SPACE EXPLORATION TECHNOLOGIES CORP

Notes

Note 1. Non-GAAP Financial Measures

Management believes that certain financial measures that are not presented in accordance with GAAP provide management and

investors with useful supplemental information that provides a meaningful view of our financial condition and results of operations

across periods by removing the impact of items that management believes do not directly reflect our ongoing operating performance.

Adjusted EBITDA and Segment Adjusted EBITDA are supplemental measures that are not required by or presented in accordance

with GAAP. In evaluating our performance as measured by Adjusted EBITDA and Segment Adjusted EBITDA, management

recognizes and considers the limitations of these measures. Other companies in our industry may calculate Adjusted EBITDA and

Segment Adjusted EBITDA differently than we do or may not calculate them at all, limiting their usefulness as comparative measures.

Because of these limitations, Adjusted EBITDA and Segment Adjusted EBITDA should not be considered in isolation or as a

substitute for net income (loss), income (loss) from operations, or any other measure calculated in accordance with GAAP, and should

be considered together with our GAAP financial measures and the reconciliations to the corresponding most directly comparable

GAAP financial measures set forth under “Reconciliation of Net Income (Loss) to Adjusted EBITDA” and elsewhere in this release.

Adjusted EBITDA is defined as net income (loss) excluding (i) depreciation and amortization, (ii) share-based compensation, (iii)

share-based compensation related to equity awards granted in connection with our acquisitions, (iv) acquisition-related costs which

include direct transaction costs related to legal, regulatory, and other professional services fees, (v) restructuring charges, (vi)

impairments, (vii) interest expense, (viii) interest income, (ix) other income (expense), net and (x) provision for (benefit from) income

taxes.

Segment Adjusted EBITDA is defined as segment income (loss) from operations excluding (i) depreciation and amortization, (ii)

share-based compensation, (iii) share-based compensation related to equity awards granted in connection with our acquisitions, (iv)

acquisition-related costs which include direct transaction costs related to legal, regulatory, and other professional services fees, (v)

restructuring charges, and (vi) impairments.

Adjusted EBITDA and Segment Adjusted EBITDA are key performance measures that our management uses to assess our financial

performance as well as for internal planning and forecasting purposes. We consider Adjusted EBITDA and Segment Adjusted

EBITDA to be meaningful performance measures for investors to evaluate our operating performance and to compare the financial

results between periods.

Note 2. Other Definitions

Super Intelligence (SI) refers to the operating and reportable segment previously reported as Artificial Intelligence (AI).

Starlink Consumer Subscribers refers to the metric previously disclosed as Starlink Subscribers. Weuse this measureto assess the

adoption of Starlink as we expand within andacross geographies and business segments. Starlink consumer subscribers includes both

personal (e.g., residential and roam) and business (e.g., local priority and global priority) subscription plans, but does not include

managed enterprise and government customers with contracts in domains including aviation, maritime, land mobility, fixed sites, and

government entities.

Total Satellites in Orbit includes both operational andde-orbit approved satellites. Our prior Satellites in Orbit definition reflected

operational satellites only and would have excluded approximately 400 satellites from our Q3 2026 total. This definitional change has

no impact on our financial results.