Space Exploration Technologies Corp. trades at $160.95 on Nasdaq, with a Starship test flight success still fresh in the market's memory and a next earnings event pencilled in for August 6.
The most striking feature of the SPCX ownership picture is how concentrated control really is. Elon Musk holds 46.4% of shares — all 6.07 billion of them reported as of June 3, with the entire position logged as a new addition in the latest filing. Institutional coverage is thin beyond that: Neuberger Berman holds a rounding-error 0.012% stake, unchanged, while board member Ira Ehrenpreis added a 1.37 million share position in the same filing period. With three named holders accounting for almost the entirety of disclosed ownership, the float available to outside investors is structurally narrow, which matters both for price discovery and for any short-selling activity.
Short interest data is absent from this snapshot, which likely reflects the limited public float rather than a data gap. What valuation data does exist tells a familiar story for a growth-stage aerospace operator: the EV/EBITDA multiple is running at 194.8x on an enterprise value just north of $821 billion, while the P/E is deeply negative at -222x on a trailing earnings yield of roughly -0.45%. These are metrics that price in a long runway of future cash flows, not current profitability — the stock trades on narrative and milestone cadence, not multiples compression.
That narrative got a significant boost this week. A Starship test flight achieved payload deployment milestones ahead of schedule, and shares rose 8.2% on the news. The achievement matters commercially because it directly strengthens the case for accelerating revenue from both government launch contracts and private payload customers. With no analyst data available in this snapshot, the Street reaction to the milestone is difficult to pin down precisely — though the price move itself is a clear vote of confidence from active participants in what is a thinly traded name relative to its implied scale.
The next scheduled catalyst is the August 6 earnings event. Between now and then, Starship's commercial launch cadence and any contract announcements will carry most of the weight for setting direction in a stock where traditional valuation anchors offer little guidance.
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