ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
Roadshow Presentation
June 2026
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
DISCLAIMER
2
This Information Presentation (the “Presentation”) regarding Space Exploration Technologies Corp. ( the “Company”) is being furnished to you on the terms set out below.
The Company has f iled a registration statement on Form S-1 (including a preliminary prospectus) with the Securities and Exchange Commission (the “SEC”) for the offering to which this Presentation re lates, but it has not yet become effective. These securities may not be sold nor may offers to buy be
accepted 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 complete
information about the Company and this offering. You may obtain these documents for free by visiting EDGAR on the SEC web site at . Alternatively, the Company, any underwriter or any dealer participating in the offering will arrange to send you the preliminary prospectus if you request it
by contacting: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at 866-471-2526 or by email at prospectus-ny@; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, Second Floor, New York, NY
10014, by telephone at 866-718-1649 or by email at prospectus@; . Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by email at prospectus-eq_fi@ and postsalemanualrequests@;
Citigroup Global Markets, Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by telephone at 1-800-831-9146; or BofA Securities, Inc., Attention: Prospectus Department, NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001 or by email at
_requests@.
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 person or published in whole or in part for any purpose without the Company’s prior
written 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 the
securities laws of any such state or jurisdiction.
The information in this Presentation is provided in summary form only and does not purport to be complete. This Presentation does not contain all the information that is or may be material to you in considering a potential investment in the Company and should not be considered as a recommendation
in respect of the holding, purchasing or selling of any securities of the Company. This Presentation 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, h old or dispose of any securities of the Company, and
shall not be regarded as a recommendation in relation to any such transaction 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 in 2026) 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, satellite
connectivity 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 potential
deployment of our orbital AI compute satellites as early as 2028), 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 and
expansion 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, including
our 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 our
frontier models and related applications, and to realize benef its from related acquisitions and initiatives, such as our arrangement with Cursor; the amount, nature and timing of our capital expenditures and the impact of such capital expenditures on ou r growth and performance, including our ability to
fund such expenditures, manage costs, strategically reduce costs and achieve expected returns on investment; our ability to o btain sufficient power, GPUs, and other critical components and manage our supply chain to support our operations and growth; ou r ability to obtain and maintain required
regulatory 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, and
impact of current or future regulations including laws and regulations relating to space operations, communications, AI, data privacy, and other areas; our ability to realize benef its and manage risks of being a public company; and general economic conditions. These forward-looking statements may be
accompanied 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, or
similar 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 future
results, 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 this
Presentation or such other date as specified herein. The forward-looking statements in this Presentation speak only as of the date of this Presentation, and the Company expressly disclaims to the fullest extent permitted by law any obligation or underta king to disseminate any updates or revisions to any
forward-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 Company
and may not be relied upon for the purpose of entering into any transaction whatsoever. The financial information set out in this presentation is based on certain important assumptions and adjustments and does not purport to represent what the Company’s results of operations are on an audited basis
or actually will be in any future periods. Furthermore, no representation is made as to the reasonableness of the assumptions made in this Presentation or the accuracy or completeness of any modelling, scenario analysis or back-testing. The information in this Presentation is not intended to predict
actual results and no assurances are given with respect thereto. None of the Company, its advisers, connected persons or any other person accepts any liability whatsoever for any loss howsoever arising, directly or indirectly, from this Presentation or its contents. This Presentation includes certain
financial information that is preliminary, unaudited and subject to revision upon completion of the Company’s closing and aud it 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 overall
understanding 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 a
substitute for, or superior to, f inancial 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.
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
ISSUER Space Exploration Technologies Corp.
OFFERING SIZE shares (100% Primary)
OVER-ALLOTMENT 15% (100% Primary)
OFFERING PRICE $135 per share
EXCHANGE / TICKER Nasdaq; Nasdaq Texas / SPCX
EXPECTED PRICING DATE June 11th, 2026
USE OF PROCEEDS
To fund the Company’s growth strategy, including the expansion of AI compute infrastructure, enhancements to launch infrastructure and launch vehicles, increases
in the scale and capacity of satellite constellations, and any remaining amounts for general corporate purposes
LOCK-UP PERIOD
(i) 366-day lock-up for Elon Musk; (ii) Staggered lock-up release for a portion of shares held by select investors, officers, and directors starting after Q4 26 earnings
