SpaceX IPO Roadshow 上市路演课件

Roadshow

PresentationJune

2026ibdroot\projects\IBD-NY\scouted2025B\994800_

1\01.Presentations\2026.05.25

Long

Form

RoadshowDeck\2026.05

ProjectApexRoadshow

Discussion

Materials.pptxDISCLAIMERThis

Information

Presentation(the“Presentation”)regarding

Space

Exploration

Technologies

Corp.(

the“Company”)

is

being

furnished

to

you

on

the

terms

set

out

below.TheCompany

hasfiled

a

registrationstatementonFormS-1(includinga

preliminary

prospectus)

with

the

SecuritiesandExchange

Commission(the

“SEC”)

for

the

offering

to

which

thisPresentationre

lates,

but

ithasnot

yet

becomeeffective.Thesesecurities

may

not

be

sold

nor

may

offersto

buy

beaccepted

prior

to

the

time

the

registration

statement

becomes

effective.

Before

you

invest,you

should

read

the

preliminary

prospectus

in

that

registration

statement,

including

the“Risk

Factors”

set

forth

therein,and

any

other

documents

the

Company

has

filed

with

the

SEC

for

more

completeinformation

about

the

Company

and

this

offering.You

may

obtain

these

documents

for

free

by

visiting

EDGAR

on

the

SEC

web

site

at

www.sec.gov.Alternatively,

the

Company,

any

underwriter

or

any

dealer

participating

in

the

offering

will

arrange

to

send

you

the

preliminary

prospectus

if

you

request

itby

contacting:Goldman

Sachs&Co.

LLC,Attention:

Prospectus

Department,

200West

Street,

New

York,

NY

1028

2,by

telephone

at

866-471-2526or

by

email

at

prospectus-ny@ny.email.gs.com;

Morgan

Stanley&Co.

LLC,Attention:

Prospectus

Department,

180Varick

Street,

Second

Floor,New

York,NY10014,

by

telephone

at866-718-1649or

by

email

at

prospectus@morganstanley.com;J.

P.

MorganSecurities

LLC,c/o

Broad

ridge

FinancialSolutions,

1155Long

IslandAvenue,

Edgewood,

NewYork11

717or

by

email

at

prospectus-eq_fi@and

postsalemanualrequests@broad

;Citigroup

Global

Markets,

Inc.,

c/o

Broadridge

Financial

Solutions,

1155Long

Island

Avenue,

Edgewood,New

York

11717or

by

telephone

at

1-800-831-9146;or

BofA

Securities,

Inc.,

Attention:

Prospectus

Department,

NC1-022-02-25,

201North

Tryon

Street,Charlotte,

NC

28255-0001orbyemailatdg.prospectus_requests@bofa.com.This

Presentation

and

its

contents

are

confidential

and

proprietary

to

the

Company,

and

no

part

of

may

be

reproduced,redistr

ibuted,passed

on,

or

the

contents

otherwise

divulged,

directly

or

indirectly,

to

any

other

personorpublishedin

wholeorin

part

forany

purposewithout

the

Company’s

priorwritten

consent.This

Presentation

shall

not

constitute

an

offer

to

sell

or

the

solicitation

of

an

offer

to

buy

these

securities,

nor

shall

there

be

any

sale

of

these

securities

in

any

state

or

jurisdiction

in

which

such

offer,solicitation

or

sale

would

be

unlawful

prior

to

registration

or

qualification

under

thesecurities

laws

of

any

such

state

or

jurisdiction.Theinformationin

this

Presentationisprovidedinsummary

form

only

and

doesnot

purport

to

be

complete.ThisPresentation

doesnotcontainall

the

informationthatis

or

maybematerial

to

you

inconsideringa

potential

investment

intheCompany

and

should

notbe

considered

asa

recommendationin

respect

of

the

holding,

purchasing

or

selling

of

any

securities

of

the

Company.This

Prese

ntation

should

not

be

construed

as,nor

be

relied

on

in

connection

with,any

offer

or

invitation

to

purchase

or

subscribe

for,

underwrite

or

otherwise

acquire,hold

or

dispose

of

any

securities

of

the

Company,andshall

not

beregarded

asa

recommendation

in

relation

toany

suchtransaction

whatsoever.This

Presentation

contains

forward-looking

statements.

