$SPCX · SPACE EXPLORATION TECHNOLOGIES CORP

SpaceX filed an 8-K with its Q3 2026 earnings release, reporting total revenue of $14.6B (+161% YoY), net income of $4.4B (vs a $1.1B loss in Q3 2025), and Adjusted EBITDA of $8.8B (+306% YoY). The Super Intelligence (SI) segment drove the inflection with $7.6B in revenue (+830% YoY), while Connectivity delivered $5.2B (+69% YoY) and Starlink reached 13.6M consumer subscribers. The company also completed its first revenue-generating Starship mission and closed the $60B equity-value Cursor acquisition.

Extended-hours trading shows SPCX at $150.86, up +2.08% vs the $147.96 regular close, indicating a positive initial reaction to the massive revenue beat and swing to profitability. With a $1.95T market cap, the after-hours move adds roughly $40B in value.

SpaceX's SI segment is now larger than Space and Connectivity combined, marking the company's transformation from a launch provider into an AI infrastructure powerhouse with $14.6B quarterly revenue.

SpaceX's SI segment is now larger than its Connectivity and Space segments combined, marking a dramatic shift from launch/telecom toward AI infrastructure. The 1.7 GW nameplate compute and $7.6B SI revenue put it in direct competition with hyperscalers, while the Cursor acquisition signals vertical

SI segment capex hit $16.4B in Q3 alone ($40B YTD), with total company capex at $19.6B for the quarter — the infrastructure buildout pace is staggering and any slowdown in cloud services revenue could pressure returns. Cursor acquisition added $1.2B in share-based compensation this quarter, diluting