AI-generated analysis, not investment advice. The articles are written by AI, edited, and checked against company filings — but the judgements are opinions and the figures go stale. How this is made · Terms

Major ClientsNarrow moat

SpaceX (SPCX) — moat facet

SpaceX's biggest line of business is now the one whose buyers it does not name, and the last count of them is a quarter old.

SpaceX's largest line of business is now the one whose customers it does not name, and the most recent count of them is a quarter old. The SI segment sold $7,560m in the September quarter, 51.9% of all revenue1, nearly tripling in three months and running at more than nine times a year earlier2. The last customer-concentration figures SpaceX has disclosed are still the June quarter's: Customer A at 18.3% of revenue and Customer B, which buys only from this segment, at 19.5%3. Everything that has happened to the customer base since then has to be inferred from the segments.

Deferred revenue ($M)$6,111Current, Dec 2025$10,784Current, Sep 2026$6,005Non-current, Dec 2025$6,736Non-current, Sep 2026SpaceX Q3 2026 results release, consolidated balance sheets
Customers have paid for far more than SpaceX has delivered, and nearly all of the increase falls due inside a year.

The structure underneath has not changed. The largest source of demand is still one SpaceX owns. Of the 476 metric tons it put into orbit in the quarter, 358 were its own satellites, and 1,266 tons of 1,517 over nine months4. The company books no revenue between segments for those flights, so the volume that paid for reuse never shows up as a sale5.

What that bought is visible on the other side of the house. Connectivity earned $2,367m from operations in the quarter, which is 84.8% of the whole group's operating profit, and it is the only segment whose operating income exceeded its own capital spending of $1,543m6. A customer SpaceX built for itself is carrying the company's profitability.

Outside it, the base divides into three kinds of counterparty that behave nothing alike. There are 13.6 million consumers paying $69 a month, plus "hundreds of thousands of additional enterprise subscribers"7. There is one government wearing several hats, which signed 18 National Security Space Launch missions and three NASA crew missions in three months8. And there are the cloud buyers, for whom SpaceX says it is "increasing our pipeline of critical SI infrastructure capacity for third-party customers"9 without identifying one of them.

The one hard number on customer commitment rose sharply. Deferred revenue reached $17,520m at the end of September, up 44.6% from $12,116m at the end of 202510, and almost all of the increase sits in the current portion, $10,784m against $6,111m11. Customers have paid for a great deal that SpaceX has not yet delivered, and most of it falls due inside a year.

Where the capital is going says which customers the company is betting on. SI took $16,444m of the quarter's $19,593m of capital expenditure, 83.9% of the group total and 83.2% over nine months12. So the segment with no named buyers is also the segment absorbing five dollars in six of everything SpaceX builds. The owned customer gets the profits and the unnamed ones get the capital.

Two things would resolve the ambiguity. The next quarterly report will say what share the lettered customers now take, and until it arrives the deferred-revenue balance is the cleanest evidence that the buyers exist and have parted with money. A company that solved customer concentration by building its own customer has grown a second concentration in the one segment it cannot see into.

Moat trajectory: Narrowing

The concentration question got harder rather than better. Two unnamed customers were 18.3% and 19.5% of revenue in the June quarter, and the segment that produced the second of them has since nearly tripled to 51.9% of all revenue, with no customer disclosure covering it. Deferred revenue rose 44.6% in nine months, which says the buyers are real and says nothing at all about how many of them there are.

The number that tests this moat
Moat Explorer calc
Deferred revenue
$17,520m at 30 September 2026, up 44.6% from $12,116m at the end of 2025

This is consideration from customers for work not yet delivered, and it is the only customer-side measure the quarterly release gives. $10,784m of it is current, so a balance that stalls while revenue keeps climbing would mean the new customers are not prepaying the way the old ones did.

