# SPCX – Relative valuation (2026-11-10)

Sample run by the Fair Value Coordinator. Forward multiples where public consensus exists (Fwd P/E, Fwd EV/Sales = Fwd P/S x EV/market cap, Fwd P/FCF = market cap / FY1 consensus FCF); EV/EBITDA is TTM because forward EBITDA consensus is not on the free source (data gap). Low/mid/high = peer Q1/median/Q3. TSM excluded from Fwd P/FCF (source forecast in TWD).

### Aerospace/defense: peers LMT, NOC, RTX, GD, RKLB

| Peer | Fwd P/E | Fwd EV/Sales | EV/EBITDA (TTM) | Fwd P/FCF |
|---|---|---|---|---|
| LMT | 18.9x | 1.8x | 15.6x | 18.0x |
| NOC | 18.6x | 2.0x | 12.5x | 23.5x |
| RTX | 25.8x | 2.9x | 17.7x | 29.5x |
| GD | 20.1x | 1.8x | 15.2x | 19.7x |
| RKLB | 1067.5x | 28.5x | n/a | n/a |

| Multiple | SPCX now | Peer Q1 / median / Q3 (n) | Implied $/share low / mid / high |
|---|---|---|---|
| Fwd P/E | 47.4x | 18.9x / 20.1x / 25.8x (5) | $56.95 / $60.73 / $77.95 |
| Fwd EV/Sales | 12.7x | 1.8x / 2.0x / 2.9x (5) | $23.35 / $25.54 / $35.77 |
| EV/EBITDA (TTM) | 159.1x | 14.5x / 15.4x / 16.1x (4) | $16.28 / $17.04 / $17.66 |
| Fwd P/FCF | n/a | 19.3x / 21.6x / 25.0x (4) | not usable for SPCX (metric negative or n/a) |

**Implied range (Aerospace/defense): $32.19 / $34.44 / $43.79** (equal-weight average of usable multiples)

### Satellite/comms: peers ASTS, IRDM, VSAT, GSAT

| Peer | Fwd P/E | Fwd EV/Sales | EV/EBITDA (TTM) | Fwd P/FCF |
|---|---|---|---|---|
| ASTS | n/a | 37.0x | n/a | n/a |
| IRDM | 50.1x | 7.2x | 17.7x | 16.6x |
| VSAT | n/a | 3.2x | 11.4x | 44.7x |
| GSAT | n/a | 35.3x | 135.3x | 130.1x |

| Multiple | SPCX now | Peer Q1 / median / Q3 (n) | Implied $/share low / mid / high |
|---|---|---|---|
| Fwd P/E | 47.4x | too few peers (1) | not used |
| Fwd EV/Sales | 12.7x | 6.2x / 21.2x / 35.7x (4) | $71.50 / $236.93 / $396.08 |
| EV/EBITDA (TTM) | 159.1x | 14.6x / 17.7x / 76.5x (3) | $16.30 / $19.02 / $69.95 |
| Fwd P/FCF | n/a | 30.6x / 44.7x / 87.4x (3) | not usable for SPCX (metric negative or n/a) |

**Implied range (Satellite/comms): $43.90 / $127.97 / $233.01** (equal-weight average of usable multiples)

### AI: peers NVDA, PLTR, GOOG, MSFT

| Peer | Fwd P/E | Fwd EV/Sales | EV/EBITDA (TTM) | Fwd P/FCF |
|---|---|---|---|---|
| NVDA | 13.9x | 7.5x | 20.1x | 21.5x |
| PLTR | 73.5x | 33.2x | 118.2x | 82.7x |
| GOOG | 20.3x | 5.7x | 18.4x | n/a |
| MSFT | 25.7x | 9.7x | 19.6x | 121.1x |

| Multiple | SPCX now | Peer Q1 / median / Q3 (n) | Implied $/share low / mid / high |
|---|---|---|---|
| Fwd P/E | 47.4x | 18.7x / 23.0x / 37.6x (4) | $56.55 / $69.49 / $113.70 |
| Fwd EV/Sales | 12.7x | 7.1x / 8.6x / 15.6x (4) | $81.29 / $98.44 / $175.14 |
| EV/EBITDA (TTM) | 159.1x | 19.3x / 19.9x / 44.6x (4) | $20.41 / $20.90 / $42.35 |
| Fwd P/FCF | n/a | 52.1x / 82.7x / 101.9x (3) | not usable for SPCX (metric negative or n/a) |

**Implied range (AI): $52.75 / $62.94 / $110.40** (equal-weight average of usable multiples)

## Blended (equal weight of the three groups): $42.95 / $75.12 / $129.07

Flag: limited trading history (2026 IPO), no 5Y beta, no direct peers; ranges are very wide. Fwd P/FCF unusable (SPCX FCF negative).

Sources: stockanalysis.com statistics + forecast pages for SPCX and each peer (S&P Global Market Intelligence data), fetched 2026-11-10 ~8:45 PM MST (Phoenix).