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◆ Inside the Latest Quarter (Q3 2026)

SpaceX (SPCX) — the variant view

A $14.6 billion quarter in which the segments swapped places, three definitions changed, and more than a third of the net income came from interest, other income and tax.

📈 SPCX valuation, revenue & earnings — P/E, P/S, revenue, EPS →

The September quarter is the one in which SpaceX changed what it mostly is. Revenue was $14,575 million, up 161% on a year earlier1 and 86.5% on the June quarter2. Super Intelligence sold $7,560 million against Connectivity's $5,248 million3, passing Starlink to become the largest line at 51.9% of revenue against 32.8% three months before4.

Nine months to 30 September 2026 ($M)$13,097MOperating cash flow$48,069MCapital expenditure-$34,972MFree cash flow$85,675MListing proceeds, netSpaceX Q3 2026 statement of cash flows; the listing and new debt covered the shortfall.
The nine months burned $34,972 million; the June listing is what paid for it.

Net income was $4,404 million, a swing of $5.5 billion from the $1.1 billion loss of a year earlier5. Only $2,791 million of it came from operations; $1,613 million came from interest, other income and a tax benefit6. Connectivity supplied 84.8% of the operating profit7, Super Intelligence earned $431 million including $1.2 billion of Cursor stock compensation8, and Space lost $7 million9. Adjusted EBITDA was $8,809 million, up 306%10.

The spending was the other headline. Capital expenditure was $19,593 million, more than the quarter's revenue, with $16,444 million of it in Super Intelligence11, and nameplate compute reached 1.7 GW12. The balance sheet absorbed the nine-month total of $48,069 million13: $89,855 million of cash and marketable securities against $38,844 million of debt14, and equity of $176,768 million where the year began at $2,573 million15.

Two deals bracket the quarter. Cursor closed on 14 August at an implied equity value of $60 billion and contributed $608 million of revenue by 30 September16, taking goodwill up $36,614 million over the nine months17. Then, eight days after the quarter ended, SpaceX agreed to buy "a nationwide low-band spectrum license portfolio of up to 14 megahertz of paired spectrum" in the 800 MHz band18, saying that "This prime low-band spectrum addresses one of the key remaining technical gaps" on the road for Starlink Mobile "to become a major mobile carrier"19. Press reports call it "reportedly valued at approximately $8 billion" and subject to FCC approval20 — an estimate, not a disclosed figure.

On 28 September Starship reached orbit. SpaceX completed "our first orbital Starship flight"21 and its "first revenue-generating Starship mission"22, deploying 26 Starlink V3 satellites at about ten times the downlink capacity a Falcon 9 Starlink launch adds23. The flight was ragged. "One of the six engines on Starship failed during ascent"24. The vehicle sat on a "passively safe suborbital trajectory" until controllers said "Go for orbit"25, and "mission managers decided to cut the flight back to three hours"26 from a planned ten — though it was still "the first time the vehicle reached orbital speeds", about 17,500 mph27.

Read Note 2 before the tables, because three definitions changed in one quarter. The segment was renamed: it "refers to the operating and reportable segment previously reported as Artificial Intelligence"28. The subscriber metric was narrowed, so that the headline figure now "refers to the metric previously disclosed as Starlink Subscribers"29. And the satellite count was widened, so that it now "includes both operational and de-orbit approved satellites"30 — the old definition would have left roughly 400 satellites out of this quarter's total31. A company that loosens a headline metric in the quarter it reports a record has handed its readers an extra job, though the release notes that "This definitional change has no impact on our financial results"32.

The quarter answers one question and sharpens another. The compute business can sell, and the company calls it "a clear inflection in our Super Intelligence business"33. Whether it can earn is next quarter's question, and the line to open the next release on is Super Intelligence's income from operations against the depreciation now arriving on $39,995 million of nine-month capital spending34.

References
  1. ReportedRevenue was $14,575 million, up 161% on a year earlier and 86.5% on the June quarter.
    SpaceX Q3 2026 results release (Form 8-K exhibit 99.1, 20 October 2026) — headline results and CFO commentary — Q3 2026 — quarter ended 30 September 2026 · publ. 20 October 2026 · source ↗
