Third Quarter 2026
Filed Oct 20, 2026SpaceX reported third-quarter revenue of $14.6 billion, up 161% year-over-year, with net income of $4.4 billion and Adjusted EBITDA of $8.8 billion as Super Intelligence revenue accelerated.
Revenue increased 161% year-over-year, the company moved from an operating loss and net loss in the prior-year quarter to income from operations of $2.8 billion and net income of $4.4 billion, and all three reported segments increased revenue year-over-year.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, three months ended September 30, 2026GAAP | $14.57B | – | 161% |
| Revenue, nine months ended September 30, 2026GAAP | $27.08B | – | – |
| Cost of revenue, three months ended September 30, 2026GAAP | 5,478 | – | – |
| Research and development, three months ended September 30, 2026GAAP | 4,596 | – | – |
| Selling, general, and administrative, three months ended September 30, 2026GAAP | 1,707 | – | – |
| Total costs and expenses, three months ended September 30, 2026GAAP | 11,784 | – | – |
| Income (loss) from operations, three months ended September 30, 2026GAAP | 2,791 | – | – |
| Income (loss) from operations, nine months ended September 30, 2026GAAP | 705 | – | – |
| Interest expense, three months ended September 30, 2026GAAP | (675) | – | – |
| Interest income, three months ended September 30, 2026GAAP | 873 | – | – |
| Other income (expense), net, three months ended September 30, 2026GAAP | 1,025 | – | – |
| Income (loss) before income taxes, three months ended September 30, 2026GAAP | 4,014 | – | – |
| Provision for (benefit from) income taxes, three months ended September 30, 2026GAAP | (390) | – | – |
| Net income (loss), three months ended September 30, 2026GAAP | $4.40B | – | – |
| Net income (loss), nine months ended September 30, 2026GAAP | −$413M | – | – |
| Basic net income (loss) per share of common stock attributable to common shareholders, three months ended September 30, 2026GAAP | $ 0.37 | – | – |
| Diluted net income (loss) per share of common stock attributable to common shareholders, three months ended September 30, 2026GAAP | $ 0.35 | – | – |
| Basic net income (loss) per share of common stock attributable to common shareholders, nine months ended September 30, 2026GAAP | $ (0.15) | – | – |
| Diluted net income (loss) per share of common stock attributable to common shareholders, nine months ended September 30, 2026GAAP | $ (0.15) | – | – |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | $8.81B | – | 306% |
| Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | $13.47B | – | – |
| Total Capex, three months ended September 30, 2026other | $19.59B | – | – |
| Total Capex, nine months ended September 30, 2026other | $48.07B | – | – |
| Net cash provided by operating activities, nine months ended September 30, 2026GAAP | $13.10B | – | – |
| Net cash used in investing activities, nine months ended September 30, 2026GAAP | −$84.61B | – | – |
| Net cash provided by financing activities, nine months ended September 30, 2026GAAP | $99.82B | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| SpaceCompleted 12 customer launches during the quarter, including NASA’s mission to launch the Nancy Grace Roman Space Telescope; SpaceX also completed Starship Flight 14, its first orbital Starship flight. | $1.77B | 84% | 6% |
| ConnectivityGrowth was driven by consumer revenues and enterprise & government revenues, supported by enterprise and government adoption and Starlink consumer subscriber growth. | $5.25B | 22% | 69% |
| SIGrowth was primarily driven by activation of new cloud services agreements, the acquisition of Cursor, and increased Grok adoption across enterprise customers and consumers. | $7.56B | 195% | 830% |
Amounts quoted below without a unit are in millions, as in the filing’s tables. Per-share figures are as printed.
Capital returns
- Payments for repurchase of common and redeemable convertible preferred stock were $(4,426) for the nine months ended September 30, 2026, compared with $(525) for the nine months ended September 30, 2025.
- The company reported no dividend declaration or payment.
What drove it
- SI solutions & infrastructure revenues were 7,022 in the third quarter of 2026, compared with 359 in the third quarter of 2025.
- Cursor contributed $608 million of revenue to consolidated results from the August 14, 2026 closing date through September 30, 2026.
- Connectivity consumer revenues were $3,121 and enterprise & government revenues were 2,127 in the third quarter of 2026.
- Starlink consumer subscribers reached 13.6 million as of September 30, 2026, compared with 12.0 million as of June 30, 2026 and 7.2 million as of September 30, 2025.
- SI nameplate compute reached 1.7 GW as of September 30, 2026, compared with 1.4 GW as of June 30, 2026 and 0.6 GW as of September 30, 2025.
- Starlink consumer monthly ARPU was $69, up 5% sequentially.
Concerns
- SI Capex was $16,444 in the third quarter of 2026 and $39,995 for the nine months ended September 30, 2026.
- SI reported income from operations of $431 in the third quarter, inclusive of $1.2 billion in share-based compensation from the Cursor acquisition.
- Space reported income (loss) from operations of $(7) in the third quarter of 2026, compared with $259 in the third quarter of 2025.
