Canadian Halal Investor.

NASDAQ Shariah screener · October 2026

Is Space Exploration Technologies Corp. (SPCX) Halal?

FAIL

Space Exploration Technologies Corp. · NASDAQ: SPCX · Industrials

The short answer

No - Space Exploration Technologies Corp. (SPCX) fails this Shariah stock screen on the business test. SpaceX, which listed on NASDAQ on June 12, 2026 in the largest US IPO on record, reports three segments - Space (reusable rockets), Connectivity (Starlink plus Starshield government services), and AI (Grok, X, xAI compute). Per its S-1, about one-fifth of revenue is attributable to US federal agencies, including multi-billion-dollar Starshield national-security contracts - but defense-related revenue is not disclosed as a separate line, so it cannot be verified as under the 5% AAOIFI business threshold. Musaffa independently classifies SPCX as 'Doubtful' and Zoya assigns an initial 'Questionable' rating, both on business-activity grounds. The financial ratios pass: debt of about $39.5B is about 2.0% of its ~$1.95T market cap ($148.07/share, October 1, 2026), below the ~33% ceiling, and interest income of $340M is about 4.35% of Q2 2026 revenue ($7,814M), below the 5% ceiling. This is a factual screen, not a religious ruling - consult a qualified scholar for personal rulings.

Gate 1 — Business activity: FAIL

Space Exploration Technologies Corp. (NASDAQ: SPCX), founded in 2002 and headquartered in Hawthorne, California, listed on NASDAQ on June 12, 2026 at $135 per share in the largest US IPO on record. Per its Form 10-Q for the quarter ended June 30, 2026, it reports three segments: Space (reusable rocket design, manufacture, and launch - Q2 revenue $962M, operating loss $542M), Connectivity (Starlink broadband - about 10,200 satellites, 12.0 million subscribers - plus Starshield government/national-security satellite services - Q2 revenue $4,291M, operating income $1,656M, the only profitable segment), and AI (Grok models, X, and xAI compute infrastructure, merged in February 2026 - Q2 revenue $2,561M, operating loss $1,257M). Business-screen implication (factual): per its S-1, about one-fifth of revenue is attributable to US federal agencies, including multi-billion-dollar Starshield/national-security contracts - but defense-related revenue is not disclosed as a separate line, so it cannot be verified as under the 5% AAOIFI business threshold. Musaffa independently classifies SPCX as 'Doubtful' under AAOIFI methodology, and Zoya assigns an initial compliance rating of 'Questionable' on business-activity grounds, noting the defense-revenue question cannot be resolved without disclosure. With the question unresolvable from verifiable disclosures and the only two third-party Shariah screens found both flagging business-activity concerns, gate 1 fails. Facts only.

Gate 2 — Debt and cash: PASS

Per SpaceX's Form 10-Q for the quarter ended June 30, 2026 (filed about August 4, 2026; CIK 0001181412), total debt was $38,433M plus finance lease liabilities of $1,079M. Against a market cap of about $1.95T ($148.07 per share, October 1, 2026 close, times about 13.08 billion shares outstanding across share classes), debt / market cap is about 2.0% - below the ~33% ceiling. Cash and marketable securities were about $100B (cash and cash equivalents $93,522M), about 5.1% of market cap. In June 2026 SpaceX issued a $25B inaugural bond (five tranches, 5.35%-6.65% coupons). Gate 2 passes. Facts only.

Gate 3 — Non-compliant income: PASS

SpaceX's Form 10-Q for the quarter ended June 30, 2026 reports interest income of $340M on total revenue of $7,814M - about 4.35% of revenue, below the 5% non-compliant income ceiling, but with narrow headroom. For the first half of 2026, interest income was $553M on revenue of $12,508M (about 4.42%). For FY2025, Zoya reports interest income of $492M against total income of $19,166M (about 2.57%). No other material non-compliant income was separately disclosed. Gate 3 passes. Facts only.

Key figures used

Frequently asked questions

What does SpaceX do?

Space Exploration Technologies Corp. (NASDAQ: SPCX), founded in 2002 and headquartered in Hawthorne, California, designs, manufactures, and flies reusable rockets (Falcon 9, Falcon Heavy, Starship), operates the Starlink satellite broadband network (about 10,200 satellites and 12.0 million subscribers), and runs an AI division (Grok models, X, and xAI compute infrastructure merged into SpaceX in February 2026). It listed on NASDAQ on June 12, 2026 at $135 per share in the largest US IPO on record. In Q2 2026 it reported revenue of $7,814M and a net loss of $541M.

Why does SpaceX fail this Shariah screener?

SpaceX fails the business gate (gate 1). About one-fifth of its revenue is attributable to US federal agencies (per its S-1), including multi-billion-dollar Starshield national-security satellite contracts, but the S-1 and 10-Q do not disclose defense-related revenue as a separate line - so it cannot be verified as under the 5% AAOIFI business threshold. Musaffa independently classifies SPCX as 'Doubtful' under AAOIFI methodology, and Zoya assigns an initial compliance rating of 'Questionable' on business-activity grounds. With the defense-revenue share unresolvable from verifiable disclosures and the two third-party screens that cover it both flagging business-activity concerns, gate 1 fails. Facts only.

What are SpaceX's debt and cash figures?

Per SpaceX's Form 10-Q for the quarter ended June 30, 2026 (filed about August 4, 2026; CIK 0001181412), total debt was $38,433M plus finance lease liabilities of $1,079M. Against a market cap of about $1.95T ($148.07 per share, October 1, 2026 close, times about 13.08 billion shares outstanding across classes), debt / market cap is about 2.0% - below the ~33% ceiling. Cash and marketable securities were about $100B (cash and cash equivalents $93,522M) - about 5.1% of market cap. In June 2026 SpaceX issued a $25B inaugural bond (five tranches, 5.35%-6.65%). Gate 2 passes. Facts only.

How much interest income does SpaceX earn?

SpaceX's Form 10-Q for the quarter ended June 30, 2026 reports interest income of $340M on total revenue of $7,814M - about 4.35% of revenue, below the 5% non-compliant income ceiling, but with narrow headroom. For the first half of 2026, interest income was $553M on revenue of $12,508M (about 4.42%). For FY2025, Zoya reports interest income of $492M against total income of $19,166M (about 2.57%). No other material non-compliant income was separately disclosed. Gate 3 passes. Facts only.

Do Zoya, Musaffa, or ShariaPortfolio cover SpaceX?

Zoya covers SpaceX in 'SpaceX IPO: Shariah Compliance Breakdown' (blog.zoya.finance, June 2026) and assigns an initial compliance rating of 'Questionable', noting defense revenue runs through nearly every part of the business but is not disclosed, and that interest income of $492M leaves only about $466M of the 5% allowance before failure. Musaffa covers SpaceX in 'Is SpaceX (SPCX) Halal?' (Musaffa Academy, June 12, 2026) and classifies SPCX as 'Doubtful' under AAOIFI methodology, with a business-screen breakdown of Halal 86.35% / Doubtful 9.31% / Not Halal 4.34% - the combined 13.65% exceeds the 5% threshold. ShariaPortfolio: no SpaceX coverage was found in targeted searches - honestly reported as no coverage found, not invented.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).