lease expense ..............................................................................
147
169
Total lease expense ..................................................................................................
$ 398
$ 341
During the three months ended March 31, 2026 , there has been no material changes in the Company’s lease portfolio
since December 31, 2025 .
Note 11 - Balance Sheet Components
Certain financial statement details are as follows:
March 31, 2026
December 31,
2025
Prepaid expenses and other current assets
Tax related assets .......................................................................................................
$ 690
$ 618
Unbilled receivables ..................................................................................................
275
223
Rebates and credits ....................................................................................................
109
597
Restricted cash and deposits ......................................................................................
67
182
Other ..........................................................................................................................
495
590
Prepaid expenses and other current assets ......................................................
$ 1,636
$ 2,210
Accrued expenses and other current liabilities
Accrued infrastructure purchases ..............................................................................
$ 2,669
$ —
Tax related liabilities .................................................................................................
601
563
Payroll & employee benefit accruals .........................................................................
436
322
Operating lease liabilities, current .............................................................................
338
422
Restructuring liabilities ..............................................................................................
220
339
Accrued interest .........................................................................................................
68
416
Other current liabilities ..............................................................................................
1,357
507
Accrued expenses and other current liabilities ...............................................
$ 5,689
$ 2,569
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Note 12 - Redeemable Convertible Preferred Stock and Shareholders’ Equity
SpaceX Preferred and Common Stock
The Company has five classes of stock - four classes to be designated Class A common stock (“Class A”), Class B
common stock (“Class B”), Class C common stock (“Class C”), Class D common stock (“Class D”) (collectively the
“SpaceX Common Stock”), and one class of stock to be designated preferred stock and subdivided into several
series of redeemable convertible preferred stock (collectively the “SpaceX Redeemable Convertible Preferred
Stock”). All references to “Class” refer to that particular class of SpaceX Common Stock and all references to
“Series” refer to that particular series of SpaceX Redeemable Convertible Preferred Stock.
As of March 31, 2026 , the total number of shares of SpaceX Common Stock the Company is authorized to issue is
54,657 million shares, each with a par value of $0.001 per share, except for Class D, which has a par value of
$0.0001 per share. 36,132 million shares are Class A, 6,125 million shares are Class B, 10,000 million shares are
Class C, and 2,400 million shares are Class D. The total number of SpaceX Redeemable Convertible Preferred Stock
that the Company is authorized to issue is 2,607 million shares, of which 2,400 million shares are undesignated.
With the exception of the expanded conversion rights described below, there were no changes to the dividend
provisions, liquidation preferences, conversion rights, redemption rights or the voting rights of the SpaceX
Convertible Redeemable Preferred Stock and SpaceX Common Stock during the three months ended March 31,
2026 .
In May 2026, the Board approved the 2026 Stock Split, pursuant to which each share of the Class A, Class B, and
Class C SpaceX Common Stock issued and outstanding was split into five shares of the same class of SpaceX
Common Stock.
xAI Redeemable Convertible Preferred Stock and Common Stock
On March 28, 2025, xAI adopted an Amended and Restated Articles of Incorporation, which established its capital
structure and designated multiple classes of common stock and several series of redeemable convertible preferred
stock. The Articles were subsequently amended and restated through January 30, 2026 (collectively, the “xAI
Articles of Incorporation”) to add and authorize additional series of redeemable convertible preferred stock with no
economic changes to any previously existing series.
Pursuant to the xAI Articles of Incorporation, xAI’s authorized capitalization prior to the xAI Merger consisted of
three classes of common, stock, which are designated Class A common stock (“xAI Class A”), Class B common
stock (“xAI Class B”), Limited Voting common stock (“xAI Limited Voting”), (collectively the “xAI Common
Stock”) and several series of redeemable convertible preferred stock (collectively the “xAI Redeemable Convertible
Preferred Stock”). All references to “xAI Class” refer to that particular class of xAI Common Stock and all
references to “xAI Series” refer to that particular series of xAI Redeemable Convertible Preferred Stock.
Effect of the xAI Merger
xAI Redeemable Convertible Preferred Stock
On xAI Merger Date, all outstanding shares of xAI Redeemable Convertible Preferred Stock converted into shares
of SpaceX Common Stock, based on the share-for-share exchange mechanics specified in the Merger Agreement.
Each share of xAI Series A‑1, B, C, D, and E redeemable convertible preferred stock (classified as “xAI Low Vote
Stock”) was converted into 0.1433 shares of SpaceX Class A Common Stock per preferred share (on a pre-2026
Stock Split basis), rounded up to the nearest whole number for fractional shares. Each share of xAI Series A
redeemable convertible preferred stock (classified as “xAI High Vote Stock”) was converted into 0.1433 shares of
SpaceX Class B Common Stock per preferred share (on a pre-2026 Stock Split basis), rounded up to the nearest
whole number for fractional shares. For xAI Series A Redeemable Convertible Preferred Stock, all holders that were
an eligible service provider could elect to receive cash of $75.46 per share of xAI Series A Redeemable Convertible
Preferred Stock (on a pre-2026 Stock Split basis). Upon conversion, all shares of xAI Redeemable Convertible
Preferred Stock were canceled and retired, and former xAI Redeemable Convertible Preferred Stock shareholders
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received the applicable shares of SpaceX Common Stock. Any shares of xAI Redeemable Convertible Preferred
Stock previously held by the Company were canceled and retired and did not receive any consideration.
Because the xAI Redeemable Convertible Preferred Stock was legally outstanding during all historical periods prior
to the xAI Merger and represented a separate equity class of a legally distinct predecessor entity, the conversion of
xAI Redeemable Convertible Preferred Stock into SpaceX Common Stock is recognized only as of the closing of the
xAI Merger, and not retrospectively. Accordingly, the historical consolidated balance sheets and consolidated
statements of redeemable convertible preferred stock and shareholders’ equity reflect the xAI Redeemable
Convertible Preferred Stock as outstanding xAI Redeemable Convertible Preferred Stock consistent with its legal
form and rights during those periods and are not recast on an as-converted basis for all periods presented prior to the
xAI Merger Date . The impact of the conversion is presented separately in the consolidated statements of redeemable
convertible preferred stock and shareholders’ equity for the three months ended March 31, 2026 .
xAI Warrants
xAI also issued warrants to customers that were outstanding as of the effective date of the xAI Merger, which had a
ten-year term originally set to expire in 2035, with an exercise price equal to the par value of the stock, and vesting
terms that resulted in the warrants vesting proportionally to the payments received under the related agreement. The
closing of the xAI Merger triggered an acceleration clause in which all outstanding xAI warrants, both vested and
unvested components, were automatically exercised on a cashless basis exercised and converted into fully vested
SpaceX Class A Common Stock at the exchange ratio of 0.1433 (on a pre-2026 Stock Split basis).
xAI and X Common Stock
Upon the effective date of the xAI Merger, every outstanding share of xAI Common Stock, whether Class A, Class
B, or Limited Voting, converted into the right to receive SpaceX Common Stock at a fixed exchange ratio of 0.1433
SpaceX shares per share of xAI Common Stock, unless the holder was an eligible service provider and elected to
receive cash of $75.46 per share of xAI Class A or Class B (on a pre-2026 Stock Split basis) . No fractional SpaceX
shares were issued and all share amounts were rounded up to the nearest whole number. Any shares of xAI Common
Stock previously held by the Company were canceled and retired and did not receive any consideration.
Effect of the X Merger
Upon the effective date of the X Merger, each class of common stock of X Holdings Corp. (“X Common Stock ” )
was converted to 2.776 shares of xAI Common Stock of the same class (rounded down to the nearest whole share),
each class of common stock of X.AI Corp. (“xAI Corp. Common Stock ” ) was converted to 1.000 share of xAI
Common Stock of the same class, and each series of X.AI Corp. preferred stock (“xAI Corp. Preferred Stock ” )
(other than shares held by X or any of its subsidiaries) was converted to 1.000 share of xAI Redeemable Convertible
Preferred Stock of the same series.
As a result of the Mergers, all of X, X.AI Corp. and xAI Common Stock are being presented in the historical
financial statements as if they had been converted into SpaceX Common Stock at the applicable exchange rate for all
periods presented through the date of the xAI Merger. As such, all shares of historical X, X.AI Corp. and xAI
Common Stock are included in the share counts for SpaceX Common Stock below. X.AI Corp. and xAI Redeemable
Convertible Preferred Stock are being presented in the consolidated financial statements at historical values with an
adjustment to the conversion rate at the applicable exchange ratio per the xAI Merger.
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Redeemable Convertible Preferred Stock
Information for each series of SpaceX and xAI Redeemable Convertible Preferred Stock (collectively, the
“ Combined Redeemable Convertible Preferred Stock”) is as follows:
Dividend Per
Share
Initial Price
Per Share
Authorized
Shares
Outstanding (1)
Liquidation
Preference
Net Carrying
Value
March 31,
2026
March 31,
2026
March 31,
2026
March 31,
2026
December 31,
2025
March 31,
2026
March 31,
2026
SpaceX Redeemable
Convertible Preferred
Stock
Series A ................................
$ 0.05
$ 1.00
61.0
60.4
60.4
$ 60
$ 59
Series A-1 .............................
$ 0.05
$ 1.00
61.0
0.2
0.2
—
—
Series B .................................
$ 0.10
$ 2.00
5.5
5.1
5.1
10
10
Series B-1 .............................
$ 0.10
$ 2.00
5.5
0.1
0.1
—
—
Series C .................................
$ 0.15
$ 3.00
10.5
9.7
9.7
29
23
Series D ................................
$ 0.19
$ 3.88
7.5
5.2
5.2
40
20
Series E .................................
$ 0.23
$ 4.50
10.5
10.2
10.2
46
647
Series F .................................
$ 0.38
$ 7.50
6.8
6.7
6.7
50
48
Series G ................................
$ 3.87
$ 77.46
13.0
12.6
12.6
978
978
Series H ................................
$ 6.75
$ 135.00
3.4
3.2
3.2
429
429
Series I ..................................
$ 8.45
$ 169.00
3.0
3.0
3.0
499
499
Series J ..................................
$ 9.30
$ 186.00
2.7
2.5
2.5
457
457
Series K ................................
$ 10.20
$ 204.00
2.7
2.5
2.5
515
515
Series L .................................
$ 10.70
$ 214.00
1.5
1.4
1.4
295
295
Series M ................................
$ 11.00
$ 220.00
2.7
2.6
2.7
575
575
Series N ................................
$ 13.50
$ 270.00
9.5
9.2
9.3
2,492
2,494
Total SpaceX Redeemable
Convertible Preferred
Stock ................................
206.6
134.6
134.7
$ 6,475
$ 7,049
xAI Redeemable
Convertible Preferred
Stock
Series A ................................
$ —
$ —
—
—
750.0
$ —
$ —
Series A-1 .............................
$ —
$ —
—
—
—
—
—
Series B .................................
$ —
$ —
—
—
584.9
—
—
Series C .................................
$ —
$ —
—
—
277.1
—
—
Series D ................................
$ —
$ —
—
—
120.1
—
—
Series E .................................
$ —
$ —
—
—
179.2
—
—
Total xAI Redeemable
Convertible Preferred
Stock ................................
—
—
1,911.3
$ —
$ —
Total Combined
Redeemable
Convertible Preferred
Stock ................................
206.6
134.6
2,046.0
$ 6,475
$ 7,049
__________________
(1) The number of issued redeemable convertible preferred stock is equal to the number of outstanding redeemable convertible preferred stock,
with the exception of xAI Series A and xAI Series D, of which the number of issued shares is 1,000.0 million and 175.0 million as of
December 31, 2025 , respectively, due to redeemable convertible preferred stock held by X and SpaceX, respectively.
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The following describes the various rights and preferences of the SpaceX Redeemable Convertible Preferred Stock:
Dividend Provisions
On a per annum basis, holders of shares of SpaceX Redeemable Convertible Preferred Stock are entitled to receive
dividends prior and in preference to any declaration or payment of any dividend to common shareholders at a rate
described in the table above for each outstanding share of SpaceX Redeemable Convertible Preferred Stock . Any
such dividends are declared at the discretion of the Board of Directors and are not cumulative. For the period from
inception through March 31, 2026 , no dividends on SpaceX Redeemable Convertible Preferred Stock have been
declared. The SpaceX Redeemable Convertible Preferred Stock do not participate in distributions beyond their
preferred dividend as described above.
Liquidation Preference
The series of SpaceX Redeemable Convertible Preferred Stock listed in the table above were issued by the Company
chronologically and in alphabetical order, with Series A issued first and Series N issued most recently. Each series
of SpaceX Redeemable Convertible Preferred Stock is senior in rank to all earlier issued series and junior in rank to
all later issued series, except that: (i) Series A, A-1, B, B-1, and C SpaceX Redeemable Convertible Preferred Stock
are all on parity with each other and junior in rank to all subsequently issued series of SpaceX Redeemable
Convertible Preferred Stock; and (ii) series E, F, and G SpaceX redeemable convertible preferred stock are all on
parity with each other, are senior in rank to all earlier issued series of SpaceX Redeemable Convertible Preferred
Stock, and junior in rank to all subsequently issued series of SpaceX Redeemable Convertible Preferred Stock.
In the event of a liquidation, dissolution, or winding up of the Company, holders of a given series of SpaceX
Redeemable Convertible Preferred Stock are entitled to receive, in preference to the holders of SpaceX Common
Stock and any junior-ranking SpaceX Redeemable Convertible Preferred Stock, the liquidation preference indicated
in the table above for such series of SpaceX Redeemable Convertible Preferred Stock, plus any declared but unpaid
dividends. Holders of all series of SpaceX Redeemable Convertible Preferred Stock are entitled to receive the
greater of the liquidation preference per share indicated above, or the amount each series would be entitled to receive
if all such outstanding SpaceX Redeemable Convertible Preferred Stock were converted to Class A or Class B
SpaceX Common Stock, as applicable, immediately prior to such liquidation, dissolution, or winding up of the
Company. Upon completion of the distributions described above, if any assets remain in the Company, the then
remaining assets will be distributed on an equal priority, pro rata basis to the holders of SpaceX Common Stock.
Conversion Rights
Each share of Series A and Series B SpaceX Redeemable Convertible Preferred Stock is convertible at the option of
the holder at any time after the date of issuance of such share into shares of Class A, Class B, or Class C SpaceX
Common Stock and each share of all other series of preferred stock are convertible at the option of the holder at any
time after the date of issuance of such share into shares of Class A or Class C SpaceX Common Stock. The number
of shares of SpaceX Common Stock to which a holder of SpaceX Redeemable Convertible Preferred Stock is
entitled shall be at a conversion rate determined by dividing the initial price by the conversion price. Each share of
SpaceX Redeemable Convertible Preferred Stock is convertible into fifty shares of SpaceX Common Stock
following the 2026 Stock Split. The conversion price is subject to adjustment set forth in the charter for certain
dilutive issuances, splits and combinations.
The SpaceX Redeemable Convertible Preferred Stock automatically converts upon the earlier of (i) the Company’s
sale of its common stock in a public offering pursuant to a registration statement under the Securities Act of 1933, in
which the pre-public offering market capitalization of the Company is at least $6.0 billion and which results in
aggregate cash proceeds to the Company of not less than $250 million (“Qualified IPO”) or (ii) the date specified by
written consent or agreement of the applicable holders of shares of SpaceX Redeemable Convertible Preferred Stock
(with respect to each applicable series of SpaceX Redeemable Convertible Preferred Stock), voting in accordance
with the charter.
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In the event of a transfer of a share of Series A or Series B (other than a Permitted Transfer as defined in the
charter), such share shall automatically be cancelled and converted into a corresponding share of Series A-1 or
Series B-1.
Voting Rights
Holders of each share of Series A and Series B have the right to ten votes for each share of Class B into which such
share is convertible. Holders of each share of all other series of SpaceX Redeemable Convertible Preferred Stock
have the right to one vote for each share of Class A into which such share is convertible. Such holders will have full
voting rights and powers equal to the voting rights and powers of the holders of SpaceX Common Stock, except as
required by law.
Classification
The liquidation preference provisions of the SpaceX Redeemable Convertible Preferred Stock are considered
contingent redemption provisions as deemed liquidation events such as a change of control are not solely within the
control of the Company. Accordingly, SpaceX Redeemable Convertible Preferred Stock are presented outside of
permanent equity on the Company ’ s consolidated balance sheets as Redeemable convertible preferred stock . SpaceX
Redeemable Convertible Preferred Stock has not been remeasured to their redemption amount as they are not
currently redeemable or probable of becoming redeemable.
Common Stock
The following describes all of the activity that occurred within each class of SpaceX Common Stock during the three
months ended March 31, 2026 and 2025 , incorporating all activity that occurred within the class of xAI Common
Stock on an as-converted basis to the class of SpaceX Common Stock it was converted into per the xAI Merger and
X Merger.
Class A Common
Stock
Class B Common
Stock
Class C Common
Stock
Class D Common
Stock
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Balances at December 31,
2024 ...................................
1,832
$ 2
768
$ 1
423
$ 0
—
$ —
Common stock issued, net of
tax withholding ..................
18
0
1
0
7
0
—
—
Repurchase of common
stock ...................................
(14)
0
(14)
0
—
—
—
—
Conversion of redeemable
convertible preferred stock
to common stock ...............
1
0
—
—
1
0
—
—
Conversion between classes
of common stock ...............
24
0
(24)
0
—
—
—
—
Transfer of equity in
business combination ........
1
0
—
—
—
—
—
—
Balances at March 31, 2025
1,862
$ 2
731
$ 1
431
$ 0
—
$ —
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Class A Common
Stock
Class B Common
Stock
Class C Common
Stock
Class D Common
Stock
Shares
Amount
Shares
Amount
Shares
Amount
Shares
Amount
Balances at December 31,
2025 ...................................
1,952
$ 3
643
$ 1
484
$ 0
—
$ —
Common stock issued, net of
tax withholding ..................
28
—
1,305
1
13
—
—
—
Repurchase of common
stock ...................................
(9)
—
(22)
—
—
—
—
—
Conversion of redeemable
convertible preferred stock
pursuant to the xAI
Merger ...............................
886
—
537
1
—
—
—
—
Repurchase of common
stock pursuant to xAI
Merger ...............................
(3)
—
(20)
—
—
—
—
—
Conversion of redeemable
convertible preferred stock
to common stock ...............
5
—
—
—
—
—
—
—
Conversion between classes
of common stock ...............
25
—
(25)
—
—
—
—
—
Balances at March 31, 2026
2,884
$ 3
2,418
$ 3
497
$ 0
—
$ —
The following describes the various rights and preferences of the SpaceX Common Stock:
Dividend Provisions
Subject to the prior rights of holders of all classes and series of stock at the time outstanding having prior rights as to
dividends, holders of SpaceX Common Stock shall be entitled to receive, when, as and if declared by the Board of
Directors, out of any funds legally available, such dividends as may be declared from time to time by the Board of
Directors. For the period from inception through March 31, 2026 , no dividends were declared on SpaceX Common
Stock.
Liquidation Rights
In the event of a liquidation, dissolution, or winding up of the Company, upon the completion of the distributions
required with respect to the SpaceX Redeemable Convertible Preferred Stock, if assets remain in the Company, the
then remaining assets will be distributed on an equal priority, pro rata basis to the holders of SpaceX Common
Stock.
Conversion Rights
Each share of Class B is convertible at the option of the holder, at any time, into one share of Class A. Each share of
Class B will automatically convert into one share of Class A upon a transfer, other than a Permitted Transfer (as
defined in the charter), of such share of Class B.
Voting Rights
Each holder of Class A is entitled to one vote for each share held. Each holder of Class B is entitled to ten votes for
each share held. The holders of Class C have no voting rights, except as required by law. Voting rights with respect
to Class D will be established when and if any shares of Class D are issued by the Board of Directors.
Reserve for Unissued Shares of Common Stock
The Company is required to reserve and keep available out of its authorized but unissued shares of SpaceX Common
Stock such number of shares sufficient to effect the conversion of all outstanding shares of SpaceX Redeemable
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Convertible Preferred Stock and Class B, as applicable, plus shares granted and available for grant under the
Company’s share plans.
The amount of such shares of the SpaceX Common Stock reserved for these purposes at March 31, 2026 is as
follows:
Number of Shares
Class A
Class B
Class C
Class D
Redeemable Convertible Preferred Stock issued
(low-vote) .................................................................
3,448
—
3,448
—
Redeemable Convertible Preferred Stock issued
(high-vote) ...............................................................
3,274
3,274
3,274
—
Outstanding Class B ....................................................
2,421
—
—
—
Outstanding stock options ...........................................
8
450
476
—
Outstanding RSUs .......................................................
49
1
79
—
Future grants under share-based compensation ...........