through Q2 27 earnings; (iii) Staggered early lock-up release for all other shares starting after Q2 26 earnings through 180 days after the IPO date
BOOKRUNNERS
Goldman Sachs & Co. LLC, Morgan Stanley, BofA Securities, Citigroup, . Morgan
Barclays, Deutsche Bank Securities, RBC Capital Markets, UBS Investment Bank, Wells Fargo Securities
CO-MANAGERS
Allen & Company LLC, Cantor, Needham & Company, Raymond James, Societe Generale, Stifel, William Blair
BTG Pactual, ING, Macquarie Capital, Mirae Asset Securities, Mizuho, Santander
OFFERING SUMMARY
3
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
To build the systems and technologies necessary to make life
multiplanetary, to understand the true nature of the universe,
and to extend the light of consciousness to the stars
While we remain dedicated to our fundamental mission, our
progress in accessing space continues to yield opportunities
that enrich life on Earth. For example, by dramatically reducing
the cost of access to space, we have been able to expand our
mission to address some of the Earth’s most pressing
challenges, including bridging the digital divide by aiming to
connect over three billion unconnected people to the internet
and humanity’s collective knowledge
The rapid emergence of the AI era intensifies the urgency of
our mission, as AI has the potential to accelerate not only
space exploration, but also transformative societal
advancements on Earth. AI’s ability to revolutionize human
potential is directly dependent on meeting exponentially
increasing resource demands
OUR MISSION
4
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
OUR INTEGRATED
PLATFORM
We are the only company building the integrated
hardware and software infrastructure of the future across
space, connectivity, and AI. At our core, we are builders
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
N OF 1
BUILDING THE INFRASTRUCTURE OF THE FUTURE
SPACE CONNECTIVITY AI
Activated in 2002
Unparalleled launch capabilities
with high cadence, reusability, and capability
Activated in 2020
The world’s largest and most advanced high-
speed, low-latency satellite internet network
Activated in 2023
Gigawatt-scale compute infrastructure, frontier
truth-seeking AI model, and real-time
information platform
T O T A L L A U N C H E S ~650 S T A R L I N K S A T E L L I T E S 9,600+ M A J O R M O D E L R E L E A S E S 4
M I S S I O N S F L O W N I N
2 0 2 5 W I T H O N E O R
M O R E
R E U S E D B O O S T E R S
95%+ % O F A L L A C T I V E M A N E U V E R A B L E
S A T E L L I T E S
~75% D A I L Y P O S T S O N X ~350M
% O F G L O B A L
M A S S T O O R B I T
S I N C E 2 0 2 3
80%+ C O U N T R I E S 164 M O N T H L Y A C T I V E U S E R S A C R O S S
G R O K A N D X
~550M
C R E W M E M B E R S
S A F E L Y F L O W N
S I N C E 2 0 2 0
78 S T A R L I N K S U B S C R I B E R S ~ N A M E P L A T EC O M P U T E D R A W ~
6Note: All statistics are as of or for the twelve months ended March 31,2026 unless otherwise indicated. Countries are inclusive of countries, territories, and other markets.
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
WE MAKE THE EXTRAORDINARY POSSIBLE
SPACE
The FIRST private company to develop and launch a liquid fuel rocket to reach orbit (2008)
The FIRST private company to successfully dock a spacecraft with the International Space Station (2012)
The FIRST to successfully propulsively land (2015) and refly orbital-class rocket boosters (2017)
The FIRST private company to transport astronauts to orbit and fly to and from the International Space Station (2020)
CONNECTIVITY
The FIRST to begin deploying a large-scale LEO broadband satellite constellation (2019)
The FIRST to manufacture consumer-grade phased-array user terminals at scale (2022)
The FIRST to deploy a large-scale LEO satellite-to-mobile constellation (2025)
The ONLY low-latency network available globally
AI
The FIRST to build a gigawatt-scale AI training cluster and largest coherent supercomputer (2026)
The FIRST gigawatt-scale Megapack battery installation (2026)
The ONLY company capable of building orbital AI compute at scale
7
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
WHY WE WIN
Global leadership in orbital launch services
Unrivaled satellite and connectivity platform across design, manufacturing, deployment,
and operations
Truth-seeking AI model enhanced by real-time data
Extreme vertical integration enabling high velocity and superior cost efficiency at scale
Unique ability to scale new trillion-dollar markets across space, connectivity, and AI
Business models that are incredibly difficult to replicate
Mission-driven culture and world-class talent
8
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
SPACE CONNECTIVITY AI
INFRASTRUCTURE
Launch Pads, Landing Pads, Factories, Test
Infrastructure, Droneships
Satellite Constellation, Inter-Satellite
Laser Mesh Network, Ground Stations,
Spectrum Licenses, User Terminal &
Satellite Production
Turbine Power Plants, Substations,
Liquid–Cooling Systems, Battery
Installations
HARDWARE
Rockets, Engines, Reusable Boosters,
Second Stages, Spacecraft Manufacturing
User Terminals, Routers, Optical
Space Lasers, Gateway Antennas
Compute Processors, RDMA
Network, Storage, Fiber
SOFTWARE
End-to-End (Manufacturing, Pad,
Telemetry, Launch Vehicle),
Test and Flight Simulation
End-to-End (User Terminal, Satellite,
Ground Systems), Dynamic Beam /
Capacity Allocation, Customer-Facing
App Ecosystem
X Data, Proprietary Model Tooling,
Starfleet, Compute Fleet Management
OPERATIONS
Mission Control,
Refurbishment Operations,
Launch / Landing Operations
Constellation Management, Autonomous
Safety Maneuvers, Customer Operations
and Support
Compute Deployment,
Training, Inference
END CUSTOMER
RELATIONSHIP
Government, Commercial,
Private
Consumer, Enterprise,
Government, Mobile Network Operators
Consumer, Enterprise,
Government
Terafab
Chips
EXTREME VERTICAL INTEGRATION
HIGH VELOCITY AND SUPERIOR COST EFFICIENCY AT SCALE
9
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
THE
ALGORITHM
01 MAKE THE REQUIREMENTSLES S DUMB
02 DELETE THE PART OR PROCESS STEP
03 OP TIMIZE
04 ACCELERATE
05 AUTOMATE
10
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
ELON MUSK GWYNNE SHOTWELL BRET JOHNSEN
Note: Unless otherwise indicated, all information as of March 31, 2026. Senior Management is defined as Vice Presidents and up.
