SpaceX beats with $14.58B revenue, up 161%: AI sales jump ninefold to $7.56B and turn profitable
Revenue topped the $12.72 billion consensus and AI is now the biggest business. Starlink still earns most of the profit, and the headline earnings figure is not like for like.
SpaceX (SPCX) reported third-quarter revenue of $14.58 billion, up 161% from a year earlier, against $12.72 billion expected by analysts polled by LSEG, according to CNBC's live coverage. CNBC reported earnings of 35 cents a share, and noted it is unclear whether that is comparable to the 13-cent analyst estimate. In our preview, options were pricing about a 6% move.
The quarter by segment
| Segment | Q3 revenue | Expected | Operating result |
|---|---|---|---|
| AI | $7.56 billion (from $813 million) | $6.47 billion | Profit of $431 million |
| Connectivity (Starlink) | $5.25 billion (from $3.1 billion) | $4.84 billion | $2.37 billion, about double |
| Launch | $1.77 billion (from $1.67 billion) | $1.41 billion | Loss of $7 million |
The three segments add to the $14.58 billion total. Expected figures are StreetAccount's, as cited by CNBC; the launch estimate comes from our preview.
The number behind the number
SpaceX reported operating income of $2.8 billion and net income of $4.4 billion, against a net loss of $1.05 billion a year earlier. Net income is $1.6 billion above operating income. The coverage we read does not say why, and we have not seen the full filing, so we will not guess. The gap is the first thing to look for in the 10-Q.
The segment mix matters more than the headline. Starlink's $2.37 billion operating profit is close to the company's whole $2.8 billion, so the older business is still carrying a group whose largest revenue line, AI, only just crossed into profit. Launch revenue grew about 6% and the segment lost money.
Starlink subscribers and pricing
Starlink ended the quarter with 13.6 million subscribers, up from 12 million in Q2, with average revenue per user of $69 versus $66. Consumer revenue was $3.12 billion and government and enterprise $2.13 billion. SpaceX said Starlink is active on more than 3,800 aircraft, which matters for airlines weighing onboard connectivity.
What is still unanswered
- Capital spending. The August report showed $18.4 billion of capex, 80% for AI, which unsettled investors. We have not seen the Q3 figure, so we do not report one.
- Debt. Debt and finance leases were $36.8 billion at the end of Q2. See our look at the GPU debt plan.
- Share releases. CNBC reports more than 1.6 billion shares become eligible for sale in releases over the coming days.
The stock
SpaceX closed Tuesday at $147.79. At 4:50 PM ET, Nasdaq.com showed it at $154.47 in extended trading, up 4.5%; CNBC put the gain at about 3% earlier. After-hours prices can swing, and the earnings call was still to come at 4:30 PM, so treat these as a snapshot.
Sources: CNBC live updates, Oct 20 2026, citing LSEG, StreetAccount and SpaceX's release; SEC EDGAR filings; Nasdaq.com quote. Figures are as reported in coverage, not yet checked against SpaceX's filing. This is market information, not investment advice.
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