  2. Moat Explorer calcRevenue was $14,575 million, up 161% on a year earlier and 86.5% on the June quarter.
    Moat Explorer calculation from SpaceX's Q3 2026 results release and market data — Q3 revenue mix Space $1,767M / Connectivity $5,248M / SI $7,560M of $14,575M = 12.1% / 36.0% / 51.9% (Q2: $962M / $4,291M / $2,561M of $7,814M = 12.3% / 54.9% / 32.8%); sequential revenue growth 14,575 / 7,814 - 1 = 86.5%; nine-month growth 27,083 / 13,714 - 1 = 97.5%; Q4 2025 revenue 18,674 - 13,714 = $4,960M and trailing-twelve-month revenue 4,960 + 27,083 = $32,043M; Q4 2025 net (4,937) - (2,590) = $(2,347)M and trailing net (2,347) + (413) = $(2,760)M; Q4 2025 income from operations (2,589) - (1,216) = $(1,373)M and trailing (1,373) + 705 = $(668)M; market capitalisation 13,579m shares x $147.79 = $2,007bn and price to trailing sales 2,007 / 32,043 = 62.6x; Q3 operating margin 2,791 / 14,575 = 19.1% and Adjusted EBITDA margin 8,809 / 14,575 = 60.4%; non-operating contribution to net income 4,404 - 2,791 = $1,613M (interest income 873 + other income 1,025 - interest expense 675 + tax benefit 390); capex as a share of revenue 19,593 / 14,575 = 134.4% and 48,069 / 27,083 = 177.5%; nine-month free cash flow 13,097 - 48,069 = $(34,972)M; SI share of capex 16,444 / 19,593 = 83.9% and 39,995 / 48,069 = 83.2%; Connectivity share of group income from operations 2,367 / 2,791 = 84.8%; Space research and development growth 1,225 / 849 - 1 = 44.3%; Connectivity operating margin 2,367 / 5,248 = 45.1% (Q2 1,656 / 4,291 = 38.6%; Q3 2025 1,190 / 3,097 = 38.4%); enterprise and government share 2,127 / 5,248 = 40.5% (Q2 42.1%, Q3 2025 35.9%); mass to orbit per launch 476 / 35 = 13.6 t (Q2 485 / 38 = 12.8 t; Q3 2025 525 / 44 = 11.9 t); days between launches 92 / 35 = 2.6; advertising share of SI 538 / 7,560 = 7.1% (Q3 2025 454 / 813 = 55.8%) and nine-month advertising 1,248 / 1,323 - 1 = -5.7%; SI income from operations before the Cursor charge 431 + 1,217 = $1,648M and SI operating margin 431 / 7,560 = 5.7%; cash and marketable securities 51,294 + 38,561 = $89,855M; total debt 2,698 + 36,146 = $38,844M of which related party 2,181 + 10,716 = $12,897M; net cash 89,855 - 38,844 = $51,011M; deferred revenue 10,784 + 6,736 = $17,520M against 6,111 + 6,005 = $12,116M, up 44.6%; goodwill increase 48,423 - 11,809 = $36,614M and goodwill plus intangibles 54,777 / 254,045 = 21.6% of assets; property, plant and equipment 89,483 / 42,602 - 1 = 110.0%; Cursor shares 391.0m of 13,579m = 2.88% at an implied 60,000 / 389.289 = $154.13 a share; Cursor revenue 608 / 47 x 365 = $4,722M annualised, so 60,000 / 4,722 = 12.7x; diluted shares 12,475 / 2,941 - 1 = 324%; the September quarter was 14,575 / 32,043 = 45.5% of trailing revenue — Q3 2026 — quarter ended 30 September 2026 · publ. 20 October 2026 · source ↗
    Method: The operands and the arithmetic are set out in full in the source line.
  3. ReportedSuper Intelligence sold $7,560 million against Connectivity's $5,248 million, passing Starlink to become the largest line at 51.9% of revenue against 32.8% three months before.
    SpaceX Q3 2026 results release (Form 8-K exhibit 99.1, 20 October 2026) — segment table: revenue, income from operations, Adjusted EBITDA and capital expenditure by segment — Q3 2026 — quarter ended 30 September 2026 · publ. 20 October 2026 · source ↗
  4. Moat Explorer calcSuper Intelligence sold $7,560 million against Connectivity's $5,248 million, passing Starlink to become the largest line at 51.9% of revenue against 32.8% three months before.
