SpaceX Q3 Revenue Rises 161% as Super Intelligence Swings to Profit

Space Exploration Technologies Corp. on Oct. 20, 2026 reported third-quarter revenue of $14.575 billion, a figure the company said increased 161% from a year earlier, along with net income of $4.404 billion and a shift toward operating profit in the segment it now calls Super Intelligence.

The results cover the quarter ended September 30, 2026 and were released in an earnings release provided to the U.S. Securities and Exchange Commission in a current report Form 8-K under results of operations and financial condition, signed by Chief Financial Officer Bret Johnsen. The company’s investor relations financial page lists the third quarter update released on October 20, 2026. SpaceX had announced on October 16, 2026 that it would release results after the market close and host a live audio-only webcast at 3:30 PM CT/4:30 PM ET on the same day.

SpaceX said total revenue increased from $5.576 billion in the year-earlier quarter. Operating income was $2.791 billion, versus an operating loss of $273 million a year earlier, and net income was $4.404 billion versus a net loss of $1.054 billion, an improvement the company estimated at $5.5 billion. Adjusted EBITDA was $8.809 billion, up 306% from $2.169 billion; the release identifies adjusted EBITDA as a non-GAAP measure and reconciles it to net income. Basic earnings per share were $0.37 and diluted earnings per share were $0.35, compared to a loss of $0.36 per share a year earlier.

In its earnings release commentary, the company characterized revenue growth as fueled by continued momentum in the Connectivity segment and “a clear inflection in our Super Intelligence business,” and described its spending stance as focused on capital efficiency and maintaining an investment-grade balance sheet.

Super Intelligence and cursor fusion

Super Intelligence, or SI, is the operational and reporting segment that the company previously reported as Artificial Intelligence, according to the release’s definitions note. SI’s revenue was $7.560 billion, which SpaceX said increased 195% sequentially and 830% year-over-year from $813 million. Revenue from IS solutions and infrastructure was $7.022 billion, up from $359 million a year earlier, while advertising revenue was $538 million, up from $454 million.

The release attributes $6.7 billion in incremental SI solutions and infrastructure revenue year-over-year to cloud services deals, the Cursor acquisition, and growth in SI models and software applications, including Grok Bot, which the company describes as its always-on agent system. SI’s operating income was $431 million, versus a loss of $1.722 billion a year earlier, and the figure includes $1.2 billion in stock compensation from the acquisition of Cursor during the quarter. SI’s adjusted EBITDA was $4.953 billion. The company said it signed additional cloud services agreements during the quarter and accelerated the rollout of Grok model releases.

The nominal calculation reached 1.7 GW as of September 30, 2026, compared to 1.4 GW as of June 30, 2026 and 0.6 GW as of September 30, 2025, as the company continued to build its COLOSSUS II infrastructure. According to the release, SI’s capital expenditures were $16.444 billion in the quarter, while segment costs and expenses increased $4.6 billion year over year, driven primarily by compute development.

SpaceX completed the acquisition of Cursor on August 14, 2026, for an implied asset value of $60 billion, a deal the company says advances its strategy to vertically integrate computing infrastructure, IS models and applications. GAAP consideration for the purchase was $42.5 billion, and equity awards issued in connection with the acquisition attributable to post-acquisition servicing are valued at $23.4 billion, subject to future forfeitures. From the closing date through September 30, 2026, Cursor contributed $608 million in revenue to consolidated results.

Starlink growth and 800 MHz spectrum deal

Connectivity revenue was $5.248 billion, up 22% sequentially and 69% year-over-year, according to the company. Consumer revenue was $3.121 billion, up 57% from the previous year, while business and government revenue was $2.127 billion, up 91%. According to the release, revenue from connectivity operations was $2.367 billion, up 99% year-over-year, and the segment’s adjusted EBITDA was $3.499 billion, up 82%.

Starlink consumer subscribers reached 13.6 million as of September 30, 2026, up 1.6 million sequentially, and average monthly consumer revenue per user increased 5% sequentially to $69; the company also cited hundreds of thousands of additional business subscribers. More than 3,800 aircraft have been equipped with Starlink and coverage has been extended to 174 countries. The company reported 11,100 satellites in orbit under a revised definition that now counts satellites approved for deorbit; the press release specifies that the previous definition would have excluded approximately 400 satellites from the quarterly total and that the change has no impact on the financial results.

On October 8, 2026, SpaceX entered into an agreement to acquire a nationwide portfolio of low-band spectrum licenses for up to 14 megahertz of coupled spectrum in the 800 MHz band, a transaction the company says is intended to advance its Starlink Mobile strategy.

Results of the space segment and flight of Starship 14

SpaceX reported Space segment revenue of $1.767 billion, up 84% sequentially and 6% year-over-year. The segment posted an operating loss of $7 million, compared to $259 million in operating profit a year earlier, with segment costs increasing by $367 million year-over-year due to the acceleration of Starship’s research and development spending. SpaceX completed 35 launches in the quarter (12 customer and 23 domestic), bringing year-to-date launches to 113 and year-to-date mass in orbit to 1,517 tons. Customer launches included NASA’s mission to launch the Nancy Grace Roman Space Telescope.

The company said it completed Starship 14 flight, which it described as Starship’s first orbital flight and its first revenue-generating Starship mission; the flight delivered 26 Starlink V3 satellites, which the company says represents about 10 times the downlink capacity added by a Falcon 9 Starlink launch. New launch pipeline signatures in the quarter included three additional NASA crew missions to the International Space Station, 18 national security space launch missions, three commercial Starfall missions and a contract to deliver a payload to the lunar surface with Starship. SpaceX also announced the planned development of Starbase, Louisiana, a next-generation spaceport designed to support thousands of Starship flights per year, with a first launch expected in 2029.

Cash position and capital expenditure

Total capital expenditures were $19.593 billion for the quarter and $48.069 billion for the nine months ended September 30, 2026. Net cash provided by operating activities was $13.097 billion for the nine-month period, compared to $4.120 billion a year earlier, and the cash flow statement shows $85.675 billion in proceeds net proceeds from the company’s initial public offering during the period. The balance sheet lists cash and cash equivalents of $51.294 billion, an additional $38.561 billion in marketable securities and total assets of $254.045 billion as of September 30, 2026.

Nine-month revenue was $27.083 billion, compared to $13.714 billion in the same period a year earlier, and nine-month net loss was $413 million, compared to $2.590 billion. Management was expected to discuss the findings on the October 20, 2026 webcast, live-streamed on X via @SpaceX, with a replay and transcript to be posted on ir.spacex.com. The 800 MHz spectrum transaction is expected to close in the first half of 2027, subject to regulatory and other customary closing conditions.