157 Thus Far, 3D Printing Has Benefited Users More Than Suppliers SpaceX uses 3D printing every day to make parts for Starship’s Raptor engines. Today, the operating margins of SpaceX’s launch and satellite business are superior to those of any 3D printing supplier. Industrial companies benefiting from 3D printing could vertically integrate to sustain their competitive advantages. Velo3D And SpaceX 2023 Estimates In Thousands A SpaceX Super Heavy Booster With 33 Raptor Engines: G Velo3D SpaceX N I $180,000 T N I R P 3D $108 $103 $9,000 -$71 $3,000 Enterprise Value Revenue EBIT Velo3D is a 3D-printer manufacturer specializing in support-free powder bed fusion. Sources: ARK Investment Management LLC, 2024, based on data from S&P Capital IQ, 2024. SpaceX Heavy Booster Illustration sourced from Ali 2021. Forecasts are inherently limited and cannot be relied upon. For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security. Past performance is not indicative of future results.