SPCX Earnings Summary — Q3 FY2026

• Revenue nearly doubled year-over-year to $7.8 billion, fueled by hyper-growth in the Connectivity and AI segments.
• Connectivity (Starlink) revenue surged 66% YoY to $4.3 billion as subscribers reached 12 million, doubling from the prior year.
• AI segment revenue spiked 247% YoY to $2.6 billion, driven by $14.1 billion in new contracted sales for cloud service agreements.
• The company successfully closed its historic IPO and an inaugural $25 billion bond issuance, ending the quarter with $100 billion in cash and liquidity.
• SpaceX announced a massive $60 billion agreement to acquire Cursor to accelerate its enterprise AI coding and agentic offerings.
• Capital expenditures rose sharply to $18.4 billion, primarily due to aggressive $15.8 billion investment in AI infrastructure (Colossus II).
• Operating losses narrowed significantly from $970 million to $143 million, demonstrating substantial operating leverage despite heavy R&D.

SpaceX is focused on executing its 'extreme vertical integration' strategy, with plans to close the $60 billion Cursor acquisition in Q3 2026. Management intends to maintain high capital investment levels in Starship V3, next-generation Starlink satellites, and the AI platform.

Improving

The transition from a high-loss development phase to a multi-segment growth engine is evident, with Connectivity and AI reaching positive Adjusted EBITDA levels.

The outlook remains centered on scaling the Starlink V3 constellation and achieving full reusability for Starship, while rapidly monetizing the $47.5 billion backlog and burgeoning AI infrastructure demand.