150
—
350
—
9,350
3,725
7,627
—
Share Repurchases
During the three months ended March 31, 2026 , the Company repurchased $2,413 million or 25.4 million shares of
SpaceX Common Stock from eligible current and former xAI employees as part of the xAI Merger. During the three
months ended March 31, 2026 , the Company also repurchased of 30.5 million shares of SpaceX Common Stock and
2.1 million shares of SpaceX Redeemable Convertible Preferred Stock for $1,933 million in a number of unrelated
transactions with existing shareholders at their then-current fair market value.
Similarly, the Company repurchased $508 million or 28.0 million shares of SpaceX Common Stock from eligible
current and former employees and existing shareholders during the three ended March 31, 2025 . The Company only
repurchased shares held by eligible participants for more than six months at a purchase price per share equal to the
then current fair market value.
All SpaceX shares repurchased to date have been retired.
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Note 13 - Earnings per Share
The following table presents the reconciliation of net loss attributable to common shareholders to net loss used in
computing basic and diluted net income loss per share of common stock:
Three Months Ended March 31,
2026
2025
Numerator:
Net loss ......................................................................................................................
$ (4,276)
$ (528)
Less: Deemed dividend (1) ......................................................................................
671
—
Net loss attributable to common shareholders - basic and diluted ............................
(4,947)
(528)
Denominator:
Weighted average shares of common stock outstanding - basic and diluted ............
3,884
2,875
Loss per share attributable to common shareholders
Basic and Diluted ..................................................................................................
$ (1.27)
$ (0.18)
__________________
(1) The excess of fair market value over the consideration transferred for the repurchase of SpaceX Redeemable Convertible Preferred Stock
was treated as a deemed dividend and resulted in an increase to net loss attributable to common shareholders in the calculation of loss per
share.
The following potentially dilutive securities on an as-converted basis are excluded from the calculation of diluted net
loss per share attributable to common shareholders for the periods presented because the impact of including them
would be anti-dilutive (refer to Note 14 , Share-based Compensation for additional details):
Three Months Ended March 31,
2026
2025
xAI Redeemable Convertible Preferred Stock ..........................................................
—
1,155
SpaceX Redeemable Convertible Preferred Stock ....................................................
6,723
6,760
Share-based compensation ........................................................................................
598
674
The table above excludes 1,319.1 million and 14.3 million share-based compensation awards outstanding as of
March 31, 2026 and 2025 , respectively, as these awards are subject to performance and market conditions that were
not met as of those dates.
Note 14 - Share-based Compensation
X and xAI Mergers
As part of the xAI Merger, each xAI option for a share of xAI common stock outstanding and unexercised at the
time of the xAI Merger (vested and unvested) was converted into a SpaceX option to receive 0.1433 shares of
SpaceX Class A or Class B Common Stock (on a pre-2026 Stock Split basis), as applicable, under the same terms
and conditions (including the vesting and exercisability conditions) as the original xAI stock options at an exercise
price equal to the original xAI option exercise price divided by 0.1433. Each xAI RSU that was vested and
outstanding was converted to the right to receive 0.1433 of a share of SpaceX Class A or Class B Common Stock
(on a pre-2026 Stock Split basis), as applicable. Each xAI RSU that was unvested was converted to 0.1433 of a
SpaceX RSU. Each xAI RSA was converted to 0.1433 shares of SpaceX RSA for SpaceX Class A or Class B
Common Stock (on a pre-2026 Stock Split basis), as applicable, with the same terms and conditions (including the
vesting terms). Refer to Note 12 , Redeemable Convertible Preferred Stock and Shareholders’ Equity for additional
details.
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As part of the X Merger, each X RSU that was outstanding was converted to a xAI RSU to receive 2.776 shares of
xAI Common Stock.
General
The Company grants RSUs, RSAs, and non-statutory options to eligible employees, key executives, and certain non-
employee service providers (collectively, the “Plans”). The Company also has a number of performance-based
awards. The Company offers an ESPP, under which eligible employees can purchase the Company’s Common
Stock at a discounted price. The Company also offers a Non-Qualified Employee Stock Purchase Plan (“NQ
ESPP”), under which employees can purchase the Company’s Common Stock at the fair market value. In April
2026, the Company cancelled the NQ ESPP.
Officer Equity Awards
In January 2026, the Company granted 1,000 million performance-based restricted shares of Class B common stock
to Elon Musk. The restricted shares vest upon (i) the Company’s achievement of specified market capitalization
milestones across 15 equal tranches ranging from $500 billion to $7.5 trillion, with each milestone reflecting $500
billion in additional valuation, and (ii) the Company’s establishment of a permanent human colony on Mars with at
least one million inhabitants, in each case, subject to Mr. Musk’s continued employment (“SpaceX CEO Award”).
The grant date fair value of the SpaceX CEO Award was determined to be $90.40 to $95.92 per share for each
tranche .
In November 2025, the Company granted a performance-based award (“xAI Award”) to Elon Musk consisting of
twelve tranches with certain market, performance and service conditions. In March 2026, the Company cancelled the
xAI Award and replaced it with a grant of 302.1 million performance-based restricted shares of Class B common
stock, which vest upon (i) the achievement of specified market capitalization milestones across 12 equal tranches
ranging from $1.065 trillion to $6.565 trillion, with each milestone reflecting $500 billion in additional valuation,
and (ii) the Company’s completion of non-Earth-based data centers capable of delivering 100 terawatts of compute
per year, in each case, subject to Mr. Musk’s continued employment (“AI CEO Award”). The grant date fair value
of the AI CEO Award was determined to be $91.47 to $95.92 per share for each tranche . The cancellation of the xAI
Award and the grant of the AI CEO Award was considered an accounting modification. Share-based compensation
will continue to be recognized over the original remaining service period equal to the fair value of the portion of the
original xAI Award that was deemed probable of vesting as of the modification date . No incremental expense will
be recognized based on the modified terms of the new AI CEO Award until the new performance conditions are
deemed probable of vesting .
Share-based compensation expense recognition for the SpaceX CEO Award and AI CEO Award commences when
the performance condition milestone is considered probable of achievement for each award regardless of the
progress made towards achieving the next market capitalization milestone. As of March 31, 2026 , both performance
milestones were considered improbable and no share-based compensation expense has been recognized related to
the SpaceX CEO Award and AI CEO Award . Once the performance milestone is considered probable of
achievement, share-based compensation expense associated with the tranche will be recognized over the expected
achievement date of the performance milestone.
In January 2026, the Company approved an amendment to 4 million performance-based stock options granted to
Bret Johnsen, Chief Financial Officer, that were originally issued in 2024 (“CFO Award”). In lieu of vesting based
on free cash flow achievement in excess of a baseline, 371 thousand of the stock options will vest for each $10
billion in adjusted EBITDA achieved during the 2025 through 2029 fiscal years, assessed on an annual basis. For
purposes of this award, adjusted EBITDA is calculated as income from operations excluding (i) depreciation and
amortization, (ii) share-based compensation, (iii) impairment, and (iv) restructuring impacts. Once a tranche of the
stock options have become earned as a result of the Company’s adjusted EBITDA performance as of the end of a
particular fiscal year, such stock options remain subject to an additional one-year and one day service-based vesting
requirement following December 31 of the fiscal year in which such tranche was earned. The number of options
granted was not changed in the amendment. The impact of the modification of the CFO Award was not material.
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Fair Value Determination
The fair value and derived service period of the SpaceX CEO Award and AI CEO Award are estimated on the grant
date using a Monte Carlo simulation model. The weighted-average assumptions that were used to calculate the grant
date fair value of the SpaceX CEO Award and modification date fair value of the AI CEO Award are as follows:
Expected term (years) ...........................................................................................................................
30.0
Volatility ...............................................................................................................................................
45.0 %
Risk-free interest rate ............................................................................................................................
4.91 %
Dividend yield .......................................................................................................................................
— %
The SpaceX CEO Award and AI CEO Award do not have a defined performance period other than Mr. Musk’s
continued employment through the date each milestone is achieved. Therefore, an analysis was performed for an
expected term of ten to fifty years and a midpoint of thirty years was used. The Company determined the expected
volatility assumption using the frequency of daily historical prices of comparable public companies’ common stock
for a period equal to the expected term. The risk-free interest rate assumption is based upon observed interest rates
on U.S. Government securities for a period consistent with the expected term. The dividend yield assumption is
based on the Company’s history and expectation of dividend payouts. The Company has never declared or paid any
cash dividends on its Common Stock and does not anticipate paying any cash dividends in the foreseeable future.
Summary of Share-Based Compensation Information
The following table summarizes our share-based compensation expense by line item in the consolidated statements
of operations :
Three Months Ended March 31,
2026
2025
Cost of revenue ..........................................................................................................
$ 76
$ 39
Research and development ........................................................................................
362
75
Selling, general, and administrative ..........................................................................
201
118
Total ....................................................................................................................
$ 639
$ 232
During the three months ended March 31, 2026 and 2025 , share-based compensation expense capitalized to the
consolidated balance sheets was $60 million a nd $30 million , respectively.
Note 15 - Income Taxes
The Company’s effective tax rate was (0.1)% for the three months ended March 31, 2026 , compared to (2.7)% for
the three months ended March 31, 2025 . The change in the Company’s effective tax rate was primarily due to the
changes in the mix of its jurisdictional earnings.
The Company’s effective tax rates for the three months ended March 31, 2026 and 2025 as compared to the U.S.
federal statutory rate of 21.0% were primarily impacted by the mix of its jurisdictional earnings subject to different
tax rates and the valuation allowances on its deferred tax assets.
In assessing the realizability of deferred tax assets, the Company considered whether it is more likely than not that
some or all of its net deferred tax assets will not be realizable based on the relevant weight of all positive and
negative evidence. As of March 31, 2026, the Company continues to maintain a full valuation allowance against its
deferred tax assets in the United States, with the exception of certain state deferred tax assets and transferrable
investment tax credits that are expected to be realizable. The Company has also recorded valuation allowances in
certain foreign jurisdictions where it concluded that it is more likely than not that the deferred tax assets will not be
realized. The Company will continue to assess the realizability of its deferred tax assets in future periods and will
adjust the valuation allowance as necessary based on changes in facts and circumstances.
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Note 16 - Commitments and Contingencies
Unconditional Obligations
During the three months ended March 31, 2026 , there have been no material changes to the Company’s
unconditional obligation since December 31, 2025 other than the execution of certain purchase agreements with an
unaffiliated third party to acquire additional turbines for the AI infrastructure totaling $925 million through 2029.
Letters of Credit and Surety Bonds
The Company had outstanding letters of credit of $517 million at March 31, 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 $447 million for self-insured workers’
compensation programs and other governmental licenses at March 31, 2026 .
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
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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. X filed a motion to dismiss the
complaint on August 14, 2023. On March 5, 2024, the Court dismissed plaintiffs’ direct infringement and vicarious
infringement claims, and part of plaintiffs’ claim for contributory infringement. X answered the complaint on April
9, 2024. Litigation was stayed from June 11, 2025 to September 9, 2025 for settlement discussions that were not
successful. Accordingly, discovery is ongoing. On April 1, 2026, the Court granted the parties’ joint motion for a
stay to allow X to file a renewed motion to dismiss the suit based on the Supreme Court’s decision in Cox Comm’s,
Inc. v. Sony Music Entm’t . Fact discovery is now closed. In light of this Supreme Court ruling, the parties have
stipulated to a May 11, 2026 deadline for the music publishers to amend their complaint with respect to their
remaining claims for contributory infringement, and a June 11, 2026 deadline for X to file a renewed motion to
dismiss.
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.
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. The court held a hearing on April 2, 2026, and indicated that
it would hand down its decision on May 27, 2026.
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.
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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 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. The Company intends to defend itself vigorously in these actions.
The Company has recorded an accrual of $399 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 March 31, 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.
During the three months ended March 31, 2026 , the Company purchased $34 million 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 January 2026, and as further amended on February 18, 2026, CTC entered into an equipment lease agreement
with Valor Equity Partners (“Valor ” ) for certain AI infrastructure hardware (“Valor transaction II ” ). The founder,
CEO and Chief Investment Officer of Valor, Antonio Gracias, serves as one of the directors of the Company. The
Valor transaction II was deemed to be a failed sale-leaseback transaction. The Company has previously entered into
a similar agreement with Valor for other AI infrastructure hardware. As of March 31, 2026 , the Company recorded
debt of $1,121 million and $7,920 million within Debt and finance leases, current and Debt and finance leases, net
of current , respectively, in the Company’s consolidated balance sheet, and $186 million in Interest expense for the
three months ended March 31, 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 three months ended March 31, 2026 and 2025 were
immaterial.
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Table of Contents
Note 18 - Segments
Following the Mergers, the Company evaluated how to view and measure performance of the combined company
and potential realignment of individual entity’s historical segment structure. Following this evaluation, the Company
determined that as a combined company, effective in Q1 2026, 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. Prior period
presentations for segments conform to the current segment reporting structure.
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:
Three Months Ended March 31,
2026
Space
Connectivity
AI
Total Reportable
Segments
Revenue .............................................................
$ 619
$ 3,257
$ 818
$ 4,694
Costs and expenses
Cost of revenue ..............................................
281
1,651
456
2,388
Research and development .............................
930
205
2,379
3,514
Selling, general and administrative ................
70
213
463
746
Restructuring charges .....................................
—
—
(11)
(11)
Total costs and expenses ...........................
1,281
2,069
3,287
6,637
Income (loss) from operations ..........................
(662)
1,188
(2,469)
(1,943)
Interest expense ...................................................
(664)
Interest income ....................................................
213
Other expense, net ...............................................
(1,876)
Loss before income taxes ..................................
$ (4,270)
Supplemental segment information
Depreciation and amortization ............................
$ 166
$ 783
$ 1,493
$ 2,442
Share-based compensation ..................................
$ 145
$ 116
$ 378
$ 639
Capital expenditures ............................................
$ 1,052
$ 1,332
$ 7,723
$ 10,107
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Table of Contents
Three Months Ended March 31,
2025
Space
Connectivity
AI
Total Reportable
Segments
Revenue ..............................................................
$ 865
$ 2,475
$ 727
$ 4,067
Costs and expenses
Cost of revenue ..............................................
297
1,214
451
1,962
Research and development .............................
526
123
908
1,557
Selling, general and administrative ................
88
105
300
493
Restructuring charges .....................................
—
—
4
4
Impairment .....................................................
24
—
—
24
Total costs and expenses ...........................
935
1,442
1,663
4,040
Income (loss) from operations ..........................
(70)
1,033
(936)
27
Interest expense ...................................................
(447)
Interest income ....................................................
117
Other expense, net ...............................................
(211)
Loss before income taxes ..................................
$ (514)
Supplemental segment information
Depreciation and amortization ............................
$ 162
$ 510
$ 771
$ 1,443
Share-based compensation ..................................
$ 108
$ 75
$ 49
$ 232
Impairment ..........................................................
$ 24
$ —
$ —
$ 24
Capital expenditures ............................................
$ 759
$ 814
$ 2,567
$ 4,140
Note 19 - Restructuring
In 2022, X, an indirect subsidiary of the Company (through the X Merger and subsequently, xAI Merger), initiated
global employee workforce reductions, the effects of which continued into 2026. The charges and credits associated
with the workforce reduction include cash severance expense and other termination benefits. Total charges (credits)
of $(11) million and $4 million associated with the workforce reduction were recorded in Restructuring charges
(credits) in the consolidated statements of operations for the three months ended March 31, 2026 , and 2025 ,
respectively.
The following table is a summary of the changes in the restructuring liabilities for each period presented, included
within Accrued expenses and other current liabilities and Other liabilities on the consolidated balance sheets :
Restructuring liabilities as of December 31, 2025 ................................................................................
$ 443
Severance and other personnel costs .................................................................................................
(11)
Cash payments ...................................................................................................................................
(123)
Other adjustments ..............................................................................................................................
3
Restructuring liabilities as of March 31, 2026 ......................................................................................
$ 312
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Note 20 - Subsequent Events
The Company has evaluated subsequent events that occurred from April 1, 2026 through May 7, 2026 , which is the
date the consolidated financial statements were available to be issued, and determined that there were no subsequent
events or transactions that required recognition or disclosure in the consolidated financial statements , except as
discussed below.
Collaboration Agreement
On April 19, 2026, the Company entered into a compute agreement with Anysphere, Inc., doing business as Cursor,
a San Francisco-based private software company (“Cursor”) . Pursuant to the compute agreement, the Company will
collaborate with Cursor to improve the Company’s existing models, including Grok, and potentially to jointly
develop AI models and related model-specific deliverables.
Concurrent with the compute agreement, the Company also entered into an option agreement for the right, but not
the obligation, to acquire Cursor. The option agreement generally provides that the Company may exercise the call
option at any time during the 30-day period following the earlier of (i) seven trading days following the completion
of the Company’s IPO and (ii) September 30, 2026. Exercise of the call option is in the Company’s sole discretion
and subject to further approval by the board of directors. Cursor is also subject to certain exclusivity obligations
under the option agreement. The consideration for the acquisition of Cursor would consist of shares of Class A
common stock based on an implied equity value of Cursor of $60.0 billion, and the price of Class A common stock
that equals, if the acquisition closed prior to the completion of this offering, the most recent quarterly valuation, or,
if the acquisition closed after the completion of the Company’s IPO, the volume-weighted average closing price
thereof over the seven consecutive trading days immediately preceding the closing of the acquisition. If either (i) the
Company decides to terminate the option agreement or (ii) Cursor is eligible to and decides to terminate due to the
Company’s material breach of the option agreement, Cursor is entitled to a $1.5 billion termination fee under the
option agreement and an $8.5 billion deferred services fee under the compute agreement. These fees are payable in
cash (or Class A common stock, if the Company’s IPO has not been consummated at the time the fees become
payable).
The Company has conducted preliminary due diligence on Cursor’s business, technology and operations, and expect
to continue such diligence in connection with any decision to exercise the call option. The Company cannot predict
whether the Company will elect to exercise the call option or, if exercised, whether the acquisition will close on the
anticipated terms or at all.
Sale-Leaseback Transaction
On April 24, 2026, CTC entered into a five-year equipment lease agreement with Valor, a related party, for certain
AI infrastructure hardware (“Valor transaction III ” ) for total undiscounted lease payments of $6,587 million.
Asset Acquisition
On April 30, 2026 , the Company entered into an asset purchase agreement with an unaffiliated third party to
purchase certain mobile gas turbines and related p ackag es for approximately $2,000 million (the “Turbine
Acquisition”). The closing of the Turbine Acquisition is expected to occur in May 2026 and is subject to customary
closing conditions. The seller has also agreed to enter into a post-closing services agreement to support the
Company's turbine operations. The Turbine Acquisition will help provide power to the Company's data centers.
Cloud Services Agreement
On May 3, 2026, the Company entered into a cloud services agreement with Anthropic PBC, an AI research and
development public benefit corporation, with respect to access to compute capacity. Pursuant to this agreement, the
customer has agreed to pay a monthly fee through May 2029, with capacity ramping in May 2026 at a reduced fee.
The agreement may be terminated by either party upon 90 days’ notice. The customer will retain ownership and
intellectual property rights in its content, AI models, and related data.
Table of Contents
Shares
Space Exploration Technologies Corp.
Class A Common Stock
PRELIMINARY PROSPECTUS
, 2026
Through and including , 2026 (the 25th day after the date of this prospectus), all dealers effecting
transactions in our Class A common stock, whether or not participating in this offering, may be required to deliver a
prospectus. This delivery requirement is in addition to a dealer’s obligation to deliver a prospectus when acting as an
underwriter and with respect to an unsold allotment or subscription.
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PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 13. Other Expenses of Issuance and Distribution.
The following table shows the costs and expenses, other than underwriting discounts and commissions, payable in
connection with the sale and distribution of the securities being registered. All amounts except the SEC registration
fee, the FINRA fee and the stock exchange listing fee are estimated.
SEC Registration Fee ............................................................................................................................
$
138,100
FINRA Filing Fee .................................................................................................................................
150,500
Nasdaq Listing Fee
335,000
Printing Costs ........................................................................................................................................
*
Legal Fees and Expenses .......................................................................................................................
*
Accounting Fees and Expenses .............................................................................................................
*
Transfer Agent Fees and Expenses .......................................................................................................
*
Miscellaneous Expenses ........................................................................................................................
*
Total ......................................................................................................................................................
$
*
__________________
* To be provided by amendment.
Item 14. Indemnification of Directors and Officers.
Under the Texas Business Organizations Code (the “TBOC”), the charter of a corporation may provide that a
director or officer of the corporation is not liable, or is liable only to the extent provided by the charter, to the
corporation or its shareholders for monetary damages for an act or omission by the person in the person’s capacity as
a director or officer. The TBOC does not authorize elimination or limitation of liability to the extent the director or
officer is found liable under applicable law for:
• any breach of the director’s or officer’s duty of loyalty to the corporation or its shareholders;
• any act or omission not in good faith that constitutes a breach of duty of the director or officer to the corporation
or that involves intentional misconduct or a knowing violation of law;
• any transaction from which the director or officer receives an improper benefit, whether or not the benefit
resulted from an action taken within the scope of the director’s duties; or
• an act or omission for which the liability of the director or officer is expressly provided by an applicable statute.