How it's calculated: Current deferred revenue $10,784m plus non-current $6,736m = $17,520m at 30 September 2026, against $6,111m plus $6,005m = $12,116m at 31 December 2025, an increase of 44.6%. Both balances are from the consolidated balance sheets in the Q3 2026 results release.
Source: 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 ↗
Dig deeper
DIG DEEPER 01
Starlink: The Customer SpaceX Built for Itself
The customer SpaceX owns is the only part of the company that earned more last quarter than it spent on capital.
DIG DEEPER 02
The Subscribers, and What Each One Pays
Starlink added 1.6 million households in the hardest markets it has and charged each of them more, which is the opposite of the trade this business…
DIG DEEPER 03
One Government, Several Hats
The sovereign signed 18 national security launches and three NASA crew missions in three months, and SpaceX flew fewer customer launches than it did a…
DIG DEEPER 04
The Cloud Customers Nobody Can Name
A segment can grow more than nine-fold in a year and still tell you nothing about who is paying for it.
References
  1. Moat Explorer calcThe SI segment sold $7,560m in the September quarter, 51.9% of all revenue, nearly tripling in three months and running at more than nine times a year earlier.
    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.
  2. ReportedThe SI segment sold $7,560m in the September quarter, 51.9% of all revenue, nearly tripling in three months and running at more than nine times a year earlier.
    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 ↗
  3. ReportedThe last customer-concentration figures SpaceX has disclosed are still the June quarter's: Customer A at 18.3% of revenue and Customer B, which buys only from this segment, at 19.5%.
    SpaceX Form 10-Q, quarter ended 30 June 2026 — customer concentration: Customer A 18.3% and Customer B 19.5% of revenue (Customer B below 10% a year earlier; Customer A across all three segments, Customer B in the AI segment); backlog $47,461M, about 56% due within one year — Q2 2026 — quarter ended 30 June 2026 · publ. 4 August 2026 · source ↗
  4. ReportedOf the 476 metric tons it put into orbit in the quarter, 358 were its own satellites, and 1,266 tons of 1,517 over nine months.
    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 ↗
  5. ReportedThe company books no revenue between segments for those flights, so the volume that paid for reuse never shows up as a sale.
    SpaceX IPO prospectus (Form 424B4, 11 June 2026) — revenue $10,387M / $14,015M / $18,674M and net income (loss) $(4,628)M / $791M / $(4,937)M for 2023-2025; income from operations $(3,505)M / $466M / $(2,589)M; Q1 2026 revenue $4,694M and net loss $(4,276)M — FY2023-FY2025 and Q1 2026 · publ. 11 June 2026 · source ↗
  6. Moat Explorer calcConnectivity earned $2,367m from operations in the quarter, which is 84.8% of the whole group's operating profit, and it is the only segment whose operating income exceeded its own capital spending of $1,543m.
    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. ReportedThere are 13.6 million consumers paying $69 a month, plus "hundreds of thousands of additional enterprise subscribers".
    SpaceX Q3 2026 results release (Form 8-K exhibit 99.1, 20 October 2026) — Connectivity segment operating and financial data and business highlights — Q3 2026 — quarter ended 30 September 2026 · publ. 20 October 2026 · source ↗
  8. ReportedThere is one government wearing several hats, which signed 18 National Security Space Launch missions and three NASA crew missions in three months.
    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 ↗
  9. ReportedAnd there are the cloud buyers, for whom SpaceX says it is "increasing our pipeline of critical SI infrastructure capacity for third-party customers" without identifying one of them.
    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 ↗
  10. Moat Explorer calcDeferred revenue reached $17,520m at the end of September, up 44.6% from $12,116m at the end of 2025, and almost all of the increase sits in the current portion, $10,784m against $6,111m.
    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.
  11. ReportedDeferred revenue reached $17,520m at the end of September, up 44.6% from $12,116m at the end of 2025, and almost all of the increase sits in the current portion, $10,784m against $6,111m.
    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 ↗
  12. Moat Explorer calcSI took $16,444m of the quarter's $19,593m of capital expenditure, 83.9% of the group total and 83.2% over 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.
Sources
Generated October 21, 2026