SpaceX (SPCX) Q3 2026 Earnings: Revenue Up 161% as AI Segment Overtakes Starlink

SpaceX reported third-quarter 2026 results on October 20. The release shows revenue of $14.6 billion, up 161% from $5.6 billion a year earlier and nearly double the $7.8 billion of the second quarter.

Three segments, one inflection#

The Super Intelligence segment generated $7.6 billion of revenue, compared with $813 million a year earlier and $2.6 billion in the second quarter, and swung to operating income of $431 million from a $1.7 billion loss. The company attributed $6.7 billion of year-over-year growth to cloud services agreements, the acquisition of Cursor, and its AI models and applications, including Grok Bot. Nameplate compute reached 1.7 gigawatts at September 30.

Connectivity revenue rose 69% to $5.2 billion, with consumer revenue up 57% and enterprise and government revenue up 91%, and operating income of $2.4 billion. Space revenue was $1.8 billion with operating results near break-even.

Company totals#

Income from operations was $2.8 billion versus a $273 million loss a year earlier. Net income was $4.4 billion, an improvement of $5.5 billion, and adjusted EBITDA $8.8 billion. The company said it flew its first revenue-generating Starship mission in the quarter, delivering 26 Starlink V3 satellites with roughly ten times the downlink capacity a Falcon 9 Starlink launch adds.

What to compare next#

For readers following SPCX, the AI segment now drives the income statement, and its revenue is concentrated in cloud agreements whose counterparties and durations are not broken out in the release. Capital spending, which the release reports by segment, is the number to weigh against the profit growth. Net income exceeding operating income implies large non-operating gains that the 10-Q will detail.

Published October 21, 2026. Informational reporting, not investment advice. Figures come from the company's own release unless stated; forward-looking guidance is management's current forecast and can change.