Our charter will provide that our directors and officers are not liable to the Company or its shareholders for
monetary damages for an act or omission by the director or officer in his or her capacity as a director or officer or
for a breach of any duty as a director or officer to the fullest extent permitted by the TBOC, as it exists or as
amended from time to time.
The TBOC provides that a corporation must indemnify a director or former director against reasonable expenses
actually incurred by the person in connection with a proceeding in which the person is a respondent because the
person is or was a director, or is or was serving as a representative of another enterprise or organization or an
employee benefit plan while serving as a director, if the director or former director is wholly successful, on the
merits or otherwise, in the defense of the proceeding. If a court determines that a director, former director or
representative is entitled to indemnification, the court will order indemnification by the corporation and award the
person expenses incurred in securing the indemnification. The TBOC also permits corporations to indemnify present
or former directors where indemnification is not mandated by the TBOC; however, such permissive indemnification
is subject to certain limitations and the director satisfying specified standards of conduct. The TBOC also provides
that officers must be indemnified to the same extent as directors are required to be indemnified under the TBOC and
II-2
Table of Contents
that a court may also order indemnification under various circumstances. In addition, the TBOC permits
indemnification in certain circumstances in which we would not otherwise have the power to do so under the
provisions of the TBOC or our charter or bylaws if that indemnification is approved by the shareholders of the
Company.
Our bylaws will also provide that, to the fullest extent permitted by the TBOC, the Company must indemnify any
person who was or is, or is threatened to be made, a party to any threatened, pending or completed action, suit or
proceeding, whether civil, criminal, administrative, arbitrative, legislative or investigative, including an appeal
thereof, by reason of the fact that the person is or was a director or an officer (who is appointed by our board or
specifically designated as such by our chief executive officer, president or chief financial officer) of the Company,
or while a director or officer of the Company is or was serving at the request of the Company as a director, officer,
partner, venturer, trustee, employee, administrator or agent of another entity, trust or enterprise, against expenses
(including attorneys’ fees), judgments, penalties, fines and amounts paid in settlement actually and reasonably
incurred by the person in connection with the action, suit or proceeding if the person satisfied a specified standard of
conduct. Our bylaws will also provide that expenses (including attorneys’ fees) actually and reasonably incurred by
such director or officer in defending any proceeding will be paid by the Company in advance of the final disposition
of the proceeding upon written request from that person subject to the person satisfying certain conditions. To the
extent that indemnification for liabilities arising under the Securities Act may be permitted to our directors, officers
and controlling persons, we have been advised that, in the opinion of the SEC, this indemnification is against public
policy as expressed in the Securities Act and is, therefore, unenforceable.
The TBOC and our bylaws permit the Company to purchase insurance on behalf of existing or former officers,
employees, directors or agents against any liability asserted against and incurred by that person in such capacity, or
arising out of that person’s status in such capacity, whether or not the Company would have the power to indemnify
that person under the TBOC. Pursuant to this authority, we expect to obtain such insurance for the officers,
employees, directors and agents of the Company and its subsidiaries. We will also enter into written indemnification
agreements with each of our officers and directors that provide, in general, that we will indemnify them against loss
and liability arising from, and will pay or reimburse their actual and reasonable expenses incurred in advance of the
final disposition of any legal proceeding involving their service to us or on our behalf. As permitted by the TBOC,
because these agreements are expected to be approved by our shareholders, the agreements may require
indemnification or payment of expenses in favor of the indemnitee in certain circumstances in which we would not
otherwise have the power to do so under the provisions of the TBOC or our charter or bylaws. Pursuant to a written
undertaking provided by any director or officer who requests the Company to reimburse or pay that person’s
expenses in advance of the final disposition of the proceeding, the director or officer will be required to repay the
advanced expenses to the Company if it is found that such director or officer is not entitled to indemnification under
applicable law and our bylaws.
The proposed form of Underwriting Agreement filed as Exhibit 1.1 to this Registration Statement will provide for
indemnification of our directors and officers by the underwriters against certain liabilities in connection with this
offering.
II-3
Table of Contents
Item 15. Recent Sales of Unregistered Securities.
The following sets forth information regarding all unregistered securities we have issued in the last three years.
Unless stated otherwise, the sale of the securities listed below were deemed to be exempt from registration pursuant
to Section 4(a)(2) of the Securities Act, including Regulation D and Rule 506 promulgated thereunder, as
transactions by an issuer not involving a public offering. Share amounts in this Item 15. do not give effect to the
2026 Stock Split.
On February 2, 2026, we consummated the xAI Merger and, in connection therewith, issued 321,681,643 shares of
Class A common stock and 121,683,400 shares of Class B common stock as partial consideration, including
3,798,039 shares of Class A common stock to Tesla following the completion of a regulatory review period on
March 12, 2026.
On January 13, 2026, we granted 200 million performance-based restricted shares of Class B common stock to Mr.
Musk to vest upon (i) our achievement of specified market capitalization milestones across 15 equal tranches and (ii)
the Company’s establishment of a permanent human colony on Mars with at least one million inhabitants, in each
case, subject to Mr. Musk’s continued employment with us through the date on which achievement is certified by
our board.
On September 7, 2025, we entered into a License Purchase Agreement with Spectrum Business Trust 2025-1, a
Nevada Business Trust, and EchoStar. The total consideration for the acquisition of EchoStar’s spectrum is
approximately $19.6 billion, consisting of (i) approximately $11.1 billion in equity, payable through the issuance of
approximate ly 52.4 million shares of Class A common stock at a fixed value of $212 per share , and (ii) up to $8.5
billion related to the payoff of designated EchoStar debt, with any shortfall below $8.5 billion to be paid in cash.
Such amounts do not give effect to the 2026 Stock Split. The allocation of cash and equity consideration is subject to
certain adjustments based on the amount of EchoStar debt satisfied at or prior to closing. The Spectrum Transaction
is expected to close in November 2027.
Item 16. Exhibits and Financial Statement Schedules.
(a) Exhibits
Exhibit No.
Description of Exhibit
1.1*
Form of Underwriting Agreement.
2.1^
Agreement 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.
3.1
Form of Restated Certificate of Formation of Space Exploration Technologies Corp.
3.2
Form of Amended and Restated Bylaws of Space Exploration Technologies Corp.
4.1
Form of Class A Common Stock Certificate of Space Exploration Technologies Corp.
4.2
Amended and Restated Investors’ Rights Agreement, dated as of August 4, 2020, by and among
Space Exploration Technologies Corp. and the investors listed on the exhibits thereto.
5.1
Form of Opinion of Gibson, Dunn & Crutcher LLP.
10.1
Form of Indemnification Agreement.
10.2†
Form of Space Exploration Technologies Corp. Second Amended and Restated 2017 Employee Stock
Purchase Plan.
10.3†
Space Exploration Technologies Corp. Amended & Restated 2015 Equity Incentive Plan and Form of
Stock Option Grant Notice and Option Agreement.
10.4†
Form of Space Exploration Technologies Corp. Amended and Restated 2024 Equity Incentive Plan.
10.5†
Space Exploration Technologies Corp. 2024 Equity Incentive Plan and Forms of Grant Notices and
Award Agreements.
10.6†
Class B Restricted Stock Award Agreement between Space Exploration Technologies Corp. and Elon
R. Musk, dated as of January 13, 2026.
10.7†
Class B Restricted Stock Award Agreement between Space Exploration Technologies Corp. and Elon
R. Musk, dated as of March 23, 2026.
II-4
Table of Contents
Exhibit No.
Description of Exhibit
10.8^
Amended and Restated License Purchase Agreement, dated as of November 5, 2025, by and among
EchoStar Corporation, Space Exploration Technologies Corp. and Spectrum Business Trust 2025-1.
10.9^
Bridge Loan Credit Agreement, dated as of March 2, 2026, by and among Space Exploration
Technologies Corp., as borrower, the guarantors from time to time party thereto, the lenders from
time to time party thereto and Goldman Sachs Bank USA, as administrative agent and a lender.
10.10*
Amended 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.
21.1
List of subsidiaries of Space Exploration Technologies Corp.
23.1
Consent of PricewaterhouseCoopers LLP, independent registered public accounting firm to Space
Exploration Technologies Corp.
23.2
Consent of Gibson, Dunn & Crutcher LLP (form included in Exhibit 5.1).
24.1
Power of Attorney (included on the signature page hereto).
107
Filing Fee Table.
__________________
* To be filed by amendment.
^ Certain of the schedules and attachments to this exhibit have been omitted pursuant to Regulation S-K, Item 601(a)(5). The registrant
hereby undertakes to provide further information regarding such omitted materials to the SEC upon request.
† Management contract or compensatory plan or arrangement.
(b) Financial Statement Schedules
Financial statement schedules have been omitted because the information is not applicable or included in our
consolidated financial statements in the prospectus that forms a part of this Registration Statement.
Item 17. Undertakings.
The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the
underwriting agreement certificates in such denominations and registered in such names as required by the
underwriters to permit prompt delivery to each purchaser.
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and
controlling persons of the registrant pursuant to the provisions referenced in Item 14 of this Registration Statement,
or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such
indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the
event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses
incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
The undersigned registrant hereby undertakes that:
(1) For purposes of determining any liability under the Securities Act, the information omitted from the form of
prospectus filed as part of this Registration Statement in reliance upon Rule 430A and contained in a form of
prospectus filed by the registrant pursuant to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be
deemed to be part of this Registration Statement as of the time it was declared effective.
(2) For the purpose of determining any liability under the Securities Act, each post-effective amendment that
contains a form of prospectus shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide
offering thereof.
II-5
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this Registration Statement
to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Starbase, Texas, on May 20,
2026.
Space Exploration Technologies Corp.
By:
/s/ Elon Musk
Name:
Elon Musk
Title:
Chief Executive Officer and Chief
Technical Officer
II-6
Table of Contents
POWER OF ATTORNEY
KNOW ALL PEOPLE BY THESE PRESENTS, that each person whose signature appears below constitutes and
appoints Gwynne Shotwell and Bret Johnsen, and each of them, as his or her true and lawful attorneys-in-fact and
agents, each with full power of substitution and resubstitution, for him or her and in his or her name, place or stead,
in any and all capacities (including, without limitation, the capacities listed below), to sign any and all amendments
(including post-effective amendments) to this Registration Statement, and to sign any registration statement for the
same offering covered by this Registration Statement that is to be effective upon filing pursuant to Rule 462(b)
promulgated under the Securities Act of 1933, as amended, and all post-effective amendments thereto, and to file the
same, with all exhibits thereto and all other documents in connection therewith, with the Securities and Exchange
Commission, and hereby grants to such attorneys-in-fact and agents, and each of them, full power and authority to
do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to
all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents, or any of them, or his or her substitute or substitutes, may lawfully do or cause to be
done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed
by the following persons in the capacities indicated on the 20th day of May, 2026.
Signature
Title
/s/ Elon Musk
Elon Musk
Chief Executive Officer, Chief Technical Officer and
Chairman of the Board
(principal executive officer)
/s/ Gwynne Shotwell
Gwynne Shotwell
President, Chief Operating Officer and Director
/s/ Bret Johnsen
Bret Johnsen
Chief Financial Officer
(principal financial and accounting officer)
/s/ Ira Ehrenpreis
Ira Ehrenpreis
Director
/s/ Randy Glein
Randy Glein
Director
/s/ Antonio J. Gracias
Antonio J. Gracias
Director
/s/ Donald Harrison
Donald Harrison
Director
/s/ Steve Jurvetson
Steve Jurvetson
Director
/s/ Luke Nosek
Luke Nosek
Director
What They Are Saying: Industry Leaders Praise Chairman Scott, Senate Banking Committee on Advancing Bipartisan Clarity Act
重要性未评级
发布时间早于日报 5 天摘要窗口。
中文摘要
- 参议院银行委员会多数党页面称H.R.3633以15比9通过委员会并进入参议院全院程序。
- 该官方页面确认的是委员会推进状态，不是法案已经成为法律。
英文原文
What They Are Saying: Industry Leaders Praise Chairman Scott, Senate Banking Committee on Advancing Bipartisan Clarity Act | United States Committee on Banking, Housing, and Urban Affairs
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May 15, 2026
What They Are Saying: Industry Leaders Praise Chairman Scott, Senate Banking Committee on Advancing Bipartisan Clarity Act
Washington, D.C. — Led by Chairman Tim Scott (R-S.C.), the Senate Banking Committee successfully advanced H.R. 3633, the Digital Asset Market Clarity Act of 2025 , out of the committee in a bipartisan fashion. This legislation will establish clear rules of the road for digital assets, bringing them out of the shadows and into a system that is safer, fairer, and more transparent. After nearly a year of good-faith bipartisan negotiations, Senate Banking Committee Republicans and Democrats came together to advance a comprehensive market structure bill that will establish America as the crypto capital of the world. The bill advanced out of committee by a vote of 15-9 and now moves to the Senate floor.
Across the banking and crypto sectors, industry leaders have banded together in public support of the advancement of the Clarity Act .
“The Banking Committee showed the American people that Washington can still work together. We had a serious debate, worked through real differences, and came together around a shared goal: protecting consumers, supporting innovation, and keeping the future of finance in America. This legislation brings digital assets into the sunlight with clear rules, stronger safeguards, and better tools to stop bad actors. For me, this is personal. My mother raised my brother and me with faith, grit, and determination, and she taught me that the American Dream should be within reach for every family, including single mothers working hard to build a better life for their children,” said Chairman Scott.
STAKEHOLDER SUPPORT:
“The Digital Asset Market Clarity Act is a monumental step in making the U.S. the Crypto Capital of the World. I applaud Chairman Scott and the Senate Banking Committee for working hard to craft the necessary compromises to advance this legislation,” said David Sacks, former Trump administration A.I. and crypto czar.
“On behalf of AARP, which advocates for 125 million Americans age 50 and older, we write to express our strong support for provisions in the market structure legislation,” said Bill Sweeney, Senior Vice President of Government Affairs at AARP. “We deeply appreciate the Committee’s leadership.”
“CLARITY is closer than ever. The bill is strong. It will benefit the American people by making the US financial system faster, cheaper, and more accessible. It will also ensure that the US leads in the global race to build the next generation of our financial system,” said Brian Armstrong, CEO of Coinbase.
“The Senate Banking Committee is putting in the work as it moves the Clarity Act forward… incredible leadership! Millions of Americans are already in the market. Ripple stands behind this bill because they deserve the same rules and protections as every other asset class. If the largest economy in the world is going to lead on crypto – and it must – this is the moment,” said Brad Garlinghouse, CEO of Ripple.
“We commend Chairman Scott, Subcommittee Chairwoman Lummis, and members of the Committee for continuing to move this process forward. The need for action is urgent. The United States cannot afford to fall behind in shaping the future of financial infrastructure. The Digital Chamber stands ready to support a successful markup and continued progress toward clear rules, stronger market integrity, and long-term U.S. leadership in digital assets,” said Cody Carbone, CEO of The Digital Chamber.
“This is a defining moment for American leadership. Digital asset markets are global, growing, and increasingly central to the future of financial markets. The question before Congress is not whether this technology will continue to develop, but whether it will be built in the United States under American rules and with American values,” said Blockchain Association CEO Summer Mersinger and Crypto Council for Innovation (CCI) CEO Ji Hun Kim. “We respectfully urge members of the Committee to support this legislation at markup and continue working toward a final, bipartisan framework that ensures the next generation of financial innovation is built in America.”
“This bill safeguards consumers, includes important developer protections, and gives crypto entrepreneurs the regulatory clarity they need to build here in the U.S. We’re thankful for the hard work of the Senate Banking Committee,” said Chris Dixon, Managing Partner at a16z.
“Stand With Crypto thanks Chairman Tim Scott and members of the Senate Banking Committee for their leadership and dedication to getting market structure legislation right. We are thrilled by the bipartisan momentum in Congress to enact this much-needed legislation, finally giving crypto users and developers clear rules of the road that will unlock innovation, protect consumers, and allow our community to secure America’s leadership in the global blockchain economy,” said Mason Lynaugh, Executive Director of Stand With Crypto.
“CTA supports the CLARITY Act and its effort to establish clear rules for digital assets. From digital currencies to the blockchain technologies that power them, digital assets are becoming a major part of the U.S. economy and will shape the future of financial innovation,” said Pat Pelletier, Director of Government Affairs for the Consumer Technology Association (CTA). “Congress must move quickly to advance the CLARITY Act and establish a modern framework that unlocks the full potential of blockchain and digital asset technologies while reinforcing American leadership in the next generation of finance.”
“Fidelity commends the Senate Banking Committee for advancing the CLARITY Act. The bill provides a balanced approach and, if passed, will offer statutory clarity to digital asset markets, benefiting American investors and helping ensure the U.S. remains a global leader in digital assets,” said Fidelity Public Policy.
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美国参议院银行委员会推进CLARITY法案
重要性未评级
发布时间早于日报 5 天摘要窗口。
中文摘要
- 参议院银行委员会称其于2026-05-14以15比9通过H.R.3633并将法案送往参议院全院。
- 国会网站的旧抓取页仍只显示2025-09-18转交参议院银行委员会，和2026-05-14委员会页面存在更新时间差。
- 2026-07-22参议院委员会会议清单未列出CLARITY相关议程；本次检索也未找到官方确认的7月22日全院表决时间。
英文原文
Chairman Scott, Senate Banking Committee Advance Clarity Act in Historic Bipartisan Vote | United States Committee on Banking, Housing, and Urban Affairs
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May 14, 2026
Chairman Scott, Senate Banking Committee Advance Clarity Act in Historic Bipartisan Vote
Washington, D.C. — Chairman Tim Scott (R-S.C.) today led the Senate Banking Committee in a successful bipartisan markup to advance H.R. 3633, the Digital Asset Market Clarity Act of 2025 , legislation to establish clear rules of the road for digital assets. After nearly a year of good-faith bipartisan negotiations, Senate Banking Committee Republicans and Democrats came together today to advance a comprehensive market structure bill that will establish America as the crypto capital of the world. The bill advanced out of committee today by a vote of 15-9 and now moves to the Senate floor.
“Today, the Banking Committee showed the American people that Washington can still work together. We had a serious debate, worked through real differences, and came together around a shared goal: protecting consumers, supporting innovation, and keeping the future of finance in America. This legislation brings digital assets into the sunlight with clear rules, stronger safeguards, and better tools to stop bad actors. For me, this is personal. My mother raised my brother and me with faith, grit, and determination, and she taught me that the American Dream should be within reach for every family, including single mothers working hard to build a better life for their children. Today is a historic day for this Committee and a major victory for the American people,” said Chairman Scott.
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National Security Advisory: Clarity Act Fails to Address Key Vulnerabilities Exploited by Criminals, Terrorists, and Foreign Adversaries
重要性未评级
发布时间早于日报 5 天摘要窗口。
中文摘要
- 参议院银行委员会少数党工作人员在委员会审议前发布国家安全咨询，认为当时文本对非法金融和DeFi漏洞处理不足。
- 该材料与多数党对消费者保护和反洗钱条款的正面描述形成公开政策分歧。
英文原文
National Security Advisory: Clarity Act Fails to Address Key Vulnerabilities Exploited by Criminals, Terrorists, and Foreign Adversaries | United States Committee on Banking, Housing, and Urban Affairs
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May 14, 2026
National Security Advisory: Clarity Act Fails to Address Key Vulnerabilities Exploited by Criminals, Terrorists, and Foreign Adversaries
Minority Staff Release Open-Source Analysis Illustrating Urgency of Closing Illicit Finance Gaps to Protect Americans
Full Analysis (PDF)
Washington, D.C. – Today, the Senate Banking, Housing, and Urban Affairs Committee will debate and vote on the Clarity Act, legislation that would reshape the regulatory framework for cryptocurrency markets. As Congress considers crypto market structure legislation, it must protect Americans by closing known illicit finance vulnerabilities in our own system and lay the foundation for pressing other countries to do the same. It must avoid creating new carveouts that can be exploited by sanctions evaders, terrorists, cartels, child abusers, and other criminals.
Minority staff on the Committee have compiled a detailed national security advisory drawing on open-source intelligence reports, law enforcement warnings, industry analyses, and government findings that together paint a stark picture of how digital assets and decentralized finance (DeFi) services are already being exploited — and how the Clarity Act, as currently written, would make the problem worse, not better. The current draft of the Clarity Act, for example:
- Fails to adopt the global standard—supported by the first Trump Administration—for identifying which crypto platforms must take basic steps to prevent money laundering and other illicit activity like any other financial institution, leaving many transactions unmonitored for suspicious activity.
- Exempts businesses tied to DeFi services from basic illicit finance requirements, even if they make millions from a platform’s transactions.
- Fails to close the Tornado Cash loophole, allowing some of the worst crypto mixers to escape U.S. sanctions—even when we know they are laundering billions for terrorists, rogue states, cartels, or criminals.
