Haverhill Financial Research · News · Earnings · October 23, 2026
What happened
SpaceX reported third-quarter revenue of $14.58 billion, up from $5.58 billion a year earlier. Most of the increase came from its newest segment, which sells AI computing capacity. That segment brought in $7.56 billion, more than the $5.25 billion from Connectivity, which is mainly Starlink. The Space segment, which covers launches, contributed $1.77 billion.
Revenue by segment, $ billions. Source: SpaceX Q3 2026 results.
The numbers
| Measure | Q3 2026 | Note |
|---|---|---|
| Revenue | $14,575M | Up from $5,576M |
| AI computing segment revenue | $7,560M | Largest segment |
| Connectivity revenueMainly Starlink | $5,248M | Segment op. income $2,367M |
| Space revenue | $1,767M | 35 launches in the quarter |
| Operating income | $2,791M | — |
| Net income | $4,404M | $0.35 a share |
| Capital expendituresOf which AI: $16,444M | $19,593M | — |
Starlink reached 13.6 million subscribers, while average revenue per user fell to $69 from $83. SpaceX ended the quarter with $51.3 billion of cash and $38.6 billion of securities, against about $38.8 billion of debt, and said it has 1.7 gigawatts of computing capacity.
Why it matters
SpaceX is spending heavily to become a major supplier of AI computing. Capital spending was $19.6 billion in the quarter, $16.4 billion of it on AI, which is far more than its operating income. On the earnings call, Elon Musk said Tesla and SpaceX have formed special committees to discuss a possible merger, which is part of why the stock is getting so much attention.
What comes next
No terms or timeline for a merger have been announced. We would watch for any filing from either company's special committee, and for whether AI computing revenue keeps growing at this pace as new capacity comes online.
Sources and disclosures
Figures come from SpaceX's Q3 2026 results, filed with the SEC on October 20, 2026. The merger comments were made on the company's earnings call.
Disclosures. Haverhill Financial Research is a publisher of general financial commentary. This article is not personalized investment advice and does not consider any reader's financial situation; readers should do their own research. Nothing here is a recommendation to buy or sell any security. Company figures and guidance can change. The author of this post does not hold positions in SpaceX or the other companies named. Data as of October 23, 2026.