    Moat Explorer calculation from SpaceX's Q3 2026 results release and market data — Q3 revenue mix Space $1,767M / Connectivity $5,248M / SI $7,560M of $14,575M = 12.1% / 36.0% / 51.9% (Q2: $962M / $4,291M / $2,561M of $7,814M = 12.3% / 54.9% / 32.8%); sequential revenue growth 14,575 / 7,814 - 1 = 86.5%; nine-month growth 27,083 / 13,714 - 1 = 97.5%; Q4 2025 revenue 18,674 - 13,714 = $4,960M and trailing-twelve-month revenue 4,960 + 27,083 = $32,043M; Q4 2025 net (4,937) - (2,590) = $(2,347)M and trailing net (2,347) + (413) = $(2,760)M; Q4 2025 income from operations (2,589) - (1,216) = $(1,373)M and trailing (1,373) + 705 = $(668)M; market capitalisation 13,579m shares x $147.79 = $2,007bn and price to trailing sales 2,007 / 32,043 = 62.6x; Q3 operating margin 2,791 / 14,575 = 19.1% and Adjusted EBITDA margin 8,809 / 14,575 = 60.4%; non-operating contribution to net income 4,404 - 2,791 = $1,613M (interest income 873 + other income 1,025 - interest expense 675 + tax benefit 390); capex as a share of revenue 19,593 / 14,575 = 134.4% and 48,069 / 27,083 = 177.5%; nine-month free cash flow 13,097 - 48,069 = $(34,972)M; SI share of capex 16,444 / 19,593 = 83.9% and 39,995 / 48,069 = 83.2%; Connectivity share of group income from operations 2,367 / 2,791 = 84.8%; Space research and development growth 1,225 / 849 - 1 = 44.3%; Connectivity operating margin 2,367 / 5,248 = 45.1% (Q2 1,656 / 4,291 = 38.6%; Q3 2025 1,190 / 3,097 = 38.4%); enterprise and government share 2,127 / 5,248 = 40.5% (Q2 42.1%, Q3 2025 35.9%); mass to orbit per launch 476 / 35 = 13.6 t (Q2 485 / 38 = 12.8 t; Q3 2025 525 / 44 = 11.9 t); days between launches 92 / 35 = 2.6; advertising share of SI 538 / 7,560 = 7.1% (Q3 2025 454 / 813 = 55.8%) and nine-month advertising 1,248 / 1,323 - 1 = -5.7%; SI income from operations before the Cursor charge 431 + 1,217 = $1,648M and SI operating margin 431 / 7,560 = 5.7%; cash and marketable securities 51,294 + 38,561 = $89,855M; total debt 2,698 + 36,146 = $38,844M of which related party 2,181 + 10,716 = $12,897M; net cash 89,855 - 38,844 = $51,011M; deferred revenue 10,784 + 6,736 = $17,520M against 6,111 + 6,005 = $12,116M, up 44.6%; goodwill increase 48,423 - 11,809 = $36,614M and goodwill plus intangibles 54,777 / 254,045 = 21.6% of assets; property, plant and equipment 89,483 / 42,602 - 1 = 110.0%; Cursor shares 391.0m of 13,579m = 2.88% at an implied 60,000 / 389.289 = $154.13 a share; Cursor revenue 608 / 47 x 365 = $4,722M annualised, so 60,000 / 4,722 = 12.7x; diluted shares 12,475 / 2,941 - 1 = 324%; the September quarter was 14,575 / 32,043 = 45.5% of trailing revenue — Q3 2026 — quarter ended 30 September 2026 · publ. 20 October 2026 · source ↗
    Method: The operands and the arithmetic are set out in full in the source line.
  5. ReportedNet income was $4,404 million, a swing of $5.5 billion from the $1.1 billion loss of a year earlier.
    SpaceX Q3 2026 results release (Form 8-K exhibit 99.1, 20 October 2026) — headline results and CFO commentary — Q3 2026 — quarter ended 30 September 2026 · publ. 20 October 2026 · source ↗
  6. Moat Explorer calcOnly $2,791 million of it came from operations; $1,613 million came from interest, other income and a tax benefit.
    Moat Explorer calculation from SpaceX's Q3 2026 results release and market data — Q3 revenue mix Space $1,767M / Connectivity $5,248M / SI $7,560M of $14,575M = 12.1% / 36.0% / 51.9% (Q2: $962M / $4,291M / $2,561M of $7,814M = 12.3% / 54.9% / 32.8%); sequential revenue growth 14,575 / 7,814 - 1 = 86.5%; nine-month growth 27,083 / 13,714 - 1 = 97.5%; Q4 2025 revenue 18,674 - 13,714 = $4,960M and trailing-twelve-month revenue 4,960 + 27,083 = $32,043M; Q4 2025 net (4,937) - (2,590) = $(2,347)M and trailing net (2,347) + (413) = $(2,760)M; Q4 2025 income from operations (2,589) - (1,216) = $(1,373)M and trailing (1,373) + 705 = $(668)M; market capitalisation 13,579m shares x $147.79 = $2,007bn and price to trailing sales 2,007 / 32,043 = 62.6x; Q3 operating margin 2,791 / 14,575 = 19.1% and Adjusted EBITDA margin 8,809 / 14,575 = 60.4%; non-operating contribution to net income 4,404 - 2,791 = $1,613M (interest income 873 + other income 1,025 - interest expense 675 + tax benefit 390); capex as a share of revenue 19,593 / 14,575 = 134.4% and 48,069 / 27,083 = 177.5%; nine-month free cash flow 13,097 - 48,069 = $(34,972)M; SI share of capex 16,444 / 19,593 = 83.9% and 39,995 / 48,069 = 83.2%; Connectivity share of group income from operations 2,367 / 2,791 = 84.8%; Space research and development growth 1,225 / 849 - 1 = 44.3%; Connectivity operating margin 2,367 / 5,248 = 45.1% (Q2 1,656 / 4,291 = 38.6%; Q3 2025 1,190 / 3,097 = 38.4%); enterprise and government share 2,127 / 5,248 = 40.5% (Q2 42.1%, Q3 2025 35.9%); mass to orbit per launch 476 / 35 = 13.6 t (Q2 485 / 38 = 12.8 t; Q3 2025 525 / 44 = 11.9 t); days between launches 92 / 35 = 2.6; advertising share of SI 538 / 7,560 = 7.1% (Q3 2025 454 / 813 = 55.8%) and nine-month advertising 1,248 / 1,323 - 1 = -5.7%; SI income from operations before the Cursor charge 431 + 1,217 = $1,648M and SI operating margin 431 / 7,560 = 5.7%; cash and marketable securities 51,294 + 38,561 = $89,855M; total debt 2,698 + 36,146 = $38,844M of which related party 2,181 + 10,716 = $12,897M; net cash 89,855 - 38,844 = $51,011M; deferred revenue 10,784 + 6,736 = $17,520M against 6,111 + 6,005 = $12,116M, up 44.6%; goodwill increase 48,423 - 11,809 = $36,614M and goodwill plus intangibles 54,777 / 254,045 = 21.6% of assets; property, plant and equipment 89,483 / 42,602 - 1 = 110.0%; Cursor shares 391.0m of 13,579m = 2.88% at an implied 60,000 / 389.289 = $154.13 a share; Cursor revenue 608 / 47 x 365 = $4,722M annualised, so 60,000 / 4,722 = 12.7x; diluted shares 12,475 / 2,941 - 1 = 324%; the September quarter was 14,575 / 32,043 = 45.5% of trailing revenue — Q3 2026 — quarter ended 30 September 2026 · publ. 20 October 2026 · source ↗
    Method: The operands and the arithmetic are set out in full in the source line.
  7. Moat Explorer calcConnectivity supplied 84.8% of the operating profit, Super Intelligence earned $431 million including $1.2 billion of Cursor stock compensation, and Space lost $7 million.
    Moat Explorer calculation from SpaceX's Q3 2026 results release and market data — Q3 revenue mix Space $1,767M / Connectivity $5,248M / SI $7,560M of $14,575M = 12.1% / 36.0% / 51.9% (Q2: $962M / $4,291M / $2,561M of $7,814M = 12.3% / 54.9% / 32.8%); sequential revenue growth 14,575 / 7,814 - 1 = 86.5%; nine-month growth 27,083 / 13,714 - 1 = 97.5%; Q4 2025 revenue 18,674 - 13,714 = $4,960M and trailing-twelve-month revenue 4,960 + 27,083 = $32,043M; Q4 2025 net (4,937) - (2,590) = $(2,347)M and trailing net (2,347) + (413) = $(2,760)M; Q4 2025 income from operations (2,589) - (1,216) = $(1,373)M and trailing (1,373) + 705 = $(668)M; market capitalisation 13,579m shares x $147.79 = $2,007bn and price to trailing sales 2,007 / 32,043 = 62.6x; Q3 operating margin 2,791 / 14,575 = 19.1% and Adjusted EBITDA margin 8,809 / 14,575 = 60.4%; non-operating contribution to net income 4,404 - 2,791 = $1,613M (interest income 873 + other income 1,025 - interest expense 675 + tax benefit 390); capex as a share of revenue 19,593 / 14,575 = 134.4% and 48,069 / 27,083 = 177.5%; nine-month free cash flow 13,097 - 48,069 = $(34,972)M; SI share of capex 16,444 / 19,593 = 83.9% and 39,995 / 48,069 = 83.2%; Connectivity share of group income from operations 2,367 / 2,791 = 84.8%; Space research and development growth 1,225 / 849 - 1 = 44.3%; Connectivity operating margin 2,367 / 5,248 = 45.1% (Q2 1,656 / 4,291 = 38.6%; Q3 2025 1,190 / 3,097 = 38.4%); enterprise and government share 2,127 / 5,248 = 40.5% (Q2 42.1%, Q3 2025 35.9%); mass to orbit per launch 476 / 35 = 13.6 t (Q2 485 / 38 = 12.8 t; Q3 2025 525 / 44 = 11.9 t); days between launches 92 / 35 = 2.6; advertising share of SI 538 / 7,560 = 7.1% (Q3 2025 454 / 813 = 55.8%) and nine-month advertising 1,248 / 1,323 - 1 = -5.7%; SI income from operations before the Cursor charge 431 + 1,217 = $1,648M and SI operating margin 431 / 7,560 = 5.7%; cash and marketable securities 51,294 + 38,561 = $89,855M; total debt 2,698 + 36,146 = $38,844M of which related party 2,181 + 10,716 = $12,897M; net cash 89,855 - 38,844 = $51,011M; deferred revenue 10,784 + 6,736 = $17,520M against 6,111 + 6,005 = $12,116M, up 44.6%; goodwill increase 48,423 - 11,809 = $36,614M and goodwill plus intangibles 54,777 / 254,045 = 21.6% of assets; property, plant and equipment 89,483 / 42,602 - 1 = 110.0%; Cursor shares 391.0m of 13,579m = 2.88% at an implied 60,000 / 389.289 = $154.13 a share; Cursor revenue 608 / 47 x 365 = $4,722M annualised, so 60,000 / 4,722 = 12.7x; diluted shares 12,475 / 2,941 - 1 = 324%; the September quarter was 14,575 / 32,043 = 45.5% of trailing revenue — Q3 2026 — quarter ended 30 September 2026 · publ. 20 October 2026 · source ↗
    Method: The operands and the arithmetic are set out in full in the source line.
