Starlink is being drawn into Russia's shadow war against the West. Dmytro Smolienko/Ukrinform/NurPhoto Elon Musk and SpaceX have gotten caught up in very public battles over Starlink's role in the war in Ukraine, but they're also being drawn into another, less visible conflict: Russia's shadowy campaign of hybrid operations against the West.
The past few weeks have seen attacks and attempted sabotage against Starlink infrastructure across Europe. Western officials are blaming Russia for at least some of the incidents, and Ukrainian intelligence has warned that Moscow could ramp up these efforts.
Kęstutis Budrys, Lithuania's foreign minister, said on Sunday that a sabotage attempt targeting Starlink infrastructure near Vilnius was thwarted the previous night. He said that the aim was to "undermine a capability critical" to Ukrainian defense and civilian communications.
Budrys characterized the incident as "a direct consequence of Russia's war" and later described the act as an element of Russian hybrid operations against Europe — sabotage, attacks, drone incursions, and other actions that Western officials have attributed to Moscow in recent years. The Kremlin has repeatedly denied involvement.
Starlink infrastructure is a growing target. The civilian satellite internet service and its military-grade variant are used by NATO and Ukraine for battlefield communications and operations.
Last week, Poland blamed Russian intelligence services for a sabotage incident in September — two Turkish citizens were arrested in connection with a fire at a Starlink satellite station near Warsaw. Donald Tusk, the country's prime minister, called the attack "another act of hybrid warfare."
There was also a recent attack on Starlink antennas near Bulgaria's capital, according to media reports.
Ukraine's GUR military intelligence warned on October 2 that Russia could target Starlink infrastructure in Europe as part of its campaign.
Starlink's civilian and military-grade services are used by NATO and Ukraine for battlefield communications and operations. Stringer/REUTERS Speaking Monday, after the most recent incident involving Starlink, Lithuania's Budrys said that "we are seeing coordinated efforts to target critical infrastructure linked to support for Ukraine, logistics chains and other important facilities."
"These are not isolated crimes," he added. "They are part of Russia's broader hybrid campaign against Europe, aimed at intimidating allies, undermining support for Ukraine, and testing our resilience."
Neither Russia's defense ministry nor its embassies in Poland or Lithuania responded to requests for comment from Business Insider about these allegations.
Lithuania's defense ministry said in a statement that the thwarted attack is not the first time it has seen an attempt to set fire to companies providing support to Ukraine. The ministry added that "attempts to damage Starlink equipment have recently occurred in other countries as well."
Attempted sabotage of Starlink infrastructure is not a recent development, though. British authorities, for instance, determined that Russian intelligence was behind a March 2024 arson attack targeting a London warehouse storing Starlink equipment bound for Ukraine.
"Neither space nor our societies are sanctuaries," US Army Col. Martin O'Donnell, a spokesperson for Supreme Headquarters Allied Powers Europe, told Business Insider. "Fortunately, NATO has strategies for countering threats to both, and for defending the alliance."
NATO leadership and European Union officials have said the hybrid campaign won't derail support for Ukraine.
"As the threat level climbs, so must Europe's preparedness," Christian Wigand, the EU's lead foreign affairs and security policy spokesperson, told Business Insider. "Moscow is trying to scare Europe into winding down its support for Ukraine," he said. "This will not happen."
That entanglement is turning SpaceX's lucrative connectivity business into a military and political target.
Starlink accounted for over 60% of SpaceX's revenue last year and has been the funding engine for the company's cash-burning artificial intelligence and rocket ventures.
In SpaceX's third-quarter earnings call this week, the company reported that government and enterprise revenues were up 91% year over year, and executives told investors they expect this revenue stream to eventually exceed income from selling Starlink terminals to consumers.
As SpaceX contends with Starlink infrastructure becoming a target of hybrid Russian warfare, the company and its leadership are also facing controversies from the war in Ukraine that put that business at risk.
Earlier this month, Ukraine's access to Starshield, the military-grade version of Starlink, was limited without warning, complicating operations.
Ukrainian defense ministry sources told Business Insider that Starshield was restricted at speeds above 100 miles per hour, disrupting the Starlink-equipped drones that have become a crucial part of Ukraine's war machine, with some Ukrainian and foreign officials initially blaming SpaceX and Musk.
Musk redirected concerns in a social media post, saying that Starshield is operated by the US government and that the president and the Pentagon are responsible for such decisions. A senior US official told Business Insider last week that President Donald Trump did not order the Starshield restrictions.
Musk has denied that SpaceX imposed the speed restrictions on Ukraine. REUTERS/Evan Vucci/File Photo Multiple media outlets have since reported that Musk ordered the disruption. SpaceX did not respond to a request for comment.
This incident has sparked calls from European officials for the EU to divest from Starlink in favor of local alternatives not controlled by Musk or the US.
Christophe Grudler, a member of the European Parliament, wrote to EU leaders urging them to accelerate development of IRIS2, a European rival to Starlink that is set to begin satellite deployments in 2029, while other lawmakers also called on Europe to reduce its reliance on US tech.
Europe is not alone in seeking alternatives. In an interview with The New York Times in September, Canadian Prime Minister Mark Carney confirmed that Canada would "diversify away" from Starlink in favor of a locally developed satellite network. He pointed to previous instances of Starlink access in Ukraine being throttled or disrupted.
Speaking to reporters on Saturday, Zelenskyy said the limits on Starlink in Ukraine had made it clear that Europe needs to develop its own alternatives, and fast.
"All of Europe has seen that it can be controlled from the United States, regardless of agreements or contracts, that Starlink speeds can be restricted," said Ukraine's president.
"That's why the Europeans are now raising the question of alternatives themselves. They're already making progress, and they'll succeed in this area," he added. Such an outcome could pose a major threat to SpaceX's ambitions to sell Starlink and Starshield to governments worldwide.
In the meantime, Starlink remains largely unrivaled, and Ukraine continues to face service restrictions, while Europe faces the threat of repeated hybrid attacks on Starlink infrastructure.
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Jake Epstein You're currently following this author! Click to unsubscribe from email alerts.
Jake Epstein is a defense correspondent in London for Business Insider, covering the US military, NATO, and European security, as well as emerging tech in warfare.Jake has filed stories from conflict zones in Ukraine and the Middle East, where he embedded with a US aircraft carrier on a combat mission in the Red Sea. Jake has reported extensively on NATO operations and activities across Europe, including from aboard one of its AWACS surveillance aircraft along the Russian border, a British Voyager tanker refueling fighter jets over the Baltic Sea, and a Dutch helicopter flying to a warship in the Arctic.
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Key Takeaways SpaceX's Q3 revenue jumped 161%, beating estimates on AI growth.AI and Starlink are driving SpaceX's growth and profitability.SpaceX's upbeat 2027 outlook puts SpaceX-focused ETFs in focus.
SpaceX (SPCX - Free Report) shares climbed about 9% in extended trading on Tuesday after the company reported stronger-than-expected third-quarter results, thanks to rapid growth in its artificial intelligence (AI) business and satellite internet operations. Revenue jumped 161% year over year, comfortably beating Wall Street estimates
CEO Elon Musk also weighed in on a potential merger between SpaceX and Tesla TSLA, calling the idea attractive while emphasizing that a deal is far from certain, as quoted on CNBC.
SpaceX Beats Revenue and Earnings EstimatesSpaceX reported third-quarter revenue of $14.58 billion, exceeding the Zacks Consensus Estimate of $12.59 billion. Adjusted earnings per share came in at 45 cents, compared with the Zacks Consensus Estimate of 11 cents. The company posted operating income of $2.8 billion and net income of $4.4 billion, reversing a net loss of $1.05 billion in the year-ago quarter.
Adjusted EBITDA reached $8.81 billion, well above the $6.59 billion estimate, as quoted on CNBC. Meanwhile, capital expenditures totaled $19.59 billion, including $16.44 billion spent on AI infrastructure. The strong results reflect SpaceX's expanding presence beyond its traditional rocket-launching business, particularly in AI computing and satellite connectivity.
AI Business Emerges as a Major Growth DriverSpaceX's AI division, which the company refers to as “Super Intelligence,” has rapidly become its largest business by revenue. Sales in the segment surged ninefold to $7.56 billion in Q3 from $813 million a year earlier, beating the $6.47 billion analyst estimate, as mentioned on CNBC.
The business also turned profitable, generating $431 million in operating income during the quarter. SpaceX has been expanding its AI computing operations by providing infrastructure and cloud capacity to customers, including Google (GOOGL - Free Report) and Anthropic.
SpaceX CFO Bret Johnsen said that the AI compute business for clients like AI labs and other companies was robust, as quoted on Yahoo Finance. SpaceX said it added $6.7 billion in incremental year-over-year revenue from its Super Intelligence business and related infrastructure.
Revenue gains are driven by cloud contracts, the Cursor acquisition and the integration of xAI and demand for its Grok AI models and software applications (read: Space Meets AI: SpaceX's Cursor Deal Puts These ETFs in Focus).
Starlink Continues to Be Key Growth DriverDespite the rapid expansion of AI, SpaceX's connectivity business remains a major contributor to profitability. The segment includes Starlink, the company's satellite internet service, alongside government and enterprise connectivity offerings.
Connectivity revenue increased 69% year over year to $5.25 billion, surpassing the $4.84 billion analyst estimate, as quoted on CNBC. Starlink's subscriber base expanded to 13.6 million from 12 million in the previous quarter. Operating income from the connectivity business nearly doubled to $2.37 billion.
SpaceX is also exploring opportunities to enter the U.S. mobile market. Its recent spectrum acquisition plans and regulatory approval for a proposed 15,000-satellite constellation could support its broader connectivity ambitions (read: Telecom Stocks Tumble After SpaceX Spectrum Deal: ETFs in Focus).
By comparison, the launch business recorded a more modest increase, with revenue rising to $1.77 billion from $1.67 billion a year earlier. The space division reported a $7 million operating loss.
SpaceX Projects a Significant Revenue Jump in 2027SpaceX also provided an upbeat outlook for the coming quarters. CFO Bret Johnsen projected first-quarter 2027 revenue of $33 billion to $37 billion, well above the average analyst estimate of $22.2 billion, according to LSEG, as quoted on CNBC.
Johnsen attributed the forecast to improved visibility into the company's computing contract pipeline over the next six months.
Musk also said SpaceX could achieve annual recurring revenue of $500 billion to $1 trillion by the end of 2027. That ambitious target is considerably higher than analysts' approximately $110 billion forecast for SpaceX's full-year 2027 revenue, according to LSEG, as mentioned on the same CNBC article.
Musk Says SpaceX-Tesla Merger Could Make SenseMusk addressed speculation about a possible merger between SpaceX and Tesla during the earnings call. He added that he would not participate in merger-related discussions because of his potential conflict of interest.