Such

forward-looking

statements

include,but

are

not

limited

to,

statements

about:

the

Company’s

initial

public

offering

and

the

use

of

proceeds

therefrom,

the

development

and

deployment

of

Starship

in

accordance

with

our

anticipated

schedule(including

commencement

of

payload

delivery

to

orbit

in20

26)and

launch

cadence

and

our

ability

to

achieve

expected

performance,

reusability,

and

cost

efficiencies;

the

size

and

growth

of

our

various

existing

and

future

markets,

including

the

markets

for

commercial

launch

services,

satelliteconnectivity

services,our

AI

platforms,AI

compute

infrastructure

(terrestrial

and

orbital),lunar-re

lated

activities

and

interplanetary

activities,

including

the

extent

to

which

such

markets

develop,

particularly

emerging

or

unproven

markets

that

may

not

materialize

as

expected

or

on

anticipated

timelines;demand

for

our

products

and

services,

including

our

launch,connectivity,

and

AI

offerings,

and

our

ability

to

grow

our

customer

base

and

generate

revenue;the

deployment

of

our

next-generation

Starlink

satellites,

satellite-to-mobile

connectivity,

and

orbital

AI

compute

infrastructure(including

potentialdeployment

of

our

orbital

AI

compute

satellites

as

early

as2028),

including

our

ability

to

successfully

develop,

scale,

and

commercialize

such

technologies,

which

are

subject

to

significant

technical

complexity,capital

requirements,new

innovations

and

regulatory

approvals;

our

target

launch

cadence

andexpansion

of

our

manufacturing

and

operational

capacity

necessary

to

support

our

strategies,including

our

ability

to

scale

production,

supply

chain,

infrastructure,

and

workforce

efficiently;our

ability

to

execute

our

growth

strategy

and

scale

our

operations

efficiently,including

managing

costs,timelines,and

operational

complexity;our

ability

to

solve

novel

issues

and

navigate

and

monetize

technologies

and

environments

that

have

never

been

accessed

or

economized

before;

our

ability

to

design,

develop

and

successfully

commercialize

new

and

innovative

technologies,

products,and

services,includingour

AI

platforms

and

Terafab,

and

our

ability

to

achieve

and

maintain

a

low

cost

per

token,

in

each

case

in

rapidly

evolving

and

competitive

markets;our

ability

to

scale

and

monetize

our

AI

products,

services,

and

compute

infrastructure,including

the

development,

performance,

and

adoption

of

ourfrontiermodels

andrelated

applications,and

to

realizebenefitsfrom

relatedacquisitions

andinitiatives,

suchasourarra

ngement

with

Cursor;the

amount,nature

andtimingof

our

capitalexpendituresand

theimpact

ofsuchcapital

expendituresonourgrowth

andpe

rformance,

including

ourabilitytofundsuchexpenditures,

managecosts,

strategically

reducecosts

andachieve

expected

returnsoninvestment;ourability

toobtain

sufficient

power,

GPUs,andother

critical

componentsand

manage

our

supply

chain

to

support

our

operationsand

growth;our

abilityto

obtainandmaintainrequiredregulatory

approvals,

licenses

and

spectrum

authorizations

in

the

United

States

and

internationally,

and

the

timing,

scope,

and

conditions

of

such

approvals;the

competitive

landscape

in

the

industries

in

which

we

operate

and

our

ability

to

compete

effe

ctively;

the

implementation,

interpretation,

andimpact

of

current

or

future

regulations

including

laws

and

regulations

relating

to

space

operations,communications,AI,

data

privacy,

and

other

areas;our

ability

to

realize

benefits

and

manage

risks

of

being

a

public

company;

and

general

economic

conditions.