  8. ReportedConnectivity supplied 84.8% of the operating profit, Super Intelligence earned $431 million including $1.2 billion of Cursor stock compensation, and Space lost $7 million.
    SpaceX Q3 2026 results release (Form 8-K exhibit 99.1, 20 October 2026) — SI segment operating and financial data and business highlights — Q3 2026 — quarter ended 30 September 2026 · publ. 20 October 2026 · source ↗
  9. ReportedConnectivity supplied 84.8% of the operating profit, Super Intelligence earned $431 million including $1.2 billion of Cursor stock compensation, and Space lost $7 million.
    SpaceX Q3 2026 results release (Form 8-K exhibit 99.1, 20 October 2026) — segment table: revenue, income from operations, Adjusted EBITDA and capital expenditure by segment — Q3 2026 — quarter ended 30 September 2026 · publ. 20 October 2026 · source ↗
  10. ReportedAdjusted EBITDA was $8,809 million, up 306%.
    SpaceX Q3 2026 results release (Form 8-K exhibit 99.1, 20 October 2026) — headline results and CFO commentary — Q3 2026 — quarter ended 30 September 2026 · publ. 20 October 2026 · source ↗
  11. ReportedCapital expenditure was $19,593 million, more than the quarter's revenue, with $16,444 million of it in Super Intelligence, and nameplate compute reached 1.7 GW.
    SpaceX Q3 2026 results release (Form 8-K exhibit 99.1, 20 October 2026) — segment table: revenue, income from operations, Adjusted EBITDA and capital expenditure by segment — Q3 2026 — quarter ended 30 September 2026 · publ. 20 October 2026 · source ↗
  12. ReportedCapital expenditure was $19,593 million, more than the quarter's revenue, with $16,444 million of it in Super Intelligence, and nameplate compute reached 1.7 GW.
    SpaceX Q3 2026 results release (Form 8-K exhibit 99.1, 20 October 2026) — headline results and CFO commentary — Q3 2026 — quarter ended 30 September 2026 · publ. 20 October 2026 · source ↗
  13. ReportedThe balance sheet absorbed the nine-month total of $48,069 million: $89,855 million of cash and marketable securities against $38,844 million of debt, and equity of $176,768 million where the year began at $2,573 million.
    SpaceX Q3 2026 results release (Form 8-K exhibit 99.1, 20 October 2026) — consolidated statements of operations, balance sheets and cash flows — Q3 2026 — quarter ended 30 September 2026 · publ. 20 October 2026 · source ↗
  14. Moat Explorer calcThe balance sheet absorbed the nine-month total of $48,069 million: $89,855 million of cash and marketable securities against $38,844 million of debt, and equity of $176,768 million where the year began at $2,573 million.