ETFs in Focus Against this backdrop, below we highlight a few exchange-traded funds (ETFs) with significant exposure to SpaceX that investors may consider.
Baron First Principles ETF (RONB - Free Report) , Roundhill Space & Technology ETF (MARS - Free Report) , VanEck Space ETF (WARP - Free Report) , VanEck Space ETF (ORBX - Free Report) , VegaShares SpaceX & Beyond Earth ETF (XSPC - Free Report) and WisdomTree Space Economy Fund (WSPC - Free Report) are the ETFs that invest in SpaceX to a significant extent.
Major leveraged SpaceX ETFsinclude the Direxion Daily SpaceX Bull & Bear 2X ETF (LOFF - Free Report) , ProShares Ultra SpaceX (SPCF - Free Report) , and T-REX 2X Long SpaceX Daily Target ETF (SPAX - Free Report) .
As investors drove SpaceX (NASDAQ: SPCX) stock more than 8% higher in overnight trading, Wall Street analysts were also revising their equity price targets in the wake of the firm’s latest earnings report.
SpaceX stock price one-week chart. Source: Google Within the almost universally bullish expert chorus, JPMorgan’s (NYSE: JPM) Doug Anmuth came out as the day’s biggest optimist.
Specifically, the analyst reiterated his previous ‘Buy’ rating but more than doubled his SPCX stock price target for the next 12 months from $240 to $500.
Indeed, Anmuth is no longer forecasting a 49.59% rally from $160.44 at press time and is instead estimating SpaceX shares will soar 211.64%.
Additionally, JPMorgan doubled its 2027 revenue prediction to $254 billion and compute capacity target to 10 GW, while also reflecting positively on the potential merger between SpaceX and Tesla (NASDAQ: TSLA).
Wall Street revises SPCX stock price target after blockbuster SpaceX earnings Meanwhile, thirteen Wall Street analysts revisited SPCX on the morning of October 21, and as many as eleven gave the equity a positive rating.
Among the bulls, the second-biggest optimist was Anthony Valentini from Barclays, who replaced his previous $254 forecast with a new $300 target.
Simultaneously, Susquehanna analyst Charles Minervino proved rather conservative despite the ‘Buy’ rating, since he replaced his $173 estimate with a $176 prediction.
KeyBanc’s Michael Leshock and Piper Sandler’s Alexander Potter were the two outliers, as they both issued a ‘Hold’ recommendation for SpaceX stock, and the latter even predicted a 12.74% decline to $140 in the next 12 months.
SpaceX reveals double beat in Q3; Strong Starlink and AI growth Lastly, the deluge of Wall Street rating revisions and the 8% overnight stock price upsurge were driven by SpaceX’s blockbuster third-quarter (Q3) earnings report, published after the evening bell on Tuesday, October 20.
According to the filing, the company saw its revenue rise significantly from $7.81 billion in Q2 and, coming in at $14.58 billion, beat the analyst forecast of $12.72 billion. The situation was much the same in terms of earnings per share (EPS), which amounted to $0.45.
Analysts were anticipating an EPS of $0.13, and SpaceX disclosed a $0.09 loss per share in Q2.
Starlink’s user growth to 13.6 million and the artificial intelligence (AI) sales rise to $7.56 billion were the standout figures, though, notably, roughly $6 billion of the AI-related figure is likely the result of data center rent agreements with Google (NASDAQ: GOOGL) and Anthropic, reported earlier this year.
Featured image via Shutterstock
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Index Dow Jones -0,04 % na 52477,32 b.
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Index S&P 500 v úvodu obchodování posiluje. Silné výsledky vesmírné a AI společnosti SpaceX (+12,0 %) podle agentury Bloomberg podnítily růst technologických akcií a zmírnily obavy, zda může být celosvětová investiční vlna do umělé inteligence udržitelná. Tomuto sentimentu napomáhají také předběžná čísla výrobce serverů Super Micro Computer (+13 %). Ten v 1Q FY 2027 reportoval předběžné čisté tržby v rozmezí 18,5 až 19,5 mld. USD, přičemž odhad trhu byl pouze 14,99 mld. USD. Předběžná hrubá marže dosáhla 12,0 až 12,5 %. Analytici z Bernstein uvedli, že předběžné tržby a hrubá marže výrazně překonaly očekávání, přičemž poznamenali, že AI infrastruktura si dál vede silně. Výsledky podle nich naznačují, že růst AI serverů se konečně znovu zrychlil, protože se začaly realizovat některé odložené objednávky.
Své výsledky také zveřejnily společnosti Netflix (-3,1 %), Capital One Financial (+3,7 %) a Thermo Fisher Scientific (+0,9 %). Podrobnosti naleznete v jednotlivých zprávách. Výsledky společnosti AT&T (-4,8 %) v samostatné zprávě připravujeme.
Nedaří se akciím provozovatele mexických restaurací Chipotle Mexican Grill (-5,1 %). Analytik Andrew Charles z TD Cowen snížil doporučení ze stupně „Buy“ na „Hold“ kvůli obavám o vývoj růstu. „Obáváme se, že říjnové tržby nedosáhnou obratu ve 4Q, který jsme dříve očekávali díky snadné srovnávací základně z loňského října, a to znamená, že k naplnění konsensu počítajícího s růstem tržeb srovnatelných prodejen o více než 3 % v roce 2027 bude potřeba spoléhat na méně ověřené tahouny tržeb, které se teprve rozvíjejí,“ uvedl analytik. Cílovou cenu zároveň snížil na 32 USD z původních 44 USD.
Své výsledky hospodaření zveřejnila také tabáková společnost Philip Morris International (-1,6 %). Společnost dosáhla meziročního růstu organických tržeb o 7,1 % při očekávání +5,35 %. Očištěný zisk na akcii činil 2,36 USD při odhadu 2,30 USD. Společnost v celém roce očekává očištěný zisk na akcii ve výši 8,29 až 8,44 USD, zatímco dříve očekávala 8,35 až 8,50 USD. Trh odhadoval 8,41 USD. Firma nadále v celém roce očekává růst organických tržeb o 5 až 7 % při konsensu +5,56 %.
Index S&P 500 +0,24 % na 7731,09 b.
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Třetí čtvrtletí definitivně potvrdilo, že SpaceX už investoři nemohou vnímat pouze jako vesmírnou společnost. Stále větší část příběhu dnes stojí na umělé inteligenci, datových centrech a výpočetní infrastruktuře, které se staly hlavním motorem růstu tržeb i zisku.
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Tagy: výsledky, akcie, Tesla, SpaceX, elon musk
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21.10.2026 14:35SpaceX už není jen vesmírný příběh. Hlavním motorem růstu se stává AI 13:01Reklama se zadrhla, obsah tolik neláká a Netflix poprvé po letech hledá nový motor růstu 12:07Evropa obchoduje lehce v plusu, zatímco SpaceX zlepšila sentiment kolem polovodičů 11:55Getty Images požádala v USA o ochranu před věřiteli, zahájila restrukturalizaci 11:27PODCAST Rozhovory s Václavem Svátkem: AI je revoluce, ale investiční bublina může prasknout 10:11Anthropic by mohl za výpočetní výkon utratit až 750 miliard dolarů, v první polovině roku vykázal ztrátu přes 80 miliard 9:05Rozbřesk: Strach z dluhů AI firem změnilo chování hlavních trhů. Ale na jak dlouho? 8:49Optimismus vrací. Trhy podpořily výsledky SpaceX a Super Micro 8:27SpaceX překvapila rekordním ziskem. Musk poprvé veřejně připustil fúzi s Teslou 20.10.2026 22:29Netflix doručil tržby v souladu s očekáváním, ve zbytku roku ale očekává další zpomalení růstu 22:04Wall Street hledá pevnější půdu pod nohama. Rozhodnou výsledky a návratnost investic do AI 17:19Čekání na obrat v investičním boomu se nemusí vyplatit 16:17Plyn v Evropě zdražil nejvíce od roku 2022. Trh se obává nové energetické krize 15:29Facebook, TikTok i YouTube pod tlakem. Austrálie chystá žaloby kvůli porušování zákazu pro mladistvé 15:02Překonání odhadů ani oznámený zpětný odkup akcií nepomohl. Akcie GM po výsledcích klesají o sedm procent 13:31Fidelity: Kde hledat příležitosti mimo technologické giganty 12:07AMISTA investiční společnost, a.s.: TMR Fond SICAV a.s. - Pololetní finanční zpráva od 1. 1. 2026 do 30. 6. 2026 12:01Preview Mety: Trh zajímá monetizace AI a síla reklamního byznysu 11:35Propad hned po IPO. Obavy z neocloudu opět doléhají na trhy 11:31AMISTA investiční společnost, a.s.: INFOND investiční fond s prom. zákl. kapitálem, a.s. - Pololetní finanční zpráva od 1. 1. 2026 do 30. 6. 2026
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DUTCH ASSET Corp bought a new stake in shares of SpaceX (NASDAQ:SPCX – Free Report) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 25,601 shares of the company’s stock, valued at approximately $3,862,000. SpaceX accounts for about 1.8% of DUTCH ASSET Corp’s investment portfolio, making the stock its 17th largest position.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SPCX. Canal Insurance CO purchased a new stake in SpaceX in the third quarter valued at $3,017,000. 55 North Private Wealth LLC purchased a new position in shares of SpaceX during the 3rd quarter valued at about $770,000. Hyperion Asset Management Ltd raised its stake in shares of SpaceX by 52.8% during the 3rd quarter. Hyperion Asset Management Ltd now owns 1,798,919 shares of the company’s stock valued at $271,385,000 after buying an additional 621,716 shares during the last quarter. Genesee Capital Advisors LLC purchased a new position in shares of SpaceX during the 3rd quarter valued at about $239,000. Finally, Lazari Capital Management Inc. lifted its holdings in shares of SpaceX by 148.3% in the 3rd quarter. Lazari Capital Management Inc. now owns 8,511 shares of the company’s stock valued at $1,284,000 after buying an additional 5,083 shares during the period.
Analyst Upgrades and Downgrades SPCX has been the topic of a number of recent research reports. Wedbush started coverage on SpaceX in a research note on Tuesday, June 30th. They issued an “outperform” rating and a $190.00 target price on the stock. Mizuho began coverage on SpaceX in a research report on Tuesday, July 7th. They set an “outperform” rating and a $200.00 price target for the company. KeyCorp reiterated a “sector weight” rating on shares of SpaceX in a research report on Tuesday, July 28th. Weiss Ratings initiated coverage on SpaceX in a report on Tuesday, September 1st. They issued a “sell (d)” rating for the company. Finally, Arete Research set a $450.00 price objective on SpaceX in a research report on Tuesday, August 11th. Three analysts have rated the stock with a Strong Buy rating, twenty-nine have given a Buy rating, nine have given a Hold rating and five have assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $221.44.
