SpaceX (SPCX) Q3 2026 Earnings Call: SI Growth Drives Revenue to $14.6 Billion
Source Tradingkey
Key Takeaways
- Q3 2026 revenue rose 161% year over year to $14.6 billion, while net income reached $4.4 billion versus a $1.1 billion net loss in the prior-year period.
- Adjusted EBITDA increased 306% to $8.8 billion, driven by recurring Starlink revenue and rapid growth in the Super Intelligence, or SI, infrastructure business.
- SI revenue reached $7.6 billion, including $7 billion from SI Solutions and Infrastructure. The segment generated $5 billion of adjusted EBITDA.
- Starlink ended the quarter with 13.6 million consumer subscribers after adding 1.6 million. Connectivity revenue rose 69% year over year to $5.2 billion.
- SpaceX expects Q1 2027 revenue of $33 billion to $37 billion and remains on track for $100 billion in annual recurring revenue by the end of 2026, measured by annualizing December revenue.
- Capital spending is accelerating. Q3 capital expenditures totaled $19.6 billion, and management expects Q4 capex of $35 billion to $40 billion as SI compute capacity expands.
Core Financial Results
| Metric | Q3 2026 | Change and context |
|---|---|---|
| Revenue | $14.6 billion | Up 161% year over year from $5.6 billion |
| Net income | $4.4 billion | Improved by $5.5 billion from a $1.1 billion net loss |
| Adjusted EBITDA | $8.8 billion | Up 306% year over year from $2.2 billion |
| Space revenue | $1.8 billion | Up 6% year over year and 84% sequentially |
| Connectivity revenue | $5.2 billion | Up 69% year over year and 22% sequentially |
| SI revenue | $7.6 billion | Up $6.7 billion year over year and $5 billion sequentially |
| SI adjusted EBITDA | $5 billion | Up $5.4 billion year over year and $3.8 billion sequentially |
| Capital expenditures | $19.6 billion | Primarily for SI compute, Starship infrastructure and satellite production |
| Backlog | $63 billion | Includes $17.5 billion of deferred revenue; about $42 billion is expected to be recognized within one year |
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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