$18.7 billion in revenue. $4.9 billion in losses.

SpaceX has filed two earnings releases as a public company: Q2 2026 on Aug 4, 2026 (8-K) and Q3 2026 on Oct 20, 2026 (8-K). Q1 2026 predates the listing; its segment revenue comes from the comparatives in the Q2 release. The date for Q4 and full-year 2026 results had not been announced as of Nov 4, 2026. Segment tables, the profit bridge, guidance and the earnings calendar are on our SpaceX earnings page.

Dashes mark Q1 2026 lines not shown here; Q1 predates the IPO. Nine-month 2026 revenue was $27,083M and the nine-month net loss $(413)M. The AI segment was renamed Super Intelligence in the Q3 release; Q3 SI operating income of $431M is after $1,217M of acquisition-related stock-based compensation, mostly Cursor. Q3 net income was helped by $1,025M of other income, net, and a $390M tax benefit.

Balance sheet snapshot

The June 30 position followed the IPO: the Q2 8-K put net proceeds at about $85.7 billion, from 638,888,888 Class A shares sold at $135.00 including the 83,333,333-share over-allotment, and the same release reported $25 billion of bonds issued in five tranches. By Sept 30, with Q3 capex of $19.6 billion, cash and securities stood at $89.9 billion; management guided Q4 2026 capex to $35–40 billion on the Q3 call. The Sept 30 backlog figure ($42 billion of it expected within 12 months) is from the call. No Class C shares remain outstanding.

The S-1 reports three reportable segments under ASC 280 — Connectivity, Space and AI — with revenue and segment operating income disclosed for each. The AI segment was renamed Super Intelligence (SI) in the Q3 2026 release. Segment revenues sum to the consolidated total, and segment operating results sum to the consolidated operating loss.

Starshield is not reported separately. The filings do not break out Starshield revenue or margin, so any Starshield revenue figure is an outside estimate, not a reported number. Correction, Nov 4, 2026: earlier versions of this page showed a four-way FY2025 split with separate Launch, Starshield and xAI/Other lines; that split does not appear in the filings and has been replaced with the three reported segments above. Program background is on our Starshield page.

Connectivity (Starlink)

Starlink revenue of $11.387 billion represented 61.0% of consolidated revenue and grew ~50% year-on-year. Segment operating income was $4.423 billion, an operating margin near 38.8% — well above the 25–30% gross margin range Bloomberg estimated in late 2024 leaks. The S-1 attributes the inflection to per-satellite payload utilization rising as the constellation matured, ground-station depreciation flattening, and direct-to-cell adding minimal incremental network cost. Subscriber adds of 750,000 to 1.5 million per month through Q1 2026 brought the base to 10.3 million across 164 countries; by Q3 2026 SpaceX reported 13.6 million consumer subscribers and consumer ARPU of $69 a month. More on our Starlink revenue and unit economics page.

Space

The Space segment — launch (Falcon and Dragon) and Starship — produced $4.086 billion of FY2025 revenue, 21.9% of the total, at an operating loss of $(657) million. Launch revenue is partially internal — Starlink itself is the single largest consumer of Falcon launches, and intercompany launches are eliminated in consolidation. Customers include NASA crew and cargo missions, national security launches and a long list of commercial constellation operators. The S-1 notes Falcon held ~90% global commercial launch share in 2025 by mass to orbit. By Q3 2026 the segment was near break-even: $1.767 billion of revenue and a $(7) million operating loss, on 35 launches (12 customer, 23 internal).

AI (Super Intelligence)

The AI segment — xAI, including Grok and the X platform — produced $3.201 billion of FY2025 revenue (17.1%) and an operating loss of $(6.355) billion, with $12.727 billion of AI capex: compute and the Memphis cluster expansion outpaced model and subscription revenue. Renamed Super Intelligence in the Q3 2026 release, the segment became the largest by revenue that quarter — $7.560 billion, with $431 million of operating income after $1.217 billion of acquisition-related stock-based compensation, mostly tied to Cursor (acquisition closed Aug 14, 2026 at an implied $60 billion equity value). SpaceX also rents AI compute to Google, Anthropic and others, per CNBC. Segment detail: xAI and Super Intelligence.