- Fails to close a loophole in law that could allow anyone outside the United States to pay sanctioned actors in stablecoins instead of dollars to escape the reach of U.S. sanctions enforcement actions.
The Minority staff advisory documents alarming open-source evidence across six threat categories:
- Drug Cartels Increasingly Rely on Crypto to Finance Their Operations
- Terrorist Organizations Are Exploiting Crypto to Fund Violence
- Rogue States Are Using Crypto to Fund Weapons Programs and Terrorists
- Foreign Adversaries Are Evading Sanctions and Funding Military Operations
- Trends Favor Criminals Who Are Already Laundering Billions with Crypto
- Crypto and DeFi Facilitate Child Abuse, Ransomware Attacks, and Extortion.
To read the full analysis click HERE .
###
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Microsoft FY2026 Q3 Earnings Release
重要性未评级
发布时间早于日报 5 天摘要窗口。
中文摘要
- 季度收入829亿美元，同比增长18%；Azure及其他云服务收入同比增长40%。
- 公司披露季度资本开支319亿美元，其中约三分之二用于GPU和CPU等短寿命资产。
英文原文
FY26 Q3 - Press Releases - Investor Relations - Microsoft
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Press Release & Webcast
Earnings Release FY26 Q3
Microsoft Cloud and AI Strength
Fuels Third Quarter Results
REDMOND, Wash. — April 29, 2026 — Microsoft Corp. today announced the following results for the
quarter ended March 31, 2026, as compared to the corresponding period of last
fiscal year:
·
Revenue was $82.9 billion and increased 18% (up 15% in constant
currency)
·
Operating income was $38.4 billion and increased 20% (up 16% in
constant currency)
·
Net income was $31.8 billion and increased 23% on a GAAP basis,
and increased 20% (up 18% in constant currency) on a non-GAAP basis
·
Diluted earnings per share was $4.27 and increased 23% on a GAAP
basis, and increased 21% (up 18% in constant currency) on a non-GAAP basis
·
Non-GAAP results exclude the impact from investments in OpenAI, explained
in the Non-GAAP Definition section below
“We are focused on delivering cloud and AI infrastructure and solutions that empower every business to eval-max their outcomes in the agentic computing era," said Satya Nadella, chairman and chief executive officer of Microsoft. “Our AI business surpassed an annual revenue run rate of $37 billion, up 123% year-over-year.”
“We delivered results
that exceeded expectations across revenue, operating income, and earnings per
share, reflecting strong execution and growing demand for the Microsoft Cloud,”
said Amy Hood, executive vice president and chief financial officer of
Microsoft.
The following table reconciles our financial results reported in
accordance with generally accepted accounting principles (GAAP) to non-GAAP
financial results. Additional information regarding our non-GAAP definition is
provided below. All growth comparisons relate to the corresponding period in
the last fiscal year.
Three Months Ended March 31,
2026
2025
Percentage Change Y/Y
($ in millions, except per share amounts)
As
Reported
(GAAP)
Adjustment*
As
Adjusted
(non-GAAP)
As
Reported
(GAAP)
Adjustment*
As
Adjusted
(non-GAAP)
GAAP
Constant Currency
Non-
GAAP
Non-GAAP Constant Currency
Net
Income
$31,778
$14
$31,792
$25,824
$583
$26,407
23%
20%
20%
18%
Diluted
Earnings
per Share
$4.27
$0.00
$4.27
$3.46
$0.08
$3.54
23%
21%
21%
18%
*Adjustment is the impact from
investments in OpenAI
Business Highlights
Microsoft
Cloud revenue was $54.5 billion and increased 29% (up 25% in constant currency),
and commercial remaining performance obligation increased 99% to $627 billion.
Revenue
in Productivity and Business Processes was $35.0 billion and increased 17%
(up 13% in constant currency), with the following business highlights:
·
Microsoft 365 Commercial cloud revenue increased 19% (up 15% in
constant currency)
·
Microsoft 365 Consumer cloud revenue increased 33% (up 29% in
constant currency)
·
LinkedIn revenue increased 12% (up 9% in constant currency)
·
Dynamics 365 revenue increased 22% (up 17% in constant currency)
Revenue
in Intelligent Cloud was $34.7 billion and increased 30% (up 28% in constant
currency), with the following business highlights:
·
Azure and other cloud services revenue increased 40% (up 39% in
constant currency)
Revenue
in More Personal Computing was $13.2 billion and decreased 1% (down 3% in
constant currency), with the following business highlights:
·
Windows OEM and Devices revenue decreased 2% (down 3% in
constant currency)
·
Xbox content and services revenue decreased 5% (down 7% in
constant currency)
·
Search advertising revenue excluding traffic acquisition costs
increased 12% (up 9% in constant currency)
Microsoft
returned $10.2 billion to shareholders in the form of dividends and share
repurchases in the third quarter of fiscal year 2026.
Business Outlook
Microsoft will provide
forward-looking guidance in connection with this quarterly earnings
announcement on its earnings conference call and webcast.
Quarterly Highlights,
Product Releases, and Customer Stories
Every quarter Microsoft
delivers hundreds of products, services, and enhancements. These releases are driven
by years of significant research and development investments, to empower
customers with greater productivity, security, and differentiated value.
This momentum is reflected in
stories that showcase how our technology is shaping industries and driving customer
success . We share innovation updates on our product blogs across Azure , Microsoft
365 , and more on our Official Microsoft blog .
Webcast Details
Satya
Nadella, chairman and chief executive officer, Amy Hood, executive vice
president and chief financial officer, Alice Jolla, chief accounting officer, Brian
DeFoe, deputy general counsel and corporate secretary, and Jonathan Neilson,
vice president of investor relations, will host a conference call and webcast
at 2:30 p.m. Pacific time (5:30 p.m. Eastern time) today to discuss details of
the company’s performance for the quarter and certain forward-looking
information. The session may be accessed at http://www.microsoft.com/en-us/investor . Participants can also dial into the conference call at (877)
407-0666 or +1 (201) 689-8023 for international, no password required. The
webcast will be available for replay through the close of business on April 29,
2027.
Non-GAAP Definition
Impact from investments in
OpenAI. In the third quarter of fiscal
year 2026, net losses from investments in OpenAI resulted in a decrease in net
income of $14 million and had minimal impact on earnings per share. In the third
quarter of fiscal year 2025, net income and diluted earnings per share were
impacted by net losses from investments in OpenAI, which resulted in a decrease
in net income and diluted earnings per share of $583 million and $0.08, respectively.
Microsoft has provided
non-GAAP financial measures related to the impact from investments in OpenAI to
aid investors in better understanding our performance. Microsoft believes these
non-GAAP measures assist investors by providing additional insight into its
operational performance and help clarify trends affecting its business. For
comparability of reporting, management considers non-GAAP measures in
conjunction with GAAP financial results in evaluating business performance. The
non-GAAP financial measures presented in this release should not be considered
as a substitute for, or superior to, the measures of financial performance
prepared in accordance with GAAP.
Constant Currency
Microsoft
presents constant currency information to provide a framework for assessing how
our underlying businesses performed excluding the effect of foreign currency
rate fluctuations. To present this information, current and comparative prior
period results for entities reporting in currencies other than United States
dollars are converted into United States dollars using the average exchange
rates from the comparative period rather than the actual exchange rates in
effect during the respective periods. All growth comparisons relate to the
corresponding period in the last fiscal year. Microsoft has provided this
non-GAAP financial information to aid investors in better understanding our
performance. The non-GAAP financial measures presented in this release should
not be considered as a substitute for, or superior to, the measures of
financial performance prepared in accordance with GAAP.
Financial Performance
Constant Currency Reconciliation
Three
Months Ended March 31,
($ in millions, except
per share amounts)
2026
2025
Percentage Change Y/Y
Percentage Change Y/Y
As Reported
(GAAP)
As Adjusted
(non-GAAP)
As Reported
(GAAP)
As Adjusted
(non-GAAP)
GAAP
Non-
GAAP
Constant Currency Impact
Constant Currency
Non-GAAP Constant
Currency
Revenue
$82,886
-
$70,066
-
18%
-
$2,067
15%
-
Operating
Income
$38,398
-
$32,000
-
20%
-
$1,300
16%
-
Net Income
$31,778
$31,792
$25,824
$26,407
23%
20%
$740
20%
18%
Diluted
Earnings
per Share
$4.27
$4.27
$3.46
$3.54
23%
21%
$0.10
21%
18%
Segment Revenue Constant Currency Reconciliation
Three
Months Ended March 31,
($ in millions)
2026
2025
Percentage Change Y/Y
Constant Currency Impact
Percentage Change Y/Y
As Reported
(GAAP)
As Reported
(GAAP)
GAAP
Constant Currency
Productivity and Business Processes
$35,013
$29,944
17%
$1,325
13%
Intelligent Cloud
$34,681
$26,751
30%
$506
28%
More Personal Computing
$13,192
$13,371
(1)%
$235
(3)%
Selected
Product and Service Information Constant Currency Reconciliation
Three Months Ended March 31, 2026
Percentage Change Y/Y (GAAP)
Constant Currency Impact
Percentage Change Y/Y Constant Currency
Microsoft Cloud revenue
29%
(4)%
25%
Commercial remaining performance obligation
99%
0%
99%
Microsoft 365 Commercial cloud revenue
19%
(4)%
15%
Microsoft 365 Consumer cloud revenue
33%
(4)%
29%
LinkedIn revenue
12%
(3)%
9%
Dynamics 365 revenue
22%
(5)%
17%
Azure and other cloud services revenue
40%
(1)%
39%
Windows OEM and Devices revenue
(2)%
(1)%
(3)%
Xbox content and services revenue
(5)%
(2)%
(7)%
Search advertising revenue excluding traffic acquisition costs
12%
(3)%
9%
About
Microsoft
Microsoft
(Nasdaq “MSFT” @microsoft) creates platforms and tools powered by AI to deliver
innovative solutions that meet the evolving needs of our customers. The
technology company is committed to making AI available broadly and doing so
responsibly, with a mission to empower every person and every organization on
the planet to achieve more.
Forward-Looking
Statements
Statements
in this release that are “forward-looking statements” are based on current
expectations and assumptions that are subject to risks and uncertainties.
Actual results could differ materially because of factors such as:
·
intense competition in all of our markets that could adversely
affect our results of operations;
·
focus on cloud-based and AI services presenting execution and
competitive risks;
·
significant investments in products and services that may not
achieve expected returns;
·
acquisitions, joint ventures, and strategic alliances that could
have an adverse effect on our business;
·
cyberattacks and security vulnerabilities that could lead to
reduced revenue, increased costs, liability claims, or harm to our reputation
or competitive position;
·
disclosure and misuse of personal data that could cause
liability and harm to our reputation;
·
the possibility that we may not be able to protect information
in our products and services from use by others;
·
abuse of our advertising, professional, marketplace, or gaming
platforms that may harm our reputation or user engagement;
·
products and services, how they are used by customers, and how
third-party products and services interact with them, presenting security,
privacy, and execution risks;
·
issues about the use of AI in our offerings that may result in
reputational or competitive harm, or liability;
·
excessive outages, data losses, and disruptions of our online
services if we fail to maintain an adequate operations infrastructure;
·
supply or quality problems;
·
potential consequences of new, existing, and evolving legal and
regulatory requirements;
·
claims against us that could result in adverse outcomes in legal
disputes;
·
uncertainties relating to our business with government
customers;
·
additional tax liabilities;
·
an inability to protect and utilize our intellectual property
may harm our business and operating results;
·
claims that Microsoft has infringed the intellectual property
rights of others;
·
damage to our reputation or our brands that may harm our
business and results of operations;
·
adverse economic or market conditions that could harm our
business;
·
catastrophic events or geopolitical conditions, such as the
COVID-19 pandemic, that could disrupt our business;
·
exposure to increased economic and operational uncertainties
from operating a global business, including the effects of foreign currency
exchange; and
·
the dependence of our business on our ability to attract and
retain talented employees.
For
more information about risks and uncertainties associated with Microsoft’s
business, please refer to the “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” and “Risk Factors” sections of
Microsoft’s SEC filings, including, but not limited to, its annual report on
Form 10-K and quarterly reports on Form 10-Q, copies of which may be obtained
by contacting Microsoft’s Investor Relations department at (800) 285-7772 or at
Microsoft’s Investor Relations website at http://www.microsoft.com/en-us/investor .
All
information in this release is as of March 31, 2026. The company undertakes no
duty to update any forward-looking statement to conform the statement to actual
results or changes in the company’s expectations.
For
more information, press only:
Microsoft
Media Relations, WE Communications for Microsoft, (425) 638-7777,
rrt@we-worldwide.com
For
more information, financial analysts and investors only:
Jonathan
Neilson, Vice President, Investor Relations, (425) 706-4400
Note
to editors: For more information, news and perspectives from Microsoft, please
visit the Microsoft News Center at http://www.microsoft.com/news . Web links, telephone numbers, and titles were correct at time
of publication, but may since have changed. Shareholder and financial
information, as well as today’s 2:30 p.m. Pacific time conference call with
investors and analysts, is available at http://www.microsoft.com/en-us/investor .
MICROSOFT
CORPORATION
INCOME STATEMENTS
(In millions, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
Nine Months Ended
March 31,
2026
2025
2026
2025
Revenue:
Product
$15,089
$15,319
$47,462
$46,810
Service
and other
67,797
54,747
194,370
158,473
Total
revenue
82,886
70,066
241,832
205,283
Cost
of revenue:
Product
2,733
3,037
9,160
10,187
Service
and other
24,095
18,882
67,689
53,630
Total
cost of revenue
26,828
21,919
76,849
63,817
Gross
margin
56,058
48,147
164,983
141,466
Research
and development
8,915
8,198
25,565
23,659
Sales
and marketing
6,814
6,212
19,115
18,369
General
and administrative
1,931
1,737
5,669
5,233
Operating
income
38,398
32,000
114,634
94,205
Other
income (expense), net
942
(623)
7,253
(3,194)
Income
before income taxes
39,340
31,377
121,887
91,011
Provision
for income taxes
7,562
5,553
23,904
16,412
Net
income
$31,778
$25,824
$97,983
$74,599
Earnings
per share:
Basic
$4.28
$3.47
$13.19
$10.03
Diluted
$4.27
$3.46
$13.14
$9.99
Weighted
average shares outstanding:
Basic
7,426
7,434
7,430
7,434
Diluted
7,445
7,461
7,457
7,466
COMPREHENSIVE INCOME
STATEMENTS
(In millions) (Unaudited)
Three Months Ended
March 31,
Nine Months Ended
March 31,
2026
2025
2026
2025
Net
income
$31,778
$25,824
$97,983
$74,599
Other
comprehensive income (loss), net of tax:
Net
change related to derivatives
0
(20)
(6)
4
Net
change related to investments
(239)
450
287
1,130
Translation
adjustments and other
(287)
353
(162)
(377)
Other
comprehensive income (loss)
(526)
783
119
757
Comprehensive
income
$31,252
$26,607
$98,102
$75,356
BALANCE SHEETS
(In millions) (Unaudited)
March 31,
2026
June 30,
2025
Assets
Current
assets:
Cash
and cash equivalents
$32,105
$30,242
Short-term
investments
46,167
64,323
Total
cash, cash equivalents, and short-term investments
78,272
94,565
Accounts
receivable, net of allowance for doubtful accounts of $794 and $944
60,041
69,905
Inventories
1,219
938
Other
current assets
35,797
25,723
Total
current assets
175,329
191,131
Property
and equipment, net of accumulated depreciation of $111,723 and $93,653
283,228
204,966
Operating
lease right-of-use assets
24,403
24,823
Equity
and other investments
33,683
15,405
Goodwill
119,661
119,509
Intangible
assets, net
19,325
22,604
Other
long-term assets
38,599
40,565
Total
assets
$694,228
$619,003
Liabilities
and stockholders' equity
Current
liabilities:
Accounts
payable
$37,513
$27,724
Current portion of long-term debt
8,839
2,999
Accrued
compensation
11,270
13,709
Short-term
income taxes
3,563
7,211
Short-term
unearned revenue
50,924
64,555
Other
current liabilities
24,552
25,020
Total
current liabilities
136,661
141,218
Long-term
debt
31,423
40,152
Long-term
income taxes
27,941
25,986
Long-term
unearned revenue
2,753
2,710
Deferred
income taxes
2,899
2,835
Operating
lease liabilities
16,703
17,437
Other
long-term liabilities
61,481
45,186
Total
liabilities
279,861
275,524
Commitments
and contingencies
Stockholders'
equity:
Common
stock and paid-in capital - shares authorized 24,000; outstanding 7,429
and 7,434
115,069
109,095
Retained
earnings
302,526
237,731
Accumulated
other comprehensive loss
(3,228)
(3,347)
Total
stockholders' equity
414,367
343,479
Total
liabilities and stockholders' equity
$694,228
$619,003
CASH FLOWS STATEMENTS
(In millions) (Unaudited)
Three Months Ended
March 31,
Nine Months Ended
March 31,
2026
2025
2026
2025
Operations
Net
income
$31,778
$25,824
$97,983
$74,599
Adjustments
to reconcile net income to net cash from operations:
Depreciation,
amortization, and other
10,167
7,734
27,512
20,116
Stock-based
compensation expense
3,081
2,980
9,283
8,901
Net
recognized losses (gains) on investments and derivatives
(1,280)
708
(7,304)
3,387
Deferred
income taxes
2,602
(2,244)
9,539
(4,835)
Changes
in operating assets and liabilities:
Accounts
receivable
(4,707)
(2,461)
8,347
5,598
Inventories
(161)
52
(283)
390
Other
current assets
758
1,076
215
642
Other
long-term assets
(932)
(518)
(2,614)
(3,368)
Accounts
payable
2,320
1,179
2,903
1,221
Unearned
revenue
(166)
(1,032)
(13,067)
(12,923)
Income
taxes
2,296
1,298
(1,568)
(1,081)
Other
current liabilities
2,539
2,839
(166)
576
Other
long-term liabilities
(1,616)
(391)
(3,286)
292
Net
cash from operations
46,679
37,044
127,494
93,515
Financing
Repayments
of debt, maturities of 90 days or less
0
0
0
(5,746)
Repayments
of debt
0
(2,250)
(3,000)
(3,216)
Common
stock issued
541
546
1,489
1,508
Common
stock repurchased
(4,627)
(4,781)
(17,692)
(13,874)
Common
stock cash dividends paid
(6,756)
(6,169)
(19,687)
(17,913)
Other,
net
(509)
(382)
(1,877)
(1,614)
Net
cash used in financing
(11,351)
(13,036)
(40,767)
(40,855)
Investing
Additions
to property and equipment
(30,876)
(16,745)
(80,146)
(47,472)
Acquisition
of companies, net of cash acquired and divestitures, and purchases of
intangible and other assets
(258)
(981)
(1,291)
(4,235)
Purchases
of investments
(12,006)
(4,474)
(39,522)
(8,144)
Maturities
of investments
11,976
6,721
30,424
11,461
Sales
of investments
6,358
2,161
15,311
6,688
Other,
net
(2,599)
604
(9,445)
(325)
Net
cash used in investing
(27,405)
(12,714)
(84,669)
(42,027)
Effect
of foreign exchange rates on cash and cash equivalents
(114)
52
(195)
(120)
Net
change in cash and cash equivalents
7,809
11,346
1,863
10,513
Cash
and cash equivalents, beginning of period
24,296
17,482
30,242
18,315
Cash and cash equivalents, end of period
$32,105
$28,828
$32,105
$28,828
We have recast certain prior period amounts to conform to the
current period presentation.
SEGMENT RESULTS
(In millions) (Unaudited)
Three Months Ended
March 31,
Nine Months Ended
March 31,
2026
2025
2026
2025
Productivity and Business Processes
Revenue
$35,013
$29,944
$102,149
$87,698
Cost of revenue
6,197
5,517
18,028
16,380
Operating expenses
7,843
7,048
22,142
20,538
Operating income
$20,973
$17,379
$61,979
$50,780
Intelligent Cloud
Revenue
$34,681
$26,751
$98,485
$76,387
Cost of revenue
15,120
10,307
41,000
28,326
Operating expenses
5,808
5,349
16,468
15,612
Operating income
$13,753
$11,095
$41,017
$32,449
More Personal Computing
Revenue
$13,192
$13,371
$41,198
$41,198
Cost of revenue
5,511
6,095
17,821
19,111
Operating expenses
4,009
3,750
11,739
11,111
Operating income
$3,672
$3,526
$11,638
$10,976
Total
Revenue
$82,886
$70,066
$241,832
$205,283
Cost of revenue
26,828
21,919
76,849
63,817
Operating expenses
17,660
16,147
50,349
47,261
Operating income
$38,398
$32,000
$114,634
$94,205
IMPORTANT NOTICE TO USERS
(summary only,
click here
for full text of notice); All information is unaudited unless otherwise noted or
accompanied by an audit opinion and
is subject to the more comprehensive information contained in our SEC reports and filings. We do not
endorse third-party
information. All information speaks as of the last fiscal quarter or year for which we have filed a Form
10-K or 10-Q, or
for historical information the date or period expressly indicated in or with such information. We
undertake no duty to update
the information. Forward-looking statements are subject to risks and uncertainties described in
our
Forms 10-Q and 10-K.
