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

Space Exploration Technologies Corp. on October 20, 2026 reported third-quarter revenue of $14.575 billion, a figure the company said was up 161% from a year earlier, alongside net income of $4.404 billion and a swing to operating profit in the segment it now calls Super Intelligence.

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

SpaceX said total revenue rose from $5.576 billion in the prior-year quarter. Income from operations was $2.791 billion, against a $273 million operating loss a year earlier, and net income of $4.404 billion compared with a net loss of $1.054 billion, an improvement the company put at $5.5 billion. Adjusted EBITDA was $8.809 billion, which the company said was 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, versus a $0.36 loss per share a year earlier.

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

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

The release attributes $6.7 billion of incremental SI solutions and infrastructure revenue year-over-year to cloud services agreements, the acquisition of Cursor, and growing SI models and software applications, including Grok Bot, which the company describes as its always-on agentic system. SI income from operations was $431 million, against a loss of $1.722 billion a year earlier, and the figure is inclusive of $1.2 billion in share-based compensation from the Cursor acquisition during the quarter. SI Adjusted EBITDA was $4.953 billion. The company said it signed additional cloud services agreements during the quarter and accelerated deployment of Grok model releases.

Nameplate compute reached 1.7 GW as of September 30, 2026, up from 1.4 GW at June 30, 2026 and 0.6 GW at September 30, 2025, as the company continued building out its COLOSSUS II infrastructure. SI capital expenditures were $16.444 billion in the quarter, and the segment’s costs and expenses rose $4.6 billion year-over-year, driven primarily by the compute buildout, according to the release.

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

Connectivity revenue was $5.248 billion, which the company said was up 22% sequentially and 69% year-over-year. Consumer revenue was $3.121 billion, up 57% from a year earlier, and enterprise and government revenue was $2.127 billion, up 91%. Connectivity income from operations was $2.367 billion, up 99% year-over-year, and segment Adjusted EBITDA was $3.499 billion, up 82%, according to the release.

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

On October 8, 2026, SpaceX entered into an agreement to