SpaceX revenue rose 161% year over year to $14.6 billion in the quarter ended September 30, 2026, driven by rapid expansion in its Super Intelligence business and higher Starlink connectivity sales. The company reported net income of $4.4 billion, reversing a $1.1 billion loss a year earlier.
Key Takeaways
- Super Intelligence generated $7.6 billion in revenue, becoming the largest quarterly revenue segment.
- Connectivity revenue increased 69% as Starlink consumer subscribers reached 13.6 million.
- Capital expenditure totaled $19.6 billion, with most investment directed toward Super Intelligence.
Table of Contents
- SpaceX revenue growth brings a return to quarterly profit
- Super Intelligence expansion leads the sales increase
- Starlink grows while infrastructure spending remains substantial
- Conclusion
SpaceX revenue growth brings a return to quarterly profit
SpaceX’s third-quarter results announcement showed operating income of $2.8 billion, compared with an operating loss of $273 million a year earlier. Revenue increased from $5.6 billion in the third quarter of 2025.
Adjusted earnings before interest, taxes, depreciation and amortization reached $8.8 billion, up 306%. This non-GAAP measure excludes expenses including share-based compensation and depreciation, so it is not a substitute for net income.
The results establish that SpaceX was profitable in the third quarter. For the first nine months of 2026, the company reported revenue of $27.1 billion and operating income of $705 million.
| Item | Details |
|---|---|
| Space segment revenue | $1.77 billion in Q3 2026, up 6% year over year. |
| Customer launches | 12 during the quarter, compared with 15 a year earlier. |
| First revenue-generating Starship mission | Delivered 26 Starlink V3 satellites to the broadband constellation. |
| Nameplate compute capacity | 1.7 GW at September 30, compared with 1.4 GW at June 30. |
Super Intelligence expansion leads the sales increase
Super Intelligence revenue rose 830% year over year to $7.6 billion. SpaceX attributed the increase primarily to new cloud services agreements, its acquisition of Cursor and greater adoption of Grok by enterprise customers and consumers.
The segment generated operating income of $431 million, compared with a $1.7 billion operating loss a year earlier. Its quarterly result included $1.2 billion in share-based compensation associated with the Cursor acquisition.
SpaceX completed the Cursor acquisition on August 14, 2026. Cursor contributed $608 million of consolidated revenue between the closing date and September 30, meaning the quarter included only part of its post-acquisition contribution.
Starlink grows while infrastructure spending remains substantial
Connectivity revenue reached $5.2 billion, up 69% year over year and 22% from the second quarter. Segment operating income rose 99% from a year earlier to $2.4 billion.
Starlink consumer subscribers increased to 13.6 million from 12.0 million at the end of June. Monthly consumer average revenue per user improved to $69 from $66 sequentially, but remained below $83 a year earlier. Subscriber growth therefore accompanied a quarterly recovery in revenue per customer, rather than a year-over-year increase.
Capital expenditure totaled $19.6 billion, including $16.4 billion for Super Intelligence. That spending exceeded quarterly revenue and highlights the scale of the infrastructure buildout; capital expenditure is distinct from expenses used to calculate operating profit.
Conclusion
The quarter combined rapid revenue growth and a return to profit with substantial infrastructure investment. A confirmed upcoming milestone is the expected first-half 2027 closing of SpaceX’s agreement to acquire an 800 MHz spectrum license portfolio, subject to regulatory and other customary conditions.
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