SpaceX (SPCX.US) Q3 revenue surged 161% year-over-year and turned profitable, with superintelligence business revenue soaring 830%.

On Tuesday, Musk's SpaceX (SPCX.US) released its Q3 2026 financial results. Driven by the rapid expansion of its superintelligence business and continued growth in Starlink, the company's quarterly revenue surged 161% year-over-year and it turned profitable. Among the highlights, superintelligence business revenue soared 830% year-over-year, becoming the company's largest revenue source for the first time. The results showed that SpaceX's Q3 revenue reached $14.575 billion, up 161% from $5.576 billion a year earlier and up about 87% from $7.814 billion in Q2. In Q3, operating profit reached $2.791 billion, compared with an operating loss of $273 million a year earlier and an operating loss of $143 million in Q2; net profit reached $4.404 billion, a substantial improvement from a net loss of $1.054 billion a year earlier, achieving a turnaround to profitability. Under US GAAP, SpaceX's Q3 diluted earnings per share were $0.35, compared with a loss of $0.36 per share a year earlier. On a non-GAAP basis, the company's Q3 adjusted EBITDA reached $8.809 billion, up 306% from $2.169 billion a year earlier and up about 149% from $3.538 billion in Q2. However, SpaceX's Q3 capital expenditures reached $19.593 billion, up about 185% from $6.880 billion a year earlier, mainly reflecting the company's continued increased investment in superintelligence computing infrastructure. Superintelligence business revenue soared 830% year-over-year, becoming the largest revenue source for the first time By segment, the superintelligence business became the main DRIVE of SpaceX's Q3 performance growth. In Q3, SpaceX's superintelligence business revenue reached $7.560 billion, up 830% from $813 million a year earlier and up 195% from $2.561 billion in Q2, accounting for about 52% of total revenue. Among this, superintelligence solutions and infrastructure revenue reached $7.022 billion, a substantial increase from $359 million a year earlier, mainly driven by the launch of new cloud service agreements, the acquisition of AI coding company Cursor, and expanded application of the Grok model in enterprise and consumer markets. The superintelligence business posted Q3 operating profit of $431 million, compared with an operating loss of $1.722 billion a year earlier and an operating loss of $1.257 billion in Q2, achieving a turnaround to profitability. Adjusted EBITDA for the business reached $4.953 billion, compared with a loss of $428 million a year earlier. SpaceX said Q3 operating profit for the superintelligence business included about $1.2 billion in stock-based compensation expenses related to the acquisition of Cursor. On the AI infrastructure front, as of September 30, the company's nominal computing capacity reached 1.7 gigawatts (GW), up from 1.4 GW at the end of Q2 and 0.6 GW a year earlier, mainly driven by the continued expansion of the COLOSSUS II computing infrastructure. In addition, the company signed more cloud service agreements in Q3 and launched the round-the-clock autonomous agent system Grok Bot to further scale commercialization of the superintelligence business. It is worth noting that SpaceX completed its acquisition of Cursor on August 14, with an implied equity valuation of $60 billion. According to the financial results, Cursor contributed $608 million in revenue to SpaceX from the completion of the acquisition through September 30. Starlink revenue up 69% year-over-year, user base reaches 13.6 million As SpaceX's other major revenue pillar, the connectivity business continued strong growth in Q3. The results showed that SpaceX's Q3 connectivity business revenue reached $5.248 billion, up 69% year-over-year and up 22% quarter-over-quarter; operating profit reached $2.367 billion, up 99% year-over-year; adjusted EBITDA reached $3.499 billion, up 82% year-over-year. Among this, Starlink consumer business revenue was $3.121 billion, up 57% year-over-year and up 26% quarter-over-quarter; enterprise and government business revenue reached $2.127 billion, up 91% year-over-year and up 18% quarter-over-quarter, indicating continued expansion of enterprise and government customer demand. On the user front, as of September 30, Starlink consumer subscribers reached 13.6 million, an increase of 1.6 million from 12.0 million at the end of Q2 and up about 89% from 7.2 million a year earlier. Meanwhile, Starlink average monthly revenue per consumer user reached $69, up about 5% from $66 in Q2, but still below $83 a year earlier. SpaceX said Starlink's continued expansion in developed markets drove user growth. In addition, as of the end of Q3, more than 3,800 aircraft worldwide were equipped with Starlink service. On the mobile communications front, the company signed an agreement on October 8 to acquire a portfolio of licenses for up to 14 MHz of paired spectrum in the 800 MHz band nationwide in the United States, to advance its Starlink Mobile strategy. The transaction is expected to close in the first half of 2027, subject to regulatory approval and other customary closing conditions. Space business revenue up 6% year-over-year; Starship conducts first revenue-generating mission In the Space business, SpaceX's Q3 revenue reached $1.767 billion, up 6% year-over-year and up 84% quarter-over-quarter. Among this, launch services revenue was $1.130 billion, up 13% year-over-year; launch and development business revenue was $637 million, below $666 million a year earlier. However, due to continued increased R&D investment in the Starship program, the Space business still recorded an operating loss of $7 million in Q3, compared with operating profit of $259 million a year earlier. Adjusted EBITDA for the business was $357 million, below $674 million a year earlier. On the operational front, SpaceX completed 35 launch missions in Q3, below 44 a year earlier. Among them, 12 were commercial customer launch missions and 23 were internal launch missions. As of the end of September, the company had completed 113 launch missions year to date, sending 1,517 tons of payload into orbit. Notably, SpaceX completed the 14th flight mission of Starship in Q3, which was also the first time Starship entered orbit and carried out a revenue-generating mission. The mission successfully deployed 26 Starlink V3 satellites into the Starlink broadband constellation. The company said the additional downlink capacity from this launch was about 10 times that of a single Falcon 9 Starlink launch mission. In addition, SpaceX announced plans to build a next-generation spaceport, Starbase Louisiana, in Louisiana, USA, to support thousands of Starship launches per year in the future, with a target of first launch in 2029. Capital expenditures exceed $48 billion in first three quarters; AI infrastructure investment continues to expand Although SpaceX achieved profitability in Q3, AI infrastructure buildout continues to generate massive capital expenditure needs. The results showed that the company's Q3 capital expenditures reached $19.593 billion, of which superintelligence business capital expenditures were $16.444 billion, accounting for about 84% of total capital expenditures; connectivity business and Space business capital expenditures were $1.543 billion and $1.606 billion, respectively. In the first nine months of this year, SpaceX's cumulative capital expenditures reached $48.069 billion, up about 247% from $13.846 billion a year earlier. Among this, superintelligence business capital expenditures reached $39.995 billion, nearly quadrupling from $8.077 billion a year earlier. On the cash flow front, net cash provided by operating activities in the first nine months of this year was $13.097 billion, above $4.120 billion a year earlier. However, net cash used in investing activities during the same period reached $84.611 billion. As of the end of September, SpaceX held $51.294 billion in cash and cash equivalents, plus $38.561 billion in marketable securities, totaling about $89.855 billion. The balance sheet showed that as of the end of Q3, total assets reached $254.045 billion, a substantial increase from $92.079 billion at the end of 2025; shareholders' equity reached $176.768 billion. SpaceX's chief financial officer said in the financial results that the company's strong Q3 performance was driven by continued growth in the connectivity business and a clear growth inflection point in the superintelligence business. Leadership in the launch business, recurring revenue from Starlink, and large-scale expansion of superintelligence infrastructure are together driving improvement in the company's operating leverage.