SpaceX Vertical Integration Model & Cost Flow Simulator

Aerospace Unit Economics
Source: Bret Johnsen Goldman Sachs Communacopia transcript
Operating Model Principle: "Vertical integration is the company’s core operating model, not a side strategy: Rockets (own metal → engines → avionics → software) & Starlink (own launch, satellites, and user terminals)."
Architectural Presets 1-Click Baselines
Rocket Subsystems (Launch Stack) Tier 1 Manufacturing
Airframe & Metal Structures Friction stir weld, alloys, tooling
Propulsion & Rocket Engines Turbopumps, regenerative cooling, cast injectors
Avionics & Guidance Hardware Radiation-tolerant computing, sensors, bus
Flight Code & Autonomous Software Landing autonomy, telemetry, stage control
Starlink Megaconstellation Operations Downstream Synergy
Internal Dedicated Launch Own vehicle at cost vs commercial booking
Satellite Design & Assembly Mass production lines, laser crosslinks
User Terminals (Phased Array) Custom ASICs, in-house robotic SMT lines
Scale Parameters Operational Cadence
Annual Rocket Launches 120 launches/yr
Starlink Satellites Fabricated/yr 2,400 sats/yr
Operational Telemetry & Unit Economics Live Calculated State
Cost Per kg to LEO
$215.4/kg
Commercial benchmark: $2,500+
Consolidated Gross Margin
68.5%
Launch + broadband operations
Annual Margin Savings
$4,820M
Retained supplier markup
Capex Intensity
32.0%
% revenue reinvested in lines
Schedule Risk Index
1.4 / 10
Supplier delay vulnerability
Supply Chain Margin & Cost Flow Cost Distribution by Domain
Subsystem Cost & Margin Attribution In-House Advantage Analysis
Subsystem Domain Status Cost Factor Est. Cost/Unit Outsourced Delta
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