SpaceX (Nasdaq: SPCX) delivered a blowout third-quarter 2026 earnings performance, powered by surging artificial intelligence infrastructure demand and expanding satellite connectivity. The company reported net income of 4.40 billion (0.35 adjusted EPS), swinging from a net loss of $1.05 billion in the prior-year period. Net revenue surged 161% year-over-year to $14.58 billion, handily topping market consensus expectations of $12.70 billion to $12.87 billion, while adjusted EPS of $0.35 easily beat the $0.15 analyst forecast.
Key Financial Highlights:
- Revenue: $14.58 billion (+161% YoY vs. $12.70B estimated)
- Net Profit / Adj. EPS: 4.40 billion net income (0.35 Adj. EPS vs. $0.15 estimated)
- Adj. EBITDA: $8.81 billion (+306% YoY vs. $6.59B estimated)
- Total Cash & Securities: $89.85 billion in combined liquidity
Top-line expansion was anchored by the Super Intelligence (SI) division, which generated $7.56 billion in revenue—up 830% year-over-year—and swung to an operating profit of $431 million. SI growth was catalyzed by high-margin cloud service contracts and the integration of Cursor, which contributed $608 million in post-acquisition revenue. Nameplate compute reached 1.7 GW as of quarter-end.
The Connectivity (Starlink) segment maintained strong operating leverage, with revenue rising 69% year-over-year to $5.25 billion and operating income doubling to $2.37 billion. Consumer subscribers reached 13.6 million (+89% YoY), while monthly ARPU improved 5% sequentially to $69. Conversely, the Space segment posted $1.77 billion in revenue (+6% YoY) but incurred a $7 million operating loss, reflecting accelerated R&D investments in the Starship program.
SpaceX boasts an enviable liquidity position, closing Q3 with $51.29 billion in cash and cash equivalents alongside $38.56 billion in marketable securities. Total current and long-term debt and finance leases stood at approximately $28.08 billion.
Management issued bullish guidance for Q1 2027, projecting revenue of approximately $35 billion compared to market expectations of $25 billion. Chief Executive Elon Musk added that the company targets an annualized recurring revenue run-rate of $500 billion to $1 trillion exiting 2027.
