Space Exploration Technologies Corp. Class A Common Stock Goldman Sachs Communacopia + Technology Conference 2026

Yeah. I think vertical integration is core to who we are. I totally agree with you. We really believe that we are building the infrastructure of the future, and we're taking a very different approach, and we have since inception. If you go back to the old days when we were a rocket company which wasn't too long ago, by the way, we have always taken a very vertically integrated approach. Starting when we were really just focused on rockets in the beginning, or I should say rockets and spacecraft, a lot of it was because we couldn't find elements of the supply chain that were moving at the pace we needed or in an element of quality that we needed for sure. Quality is so important when you're flying payloads to space, especially when the payloads could be you and me.

Yeah. Right? Certainly that was in our DNA.

Then when we looked up and headed down the path of being a communications business, and started Starlink, it was the same type of thing over again. We want to own all the way from in the rockets, the metal coming in the door to building the engines, doing all the avionics and the software, and then the customer relationship. In comms, it became the same thing, where we were owning the launch, we were owning building the satellites themselves, and then going to the end customer or enterprise. Taking that approach now to the AI side of our business, we are very vertically integrated, all the way to the point that we're building our own infrastructure.

We're the GC building the building, putting up the power, and then using our own model to get directly to the end customer, whether it's consumer or enterprise. Then very soon with orbital compute as well.

Well, I'm glad you start with Starship because Starship is so core to the rest of our business in really all the segments. It's been years and years in the making. We had a huge milestone event with flight 13. So much learning came from that. If you didn't get a chance to see it, we were able to not only deliver payloads, I would say demonstration payloads of V3 satellites, but also did a relight of the Raptor engine, but probably most importantly, had the softest splash down, kind of precision splash down over the ocean of the second stage. Then kind of magically, we're able to tow what looked like a big whale back into shore, thanks to the efforts of pretty incredible recovery team on the SpaceX side, we're able to get that vehicle back.

We were able to get our engineers climbing all over that vehicle to see exactly the environments that the heat shield went through.

Yeah. There's been so much learning just in the last number of weeks, that we're able to take back into our flights coming forward.

So very exciting related to how the heat shield performed already on flight 13, but then the learnings that we got from that will carry right into flight 14 and beyond. Then we've got another flight coming up later this month for flight 14, which for the CFO is very exciting because it's going to be a revenue-generating flight. I love the demonstration flights, and now I'm excited that we're moving into production cadence and flying production V3 Starlink satellites- Yeah to orbit on our next flight.