SpaceX reported third-quarter results in October 2026, its second quarter as a public company after its June IPO. Revenue reached $14.6 billion, up 161 percent from a year earlier, and net income was $4.4 billion, versus a loss of roughly $1 billion in the prior-year period.
The AI business, which founder Elon Musk calls SpaceX Super Intelligence, drove the improvement. That unit's revenue jumped about ninefold to $7.6 billion, becoming the company's biggest segment, and it posted a $431 million profit. The unit includes xAI, Grok, the $60 billion Cursor acquisition and data center capacity rented to Google, Anthropic and others.
Starlink connectivity grew nearly 70 percent to $5.2 billion in revenue with 13.6 million subscribers, and still produces most of the company's profit. The rocket business grew 6 percent.
Capital expenditures totaled $19.6 billion in the quarter, with $16.4 billion of that spent on AI. According to SpaceX, its data centers near Memphis are set to activate 200,000 Nvidia Grace Blackwell systems every month for the remainder of the year.
The stock gained roughly 4 percent in after-hours trading to about $155, valuing the company near $2 trillion. It debuted at $135 per share in June and briefly traded above $225.
Before going public, SpaceX filed confidentially with the SEC, according to Bloomberg, which cited people familiar with the matter. The company targeted a valuation above $1.75 trillion and explored raising up to $75 billion. The company considered a dual-class share structure that would give insiders, including Elon Musk, more voting control while setting aside up to 30 percent for retail investors. Bank of America, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Citigroup were among the banks expected to be involved.
SpaceX completed its IPO on June 12, 2026, with Goldman Sachs taking the lead and JPMorgan Chase among the participating banks. Nasdaq recently relaxed its index inclusion requirements for huge IPOs, which allowed listings like SpaceX to join major indexes sooner.
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Sam Okafor covers capital markets, public listings and corporate finance for Venturist. He writes from filings, earnings releases and published reporting.