These

forward-looking

statements

may

beaccompanied

by

words

such

as“anticipate,”“believe,”“estimate,”“expect,”“intend,”

“may,”“outlook,”“plan,”“potential,”“predict,”“project,”“will,”

“should,”

“could,”

“would,”

“likely,”

“future,”

“budget,”

“goal,”

“commit,”

“pursue

,”

“target,”

“seek,”

“objective

”or

the

negative

of

these

words,orsimilar

expressions

that

are

predictions

of

or

indicate

future

events

or

trends

that

do

not

relate

to

historical

matters.

We

caution

you

that

the

foregoing

list

may

not

contain

all

of

the

forward-looking

statements

made

in

this

Presentation.

Such

forward-looking

statements

involve

known

and

unknown

risks,uncertainties

and

other

important

factors

which

may

affect

the

Company’s

ability

to

implement

and

achieve

the

targets,estimates,

plans

and

benchmarks

set

out

in

such

forward-looking

statements

and

which

may

cause

actual

results,performance

or

achievements

to

be

materially

different

from

futureresults,

performance

or

achievements

expressed

or

implied

by

such

forward-looking

statements.

Such

forward-looking

statements

are

based

on

numerous

assumptions

regarding

the

Company’s

present

and

future

operations

and

plans

and

the

environment

in

which

the

Company

will

operate

in

the

future.Furthermore,

certain

forward-looking

statements

are

based

on

assumptions

or

future

events

which

may

not

prove

to

be

accurate,and

no

reliance

whatsoever

should

be

placed

on

any

forward-looking

statements

in

thisPresentation

or

such

otherdateasspecified

herein.Theforward-lookingstatementsin

this

Presentationspeakonly

asof

the

date

ofthis

Presentation,and

the

Companyexpresslydisclaimsto

the

fullest

extent

permitted

by

lawany

obligation

or

undertakingto

disseminateany

updatesorrevisions

to

anyforward-looking

statements

contained

herein

to

reflect

any

change

in

expectations

with

regard

thereto

or

any

change

in

events,conditions

or

circumstances

on

which

any

such

statements

are

based

unless

required

by

law.No

representation

or

warranty,

express

or

implied,

is

made

as

to

the

fairness,accuracy

or

completeness

of

the

Presentation

and

the

information

contained

herein

and

no

reliance

should

be

placed

on

it.

Any

financial

data

in

this

Presentation

are

solely

for

your

information,

as

background

to

the

Companyand

may

notbe

reliedupon

forthepurposeofentering

into

anytransactionwhatsoever.Thefinancial

information

setoutinthis

presentation

is

based

on

certainimportant

assumptionsand

adjustments

anddoes

notpurportto

representwhat

theCompany’sresultsof

operationsare

on

an

audited

basisor

actuallywillbe

inanyfuture

periods.

Furthermore,

no

representation

is

made

asto

the

reasonablenessoftheassumptionsmadeinthis

Presentation

orthe

accuracy

or

completenessof

any

modelling,scenarioanalysisor

back-testing.Theinformation

in

this

Presentation

is

notintended

to

predictactual

results

and

no

assurances

are

given

with

respect

thereto.

None

of

the

Company,

its

advisers,

connected

pe

rsons

or

any

other

person

accepts

any

liability

whatsoever

for

any

loss

howsoever

arising,

directlyor

indirectly,fromthis

Presentation

oritscontents.This

Presentation

includescertainfinancial

information

that

is

preliminary,

unaudited

and

subject

to

revision

upon

completion

of

the

Company’sclosingand

audit

processes.This

Presentation

may

contain

certain

financial

measures,

such

as

Adjusted

EBITDA

and

Segment

Adjusted

EBITDA,that

include

adjustments

to

GAAP

figures.The

Company

believes

these

non-GAAP

financial

measures,when

considered

together

with

the

GAAP

figures,

can

enhance

an

overallunderstanding

of

its

financial

performance.The

non-GAAP

financial

measures

are

included

with

the

intent

of

providing

the

reader

a

more

complete

understanding

of

the

Company’s

operational

results

and

trends.