Read Our Latest Research Report on SpaceX Key SpaceX News Here are the key news stories impacting SpaceX this week:
Positive Sentiment: Q3 results beat expectations. SpaceX reported $14.58 billion in revenue, up 161% year over year, and earnings of $0.35 per share versus the $0.10 consensus estimate. The company swung from a $0.36 loss per share a year earlier to approximately $4.4 billion in net income. SpaceX quarterly revenue jumps, beats estimates as AI business surges Positive Sentiment: AI has become the primary growth engine. Super Intelligence revenue reached $7.56 billion, compared with $813 million a year earlier, and represented more than half of company income. Big-tech demand for SpaceX’s data-center and computing capacity is reinforcing the broader AI investment theme. SpaceX’s AI business is beating expectations Positive Sentiment: Management signaled substantial additional capacity growth. CEO Elon Musk said SpaceX expects to add at least 10 gigawatts of AI compute capacity in 2027. Starlink also continued to expand, reaching 13.6 million consumer subscribers, while connectivity revenue rose 69% to $5.25 billion. CEO Elon Musk Just Gave SpaceX Investors Great News Positive Sentiment: A possible Tesla combination gained credibility. SpaceX and Tesla each formed independent special committees to review a potential merger. No transaction is certain, but the development may support expectations for broader AI, robotics and infrastructure synergies. SpaceX and Tesla boards form special committees to review merger Neutral Sentiment: SpaceX and Tesla’s proposed “Terafab” is targeting volume chip production in 2028, potentially supporting long-term AI infrastructure ambitions but adding execution risk. SpaceX and Tesla’s Terafab targets 2028 Negative Sentiment: Capital requirements remain the key concern. SpaceX spent about $19.6 billion on capital expenditures during the quarter, including $16.4 billion for AI infrastructure. Investors must determine whether future computing revenue can justify the spending and potential financing needs. Negative Sentiment: Starlink subscriber growth was below expectations, and more than one billion shares may become eligible for sale following the lockup expiration, creating a potential source of supply and volatility. A massive SpaceX stock lockup expiration is coming SpaceX Stock Performance SPCX stock opened at $147.79 on Wednesday. SpaceX has a one year low of $104.83 and a one year high of $225.64. The company has a current ratio of 5.12, a quick ratio of 4.99 and a debt-to-equity ratio of 0.29. The firm’s fifty day moving average price is $148.92. The firm has a market capitalization of $1.95 trillion and a price-to-earnings ratio of -1,642.11.
SpaceX (NASDAQ:SPCX – Get Free Report) last issued its quarterly earnings data on Tuesday, October 20th. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.10 by $0.25. The firm had revenue of $14.57 billion during the quarter. The business’s revenue for the quarter was up 161.4% on a year-over-year basis. During the same period in the prior year, the business posted ($0.36) EPS. Research analysts predict that SpaceX will post 0.07 earnings per share for the current fiscal year.
Insider Activity at SpaceX In related news, COO Gwynne Shotwell sold 342,170 shares of SpaceX stock in a transaction dated Tuesday, September 22nd. The stock was sold at an average price of $153.57, for a total value of $52,547,046.90. Following the completion of the transaction, the chief operating officer owned 2,472,035 shares in the company, valued at $379,630,414.95. The trade was a 12.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.
About SpaceX (Free Report)
Space Exploration Technologies Corp., commonly known as SpaceX, is a privately held aerospace company founded in 2002 by Elon Musk. The company develops and operates launch vehicles and spacecraft designed to reduce the cost of access to space and support commercial, government and scientific missions.
SpaceX’s principal products and services include the Falcon 9 and Falcon Heavy rockets, the Dragon spacecraft and the Starlink satellite communications network. Falcon rockets are used to launch satellites, cargo and crew, while Dragon spacecraft support transportation to and from low Earth orbit.
Further Reading Five stocks we like better than SpaceX Aurora Rejects Curaleaf’s Higher Bid, But the Takeover Fight Isn’t Over Centrus Energy Is Building a Nuclear Fuel Powerhouse—Why Is Its Stock Struggling? Halliburton Gains Traction: Multiyear Upcycle Ahead Meta Platforms’ AI Comeback Faces an Earnings Test—And a $10 Billion Charge Want to see what other hedge funds are holding SPCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SpaceX (NASDAQ:SPCX – Free Report).
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U.S. special envoy Steve Witkoff is holding talks with Russian President Vladimir Putin about ending the war in Ukraine, a day after Ukrainian President Volodymyr Zelenskyy insisted that any negotiations over his country's future must include Kyiv.
Speaking alongside the leaders of Finland and Norway in Oslo late on Tuesday, Zelenskyy said discussions with U.S. officials had been constructive and that Washington had reaffirmed its commitment to providing Ukraine with security guarantees.
But he stressed that any agreement concerning Ukraine's future would be acceptable only if Kyiv had a seat at the negotiating table.
"It can be acceptable only when we are at the table of negotiations," he said, adding that he had discussed the reported proposal of a trilateral meeting between the U.S., China, and Russia to negotiate an end to the almost five-year conflict with U.S. representatives. "Nothing about Ukraine without Ukraine," he said.
At the start of talks in St. Petersburg, Russia announced it would release an American man who had been "wrongfully detained," according to the State Department, on charges that he was a Ukrainian mercenary. Witkoff thanked Putin for the release of retired teacher Stephen Hubbard, according to Russian media.
On Tuesday, Zelenskyy said the Oslo meeting had included discussions on NATO's Article 5 – which says that an armed attack against one member constitutes an attack on all – and "different kinds of security guarantees," which Witkoff will share with the Russians. "We will hear his feedback in one day," Zelenskyy said Tuesday.
The developments come amid heightened tensions between the U.S. and Ukraine as President Donald Trump and Zelenskyy have traded public criticism. Trump has accused the Ukrainian president of not wanting peace, while Zelenskyy has argued that Washington's easing of sanctions on Russia, including a deal on diesel, risks prolonging the conflict.
Overnight, Russia struck energy and civilian targets across Ukraine, resulting in at least one casualty, according to local media reports. It follows Trump's Oct. 11 claim that he had brokered an "energy ceasefire," whereby the countries would refrain from striking each other's energy infrastructure amid high diesel prices.
Ukraine paused such attacks for three days before resuming them, citing continuing Russian attacks.
On Tuesday, Zelenskyy confirmed that U.S. intelligence had resumed sharing early warnings of Russian attacks, while discussions continued over SpaceX's Starlink connectivity and Patriot air defense systems.
Plus, autism-therapy workers say big chains pressured them to boost treatment hours, and NYSE is getting trounced in the battle for Wall Street's biggest IPOs.
After closing slightly in the red, SpaceX (NASDAQ: SPCX) stock price shot up after the October 20 evening bell, soaring 8.06% in the after-hours session and extending its gains to 9.11% in the Wednesday pre-market.
The move sent SPCX shares $13.36 higher than its latest close and to $161.25 – to highs not seen since the brief, early October upsurge.
SpaceX stock price one-day chart. Source: Google
This sudden reversal was driven by SpaceX’s latest earnings report, covering the third quarter (Q3) of 2026.
Looking at the numbers, Elon Musk’s newer public company not only beat analyst revenue forecasts, disclosing $14.58 billion instead of the anticipated $12.72 billion, but also saw its sales effectively double from $7.81 billion in Q2.
Earnings per share (EPS) was likewise impressive, coming in at $0.45. For comparison, Wall Street was expecting $0.13 and, in Q2, SpaceX recorded a loss per share of $0.09.
Starlink and xAI drove SpaceX Q3 growth
Additionally, Starlink’s subscriber base grew to 13.6 million, and the artificial intelligence (AI) segment saw its revenue jump to $7.56 billion. In the same quarter of 2025, the number stood at $813 million.
Notably, much of the AI-related growth – now termed super intelligence (SI) per President Donald Trump’s instructions – appears linked to data center contracts with companies such as Alphabet (NASDAQ: GOOGL) and Anthropic.
Indeed, SpaceX signed contracts with the two firms that would, combined, bring in approximately $6 billion per quarter, and the filing itself states that the firm ‘added $6.7 billion of incremental SI solutions and infrastructure revenue year-over-year, driven by cloud services agreements, the acquisition of Cursor, and our growing SI models and software applications, including Grok Bot.’
SpaceX CFO puts Q1 revenue at $37 billion, Musk 2027 sales at $1 trillion
Finally, the earnings featured several optimistic forward-looking statements. CFO Bret Johnsen estimated that SpaceX will bring in between $33 billion and $37 billion in Q1 2027, and Elon Musk described annual sales reaching $1 trillion at the high end by the end of next year as plausible.
If the company’s revenue continued doubling each quarter relative to the previous, 2027 revenue will have reached roughly $875 billion. Under this assumption, SpaceX sales in Q1 will stand at roughly $58 billion and in Q4 of the next year at over $466 billion.
Notably, Johnson’s statement regarding Q1 contradicts such a trajectory, though the possible merger with Tesla (NASDAQ: TSLA) could significantly alter the math.
Featured image via Shutterstock
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SpaceX SPCX shares jumped nearly 8% in premarket trading after the company delivered a blockbuster third-quarter performance, offering a fresh source of optimism for investors rattled by mounting concerns over the profitability of artificial intelligence infrastructure providers. Elon Musk's aerospace and AI company reported a 161% year-over-year increase in revenue to $14.58 billion for the third quarter, comfortably exceeding analysts' expectations of $12.72 billion, according to LSEG data.
Four months ago, on June 12, Elon Musk's Space Exploration Technologies (SPCX -0.11%), better known as SpaceX, rewrote the stock market's record books. SpaceX raised $85.7 billion from its initial public offering (IPO), including the underwriters' overallotment, and was valued at $1.77 trillion on its debut day -- both all-time highs.
Unfortunately, Musk's artificial intelligence and space infrastructure titan is also making dubious history. Alongside its jaw-dropping sales growth and its estimated $28.5 trillion addressable market, SpaceX looks to be on the verge of fleecing its retail investors, yet again.
Image source: SpaceX.
When a private company goes public, it typically sets ground rules for its insiders, consisting of high-ranking executives, board members, and early investors. This includes a share lockup period that usually spans 180 calendar days post IPO. Lockup periods ensure that insiders aren't taking advantage of retail investor euphoria after a company goes public.
Throughout much of the IPO process, Musk's company ignored convention -- and this includes the insider lockup period.
In SpaceX's mile-long prospectus, the company outlined a staggered and accelerated share-unlock schedule for early-release-eligible insiders. While Elon Musk can't sell any of his shares until 366 calendar days post-debut, select insiders would be free to sell some of their shares much sooner than the traditional 180-calendar-day mark.