MISSION-DRIVEN CULTURE
AND WORLD-CLASS TALENT
<2%
Percent of Engineer
Applicants Accepted
in 2025
21
Average Tenure of
Top 3 Executives
YEARS
12
Average Tenure of
Senior Management
YEARS
11
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
OUR REPEATABLE
BUSINESS MODEL
Leverage our unparalleled launch capabilities to enable massive scale
Identify and create new trillion-dollar market opportunities
Design a solution with world-class engineering and first-principles thinking
Apply “The Algorithm” (make less dumb, delete, optimize, accelerate, automate)
Vertically integrate all the way to the end customer
Continuously drive cost down and throughput up
Generate significant cash flow and reinvest in the future
SEVEN
SIX
FIVE
FOUR
THREE
TWO
ONE
LIFTOFF
12
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex Roadshow Discussion
$370 B
$870 B
$740 B
$ T
$760 B
$600 B $ T
Space-Enabled
Solutions
Starlink
Broadband
Starlink Mobile AI
Infrastructure
Consumer
Subscriptions
Digital
Advertising
Near-Term Total
Addressable
Market
SPACE: $370B CONNECTIVITY: $ AI: $
13
13
WE ALREADY ADDRESS A MASSIVE $6T MARKET
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex Roadshow Discussion
14
14
AI UNLOCKS AN EVEN LARGER OPPORTUNITY
SPACE: $370B CONNECTIVITY: $ AI: $
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
Acquired xAI
Starlink 10M Active Customers Surpassed 10 million active Starlink customers
Terafab
Announced strategic collaboration with Tesla to create the world’s largest chip manufacturing facility. Intel joined the
project in April 2026
X Ads Manager Launch Began a phased roll-out of advertising platform
Release of Grok Released fastest, most intelligent Grok model to date
Partnered with Cursor to advance Grok
Entered into Cloud Services Agreements to provide access to compute
EchoStar spectrum licenses Received FCC approval of the EchoStar license transfer
Starship V3 Completed Starship’s 12th test flight (first of Starship V3)
Announced agreement with American Airlines
2026… A MOMENTOUS YEAR SO FAR
15
Feb-26
Apr-26
Feb-26
May-26
May-26
May-26
Mar-26
Apr-26
Apr-26
May-26
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
MORE MILESTONES AHEAD
16
STARSHIP V3 BROADBAND
V3 SATELLITE
MOBILE V2
SATELLITE
TERRESTRIAL
COMPUTE
H2 2026
Commence payload
delivery to orbit
H2 2026
Begin deployment
on Starship
2027
Begin deployment
on Starship
400MW+
Compute power in next
phase of Colossus II
2028
Begin deployment
on Starship
100
Metric tons per
launch over time
1,024
Gigabits per second
per satellite
5G
Speed, voice and
data services
220K+
Additional GB300s in
next phase of Colossus II
100KW
Compute power
per metric ton
AI COMPUTE
SATELLITE
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
OUR SPACE
BUSINESS
We are the world’s leading launch provider, with more
than 80% of mass to orbit for the world since 2023
This critical capability is our foundation and enables the
rest of our businesses
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
Note: Information as of March 31, 2026 except for Starship flights which is inclusive of flight 12. Number of flights since inception of each vehicle. Falcon 9 payload to LEO reflects fully expendable configuration. All payload capacity
metrics reflect expected capacity.
18
WORLD’S ONLY FLEET OF REUSABLE ROCKETS
FALCON 9 FALCON HEAVY STARSHIP V3
PAYLOAD CAPACITY TO LEO 23 Metric Tons 64 Metric Tons 100 Metric Tons
TOTAL NUMBER OF FLIGHTS ~620 11 12
SUCCESS RATES 99% 100% Testing Phase
USE CASES
Starlink V2 Mini Satellite, Cargo and Humans to
Earth’s Orbit, and Deep Space Missions
Heavy Cargo to Earth’s Orbit
Deep Space Missions
Starlink V3 Satellites, Starlink Mobile V2 Satellites,
AI Compute Satellites, Interplanetary Travel
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
DRAGON
50+
Visits to the International Space
Station Since 2020
78
Crewmembers Safely Flown Since 2020
20
Countries Represented by Passengers
Since 2020
ONLY
Private Company Certified by NASA to Fly
Astronauts to the International Space
Station
19Note: Information as of March 31, 2026 unless otherwise noted.
