$SPCX · SPACE EXPLORATION TECHNOLOGIES CORP

SpaceX reported Q3 FY2026 revenue of $14.575B, up 161.4% YoY, and net income of $4.404B versus a $1.054B loss in Q3 FY2025. GAAP EPS was $0.35 (diluted) versus $(0.36) a year ago. Operating margin reached 19.1%. The SI (Space Infrastructure) segment drove the surge, adding $6.7B in revenue primarily from infrastructure contracts and the Cursor acquisition. Nine-month revenue totaled $27.1B (+97.5% YoY), though the company posted a $413M net loss for the nine-month period. Equity surged from $2.6B at year-end 2025 to $176.8B at September 30, 2026, reflecting IPO proceeds of $85.7B, conversion of $37.5B of preferred stock in the xAI Merger, and $42.7B in equity transferred via business combinations.

Extended-hours trade at $145.45 is up 0.48% versus the regular close of $144.75, which itself fell 9.14% intraday. The muted after-hours bounce suggests investors are digesting the massive equity dilution (weighted-average shares rose from 2.9B to 11.9B YoY) and the nine-month net loss despite the Q3 profit, alongside uncertainty over the Tesla combination evaluation.

SpaceX's first quarterly profit at scale, 161% revenue growth, and disclosure of a potential Tesla combination mark a transformational moment for the $1.9T space-and-AI conglomerate.

The 161% revenue acceleration and swing to profitability underscore SpaceX's pivot from pure launch services into compute infrastructure and AI-adjacent markets via the SI segment and xAI/Cursor deals. Peers in aerospace (Boeing, Lockheed) and satellite connectivity (Amazon's Kuiper) lack comparable AI infrastructure exposure, positioning SpaceX uniquely at the intersection of space, connectivity, and hyperscale compute.

Share count ballooned from 2.9B to 12.5B (diluted) YoY due to IPO, xAI Merger conversions, and acquisition equity transfers; nine-month net loss of $413M despite Q3 profit signals uneven profitability. Forward-looking statements flag risks in scaling SI compute infrastructure (power, GPUs, data center buildouts), Starship development timelines, and regulatory approvals for Starlink Mobile. Related-party debt and interest expense ($864M nine-month) with Tesla and affiliates add complexity.