SpaceX reported third-quarter 2026 revenue of $14.6 billion, up 161% from $5.6 billion a year earlier, as rapid growth in its Super Intelligence business and continued Starlink expansion drove a sharp acceleration in financial performance. The company generated $2.8 billion in operating income and $4.4 billion in net income, compared with a $1.1 billion net loss in the prior-year quarter. Adjusted EBITDA increased 306% to $8.8 billion.
The Super Intelligence segment was the largest contributor to quarterly revenue, generating $7.56 billion compared with $813 million a year earlier. SI solutions and infrastructure accounted for $7.02 billion of that total. SpaceX said new cloud services agreements, its acquisition of Cursor, and increased adoption of Grok across enterprise and consumer customers drove growth. SI generated $431 million in operating income and nearly $5 billion in Adjusted EBITDA during the quarter.
SpaceX also continued expanding its computing infrastructure, reaching 1.7 GW of nameplate compute capacity as of September 30, up from 1.4 GW at the end of the second quarter and 0.6 GW a year earlier as development of COLOSSUS II continued. The company spent $16.4 billion of capital expenditures on SI during the quarter, accounting for most of its $19.6 billion of total quarterly capex.
Connectivity revenue increased 69% year over year to $5.25 billion, including $3.12 billion of consumer revenue and $2.13 billion from enterprise and government customers. Operating income in the segment climbed 99% to $2.37 billion, while Adjusted EBITDA increased 82% to $3.5 billion.
Starlink reached 13.6 million consumer subscribers at the end of September, compared with 12 million three months earlier and 7.2 million a year earlier. Monthly consumer ARPU was $69, up sequentially from $66. SpaceX also said more than 3,800 aircraft were equipped with Starlink through its aviation partnerships.
The Space segment generated $1.77 billion of revenue, up 6% year over year and 84% sequentially. SpaceX completed 35 launches during the quarter, including 12 customer missions and 23 internal launches. The company also completed Starship Flight 14, its first revenue-generating orbital Starship mission, carrying 26 Starlink V3 satellites. SpaceX said the mission added approximately 10 times the downlink capacity of a Falcon 9 Starlink launch.
Another major contributor to the quarter was Cursor. SpaceX completed its acquisition of the company on August 14 based on an implied equity value of $60 billion. Cursor contributed $608 million of revenue from the closing date through September 30. The GAAP purchase consideration was $42.5 billion, while equity awards tied to post-acquisition employee service were valued at $23.4 billion, subject to future forfeitures.
For the first nine months of 2026, SpaceX generated $27.08 billion in revenue and $705 million of operating income, although it still reported a net loss of $413 million for the period. Capital expenditures reached $48.07 billion during the first nine months, including nearly $40 billion devoted to SI infrastructure.
SpaceX ended September with $51.3 billion of cash and cash equivalents and $38.6 billion of marketable securities. The company also reported $254 billion of total assets.
KEY QUOTES:
“We delivered another strong quarter in Q3. Revenue grew an impressive 161% year-over-year, fueled by continued momentum in Connectivity and a clear inflection in our Super Intelligence business. The combination of our launch leadership, recurring Starlink revenue, and the significant expansion of our SI infrastructure continues to drive meaningful operating leverage.
We are building the infrastructure of the future with discipline — focused on capital efficiency, strong returns on invested capital, and maintaining a robust, investment-grade balance sheet — while moving with the velocity to capture the opportunity in front of us.”
SpaceX CFO Commentary