These

non-GAAP

financial

measures

should

be

considered

in

addition

to,and

not

as

asubstitute

for,

or

superior

to,

financial

measures

calculated

in

accordance

with

GAAP.See

Appendix

for

reconciliation

for

each

non-GAAP

measure

used

in

this

presentation

to

most

directly

comparable

GAAP

measure.

2ISSUERSpace

ExplorationTechnologiesCorp.OFFERINGSIZE555.6M

shares(100%

Primary)OVER-ALLOTMENT15%

(100%

Primary)OFFERING

PRICE$135

per

shareEXCHANGE/TICKERNasdaq;

Nasdaq

Texas/

SPCXEXPECTED

PRICING

DATEJune

11th,

2026USE

OFPROCEEDSTo

fundthe

Company’s

growth

strategy,

including

the

expansionofAIcompute

infrastructure,enhancementsto

launchinfrastructure

and

launch

vehicles,

increases

in

thescale

andcapacityofsatellite

constellations,

andany

remainingamountsforgeneral

corporate

purposesLOCK-UP

PERIOD(i)

366-day

lock-upfor

Elon

Musk;

(ii)

Staggered

lock-up

releasefora

portionof

shares

held

byselect

investors,officers,

anddirectorsstarting

after

Q4

26

earnings

through

Q2

27

earnings;

(iii)Staggered

early

lock-up

releaseforall

other

sharesstarting

after

Q2

26earningsthrough

180days

after

the

IPO

dateBOOKRUNNERSGoldmanSachs&

Co.

LLC,

Morgan

Stanley,

BofASecurities,Citigroup,J.

P.

MorganBarclays,

Deutsche

Bank

Securities,

RBCCapital

Markets,

UBS

Investment

Bank,Wells

FargoSecuritiesCO-MANAGERSAllen&

Company

LLC,Cantor,

Needham&

Company,

RaymondJames,Societe

Generale,

Stifel,William

BlairBTG

Pactual,

ING,

Macquarie

Capital,

Mirae

AssetSecurities,

Mizuho,Santanderibdroot\projects\IBD-NY\scouted2025B\994800_

1\01.Presentations\2026.05.25

Long

Form

RoadshowDeck\2026.05

ProjectApex

Roadshow

Discussion

Materials.pptxOFFERING

SUMMARY 3OUR

MISSIONTobuildthesystemsandtechnologies

necessaryto

make

life

multiplanetary,

to

understandthetrue

natureofthe

universe,

andtoextendthe

lightof

consciousnesstothestarsWhilewe

remain

dedicatedtoourfundamental

mission,ourprogress

in

accessingspace

continuestoyieldopportunitiesthat

enrich

lifeon

Earth.

For

example,

bydramatically

reducing

thecostofaccessto

space,we

have

beenable

to

expand

our

missionto

addresssomeofthe

Earth’s

most

pressingchallenges,including

bridgingthedigital

divide

by

aimingtoconnectoverthree

billionunconnectedpeopletothe

internet

andhumanity’scollective

knowledgeThe

rapid

emergence

oftheAIera

intensifiesthe

urgencyof

our

mission,asAI

hasthe

potentialtoaccelerate

not

onlyspaceexploration,

butalsotransformativesocietaladvancementson

Earth.

AI’sabilitytorevolutionize

humanpotential

isdirectlydependenton

meeting

exponentially

increasingresource

demandsibdroot\projects\IBD-NY\scouted2025B\994800_

1\01.Presentations\2026.05.25

Long

Form

RoadshowDeck\2026.05

ProjectApex

Roadshow

Discussion

Materials.pptx4OUR

INTEGRATEDPLATFORMWearethe

onlycompany

buildingthe

integratedhardwareandsoftware

infrastructureofthe

future

across

space,connectivity,

andAI.At

our

core,we

are

buildersActivated

in2002Activated

in2020Activated

in2023Unparalleled

launch

capabilitiesTheworld’s

largestand

most

advanced

high-Gigawatt-scalecompute

infrastructure,frontierwith

highcadence,

reusability,andcapabilityspeed,

low-latencysatellite

internet

networktruth-seekingAI

model,andreal-timeinformation

platformTOTA

LLA

UNC

H

E

S~650STA

RL

INKSAT

EL

L

ITES9,600+MAJO

RM

ODE

LRE

L

EA

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1\01.Presentations\2026.05.25

Long

Form

RoadshowDeck\2026.05

ProjectApexRoadshow

Discussion

Materials.pptxN

OF

1BUILDING

THE

INFRASTRUCTURE

OF

THE

FUTURESPACE

CONNECTIVITY

AINote:

All

statisticsareasoforforthetwelve

monthsended

March

31,2026

unless

otherwise

indicated.

