Space Exploration Technologies Corp. revenue rises 161% to $14.6 billion in Q3

Space Exploration Technologies Corp. (SPCX) said Tuesday that revenue for the quarter ended Sept. 30 rose 161% to $14.6 billion, and that it had net income of $4.4 billion, according to an earnings release furnished with a regulatory filing.

The company, known in the release as SpaceX, also reported Adjusted EBITDA of $8.8 billion. Adjusted EBITDA is a non-GAAP measure that excludes depreciation, amortization, share-based compensation, interest and taxes, among other items.

Here's how the company did:

• Revenue: $14.6 billion vs. $5.6 billion a year earlier
• Net income: $4.4 billion vs. a net loss of $1.1 billion a year earlier
• Basic earnings per share: $0.37 vs. a loss of $0.36 a year earlier
• Diluted earnings per share: $0.35 vs. a loss of $0.36 a year earlier
• Adjusted EBITDA: $8.8 billion vs. $2.2 billion a year earlier
• Income from operations: $2.8 billion vs. a loss of $273 million a year earlier

Total revenue was $7.8 billion in the June quarter, according to the segment table in the release.

For the first nine months of 2026, revenue was $27.1 billion, against $13.7 billion a year earlier.

Here's how the company's segments did during the quarter:

• Space: revenue of $1.8 billion, up 6% from a year earlier, and an operating loss of $7 million, against operating income of $259 million
• Connectivity: revenue of $5.2 billion, up 69%, and operating income of $2.4 billion, up 99%
• Super Intelligence (SI), the segment previously reported as Artificial Intelligence (AI): revenue of $7.6 billion, up 830% from $813 million, and operating income of $431 million, against an operating loss of $1.7 billion

Space segment launches and Starship

The company said the Space segment completed 12 customer launches during the quarter, including NASA's mission to launch the Nancy Grace Roman Space Telescope. The segment flew 35 launches in total.

Starship Flight 14, which the company called its first orbital Starship flight, delivered 26 Starlink V3 satellites to the broadband constellation. The company described it as its first revenue-generating Starship mission.

The company also announced the planned development of Starbase, Louisiana, a next-generation spaceport designed to support thousands of Starship flights a year. The first launch is targeted for 2029.

Total costs and expenses for the Space segment rose $367 million from a year earlier, as the company accelerated research and development spending on its Starship program.

Connectivity and Starlink

Connectivity revenue rose 69% to $5.2 billion. Consumer revenue was $3.1 billion, up 57%, and enterprise and government revenue was $2.1 billion, up 91%.

Starlink consumer subscribers reached 13.6 million as of Sept. 30, up from 7.2 million a year earlier and 12.0 million at June 30.

Consumer average revenue per user, or ARPU, was $69 a month, compared with $83 a year earlier. The company said it had more than 3,800 aircraft equipped with Starlink as of Sept. 30.

On Oct. 8, the company entered into an agreement to acquire FCC licenses for a nationwide low-band spectrum portfolio of up to 14 megahertz of paired spectrum in the 800 MHz band, the filing said. The company said the transaction is expected to close in the first half of 2027, subject to regulatory and other customary closing conditions.

Super Intelligence and Cursor

SI revenue reached $7.6 billion, driven primarily by new cloud services agreements, the Cursor acquisition and higher Grok adoption across enterprise customers and consumers.

The company completed its acquisition of Cursor on Aug. 14, based on an implied equity value of $60 billion.

GAAP purchase consideration was $42.5 billion. Equity awards tied to post-acquisition service were valued at $23.4 billion, subject to future forfeitures.

Cursor contributed $608 million of revenue from the closing date through Sept. 30.

SI operating income of $431 million included $1.2 billion of share-based compensation from the Cursor acquisition. SI Adjusted EBITDA was $5.0 billion.

Nameplate compute reached 1.7 gigawatts as of Sept. 30, up from 1.4 gigawatts at June 30 and 0.6 gigawatts a year earlier.

Costs, capital spending and balance sheet

Total costs and expenses were $11.8 billion, compared with $5.8 billion a year earlier. Capital expenditures were $19.6 billion in the quarter, against $6.9 billion, and $48.1 billion for the first nine months, against $13.8 billion.

At Sept. 30, the company held $51.3 billion of cash and cash equivalents and $38.6 billion of marketable securities. Total assets were $254.0 billion.

Interest expense rose to $675 million from $514 million a year earlier, including $351 million to related parties. Restructuring charges were $3 million, compared with $278 million.

The release gives no financial guidance figures. The company said it would discuss its results and business outlook on a live webcast on Oct. 20, with a replay and transcript to be available at ir.spacex.com.

The filing does not disclose headcount.