SpaceX beat analysts' expectations in the third quarter of 2026. The company reported revenue of $14.575 billion, up 161% from $5.576 billion a year earlier. Net income came in at $4.404 billion, compared with a loss of $1.054 billion in the same period in 2025.
Diluted earnings per share were 35 cents, and adjusted earnings were 45 cents. According to IBES calculations, cited by Reuters, the average analyst forecast was for 13 cents in adjusted earnings per share and $1.57 billion in net income.
Artificial intelligence overtook Starlink in revenue
The largest contributor to the result was the artificial intelligence and connected infrastructure division. It generated $7.56 billion, almost ten times more than a year earlier. Connectivity revenue, in which the Starlink satellite service plays a major role, reached $5.248 billion, and the space segment brought in $1.767 billion.
“SpaceX delivered the quarter that optimists expected, at least in terms of revenue“, commented Will Rind, CEO of the investment company GraniteShares, quoted by Reuters. According to him, investors' attention is now mainly focused on artificial intelligence and the conversion of concluded contracts for computing power into real revenues.
Starlink continues to grow
The number of Starlink consumer subscribers reached 13.6 million at the end of September, compared to 12 million in June and 7.2 million a year earlier. Average monthly revenue per user increased to $69 on a quarterly basis, but remains below the level of $83 a year earlier. This reflects the expansion of the service in international markets and the use of cheaper plans.
The operating profit of the connectivity segment increased by 99% year-on-year to $2.367 billion. SpaceX also said that more than 3,800 aircraft are now equipped with Starlink.
Growth comes with massive investment
The company's capital expenditures reached $19.6 billion in the quarter, up from $6.88 billion a year earlier. Chief Financial Officer Brett Johnson expects between $35 billion and $40 billion in capital expenditures in the fourth quarter alone.
SpaceX had 1.7 gigawatts of computing capacity as of Sept. 30. The company also reported its first revenue-generating Starship mission, which launched 26 Starlink V3 satellites. SpaceX said they add about ten times the data capacity of the Falcon 9 Starlink satellites.
After the results were released, SpaceX shares rose about 8% in over-the-counter trading. The company expects its annual recurring revenue to reach between $500 billion and $1 trillion by the end of 2027, but that forecast depends on the expansion of its computing infrastructure and the development of Starship.
Sources: reuters.com, apnews.com, axios.com