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
Reuse of expensive hardware
lowering launch costs
COST
Enables higher flight rate, rapid large-scale
deployments and human transportation
LAUNCH CADENCE
Post-flight inspections feed an iterative re-
engineering loop that increases reliability
RELIABILITY
LOWER
Cost per launch compared to
expendable rockets
ADVANTAGE TO SPACEX
MOST
Launches of any provider
in the industry
LOWEST
Cost per kg to orbit
ADVANTAGE TO OUR CUSTOMERS
LOWER
Insurance premiums
Reduces manufacturing waste, emissions and ocean-
polluting debris
ENVIRONMENT
20
THE VALUE OF ROCKET REUSABILITY
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex Roadshow Discussion
First ever heavy-lift rocket built for full and rapid reusability
12 test flights to date
Demonstrated successful atmospheric entry and precision landing
Proven Starship booster reusability; the remaining technical milestone
is the catch and re-flight of the ship
Proven full-duration ascents and hot staging separation
Propellant transfer for missions beyond Earth’s orbit
Robust multi-destination landing capability including Mechazilla tower
system
Goal is to replicate airline-like operations with propellant (methane /
liquid oxygen) to be the only marginal cost for launch
STARSHIP
SUPER HEAVY
Note: All references to tons in this presentation refer to metric tons. 21
STARSHIP
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
% SPACEX SHARE
MASS TO ORBIT FOR THE WORLD
UNPARALLELED MARKET LEADERSHIP
22Source: BryceTech, management
45%
65%
80%+
20%
30%
40%
50%
60%
70%
80%
90%
2021 2022 2023-2025
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
0
20
40
60
80
100
120
140
160
180
2010 2017 2018 2019 2020 2021 2022 2023 2024 2025
BOOSTER REUSABILITY ENABLES INCREASING LAUNCH RATES
ANNUAL NUMBER OF FALCON FAMILY LAUNCHES BY SPACEX
MISSIONS NEW BOOSTERS FLOWN
165
8
UNMATCHED LAUNCH CADENCE
RELIABLE AND REUSABLE
DRAMATICALLY REDUCED COST-TO-ORBIT
FOUNDATIONAL LAUNCH ADVANTAGE
23
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
$ 18,500
$ 2,700
$ 1,400
$ 0
$ 5,000
$ 10,000
$ 15,000
$ 20,000
LAUNCH COST PER KG TO LOW EARTH ORBIT
STARSHIP: STEP FUNCTION IMPROVEMENT IN REUSABILITY
AVERAGE LAUNCH
COST (1970 – 2000)
FALCON HEAVYFALCON 9
85%
A v e r ag e C o s t
R ed u c t i o n
92%
A v e r ag e C o s t
R ed u c t i o n
STARSHIP
99%+
T a r g et C o s t
R ed u c t i o n
UNPARALLELED COST EFFICIENCY
24Source: NASA
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
FUTURE STARSHIP
(REUSABLE)
FALCON HEAVY
(EXPENDABLE)
STARSHIP V3
(REUSABLE)
FALCON 9
(EXPENDABLE)
PAYLOAD CAPACITY (METRIC TONS)
STARSHIP: THE KEY TO UNLOCKING NEW MARKETS
UNPARALLELED THROUGHPUT
23
64
100 +
200
0
50
100
150
200
25
Note: Payload capacity to orbit is a theoretical payload capacity under specific conditions derived from advanced computer simulations. Please refer to the definition of “payload capacity to orbit” in the Glossary for
additional details. Starship metrics reflect expected payload capacity. Future Starship payload capacity expected to reach 200 metric tons as soon as Starship V4
100
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
OUR CONNECTIVITY
BUSINESS
We leveraged our foundational launch capabilities to develop the
most advanced global satellite internet constellation
We operate a high-speed, low-latency global broadband data and
communications network powered by thousands of satellites in low-
Earth Orbit, delivering connectivity to millions of consumer,
enterprise, and government customers
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
UNRIVALED SATELLITE CONSTELLATION
Note: Gbps are gigabits per second. V3 satellites are in development. 27
COMPETITIVE STRENGTHS
Unparalleled launch capabilities and
rocket reusability led to the
development of Starl ink, making
satellite internet economically viable
Integrated platform spanning
architecture, chip design, software,
power systems, and final assembly
Ability to scale new businesses
leveraging the core satellite technology
platform: Starlink Broadband, Starlink
Mobile, and AI Compute
Availability
Bandwidth per Launch
Deployment per Launch
Bandwidth per Satellite
V2 SATELLITES
Today
2,600 Gbps
27 Satellites
On Falcon 9
96 Gbps
V3 SATELLITES
H2 2026
61,000 Gbps
60 Satellites
On Starship
1,024 Gbps
MORE THAN 20X BANDWIDTH PER LAUNCH WITH V3
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
28
WHERE TERRESTRIAL INFRASTRUCTURE
FALLS SHORT
LO W P O P UL A TI O N DEN S I TY REM O T E C O M MU N IT I ES C HA LL ENG I NG T O PO G RA P HY
DEE P- S EA ENV I RO N M ENT S A I RBO R NE A LTI T UD E DI S A S T ER Z O N ES
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
STARLINK: THE WORLD’S LARGEST SATELLITE
INTERNET NETWORK
OTHERS
SATELLITES IN ORBIT AS OF MARCH 31, 2026
UNRIVALED SATELLITE INFRASTRUCTURE
STARLINK SUBSCRIBERS (M)
EXPANDING USER BASE
29Source: Jonathan McDowell’s Space Report, Speedtest Index, FCC. Note: Includes active, maneuverable satellites in orbit. Countries includes countries, territories and other markets. Speed and latency results may vary based on location
and other factors. ISP stands for Internet Service Provider. Terrestrial round trip latencies reflect median latency.