- The Cursor acquisition had GAAP purchase consideration of $42.5 billion, and equity awards attributable to post-acquisition service had a value of $23.4 billion, subject to future forfeitures.
- Interest expense was (675) in the third quarter of 2026, including related-party interest expense of $351.
What to watch
- The planned development of Starbase, Louisiana, has a first launch targeted for 2029.
- The agreement to acquire a nationwide low-band spectrum license portfolio of up to 14 megahertz of paired spectrum in the 800 MHz band is expected to close in the first half of 2027, subject to regulatory and other customary closing conditions.
- Management reported additional cloud services agreements and a larger pipeline of critical SI infrastructure capacity for third-party customers.
- SpaceX stated that it continued the buildout of COLOSSUS II as it expanded nameplate compute.
Balance sheet and cash flow
- Cash and cash equivalents were $ 51,294 as of September 30, 2026, compared with $ 24,747 as of December 31, 2025.
- Marketable securities were $ 38,561 as of September 30, 2026, compared with — as of December 31, 2025.
- Debt and finance leases, current were 2,698 as of September 30, 2026, compared with 928 as of December 31, 2025.
- Debt and finance leases, net of current were 36,146 as of September 30, 2026, compared with 21,968 as of December 31, 2025.
- Property, plant, and equipment, net were 89,483 as of September 30, 2026, compared with 42,602 as of December 31, 2025.
- Net cash provided by operating activities was $ 13,097 for the nine months ended September 30, 2026, compared with $ 4,120 for the nine months ended September 30, 2025.
- Purchases of property, plant, and equipment were (48,069) for the nine months ended September 30, 2026, compared with (13,846) for the nine months ended September 30, 2025.
- Proceeds from IPO, net of underwriting commissions and offering costs, were 85,675 for the nine months ended September 30, 2026.
- Proceeds from debt and other financing obligations were 51,834 for the nine months ended September 30, 2026, while repayments on debt and other financing obligations were (39,845).
Analysis
SpaceX delivered a sharp acceleration in third-quarter growth. Revenue was $14.6 billion, up 161% from $5.6 billion in the prior-year quarter, led by SI revenue of $7.6 billion, up 830% year-over-year, and Connectivity revenue of $5.2 billion, up 69%. The company reported income from operations of $2.8 billion after an operating loss of $(273) in the prior-year quarter, while net income was $4.4 billion compared with a net loss of $(1.1) billion.
SI was the principal source of the revenue step-up. SI solutions & infrastructure revenues were 7,022, versus 359 in the prior-year quarter, following new cloud services agreements, the Cursor acquisition, and increased Grok adoption. Cursor contributed $608 million of consolidated revenue from its August 14, 2026 closing through September 30, 2026. SI reached income from operations of $431, compared with a loss of $(1,722), despite $1.2 billion of acquisition-related share-based compensation included in the quarter. SI Adjusted EBITDA was $4,953, compared with $(428).
Connectivity continued to combine customer growth with improved profitability. Consumer revenue was $3,121 and enterprise & government revenue was 2,127. Starlink consumer subscribers reached 13.6 million, up from 12.0 million at June 30, 2026 and 7.2 million a year earlier, while monthly consumer ARPU was $69. Connectivity income from operations was $2,367, compared with $1,190, and Connectivity Adjusted EBITDA was $3,499, compared with $1,923. Space revenue was $1,767, up 84% sequentially and 6% year-over-year, but Space reported an operating loss of $(7) as R&D investment in Starship increased.
The company is funding an intensive infrastructure buildout. Total Capex was $19,593 in the quarter, including SI Capex of $16,444, and total nine-month Capex was $48,069. Nine-month operating cash flow was $13,097, while investing cash flow was $(84,611). Financing activity included $85,675 of net IPO proceeds, 51,834 of proceeds from debt and other financing obligations, and $(4,426) of payments for repurchases of common and redeemable convertible preferred stock. Cash and cash equivalents were $51,294 and marketable securities were $38,561 at September 30, 2026.
No quantitative financial guidance was provided. Operational milestones include the first revenue-generating Starship mission, 1.7 GW of SI nameplate compute, a planned Starbase, Louisiana launch target of 2029, and an agreement to acquire 800 MHz spectrum that is expected to close in the first half of 2027 subject to conditions. The principal disclosed execution focus is whether SpaceX can scale SI infrastructure, cloud commitments, Grok products, Starship development, and Starlink Mobile while managing the associated capital requirements and acquisition-related costs.
Not in the filing
stated, not guessed- Forward quantitative financial guidance was not provided.
- Previous-release outlook was not provided.
- Gross profit and gross margin were not reported.
- Free cash flow was not reported.
- Quarterly operating cash flow was not reported.
- Quarterly cash flow from investing activities was not reported.
- Quarterly cash flow from financing activities was not reported.
- A dividend declaration or dividend payment was not reported.
- Non-GAAP EPS was not reported.
- Named executive quotes were not provided.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.