SpaceX's share-unlock events fall into two categories: earnings- and time-based events.
Great look at the SpaceX shares unlock schedule as well as the potential passive buying schedule from @JSeyff @FrancisSharoon Depending on the early post-IPO returns, this could really play with and disperse the returns of "passive" funds (which is why there's arguably no such thing as passive). $SPCX
— Eric Balchunas (@EricBalchunas) May 28, 2026
On Aug. 6, two trading days after Space Exploration Technologies' first quarterly report as a public company, approximately 911.5 million early-release-eligible insider shares became available for sale. This same number of shares is set to unlock tomorrow, Oct. 22, following SpaceX's latest quarterly report on Oct. 20.
Additionally, around 319 million early-release-eligible insider shares can be sold on several time-based events, including calendar days 70, 90, 105, 120, 135, and 180 after the company's IPO. Since calendar day 135 lands on a weekend, another 319 million shares will be unlocked for sale on Oct. 26.
Based on SpaceX's closing price of $146.03 per share on Oct. 16, retail investors may face up to $180 billion in selling pressure from insiders over the next three trading days.
Image source: Getty Images.
Space Exploration Technologies' float complicates thingsWhat makes these ongoing share-unlock events so problematic for retail investors is that SpaceX started its tenure as a public company with a historically low float (tradable shares).
When a company goes public, it typically sells 10% to 25% of its outstanding shares. In SpaceX's case, the roughly 555.6 million shares sold at its IPO account for less than 5% of the company's outstanding shares.
Musk's company going public with a historically low float complicated things early on. Being granted fast-track entry to the Nasdaq-100, Russell 1000, and Russell 3000 meant passive funds were gobbling up a relatively narrow pool of tradable SpaceX shares during its first weeks as a public company. This dynamic helped to buoy SpaceX's share price.
SPCX Space Exploration Technologies$147.79-$0.17 (-0.11%)
NASDAQ · As of 4:00 PM ET 10/20/26
But as each new share-unlock event occurs, the company's float dramatically increases, threatening to drag down its share price. While not every early-release-eligible insider is selling their shares, these events have allowed early investors to cash out for the very first time.
In other words, the greatest fleecing of retail investors in Wall Street's storied history marches on in a big way over the next three trading sessions.
Download this episode on Apple Podcasts/Spotify or listen below:
SpaceX (SPCX) crushes earnings estimates as Musk eyes a Tesla (TSLA) tie-up. (00:15) A new report puts Musk at the center of Starlink's Ukraine controversy. (01:37) Microsoft's (MSFT) next Xbox could cost up to $1,800. (02:22)
This is an abridged transcript.
SpaceX (SPCX) is up 9% in premarket action after reporting third-quarter earnings and revenue that exceeded Wall Street's expectation, fueled by explosive growth in its artificial intelligence business.
The company, which went public in June, reported net income of $4.4 billion, or $0.35 a share, beating analysts' consensus estimate of $0.16 and reversing a year-earlier net loss of $1.1 billion.
Revenue surged 161% to $14.6 billion from $5.6 billion a year earlier, exceeding Wall Street's estimate of $13 billion.
Adjusted earnings before interest, taxes, depreciation and amortization, climbed 306% to $8.8 billion from $2.2 billion a year earlier. Operating income reached $2.8 billion.
Elon Musk also said SpaceX (SPCX) and Tesla (TSLA) have established committees to evaluate a possible merger, signaling an early step toward a combination that could become the largest corporate merger in history.
He said on SpaceX's (SPCX) quarterly earnings conference call, “We are pretty much in the superintelligence singularity, and there’s a lot to be gained from cooperating on developing superintelligence software.”
Tesla (TSLA) reports earnings after the bell today and is up 1.9% in premarket action.
And for our most clicked on story overnight. More on Elon Musk.
The Wall Street Journal reported that it was Musk who ordered restrictions on the Starlink satellite network that disrupted Ukrainian military operations.
The outlet cited U.S. officials and people familiar with the matter.
If you remember, last week we told you on Seeking Alpha that the SpaceX (SPCX) CEO said that the U.S. government and President Trump were responsible for any curbs on Ukraine’s military-grade Starlink network.
This sparked alarm in Kyiv and confusion within the Trump administration. The decision impaired Ukraine's ability to operate offensive drones and intercept Russian missile attacks.
For investors, the controversy underscores the political and regulatory risks surrounding the rocket launch and satellite communications company.
Microsoft (MSFT) is reportedly planning to launch a next-generation, Xbox handheld device for the 2027 holiday season and a next-generation console for the 2028 holiday season.
According to Fortune, the new console will run on AMD’s (AMD) FSR 4.1 machine-learning technology and cost between $1,200 and $1,800 unless Microsoft (MSFT) is willing to subsidize some of the hardware costs.
Xbox CEO Asha Sharma called Project Helix a “family of devices” suggesting that the company intends to release several new devices.
Fortune also indicates Microsoft (MSFT) is considering changes to its Xbox Game Pass that could include ad and no-ad tiers. They’re also reportedly considering layoffs at the division later this month.
Catalyst watch:
The J.P. Morgan-Robin Hood Investors Conference will include participation from Treasury Department Secretary Scott Bessent, Stanley Druckenmiller, David Einhorn, Jim Chanos, Kalshi (KALSHI) CEO Tarek Mansour, and Robin Hood (HOOD) CEO Richard Buery as speakers.
Stock index futures are in mixed territory.
Crude oil is up 1.6% at $99. Brent crude is up 1.3% at $110.
The FTSE 100 is little changed and the DAX is up 0.6%.
One stock on the biggest movers list: Netflix (NFLX) -6% - Shares slid after the streaming giant reported Q3 revenue growth of 12% Y/Y, the slowest pace in three years, despite operating income rising 37% to $4.58B and beating the $4.27B consensus.
Economic calendar:
7:00 am MBA Mortgage Applications
10:00 am Atlanta Fed Business Inflation Expectations
SpaceX's Q1 2027 revenue guide of $33-37b annualises to $132-148b. That alone clears the $117b pre-print 2027 consensus, so material upward revisions are likely. Compute economics improved. Pricing is above $50 per watt, renewals are higher, and build cost is about $30-45b per GW, so payback at the profit level is about a year. $200 needs 2027 revenue, which is only about 16% above the Q1 run rate at the pre-print multiple. Backlog of $63b and 87% sequential growth support it.
On its third-quarter 2026 earnings call, held on Oct. 20, 2026, Space Exploration Technologies (SPCX -0.11%) announced that revenue reached $14.6 billion. Rapid expansion across satellite connectivity and artificial intelligence infrastructure gives the business massive operating leverage. Three key takeaways from the call highlight what matters for long-term investors.
1. Super Intelligence Infrastructure Drives Unprecedented Revenue TargetsSuper Intelligence, the company's artificial intelligence computing segment, generated $7.6 billion in third-quarter revenue. Rapid compute deployments and soaring customer demand make terrestrial hardware the primary driver of top-line expansion.
I mean in a nutshell, what this implies for SpaceX annual recurring revenue by the end of '27 is somewhere between $500 billion and $1 trillion.
-- Elon Musk, Chief Executive Officer2. Starlink Aviation Contracts Turn In-Flight Connectivity Into Core DemandStarlink, the company's satellite internet network, generated $5.2 billion in connectivity revenue as commercial airlines adopted the service. Airline partners report that full flight connectivity attracts higher passenger loads.
Starlink is now contracted for roughly 12,000 planes, almost 1/4 of the available aircraft, and we're expanding quickly with both new and existing customers.
-- Gwynne Shotwell, President and Chief Operating Officer3. Starship Launch Cadence Unlocks Unmatched Orbital CapacityStarship, the company's heavy-lift launch vehicle, completed its 14th flight test to orbit. Full vehicle reusability will lower launch costs and enable massive constellation deployments.
The rate at which we launch Starship will increase dramatically as we solve the rapid and complete reusability.
-- Elon Musk, Chief Executive OfficerLooking AheadDemand for artificial intelligence compute exceeds global supply, and management isn't hiding its urgency to scale infrastructure. Space Exploration Technologies holds structural advantages in vertical manufacturing, proprietary rocket engine casting technology, and high-capacity orbital deployment. Management is monitoring hardware procurement and power-generation capacity to prevent build-out bottlenecks.
I think we're going to face a shortage of super intelligence compute. And that shortage is going to remain for a long time.
-- Elon Musk, Chief Executive OfficerThe company is funding its infrastructure build-out through operational cash flows and access to investment-grade debt. Short payback periods on computing hardware allow early deployments to self-fund future expansion while preserving financial flexibility.
We're building the infrastructure of the future with discipline, focused on capital efficiency, strong returns on invested capital and maintaining a strong investment-grade balance sheet while still moving with the velocity to capture the opportunity in front of us.
-- Bret Johnsen, Chief Financial OfficerThe Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
Vesmírná a AI společnost SpaceX zveřejnila výsledky za třetí kvartál. Tržby meziročně vzrostly o 161 % na 14,58 mld. USD. Růst táhl především segment Super Intelligence (dříve AI), který se stal největším byznysem společnosti. Pozornost na sebe ale strhl i Elon Musk, který na konferenčním hovoru otevřeně podpořil myšlenku spojení SpaceX s Teslou.
Výsledky společnosti SpaceX (SPCX) za 3Q 2026
3Q 2026
Konsensus 3Q 2026
3Q 2025
Tržby (mld. USD)
14,58
12,87
5,58
Čistý zisk (mld. USD)
4,40
1,88
-1,05
Zisk na akcii (EPS, USD/akcie)
0,35
0,15
-0,36
Výsledky za 3Q 2026
Celkové tržby meziročně vzrostly o 161 % na 14,58 mld. USD, přičemž odhady překonaly všechny tři segmenty.
Tržby SpaceX ve 3Q dle segmentu
(mld. USD)
Segment
Tržby
Konsensus
Meziroční změna
Vesmír
1,77
1,43
+6 %
Konektivita
5,25
4,86
+69 %
Super Intelligence (SI)
7,56
6,30
+830 %
Očištěný zisk EBITDA meziročně vzrostl o 306 % na 8,81 mld. USD a překonal konsensus 6,59 mld. USD.
Provozní zisk dosáhl 2,79 mld. USD, přičemž trh očekával 2,24 mld. USD.
Náklady na výzkum a vývoj dosáhly 4,60 mld. USD, což je méně než očekávaných 5,06 mld. USD. Celkové náklady ve výši 11,78 mld. USD naopak mírně převýšily odhad 11,23 mld. USD.
Kapitálové výdaje dosáhly 19,59 mld. USD, z toho 16,44 mld. USD připadlo na segment SI. Trh očekával 19,60 mld. USD.
