SpaceX Q3 2026 Earnings Call: Revenue Rises 161% to $14.6 Billion, Q1 2027 Guided at $33 Billion to $37 Billion

SpaceX reported third-quarter 2026 revenue of $14.6 billion, up 161% from $5.6 billion a year earlier, in its results release on Oct. 20, 2026. Net income was $4.4 billion, compared with a net loss of $1.1 billion in the year-ago quarter. Income from operations was $2.8 billion and adjusted EBITDA was $8.8 billion, up 306% from $2.2 billion.

Executives took questions on the company's earnings webcast on X, which ran from about 4:30 to 5:30 p.m. AST. Our earlier story covered the release figures; this recap adds what executives said on the call. Live coverage is on the SpaceX Q3 2026 earnings event page.

Key results

• Super Intelligence (SI): revenue of $7.56 billion, up 195% from the second quarter and 830% from a year earlier, making it SpaceX's largest segment. SpaceX cited new cloud services agreements, its acquisition of Cursor and growing Grok adoption. SI income from operations was $431 million, after $1.2 billion of share-based compensation tied to the Cursor deal.
• Connectivity: revenue of $5.25 billion, up 69% year over year, with income from operations up 99% to $2.4 billion. Starlink had 13.6 million consumer subscribers at Sept. 30, up 1.6 million from the second quarter, and consumer ARPU rose 5% sequentially to $69 a month.
• Space: revenue of $1.77 billion, up 84% sequentially and 6% year over year, on 35 launches, 12 of them for customers.
• Starship: Flight 14, SpaceX's first orbital and first revenue-generating Starship flight, delivered 26 Starlink V3 satellites, which SpaceX said added about 10 times the downlink capacity of a Falcon 9 Starlink launch.
• Compute and spending: nameplate compute reached 1.7 GW at Sept. 30, up from 1.4 GW at the end of June. Capital expenditures were $19.6 billion in the quarter, $16.4 billion of it in SI.
• Deals: SpaceX closed its Cursor acquisition on Aug. 14, and Cursor contributed $608 million of revenue through Sept. 30. After the quarter, it agreed to acquire 800 MHz spectrum licenses for Starlink Mobile, a deal expected to close in the first half of 2027.

Guidance and outlook

CFO Bret Johnsen said on the webcast that SpaceX expects total revenue of $33 billion to $37 billion in the first quarter of 2027.

CEO Elon Musk said SpaceX could exit 2027 with an annualized revenue run rate of somewhere between $500 billion and $1 trillion. He said SpaceX is tracking to bring 200,000 Nvidia GB200s online per month for the rest of the year and to keep that pace next year.

What executives said on the call

• Starship: Musk said SpaceX will attempt to catch Starship on Flight 15 next month, pending FAA approval.
• Chips: Musk said SpaceX aims to make its first test chip in May or June 2027 at a research chip fab at Giga Texas, and to reach volume production at its larger Terafab in Texas around the third quarter of 2028.
• Grok Bot: SpaceX said Grok Bot had 800,000 paid weekly users as of earlier this month, more than double the month before. Musk said Enterprise Grok Bot will be in wide deployment in a few weeks.
• Aviation: President and COO Gwynne Shotwell said Starlink is now contracted with 12,000 aircraft, about a quarter of all aircraft. SpaceX's release said more than 3,800 aircraft were equipped with Starlink as of Sept. 30.
• Tesla: Musk said SpaceX and Tesla have formed special committees on a potential merger, that he is recused as a conflicted party, and that the committees have not reached an agreement on any transaction.

Source: SpaceX third-quarter 2026 results release and the SpaceX Q3 2026 earnings webcast. A replay and transcript will be available at ir.spacex.com.