    Moat Explorer calculation from SpaceX's Q3 2026 results release and market data — Q3 revenue mix Space $1,767M / Connectivity $5,248M / SI $7,560M of $14,575M = 12.1% / 36.0% / 51.9% (Q2: $962M / $4,291M / $2,561M of $7,814M = 12.3% / 54.9% / 32.8%); sequential revenue growth 14,575 / 7,814 - 1 = 86.5%; nine-month growth 27,083 / 13,714 - 1 = 97.5%; Q4 2025 revenue 18,674 - 13,714 = $4,960M and trailing-twelve-month revenue 4,960 + 27,083 = $32,043M; Q4 2025 net (4,937) - (2,590) = $(2,347)M and trailing net (2,347) + (413) = $(2,760)M; Q4 2025 income from operations (2,589) - (1,216) = $(1,373)M and trailing (1,373) + 705 = $(668)M; market capitalisation 13,579m shares x $147.79 = $2,007bn and price to trailing sales 2,007 / 32,043 = 62.6x; Q3 operating margin 2,791 / 14,575 = 19.1% and Adjusted EBITDA margin 8,809 / 14,575 = 60.4%; non-operating contribution to net income 4,404 - 2,791 = $1,613M (interest income 873 + other income 1,025 - interest expense 675 + tax benefit 390); capex as a share of revenue 19,593 / 14,575 = 134.4% and 48,069 / 27,083 = 177.5%; nine-month free cash flow 13,097 - 48,069 = $(34,972)M; SI share of capex 16,444 / 19,593 = 83.9% and 39,995 / 48,069 = 83.2%; Connectivity share of group income from operations 2,367 / 2,791 = 84.8%; Space research and development growth 1,225 / 849 - 1 = 44.3%; Connectivity operating margin 2,367 / 5,248 = 45.1% (Q2 1,656 / 4,291 = 38.6%; Q3 2025 1,190 / 3,097 = 38.4%); enterprise and government share 2,127 / 5,248 = 40.5% (Q2 42.1%, Q3 2025 35.9%); mass to orbit per launch 476 / 35 = 13.6 t (Q2 485 / 38 = 12.8 t; Q3 2025 525 / 44 = 11.9 t); days between launches 92 / 35 = 2.6; advertising share of SI 538 / 7,560 = 7.1% (Q3 2025 454 / 813 = 55.8%) and nine-month advertising 1,248 / 1,323 - 1 = -5.7%; SI income from operations before the Cursor charge 431 + 1,217 = $1,648M and SI operating margin 431 / 7,560 = 5.7%; cash and marketable securities 51,294 + 38,561 = $89,855M; total debt 2,698 + 36,146 = $38,844M of which related party 2,181 + 10,716 = $12,897M; net cash 89,855 - 38,844 = $51,011M; deferred revenue 10,784 + 6,736 = $17,520M against 6,111 + 6,005 = $12,116M, up 44.6%; goodwill increase 48,423 - 11,809 = $36,614M and goodwill plus intangibles 54,777 / 254,045 = 21.6% of assets; property, plant and equipment 89,483 / 42,602 - 1 = 110.0%; Cursor shares 391.0m of 13,579m = 2.88% at an implied 60,000 / 389.289 = $154.13 a share; Cursor revenue 608 / 47 x 365 = $4,722M annualised, so 60,000 / 4,722 = 12.7x; diluted shares 12,475 / 2,941 - 1 = 324%; the September quarter was 14,575 / 32,043 = 45.5% of trailing revenue — Q3 2026 — quarter ended 30 September 2026 · publ. 20 October 2026 · source ↗
    Method: The operands and the arithmetic are set out in full in the source line.
  15. ReportedThe balance sheet absorbed the nine-month total of $48,069 million: $89,855 million of cash and marketable securities against $38,844 million of debt, and equity of $176,768 million where the year began at $2,573 million.
    SpaceX Q3 2026 results release (Form 8-K exhibit 99.1, 20 October 2026) — consolidated statements of operations, balance sheets and cash flows — Q3 2026 — quarter ended 30 September 2026 · publ. 20 October 2026 · source ↗
  16. ReportedCursor closed on 14 August at an implied equity value of $60 billion and contributed $608 million of revenue by 30 September, taking goodwill up $36,614 million over the nine months.
    SpaceX Q3 2026 results release (Form 8-K exhibit 99.1, 20 October 2026) — Other Key Business Developments: the Cursor merger and the 800 MHz spectrum agreement — Q3 2026 — quarter ended 30 September 2026 · publ. 20 October 2026 · source ↗
  17. Moat Explorer calcCursor closed on 14 August at an implied equity value of $60 billion and contributed $608 million of revenue by 30 September, taking goodwill up $36,614 million over the nine months.
    Moat Explorer calculation from SpaceX's Q3 2026 results release and market data — Q3 revenue mix Space $1,767M / Connectivity $5,248M / SI $7,560M of $14,575M = 12.1% / 36.0% / 51.9% (Q2: $962M / $4,291M / $2,561M of $7,814M = 12.3% / 54.9% / 32.8%); sequential revenue growth 14,575 / 7,814 - 1 = 86.5%; nine-month growth 27,083 / 13,714 - 1 = 97.5%; Q4 2025 revenue 18,674 - 13,714 = $4,960M and trailing-twelve-month revenue 4,960 + 27,083 = $32,043M; Q4 2025 net (4,937) - (2,590) = $(2,347)M and trailing net (2,347) + (413) = $(2,760)M; Q4 2025 income from operations (2,589) - (1,216) = $(1,373)M and trailing (1,373) + 705 = $(668)M; market capitalisation 13,579m shares x $147.79 = $2,007bn and price to trailing sales 2,007 / 32,043 = 62.6x; Q3 operating