# SPCX – DCF (2026-11-10)

Sample run by the Fair Value Coordinator. Method: 5-year explicit FCF forecast + Gordon growth terminal value, cross-checked with the implied terminal FCF multiple.

**DCF NOT RUN – SPCX could not be fully valued on a DCF basis.** Free cash flow is deeply negative (TTM -$39.3B, FY2026E -$56.6B) and only one year of FCF consensus and a 2-year revenue consensus are public; there is no observed 5-year beta (IPO in 2026). A 5-year DCF would require invented margins, so it was not run.