2,000
4,000
6,000
8,000
10,000
12,000
9,600+ ~75%
O f A c t i v e
M a n e u v e r ab l e
S at e l l i te s i n O r b i t
3,000+
D e p l o y e d i n 2 0 2 5
~3,200
UNPARALLELED GLOBAL REACH AND
PERFORMANCE
A v e r a g e T e r r e s t r i a l I S P s : 1 2 0 M B P S
A v e r a g e T e rr e s t r i a l I S P s : 7 - 3 4 m i l l i s e c o n d s
225
Median Download
Speed (MBPS)
~25
Median Round Trip
Latency (Millisecond)
+
2
4
6
8
10
12
2023 2024 2025 Q1 2026
People Covered
164
Countries With
Coverage
%
Average Uptime
9 7 % 1 0 0 %
% YoY
Growth
1 0 5 %
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
CRITICAL PARTNER TO ENTERPRISES
AND GOVERNMENTS
FIXED SITE LAND MOBILITY AVIATIONMARITIME STARSHIELD
PROVIDES ENTERPRISE-GRADE INTERNET EVERYWHERE — INCLUDING BEING UNIQUELY WELL-SUITED FOR
IN-MOTION ENVIRONMENTS, SEVERE WEATHER, REMOTE OR HARD-TO-SERVE LOCATIONS
Provides secure and resilient network
for mission critical operations
30
Ecuador
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
STARLINK MOBILE: THE WORLD'S LARGEST
SATELLITE-TO-MOBILE CONSTELLATION
Using our dedicated satellite-to-mobile constellation, we offer
connectivity services, supplementing terrestrial networks and
substantially reducing mobile “dead zones” across approximately 30
countries
Starlink Mobile furthers our mission to connect over three billion
unconnected people to the internet and humanity’s collective knowledge
31
~30
Mobile Network
Operators 5G
Connectivity to
unmodified cell phones
and IoT devices
~ People Covered 65MHZ Spectrum
~650
Starlink V1 Mobile
Satellites in Orbit 2027
Begin V2 Mobile
Satellite Deployment
Note: Information as of March 31, 2026. In 2025, we entered into agreements to acquire 65 MHz of spectrum in the . and certain global Mobile Satellite Service spectrum licenses from
EchoStar. The acquisition is expected to close in November 2027, subject to required regulatory approvals and other closing conditions.
GEN 1 GEN 2
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
OUR AI
BUSINESS
We are the only company that can vertically integrate across AI
compute infrastructure, frontier model, and real-time data
We are building our AI business by leveraging our
infrastructure DNA, foundational launch capabilities, and
global connectivity network
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
1st
Gigawatt Scale Training
Cluster
1st
To deploy GB200s and
GB300s at significant scale
1GW
Nameplate Compute
Draw
Note: Gigawatt scale firsts include Colossus I and Colossus II as of March 31, 2026; Nameplate Compute Draw as of March 31, 2026
1st
Gigawatt Scale Megapack
Battery Installation
BUILT FASTER AND CHEAPER THAN INDUSTRY BENCHMARKS
33
WORLD’S LARGEST COHERENT SUPERCOMPUTER
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
US TERRESTRIAL COMPUTE SHORTFALL
EXPECTED TO WIDEN FURTHER
%
of the solar system’s energy,
the largest fusion reactor
34Source: Demand estimate per JLL (January 2026). Supply estimate per Introl (January 2026), . Historical Supply CAGR per . Energy Information Agency, China Historical Supply CAGR per Ember Energy.
SUPPLY SHORTFALL
<%
<3%
~ 6%
’08-’23
.
’23-’25
.