The headline loss is the product of three forces: very high R&D (Starship plus xAI compute), heavy non-cash stock-based compensation, and capacity capex still ramping ahead of revenue. By segment, the loss sat in AI: a $(6.355) billion operating loss against Connectivity's $4.423 billion operating profit.

Expense lines per the S-1 consolidated statement of operations as summarized in independent S-1 analyses (corrected Nov 4, 2026 — an earlier version of this table showed estimates that did not match the filing). Verify against the S-1 on SEC EDGAR.

SpaceX is one of the most capital-intensive non-utility businesses in the public market. Even before the IPO, the company spent multiple billions a year on four concurrent build-outs:

• AI compute. Now the largest line by far. FY2025 AI capex was $12.727B; in 2026, AI/Super Intelligence capex was $15.828B in Q2 and $16.444B in Q3. Nameplate compute reached 1.7 GW in Q3, with 2.5–3 GW targeted by the end of Q4.
• Starship. The Boca Chica build site, Raptor engine factory, and orbital launch and recovery infrastructure consume most of the headline R&D number. Per the S-1, Starship R&D was $3.0B in FY2025 and was running at a ~$3.7B annualized pace in Q1 2026.
• Starlink satellites. Each V2 generation roughly doubles per-satellite throughput, and Flight 14 carried the first 26 Starlink V3 satellites. Production is run vertically at Hawthorne and Bastrop. The S-1 footnotes capitalized satellite costs at "tens of millions" per unit at scale.
• Ground stations & gateways. Ground network expansion is funded out of operating cash flow and adds capacity ahead of subscriber growth — particularly for direct-to-cell.

Use-of-proceeds language in the S-1 directly funds these lines. Reuters and Bloomberg had reported the company held more than $4 billion of cash on hand throughout 2025; the IPO changed the scale entirely. Net proceeds were about $85.7 billion (Q2 8-K) — 638,888,888 Class A shares at $135.00, including the 83,333,333-share greenshoe — and cash plus marketable securities stood near $100 billion at June 30, 2026. Capex then ran at $18.4 billion in Q2 and $19.6 billion in Q3, cash and securities were $89.9 billion at Sept 30, and management guided Q4 2026 capex to $35–40 billion. At the guided pace, how capex is funded becomes a quarterly question; the balance-sheet snapshot above tracks it.

The S-1 did not provide forward guidance — IPO documents almost never do. Its forward-looking statements were restricted to qualitative language about "achieving profitability as Starlink scale and Starship economics mature," and Bloomberg and TechCrunch coverage in late May 2026 quoted unnamed bankers placing first GAAP profitability in the 2027–2028 window. It came sooner, at least for one quarter: for Q3 2026 SpaceX reported net income of $4.404 billion (GAAP diluted EPS $0.35), against a $(1.054) billion loss a year earlier.

Read the quarter carefully. Operating income was $2.791 billion; the rest came from below the line — $1.025 billion of other income, net, interest income of $873 million against $675 million of interest expense, and a $390 million tax benefit. The nine months to Sept 30 are still a net loss of $(413) million, and FY2025 was a net loss of about $(4.94) billion.

Sustaining it depends on three things:

• Super Intelligence holding an operating profit. SI swung from a $(1,257)M operating loss in Q2 to $431M of operating income in Q3, after $1,217M of acquisition-related stock compensation. Once the weakest link in the model, it is now the biggest swing factor.
• Starlink reducing per-subscriber cost to serve as fleet utilization rises. Connectivity earned $2,367M of operating income on $5,248M of revenue in Q3, after a ~38.8% operating margin in FY2025 — incremental gains compound.
• Starship reusability reaching cost parity with the current Falcon 9 second stage, which compresses launch cost of revenue. Flight 14 reached orbit in late September 2026; catching both booster and ship is the next step.

Investors should still be careful: nothing in the filings commits the company to sustained profitability, and the guidance cited from the Q3 call covers capex, revenue and compute — not net income. Anyone quoting a profit trajectory is extrapolating, not citing. Quarter-by-quarter detail is on our SpaceX earnings page.

At the Nov 3, 2026 close of $141.31, SPCX had a market capitalization of roughly $1.9 trillion (13.58 billion shares outstanding at Sept 30). The ratios below are derived approximations, not reported figures:

Comparable mega-cap multiples