CAPE CANAVERAL, Florida, June 29, 2026, 04:12 EDT
- SpaceX NASDAQ:SPCX sent up the SXM-11 satellite for Sirius XM Holdings Inc. NASDAQ:SIRI on Sunday night, lifting off at 10:25 p.m. EDT. The satellite was deployed roughly 34.5 minutes after launch.
- SiriusXM plans to swap out XM-5, a satellite launched in 2010, for SXM-11. XM-5’s depreciable life wraps up in 2025. Its FCC license runs through 2026.
- At the time, Nasdaq system hours were underway, but the main session hadn’t started. Latest data had SIRI at $28.35 and SPCX at $153.23.
SpaceX NASDAQ:SPCX launched Sirius XM Holdings Inc.’s NASDAQ:SIRI SXM-11 satellite from Cape Canaveral Sunday night. The big 7-ton-plus satellite made it to orbit, taking launch risk off the table. Now investors will watch for it to start generating revenue as part of Sirius XM’s satellite-radio fleet.
Falcon 9 took off from Space Launch Complex 40 at 10:25 p.m. EDT. Booster B1085 flew for its 17th launch and landed back on the drone ship “A Shortfall of Gravitas” around 8-1/2 minutes after leaving the pad, according to Spaceflight Now. About half an hour later, the SXM-11 satellite, weighing roughly 15,000 pounds, separated from the rocket. Spaceflight Now
SXM-10 did not shift to service right away after its June 7, 2025 launch. The satellite wrapped in-orbit checks and began full ops on Aug. 20, 2025, a 74-day stretch. So for investors, focus turns from the rocket to how fast the handover process runs this time.
SiriusXM filings point to the refresh being about swapping out old satellites, not betting on something new. XM-5 was delivered in 2010, hit the end of its depreciable life in 2025, and its FCC license runs to 2026. Sirius FM-5 showed up in 2009 and finished its depreciable run in 2024. For SXM-10, SXM-11 and SXM-12, the company has launch and first-year in-orbit insurance, but they don’t insure other in-orbit satellites, saying premiums just aren’t worth it for the risk.
| Fleet item | Latest disclosed data | Investor read |
|---|---|---|
| SXM-10 | 74 days between launch and full service in 2025 | Sets bar for SXM-11 turnover concerns |
| SXM-11 | 7,000 kg satellite, deployed after launch on Sunday | Launch risk down; service timeline not confirmed |
| XM-5 | In orbit since 2010; depreciation ends 2025; FCC license good through 2026 | Most likely short-term replacement need |
| Sirius FM-5 | In service since 2009; depreciation ended 2024; FCC license valid until 2030 | Aging but still on the upgrade list |
| SXM-12 | Set for launch in 2027 | Another big capex and launch ahead |
Executives called the spacecraft order a move to keep coverage steady. Bridget Neville, a senior VP at SiriusXM, said SXM-11 and SXM-12 will “extend continuous and reliable delivery” of SiriusXM services. Maxar’s Chris Johnson said the satellites bring “expanded service area and higher service quality.” Sirius XM Holdings Inc.
SiriusXM’s first-quarter free cash flow came in at $171 million, rising from $56 million a year ago. The company kept its 2026 free cash flow outlook at around $1.35 billion. CFO Zac Coughlin said the focus is staying on a “target leverage range of low-to-mid 3x” and getting free cash flow up to the $1.5 billion 2027 target. SEC
| SiriusXM cash item | Q1 2026 | Q1 2025 | Change |
|---|---|---|---|
| Free cash flow | $171 million | $56 million | Up 205% |
| Additions to property and equipment | $105 million | $189 million | Down 44% |
| Satellite construction spend | $29 million | $69 million | Sank 58% |
| Net debt / adjusted EBITDA | 3.6x | Not stated in table | Company guides to low-to-mid 3x by Q4 |
SiriusXM’s satellite unit is small next to the company’s overall revenue, but it’s important since the company isn’t growing fast. SiriusXM finished the first quarter with 33 million subscribers and posted self-pay net losses of 111,000 along with a self-pay churn rate of 1.5%. SiriusXM segment revenue rose 1% to $1.59 billion, with ARPU at $14.99.
SXM-11 was one of the rare non-Starlink missions for SpaceX investors in a year filled with its broadband launches. Space.com said this was Falcon 9’s 76th mission of 2026, and close to 80% of Falcon 9 flights this year have carried Starlink payloads.
That outside-customer tempo is now part of a public-market pitch. Reuters reported last week that SpaceX tapped the bond market for the first time after its IPO, switching short-term bridge loans into longer debt to help pay for AI and Starship projects. The launch fee for SXM-11 wasn’t disclosed in the reviewed sources.
Intuitive Machines Inc. NASDAQ:LUNR now owns Lanteris Space Systems, the maker of SXM-11. Intuitive Machines wrapped up its $800 million buyout of Lanteris in January, with $450 million paid in cash and $350 million in stock, subject to closing adjustments. “Flight-proven manufacturing at scale,” Chief Executive Steve Altemus said of the deal. LUNR last traded at $19.79, according to available data. GlobeNewswire