’23-’25
China
ELECTRICITY GENERATION HAS
REMAINED LARGELY STAGNANT IN THE
. WHILE CHINA’S OUTPUT HAS
GROWN STEADILY
2025 SUPPLY: 49 GW
2025 DEMAND: 62 GW
BOTH SIDES OF THE POLITICAL AISLE AGREE:
TERRESTRIAL CAPACITY FACES SIGNIFICANT
LIMITATIONS
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
READILY AVAILABLE
No current regulatory hurdles and environmentally friendly
Distribution enabled by Starlink technology
Power from solar energy: unlimited, clean, and lower cost
LOWER COST OF ONGOING OPERATIONS
Leverage radiative cooling architecture at lower cost relative to liquid or air cooling
Existing Starlink network enables cost efficient routing of data between compute clusters and
to end users on Earth
LOWER COST OF INITIAL DEPLOYMENT
Rocket reusability and high flight cadence reduces cost per kilogram to orbit eventually
to the cost of fuel
Advanced satellite manufacturing enables building of AI compute satellites at scale and
lower cost
FASTER TIME TO USEFUL TOKENS ON
NEW GENERATIONS OF COMPUTE
New generations of chips deliver step-function improvements in token efficiency
Deployment of new chips enabled by rapid cycles of payload delivery to orbit
ORBITAL AI COMPUTE: READILY AVAILABLE,
CHEAPER, AND FASTER
35
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
STARSHIP V3 STARLINK V3 AI SATELLITEEVOLVING CONNECTIVITY TO COMPUTE
REDUCE & DELETE KEEP ADD
Backhaul antennas
Large battery
Modem
Ion propulsion
Intersatellite lasers
Flight computer
Reaction wheels
Solar actuators
AI compute
More solar
Larger radiator
100
M e t r i c T o n s
o f C a p a c i t y
P e r L a u n c h
Ov e r T i m e STARLINK AND STARSHIP HAVE REMOVED ALL KEY TECHNICAL
HURDLES TO ORBITAL COMPUTE
WE ARE THE ONLY COMPANY THAT CAN DO THIS
36Note: Starship V3 and Starlink V3 in development. AI Satellite in design stage
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
WHAT MATTERS MOST
IN MANUFACTURING
INTELLIGENCE:
MOST AVAILABILITY
LOWEST COST
INFRASTRUCTURE
ADVANTAGE
REINVESTMENT TO
SCALE COMPUTE
INFRASTRUCTURE
LARGER
SCALE,
LOWER COST
PER TOKEN
MORE USERS
SERVED
IMPROVED QUALITY
OF INTELLIGENCE
BETTER
USER
EXPERIENCE AT
SCALE
GREATER
USAGE,
MONETIZATION
SPACE AND CONNECTIVITY LEADERSHIP
37
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
GROK: ADVANCED TRUTH-SEEKING AI MODEL
38
Achieved frontier-level performance faster than any other leading model provider
Rapid iterations with each release delivering material improvements
Benefits from access to direct, real-time information through X
Note: Frontier level performance in scientific reasoning based on GPQA Diamond Scores (Scientific Reasoning)
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
OUR REAL-TIME INFORMATION
AND FREE SPEECH PLATFORM
39
~550M
M ont hl y A cti v e U se r s
~350M
D a il y Pos ts
STRATEGY TO GROW X MONETIZATION
Evolve X into an “Everything App,” integrating real-time information, communications, media, payments, and banking
Increase X Premium subscriber conversion
Continue to improve advertising capabilities (. new advertising platform, X Ads Manager) and diversify advertiser base
Note: All metrics are as of March 31, 2026. Monthly active users includes both Grok and X monthly active users.
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
HOW WE MONETIZE COMPUTE INFRASTRUCTURE
40Note: All metrics are as of March 31, 2026. 1 Monthly active users. 1 Imagine production metrics represent averages on a per month basis.
SELLING INTELLIGENCE:
CONSUMER
~117
M
MAU that used Grok’s AI features1
2B+ Videos produced by Imagine2
~10B Images produced by Imagine2
SELLING COMPUTE
Cloud compute services agreement enabling
access to compute capacity across
COLOSSUS and COLOSSUS II
$
BMonthly fee for access to compute
capacity through May 2029, subject
to certain conditions
SELLING INTELLIGENCE:
ENTERPRISE
Partnering with Cursor to advance Grok
Option to acquire Cursor for an implied
equity value of $60 billion
Grok Enterprise and Grok API offerings
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
OUR GROWTH
STRATEGY
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
OUR GROWTH STRATEGY
Grow consumer AI platform monetization
Grow X monetization
Deepen enterprise and government adoption
Increase the scale of our AI compute
infrastructure
Deploy orbital AI compute at scale
Monetize across selling compute and selling
intelligence
Design and manufacture our own chips
Launch digital human augmentation
AI
CONNECTIVITY
Grow Starlink Broadband consumers
Grow Starlink Broadband enterprise and
government customers
Expand our Starlink Mobile offering
Increase the capacity of our constellationsSPACE
Increase launch payload capacity
Establish the lunar economy, including cargo
transport, manufacturing, and energy production
on the Moon
42
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex Roadshow Discussion
PIONEERING THE LUNAR ECONOMY
ESTABLISHING A LUNAR BASE BUILDING GROUND FOR AI
COMPUTE SATELLITES
HUMAN MOON RETURN
Land humans on the moon by late 2020s for the first
time since 1972 with NASA’s Artemis
Use Starship for transport
Establish sustainable lunar presence for science,
exploration, and industrialization
Prove systems, habitats, and Starship
Act as test-case for resource sustainability necessary
for human survival beyond Earth
Launch satellites into orbit / deep space
Establish lunar factories to manufacture AI satellites
Harness solar power and lunar mass driver
Grow AI compute to terawatts annually
43
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
WELL-POSITIONED TO CREATE NEW MARKETS WITH
MULTI-TRILLION-DOLLAR ECONOMIC
OPPORTUNITIES
ENERGY PRODUCTION AND
MANUFACTURING ON MARS
IN-ORBIT MANUFACTURINGPOINT-TO-POINT TERRESTRIAL TRAVEL
LUNAR MANUFACTUR ING AND TR ANSPORTASTEROID MININGPASSENGER AND CARGO TRANSPORT TO MARS
44
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
TRACK RECORD OF CAPITAL
ALLOCATION AND VALUE
CREATION
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
STELLAR TRACK RECORD OF CAPITAL ALLOCATION
& VALUE CREATION
SPACE AND CONNECTIVITY SEGMENT ADJ. EBITDA ($B)
$9B
Raised for
Space &
Connectivity
$
$
$
2023 2024 2025
Building The
Infrastructure
of the Future
WHILE FUNDING R&D INVESTMENT ($B)1
Space
Starship
Launch Infrastructure
Connectivity
Broadband & Mobile
Constellation
$ $ $
$ $ $
46
Note: Each of Adj. EBITDA and Segment Adj. EBITDA is a non-GAAP measure. Please see Appendix for reconciliation to most comparable GAAP measures 1 Represents R&D expense reported on a GAAP basis.
