SpaceX (NASDAQ: SPCX) reported third-quarter 2026 results Tuesday after the close, its second earnings report as a public company. Revenue surged 161% year-over-year to $14.58 billion, comfortably ahead of Wall Street’s roughly $12.94 billion consensus estimate, while the company swung to net income of $4.40 billion from a $1.05 billion net loss a year earlier. Adjusted EBITDA more than quadrupled, up 306% year-over-year to $8.81 billion. Full results are available in SpaceX’s Q3 2026 earnings release on its investor relations site.
The Headline Numbers
For the quarter ended September 30, 2026, SpaceX reported revenue of $14.575 billion, up from $5.576 billion a year earlier and up roughly 87% from $7.81 billion in the second quarter. Income from operations was $2.79 billion, reversing an operating loss of $273 million in the year-ago quarter. Net income came in at $4.40 billion, versus a $1.05 billion loss in Q3 2025; GAAP basic earnings per share were $0.37 and diluted EPS was $0.35, compared to a $0.36 per-share loss a year ago. Wall Street’s non-GAAP EPS estimate heading into the print was around $0.16, well below what the company ultimately delivered on a GAAP basis, though the two figures aren’t drawn from the same accounting basis. The company ended the quarter with $51.3 billion in cash and cash equivalents plus $38.6 billion in marketable securities, versus $24.7 billion in cash alone at the end of 2025.
For a full breakdown of the quarter’s metrics, analyst price targets, and bull/bear case, see our SPCX Stock Fact Sheet.
Segment Results: SI Surges, Connectivity Stays the Profit Engine
SpaceX again reported results across three segments: Space, Connectivity, and SI (Super Intelligence — the renamed AI segment, which houses xAI, Grok, Cursor, and related cloud infrastructure). Space, covering Falcon, Dragon, and Starship, generated revenue of $1.77 billion, up 84% sequentially and 6% year-over-year, but was roughly break-even on an operating basis (a $7 million operating loss) as the company kept accelerating Starship R&D spending, which rose to $1.225 billion from $849 million a year earlier.
Connectivity, anchored by Starlink, remained the most profitable segment: revenue climbed 69% year-over-year and 22% sequentially to $5.25 billion, with operating income nearly doubling to $2.37 billion. Starlink’s consumer subscriber base reached 13.6 million as of September 30, up 1.6 million in the quarter and nearly double the 7.2 million a year earlier, even as average consumer revenue per user eased to $69 a month from $83 a year ago. More than 3,800 aircraft are now equipped with Starlink.
SI was the growth standout, with revenue up 830% year-over-year and 195% sequentially to $7.56 billion, which the company linked to new cloud-services agreements, the Cursor acquisition, and rising Grok adoption. The segment swung to an operating profit of $431 million and posted segment Adjusted EBITDA of nearly $5.0 billion, with nameplate compute capacity reaching 1.7 gigawatts — up from 1.4 gigawatts in the second quarter and 0.6 gigawatts a year ago — as the COLOSSUS II buildout continues.
Starship’s First Orbital Flight, a New Spaceport, and a Spectrum Deal
Operationally, SpaceX carried out 35 total launches in the quarter (12 for customers, 23 internal), delivering 476 metric tons to orbit — a slightly slower pace than the 44 launches a year earlier as the company shifts more capacity toward Starship. The highlight was Starship Flight 14, the company’s first orbital Starship flight and, by its own account, its first revenue-generating Starship mission, which delivered 26 Starlink V3 satellites and roughly ten times the downlink capacity of a typical Falcon 9 Starlink launch.
SpaceX also unveiled a new spaceport, Starbase, Louisiana, built to support thousands of Starship flights a year, with a first launch targeted for 2029, and disclosed an October 8 agreement to acquire a nationwide low-band spectrum license of up to 14 megahertz in the 800 MHz band, a deal expected to close in the first half of 2027.
The Cursor Deal and a Transformed Balance Sheet
The quarter’s results were shaped in part by SpaceX’s acquisition of AI coding startup Cursor, at an implied equity value of $60 billion, which closed August 14 and contributed $608 million of revenue from close through quarter-end. The deal carries GAAP purchase consideration of $42.5 billion plus $23.4 billion of equity awards tied to future service. SpaceX’s balance sheet remains flush following June’s IPO: nine-month net financing inflows totaled $99.8 billion, including roughly $85.7 billion of net IPO proceeds, leaving total assets of $254.0 billion against $77.3 billion in total liabilities as of quarter-end.
“We delivered another strong quarter in Q3,” SpaceX CFO Bret Johnsen said in the company’s earnings release, as revenue grew 161% year-over-year, net income swung to a $4.4 billion profit, and the company kept investing aggressively across Starship, Starlink, and its SI infrastructure buildout.
Stock Reaction and Analyst Views
SPCX shares were little changed immediately after the print, trading around $147.71 while the company’s earnings call was still underway; the options market had priced in an implied move of roughly 7.8% heading into the report. Wall Street’s consensus heading into the quarter proved conservative: analysts had modeled around $12.94 billion in revenue, about 11% below the $14.58 billion SpaceX actually posted. The stock carries a Moderate Buy consensus rating from roughly three dozen covering analysts. Morgan Stanley’s Adam Jonas has argued a successful Starship mid-air catch could be a catalyst for the stock, while also flagging the risk of further debt issuance to help fund the combined AI and Starship buildout.
Why It Matters
This was a pivotal print for SpaceX’s second full quarter as a public company. The SI segment’s leap to $7.56 billion in revenue, Starlink’s continued subscriber growth, and Cursor’s early revenue contribution all point to a business scaling rapidly across space, connectivity, and AI infrastructure at once. At the same time, the Space segment’s continued R&D-driven losses, a historically heavy capex load, and an unprecedented pace of dealmaking — from Cursor to the pending 800 MHz spectrum purchase — leave plenty for investors to track heading into the fourth quarter.
For continuing coverage, see the SPCX Stock Fact Sheet, our Stock Fact Sheets hub, and related pages on NVIDIA, CoreWeave, and Oracle. You can also revisit our coverage of SpaceX’s Q2 2026 results and the original SpaceX IPO coverage.
For informational purposes only. This article is not investment advice. Figures are sourced from SpaceX’s Q3 2026 earnings release and public reporting and are subject to revision.
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