How did SpaceX's third-quarter revenue compare with analyst expectations?

Revenue rose 161% to $14.6 billion, beating the $12.86 billion analysts expected, according to Visible Alpha consensus from S&P Global Market Intelligence.

What drove SpaceX's AI segment growth?

The segment, renamed "Super Intelligence," includes computing capacity leased to Anthropic, Google, Grok, and X, and posted revenue of $7.56 billion, up from $2.56 billion in the second quarter.

How much did SpaceX spend on capital investments in the quarter?

Capital spending came in at $19.6 billion in the quarter. The release did not include a full-year forecast, which analysts are awaiting.

AI Stocks & MarketsAI Business & IndustryFortune AI3h agoOct 21, 2026, 10:00 JST

SpaceX posts first operating profit as revenue hits $14.6 billion

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3 Key Points

What happened
SpaceX said third-quarter revenue rose 161% to $14.6 billion, beating the $12.86 billion analysts expected, with operating income rebounding to $2.79 billion and net income of $4.4 billion.
Why it matters
The swing from a $143 million operating loss in the second quarter to $2.79 billion in operating income came in above the $2.33 billion analysts expected, marking the company's first operating profit since going public, according to the results.

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Context & Analysis

The third-quarter results mark a sharp reversal from the prior quarter, when SpaceX reported a $143 million operating loss. Operating income rebounded to $2.79 billion, and net income swung to $4.4 billion, or 35 cents a share, from a net loss of $541 million in the second quarter.

The AI segment, renamed "Super Intelligence," has become a major revenue driver, nearly tripling to $7.56 billion from $2.56 billion in the second quarter. Connectivity revenue, mostly from Starlink, rose 69% to $5.25 billion, though Starlink added 1.6 million consumer subscribers, falling short of the 2.29 million analysts predicted.

Capital spending reached $19.6 billion in the quarter. Analysts are watching for a full-year forecast, with Visible Alpha figures cited by Melissa Otto projecting capital investments nearly tripling from about $70 billion this year to $197.4 billion in fiscal 2028, alongside a projected rise in debt from $50.7 billion in 2025 to $350 billion in 2029.

FAQ

How did SpaceX's third-quarter revenue compare with analyst expectations?: Revenue rose 161% to $14.6 billion, beating the $12.86 billion analysts expected, according to Visible Alpha consensus from S&P Global Market Intelligence.
What drove SpaceX's AI segment growth?: The segment, renamed "Super Intelligence," includes computing capacity leased to Anthropic, Google, Grok, and X, and posted revenue of $7.56 billion, up from $2.56 billion in the second quarter.
How much did SpaceX spend on capital investments in the quarter?: Capital spending came in at $19.6 billion in the quarter. The release did not include a full-year forecast, which analysts are awaiting.

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