SpaceX ($SPCX) Delivers Record Q3 Results as AI Segment Overtakes Starlink, Bitcoin Holdings Stay Intact

SpaceX (SPCX) is in talks to access 80,000 U.S. cell sites, including negotiations with Crown Castle (CCI), to build a nationwide wireless network. The initiative, backed by FCC approval and spectrum acquisitions, aims to challenge incumbent carriers. CCI stock surged 10% post-earnings on potential leasing deals.

SpaceX (SPCX) is nearing completion of a $40B debt offering at higher interest rates than previous borrowings, according to Semafor. This reflects investor concerns about AI infrastructure financing.

Space Exploration Technologies reported 3Q 2026 revenue of $14.58B, net income of $4.4B, and EPS of $0.35. This compares to $5.58B revenue and a $1.05B net loss in the prior-year quarter. Growth was driven by SI revenue, Starlink subscriber growth, and enterprise/government connectivity. Compute capacity reached 1.7 GW.

Alphabet's Google is paying SpaceX $11 billion annually through 2029 to lease cloud infrastructure, addressing a supply bottleneck. Google, with 15% of the cloud market, lacks sufficient Nvidia GPUs for customer demand. The deal avoids long-term capital and operational costs but may pose future risks, including dependency on SpaceX and Nvidia's dominance. Google's 2025 cloud revenue was $58.7 billion, up from $19.2 billion in 2021.

Taiwan Semiconductor (TSM) is in talks with SpaceX (SPCX) about the Terafab chip plant, with TSM insisting it must operate the facility. TSM reported Q3 revenue of $46.72B, with a 66.4% gross margin, and expects full-year revenue growth of about 44%. SpaceX needs more chips for its AI segment, which saw Q2 revenue rise 247%.

SpaceX's stock is 25% below its June high. Bank of America raised its price target to $275, citing a 161% revenue jump to $14.6B in Q3 and strong guidance. BofA's target implies an 88x forward multiple, with Starship's Flight 15 and Q4 results as key catalysts.