---
title: "The first print left the funding question open. The 10-Q cash-flow statement is the chapter: $100,291 million of financing"
description: "The August 6 first-print post left the funding question open. SpaceX's first 10-Q as a public company answers it in the cash-flow statement: $100,291 million of first-half financing, $25,000 million of SpaceX Notes at a 5.350%–6.650% coupon, preferred converted at the IPO. Q2 13F holders land with the 13Fs. Not a price call."
canonical: https://evidinvest.com/blog/spacex-100b-financing-13f-2026-08-14
date: "2026-08-14"
last_updated: "2026-08-14"
author: "EvidInvest Team"
publisher: "EBD Sweden AB (EvidInvest)"
tags: ["SPCX", "SpaceX", "10-Q", "financing", "13F", "SEC filings", "Aether"]
---

# The first print left the funding question open. The 10-Q cash-flow statement is the chapter: $100,291 million of financing

- Published: 2026-08-14
- Author: EvidInvest Team, EvidInvest (published by EBD Sweden AB)
- Canonical URL: https://evidinvest.com/blog/spacex-100b-financing-13f-2026-08-14
- Research, not investment advice.

> The August 6 first-print post left the funding question open. SpaceX's first 10-Q as a public company answers it in the cash-flow statement: $100,291 million of first-half financing, $25,000 million of SpaceX Notes at a 5.350%–6.650% coupon, preferred converted at the IPO. Q2 13F holders land with the 13Fs. Not a price call.

*Figures below trace to SpaceX's Form 10-Q for the period ended June 30,
2026, filed August 4, 2026 (accession `0001628280-26-052535`). The xAI
conversion ratio is from the Form 424B4 filed June 12, 2026 (accession
`0001628280-26-042639`). Aether has no SPCX 13F holder table — holdings
coverage through March 31, 2026; ticker SPCX is not_found. Research, not
investment advice.*

The first public print can look like the AI segment turned. Without the
cash-flow statement, you do not know how that quarter was funded.

If you have been reading the
[SpaceX](https://evidinvest.com/valuation/SPCX) (**[$SPCX](https://evidinvest.com/valuation/SPCX)**) thread — the
people who grade the next filing, not the launch clip — that is the
question this page answers. The
[August 3 preview](https://evidinvest.com/blog/aug4-2026-spacex-ghm-earnings-preview-2026-08-03)
set the S-1 as the scoreboard for a maiden public quarter. The
[August 6 first-print post](https://evidinvest.com/blog/spcx-q2-2026-first-public-print-ai-segment-turns-2026-08-06)
asked whether the AI segment had turned, and left the funding question
open. This is not a fresh SpaceX explainer, and it is not a launch
recap. If you want either, this is the wrong page.

The August 4 10-Q is already on file. The cash-flow statement is the
chapter. It shows the capital machine that funded the half: the IPO, the
SpaceX Notes, and the dash where preferred used to be.

## The financing line is the document

Six months ended June 30, 2026. Net cash provided by financing
activities: **$100,291 million** versus **$9,199 million**. That is the
line. Operating cash is real and much smaller: **$3,466 million** versus
**$351 million**, an increase of **$3,115 million**. MD&A Item 2 walks
the operating increase through deferred revenue of **+$1,489 million**
from Space and Connectivity upfront payments, accounts receivable of
**+$1,533 million**, and accounts payable of **−$397 million**. Net cash
used in investing activities: **$(34,487) million** versus **$(6,032)
million**, an increase of **$28,455 million**.

Cash and restricted cash rose **$69,228 million**, to **$94,352
million** at period-end from **$25,124 million** at the start. The
year-ago half closed at **$15,094 million** (began **$11,501 million**).
MD&A — not the cash-flow statement — reports cash and cash equivalents
of **$93,522 million** and short-term marketable securities of **$6,487
million** as of June 30, 2026. The CFS ending balance of $94,352 million
includes restricted cash. MD&A also reports **$5,000 million** available
under the credit facility.

MD&A walks the financing increase of **$91,092 million** as primarily
the IPO (**$85,675 million**) and SpaceX Notes and other financing
(**$40,869 million**), offset by repayment of **$33,406 million** on the
SpaceX Bridge Loan and a **$3,906 million** increase in repurchases. The
statement of cash flows itemizes the same half as: proceeds from the
IPO, net, **$85,675 million**; proceeds from debt and other financing
**$51,812 million** versus **$10,943 million**; repayments on debt and
other financing **$(39,396) million** versus **$(5,990) million**;
proceeds from issuance of capital stock, net, **$8,319 million** versus
**$5,047 million**; and repurchase of common and redeemable convertible
preferred **$(4,426) million** versus **$(520) million**.