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Vertiv Q1 2026 Results
重要性未评级
中文摘要
- 季度净销售额26.5亿美元，同比增长30%，其中有机增长23%。
- 美洲有机销售增长44%；公司给出2026年全年净销售额135亿至140亿美元指引。
- 公司披露未兑现积压订单、订单取消、固定价合同、关税和供应管理均为风险。
英文原文
Vertiv Q1 2026 Results
本地未取得可读全文：HTTP 403。可使用上方“打开原文”核查。
NVIDIA and Nebius partner to scale full-stack AI cloud
重要性未评级
发布时间早于日报 5 天摘要窗口。
中文摘要
- Nebius与NVIDIA于2026年3月11日宣布战略合作，NVIDIA将投资20亿美元。
- 双方披露的合作目标包括支持Nebius在2030年底前部署超过5GW的NVIDIA系统。
英文原文
NVIDIA and Nebius partner to scale full-stack AI cloud
- Deep engineering collaboration on AI factories, powering inference and agentic AI
- Enables Nebius to deploy more than 5 gigawatts of NVIDIA systems by end of 2030
Santa Clara, Calif., and Amsterdam — March 11, 2026 — NVIDIA and Nebius Group N.V. (NASDAQ: NBIS) today announced a strategic partnership to develop and deploy the next generation of hyperscale cloud for the AI market, from AI natives to enterprises.
NVIDIA will invest $2 billion in Nebius, reflecting NVIDIA’s confidence in Nebius’s business and unique depth of engineering expertise across the full AI technology stack.
To help meet rapidly growing global demand for high-performance compute, the partnership deepens Nebius and NVIDIA’s relationship across the full AI technology stack, from AI factory architecture to production software, enabling Nebius to accelerate the buildout of its industry-leading, full-stack AI cloud platform.
This partnership builds upon Nebius’s ongoing deployment of NVIDIA infrastructure across its global platform, including multiple gigawatt-scale AI factories in the U.S. To enable Nebius to deploy more than 5 gigawatts of capacity by end of 2030, NVIDIA will support Nebius’s early adoption of the latest generation of NVIDIA’s accelerated computing platform.
Under the terms of the partnership, the companies will collaborate on:
-
AI factory design and support: Including access to partner design material, design review processes and acceptance, early samples and system software support, bring-up support, and regular system partner business and technical reviews.
-
Inference: Creating a best-in-class inference and agentic AI stack for developers and enterprises with NVIDIA’s latest software technologies, optimized models and libraries.
-
AI infrastructure deployment: Deploying multiple generations of NVIDIA infrastructure across Nebius’s platform through early adoption of NVIDIA computing architectures, including the NVIDIA Rubin platform, NVIDIA Vera CPUs and NVIDIA BlueField® storage systems.
-
Fleet management: Optimizing Nebius’s holistic fleet health by deploying NVIDIA’s latest GPU health monitoring and software recommendations.
“AI is at another inflection point — agentic AI, driving incredible compute demand and accelerating infrastructure buildout, ” said Jensen Huang, founder and CEO of NVIDIA . “Nebius is building an AI cloud designed for the agentic era, fully integrated from silicon to software and powered by NVIDIA’s next-generation accelerated compute. Together, we are scaling the cloud to meet the surging global demand for intelligence.”
“Nebius has been built for AI since day one — not adapted from a general-purpose cloud, but designed for what developers actually need, ” said Arkady Volozh, CEO of Nebius . “Now with NVIDIA, we are extending that throughout the stack — from gigawatt-scale AI factories to inference and software — as we build one of the first and largest clouds for all AI builders everywhere.”
About NVIDIA About NVIDIA
NVIDIA (NASDAQ: NVDA) is the world leader in AI and accelerated computing.
NVIDIA Forward-Looking Statements NVIDIA Forward-Looking Statements
Certain statements in this press release including, but not limited to, statements as to: agentic AI driving incredible compute demand and accelerating infrastructure buildout; Nebius building an AI cloud designed for the agentic era, fully integrated from silicon to software and powered by NVIDIA’s next-generation accelerated compute; NVIDIA and Nebius scaling the cloud to meet the surging global demand for intelligence; the benefits, impact, performance, and availability of NVIDIA’s products, services, and technologies; expectations with respect to NVIDIA’s third party arrangements, including with its collaborators and partners; expectations with respect to technology developments; and other statements that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections based on management’s beliefs and assumptions and on information currently available to management and are subject to risks and uncertainties that could cause results to be materially different than expectations. Important factors that could cause actual results to differ materially include: global economic and political conditions; NVIDIA’s reliance on third parties to manufacture, assemble, package and test NVIDIA’s products; the impact of technological development and competition; development of new products and technologies or enhancements to NVIDIA’s existing product and technologies; market acceptance of NVIDIA’s products or NVIDIA’s partners’ products; design, manufacturing or software defects; changes in consumer preferences or demands; changes in industry standards and interfaces; unexpected loss of performance of NVIDIA’s products or technologies when integrated into systems; NVIDIA’s ability to realize the potential benefits of business investments or acquisitions; and changes in applicable laws and regulations, as well as other factors detailed from time to time in the most recent reports NVIDIA files with the Securities and Exchange Commission, or SEC, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of reports filed with the SEC are posted on the company’s website and are available from NVIDIA without charge. These forward-looking statements are not guarantees of future performance and speak only as of the date hereof, and, except as required by law, NVIDIA disclaims any obligation to update these forward-looking statements to reflect future events or circumstances.
© 2026 NVIDIA Corporation. All rights reserved. NVIDIA, the NVIDIA logo and BlueField are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated. Features, pricing, availability and specifications are subject to change without notice.
About Nebius About Nebius
Nebius, the AI cloud company, is building the full-stack platform for developers and companies to take charge of their AI future — from data and model training to production deployment. Founded on deep in-house technological expertise and operating at scale with a rapidly expanding global footprint, Nebius serves startups and enterprises building AI products, agents, and services worldwide.
Nebius is listed on Nasdaq (NASDAQ: NBIS) and headquartered in Amsterdam.
For more information please visit www.nebius.com .
Nebius Forward-Looking Statements Nebius Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our future financial and business performance, strategy, expected growth, planned investments and capital expenditures, capacity expansion plans, anticipated future financing transactions and expected financial results, are forward-looking statements. The words “anticipate, ” “believe, ” “continue, ” “estimate, ” “expect, ” “guide, ” “intend, ” “likely, ” “may, ” “will” and similar expressions and their negatives are intended to identify forward-looking statements.
These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. Actual results may differ materially from the results predicted or implied by such statements, and our reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted or implied by such statements include, among others: market, macroeconomic and geopolitical conditions; our ability to build, operate and manage our businesses to the desired scale; competitive pressures; technological developments; our ability to secure and retain clients; our ability to secure additional capital to enable the growth of the business; unpredictable sales cycles; and potential pricing pressures; as well as those risks and uncertainties related to our continuing businesses included under the captions “Risk Factors” and “Operating and Financial Review and Prospects” in our Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on April 30, 2025, which is available on our investor relations website at https://group.nebius.com and on the SEC website at www.sec.gov.
All information in this press release is as of the date hereof (unless stated otherwise). Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date hereof and, while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.
Contacts Contacts
For further information, contact:
Mylene Mangalindan
Corporate Communications
NVIDIA Corporation
press@nvidia.com
Toshiya Hari
Investor Relations
NVIDIA Corporation
toshiyah@nvidia.com
Nebius contacts:
Media relations: media@nebius.com
Investor relations: askIR@nebius.com
- NVIDIA and Nebius partner to scale full-stack AI cloud
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Mineral Commodity Summaries 2026
重要性未评级
发布时间早于日报 5 天摘要窗口。
中文摘要
- USGS称2025年美国精炼铜产量估计同比下降9%，2025年COMEX铜均价估计为每磅4.80美元。
- 美国2025年稀土化合物和金属进口量增加169%；稀土磁材仍存在显著进口依赖。
英文原文
USGS Publications Warehouse
Mineral Commodity Summaries 2026
Mineral Commodity Summaries
2026
By: U.S. Geological Survey
https://doi.org/10.3133/mcs2026
Metrics
Cited by 15 publications in Crossref
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Mineral Commodity Summaries Prior to 2026
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Commodity Statistics and Information
- Data Release:
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- Data release for mineral commodity summaries 2026
- Version History:
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Introduction
Each mineral commodity chapter of the 2026 edition of the U.S. Geological Survey (USGS) Mineral Commodity Summaries (MCS) includes information on events, trends, and issues for each mineral commodity as well as discussions and tabular presentations on domestic industry structure, Government programs, tariffs, 5-year salient statistics, and world production, reserves, and resources. The MCS is the earliest comprehensive source of 2025 mineral production data for the world. More than 90 individual minerals and materials are covered by two-page synopses.
Abbreviations and units of measure and definitions of selected terms used in the report are in Appendix A and Appendix B, respectively. Reserves and resources information is in Appendix C, which includes “Part A—Resource and Reserve Classification for Minerals” and “Part B—Sources of Reserves Data.” A directory of USGS minerals information country specialists and their responsibilities is in Appendix D.
The USGS continually strives to improve the value of its publications to users. Constructive comments and suggestions by readers of the 2026 MCS are welcomed.
Suggested Citation
U.S. Geological Survey, 2026, Mineral commodity summaries 2026 (ver. 1.3, May 2026): U.S. Geological Survey, 222 p., https://doi.org/10.3133/mcs2026.
Table of Contents
- Introduction
- Figure 1—The Role of Nonfuel Mineral Commodities in the U.S. Economy
- Significant Events, Trends, and Issues
- Table 1—U.S. Mineral Industry Trends
- Table 2—U.S. Mineral-Related Economic Trends
- Figure 2—2025 U.S. Net Import Reliance
- Figure 3—Import Sources (2021–24) of Critical Minerals
- Table 3—Value of Nonfuel Mineral Production in the United States in 2025
- Table 4—Export Control on Mineral Commodities, by Country
- Table 5—Recent Mineral-Related Trade Agreements, by Country
- Figures 4–8—Value of Nonfuel Minerals Produced in 2025
- Table 6—The U.S. Final 2025 Critical Minerals List
- U.S. Critical Minerals Update
- Table 7—Salient Critical Minerals Statistics in 2025
- Figure 9—20-Year Trend of U.S. Net Import Reliance for Critical Minerals
- Figure 10—Estimated 1-Year Percent Change and 5-Year Compound Annual Growth Rate in Prices of Critical Minerals
- Figures 11–12—Change in U.S. Consumption of Nonfuel Mineral Commodities
- Figure 13—2025 Value of Old Scrap Domestically Recycled, Imported, and Exported
- Appendix A—Abbreviations and Units of Measure
- Appendix B—Definitions of Selected Terms Used in This Report
- Appendix C—Reserves and Resources
- Appendix D—Country Specialists Directory
Publication type
Report
Publication Subtype
USGS Numbered Series
Title
Mineral commodity summaries 2026
Series title
Mineral Commodity Summaries
Series number
2026
ISBN
978-1-4113-4643-7
DOI
10.3133/mcs2026
Edition
Version 1.0: February 2026; Version 1.1: March 2026; Version 1.2: April 2026; Version 1.3: May 2026
Publication Date
February 06, 2026
Year Published
2026
Language
English
Publisher
U.S. Geological Survey
Publisher location
Reston, VA
Contributing office(s)
National Minerals Information Center
Description
Report: 222 p.; Data Release; Data Visualization
Online Only (Y/N)
N
Additional Online Files (Y/N)
Y
Additional publication details
Marvell暂无新增路演安排
重要性2/5 中低
官方来源可用于MRVL事件日历核对，但没有新增事件或经营信息。
中文摘要
核心结论
Marvell投资者关系日历显示当前没有已排期的未来活动；页面列出的最新历史活动包括6月初两场技术会议和05/27的2027财年第一季度业绩电话会。
重要性评级
评级：2/5（中低）
这是MRVL官方日历，能确认近期没有新增活动，但缺乏业绩、经营或战略信息，且页面未注明更新时间。
关键事实
- 页面明确写明当前没有安排未来活动。
- 06/03参加美国银行证券2026全球科技会议。
- 06/02参加2026 Evercore全球科技、媒体与通信会议。
- 05/27举行2027财年第一季度业绩电话会。
- 03/17至03/19参加OFC 2026（光纤通信大会暨展览会）。
- 03/05举行2026财年第四季度业绩电话会。
- 页面提供未来活动与新闻稿邮件提醒入口。
作者观点与证据
该页面是公司活动清单，没有分析立场。可确认“暂无未来活动”及历史活动名称，无法判断下一次财报或管理层路演日期。
与相关标的的关系
仅直接关联MRVL，主要用于事件日历维护。历史技术会议可作为查找公司演示资料的入口，但本页没有会议内容。
时效性与限制
页面未给出发布日期或最后更新时间，抓取于美东时间 07/21 22:52（UTC+8 07/22 10:52）。日历可能随公司安排更新，当前空白不能推断长期没有活动。
后续跟踪
- 下一次财报电话会日期
- 新增投资者会议和路演
- 历史会议演示文稿及回放
英文原文
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Coherent投资者资料入口
重要性2/5 中低
官方页面可信，但归档内容只是资料入口和过往活动，缺少当日新增事实。
中文摘要
核心结论
Coherent投资者关系首页提供财务新闻、演示材料、年度报告、监管申报和治理资料入口；页面突出展示05/06举行的2026财年第三季度业绩网络直播，但没有披露新的经营数据。
重要性评级
评级：2/5（中低）
来源为COHR官方页面，适合作为原始资料导航；现有归档仅有栏目和过往财报活动，无法形成新的基本面判断。
关键事实
- 页面展示2026财年第三季度业绩结果入口。
- 相关网络直播在美东时间 05/06 16:30（UTC+8 05/07 04:30）举行。
- 页面提供投资者演示材料入口。
- 页面提供年度申报和SEC（美国证券交易委员会）申报入口。
- 另有公司治理、ESG（环境、社会与治理）报告和交易专题栏目。
- 页面提供投资者关系联系邮箱。
作者观点与证据
页面没有作者观点，只承担投资者资料索引功能。除活动名称和时间外，归档正文未包含季度收入、利润、指引或交易条款。
与相关标的的关系
仅直接关联COHR，可用于定位公司官方业绩、监管文件和演示材料。现有内容对光通信、激光器或人工智能数据中心需求没有新增说明。
时效性与限制
页面没有发布日期或最后更新时间，抓取于美东时间 07/21 22:52（UTC+8 07/22 10:52）。所列业绩直播已发生，页面标题不能替代季度报告正文。
后续跟踪
- 2026财年第三季度业绩材料
- 最新投资者演示文稿
- 后续监管申报和公司交易更新
英文原文
Investor Relations | Coherent
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银行收紧企业与非银信贷标准
重要性3/5 重要背景
美联储官方调查覆盖信贷供需多个关键部门，证据质量高，但观测期停留在2026年一季度，对当日市场的即时解释力有限。
中文摘要
核心结论
美联储2026年4月SLOOS（高级信贷员意见调查）显示，一季度银行收紧C&I（工商贷款）标准，企业贷款需求大致不变；过去一年对NDFI（非存款金融机构）的贷款标准全面趋严，但需求同步增强。家庭信贷需求偏弱，商业地产内部差异显著。
重要性评级
评级：3/5（重要背景）
调查来自美联储，覆盖企业、地产、消费和非银融资，证据质量高；数据反映2026年一季度，距离当日日报已有时滞。
关键事实
- 调查收到64家美国本土银行和18家外资银行美国分支机构的答复；问卷于03/23（未给出具体时刻）发出，04/03（未给出具体时刻）截止。
- 各规模企业的C&I贷款标准均有小幅净收紧，需求总体大致不变。
- 风险较高贷款的溢价、契约和抵押要求趋严；银行同时因竞争压力缩窄部分贷款利差。
- CRE（商业地产）贷款标准整体大致不变，但大型银行普遍放宽，其他银行对开发建设和多户住宅贷款偏紧。
- 过去一年，CRE贷款额度上限提高、利差收窄、只付息期限延长，主要动力是银行及非银机构竞争。
- NDFI各类贷款标准和条款全面收紧，私募股权基金贷款需求显著增强；流动性需要是主要需求来源。
- 信用卡、汽车及其他消费贷款需求转弱，HELOC（房屋净值信用额度）需求有所增强。
作者观点与证据
美联储只汇总银行自报变化，不作资产价格判断。报告将经济前景不确定、行业风险及风险容忍度下降列为收紧企业与非银信贷的主要原因；“小幅”“中等”“显著”等结论来自净收紧或净增强银行占比区间。
与相关标的的关系
该调查没有指定股票代码，主要影响银行信贷、商业地产、私募信贷和消费金融的宏观判断。NDFI需求增强与标准收紧并存，说明非银融资需求仍强，但银行提供资金时要求更高的风险补偿和保护条款。
时效性与限制
页面最后更新于05/04（未给出具体时刻），内容对应一季度及此前一年。调查基于银行主观答复，净比例反映方向和覆盖面，不等同于贷款余额、违约率或实际成交利率。
后续跟踪
- 下一期SLOOS中的企业贷款需求与标准变化
- NDFI融资需求、贷款溢价和抵押要求
- 商业地产再融资与建设开发贷款需求
- 消费信贷需求及拖欠率
英文原文
The April 2026 Senior Loan Officer Opinion Survey on Bank Lending Practices
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Senior Loan Officer Opinion Survey on Bank Lending Practices
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Table 1 | Table 2 | Chart data
Table 1 (PDF) | Table 2 (PDF) | Charts (PDF)
The April 2026 Senior Loan Officer Opinion Survey on Bank Lending Practices
The April 2026 Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS) addressed changes in the standards and terms on, and demand for, bank loans to businesses and households over the past three months, which generally correspond to the first quarter of 2026. 1
Regarding loans to businesses over the first quarter, survey respondents reported, on balance, tighter lending standards and basically unchanged demand for commercial and industrial (C&I) loans to firms of all sizes. 2 Furthermore, banks reported basically unchanged lending standards and weaker or basically unchanged demand for commercial real estate (CRE) loans.
Banks also responded to two sets of special questions. The first set asked banks about changes in lending policies and demand for CRE loans over the past year, and the second set queried changes in lending standards and demand for nondepository financial institution (NDFI) loans over the past year. Banks reported unchanged or easier terms for almost all loan policies across CRE loan categories. Banks reported, on net, tighter standards and stronger demand across all NDFI loan categories.
For loans to households, banks reported basically unchanged lending standards and unchanged or weaker demand for most categories of residential real estate (RRE) loans on balance. Banks similarly reported basically unchanged lending standards but stronger demand for home equity lines of credit (HELOCs). In addition, banks reported tighter standards for other consumer loans, while standards remained basically unchanged for credit card and auto loans. Meanwhile, demand reportedly weakened for credit card, auto, and other consumer loans.
Lending to Businesses
(Table 1, questions 1–12; table 2, questions 1–8)
Questions on commercial and industrial lending. Over the first quarter, modest net shares of banks reported having tightened standards on C&I loans to firms of all sizes. 3 Meanwhile, banks reported mixed changes to C&I loan terms over the same period. 4 Moderate to modest net shares of banks reported higher premiums on riskier loans, tighter loan covenants, and tighter collateralization requirements for firms of all sizes. By contrast, moderate and modest net shares of banks reported having eased loan spreads over their banks’ cost of funds for large firms and small firms, respectively. Modest net shares of banks eased costs of credit lines for large firms, while costs of credit lines remained basically unchanged for small firms. Modest net shares of banks reported more use of interest rate floors for loans to large firms, while use of interest rate floors remained basically unchanged for small firms. The remaining terms on C&I loans were basically unchanged, on net, to firms of all sizes. Foreign banks also reported leaving standards basically unchanged and tightening or leaving most terms unchanged on C&I loans.
Among banks that reported having tightened standards and terms for C&I loans, major net shares cited a less favorable or more uncertain economic outlook, the worsening of industry-specific problems, and a reduced tolerance for risk as important reasons for doing so. Among banks that reported having eased standards and terms for C&I loans, major net shares cited more aggressive competition from other banks or nonbank lenders as an important reason for doing so.
Regarding demand for C&I loans, banks reported basically unchanged demand, on net, from firms of all sizes. These responses were mixed across bank size categories. Moderate net shares of large banks reported weakening demand from small firms, while demand remained basically unchanged from large and middle-market firms. Modest net shares of other banks reported stronger demand from large and middle-market firms, while demand remained basically unchanged from small firms. In addition, a modest net share of banks reported an increase in the number of inquiries from potential borrowers regarding the availability and terms of new credit lines or increases in existing lines. Furthermore, a moderate net share of foreign banks reported stronger demand for C&I loans.