Countries

are

inclusive

ofcountries,

territories,andothermarkets.

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ER

SThe

FIRST

privatecompanytodevelop

and

launch

a

liquidfuel

rocketto

reach

orbit

(2008)The

FIRST

privatecompanytosuccessfullydocka

spacecraftwiththe

International

Space

Station

(2012)The

FIRST

to

successfully

propulsively

land(2015)and

refly

orbital-class

rocket

boosters

(2017)The

FIRST

privatecompanytotransportastronautsto

orbit

andflytoand

from

the

International

Space

Station

(2020)CONNECTIVITYThe

FIRSTto

begindeployinga

large-scale

LEO

broadbandsatelliteconstellation(2019)

The

FIRSTto

manufactureconsumer-grade

phased-array

userterminalsatscale

(2022)

The

FIRSTtodeploya

large-scale

LEO

satellite-to-mobileconstellation

(2025)TheONLY

low-latency

networkavailablegloballyAIWE

MAKE

THE

EXTRAORDINARY

POSSIBLESPACEThe

FIRSTto

build

agigawatt-scaleAItrainingclusterand

largest

coherent

supercomputer

(2026)

The

FIRSTgigawatt-scale

Megapack

battery

installation(2026)TheONLY

companycapableof

building

orbitalAI

compute

at

scale7WHY

WE

WINGlobal

leadership

in

orbital

launch

servicesUnrivaled

satellite

and

connectivity

platform

across

design,

manufacturing,

deployment,

and

operationsTruth-seeking

AI

model

enhanced

by

real-time

dataExtremevertical

integration

enabling

high

velocity

and

superior

cost

efficiency

atscaleUnique

ability

to

scale

new

trillion-dollar

markets

across

space,

connectivity,

and

AIBusiness

models

that

are

incredibly

difficultto

replicateMission-driven

culture

and

world-class

talent8EXTREME

VERTICALConstellationManagement,AutonomousSafetyManeuvers,CustomerOperationsandSupportConsumer,Enterprise,Government,