Ke konci září měla společnost k dispozici 51,29 mld. USD v hotovosti a peněžních ekvivalentech a dalších 38,56 mld. USD v obchodovatelných cenných papírech.
Výsledky jednotlivých segmentů
Vesmír
Tržby vesmírného segmentu vzrostly o 6 % meziročně a o 84 % mezikvartálně na 1,77 mld. USD, nad očekávanými 1,43 mld. USD. Provozní ztráta segmentu dosáhla 7 mil. USD, přičemž analytici očekávali ztrátu 323 mil. USD. Celkové náklady segmentu meziročně vzrostly o 367 mil. USD kvůli akceleraci investic do výzkumu a vývoje v rámci programu Starship. Očištěný zisk EBITDA segmentu dosáhl 357 mil. USD oproti odhadovaným 123,1 mil. USD. Ve třetím kvartále proběhlo 35 startů při odhadu 41, z toho 12 pro zákazníky. Na oběžnou dráhu bylo dopraveno 476 tun nákladu při očekávání 559 tun.
Konektivita
Tržby segmentu konektivity vzrostly o 69 % meziročně a o 22 % mezikvartálně na 5,25 mld. USD, nad očekávanými 4,86 mld. USD. Spotřebitelské tržby vzrostly o 57 % meziročně na 3,12 mld. USD, tržby od firemních a vládních zákazníků o 91 % na 2,13 mld. USD. Provozní zisk se zvýšil o 99 % na 2,37 mld. USD při konsensu 1,86 mld. USD, očištěný zisk EBITDA zaznamenal růst o 82 % na 3,50 mld. USD při odhadu 2,94 mld. USD.
Počet spotřebitelských předplatitelů Starlinku dosáhl ke konci září 13,6 mil., což představuje mezikvartální přírůstek 1,6 mil. tažený především vyspělými trhy. Číslo ale zaostalo za očekáváním analytiků 14,23 mil. Průměrný měsíční výnos na uživatele (ARPU) se mezikvartálně zvýšil o 5 % na 69 USD. Začátkem měsíce firma oznámila nákup části nízkopásmového spektra, čímž se přiblížila k roli mobilního operátora a konkurenta AT&T či T-Mobile US.
Super Intelligence (SI)
Segment, který firma dříve vykazovala pod názvem AI, je nejrychleji rostoucím a zároveň investičně nejnáročnějším. Tržby vzrostly o 830 % meziročně a o 195 % mezikvartálně na 7,56 mld. USD, nad očekávanými 6,3 mld. USD. Táhly je především nové smlouvy o cloudových službách, akvizice Cursoru a rostoucí využívání modelu Grok firemními i spotřebitelskými zákazníky. Segment se dostal do provozního zisku ve výši 431 mil. USD, a to i přes 1,2 mld. USD nákladů na odměny v akciích spojené s akvizicí Cursoru. Trh přitom čekal ztrátu 13,5 mil. USD. Očištěný zisk EBITDA dosáhl 4,95 mld. USD oproti odhadu 3,32 mld. USD. Kapitálové výdaje segmentu činily 16,44 mld. USD při odhadu 16,9 mld. USD.
Instalovaná výpočetní kapacita se díky pokračující výstavbě datového centra Colossus II rozšířila na 1,7 GW z 1,4 GW ke konci června a 0,6 GW před rokem. SpaceX během kvartálu podepsal další smlouvy o cloudových službách pro externí zákazníky.
Převzetí Cursoru, které firma oznámila v červnu, SpaceX dokončil 14. srpna při implikované hodnotě vlastního kapitálu 60 mld. USD. Od dokončení transakce do konce září přispěl Cursor do konsolidovaných tržeb 608 mil. USD.
Výhled
Finanční ředitel Bret Johnsen na konferenčním hovoru uvedl, že SpaceX očekává v prvním kvartále příštího roku růst celkových tržeb až na 37 mld. USD. Zároveň naznačil, že firma počítá s dalším zadlužováním. „Existuje řada dostupných zdrojů dluhového kapitálu, se kterými v tuto chvíli jednáme,“ řekl. SpaceX podle dřívějších zpráv jedná o půjčce 40 mld. USD na nákup čipů Nvidia.
Komentář CFO
„Ve třetím kvartále jsme doručili další silný kvartál. Tržby meziročně vzrostly o působivých 161 %, k čemuž přispěla pokračující dynamika v segmentu konektivity a jasný zlom v našem byznysu Super Intelligence. Kombinace našeho vedoucího postavení ve startech, opakujících se tržeb ze Starlinku a výrazného rozšíření naší SI infrastruktury nadále přináší významnou provozní páku. Infrastrukturu budoucnosti budujeme disciplinovaně, se zaměřením na kapitálovou efektivitu, vysokou návratnost investovaného kapitálu a udržení robustní rozvahy s investičním ratingem, a zároveň postupujeme dostatečně rychle, abychom využili příležitost, která se před námi otevírá,“ uvedl finanční ředitel Bret Johnsen.
Fúze s Teslou
Generální ředitel Elon Musk na konferenčním hovoru oznámil, že představenstva SpaceX i Tesly vytvořila zvláštní výbory nezávislých členů, které mají spojení obou firem posoudit. „Spojení obou společností má mnoho výhod,“ uvedl Musk. Upozornil ale, že získat dostatečnou podporu akcionářů Tesly může být obtížné a že se výbory zatím neshodly na podmínkách. „Myslím, že by to byl dobrý nápad, ale je to skutečně na zvláštních výborech obou společností,“ řekl Musk a dodal, že se nemůže diskusí účastnit, protože je ve střetu zájmů.
Šlo by o největší korporátní fúzi v historii. Tržní hodnota Tesly činí zhruba 1,5 bil. USD, SpaceX je oceněn na 2 bil. USD. „Není pochyb o tom, že Musk fúzi chce, a chce ji dotáhnout spíš dříve než později,“ uvedl Gene Munster z Deepwater Asset Management.
Pohled analytiků
Analytik Kenneth Herbert z RBC Capital Markets uvedl, že všechny tři segmenty překonaly konsensus, čímž pokračuje trend plošného překonávání očekávání. Segment SI byl podle něj opět nejvýraznější.
Kutgun Maral z Evercore ISI hodnotí výsledky jako silné, přičemž výrazné překonání odhadů táhla AI.
Analytik Dan Ives z Yorkville Ives mluví o famózním třetím kvartále. Podle něj je hlavním poselstvím výsledků to, že se SI stala největším byznysem jak podle tržeb, tak podle očištěné EBITDA. Debata se sice podle něj nadále točí kolem kapitálové náročnosti, Ives by ale raději viděl tuto výpočetní kapacitu financovanou a nasazenou než odkládanou.
Analytici z Vital Knowledge uvedli, že hlavní čísla jsou skvělá, očekávání ale byla poměrně vysoká. Investory podle nich mnohem více než samotná čísla zajímají témata konferenčního hovoru, jako jsou cíle ve výpočetní kapacitě, ARR, kontrakty na výpočetní kapacitu, Starlink Mobile a Tesla.
Vývoj akcie
Akcie SpaceX (SPCX) v předburzovní fázi obchodování posilují o 9,89 % na 162,40 USD.
Akcie SpaceX (SPCX) před výsledky na 147,79 USD
Ukazatel
Ukazatel
Kapitalizace (mld. USD)
2005,9
P/E
--
Vývoj za letošní rok (%)
--
Očekávané P/E
4346,8
52týdenní minimum (USD)
104,8
Prům. cílová cena (USD)
227,3
52týdenní maximum (USD)
225,6
Dividendový výnos (%)
--
Nálada na globálních trzích se zlepšuje díky silným výsledkům společností napojených na umělou inteligenci. Investory povzbudil zejména překvapivě vysoký zisk SpaceX a silná čísla firmy Super Micro Computer, které pomohly obnovit důvěru v technologický sektor po nedávných pochybnostech o financování AI infrastruktury.
Článek se odemkne 21.10.2026 9:49
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21.10.2026
8:49Optimismus vrací. Trhy podpořily výsledky SpaceX a Super Micro
8:27SpaceX překvapila rekordním ziskem. Musk poprvé veřejně připustil fúzi s Teslou
20.10.2026
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17:19Čekání na obrat v investičním boomu se nemusí vyplatit
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Silný růst tržeb a návrat k miliardovému zisku potvrzují, že SpaceX patří mezi hlavní příjemce investičního boomu kolem satelitních služeb a umělé inteligence. Výsledky navíc doprovodila nová vlna spekulací o možném propojení s Teslou poté, co Elon Musk označil případné spojení obou firem za „dobrý nápad“.
Šéf americké společnosti SpaceX Elon Musk označil za dobrý nápad možnost spojení firmy s výrobcem elektromobilů Tesla. Učinil tak krátce poté, co SpaceX oznámila, že po více než roce ztrát ve třetím čtvrtletí zejména díky příjmům ze satelitního systému Starlink a počítačových technologií dosáhla zisk 4,4 miliardy dolarů (95 miliard Kč). Analytici přitom očekávali zisk 1,57 miliardy, napsala agentura Reuters. Před rokem SpaceX zaznamenala ztrátu 1,1 miliardy dolarů.
"Myslím, že by to byl dobrý nápad, ale je to skutečně na zvláštních výborech obou společností," prohlásil zakladatel obou firem, který se po červnovém vstupu SpaceX na burzu stal prvním dolarovým bilionářem na světě. Podle agentury Reuters nyní poprvé veřejně hovořil o jejich možném spojení, o němž se nedávno začalo spekulovat. Musk myšlenku hájil s tím, že obě firmy již mají spoustu společných projektů, nic však není jistého, dodal.
Akcie firmy po jeho prohlášení vzrostly v obchodování po úterním uzavření trhů o 4,9 procenta, píše Reuters.
SpaceX letos nasměrovala největší investice do umělé inteligence včetně společnosti xAI, chatbota Grok či rychle se rozšiřujících datových center. Zejména díky příjmům právě z AI a ze Starlinku se dokázala vrátit po ztrátovém období k ziskům. Její tržby ve čtvrtletí od července do září meziročně vzrostly o 161 procent na 14,6 miliardy dolarů.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
SpaceX reported third-quarter results that beat Wall Street expectations, and AI was its biggest source of revenue. AI revenue came in at $7.56 billion, ahead of connectivity revenue of $5.25 billion, which also topped estimates of $4.9 billion.
