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SPCE
NYSENext earningsNov 123dAnalystsHold5+27%Industrials · Aerospace & Defense
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Structural: only pure-play public suborbital tourism stock; paused commercial flights in Q2 2024 to focus engineering on Delta-class spaceships (6 passengers vs Unity's 4, ~weekly cadence target vs ~monthly). $600+ Delta ASP at $450k/seat implies 8-10x revenue uplift per flight vs Unity.
Cash burn $100-120M/quarter against ~$550M cash + securities = ~5 quarter runway pre-dilution. Delta first commercial flight 2026 unlocks profitable unit economics; 800-name backlog at $250-450k deposits = $300M+ deferred revenue if conversion holds; only listed peer competing with $BA Starliner-adjacent prestige tier and $RKLB lacks tourism leg; New Mexico spaceport monopoly + FAA Part 460 license incumbency; Branson brand + scarcity premium on private space access.
zero revenue through 2026 while burning $400M+/yr; near-certain secondary or convertible needed before Delta service entry; Delta program has slipped 18+ months already vs original 2025 target; Unity retirement removed only revenue source; insider selling persistent; $RKLB / $ASTS / $LUNR all compounding revenue while SPCE compounds losses; reverse-split overhang if sub-$1.
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Auto-computed retracement of the trailing 52w low-high leg. Recomputed on each refresh; not a curated level.