SpaceX Business Case — Interactive P&L & Balance Sheet

Step 1 · optional shortcut

Load a preset

Fills in the rate & capex boxes below with one of the model's three built-in cases. The GW build-out is untouched — set that yourself.

Step 2 · your scenario

Custom scenario inputs

These three boxes are what actually drive every number in the model. Type into any cell.

AI compute build-out

Nameplate compute, period end (GW). Actual at Q226: 1.4 GW.

AI revenue per GW $mm · per year

AI capex per incremental GW $bn

$bn of capex per GW added that quarter (a single GW build runs $20–90bn). Drives cash burn and debt draws below.

Revenue by segment

Q225 – Q428, $mm/quarter

Space Connectivity AI

Net income (loss)

AI compute build-out & realized pricing

Forecast quarters, Q326 – Q428

Nameplate GW, period end

Realized AI $/GW/yr (blended)

Consolidated P&L

$mm · shaded columns are reported actuals

Balance sheet (simplified projection)

$mm · actual column at Jun 30, 2026

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