SpaceX (SPCX - Free Report) reported $14.58 billion in revenue for the quarter ended September 2026, representing no change year over year. EPS of $0.35 for the same period compares to $0 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $12.54 billion, representing a surprise of +16.26%. The company delivered an EPS surprise of +250%, with the consensus EPS estimate being $0.10.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how SpaceX performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Revenues- Space: $1.77 billion versus $1.43 billion estimated by nine analysts on average.Revenues- SI: $7.56 billion versus the nine-analyst average estimate of $6.03 billion.Revenues- Connectivity: $5.25 billion versus $4.78 billion estimated by nine analysts on average.View all Key Company Metrics for SpaceX here>>>
Shares of SpaceX have returned -2.6% over the past month versus the Zacks S&P 500 composite's +0.7% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
SpaceX Corp (NASDAQ:SPCX) shares rose almost 3% in after-hours trading after the Elon Musk-led company reported a sharp swing to profit, driven by an 830% surge in revenue from its artificial intelligence business.
Third-quarter revenue more than doubled from a year earlier to US$14.6 billion, while net income reached US$4.4 billion compared with a US$541 million loss in the previous quarter.
The standout was SpaceX's artificial intelligence division, where revenue jumped to US$7.6 billion following the February acquisition of Musk's xAI business.
The unit, recently renamed SpaceX Super Intelligence, includes revenue from the Grok chatbot and the leasing of data centre capacity to other artificial intelligence companies.
Starlink subscriber growth surges
SpaceX's connectivity business, which includes Starlink, generated US$5.2 billion in quarterly revenue, up almost 70% from a year earlier.
Starlink subscribers increased 88.9% to 13.6 million, underlining the rapid expansion of the satellite internet network.
Revenue from SpaceX's traditional space operations rose 6% to US$1.8 billion.
Capital expenditure also accelerated sharply, reaching US$19.6 billion for the quarter compared with US$6.9 billion a year earlier as SpaceX increased spending across artificial intelligence, satellite and launch infrastructure.
SpaceX listed in June at US$135 per share and initially surged above US$225 before retreating below its IPO price.
The stock had since recovered to around US$148, giving the company a valuation of about US$2 trillion before the latest earnings release.
Ukraine restrictions put Starlink in spotlight
The results come as SpaceX faces scrutiny over restrictions imposed on Starlink services used by Ukraine.
The Wall Street Journal reported that Musk ordered a slowdown of a military-grade version of Starlink relied on by Ukrainian forces, citing US officials and people familiar with the matter.
The restrictions reportedly reduced connection speeds for some Ukrainian hardware, limiting the effectiveness of certain offensive and interceptor drones.
The report also said Musk and US President Donald Trump discussed the Starlink decision around the time the restrictions became public, placing further focus on the increasingly strategic role of SpaceX's satellite network.
SummarySpace Exploration Technologies Corp., aka SpaceX, doubled Q3 earnings expectations with $14.6 billion in revenue.Super Intelligence drives 52% of total revenue, while Starlink generates 85% of operating income to power profits in Q3.A 28% post-earnings share unlock expands total float liquidity to 76%, introducing substantial near-term selling risk.Emerging ventures like Grok and xAI could further enhance SpaceX's ecosystem and earnings profile. Getty Images
SpaceX earnings and the future Space Exploration Technologies Corp., aka SpaceX (SPCX), is a name I've covered a couple of times, including once pre-IPO. The first time I wrote about it, all the buzz was about the
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Disclaimer: The information in this article is intended for general informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. The views expressed are solely those of the author, based on independent research, analysis, and professional experience. Although the author is a CERTIFIED FINANCIAL PLANNER™ (CFP®) and owner of Ashcroft Green Advisors, a fee-only registered investment advisory firm, the content may not be suitable for your individual financial situation, objectives, or risk tolerance. Readers should consult with a qualified financial professional before making any decisions based on this material. The author and/or clients of Ashcroft Green Advisors may hold positions in securities discussed in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Suze Orman has a strict checklist that most American parents will fail before they earn the right to put their own money into a Trump Account for their child, and Elon Musk's surprise SpaceX gift just made the stakes higher.
Elon Musk said on October 19 that he will give every child in America a share of SpaceX (NASDAQ:SPCX) next year, and he appeared to suggest the gift would go through Trump Accounts. That pledge brings parents back to a question Suze Orman took on two months ago. In a blog post dated August 27, 2026, Orman said most families should take the free money in these accounts and keep their own cash out.
Musk’s post read: “Next year, I will give one of my SpaceX shares to every kid in America. This will be the first of many.”
Claim the Free Money, Then Stop
Orman’s case for opening an account rests on two sources of money that cost families nothing. Orman says U.S. citizen children born in 2025 through 2028 get a $1,000 federal deposit. “That’s free money no one should pass up,” she wrote. Orman also notes that employers can contribute up to $2,500 per employee per year, and the worker doesn’t have to contribute anything to get it.
Past that point, she sets a firm limit: “Until your financial life is in great shape, I don’t want you to contribute to a Trump Account for a child. Period.”
Five Red Flags That Should Freeze Your Contributions
Orman lists the conditions that should keep a parent or grandparent from adding their own money:
Emergency savings that cover less than eight months of living expenses
Credit card debt
Student loan debt
Car loans
Retirement savings that are off track
Her reasoning comes down to the parent’s own long-term security. Orman wrote, “You owe your child the security of knowing they will not need to step in and support you 20, 30, 40 years from now.”
Who Should Fund a Trump Account
If you work back from her list, the answer is households with a full emergency fund, no consumer debt, and retirement savings on track. Eligible families then face U.S. Code section 530A, which caps annual contributions at $5,000. Exempt contributions, such as eligible rollovers and qualified general contributions, don’t count toward that cap. The statute treats the account like a traditional IRA and blocks most withdrawals before the calendar year the child turns 18. It also limits holdings to index mutual funds or ETFs that don’t use leverage. Under § 530A, funds held by Orman’s eligible families can charge annual fees and expenses of no more than 0.1%.
Even for families in good shape, Orman finds better places for some of the money. For a teen with a paying job, she prefers a Roth IRA. Money put into a Trump Account has already been taxed, but “100% of earnings withdrawn will be taxed as ordinary income,” she wrote. Roth earnings withdrawn in retirement are tax-free. For college, Orman said on her August 10, 2025 podcast that “exploring a 529 plan is likely smarter, especially because they offer tax-free distributions.”
Musk’s SpaceX Gift Comes With Strings
Musk’s pledge would land in an already huge system. CNBC reported that about 70 million Trump Accounts have been created. By Orman’s logic, a donated share counts as more free money. It also puts a single stock in an account that otherwise holds only broad index funds. Under Treasury guidelines, families cannot refuse donated stock. They generally cannot sell it until five years pass or the calendar year the child turns 17 ends, whichever comes first.
SpaceX, which listed after a June 2026 IPO, has growth behind it. Its second-quarter 2026 earnings release reported revenue of $7.81 billion, with Starlink subscribers doubling to 12.0 million. It posted a $0.09 per-share loss and spent $18.37 billion on capital projects in the quarter. That is a risk a child can’t sell during a lockup.
Lockup Rules Could Still Change Before Shares Arrive
Treasury’s stock donation rules are temporary and could change after public comment, so the final lockup terms matter for any family that gets shares. CNBC said Musk only appeared to suggest he would use Trump Accounts, and his representatives and the Treasury didn’t respond to its questions. Orman’s advice for parents stays the same: open the account, collect the $1,000 and any employer money, and add your own dollars only after your finances clear all five of her red flags.
Contact [email protected] for any questions or corrections.
Elon Musk last week ordered the slowdown of a military-grade version of Starlink (SPCX.O) that Ukraine relies on, the Wall Street Journal reported on Tuesday, citing US officials and people familiar with the matter.
Musk, SpaceX and the White House did not immediately respond to Reuters requests for comment. Reuters could not immediately verify the report.
The restriction on Starlink hampered Ukraine's attack and air defense drone missions against Russia.
Musk and US President Donald Trump discussed the Starlink decision in a call soon after the slowdown became public, while the president was campaigning last week, the report said.
The two also discussed the matter prior to the decision to throttle Starlink, the Journal reported.
Trump turned on Ukraine's President Volodymyr Zelenskiy after lifting sanctions on Russian diesel to ease pressure on fuel prices that have soared since the US-Israeli war with Iran began in February. He told Kyiv to stop attacking Russian refineries and urged Ukrainians to replace Zelenskiy.
Trump said on Friday he did not think either he or Musk was responsible for Ukraine losing Starlink access in a way that affected its military operations against Russia.
Musk earlier said use of Starlink's military version, known as Starshield, was ultimately up to Trump as US president.
SPCX Space Exploration Technologies$147.79-$0.17 (-0.11%)
NASDAQ · As of 4:00 PM ET 10/20/26
Space Exploration Technologies (SPCX -0.11%), better known as SpaceX, a reusable rocket launch and satellite broadband services provider, closed at $147.79, down 0.11%, on Oct. 20. However, shares rebounded to $155.40, up 5.15%, in early after-hours trading as investors weighed an after-close Q3 report.
Trading volume reached 89.4 million shares, coming in nearly 5.5% below its three-month average of 94.5 million shares. SpaceX IPO'd in 2026 and has fallen 8% since going public.
How the markets moved todayS&P 500 (^GSPC +0.28%) closed at 7,713, up 0.28%, while the Nasdaq Composite (^IXIC -0.02%) finished at 26,425, down 0.02%. Among aerospace and defense space rivals, Rocket Lab (RKLB -0.90%) closed at $50.90, down 0.90%, and AST SpaceMobile (ASTS -1.77%) closed at $41.13, down 1.77%, as satellite broadband and launch names tracked company-specific earnings and spectrum headlines.
What this means for investorsOn Tuesday, Oct. 20, investors were focused on SpaceX's after-close Q3 report, with options trading earlier in the day implying an 8% swing with attention centered on $170 calls and $140 puts. The company announced earnings after the closing bell, delivering 161% year-over-year revenue growth to $14.6 billion in the third quarter.
SpaceX also notched its first revenue-generating Starship mission in Q3. Last week, it executed a successful classified national-security launch for the U.S. Space Force, reinforcing the company's launch cadence and government demand. This supports the valuation case for its launch business.
In its Super Intelligence division, where SpaceX seeks to capitalize on the artificial intelligence boom, the company produced sales of $7.6 billion, a substantial increase from the prior year's $813 million.
Moreover, the AI segment produced a profit in Q3 with operating income of $431 million. Not only is this an enormous improvement from 2025's loss from operations of $1.7 billion, it's also a dramatic turnaround from Q2's loss of $1.3 billion. The outstanding result demonstrates SpaceX's ability to grow AI operations profitably, which is critical since the company believes this area possesses its biggest market potential, calling it a $27 trillion opportunity.
Getting satellites into orbit is only part of the space economy's next challenge. As spacecraft become critical infrastructure for communications and connected devices, protecting the data they carry is becoming increasingly important.