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
SIGNIFICANT GROWTH AND SCALE ENABLES
INVESTMENT IN VALUE CREATION
Note: Segment Adjusted EBITDA is a non-GAAP measure. Please see Appendix for reconciliation to most comparable GAAP measure.
47
$
$
$
2023 2024 2025
$
$
$
2023 2024 2025
REVENUE ($B)
SPACE CONNECTIVITY AI
2025
Growth
ADJ. EBITDA ($B)
33%
22%
50%
8%
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
BUILDING THE INFRASTRUCTURE OF THE FUTURE
48
$
$
$
2023 2024 2025
CAPITAL EXPENDITURES ($B)
Space capex concentrated on scaling
launch infrastructure
Connectivity capex comprised of capitalized
launch and satellite costs
AI capex investment to scale AI compute
capacity
To fuel our growth, we are continuing to
invest behind our massive opportunity
SPACE CONNECTIVITY AI
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
WE AIM TO BUILD A HIGH GROWTH, HIGH MARGIN
BUSINESS
49
Revenue Growth (%)
Gross Margin (%)
GAAP Net Income Margin (%)
Future Target2025
33%
~70%49%
~45%
Ongoing benefits from scale and
reduction in operating expenses while
continuing to fund massive R&D
Expansion as AI monetization grows and
Connectivity margins expand with next
generation satellites
Continuous investment unlocks massive
markets
(26%)
Significantly Higher
Note: 1. Targets are not projections or predictions, but represent goals that are forward-looking and subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control
of the Company and management, and are based on assumptions that are subject to change, including, but not limited to, demand for our products and services, including our launch, connectivity, and AI offerings, and our ability
to grow our customer base and generate revenue. Actual results may vary, and these variations may be material. Nothing in this presentation should be regarded as a representation that these targets will be achieved, and the
Company undertakes no obligation to update its targets.
2. Revenue growth percentage represent year-over-year growth
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
APPENDIX
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
CONNECTIVITYSPACE
2002
LAUNCH
Third-Party Launches
AI
2023
CONSUMER SUBSCRIPTIONS
ENTERPRISE
Grok & X Premium
Data Licensing
Compute
Grok for Business & Government
ADVERTISING
2020
Consumer
Enterprise
BROADBAND
MOBILE
Enterprise
Government
Year Activated
Current Revenue Streams
Future Revenue Streams
Lunar Economy
51
OUR REVENUE COMPONENTS
Macrohard
Note: X part of AI business was acquired in 2023
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
SPACE: OUR FOUNDATIONAL
COMPETITIVE ADVANTAGE
Note: Segment Adjusted EBITDA is a non-GAAP measure. Please see reconciliation slide in Appendix for reconciliation to most comparable GAAP measures
52
$
$
$
2023 2024 2025
$ $
$
2023 2024 2025
ADJ. EBITDA ($B)
REVENUE ($B)
YoY (%) 8%7%
$ $$&D ($B)
80%+ of 2025 Mass to Orbit for the world
Increases in launch capacity primarily
allocated to Connectivity & expected
allocation to AI in the future
Space financials reflect external customer
launches only, no inter-segment revenue
for launches dedicated to deploying
our satellites
R&D investment for acceleration of
Starship development
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
$
$
$
2023 2024 2025
CONNECTIVITY: DIVERSIFIED REVENUE, HIGH
GROWTH, AND STRONG PROFITABILITY
53
ADJ. EBITDA ($B)
REVENUE ($B)
YoY (%) 50%96%
Enterprise
& Govt.
