SPACE EXPLORATION TECHNOLOGIES CORP 10-Q

Financial Statements (unaudited)

Item 1. Financial Statements Space Exploration Technologies Corp. Consolidated Balance Sheets (in millions, except per share data) (unaudited) June 30, 2026 December 31, 2025 Assets Current assets Cash and cash equivalents $ 93,522 $ 24,747 Marketable securities 6,487 — Accounts receivable, net of allowance for credit losses of $ 50 and $ 39 at June 30, 2026 and December 31, 2025, respectively 3,596 1,579 Inventory 2,718 2,416 Prepaid expenses and other current assets 1,724 2,210 Total current assets 108,047 30,952 Property, plant, and equipment, net (a) 65,736 42,602 Finance lease right-of-use assets 1,118 1,260 Intangible assets, net 1,318 1,548 Digital assets 1,098 1,637 Goodwill 11,645 11,809 Deferred tax assets 354 141 Other assets 3,454 2,130 Total assets $ 192,770 $ 92,079 Liabilities, Redeemable Convertible Preferred Stock, and Shareholders’ Equity Current liabilities Accounts payable 8,243 11,792 Deferred revenue, current 7,977 6,111 Debt and finance leases, current (related party of $ 2,039 and $ 455 at June 30, 2026 and December 31, 2025, respectively) 2,525 928 Accrued expenses and other current liabilities 2,377 2,569 Total current liabilities 21,122 21,400 Long-term liabilities Deferred revenue, net of current 6,309 6,005 Debt and finance leases, net of current (related party of $ 11,290 and $ 4,052 at June 30, 2026 and December 31, 2025, respectively) 36,839 21,968 Other liabilities 1,276 1,381 Total liabilities 65,546 50,754 Commitments and contingencies (Note 16) Redeemable convertible preferred stock Redeemable convertible preferred stock, par value $ 0.001 ; — and 2,351 shares issued; — and 2,046 shares outstanding as of June 30, 2026 and December 31, 2025, respectively — 38,752 Shareholders’ equity Preferred stock, par value $ 0.001 ; no shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively — — Class A common stock, par value 0.001 ; 7,607 and 2,036 shares issued; 7,607 and 1,952 shares outstanding as of June 30, 2026 and December 31, 2025, respectively 7 3 Class B common stock, par value $ 0.001 ; 5,569 and 644 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 6 1 Class C common stock, par value $ 0.001 ; — and 482 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively — 0 Additional paid-in capital 167,344 37,706 Accumulated deficit ( 41,8