SpaceX announced its third-quarter results on the 20th (local time), for the quarter ended September 30, 2026. Driven by the expansion of its artificial intelligence (AI) business and growth in the Starlink communications segment, revenue surged 161% year over year, while net income swung from a loss to a profit, marking a significant improvement in profitability.

Key Results Summary

Revenue reached $14.6 billion, up 161% from $5.6 billion in the same period last year. Net income came in at $4.4 billion, a $5.5 billion improvement from a net loss of $1.1 billion a year earlier. Operating profit was tallied at $2.8 billion, while adjusted EBITDA stood at $8.8 billion, up 306% from $2.2 billion in the same period last year.

AI and Superintelligence (SI) Businesses Lead Growth

The most notable highlight of the quarter was the growth of the Superintelligence (SI) business. SpaceX said that SI solutions and infrastructure revenue increased by $6.7 billion year over year, driven by cloud service contracts, the acquisition of Cursor, and the expansion of AI models and software applications including Grok Bot.

The expansion of AI computing infrastructure also continued. According to the company, nominal computing capacity reached 1.7 gigawatts (GW) as of September 30. This is an indicator that SpaceX is scaling up in the AI infrastructure business as well, beyond space launches and satellite communications.

Starlink Communications: Revenue Up 69%, Operating Profit Up 99%

The communications business centered on Starlink also maintained its growth momentum. Communications segment revenue rose 69% year over year, while operating profit increased 99%. SpaceX explained that expanded service adoption by corporate and government customers, along with growth in Starlink retail consumer subscribers, underpinned the segment's improved performance.

Starship Carries Out First Revenue-Generating Mission

In the space launch business, Starship completed its first revenue-generating mission. SpaceX said it deployed 26 Starlink V3 satellites into the broadband communications constellation through the mission. The company noted that the downlink capacity added by this mission is roughly 10 times that of existing Starlink launch missions using the Falcon 9, demonstrating that satellite deployment using Starship can contribute to expanding the communications network.

CFO Assessment: Communications Growth and SI Expansion Drive Revenue

SpaceX's Chief Financial Officer (CFO) assessed the third-quarter results, saying that continued growth in the communications business and a marked expansion of the SI business led the revenue increase. The CFO also explained that operating leverage effects are emerging as the competitiveness secured in the launch business, Starlink's recurring revenue, and SI infrastructure expansion combine. The CFO further stated the company intends to prioritize capital efficiency and return on invested capital, while maintaining a solid financial structure with investment-grade ratings.

Remaining Challenges: Growth Sustainability and Investment Burden

This quarter's results show that the share of AI and communications in SpaceX's business structure is growing. In particular, SI generated an additional $6.7 billion in revenue year over year, while the communications business also saw revenue and operating profit rise simultaneously.

However, whether revenue growth and net income improvement will continue at the same pace in future quarters requires further confirmation through additional results. The investment burden from AI infrastructure expansion and changes in profitability by business segment also remain areas to monitor. The stock price fell 0.11%.

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