Mobile

Network

OperatorsLaunch

Pads,Landing

Pads,

Factories,Test

Infrastructure,

DroneshipsRockets,

Engines,Reusable

Boosters,SecondStages,Spacecraft

ManufacturingGovernment,

Commercial,PrivateHIGHVELOCITYANDCompute

Deployment,Training,InferenceConsumer,Enterprise,

GovernmentINFRASTRUCTUREHARDWAREEnd-to-End(UserTerminal,Satellite,Ground

Systems),

Dynamic

Beam/CapacityAllocation,

Customer-FacingApp

EcosystemSatelliteConstellation,

Inter-SatelliteLaser

Mesh

Network,

Ground

Stations,Spectrum

Licenses,

UserTerminal&Satellite

ProductionINTEGRATIONTurbine

Power

Plants,

Substations,Liquid–CoolingSystems,

BatteryInstallationsEnd-to-End(Manufacturing,

Pad,Telemetry,LaunchVehicle),Test

andFlight

SimulationMission

Control,Refurbishment

Operations,

Launch/

Landing

OperationsX

Data,ProprietaryModelTooling,Starfleet,

Compute

FleetManagement

Chips

UserTerminals,

Routers,Optical

Space

Lasers,

Gateway

AntennasCompute

Processors,RDMA

Network,

Storage,

FiberSUPERIORCOSTEFFICIENCY

ATSCALEEND

CUSTOMERRELATIONSHIPCONNECTIVITY

AI

Terafab

OPERATIONSSOFTWARESPACE901MAKE

THE

REQUIREMENTSLESS

DUMB02DELETE

TH

E

PART

OR

PROCESSSTEP03

OPTIMIZE04

ACCELERATE05

AUTOMATEibdroot\projects\IBD-NY\scouted2025B\994800_

1\01.Presentations\2026.05.25

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Materials.pptxTHEALGORITHM

10AverageTenure

ofTop

3

Executives21YEARSAverageTenure

ofSenior

Management12YEARSibdroot\projects\IBD-NY\scouted2025B\994800_

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Materials.pptxMISSION-DRIVEN

CULTUREAND

WORLD-CLASS

TALENTNote:Unlessotherwiseindicated,

all

informationasofMarch31,

2026.

SeniorManagement

isdefinedasVice

Presidents

and

up.

11Percent

of

Engineer

ApplicantsAccepted

in

2025<2%GWYNNE

SHOTWELLBRET

JOHNSENELON

MUSKibdroot\projects\IBD-NY\scouted2025B\994800_

1\01.Presentations\2026.05.25

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Roadshow

Discussion

Materials.pptxOUR

REPEATABLEBUSINESS

MODELFOURApply

“TheAlgorithm”

(make

lessdumb,

delete,optimize,accelerate,automate)THREEVertically

integrate

alltheway

totheend

customerTWOContinuouslydrivecostdown

and

throughput

upONEGeneratesignificantcashflow

and

reinvest

inthefuture

12FIVEDesign

asolutionwithworld-classengineeringandfirst-principlesthinkingSEVENLeverageour

unparalleledlaunchcapabilities

to

enable

massive

scaleIdentifyandcreate

newtrillion-dollar

marketopportunitiesLIFTOFFSIXWE

ALREADY

ADDRESS

A

MASSIVE

$6T

MARKET$600

B$5.7TStar

linkBroadbandStarlink

Mobile

AIInfrastructureConsumerSubscriptionsDigitalAdvertisingAI:

$3.

8TSpace-EnabledSolutions SPACE:

$370BCONNECTIVITY:$1.6Tibdroot\projects\IBD-NY\scouted2025B\994800_

1\01.Presentations\2026.05.25

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Form

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Materials.pptxNear-TermTotalAddressableMarket$370

B$740

B$870

B$760

B$2.4T1313AI

UNLOCKS

AN

EVEN

LARGER

OPPORTUNITYAI:

$26

.5TCONNECTIVITY:$1.6Tibdroot\projects\IBD-NY\scouted2025B\994800_

1\01.Presentations\2026.05.25

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Form

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Materials.pptxSPACE:

$370B1414Starlink10M

ActiveCustomersSurpassed

10

million

activeStarlink

customersTerafabAnnouncedstrategiccollaborationwithTeslato

createtheworld’s

largestchipmanufacturingfacility.

Inteljoinedthe

project

inApril

2026XAds

Manager

LaunchBegana

phased

roll-outofadvertising

platformReleaseof

Grok4.3Releasedfastest,

mostintelligent

Grokmodelto

datePartneredwith

Cursorto

advance

GrokEntered

into

CloudServicesAgreementsto

provideaccesstocomputeEchoStarspectrumlicensesReceivedFCCapproval

ofthe

EchoStarlicense

transferStarshipV3CompletedStarship’s

12th

testflight

(firstofStarshipV3)AnnouncedagreementwithAmericanAirlinesibdroot\projects\IBD-NY\scouted2025B\994800_

1\01.Presentations\2026.05.25

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Discussion

Materials.pptx2026

…A

MOMENTOUSYEARSO

FARFeb-26Feb-26Mar-26Apr-26Apr-26Apr-26May-26May-26May-26May-26AcquiredxAI15BROADBANDMOBILEV2TERRESTRIALV3

SATELLITESATELLITECOMPUTEH2

20262027400MW+BegindeploymentBegindeploymentCompute

power

in

nextonStarshiponStarshipphaseofColossus

II1,0245G220K+Gigabits

per