Space Exploration Technologies Corp. aka SpaceX delivered a strong Q3, beating consensus on both revenue and EPS, with significant profitability improvement year-over-year. SPCX's AI-driven Super Intelligence segment fueled explosive 800%+ revenue growth, now contributing over half of total revenue and justifying aggressive capital allocation. Connectivity segment saw robust user growth and improved profitability, but revenue per user declined; Space segment growth lagged, with increased competition and lumpy results.
Space Exploration Technologies Corp. (SPCX -0.11%) reported its third-quarter earnings after the market closed on Oct. 20, with results that largely topped Wall Street estimates.
Here are the key numbers:
Revenue: $14.6 billion (up 161% year over year)Net Income: $4.4 billion (up from a $1.1 billion net loss)Adjusted EBITDA: $8.8 billion (up 306%)Wall Street analysts, on average, had been expecting roughly $12.8 billion in revenue, net income of $2 billion, and adjusted EBITDA of roughly $6.8 billion, according to S&P Global Market Intelligence.
Shares of SpaceX climbed nearly 5% in after-hours trading as of 5:56 p.m. ET. CEO Elon Musk also addressed analysts on a conference call after the earnings release and gave investors great news.
Image source: The White House.
Musk sees annual recurring revenue and compute soaring in 2027All three of SpaceX's business segments beat Wall Street expectations, with the Super Intelligence (SI) unit posting revenue of over $7.5 billion, beating Wall Street consensus estimates by over $1 billion.
SpaceX's low-Earth-orbit satellite internet service, Starlink, saw its subscriber base grow by 1.6 million from the second quarter to 13.6 million at the end of the third quarter. Meanwhile, average revenue per user (ARPU) grew by $3 from the previous quarter to $69 at the end of the third quarter.
During the quarter, SpaceX reported total capital expenditures of nearly $19.6 billion, with $16.4 billion allocated to the Super Intelligence unit. Wall Street analysts had forecast nearly $18.7 billion in total capex for the quarter.
Musk also touched on Grok, SpaceX's large language model.
"We're seeing the fastest growth of a product that I've ever seen in my life. I've never seen anything grow this fast," said Musk during SpaceX's earnings call, adding that Grok will soon be widely rolled out to enterprise customers. "I think Grok bot may end up being what uses most of our Super Intelligence's compute."
But perhaps the best news Musk gave investors was guidance on annual recurring revenue and total compute capacity for 2027.
SPCX Space Exploration Technologies$147.79-$0.17 (-0.11%)
NASDAQ · As of 4:00 PM ET 10/20/26
At the end of the third quarter, SpaceX's current data center footprint already provided 1.7 gigawatts (GW) of AI compute capacity. By the end of the year, Musk expects the company to have 2.5-3 GW of total compute.
In 2027, Musk said he feels confident the company will bring another 10 GW of incremental compute online, and that there's even a small chance of having 20 GW of compute online by the end of 2027.
Musk also told investors he expects SpaceX to reach an annual recurring revenue (ARR) run rate of $500 billion to $1 trillion by the end of 2027.
A good quarter, but Musk is likely over-promisingThere's certainly a lot to digest from the earnings call.
Ultimately, I thought the quarter was impressive. SpaceX handily beat Wall Street estimates on all of the key numbers. The fact that SpaceX's capex came in less than $1 billion above estimates is also solid, considering how capital-intensive the business is.
So while the quarterly results and Musk's incredible forward guidance were all good news, I would continue to caution investors from reading too much into the forward guidance at this time.
Even adding 10 GW of incremental compute and bringing it online next year would be an absolutely herculean effort.
Furthermore, with $14.6 billion of revenue in the third quarter, that's equal to ARR of $58.4 billion, meaning Musk is implying that ARR will, at the very least, increase by 8.5-fold in 15 months.
Investors should also keep in mind that capex will continue to rise significantly as SpaceX pursues its ambitions, which will likely weigh on the balance sheet and may lead to shareholder dilution.
Musk is known for overpromising on guidance and setting accelerated timelines that rarely pan out, so I would caution investors against giving this guidance too much weight right now.
Space Exploration Technologies Corp. aka SpaceX delivered a bullish Q3 with strong growth in Space, Connectivity, and especially Super Intelligence (SI), but valuation remains stretched. SI segment drove $4.95 billion in adj. EBITDA, up sharply from $1.1 billion last quarter, yet CapEx and R&D surged, highlighting a capital-intensive model. At a ~$2 trillion market cap, SPCX offers no margin of safety; even extraordinary execution through 2035 would only justify current valuation under optimistic assumptions.
Smile, Elon, you're on camera: SpaceX made its earnings call must-see TV for Musk fans By You're currently following this author! Click to unsubscribe from email alerts.
Elon Musk appeared in a live video stream for SpaceX's third-quarter earnings call. Andrew Harnik/Getty Images SpaceX's superfans may have found their next must-see TV.
The rocket and AI company's third-quarter earnings call on Tuesday included a live video stream featuring SpaceX's big three: CEO Elon Musk, COO Gwynne Shotwell, and CFO Bret Johnson.
The video, which opened with cinematic shots of SpaceX's products, featured the executives seated at a table speaking to the camera from the SpaceX Starlink factory in Bastrop, Texas, with SpaceX-branded water bottles in front of them.
"In order to understand the nature of the universe and all these fundamental questions, we must expand the scope and scale of consciousness," Musk said in a recording that played over images of space and the moon, with the result looking far more like a trailer for a sci-fi film than the start of a corporate earnings report.
Musk wore a black T-shirt featuring a logo for Grok, SpaceX's AI assistant, and a black leather jacket, a classic sartorial choice famously favored by another Big Tech CEO.
SpaceX also used the video format to share a recap video of a recent Starship flight as well as a dramatic video simulation, complete with orchestral music, of an upcoming flight in which the company's giant mechanical arms and stand will try to catch both the booster and the ship, calling it a "profound technology milestone in the history of civilization and consciousness."
While earnings calls generally include live audio, live video streams are far less common. SpaceX's first earnings report as a public company in August did not include video. Netflix, Duolingo, and Robinhood have all livestreamed their earnings calls.
Netflix has streamed live video of its earnings calls for years, including its latest call on Tuesday, which featured its co-CEOs. Robinhood's CEO told The Verge last year the company's video earnings call was inspired by the NBA post-game interview.
SpaceX reported a significant increase in both AI spending and revenue. The stock was up 5% in after-hours trading.
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Kelsey Vlamis is a senior reporter for Business Insider, where she covers business and tech news. She also writes business stories about travel, luxury, and culture. Previously, she covered the environment, outdoors, and indigenous issues.Her feature story "Disaster at 18,200 feet" received awards from the New York Press Club and the North American Travel Journalists Association, as well as honorable mention from the Society of American Travel Writers. She has also received an American Journalism Online Award for her coverage on missing and murdered Indigenous people in Wyoming.She's appeared on CBS, NPR, NBC, and other outlets to discuss her reporting. She previously worked on the world news desk at the BBC in London and received a master's in journalism from Northwestern University.She can be reached by email at [email protected] or via the encrypted-messaging app Signal at kelseyv.21.
SummarySpace Exploration Technologies Corp. aka SpaceX delivered exceptional Q3 2026 results, with revenue surging 161% year-over-year to $14.575B and adjusted EBITDA reaching $8.809B, beating Wall Street expectations.Super Intelligence now accounts for nearly 52% of total revenue, but its rapid expansion requires massive investment and raises questions about long-term profitability.Capital expenditure reached $19.6B in Q3, exceeding quarterly revenue. Free cash flow remained deeply negative at approximately -$35B over the first nine months of 2026.With a market capitalization near $2T and a valuation of roughly 30x expected 2027 adjusted EBITDA, SpaceX already prices in years of extraordinary growth.Strong Sell maintained for SPCX stock: Despite impressive fundamentals, stellar valuations leave little margin for error. My central valuation scenario suggests approximately $114 per share, implying 23% downside. Getty Images
Thesis Space Exploration Technologies Corp. aka SpaceX (SPCX) just released quarterly results that, given the numbers, should please virtually any shareholder. The company reported a growth in revenues of 161% compared to last year. Additionally, the company reported its first profitable
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Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Earnings ResultsSpaceX just gave Wall Street a big reason to believe in the AI boom as demand for its computing power is off the charts
Shares of SpaceX are on track for big gains after Tuesday’s earnings call, which put the company’s artificial-intelligence momentum on full display.
SpaceX’s SPCX third-quarter revenue grew 161% from a year before to $14.6 billion, and the star of the show was its Super Intelligence division, which has grown nearly 830% over that span. For the first time in a quarter, SpaceX got more than half of its sales from this unit, which includes business functions like selling artificial-intelligence computing power.
Space Exploration Technologies Corp. (SPCX) Q3 2026 Earnings Call October 20, 2026 4:30 PM EDT
Company Participants
Andrea Williams
Elon Musk - Founder, Chairman, CTO & CEO
Gwynne Shotwell - President, COO & Director
Bret Johnsen - CFO & Secretary
Conference Call Participants
Adam Jonas - Morgan Stanley, Research Division
Douglas Anmuth - JPMorgan Chase & Co, Research Division
Xin Yu - Deutsche Bank AG, Research Division
Kutgun Maral - Evercore ISI Institutional Equities, Research Division
Eric Sheridan - Goldman Sachs Group, Inc., Research Division
Presentation
Andrea Williams
Hello, everyone. We are coming to you live from our Starlink factory and future Starmind production site here in Bastrop, Texas. I'm Andrea Williams, Head of Investor Relations, and thank you for joining us for SpaceX's Third Quarter 2026 Earnings Presentation.
Joining us are Elon, Gwynne, and Bret, and we are live streaming on X. Our third quarter financial results were announced just after 3:00 p.m. Texas time, and all relevant materials have been published to our Investor Relations website at ir.spacex.com. For today's presentation, our prepared remarks will be followed by a question-and-answer session. We will take live Q&A from equity analysts and then move to questions directly from our investors that were polled on our dedicated earnings Q&A platform, which the SpaceX team built with Grok.
During this webcast, we will discuss our business outlook and make forward-looking statements. These statements are based on our predictions and expectations as of today. Actual events or results could differ materially due to a number of risks and uncertainties including those mentioned in our earnings release and the most recent filings with the SEC, including our final prospectus. During the presentation, we may discuss certain non-GAAP financial measures. In today's earnings release and our filings with the SEC, you can find additional disclosures regarding these non-GAAP measures, including all of the reconciliations with comparable GAAP measures. For the
Space Exploration Technologies Corp. aka SpaceX reported its first profitable quarter, but profit is dwarfed by escalating AI-driven cash burn and mounting debt. SPCX's Q3 revenues surged 161% Y/Y to $14.6B, yet CapEx ballooned to $19.6B, with the Super Intelligence segment consuming $16.4B. Negative free cash flow of ~$35B YTD and plans to raise $40B more debt for Nvidia chips heighten financial risk amid rising rates.
