Financials
Financials · TTM · Pre-IPO Secondary Market
Financials · TTM
- Total Revenue$14.2B+62%
- Starlink ARR$8.4B+71%
- Launch Revenue$4.1B+38%
- Government Contracts$1.7B+24%
- Gross Margin31.0%+5%
- Free Cash Flow$1.1B+140%
Source: S-1 § F-pages
Pre-IPO Secondary Market
Secondary Market Avg
$477
vs S-1 baseline
-4.55%
- Forge$472$1.65T
- EquityZen$481$1.68T
- Caplight$465$1.63T
- Hiive$491$1.72T
Source: Forge · EquityZen · Caplight · Hiive
Use of Proceeds
- Starship development42%
- Starlink V3 satellites28%
- Debt repayment14%
- R&D / engineering hires10%
- General corporate6%
Source: S-1
Underwriting Syndicate
- Morgan StanleyLead28.0%
- Goldman SachsLead25.0%
- JPMorganJoint Bookrunner18.0%
- Bank of AmericaJoint Bookrunner12.0%
- CitigroupCo-manager8.0%
- BarclaysCo-manager5.0%
- Deutsche BankCo-manager4.0%
Source: S-1 § Plan of Distribution
Revenue by Customer
- Starlink consumer & enterprise59%
- Commercial launch18%
- NASA13%
- U.S. Department of Defense8%
- Other2%
Source: S-1
Comparable IPO Performance
| Ticker | Year | Day 1 | +6 months | Post-lock-up |
|---|---|---|---|---|
| TSLA | 2010 | +41% | +5% | -25% |
| COIN | 2021 | -14% | -40% | -65% |
| SNOW | 2020 | +111% | +95% | -20% |
| RIVN | 2021 | +29% | -45% | -85% |
- TSLA — Won by Starlink-like recurring revenue lens. Took 8 years to flip skeptics.
- COIN — Cautionary tale. Concentrated insider supply hit a -65% post-lock-up.
- SNOW — Best-in-class growth premium. Lock-up still trimmed -20%.
- RIVN — Worst-case supply shock. -85% post-lock-up; cap structure couldn't absorb the float.
Source: Public market data