margin 2,791 / 14,575 = 19.1% and Adjusted EBITDA margin 8,809 / 14,575 = 60.4%; non-operating contribution to net income 4,404 - 2,791 = $1,613M (interest income 873 + other income 1,025 - interest expense 675 + tax benefit 390); capex as a share of revenue 19,593 / 14,575 = 134.4% and 48,069 / 27,083 = 177.5%; nine-month free cash flow 13,097 - 48,069 = $(34,972)M; SI share of capex 16,444 / 19,593 = 83.9% and 39,995 / 48,069 = 83.2%; Connectivity share of group income from operations 2,367 / 2,791 = 84.8%; Space research and development growth 1,225 / 849 - 1 = 44.3%; Connectivity operating margin 2,367 / 5,248 = 45.1% (Q2 1,656 / 4,291 = 38.6%; Q3 2025 1,190 / 3,097 = 38.4%); enterprise and government share 2,127 / 5,248 = 40.5% (Q2 42.1%, Q3 2025 35.9%); mass to orbit per launch 476 / 35 = 13.6 t (Q2 485 / 38 = 12.8 t; Q3 2025 525 / 44 = 11.9 t); days between launches 92 / 35 = 2.6; advertising share of SI 538 / 7,560 = 7.1% (Q3 2025 454 / 813 = 55.8%) and nine-month advertising 1,248 / 1,323 - 1 = -5.7%; SI income from operations before the Cursor charge 431 + 1,217 = $1,648M and SI operating margin 431 / 7,560 = 5.7%; cash and marketable securities 51,294 + 38,561 = $89,855M; total debt 2,698 + 36,146 = $38,844M of which related party 2,181 + 10,716 = $12,897M; net cash 89,855 - 38,844 = $51,011M; deferred revenue 10,784 + 6,736 = $17,520M against 6,111 + 6,005 = $12,116M, up 44.6%; goodwill increase 48,423 - 11,809 = $36,614M and goodwill plus intangibles 54,777 / 254,045 = 21.6% of assets; property, plant and equipment 89,483 / 42,602 - 1 = 110.0%; Cursor shares 391.0m of 13,579m = 2.88% at an implied 60,000 / 389.289 = $154.13 a share; Cursor revenue 608 / 47 x 365 = $4,722M annualised, so 60,000 / 4,722 = 12.7x; diluted shares 12,475 / 2,941 - 1 = 324%; the September quarter was 14,575 / 32,043 = 45.5% of trailing revenue — Q3 2026 — quarter ended 30 September 2026 · publ. 20 October 2026 · source ↗
    Method: The operands and the arithmetic are set out in full in the source line.
  18. ReportedThen, eight days after the quarter ended, SpaceX agreed to buy "a nationwide low-band spectrum license portfolio of up to 14 megahertz of paired spectrum" in the 800 MHz band, saying that "This prime low-band spectrum addresses one of the key remaining technical gaps" on the road for Starlink Mobile "to become a major mobile carrier".
    SpaceX Q3 2026 results release (Form 8-K exhibit 99.1, 20 October 2026) — Other Key Business Developments: the Cursor merger and the 800 MHz spectrum agreement — Q3 2026 — quarter ended 30 September 2026 · publ. 20 October 2026 · source ↗
  19. ReportedThen, eight days after the quarter ended, SpaceX agreed to buy "a nationwide low-band spectrum license portfolio of up to 14 megahertz of paired spectrum" in the 800 MHz band, saying that "This prime low-band spectrum addresses one of the key remaining technical gaps" on the road for Starlink Mobile "to become a major mobile carrier".
    Telco Magazine — SpaceX agrees to buy Grain Management's nationwide 800 MHz portfolio; AT&T, T-Mobile and Verizon shares fell in after-hours trading — Agreement announced 8 October 2026 · publ. October 2026 · source ↗
  20. Third-party estimatePress reports call it "reportedly valued at approximately $8 billion" and subject to FCC approval — an estimate, not a disclosed figure.
    CircleID — the 8 October 2026 agreement for up to 14 MHz of paired low-band spectrum, reportedly about $8 billion, subject to FCC approval — Agreement announced 8 October 2026 · publ. October 2026 · source ↗
  21. ReportedSpaceX completed "our first orbital Starship flight" and its "first revenue-generating Starship mission", deploying 26 Starlink V3 satellites at about ten times the downlink capacity a Falcon 9 Starlink launch adds.
    SpaceX Q3 2026 results release (Form 8-K exhibit 99.1, 20 October 2026) — Space segment operating and financial data and business highlights — Q3 2026 — quarter ended 30 September 2026 · publ. 20 October 2026 · source ↗
  22. ReportedSpaceX completed "our first orbital Starship flight" and its "first revenue-generating Starship mission", deploying 26 Starlink V3 satellites at about ten times the downlink capacity a Falcon 9 Starlink launch adds.
    SpaceX Q3 2026 results release (Form 8-K exhibit 99.1, 20 October 2026) — headline results and CFO commentary — Q3 2026 — quarter ended 30 September 2026 · publ. 20 October 2026 · source ↗
  23. ReportedSpaceX completed "our first orbital Starship flight" and its "first revenue-generating Starship mission", deploying 26 Starlink V3 satellites at about ten times the downlink capacity a Falcon 9 Starlink launch adds.