Space Exploration Technologies Corp. (NASDAQ:SPCX) heads into third-quarter earnings with investors focused on Starship progress, Starlink's wireless ambitions, AI infrastructure spending and whether the company can deliver on its aggressive long-term revenue goals.
Characteristics and Risks of Standardized Options: https://bit.ly/2v9tH6D. From buzz around Starlink's revenue projections to speculation on a merger with Tesla (TSLA), it's no secret SpaceX (SPCX) earnings will take markets by storm after Tuesday's close.
Ukraine President Volodymyr Zelenskyy says he spoke about intelligence sharing with US envoy Steve Witkoff during talks in Norway. Zelenskyy also said he hopes Ukraine's connection to the Starlink Satellite network will be restored “maybe in 48 hours.
Elon Musk's SpaceX (SPCX.O) on Tuesday reported a 161% rise in revenue for the third quarter, beating estimates, buoyed by a surge in its AI business and steady growth at its Starlink satellite-internet unit.
Revenue in the third quarter stood at $14.58 billion, compared with analysts' estimate of $12.72 billion, according to data compiled by LSEG.
It reported a net profit of $4.4 billion for the three months ended September 30, compared with analysts' expectation for a profit of $1.57 billion.
That marks a swing from the second quarter, when it posted a net loss of $541 million on revenue of $7.81 billion.
Starlink and SpaceX's broader connectivity operations have been the company's main financial engine, underpinning CEO Elon Musk's AI ambitions. But SpaceX's own AI software, including xAI's Grok, has so far been overshadowed by rivals OpenAI, Anthropic and Google (GOOGL.O).
SpaceX is making its AI money mainly by renting out data-center capacity to developers such as Anthropic, Google and Reflection AI rather than from its own models, a business closer to a cloud provider's than an AI lab's.
The company's AI business spans Grok, social-media platform X and a fast-growing data-center operation. It is also the company's biggest area of investment.
The business earns revenue from compute contracts with Anthropic, Alphabet's Google (GOOGL.O) and Reflection AI.
Operating losses at the AI unit have been large and SpaceX has cautioned it will need sustained investment before it can consistently generate profits.
The satellite-internet unit has continued to expand its subscriber base, aided by additional satellite launches and a growing range of consumer, enterprise, aviation, maritime and government services.
The company has said geographic expansion beyond the wealthiest countries could push average revenue per user lower over time. Investors have been keen to know whether that pricing pressure has started to show up as SpaceX enters more international markets and rolls out lower-priced plans.
Investors are also watching whether SpaceX can keep growing while improving the economics of its network. It is spending heavily on coverage, capacity and direct-to-device mobile services.
Starship, SpaceX's next-generation reusable rocket system, has yet to enter commercial service. It is expected to enable deployment of higher-bandwidth Starlink satellites and orbital AI-computing infrastructure. The company's ability to turn Starship into a reliably reusable vehicle is central to its longer-term strategy.
SpaceX successfully deployed several Starlink satellites last month, in Starship's first orbital test flight that ended hours earlier than expected after an engine issue.
The space segment includes commercial launches, government missions and Starship development and remains a significant source of costs and uncertainty.
Falcon launch activity has stayed robust, but revenue can vary with the mix of internal Starlink deployments, commercial customer missions and government contracts.
SpaceX has increasingly prioritized launches for its own satellite network over third-party payloads, while absorbing significant costs tied to Starship's development.
Investors will also be keen to hear Musk's comments on a much-talked-about potential merger between SpaceX and Tesla (TSLA.O), which reports results on Wednesday.
Space Exploration Technologies Corp (NASDAQ:SPCX) reported financial results for the third quarter after the market close on Tuesday. Here's a rundown of the report.
Elon Musk's rocket company also said its revenue had more than doubled, driven by its Starlink internet satellite service and artificial intelligence products.
SpaceX stock SPCX rose 2.2% in after-hours trading on Tuesday after Elon Musk's aerospace and artificial intelligence company reported a 161% increase in third-quarter revenue, beating analysts' estimates on growth in its AI and satellite-internet businesses. Revenue reached $14.58 billion in the three months ended September 30, compared with analysts' expectations of $12.72 billion, according to LSEG data.
A SpaceX facility in Hawthorne, California. Justin Sullivan/Getty Images SpaceX's second-ever earnings report revealed it's spending more than ever on AI.
SpaceX reported spending $16.4 billion on AI-related capex in the third quarter, continuing the acceleration of AI spending seen in recent quarters.
SpaceX spent roughly $19.6 million on overall capital expenditures in the third quarter as Grok maker continues its AI buildout. That was squarely in line with what Wall Street analysts were expecting.
Of that $19.6 billion, SpaceX reported spending $16.4 billion on AI-related capex. Analysts were expecting $16.9 billion.
During the earnings call, SpaceX CEO Elon Musk said that chips are no longer the biggest constraint to AI buildout.
What are the real-life consequences of AI?
"So talking about SpaceX superintelligence, SpaceXSI — "sexy," whatever — so as I think people are starting to realize the constraints on deployment of superintelligence is more in power and cooling and infrastructure than it is in chips," he said.
SpaceX's AI revenue grew significantly quarter-over-quarter to $7.6 billion — ahead of analysts' estimates of $6.3 billion. This report also marks the first quarter since SpaceX purchased Cursor.
That revenue means that SpaceX's AI segment officially brought in more revenue than its Starlink business. Starlink brought in $5.2 billion for the quarter.
In August, SpaceX's first-ever earnings report appeared to unnerve investors when the Elon Musk-led company disclosed that it had spent $18.4 billion in total capex, with 80% of that going toward AI. That capex spending was more than double SpaceX's revenues for the quarter.
Musk has been upfront that SpaceX, which acquired xAI in February, is lagging behind frontier companies like Anthropic and OpenAI. Last month, Musk quote-tweeted a user who put Anthropic's Opus 5.5 and OpenAI's GPT-6 Astra ahead of SpaceXAI's frontier model.
"Accurate (for now)," he wrote.
SpaceXAI has since rebranded as SpaceXSI, following Musk's alignment with President Donald Trump's preferred rebranding of "artificial intelligence" to "super intelligence."
One area where SpaceXSI has found some success is leasing its compute to Anthropic, Google, and Reflection AI. During the company's last earnings call, SpaceX CFO Bret Johnsen said the leasing arrangements had generated $1.6 billion in additional revenue.
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SpaceX’s data centers and Grok agents have been more profitable than investors expected in second quarter of the year, as the company leaves its roots as a space company behind to focus on artificial intelligence, which now makes up 52% of its income.
Elon Musk’s deep conglomerate reported on Tuesday $14.6 billion in third-quarter revenue, according to its regulatory filing. That number was driven by growth in all segments, but especially it’s renamed “Super Intelligence” business line, which includes the recently-acquired Cursor coding tool, Grok bot, and most importantly, the company’s burgeoning neocloud business, which now boasts 1.7 GW of compute.
That number was also boosted by about $1 billion in income related to the recovery of bitcoin prices and an unspecified related-party income that might be attributed to a SpaceX investment in another company.
The growing revenue is balanced against total capital expenditures of $19.6 billion, as SpaceX continues to build out a second data center project, Colossus II, and increase investment in Starship, the heavy lift rocket it sees as vital to deploying a new generation of Starlink satellites and developing orbital data centers.
In spite of those capital expenditures, the company’s revenue boost was substantial enough to push it back into profitability. SpaceX reported net income of $4.4 billion, a turnaround from the $1 billion loss in the same quarter last year. It will still have some catching up if it wants to remain profitable for the year, however. In the first nine months of the year, SpaceX still had a net income loss of $413 million.
CEO Elon Musk took a particularly bullish stance on the company’s Superintelligence business segment, predicting that SpaceX’s annual recurring revenue by the end of 2027 will be “somewhere between $500 billion and $1 trillion.”
This is a developing story. TechCrunch will update.
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Tim Fernholz is a journalist who writes about technology, finance and public policy. He has closely covered the rise of the private space industry and is the author of Rocket Billionaires: Elon Musk, Jeff Bezos and the New Space Race. Formerly, he was a senior reporter at Quartz, the global business news site, for more than a decade, and began his career as a political reporter in Washington, D.C. You can contact or verify outreach from Tim by emailing [email protected] or via an encrypted message to tim_fernholz.21 on Signal.
SpaceX Corp (NASDAQ:SPCX) reported third-quarter revenue of $14.58 billion on Tuesday, up 161% from a year earlier and ahead of analyst estimates of $12.87 billion, as its Super Intelligence business and Starlink connectivity unit drove growth.
The company posted earnings per share of $0.35, compared with a loss of $0.36 a year earlier. Net income was $4.4 billion, versus a loss of $1.05 billion in the same period last year.
Operating income came in at $2.79 billion, above the $2.24 billion analysts expected. Adjusted EBITDA rose 306% to $8.81 billion, beating estimates of $6.59 billion.
CFO Bret Johnsen attributed the revenue growth to momentum in Connectivity and a “clear inflection” in its Super Intelligence business.
Super Intelligence revenue reached $7.56 billion, up 830% from a year earlier, with operating income of $431 million compared with a loss of $1.72 billion. SpaceX said it added $6.7 billion in incremental revenue from the segment, driven by cloud services agreements, the acquisition of Cursor, and its models and software applications.
Connectivity revenue climbed 69% to $5.25 billion, topping estimates of $4.86 billion, with operating income of $2.37 billion. Starlink subscribers rose 89% to 13.6 million, while average revenue per user fell to $69 a month from $83.
Space segment revenue grew 6% to $1.77 billion, ahead of the $1.43 billion estimate, though the unit posted an operating loss of $7 million.
Total capital expenditure was $19.59 billion, in line with estimates. The company ended the quarter with $51.29 billion in cash and equivalents and $38.56 billion in marketable securities.
SpaceX completed 35 launches in the quarter, short of the 41 analysts expected and down from 44 a year earlier. Mass to orbit totaled 476 metric tons, below the 559 metric tons forecast.
The company’s first revenue-generating Starship mission delivered 26 Starlink V3 satellites, roughly 10 times the downlink capacity added by a Falcon 9 Starlink launch.
SpaceX also outlined plans for a Starbase, Louisiana spaceport designed to support thousands of Starship flights a year, with the first launch targeted for 2029, and introduced Grok Bot, an always-on agentic Super Intelligence system.
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SpaceX is blowing past all Wall Street expectations in its second earnings report as a public company. Elon Musk's company posted its first quarterly profit — $4.4 billion, or 35 cents a share, more than double estimates — while spending nearly $20 billion on capex.