Questions on commercial real estate lending. Over the first quarter, banks reported having left standards basically unchanged, on net, for construction and land development (CLD) loans, loans secured by nonfarm nonresidential (NFNR) properties, and loans secured by multifamily (MF) residential properties. These responses were mixed across bank size categories. Among large banks, moderate net shares reported having eased standards for all three CRE loan categories. By contrast, moderate net shares of other banks reported having tightened standards for CLD loans, and modest net shares of other banks reported tightening standards for MF loans while reportedly leaving standards for NFNR loans basically unchanged on net. Lastly, modest net shares of foreign banks reported having tightened standards for CRE loans.
Regarding demand for CRE loans, a moderate net share of banks reported weaker demand for CLD loans, while demand was basically unchanged for NFNR and MF loans. These responses were mixed across bank size categories. Significant net shares of large banks reported stronger demand for NFNR and MF loans, while moderate net shares of large banks reported weaker demand for CLD loans. Moderate and modest net shares of other banks reported weaker demand for CLD and MF loans, respectively, while demand for NFNR loans remained basically unchanged on balance. In addition, a modest net share of foreign banks reported stronger demand for CRE loans.
Special questions on changes in banks’ lending policies on commercial real estate loans over the past year. A set of special questions asked banks about changes in their lending policies for each major CRE loan category over the past year. These questions have been asked in each April survey for the past 10 years.
Banks reported having eased or left basically unchanged almost all the terms surveyed for each CRE loan category. The most widely reported changes in terms, cited by significant to moderate net shares of banks across all CRE loan categories, were higher maximum loan sizes, narrower spreads of loan rates over the bank’s cost of funds, and longer interest-only payment periods. In addition, modest net shares of banks reported having lowered debt service coverage ratios for CLD and MF loans. Banks reported having left all other terms surveyed basically unchanged for all CRE loan categories. 5 Lastly, foreign banks reported mixed changes to terms across CRE loan categories.
The most cited reason for easing lending policies on CRE loans over the past year, cited by major net shares of banks, was more aggressive competition from other banks or nonbank lenders.
The survey also asked banks about the reasons for weaker or stronger demand for CRE loans over the past year. Among banks reporting stronger demand, the most frequently cited reasons, reported by major net shares of banks, were an increase in customer acquisition or development of properties, an increase in customer refinancing of maturing loans, a decrease in the general level of interest rates, and a more favorable or less uncertain customer outlook for rental demand. Among banks that reported weaker demand, the most frequently cited reasons, reported by major net shares of banks, were a less favorable or more uncertain customer outlook for rental demand, a decrease in customer acquisition or development of properties, customer borrowing shifting from their bank to nonbank sources, an increase in the general level of interest rates, and a decrease in customer refinancing of maturing loans.
Lending to Households
(Table 1, questions 13–26)
Questions on residential real estate lending. 6 Banks reported having left standards basically unchanged over the first quarter for most RRE loan categories on balance. 7 Similarly, banks reported that standards for HELOCs remained basically unchanged. 8
Meanwhile, banks reported basically unchanged or weaker demand, on balance, for all RRE loan categories over the first quarter. Moderate net shares of banks reported weaker demand for subprime residential mortgages, while modest net shares reported weaker demand for QM non-jumbo non-GSE and non-QM non-jumbo mortgages. By contrast, modest net shares of banks reported strengthening demand for HELOCs. 9
Questions on consumer lending. Over the first quarter, banks left standards basically unchanged for auto and credit card loans, on balance, while a modest net share of banks reported having tightened standards on other consumer loans. Banks reported having left all queried terms on credit card loans unchanged. 10 Queried terms for auto loans and other consumer loans were mixed. 11
Regarding demand for consumer loans, modest net shares of banks reported weaker demand for credit card and auto loans over the first quarter, while moderate net shares of banks reported weaker demand for other consumer loans.
Special Questions on Lending to Nondepository Financial Institutions
(Table 1, questions 32–36; table 2, questions 14–18)
A second set of special questions asked banks about changes in lending standards and demand over the past year for NDFI loans. 12 These questions are new in the April 2026 SLOOS.
Banks reported, on net, tighter standards for all categories of NDFI loans over the past year. Specifically, significant net shares of banks reported tighter standards for NDFI loans to business credit intermediaries, consumer credit intermediaries, and other NDFI loans, and moderate net shares reported tighter standards for mortgage credit intermediaries and private equity funds.
Similarly, banks reported having tightened all terms surveyed on NDFI loans. The most widely reported changes in terms, cited by significant to moderate net shares of banks, were higher premiums charged on riskier loans, stricter loan covenants, shorter maximum maturities of loans or credit lines, stricter collateralization requirements, and lower maximum sizes of credit lines.
Among banks that tightened NDFI standards or terms over the past year, major net shares cited a less favorable or more uncertain economic outlook and increased borrower credit risk as important reasons for doing so.
Banks reported stronger demand for all categories of NDFI loans. Significant net shares of banks reported stronger demand for loans to private equity funds, and moderate to modest net shares reported stronger demand for all other categories of NDFI loans. Among banks that reported stronger demand for NDFI loans, major net shares cited increased liquidity needs of NDFIs, and significant net shares cited NDFI borrowing shifting from other banks and improvements in NDFIs’ investment opportunities as important reasons for stronger demand.
This document was prepared by Colin Campbell, with the assistance of Erica Gonzales and Carlo Wix, Division of Monetary Affairs, Board of Governors of the Federal Reserve System.
1. Responses were received from 64 domestic banks and 18 U.S. branches and agencies of foreign banks. Respondent banks received the survey on March 23, 2026, and responses were due by April 3, 2026. Unless otherwise indicated, this summary refers to the responses of domestic banks. Return to text
2. Large and middle-market firms are defined as firms with annual sales of $50 million or more, and small firms are those with annual sales of less than $50 million. Return to text
3. For questions that ask about lending standards or terms, "net fraction" (or "net percentage") refers to the fraction of banks that reported having tightened ("tightened considerably" or "tightened somewhat") minus the fraction of banks that reported having eased ("eased considerably" or "eased somewhat"). For questions that ask about loan demand, this term refers to the fraction of banks that reported stronger demand ("substantially stronger" or "moderately stronger") minus the fraction of banks that reported weaker demand ("substantially weaker" or "moderately weaker"). For this summary, when standards, terms, or demand are said to have "remained basically unchanged," the net percentage of respondent banks that reported either tightening or easing of standards or terms, or stronger or weaker demand, is greater than or equal to 0 and less than or equal to 5 percent; "modest" refers to net percentages greater than 5 and less than or equal to 10 percent; "moderate" refers to net percentages greater than 10 and less than or equal to 20 percent; "significant" refers to net percentages greater than 20 and less than 50 percent; and "major" refers to net percentages greater than or equal to 50 percent. Return to text
4. Lending standards characterize banks’ policies for approving applications for a certain loan category. Conditional on approving loan applications, lending terms describe banks’ conditions included in loan contracts, such as those listed for C&I loans under question 2 to both domestic and foreign banks and those listed for credit card, auto, and other consumer loans under questions 21–23 to domestic banks. Thus, standards reflect the extensive margin of lending, while terms reflect the intensive margin of lending. With respect to C&I loans, banks were asked about the costs, maximum size, and maximum maturity of credit lines; spreads of loan rates over the bank’s cost of funds; premiums charged on riskier loans; terms on loan covenants; collateralization requirements; and the use of interest rate floors. Return to text
5. As an exception, a modest net share of banks reported lower loan-to-value ratios for CLD loans. Return to text
6. The seven categories of residential home-purchase loans that banks are asked to consider are government-sponsored enterprise (GSE)-eligible, government, qualified mortgage (QM) non-jumbo non-GSE-eligible, QM jumbo, non-QM jumbo, non-QM non-jumbo, and subprime. See the survey results tables that follow this summary for a description of each of these loan categories. The definition of a QM was introduced in the 2013 Mortgage Rules under the Truth in Lending Act (12 C.F.R. pt. 1026.32, Regulation Z). The standard for a QM excludes mortgages with loan characteristics such as negative amortization, balloon and interest-only payment schedules, terms exceeding 30 years, alt-A or no documentation, and total points and fees that exceed 3 percent of the loan amount. For more information on the ability to repay and QM standards under Regulation Z, see Consumer Financial Protection Bureau, "Ability-to-Repay/Qualified Mortgage Rule," webpage, https://www.consumerfinance.gov/rules-policy/final-rules/ability-to-pay-qualified-mortgage-rule . In addition, a loan is required to meet certain price-based thresholds included in the General QM loan definition, which are outlined in the Summary of the Final Rule; see Consumer Financial Protection Bureau (2020), "Qualified Mortgage Definition under the Truth in Lending Act (Regulation Z): General QM Loan Definition," final rule (Docket No. CFPB-2020-0020), Federal Register, vol. 85 (December 29), pp. 86308–09, https://www.federalregister.gov/d/2020-27567/p-17 . Return to text
7. Large banks reported easier standards across most RRE loan categories, while other banks mostly left standards unchanged or reported tightening on net. Return to text
8. A modest net share of large banks reported easing standards for HELOCs over the first quarter, while other banks reported leaving standards basically unchanged. Return to text
9. Significant to moderate net shares of large banks reported weakening demand across most categories of mortgages, while moderate to modest net shares of other banks reported stronger demand across most categories of mortgages. Return to text
10. Banks were asked about changes in credit limits (credit card accounts only), maximum maturity (auto loans and other consumer loans only), loan rate spreads over costs of funds, the minimum percent of outstanding balances required to be repaid each month (credit card accounts only), the minimum required down payment (auto loans and other consumer loans only), the minimum required credit score, and the extent to which loans are granted to borrowers not meeting credit-scoring thresholds. Return to text
11. For auto loans, a modest net share of banks reported decreasing the extent to which loans are granted to some customers that do not meet credit-scoring thresholds, while modest and moderate net shares of banks reported easing maximum maturities and spreads of interest rates charged on outstanding balances over their bank’s cost of funds, respectively. For other consumer loans, a modest net share of banks reported increased minimum required credit scores and decreasing the extent to which loans are granted to some customers that do not meet credit-scoring thresholds. All other queried terms for auto loans and other consumer loans remained basically unchanged. Return to text
12. The categories of NDFI loans banks are asked to consider are private equity funds, business credit intermediaries, mortgage credit intermediaries, consumer credit intermediaries, and other NDFIs. Return to text
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Last Update:
May 04, 2026
美国稳定币银行监管规则推进
重要性3/5 监管线索
OCC官方目录确认稳定币监管议程及关键日期，但缺少规则正文，无法据此评估具体合规和财务影响。
中文摘要
核心结论
美国货币监理署2026年公告索引显示，GENIUS Act（美国支付稳定币监管法案）相关银行监管工作已进入规则、申报表和反洗钱要求制定阶段。该索引确认监管议程的时间线，但未提供各项规则的具体条文和实施影响。
重要性评级
评级：3/5（监管线索）
公告来自OCC（美国货币监理署），与CRCL（Circle公司股票）和USDC（美元稳定币）存在直接政策关联；当前页面只是公告目录，证据深度有限。
关键事实
- 02/25（未给出具体时刻）的OCC 2026-3为GENIUS Act监管规则拟议稿。
- 03/05（未给出具体时刻）的OCC 2026-7发布代币化证券监管资本跨机构问答。
- 06/11（未给出具体时刻）的OCC 2026-24公布受OCC管辖的获准支付稳定币发行人申报表及填写说明。
- 06/22（未给出具体时刻）的OCC 2026-28提出稳定币发行人的AML/CFT（反洗钱与反恐融资）及制裁合规规则。
- 04/07（未给出具体时刻）的OCC 2026-12禁止监管机构使用声誉风险，06/02（未给出具体时刻）的OCC 2026-23进一步从银行监管材料中删除相关表述。
- 索引截至07/16（未给出具体时刻）还包含检查敏感信息处理和信贷损失准备金等银行监管更新。
作者观点与证据
页面是OCC公告目录，没有作者立场。它能够证明监管文件的编号、主题和发布日期，但不能证明最终规则内容、合规成本或OCC对特定发行人的审批态度。
与相关标的的关系
CRCL及其发行的USDC与支付稳定币发行人申报、反洗钱、制裁合规和银行合作框架直接相关。目录未点名Circle，也没有披露USDC储备、发行量或经营数据，因此影响路径停留在行业监管层面。
时效性与限制
页面于美东时间07/21 22:53（UTC+8 07/22 10:53）抓取，最新列示公告日期为07/16（未给出具体时刻）。需要阅读OCC 2026-3、2026-24和2026-28原文，才能判断适用范围、过渡期及最终执行要求。
后续跟踪
- GENIUS Act拟议规则的最终文本
- 稳定币发行人申报字段与频率
- 反洗钱、制裁合规和客户识别要求
- Circle或其他发行人的牌照及申报进展
英文原文
2026 Bulletins
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2026 Bulletins
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Date ID Title
02/17/2026
OCC 2026-2
Bank Appeals Process: Notice of Proposed Rulemaking
02/25/2026
OCC 2026-3
GENIUS Act Regulations: Notice of Proposed Rulemaking
02/27/2026
OCC 2026-4
National Bank Chartering: Final Rule
03/03/2026
OCC 2026-5
Rescission of 12 CFR 27, ‘Fair Housing Home Loan Data System’: Final Rule
03/03/2026
OCC 2026-6
Community Bank Licensing Amendments: Final Rule
03/05/2026
OCC 2026-7
Regulatory Capital: Interagency FAQs on Tokenized Securities
03/19/2026
OCC 2026-8
Regulatory Capital: Standardized Approach for Risk-Weighted Assets
03/19/2026
OCC 2026-9
Regulatory Capital: Category I and II Banking Organizations, Banking Organizations With Significant Trading Activity, and Optional Adoption for Other Banking Organizations
03/31/2026
OCC 2026-10
OCC Guidelines Establishing Standards for Recovery Planning by Certain Large Insured National Banks, Insured Federal Savings Associations, and Insured Federal Branches: Final Guidelines
04/07/2026
OCC 2026-11
Anti-Money Laundering and Countering the Financing of Terrorism Program Requirements: Notice of Proposed Rulemaking
04/07/2026
OCC 2026-12
Prohibition on Use of Reputation Risk by Regulators: Final Rule
04/17/2026
OCC 2026-13
Model Risk Management: Revised Guidance
04/22/2026
OCC 2026-14
Interest Rate Risk: Interest Rate Risk Statistics Report
04/23/2026
OCC 2026-15
Community Bank Leverage Ratio: Final Rule
04/24/2026
OCC 2026-16
Notice of Proposed Rulemaking: Streamlining Regulations Concerning Public Welfare Investments, Open Market Collateralized Loan Obligations, and Federal Savings Association Nondiscrimination Requirements
04/24/2026
OCC 2026-17
Preemption of Illinois Interchange Fee Prohibition Act: Interim Final Order
04/24/2026
OCC 2026-18
National Bank Non-Interest Charges and Fees: Interim Final Rule
05/01/2026
OCC 2026-19
Prohibition Against Interstate Deposits: Annual Host State Loan-to-Deposit Ratios
05/15/2026
OCC 2026-21
Preemption Determination on State Interest-on-Escrow Laws: Final Rule
05/15/2026
OCC 2026-20
Real Estate Lending Escrow Accounts: Final Rule
05/19/2026
OCC 2026-22
Supervisory Ratings: Proposed Revisions to the Uniform Financial Institutions Rating System
06/02/2026
OCC 2026-23
Bank Supervision: Removing References to Reputation Risk
06/11/2026
OCC 2026-24
GENIUS Act: Reporting Forms and Instructions for Permitted Payment Stablecoin Issuers Subject to the Jurisdiction of the Office of the Comptroller of the Currency
06/11/2026
OCC 2026-25
Financial Data Transparency Act of 2022: Final Rule
06/16/2026
OCC 2026-26
Minority Depository Institutions: Reissuance of Policy Statement
06/17/2026
OCC 2026-27
Filing Decision Process
06/22/2026
OCC 2026-28
GENIUS Act: Anti-Money Laundering/Countering the Financing of Terrorism and Sanctions Compliance: Notice of Proposed Rulemaking
06/25/2026
OCC 2026-29
Credit Risk: “Lending and Loan Portfolio Risk Management” Booklet of the Comptroller’s Handbook and Rescissions
07/09/2026
OCC 2026-30
Notification: FinCEN Guidance on Voluntary Information Sharing
07/13/2026
OCC 2026-31
Bank Supervision: Interagency Guidance on Lending to Individuals Not Legally Authorized to Work in the United States
07/16/2026
OCC 2026-32
Examinations: Joint Statement on Identifying and Handling Highly Sensitive Information During Examinations
07/16/2026
OCC 2026-33
Allowances for Credit Losses: Revised Comptroller’s Handbook Booklet and Rescissions
Solana九十日保持全系统运行
重要性3/5 运营状态确认
官方状态页提供接近实时的网络运行确认，与SOL直接相关，但信息维度限于组件可用性。
中文摘要
核心结论
Solana官方状态页显示，主网集群、RPC（远程过程调用）节点、浏览器和官网当前全部正常，过去90天所列组件可用率均为100.0%。07/08至07/22的页面记录中没有已报告事故。
重要性评级
评级：3/5（运营状态确认）
状态页与SOL直接相关，能够排除官方已知的近期基础设施故障；它不提供链上拥堵、交易失败率或验证者层面的性能细节。
关键事实
- Mainnet Beta（主网测试版）集群当前显示正常运行，过去90天可用率为100.0%。
- 主网RPC节点及美国、欧洲、亚洲RPC节点均显示正常，90天可用率均为100.0%。
- Explorer（区块链浏览器）、solana.com官网和Break Solana服务同样显示100.0%可用率。
- 07/22（未给出具体时刻）没有事故报告。
- 07/08至07/21各日均显示没有事故报告。
- 页面没有列出相关维护、性能下降、局部中断或重大中断。
作者观点与证据
页面属于官方运行状态记录，没有市场立场。100.0%可用率和每日无事故记录支持基础设施持续在线的结论，但状态页依赖官方事故登记口径，无法覆盖未上报的局部用户问题。
与相关标的的关系
SOL对应Solana网络原生代币。主网和RPC持续运行减少了由官方基础设施中断造成的即时运营风险，但页面没有成交、活跃地址、费用、吞吐量或代币价格数据，不能据此判断网络需求和资产表现。
时效性与限制
页面于美东时间07/21 22:53（UTC+8 07/22 10:53）抓取，包含07/22（未给出具体时刻）的状态。90天可用率是组件级汇总，不能证明所有交易均成功，也不反映短暂延迟、链上拥堵和第三方RPC服务质量。
后续跟踪
- 主网集群和区域RPC状态
- 链上交易失败率与确认延迟
- 验证者参与率和网络拥堵
- 后续事故及维护记录
英文原文
Solana Status
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##
All Systems Operational
Uptime over the past 90 days. View historical uptime.
Mainnet Beta - Cluster
?
Operational
90 days ago
100.0
% uptime
Today
Mainnet Beta - RPC Nodes
?
Operational
90 days ago
100.0
% uptime
Today
US RPC Nodes
Operational
90 days ago
100.0
% uptime
Today
EU RPC Nodes
Operational
90 days ago
100.0
% uptime
Today
Asia RPC Nodes
Operational
90 days ago
100.0
% uptime
Today
Explorer
?
Operational
90 days ago
100.0
% uptime
Today
solana.com
Operational
90 days ago
100.0
% uptime
Today
Break Solana
?
Operational
90 days ago
100.0
% uptime
Today
Operational
Degraded Performance
Partial Outage
Major Outage
Maintenance
Major outage
Partial outage
No downtime recorded on this day.
No data exists for this day.
had a major outage.
had a partial outage.
Related
No incidents or maintenance related to this downtime.
Past Incidents
Jul 22 , 2026
No incidents reported today.
Jul 21 , 2026
No incidents reported.
Jul 20 , 2026
No incidents reported.
Jul 19 , 2026
No incidents reported.
Jul 18 , 2026
No incidents reported.
Jul 17 , 2026
No incidents reported.
Jul 16 , 2026
No incidents reported.
Jul 15 , 2026
No incidents reported.
Jul 14 , 2026
No incidents reported.
Jul 13 , 2026
No incidents reported.
Jul 12 , 2026
No incidents reported.
Jul 11 , 2026
No incidents reported.
Jul 10 , 2026
No incidents reported.
Jul 9 , 2026
No incidents reported.
Jul 8 , 2026
No incidents reported.
