SpaceX reports third-quarter revenue of $14.6 billion, up 161%
Oct 21, 2026
SpaceX (NASDAQ: SPCX) reported its third-quarter 2026 results after the US market close on Tuesday, October 20, 2026. It was the company's second quarterly report since its shares began trading on Nasdaq in June, and its first quarter with a net profit as a public company.
Headline figures
According to the earnings release SpaceX filed with the US Securities and Exchange Commission (SEC):
- revenue was $14.6 billion, up 161% from $5.6 billion a year earlier
- net income was $4.4 billion, compared with a net loss of $1.05 billion in the third quarter of 2025 and a net loss of $541 million in the second quarter of 2026
- income from operations was $2.79 billion, compared with an operating loss of $273 million a year earlier
- adjusted EBITDA was $8.8 billion, up 306% from $2.2 billion
- diluted earnings were $0.35 per share
Adjusted EBITDA is a non-GAAP measure that excludes items such as interest, taxes, depreciation, amortisation and certain other costs. Companies use it to show operating performance, but it is not a substitute for net income.
Results by segment
SpaceX reports its business in three segments:
- Super Intelligence (SI), its AI business: revenue of $7.56 billion, compared with $813 million a year earlier and $2.56 billion in the second quarter
- Connectivity, mainly the Starlink satellite internet service: revenue of $5.25 billion, up 69% from $3.10 billion a year earlier
- Space, which includes rocket launches: revenue of $1.77 billion, compared with $1.67 billion a year earlier and $962 million in the second quarter
The SI segment accounted for just over half of total revenue in the quarter.
Starlink and launches
Starlink had 13.6 million consumer subscribers at the end of September, up from 12.0 million at the end of June and 7.2 million a year earlier. SpaceX completed 35 launches in the quarter, 12 for customers and 23 for its own programmes, compared with 38 in the second quarter and 44 a year earlier.
Spending and cash
Capital expenditure was $19.6 billion in the third quarter, compared with $18.4 billion in the second quarter and $6.9 billion a year earlier. Over the first nine months of 2026, capital expenditure totalled $48.1 billion. At the end of September, SpaceX held $51.3 billion in cash and cash equivalents and a further $38.6 billion in marketable securities.
Outlook
The earnings release did not include formal financial guidance. It said SpaceX's planned spaceport in Louisiana is targeting its first launch in 2029, and that its acquisition of 800 MHz spectrum is expected to close in the first half of 2027, subject to regulatory and other closing conditions.
How SpaceX's business has changed
SpaceX was founded in 2002 and became known for its reusable Falcon 9 rockets, which carry satellites, cargo and astronauts into orbit. Over time, Starlink became its largest source of revenue, selling satellite internet to households, businesses, airlines, ships and governments. In 2026, the AI business has grown quickly and was the largest segment in the third quarter. As a result, investors now follow three different businesses with different growth rates, costs and risks.
Why capital spending matters
Building satellites, rockets and computing infrastructure for AI requires large upfront investment. High capital spending can support future growth, but it also uses cash today. Investors often compare a company's spending with its revenue growth, operating profit and cash balance to assess how the business is being funded.
What investors may look at next
Key items for the coming quarters include growth in Starlink subscribers and revenue per user, the pace of launches, progress on the Starship programme, the profitability of the AI segment and the level of capital spending. As a recently listed company, SpaceX has a short history of public quarterly reporting, which makes comparisons between quarters an important reference point.
Risks and uncertainties
SpaceX operates in industries with high technical and regulatory risk, including space launches, satellite communications and AI. Results can change significantly from quarter to quarter, and large capital spending may not produce the expected returns. Shares of recently listed companies can be volatile.
What this means for investors
For Investing.one users following SPCX, the third-quarter results and the trends in each segment may be relevant. The figures above are based on the company's earnings release.
Sources
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