SpaceX

SpaceX designs, makes and launches rockets and spacecraft, and it runs Starlink, a satellite internet network. It reports three segments. Space sells Falcon 9, Falcon Heavy, Dragon and Starship launches to NASA, the U.S. military and companies, and it had revenue of $1.8 billion in Q3 2026. Connectivity sells Starlink internet to homes, companies, aircraft, ships and governments, and it had revenue of $5.2 billion and 13.6 million consumer subscribers at September 30, 2026.

Super Intelligence (SI) holds the former xAI, with the Grok models, the X social network and the Cursor coding tools, and it sells computing capacity under cloud services agreements. SI had revenue of $7.6 billion in Q3 2026. SpaceX bought xAI on February 2, 2026, and its Class A shares started to trade on Nasdaq on June 12, 2026. Elon Musk is CEO, and he controls the votes through Class B shares with ten votes each.

SpaceX trades at a premium because investors pay for growth far in the future from Starlink, Starship and AI computing in the SI segment. Starlink grows fast and earns most of the profit, and reusable rockets give SpaceX a low launch cost. But the cash cost of this growth is very large. Capital spending was $48.1 billion in the first nine months of 2026, of which $40.0 billion was for SI computing, while operating cash flow was $13.1 billion.

SpaceX also agreed on October 24, 2026 to lease GPU equipment with about $40 billion of principal payments from 2027. The SI segment made an operating profit for the first time in Q3 2026, and much of its revenue comes from new cloud services agreements and from Cursor, which SpaceX bought on August 14, 2026. Elon Musk controls the votes, and SpaceX does business with Tesla and other companies that he leads. Investors have only two quarterly reports since the June 2026 listing.

For the premium to be earned, four things must be true. Connectivity revenue must keep growing fast with higher margins. SI must stay profitable as more computing comes online, and its cloud customers must renew. Starship must fly often enough to launch Starlink V3 satellites in large numbers.

SpaceX must fund its spending without large new share issues beyond those it already agreed. The Q4 2026 report, expected in late January 2027, is the next test. The full evidence comes over several years. If SI growth slows or the spending needs large new share issues, the premium can get smaller.

1. Jan 20, 2027 · est.Pending

   Q4 2026 results: Starlink growth and SI profitConnectivity revenue growth of 50% or more from a year earlier and a second quarter of SI operating profit pass; an SI operating loss or slower Starlink subscriber growth fails.
2. 2027 · est.Pending

   Starship launch rateRegular Starship flights that launch Starlink V3 satellites through 2027 pass; long pauses after failed flights fail.

Every passed and failed checkpoint across all picks

• October 24, 2026SpaceX signed a binding commitment for a master finance lease with an entity that Apollo Global Management manages. The lessor will buy GPU pods and related equipment and lease them to SpaceX for about five years per part. SpaceX expects principal payments of about $40 billion in total. It expects the lease to close before the end of 2026 and the first leases to start in the first half of 2027.
• October 20, 2026SpaceX reported Q3 2026 results. Revenue was $14.6 billion, up 161%, and net income was $4.4 billion, after a loss a year earlier. Adjusted EBITDA was $8.8 billion. Connectivity revenue grew 69% to $5.2 billion, and SI revenue grew to $7.6 billion from $0.8 billion, with Cursor and new cloud services agreements. SI had an operating profit of $431 million. Capital spending was $19.6 billion in the quarter, and computing capacity reached 1.7 GW.
• October 8, 2026SpaceX agreed to buy a nationwide set of 800 MHz spectrum licenses, with up to 14 MHz of paired spectrum, for its Starlink Mobile service. It expects the deal to close in the first half of 2027, after regulatory approvals.

Last earnings

October 20, 2026 (8-K on sec.gov)

Next earnings

Expected about January 20, 2027. The company has not confirmed the date.

• 8-KChange of directors or officersFiled November 6, 2026 · spcx-20261104
• 8-KOther company newsFiled October 26, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 22, 2026 · spcx-20260930
• 8-KEarnings releaseFiled October 20, 2026 · spcx-20261020
• 8-KAcquisition or sale completedFiled August 14, 2026 · spcx-20260814
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 4, 2026 · spcx-20260630
• 8-KEarnings releaseFiled August 4, 2026 · spcx-20260804
• 8-KOther company newsFiled June 26, 2026 · Read it on sec.gov
• 8-KOther company newsFiled June 23, 2026 · Read it on sec.gov
• 8-KInvestor disclosure and Other company newsFiled June 22, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1181412)

• SpaceX spends much more cash than it makes. Capital spending was $48.1 billion in the first nine months of 2026, against operating cash flow of $13.1 billion. The planned GPU lease adds about $40 billion of payments from 2027. If AI demand slows, the computing assets can earn less than their cost.
• Elon Musk controls the votes through Class B shares with ten votes each, and holders of Class B shares elect most of the board. He is also CEO of Tesla. SpaceX buys Megapack batteries from Tesla, and Tesla invested $2.0 billion in SpaceX shares. Public shareholders have little say in these decisions.
• The SI segment is new and competes with many large AI companies. SI made an operating loss of $3.3 billion in the first nine months of 2026, and its Q3 profit depends on a few new cloud services agreements and on Cursor.
• Starship is still in development. Delays or failed flights can slow the launch of Starlink V3 satellites and raise costs.
• SpaceX faces many lawsuits about Grok's image tools, and the European Commission investigates X under the Digital Services Act. Fines or new rules can raise costs.
• New shares add dilution: about 261.8 million Class A shares go to EchoStar at the spectrum closing, and Cursor employees received equity awards worth $23.4 billion.

SpaceX had more cash than debt at September 30, 2026, because of its June 2026 IPO. Cash and cash equivalents were $51.3 billion and marketable securities were $38.6 billion. Read more

SpaceX does not pay a dividend.

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.