SpaceX revenue jumps 161% to $14.6 billion; Super Intelligence unit tops Connectivity

SpaceX (Nasdaq: SPCX) reported third-quarter revenue of $14.6 billion, up 161% from a year earlier, led by a segment it calls Super Intelligence that now generates more revenue than its Starlink Connectivity business, according to its earnings release.

What happened

Revenue was $14.575 billion, compared with $5.576 billion in the third quarter of 2025 and $7.814 billion in the second quarter of 2026. Income from operations was $2.791 billion, compared with a loss of $273 million a year earlier. Net income was $4.404 billion, compared with a net loss of $1.054 billion. Adjusted EBITDA, a non-GAAP measure, was $8.8 billion, up from $2.2 billion.

By segment:

Segment	Q3 2026 revenue	Q3 2025 revenue	Change
Space	$1.767 billion	$1.666 billion	+6.1%
Connectivity	$5.248 billion	$3.097 billion	+69.4%
Super Intelligence (SI)	$7.560 billion	$0.813 billion	+830%

Source: SpaceX earnings release. Changes computed from published figures.

SpaceX said SI revenue was driven by "cloud services agreements, the acquisition of Cursor, and our growing SI models and software applications, including Grok Bot." SI reported income from operations of $431 million, including $1.2 billion of share-based compensation from the Cursor acquisition. It reported a loss from operations of $1.257 billion in the second quarter.

Starlink

Connectivity income from operations rose to $2.367 billion from $1.190 billion. Starlink consumer subscribers reached 13.6 million at September 30, up 1.6 million from the end of June and from 7.2 million a year earlier. Consumer monthly average revenue per user was $69, up 5% from the second quarter but down from $83 a year earlier.

The company said it launched its first revenue-generating Starship mission, delivering 26 Starlink V3 satellites, which it described as roughly ten times the downlink capacity added by a Falcon 9 Starlink launch.

Spending and cash

SpaceX said nameplate compute reached 1.7 gigawatts. Purchases of property, plant and equipment were $48.069 billion in the first nine months of 2026, compared with $13.846 billion a year earlier. Cash and cash equivalents were $51.294 billion on September 30, compared with $24.747 billion at the end of 2025. Interest expense was $675 million in the quarter, including $351 million paid to a related party.

What to watch

The release does not give a revenue or earnings forecast. The scale of capital spending relative to the $13.1 billion of net cash provided by operating activities in the first nine months is the main figure to follow in later quarters.