SpaceX (SPCX) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $14.575B, up 161.4% YoY; operating income was $2.791B and net income was $4.404B, versus prior-year operating and net losses.

• Adjusted EBITDA reached $8.809B, up 306%; growth was led by SI infrastructure and cloud services, Connectivity, and expanding Starlink.

Financial highlights

• Q3 costs and expenses rose 101.5% to $11.784B, below revenue growth; Q3 interest income was $873M and other income, net, was $1.025B.

• Other income included a $561M unrealized gain on the TBC investment and gains on digital assets; income tax benefit was $390M, including a provisional $449M deferred-tax valuation allowance release.

• 9M revenue was $27.083B, up 97.5%; operating income was $705M and net loss narrowed to $413M from $2.590B.

• 9M operating cash flow was $13.097B, investing cash outflow was $84.611B, and financing cash inflow was $99.819B.

Outlook and guidance

• Q1 2027 revenue guidance is $33B–$37B; total-company ARR is targeted at $100B by year-end 2026, defined as December monthly revenue annualized.

• Q4 capex is expected at $35B–$40B; gross margins are expected to be more consistent with Q2 after Q3's one-time customer-mix benefits.

• Compute capacity is expected to reach 2.5–3 GW by year-end; management expressed high confidence in adding 10 GW in 2027, with >20 GW possible but uncertain.

• CEO forecast ARR of $500B–$1T by end-2027; Starship cadence is targeted at weekly in H1 2027 and at least twice weekly by year-end.

• V3 broadband satellites are expected to deploy in meaningful volume through 2027; mobile V2 launches are planned from 2027, with direct-to-cell service targeted for early 2028.