← Incident History
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日本央行七月底会议日程明确
重要性4/5 关键事件日历
日本央行官方日历明确了月底政策会议及通胀、展望文件的发布时间窗口，与USDJPY高度相关。
中文摘要
核心结论
日本央行日程显示，下一次货币政策会议安排在07/30和07/31，07/31将发布货币政策声明及7月经济与物价展望。会议前后密集公布通胀、贷款利率、市场操作和会议意见摘要，USDJPY（美元兑日元）的政策事件窗口已经明确。
重要性评级
评级：4/5（关键事件日历）
资料来自日本央行，直接标定汇率和利率市场的重要日期；它只提供发布安排，不包含政策决定或预测数值。
关键事实
- 日程最后更新于07/17（未给出具体时刻），原则上每周五更新。
- 07/22将发布6月证券融资交易统计、日本央行账户及央行持有日本国债和短期国库券数据。
- 6月证券融资交易统计定于美东时间07/21 19:50（UTC+8 07/22 07:50）发布。
- 日本央行账户定于美东时间07/21 21:00（UTC+8 07/22 09:00）发布；国债和短期国库券持仓约于美东时间07/22 04:00（UTC+8 07/22 16:00）发布。
- 07/23实际出口和实际进口数据约于美东时间07/23 03:00（UTC+8 07/23 15:00）发布。
- 07/28（未给出具体时刻）发布核心CPI（消费者价格指数）指标，07/29（未给出具体时刻）发布6月贷款与贴现平均约定利率。
- 货币政策会议定于07/30和07/31，政策声明与7月经济物价展望简版在07/31发布，具体时刻未定。
- 完整经济物价展望在08/03（未给出具体时刻）发布，会议意见摘要在08/10（未给出具体时刻）发布。
作者观点与证据
页面是日本央行官方发布日历，没有政策倾向。它能够确认会议和数据发布顺序，但无法预示利率决定、通胀预测修订或央行购债安排。
与相关标的的关系
USDJPY对日本央行政策声明、通胀判断和购债信息高度敏感。07/28至07/31的数据与会议组合提供明确事件窗口，但汇率实际方向还取决于政策内容、市场预期差和同期美元变化。
时效性与限制
该日历于美东时间07/21 22:53（UTC+8 07/22 10:53）抓取，发布日期可能临时调整；07/31政策声明和展望发布时间尚未确定。页面中的原始时刻为日本当地时间，摘要已统一换算为美东时间与UTC+8。
后续跟踪
- 07/28核心CPI指标
- 07/31政策声明和经济物价展望
- 日本央行国债与短期国库券持仓
- 08/10会议意见摘要
英文原文
Release Schedule : 日本銀行 Bank of Japan
Skip to main content
Release Schedule
日本語
- Release Schedule
- Upcoming Monetary Policy Meeting Dates
- Release Schedule of Statistical Data
- List of Publications
- Inquiries
Schedule of the Bank's releases including the dates of the upcoming Monetary Policy Meetings. In principle, schedules are updated every Friday (last update: July 17, 2026).
Release Schedule
Table : Release Schedule
Date
Time
Title
July 22
8:50
Statistics on Securities Financing Transactions in Japan (June)
10:00
Bank of Japan Accounts (July 20)
around 17:00
Japanese Government Bonds Held by the Bank of Japan
around 17:00
T-Bills Purchased by the Bank of Japan
23
around 16:00
Developments in Real Exports and Real Imports
27
8:50
Services Producer Price Index (June)
28
14:00
Indicators for Core CPI
29
8:50
Average Contract Interest Rates on Loans and Discounts (June)
31
undecided
Statement on Monetary Policy
undecided
Outlook for Economic Activity and Prices (July 2026, The Bank's View)
11:00
Payment and Settlement Statistics (June)
Aug. 3
13:00
Sources of Changes in Current Account Balances and Market Operations (July)
14:00
Outlook for Economic Activity and Prices (July 2026, full text)
4
8:50
Monetary Base (July)
10:00
Bank of Japan Accounts (July 31)
around 17:00
Japanese Government Bonds Held by the Bank of Japan
around 17:00
T-Bills Purchased by the Bank of Japan
around 17:00
Collateral Accepted by the Bank of Japan (End of July)
5
8:50
Minutes of the Monetary Policy Meeting (Held on June 15, 16)
8:50
Sources of Changes in Current Account Balances (Projections for Aug.)
7
8:50
Market Operations by the Bank of Japan (July)
8:50
Bank of Japan's Transactions with the Government (July)
8:50
Monetary Base and the Bank of Japan's Transactions (July)
around 14:00
Consumption Activity Index
15:00
Amounts Outstanding in the Call Money Market (July)
10
8:50
Summary of Opinions at the Monetary Policy Meeting (Held on July 30, 31)
8:50
Principal Figures of Financial Institutions (July)
12
8:50
Money Stock (July)
13
8:50
Corporate Goods Price Index (July)
10:00
Bank of Japan Accounts (August 10)
16:30
Basic Figures on Fails (July)
around 17:00
Japanese Government Bonds Held by the Bank of Japan
around 17:00
T-Bills Purchased by the Bank of Japan
To access the latest releases, please select " News List "
Notes
- Releases above are available in English. Issue date is subject to change without notice.
- Newly added releases and changes are in bold.
Upcoming Monetary Policy Meeting Dates
July 30 (Thurs.), 31 (Fri.)
- Monetary Policy Meetings
Release Schedule of Statistical Data
- Outline of Statistics and Statistical Release Schedule
List of Publications
- List of Publications
Inquiries
Public Relations Department
E-mail : post.prd71(at)boj.or.jp
*Please change (at) to @.
美股事实摘要
- 报价事实：上涨 16 / 下跌 2 / 震荡 0；广度 88.89%；平均较前交易日 +7.34%。
- 公开新闻/财报讨论覆盖：18 / 18 个标的；新闻条目 144 条。
公开数据对照
| 标的 | IBKR 当前价 | K线收盘 | K线来源 | 差异 | 5D | 20D | K线行数 |
|---|---|---|---|---|---|---|---|
MSFT | 396.60 | 397.75 | Yahoo Finance chart API | -0.29% | +3.33% | +8.28% | 124 |
NVDA | 206.22 | 207.29 | Yahoo Finance chart API | -0.52% | -2.13% | -0.65% | 124 |
MRVL | 208.50 | 207.96 | Yahoo Finance chart API | +0.26% | -6.51% | -32.45% | 124 |
GFS | 59.50 | 59.39 | Yahoo Finance chart API | +0.19% | -6.31% | -33.77% | 124 |
APLD | 30.40 | 30.05 | Yahoo Finance chart API | +1.16% | +5.55% | -33.52% | 124 |
USAR | 15.92 | 15.80 | Yahoo Finance chart API | +0.76% | -13.14% | -34.49% | 124 |
SOXX | 549.98 | 552.69 | Yahoo Finance chart API | -0.49% | -2.68% | -15.62% | 124 |
SOXL | 156.07 | 158.54 | Yahoo Finance chart API | -1.56% | -10.26% | -47.29% | 124 |
FTXL | 242.04 | 242.04 | Yahoo Finance chart API | +0.00% | -2.58% | -18.52% | 124 |
PSI | 154.80 | 154.46 | Yahoo Finance chart API | +0.22% | -2.18% | -16.26% | 124 |
DRAM | 59.40 | 58.85 | Yahoo Finance chart API | +0.93% | -3.89% | -27.09% | 75 |
KMEM | 20.10 | 19.69 | Yahoo Finance chart API | +2.08% | -3.95% | N/A | 14 |
VRT | 305.99 | 304.50 | Yahoo Finance chart API | +0.49% | +0.30% | -14.93% | 124 |
COHR | 318.80 | 317.22 | Yahoo Finance chart API | +0.50% | +2.08% | -25.44% | 124 |
CRCL | 70.57 | 71.08 | Yahoo Finance chart API | -0.72% | +12.43% | -11.09% | 124 |
SPCX | 125.26 | 123.54 | Yahoo Finance chart API | +1.39% | -9.22% | -20.09% | 26 |
GOOG | 348.20 | 346.19 | Yahoo Finance chart API | +0.58% | -3.12% | -0.74% | 124 |
NBIS | 219.07 | 216.92 | Yahoo Finance chart API | +0.99% | +11.76% | -23.51% | 124 |
期权链事实
观察标的：MSFT, NVDA, MRVL, GFS, APLD, USAR, SOXX, SOXL, FTXL, PSI, DRAM, KMEM, VRT, COHR, CRCL, SPCX, GOOG, SPY, QQQ, NBIS
来源：Yahoo Finance 公开期权链
覆盖：19 / 20 个观察标的。
| 标的 | ATM IV | Put/Call Vol | Put/Call OI | Max Pain | 最大OI | 期限结构 | Vol/OI异常 | 大单数 | 新闻数 |
|---|---|---|---|---|---|---|---|---|---|
MSFT | 63.82% | 0.41 | 0.43 | 385.00 | C 500.00 (138,063) / P 350.00 (12,456) | 9D 63.82% / 30D 46.14% / 58D 40.82% / 86D 38.95% | 2 | 5 | |
NVDA | 37.55% | 0.47 | 0.76 | 205.00 | C 190.00 (106,286) / P 180.00 (55,615) | 7D 37.55% / 30D 39.16% / 58D 42.84% / 86D 42.29% | 4 | 5 | |
MRVL | 102.45% | 0.32 | 1.09 | 220.00 | C 250.00 (13,122) / P 75.00 (11,295) | 9D 102.45% / 30D 94.85% / 58D 99.45% / 86D 95.65% | 2 | 5 | |
GFS | 91.70% | 0.08 | 1.30 | 70.00 | C 100.00 (1,296) / P 50.00 (1,878) | 30D 91.70% / 58D 86.83% / 86D 81.58% / 177D 77.75% | 3 | 5 | |
APLD | 141.55% | 0.25 | 0.48 | 31.00 | C 60.00 (15,665) / P 30.00 (5,021) | 9D 141.55% / 30D 112.57% / 58D 106.71% / 86D 107.23% | 3 | 0 | 5 |
USAR | 95.31% | 0.54 | 0.58 | 18.00 | C 22.00 (13,464) / P 25.00 (9,124) | 9D 95.31% / 30D 97.61% / 37D 95.80% / 58D 95.34% | 1 | 0 | 5 |
SOXX | 68.34% | 1.31 | 1.15 | 575.00 | C 670.00 (18,469) / P 470.00 (10,039) | 9D 68.34% / 30D 63.05% / 58D 61.05% / 86D 59.77% | 5 | 5 | |
SOXL | 196.75% | 1.76 | 1.95 | 176.00 | C 130.00 (4,058) / P 30.00 (12,726) | 9D 196.75% / 30D 182.97% / 58D 176.11% / 121D 168.93% | 0 | 0 | 5 |
FTXL | 64.91% | 0.74 | 0.30 | 250.00 | C 300.00 (376) / P 280.00 (68) | 30D 64.91% / 58D 65.61% / 149D 58.90% / 240D 59.25% | 0 | 0 | 5 |
PSI | 58.84% | 0.14 | 0.13 | 145.00 | C 205.00 (1,150) / P 130.00 (47) | 30D 58.84% / 58D 61.23% / 121D 55.93% / 212D 58.30% | 0 | 0 | 5 |
DRAM | 113.23% | 0.68 | 0.70 | 60.00 | C 60.00 (41,320) / P 60.00 (50,754) | 9D 113.23% / 30D 108.09% / 58D 96.89% / 86D 97.39% | 8 | 5 | |
VRT | 107.35% | 1.31 | 1.92 | 305.00 | C 340.00 (2,278) / P 210.00 (24,259) | 9D 107.35% / 30D 82.86% / 58D 77.24% / 86D 75.97% | 0 | 0 | 5 |
COHR | 109.42% | 0.88 | 1.27 | 320.00 | C 250.00 (2,138) / P 310.00 (1,552) | 9D 109.42% / 30D 110.79% / 58D 102.41% / 86D 99.91% | 0 | 0 | 5 |
CRCL | 96.02% | 0.38 | 0.83 | 67.00 | C 85.00 (7,630) / P 35.00 (7,777) | 9D 96.02% / 30D 98.35% / 58D 93.27% / 86D 93.00% | 5 | 5 | |
SPCX | 84.78% | 0.58 | 1.38 | 135.00 | C 225.00 (28,070) / P 150.00 (46,626) | 9D 84.78% / 30D 96.26% / 58D 87.19% / 86D 82.74% | 8 | 5 | |
GOOG | 53.16% | 0.49 | 1.04 | 350.00 | C 400.00 (13,603) / P 330.00 (26,310) | 9D 53.16% / 30D 39.51% / 58D 36.83% / 86D 35.54% | 0 | 5 | |
SPY | 12.61% | 1.96 | 3.37 | 748.00 | C 750.00 (35,831) / P 550.00 (215,804) | 7D 12.61% / 30D 14.16% / 58D 14.96% / 86D 15.61% | 8 | 0 | |
QQQ | 23.88% | 1.40 | 1.41 | 705.00 | C 800.00 (40,733) / P 570.00 (71,279) | 7D 23.88% / 30D 24.18% / 58D 24.34% / 86D 26.63% | 8 | 0 | |
NBIS | 165.13% | 2.29 | 1.38 | 200.00 | C 250.00 (24,446) / P 140.00 (17,283) | 9D 165.13% / 30D 159.53% / 58D 146.01% / 86D 138.81% | 8 | 5 |
大单 / 异常成交历史
大单成交历史来自每日/每次期权链快照的高成交合约记录，不是逐笔成交 tape。 当前显示：本次快照 Top 80。
| 观察时间 | 标的 | 合约 | 方向 | Strike | 到期 | Volume | OI | IV | Vol/OI | 估算权利金 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2026-07-22 02:35:55.231Z | SOXX | SOXX260821C00580000 | call | 580.00 | 2026-08-21 | 8,009 | 10,948 | 62.23% | 0.73 | $22,985,830 |
| 2026-07-22 02:35:55.231Z | NVDA | NVDA260918C00010000 | call | 10.00 | 2026-09-18 | 1,133 | 1,464 | 240.63% | 0.77 | $22,354,090 |
| 2026-07-22 02:35:55.231Z | SPY | SPY260821C00450000 | call | 450.00 | 2026-08-21 | 701 | 932 | 92.53% | 0.75 | $21,034,557 |
| 2026-07-22 02:35:55.231Z | SPCX | SPCX261016P00130000 | put | 130.00 | 2026-10-16 | 7,879 | 6,497 | 81.16% | 1.21 | $18,358,070 |
| 2026-07-22 02:35:55.231Z | NBIS | NBIS260731P00285000 | put | 285.00 | 2026-07-31 | 2,396 | 2,156 | 147.17% | 1.11 | $17,263,180 |
| 2026-07-22 02:35:55.231Z | NBIS | NBIS260731P00210000 | put | 210.00 | 2026-07-31 | 8,489 | 485 | 167.08% | 17.50 | $17,126,558 |
| 2026-07-22 02:35:55.231Z | SPCX | SPCX260918P00135000 | put | 135.00 | 2026-09-18 | 7,068 | 29,044 | 85.51% | 0.24 | $16,927,860 |
| 2026-07-22 02:35:55.231Z | QQQ | QQQ260918P00900000 | put | 900.00 | 2026-09-18 | 820 | 0 | 35.51% | N/A | $15,686,190 |
| 2026-07-22 02:35:55.231Z | NBIS | NBIS260731C00187500 | call | 187.50 | 2026-07-31 | 3,310 | 3,325 | 185.21% | 1.00 | $13,918,550 |
| 2026-07-22 02:35:55.231Z | SPCX | SPCX261016C00130000 | call | 130.00 | 2026-10-16 | 7,913 | 434 | 82.86% | 18.23 | $13,649,925 |
| 2026-07-22 02:35:55.231Z | QQQ | QQQ260821P00790000 | put | 790.00 | 2026-08-21 | 1,502 | 0 | 26.84% | N/A | $12,211,260 |
| 2026-07-22 02:35:55.231Z | NBIS | NBIS260731C00190000 | call | 190.00 | 2026-07-31 | 2,915 | 3,075 | 179.77% | 0.95 | $11,616,275 |
| 2026-07-22 02:35:55.231Z | QQQ | QQQ260821P00710000 | put | 710.00 | 2026-08-21 | 6,041 | 16,249 | 22.78% | 0.37 | $11,607,782 |
| 2026-07-22 02:35:55.231Z | NBIS | NBIS260731P00200000 | put | 200.00 | 2026-07-31 | 7,150 | 1,306 | 170.79% | 5.47 | $11,386,375 |
| 2026-07-22 02:35:55.231Z | NBIS | NBIS260731P00260000 | put | 260.00 | 2026-07-31 | 2,213 | 2,386 | 152.27% | 0.93 | $11,358,223 |
| 2026-07-22 02:35:55.231Z | QQQ | QQQ260918C00525000 | call | 525.00 | 2026-09-18 | 494 | 935 | 52.91% | 0.53 | $9,316,346 |
| 2026-07-22 02:35:55.231Z | SPCX | SPCX260821P00125000 | put | 125.00 | 2026-08-21 | 6,260 | 35,479 | 96.58% | 0.18 | $9,170,900 |
| 2026-07-22 02:35:55.231Z | QQQ | QQQ261016C00355000 | call | 355.00 | 2026-10-16 | 250 | 251 | 80.53% | 1.00 | $8,926,250 |
| 2026-07-22 02:35:55.231Z | QQQ | QQQ260821P00680000 | put | 680.00 | 2026-08-21 | 8,876 | 67,149 | 26.56% | 0.13 | $8,813,868 |
| 2026-07-22 02:35:55.231Z | NBIS | NBIS260731C00185000 | call | 185.00 | 2026-07-31 | 1,866 | 1,875 | 186.43% | 1.00 | $8,168,415 |
| 2026-07-22 02:35:55.231Z | NBIS | NBIS260821C00210000 | call | 210.00 | 2026-08-21 | 1,801 | 1,331 | 162.68% | 1.35 | $7,843,355 |
| 2026-07-22 02:35:55.231Z | GOOG | GOOG260821C00160000 | call | 160.00 | 2026-08-21 | 402 | 675 | 137.50% | 0.60 | $7,523,430 |
| 2026-07-22 02:35:55.231Z | QQQ | QQQ260821P00705000 | put | 705.00 | 2026-08-21 | 4,149 | 41,977 | 23.43% | 0.10 | $7,157,025 |
| 2026-07-22 02:35:55.231Z | NVDA | NVDA260918C00200000 | call | 200.00 | 2026-09-18 | 3,759 | 44,443 | 45.59% | 0.08 | $7,019,933 |
| 2026-07-22 02:35:55.231Z | CRCL | CRCL260918P00140000 | put | 140.00 | 2026-09-18 | 1,001 | 1,120 | 96.09% | 0.89 | $6,959,453 |
| 2026-07-22 02:35:55.231Z | NBIS | NBIS260731P00177500 | put | 177.50 | 2026-07-31 | 6,707 | 113 | 187.67% | 59.35 | $6,354,883 |
| 2026-07-22 02:35:55.231Z | NBIS | NBIS260821C00200000 | call | 200.00 | 2026-08-21 | 1,298 | 4,317 | 164.37% | 0.30 | $6,292,055 |
| 2026-07-22 02:35:55.231Z | SPY | SPY260821C00750000 | call | 750.00 | 2026-08-21 | 5,078 | 16,218 | 15.19% | 0.31 | $6,284,025 |
| 2026-07-22 02:35:55.231Z | NBIS | NBIS260731C00220000 | call | 220.00 | 2026-07-31 | 2,821 | 5,392 | 164.86% | 0.52 | $6,262,620 |