The IPO line in MD&A is specific: **638,888,888** Class A shares at
**$135.00**, net proceeds **$85,675 million** after **$575 million** of
costs.

## Do not collapse the coupon

Note 9 is where the notes live. SpaceX Notes: aggregate principal
**$25,000 million**. They bear annual interest of **5.350%–6.650%**. The
weighted-average coupon is **5.855%**. The effective interest rate is
**6.030%** as of June 30, 2026. Coupon range, weighted-average coupon,
and effective rate are three filed numbers. Collapsing them into "6.03%
paper" is not what the 10-Q says.

Carrying amount **$24,852 million**; fair value **$24,697 million**. Five
tranches mature on July 15 of 2031, 2033, 2036, 2046 and 2056. MD&A:
weighted-average maturity **11.7 years**, and no material debt principal
payments due until July 15, 2031. Total indebtedness is **$38,433
million** in aggregate principal.

## The preferred line is a dash

On the June 30, 2026 balance sheet, redeemable convertible preferred
shows no shares issued and no shares outstanding. At December 31, 2025
it showed **2,351** shares issued, **2,046** outstanding, and **$38,752
million**. Note 12: no shares of Combined Redeemable Convertible
Preferred Stock issued and outstanding as of June 30, 2026. All SpaceX
Redeemable Convertible Preferred outstanding prior to the IPO converted
into Class A or Class B.

That is the wipe. The private-company stack became common.

## Capex is data centers and space launch facilities

Purchases of property and equipment: **$(28,476) million** versus
**$(6,965) million**. MD&A attributes the **$21,511 million** increase
to data centers and related infrastructure, and space launch facilities.
Purchases of marketable securities **$(13,630) million** versus **$(601)
million** — MD&A: an increase of **$13,029 million** from IPO and
SpaceX Notes proceeds. Maturities **$7,248 million** versus **$543
million** (increase **$6,705 million**). Payments for intangible assets
**$(856) million** — MD&A: payments to EchoStar for Spectrum Licenses.

Supplemental cash-flow disclosure: property and equipment in accrued
expenses and accounts payable **$5,513 million** versus **$4,260
million**; property and equipment financed by other financings **$3,921
million**, with no year-ago amount on that line.

Operating cash of $3,466 million is real, and it is not the $100,291
million. The half was financed.

## What that capital sits under

Item 1 segment revenue, $ millions. The table is the mix the capital
sits under, not a re-argument of whether AI turned.

| | Q2 2026 | Q2 2025 | H1 2026 | H1 2025 |
|---|---:|---:|---:|---:|
| Space | 962 | 746 | 1,581 | 1,611 |
| Connectivity | 4,291 | 2,588 | 7,548 | 5,062 |
| — Consumer | 2,485 | 1,721 | 4,633 | 3,213 |
| — E&G | 1,806 | 867 | 2,915 | 1,849 |
| AI | 2,561 | 737 | 3,379 | 1,465 |
| — Advertising | 367 | 426 | 710 | 870 |
| — AI Solutions & Infrastructure | 2,194 | 311 | 2,669 | 595 |
| **Total** | **7,814** | **4,071** | **12,508** | **8,138** |

Starlink is the Connectivity offering (Note 1). This 10-Q does not file
a subscriber count on that line, so this page does not invent one.

The xAI combination closed on February 2, 2026 (10-Q). The conversion
ratio — **0.1433** SpaceX shares per xAI Low Vote, High Vote, or Common
share, on a pre-2026 Stock Split basis — is in the June 12 Form 424B4
(accession `0001628280-26-042639`). The 10-Q does not reprint 0.1433.

## Holders land with the 13Fs

Friday, August 14 is the Q2 13F deadline — the first quarter-end after
the IPO. Aether still has no SPCX holder table. Holdings coverage runs
only through March 31, 2026; ticker SPCX is not_found (no CUSIP). This
page does not invent a holder list. The names land when the 13Fs do.

## Open the cash-flow statement

That is the first step. Not the launch clip. Not a price. The $100,291
million financing line, the $25,000 million of notes, and the dash where
preferred used to be.

If you want a line to keep watching, park two: whether financing stays
this large, and whether the 13F holders — once they appear — flip. A
[monitor](https://evidinvest.com/monitor) is one place to park them
against the next filing.

*SpaceX: accession `0001628280-26-052535`
([sec.gov](https://www.sec.gov/Archives/edgar/data/1181412/000162828026052535/spcx-20260630.htm)).
Form 424B4: accession `0001628280-26-042639`. Research, not investment
advice.*

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