    SpaceX Q3 2026 results release (Form 8-K exhibit 99.1, 20 October 2026) — headline results and CFO commentary — Q3 2026 — quarter ended 30 September 2026 · publ. 20 October 2026 · source ↗
  24. Reported"One of the six engines on Starship failed during ascent".
    GPB (Associated Press) — Starship Flight 14: one of the ship's six engines failed during ascent and the planned ten-hour flight was cut to three hours — Flight 14, 28 September 2026 · publ. 28 September 2026 · source ↗
  25. ReportedThe vehicle sat on a "passively safe suborbital trajectory" until controllers said "Go for orbit", and "mission managers decided to cut the flight back to three hours" from a planned ten — though it was still "the first time the vehicle reached orbital speeds", about 17,500 mph.
    Drive Tesla Canada — Starship Flight 14 reaches orbit: the passively safe suborbital trajectory and the decision to continue — Flight 14, 28 September 2026 · publ. 28 September 2026 · source ↗
  26. ReportedThe vehicle sat on a "passively safe suborbital trajectory" until controllers said "Go for orbit", and "mission managers decided to cut the flight back to three hours" from a planned ten — though it was still "the first time the vehicle reached orbital speeds", about 17,500 mph.
    GPB (Associated Press) — Starship Flight 14: one of the ship's six engines failed during ascent and the planned ten-hour flight was cut to three hours — Flight 14, 28 September 2026 · publ. 28 September 2026 · source ↗
  27. ReportedThe vehicle sat on a "passively safe suborbital trajectory" until controllers said "Go for orbit", and "mission managers decided to cut the flight back to three hours" from a planned ten — though it was still "the first time the vehicle reached orbital speeds", about 17,500 mph.
    GPB (Associated Press) — Starship Flight 14: one of the ship's six engines failed during ascent and the planned ten-hour flight was cut to three hours — Flight 14, 28 September 2026 · publ. 28 September 2026 · source ↗
  28. ReportedThe segment was renamed: it "refers to the operating and reportable segment previously reported as Artificial Intelligence".
    SpaceX Q3 2026 results release (Form 8-K exhibit 99.1, 20 October 2026) — Note 2, Other Definitions: the SI, subscriber and satellite definition changes — Q3 2026 — quarter ended 30 September 2026 · publ. 20 October 2026 · source ↗
  29. ReportedThe subscriber metric was narrowed, so that the headline figure now "refers to the metric previously disclosed as Starlink Subscribers".
    SpaceX Q3 2026 results release (Form 8-K exhibit 99.1, 20 October 2026) — Note 2, Other Definitions: the SI, subscriber and satellite definition changes — Q3 2026 — quarter ended 30 September 2026 · publ. 20 October 2026 · source ↗
  30. ReportedAnd the satellite count was widened, so that it now "includes both operational and de-orbit approved satellites" — the old definition would have left roughly 400 satellites out of this quarter's total.
    SpaceX Q3 2026 results release (Form 8-K exhibit 99.1, 20 October 2026) — Note 2, Other Definitions: the SI, subscriber and satellite definition changes — Q3 2026 — quarter ended 30 September 2026 · publ. 20 October 2026 · source ↗
  31. ReportedAnd the satellite count was widened, so that it now "includes both operational and de-orbit approved satellites" — the old definition would have left roughly 400 satellites out of this quarter's total.
    SpaceX Q3 2026 results release (Form 8-K exhibit 99.1, 20 October 2026) — Note 2, Other Definitions: the SI, subscriber and satellite definition changes — Q3 2026 — quarter ended 30 September 2026 · publ. 20 October 2026 · source ↗
  32. ReportedA company that loosens a headline metric in the quarter it reports a record has handed its readers an extra job, though the release notes that "This definitional change has no impact on our financial results".
    SpaceX Q3 2026 results release (Form 8-K exhibit 99.1, 20 October 2026) — Note 2, Other Definitions: the SI, subscriber and satellite definition changes — Q3 2026 — quarter ended 30 September 2026 · publ. 20 October 2026 · source ↗
  33. ReportedThe compute business can sell, and the company calls it "a clear inflection in our Super Intelligence business".
    SpaceX Q3 2026 results release (Form 8-K exhibit 99.1, 20 October 2026) — headline results and CFO commentary — Q3 2026 — quarter ended 30 September 2026 · publ. 20 October 2026 · source ↗
  34. ReportedWhether it can earn is next quarter's question, and the line to open the next release on is Super Intelligence's income from operations against the depreciation now arriving on $39,995 million of nine-month capital spending.
    SpaceX Q3 2026 results release (Form 8-K exhibit 99.1, 20 October 2026) — segment table: revenue, income from operations, Adjusted EBITDA and capital expenditure by segment — Q3 2026 — quarter ended 30 September 2026 · publ. 20 October 2026 · source ↗
Sources
Generated October 21, 2026