| 2026-07-22 02:35:55.231Z | SOXX | SOXX260731P00530000 | put | 530.00 | 2026-07-31 | 4,132 | 362 | 69.16% | 11.41 | $6,198,000 |
| 2026-07-22 02:35:55.231Z | QQQ | QQQ260918P00700000 | put | 700.00 | 2026-09-18 | 2,736 | 63,840 | 23.39% | 0.04 | $6,030,144 |
| 2026-07-22 02:35:55.231Z | SPY | SPY261016C00685000 | call | 685.00 | 2026-10-16 | 785 | 904 | 26.67% | 0.87 | $5,916,938 |
| 2026-07-22 02:35:55.231Z | SPY | SPY260821P00706000 | put | 706.00 | 2026-08-21 | 19,155 | 23,020 | 19.10% | 0.83 | $5,899,740 |
| 2026-07-22 02:35:55.231Z | QQQ | QQQ261016C00650000 | call | 650.00 | 2026-10-16 | 743 | 608 | 33.77% | 1.22 | $5,868,586 |
| 2026-07-22 02:35:55.231Z | DRAM | DRAM260731C00065000 | call | 65.00 | 2026-07-31 | 27,534 | 6,547 | 110.50% | 4.21 | $5,740,839 |
| 2026-07-22 02:35:55.231Z | QQQ | QQQ260821C00720000 | call | 720.00 | 2026-08-21 | 3,854 | 12,331 | 23.97% | 0.31 | $5,719,336 |
| 2026-07-22 02:35:55.231Z | SPY | SPY260821C00700000 | call | 700.00 | 2026-08-21 | 1,068 | 8,392 | 24.98% | 0.13 | $5,695,644 |
| 2026-07-22 02:35:55.231Z | NVDA | NVDA260821C00205000 | call | 205.00 | 2026-08-21 | 5,245 | 20,080 | 40.54% | 0.26 | $5,690,825 |
| 2026-07-22 02:35:55.231Z | DRAM | DRAM260731P00055000 | put | 55.00 | 2026-07-31 | 20,897 | 3,754 | 116.70% | 5.57 | $5,683,984 |
| 2026-07-22 02:35:55.231Z | QQQ | QQQ260821C00640000 | call | 640.00 | 2026-08-21 | 750 | 6,226 | 38.81% | 0.12 | $5,651,250 |
| 2026-07-22 02:35:55.231Z | QQQ | QQQ260918C00720000 | call | 720.00 | 2026-09-18 | 2,395 | 11,581 | 25.05% | 0.21 | $5,606,695 |
| 2026-07-22 02:35:55.231Z | SPY | SPY260821P00708000 | put | 708.00 | 2026-08-21 | 16,835 | 18,979 | 18.82% | 0.89 | $5,488,210 |
| 2026-07-22 02:35:55.231Z | NBIS | NBIS260821C00220000 | call | 220.00 | 2026-08-21 | 1,406 | 2,654 | 161.11% | 0.53 | $5,486,915 |
| 2026-07-22 02:35:55.231Z | SPY | SPY260821P00750000 | put | 750.00 | 2026-08-21 | 4,672 | 44,769 | 12.44% | 0.10 | $5,461,568 |
| 2026-07-22 02:35:55.231Z | QQQ | QQQ260918P00693000 | put | 693.00 | 2026-09-18 | 2,763 | 59 | 24.06% | 46.83 | $5,441,729 |
| 2026-07-22 02:35:55.231Z | QQQ | QQQ261016P00640000 | put | 640.00 | 2026-10-16 | 4,484 | 5,599 | 28.10% | 0.80 | $5,409,946 |
| 2026-07-22 02:35:55.231Z | SPY | SPY260821P00710000 | put | 710.00 | 2026-08-21 | 15,430 | 37,890 | 18.54% | 0.41 | $5,323,350 |
| 2026-07-22 02:35:55.231Z | SPY | SPY260918P00730000 | put | 730.00 | 2026-09-18 | 4,840 | 19,703 | 15.54% | 0.25 | $5,173,960 |
| 2026-07-22 02:35:55.231Z | DRAM | DRAM261016C00060000 | call | 60.00 | 2026-10-16 | 4,670 | 2,066 | 100.49% | 2.26 | $5,113,650 |
| 2026-07-22 02:35:55.231Z | SPY | SPY260821P00730000 | put | 730.00 | 2026-08-21 | 8,190 | 47,416 | 15.64% | 0.17 | $5,090,085 |
| 2026-07-22 02:35:55.231Z | QQQ | QQQ260821C00740000 | call | 740.00 | 2026-08-21 | 7,551 | 22,424 | 21.66% | 0.34 | $5,074,272 |
| 2026-07-22 02:35:55.231Z | NBIS | NBIS260731C00200000 | call | 200.00 | 2026-07-31 | 1,496 | 826 | 175.99% | 1.81 | $5,015,340 |
| 2026-07-22 02:35:55.231Z | GFS | GFS260821C00070000 | call | 70.00 | 2026-08-21 | 17,249 | 853 | 92.55% | 20.22 | $4,959,088 |
| 2026-07-22 02:35:55.231Z | QQQ | QQQ260821P00700000 | put | 700.00 | 2026-08-21 | 3,174 | 59,968 | 24.06% | 0.05 | $4,910,178 |
| 2026-07-22 02:35:55.231Z | MRVL | MRVL260821P00210000 | put | 210.00 | 2026-08-21 | 2,052 | 2,048 | 93.06% | 1.00 | $4,837,590 |
| 2026-07-22 02:35:55.231Z | NBIS | NBIS260821C00230000 | call | 230.00 | 2026-08-21 | 1,372 | 5,048 | 159.20% | 0.27 | $4,771,130 |
| 2026-07-22 02:35:55.231Z | MRVL | MRVL260821C00280000 | call | 280.00 | 2026-08-21 | 9,649 | 13,100 | 95.85% | 0.74 | $4,752,133 |
| 2026-07-22 02:35:55.231Z | QQQ | QQQ260821P00720000 | put | 720.00 | 2026-08-21 | 1,989 | 15,662 | 21.49% | 0.13 | $4,732,826 |
| 2026-07-22 02:35:55.231Z | SPY | SPY260821P00712000 | put | 712.00 | 2026-08-21 | 12,736 | 23,507 | 18.26% | 0.54 | $4,648,640 |
| 2026-07-22 02:35:55.231Z | MRVL | MRVL260821P00390000 | put | 390.00 | 2026-08-21 | 255 | 0 | 121.53% | N/A | $4,635,263 |
| 2026-07-22 02:35:55.231Z | QQQ | QQQ261016C00740000 | call | 740.00 | 2026-10-16 | 2,214 | 2,233 | 24.17% | 0.99 | $4,573,017 |
| 2026-07-22 02:35:55.231Z | QQQ | QQQ260918C00745000 | call | 745.00 | 2026-09-18 | 3,540 | 7,856 | 22.94% | 0.45 | $4,398,450 |
| 2026-07-22 02:35:55.231Z | QQQ | QQQ260918C00275000 | call | 275.00 | 2026-09-18 | 100 | 101 | 117.24% | 0.99 | $4,356,600 |
| 2026-07-22 02:35:55.231Z | QQQ | QQQ260918P00670000 | put | 670.00 | 2026-09-18 | 3,120 | 21,037 | 26.22% | 0.15 | $4,204,200 |
| 2026-07-22 02:35:55.231Z | SPCX | SPCX260821C00135000 | call | 135.00 | 2026-08-21 | 4,534 | 4,493 | 94.85% | 1.01 | $4,171,280 |
| 2026-07-22 02:35:55.231Z | NBIS | NBIS260731P00165000 | put | 165.00 | 2026-07-31 | 6,005 | 4,165 | 196.83% | 1.44 | $4,113,425 |
| 2026-07-22 02:35:55.231Z | QQQ | QQQ261016P00845000 | put | 845.00 | 2026-10-16 | 292 | 0 | 23.09% | N/A | $3,980,252 |
| 2026-07-22 02:35:55.231Z | MRVL | MRVL260821P00410000 | put | 410.00 | 2026-08-21 | 195 | 0 | 128.05% | N/A | $3,935,588 |
| 2026-07-22 02:35:55.231Z | GOOG | GOOG260821P00410000 | put | 410.00 | 2026-08-21 | 610 | 978 | 43.08% | 0.62 | $3,932,975 |
| 2026-07-22 02:35:55.231Z | SPY | SPY260821P00720000 | put | 720.00 | 2026-08-21 | 8,436 | 50,644 | 17.10% | 0.17 | $3,880,560 |
| 2026-07-22 02:35:55.231Z | NVDA | NVDA260821C00200000 | call | 200.00 | 2026-08-21 | 2,778 | 25,768 | 41.97% | 0.11 | $3,868,365 |
| 2026-07-22 02:35:55.231Z | MSFT | MSFT260731C00400000 | call | 400.00 | 2026-07-31 | 2,410 | 6,711 | 64.29% | 0.36 | $3,813,825 |
| 2026-07-22 02:35:55.231Z | NVDA | NVDA260918C00210000 | call | 210.00 | 2026-09-18 | 2,870 | 59,774 | 43.87% | 0.05 | $3,809,925 |
| 2026-07-22 02:35:55.231Z | SPY | SPY260918P00779000 | put | 779.00 | 2026-09-18 | 1,132 | 726 | 11.50% | 1.56 | $3,706,734 |
| 2026-07-22 02:35:55.231Z | QQQ | QQQ260821C00710000 | call | 710.00 | 2026-08-21 | 1,823 | 6,679 | 25.32% | 0.27 | $3,698,867 |
| 2026-07-22 02:35:55.231Z | SOXX | SOXX260821P00590000 | put | 590.00 | 2026-08-21 | 600 | 644 | 59.36% | 0.93 | $3,648,000 |
| 2026-07-22 02:35:55.231Z | NBIS | NBIS260821P00200000 | put | 200.00 | 2026-08-21 | 1,187 | 5,425 | 160.69% | 0.22 | $3,644,090 |
| 2026-07-22 02:35:55.231Z | NVDA | NVDA260821C00210000 | call | 210.00 | 2026-08-21 | 4,406 | 36,713 | 39.57% | 0.12 | $3,623,935 |
| 2026-07-22 02:35:55.231Z | NBIS | NBIS260821C00250000 | call | 250.00 | 2026-08-21 | 1,309 | 24,446 | 156.77% | 0.05 | $3,616,113 |
| 2026-07-22 02:35:55.231Z | SPCX | SPCX260821C00130000 | call | 130.00 | 2026-08-21 | 3,276 | 4,436 | 95.26% | 0.74 | $3,603,600 |
技术指标事实
| 标的 | 类型 | Benchmark | 最新价 | Strength | 1H 支撑 / 压力 | 4H 支撑 / 压力 | 1D 支撑 / 压力 | 数据限制 |
|---|---|---|---|---|---|---|---|---|
MSFT | 美股/ETF | SPY | 396.1500 | 1.44 | 391.0335 (-1.29%；摆动低点/MA120) / 397.5203 (+0.35%；摆动高点/布林下轨/摆动低点) | 393.2052 (-0.74%；摆动高点/摆动低点/MA30) / 397.3220 (+0.30%；MA20/布林中轨/MA10) | 397.2327 (-0.13%；摆动高点/摆动低点/MA5) / 401.8584 (+1.03%；摆动低点/MA120/摆动高点) | - |
NVDA | 美股/ETF | SPY | 206.3300 | 1.88 | 205.8116 (-0.25%；摆动低点/MA60/MA30) / 208.2846 (+0.95%；摆动高点/布林上轨/摆动低点) | 202.6325 (-1.79%；摆动高点/摆动低点/MA60) / 206.3766 (+0.02%；MA10/MA5/摆动低点) | 206.6515 (-0.31%；MA10/MA5) / 208.9451 (+0.80%；摆动低点/MA60) | - |
MRVL | 美股/ETF | SPY | 211.7500 | -10.86 | 210.2453 (-0.71%；摆动高点/MA5) / 212.7500 (+0.47%；摆动高点) | 206.6717 (-2.40%；MA5/MA30) / 212.9200 (+0.55%；摆动低点) | 197.2280 (-5.16%；MA5) / 213.6900 (+2.76%；MA10) | - |
GFS | 美股/ETF | SPY | 59.8300 | -17.05 | 59.3893 (-0.74%；MA10/摆动低点/摆动高点) / 59.9333 (+0.17%；摆动高点) | 59.3800 (-0.75%；摆动高点) / 61.2087 (+2.30%；MA30) | 58.6660 (-1.22%；MA5) / 60.2064 (+1.37%；MA120) | - |
APLD | 美股/ETF | SPY | 30.5923 | -15.92 | 30.3628 (-0.75%；MA10/MA5) / 30.7567 (+0.54%；摆动高点/区间极值) | 30.5473 (-0.15%；摆动高点/摆动低点) / 30.9695 (+1.23%；布林上轨/MA60) | 29.9300 (-0.40%；摆动低点) / 30.5100 (+1.53%；摆动低点) | - |
USAR | 美股/ETF | SPY | 16.0100 | -23.55 | 15.8743 (-0.85%；摆动高点/MA10/MA5) / 16.0600 (+0.31%；摆动高点) | - / - | 15.4700 (-2.09%；摆动低点) / 15.9800 (+1.14%；MA5) | 4H 少于 60 根K线；4H 无可用K线 |
SOXX | 美股/ETF | SPY | 553.9000 | -0.85 | 546.9425 (-1.26%；MA20/布林中轨/摆动高点) / 555.5103 (+0.29%；MA10/MA5/摆动高点) | 547.2770 (-1.20%；MA5/MA30/摆动低点) / 556.6500 (+0.50%；摆动低点/摆动高点) | 552.1592 (-0.10%；MA60/MA10) / 574.0457 (+3.86%；摆动低点/MA20/布林中轨) | - |
SOXL | 美股/ETF | SPY | 159.5600 | -9.43 | 158.6294 (-0.58%；MA10/MA120/MA5) / 160.8100 (+0.78%；摆动高点) | - / - | 157.5600 (-0.62%；摆动低点) / 164.0410 (+3.47%；MA10) | 4H 少于 60 根K线；4H 无可用K线 |
FTXL | 美股/ETF | SPY | 242.0400 | -2.56 | 241.2174 (-0.34%；摆动低点/摆动高点/MA10) / 244.1967 (+0.89%；摆动高点/摆动低点) | - / - | 241.3240 (-0.30%；MA10) / 249.3680 (+3.03%；MA60/摆动高点) | 4H 少于 60 根K线；4H 无可用K线 |
PSI | 美股/ETF | SPY | 154.8000 | 0.19 | 154.0642 (-0.48%；摆动低点/摆动高点/MA10) / 159.3633 (+2.95%；布林上轨) | 154.6250 (-0.11%；摆动低点) / 157.2240 (+1.57%；MA60) | 151.4475 (-1.95%；摆动低点/MA10) / 154.8337 (+0.24%；MA60) | - |
DRAM | 美股/ETF | SPY | 59.9900 | 1.49 | 59.9000 (-0.15%；摆动低点) / 60.9100 (+1.53%；摆动高点) | 58.8900 (-1.83%；摆动低点) / 60.5449 (+0.93%；MA60/布林上轨) | 58.3088 (-0.92%；摆动低点/MA10/MA60) / 63.3945 (+7.72%；MA20/布林中轨) | - |
KMEM | 美股/ETF | SPY | 20.3000 | N/A | 19.9540 (-1.70%；MA5) / 20.5500 (+1.23%；摆动低点/摆动高点) | 20.2000 (-0.49%；摆动低点) / 20.7308 (+2.12%；摆动低点/布林上轨) | 19.5130 (-0.90%；MA10) / 19.8600 (+0.86%；摆动低点) | 4H 少于 60 根K线；1D 少于 60 根K线 |
VRT | 美股/ETF | SPY | 305.5000 | -7.05 | 301.2113 (-1.40%；MA30/MA120/MA20) / 305.7160 (+0.07%；MA10/摆动高点/MA5) | 305.1600 (-0.11%；摆动低点) / 309.4582 (+1.30%；MA60/摆动低点/摆动高点) | 296.8410 (-2.52%；摆动低点/MA5) / 306.3725 (+0.61%；MA10/摆动低点) | - |
COHR | 美股/ETF | SPY | 320.5000 | -9.67 | 319.6807 (-0.26%；MA5/摆动高点/区间极值) / 331.0594 (+3.29%；布林上轨) | 319.3604 (-0.36%；摆动高点/MA60) / 321.7906 (+0.40%；布林上轨) | 308.3516 (-2.80%；摆动低点/MA120) / 336.6093 (+6.11%；摆动低点/MA20/布林中轨) | - |
CRCL | 美股/ETF | SPY | 70.8000 | -5.88 | 70.7270 (-0.10%；MA10/MA5) / 71.7150 (+1.29%；摆动高点) | - / - | 69.9800 (-1.55%；摆动高点) / 71.2550 (+0.25%；MA30) | 4H 少于 60 根K线；4H 无可用K线 |
SPCX | 美股/ETF | SPY | 125.0000 | N/A | 124.1608 (-0.67%；MA30/MA20/布林中轨) / 126.1245 (+0.90%；MA60/MA10/摆动高点) | 123.6450 (-1.08%；MA10/MA5) / 127.8675 (+2.29%；MA20/布林中轨) | 119.6800 (-3.12%；区间极值) / 126.7520 (+2.60%；MA5) | 1D 少于 60 根K线 |
GOOG | 美股/ETF | SPY | 346.1900 | -3.44 | - / - | - / - | 343.6300 (-0.74%；摆动低点) / 348.7500 (+0.74%；摆动低点) | 1H 少于 60 根K线；1H 无可用K线；4H 少于 60 根K线；4H 无可用K线 |
NBIS | 美股/ETF | SPY | 219.8800 | 4.81 | - / - | 217.5264 (-1.07%；布林上轨) / 222.7500 (+1.31%；摆动高点) | 214.2500 (-1.23%；MA60) / 221.3815 (+2.06%；MA20/布林中轨) | 1H 少于 60 根K线；1H 无可用K线 |
BTCUSDT | Crypto | BTCUSDT | 66,300.0000 | 0.00 | 65,836.5345 (-0.70%；MA60/摆动高点/摆动低点) / 66,615.3355 (+0.48%；MA10/MA20/布林中轨) | 65,902.9667 (-0.60%；摆动高点/摆动低点/MA10) / 66,791.7399 (+0.74%；MA5/布林上轨/摆动高点) | 65,565.5400 (-1.11%；MA5/摆动高点) / 66,331.3088 (+0.05%；布林上轨) | 自身为基准 |
ETHUSDT | Crypto | BTCUSDT | 1,928.1300 | 4.01 | 1,919.4284 (-0.45%；MA60/摆动高点/摆动低点) / 1,949.0875 (+1.09%；摆动高点/布林上轨/区间极值) | 1,920.7660 (-0.38%；摆动低点/MA10/MA5) / 1,951.2009 (+1.20%；摆动高点/布林上轨/区间极值) | 1,898.7640 (-1.51%；MA5) / 1,948.6784 (+1.08%；摆动高点/布林上轨) | - |
SOLUSDT | Crypto | BTCUSDT | 78.2100 | -3.40 | 77.7339 (-0.61%；摆动高点/摆动低点/MA60) / 78.6497 (+0.56%；摆动高点/布林上轨/区间极值) | 78.1023 (-0.14%；摆动高点/MA10/MA5) / 78.9320 (+0.92%；摆动高点/布林上轨) | 78.0850 (-0.16%；MA20/布林中轨) / 79.0100 (+1.02%；摆动高点) | - |
账户、公开补充与来源
公开数据补充
重要文章与快讯
- Alphabet第二季度财报官方日程确认美东7月22日16:30电话会；财报前瞻提供一致预期与Cloud、资本开支验证项。
- Nebius 9.3%权益披露报道与双方既有5GW部署目标共同定义战略关系；普通股与预融资权证拆分仍以SEC原文为准。
- NVIDIA Vera Rubin平台报道提供早期能效与部署信息；订单、出货、收入和客户TCO仍待公司与客户一手材料。
- Vertiv冷却产能扩张建立公司级暴露；没有新增订单、投资额和利润率贡献。
USAR管理层交接公告给出10月1日节点；Serra Verde交易仍需完成交割。- CLARITY法案媒体进展与参议院银行委员会既有15比9通过事实分开处理；全院日期与最终文本继续等官方确认。
- 美国ETF周度流量显示
SOXX、DRAM大额流入；ETF成交结构显示杠杆产品交易活跃。成交不等于净申购。
金十快讯
- 7月22日09:24：布伦特触及90美元。油价与API库存增加形成相反信号，等待EIA周报。
- 7月22日06:03：CME利率概率。7月维持概率74.9%，9月累计加息25bp概率55.7%。
- 7月22日08:37：半导体与存储反弹。费城半导体指数+5.21%，美光+12.17%。
- 7月22日08:57：纬创美国
GB300板卡投产。D1工厂已开业，D2仍在规划。
未来验证清单
GOOG正式财报与电话会：Cloud收入和利润、搜索广告、积压订单转化、资本开支、自由现金流与EPS质量。- EIA周度石油数据、ECB 7月23日决议、美联储7月23日H.4.1；油价与加息定价是否继续共振。
NBIS原始SEC持股文件、CRCL官方全院日程与最终文本、USAR并购交割条件和新管理层目标。- 半导体反弹能否由
SOXX、PSI、DRAM和持仓完成日线确认，并由订单、收入与盈利修正支持。 BTC能否收复69,967、ETH能否收复2,005、SOL能否收复80.27；未确认前不增加合约名义本金。
IBKR 账户与保证金
| --- |--- | | 已连接 |是 | | 持仓数 |已隐藏 | | 错误数 |0 |
| --- |--- |--- |--- | | 已隐藏 |AvailableFunds |已隐藏 |USD | | 已隐藏 |BuyingPower |已隐藏 |USD | | 已隐藏 |GrossPositionValue |已隐藏 |USD | | 已隐藏 |InitMarginReq |已隐藏 |USD | | 已隐藏 |MaintMarginReq |已隐藏 |USD |
持仓上下文
- 已隐藏
- 已隐藏
- 已隐藏
数据源列表
- Binance 合约市场数据
- IBKR 行情数据
- IBKR 账户与持仓数据
- Merkl 官方奖励数据
- Yahoo Finance 公开期权链
- Yahoo Finance 历史行情
- Yahoo Finance 新闻检索
- 金十数据快讯事实雷达