Consumer
$
$
$
2023 2024 2025
$ TAM, split across Starlink Broadband
($870B) and Starlink Mobile ($740B)
Revenue growth driven by significant
subscriber growth
We grow subscribers by increasing
penetration in existing markets and
expanding into vast international
opportunity, with subscriber mix shift
reflected by declining average ARPU
people in markets we serve
Note: Segment Adjusted EBITDA is a non-GAAP measure. Please see reconciliation slide in Appendix for reconciliation to most comparable GAAP measures
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
$
$
($)
2023A 2024A 2025A2023 2024 20252023 2024 2025
$
$
$
2023A 2024A 2025A2023 2024 2025
AI: INVESTING IN A $27 TRILLION OPPORTUNITY
54
ADJ. EBITDA ($B)
REVENUE ($B)
YoY (%) 22%(12)%
AI Solutions +
Infrastructure
Ads
X (formerly known as Twitter) represented substantially
all of AI segment’s revenue in 2023 and 2024
Gigawatt-scale AI training cluster
Faster and cheaper compute infrastructure
from vertical integration advantage
Rapid advances in Grok, our truth-seeking
AI model
Revenue comprised of subscription and
advertising products, with enterprise &
government in early stages
Note: Segment Adjusted EBITDA is a non-GAAP measure. Please see reconciliation slide in Appendix for reconciliation to most comparable GAAP measures
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
SPACE
MASS TO ORBIT
Total kilograms of payload deployed to orbit in a period, calculated as the sum of verified mass (including
Starlink satellites, customer payloads, and development cargo) from all successful orbital and flight tests
LAUNCHES
Total number of successful orbital and flight tests across rockets in a period, including Starlink deployments,
development tests, and third-party customer launches and excluding any cancellations or scrubs
CONNECTIVITY
STARLINK SUBSCRIBERS
Unique Service Lines assigned to accounts that do not have direct, negotiated agreements with
the Starlink sales team
STARLINK ARPU
Service revenue generated from Starlink Subscribers divided by the average number of Starlink Subscribers
during a period and by the number of months in a period
AI NAMEPLATE COMPUTE DRAW
Total number of GPUs installed in the data centers at the end of a period multiplied by the respective all-in
power draw, reflecting installed capacity and not actual power consumption or utilization
ALL SEGMENTS
SEGMENT INCOME (LOSS)
FROM OPERATIONS
Income (loss) from operations for each segment in a period
SEGMENT ADJ. EBITDA
Segment income (loss) from operations excluding depreciation and amortization, share-based
compensation, restructuring charges, and impairment in a period
SEGMENT CAPEX Capital expenditure incurred by each segment in a period
OUR KEY METRICS
55
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
(in billions) 2023 2024 2025 Q1 2026
Net income (loss) ($) $ ($) ($)
Add (deduct):
Depreciation and amortization $ $ $ $
Share-based compensation $ $ $ $
Restructuring charges $ $ $ ($)
Impairments $ $ $
Interest expense $ $ $ $
Interest income ($) ($) ($) ($)
Other (income) expense, net $ ($) $ $
Provision for income taxes ($) ($) $ $
Adjusted EBITDA $ $ $ $
Note: Numbers may not add up due to rounding. As of March 31, 2026.
GAAP TO NON-GAAP RECONCILIATION:
ADJUSTED EBITDA
56
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
(in billions) 2023 2024 2025 Q1 2026
Income (loss) from operations ($) $ ($) ($)
Add (deduct):
Depreciation and amortization $ $ $ $
Share-based compensation $ $ $ $
Restructuring charges - - - -
Impairment - $ $ -
Segment Adjusted EBITDA $ $ $ ($)
Note: Numbers may not add up due to rounding. As of March 31, 2026.
GAAP TO NON-GAAP RECONCILIATION:
SEGMENT ADJUSTED EBITDA
SPACE
57
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
(in billions) 2023 2024 2025 Q1 2026
Income (loss) from operations $ $ $ $
Add (deduct):
Depreciation and amortization $ $ $ $
Share-based compensation $ $ $ $
Restructuring charges - - - -
Impairment - $ - -
Segment Adjusted EBITDA $ $ $ $
CONNECTIVITY
Note: Numbers may not add up due to rounding. As of March 31, 2026.
GAAP TO NON-GAAP RECONCILIATION:
SEGMENT ADJUSTED EBITDA
58
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
(in billions) 2023 2024 2025 Q1 2026
Income (loss) from operations ($) ($) ($) ($)
Add (deduct):
Depreciation and amortization $ $ $ $
Share-based compensation $ $ $ $
Restructuring charges $ $ $ ($)
Impairment $ - - -
Segment Adjusted EBITDA $ $ ($) ($)
Note: Numbers may not add up due to rounding. As of March 31, 2026.
AI
GAAP TO NON-GAAP RECONCILIATION:
SEGMENT ADJUSTED EBITDA
59
ibdroot\projects\IBD-NY\scouted2025B\994800_1\01. Presentations\ Long Form Roadshow Deck\ Project Apex
Roadshow Discussion
Slide 1
Slide 2
Slide 3
Slide 4
Slide 5
Slide 6
Slide 7
Slide 8
Slide 9
Slide 10
Slide 11
Slide 12
Slide 13
Slide 14
Slide 15
Slide 16
Slide 17
Slide 18
Slide 19
Slide 20
Slide 21
Slide 22
Slide 23
Slide 24
Slide 25
Slide 26
Slide 27
Slide 28
Slide 29
Slide 30
Slide 31
Slide 32
Slide 33
Slide 34
Slide 35
Slide 36
Slide 37
Slide 38
Slide 39
Slide 40
Slide 41
Slide 42
Slide 43
Slide 44
Slide 45
Slide 46
Slide 47
Slide 48
Slide 49
Slide 50
Slide 51
Slide 52
Slide 53
Slide 54
Slide 55
Slide 56
Slide 57
Slide 58
Slide 59
Slide 60
