SpaceX (SPCX) Q3 2026 Financial Results Summary
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SpaceX (SPCX) Q3 2026: Revenue Soars 161% YoY — Strongly Positive
In its third quarter of 2026, SpaceX reported a remarkable revenue of $14.6 billion, representing an increase of $9 billion or 161% compared to $5.6 billion in the same quarter last year. This impressive growth was primarily driven by the company's Super Intelligence (SI) segment and accelerated expansion in its Connectivity business.
This quarter is undoubtedly a strong one for shareholders. The substantial revenue growth, coupled with a net income of $4.4 billion—an improvement of $5.5 billion from a net loss of $1.1 billion in Q3 2025—indicates a significant turnaround in financial performance. Additionally, the Adjusted EBITDA surged to $8.8 billion, up 306% from $2.2 billion year-over-year, showcasing the company's operational efficiency and profitability.
Key Financial Metrics:
- Revenue: $14.6 billion, up $9 billion or +161% YoY from $5.6 billion
- Net Income: $4.4 billion, an improvement of $5.5 billion from a net loss of $1.1 billion
- Adjusted EBITDA: $8.8 billion, up $6.6 billion or +306% YoY from $2.2 billion
- Income from Operations: $2.8 billion, compared to a loss of $273 million in Q3 2025
Segment Performance:
- Space Segment: Revenue of $1.8 billion, up 84% sequentially and 6% YoY. The segment reported a loss from operations of $7 million.
- Connectivity Segment: Revenue of $5.2 billion, up 22% sequentially and 69% YoY, with income from operations reaching $2.4 billion, a 99% increase YoY.
- Super Intelligence Segment: Revenue of $7.6 billion, up 195% sequentially and 830% YoY, with income from operations of $431 million.
Operational Highlights:
- Successfully launched the first revenue-generating Starship mission, delivering 26 Starlink V3 satellites.
- Achieved a nameplate compute capacity of 1.7 GW as of September 30, 2026.
- Starlink consumer subscribers reached 13.6 million, up 1.6 million sequentially, with an average revenue per user (ARPU) of $69.
Capital Expenditures and Investments:
SpaceX's capital expenditures for the quarter totaled $19.6 billion, reflecting ongoing investments in infrastructure and technology development. Notably, the company completed its acquisition of Cursor, which is expected to enhance its capabilities in the Super Intelligence sector.
Forward-Looking Statements:
Looking ahead, investors should monitor SpaceX's plans for expanding its Starlink Mobile strategy, particularly following the recent agreement to acquire FCC licenses related to 800 MHz spectrum. This transaction is expected to close in the first half of 2027 and could significantly enhance the company's service offerings.
In conclusion, SpaceX's Q3 2026 results demonstrate a robust recovery and growth trajectory, making it a compelling investment opportunity for shareholders. The combination of strong revenue growth, improved profitability, and strategic investments positions the company well for future success. Investors should keep an eye on upcoming developments in the Starlink Mobile initiative and the continued expansion of the Super Intelligence segment.
Consolidated Statements of Operations (in millions, except per share data) (unaudited)
Note: All amounts are in thousands.
| Three Months | September 30, 2026 | September 30, 2025 | Nine Months | September 30, 2026 | September 30, 2025 |
|---|---|---|---|---|---|
| Revenue | $14,575 | $5,576 | $27,083 | $13,714 | |
| Costs and expenses | |||||
| Cost of revenue | 5,478 | 2,705 | 11,361 | 6,949 | |
| Research and development | 4,596 | 2,291 | 11,658 | 5,806 | |
| Selling, general, and administrative expenses | 1,707 | 575 | 3,365 | 1,674 | |
| Restructuring charges (credits) | 3 | 278 | -6 | 472 | |
| Impairment | — | — | — | 29 | |
| Total costs and expenses | 11,784 | 5,849 | 26,378 | 14,930 | |
| Income (loss) | 2,791 | -273 | 705 | -1,216 | |
| Interest expense | (675) | (514) | (1,968) | (1,372) | |
| Interest income | 873 | 155 | 1,426 | 370 | |
| Other income (expense), net | 1,025 | 140 | (937) | 342 | |
| Income (loss) before income taxes | 4,014 | -492 | -774 | -1,876 | |
| Provision for (benefit from) income taxes | (390) | 562 | (361) | 714 | |
| Net income (loss) | $4,404 | $(1,054) | $(413) | $(2,590) | |
| Net income (loss) attributable to shareholders - basic | 4,404 | (1,054) | (1,084) | (2,590) | |
| Net income (loss) per share of common stock attributable to common shareholders - Basic | $0.37 | $(0.36) | $(0.15) | $(0.89) | |
| Diluted | $0.35 | $(0.36) | $(0.15) | $(0.89) | |
| Weighted average shares used in computing net income (loss) per share of common stock | |||||
| Basic | 11,942 | 2,941 | 7,274 | 2,915 | |
| Diluted | 12,475 | 2,941 | 7,274 | 2,915 |
Consolidated Balance Sheets (in millions, except per share data) (unaudited)
Note: All amounts are in millions.
| September 30, 2026 | December 31, 2025 | |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $51,294 | $24,747 |
| Marketable securities | 38,561 | — |
| Accounts receivable, net of allowance for credit losses of $67 and $39 at September 30, 2026 and December 31, 2025, respectively | 4,772 | 1,579 |
| Inventory | 2,891 | 2,416 |
| Prepaid expenses and other current assets | 3,457 | 2,210 |
| Total current assets | 100,975 | 30,952 |
| Property, plant, and equipment, net | 89,483 | 42,602 |
| Finance lease right-of-use assets | 1,040 | 1,260 |
| Intangible assets, net | 6,354 | 1,548 |
| Digital assets | 1,573 | 1,637 |
| Goodwill | 48,423 | 11,809 |
| Deferred tax assets | 388 | 141 |
| Other assets (related party of $570 and $10 at September 30, 2026 and December 31, 2025, respectively) | 5,809 | 2,130 |
| Total assets | $254,045 | $92,079 |
| Liabilities, Redeemable Convertible Preferred Stock, and Shareholders’ Equity | ||
| Current liabilities | ||
| Accounts payable | 13,259 | 11,792 |
| Deferred revenue, current | 10,784 | 6,111 |
| Debt and finance leases, current | 2,698 | 928 |
| Accrued expenses and other current liabilities | 5,997 | 2,569 |
| Total current liabilities | 32,738 | 21,400 |
| Long-term liabilities | ||
| Deferred revenue, net of current | 6,736 | 6,005 |
| Debt and finance leases, net of current | 36,146 | 21,968 |
| Other liabilities | 1,657 | 1,381 |
| Total liabilities | 77,277 | 50,754 |
| Commitments and contingencies (Note 16) | ||
| Redeemable convertible preferred stock | — | 38,752 |
| Preferred stock, par value $0.001; no shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively | — | — |
| Class A common stock, par value $0.001; 8,240 and 2,036 shares issued; 8,240 and 1,952 shares outstanding as of September 30, 2026 and December 31, 2025, respectively | 8 | 3 |
| Class B common stock, par value $0.001; 5,339 and 644 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively | 5 | 1 |
| Class C common stock, par value $0.001; - and 482 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively | — | 0 |
| Additional paid-in capital | 212,539 | 37,706 |
| Accumulated deficit | -37,448 | -37,035 |
| Accumulated other comprehensive income | 1,664 | 1,898 |
| Total shareholders’ equity | 176,768 | 2,573 |
| Total liabilities, redeemable convertible preferred stock, and shareholders’ equity | $254,045 | $92,079 |
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