SpaceX (NASDAQ: SPCX) reported third-quarter revenue of $14.575bn after the US close today, up 161% from $5.576bn a year earlier. That is about 12% above the $13.0bn average estimate of 18 analysts on Yahoo Finance.
Diluted earnings per share were $0.35 against a loss of $0.36 a year ago. Yahoo Finance’s consensus was $0.16, though whether that figure is on a GAAP or normalised basis is unconfirmed.
The shares closed the regular session flat at $147.93 and were at $148.90 in after-hours trading, up 0.6%. That is a muted move, with the webcast still to come. Capital spending of $19.593bn, against $6.880bn a year ago, sits alongside the beat.
The SI (Super Intelligence) segment was the driver. Its revenue rose 830% to $7.560bn from $813m, with solutions and infrastructure adding $6.7bn, helped by cloud services agreements, the Cursor acquisition and Grok adoption. SI capex alone was $16.444bn.
Cursor, bought in a deal with an implied equity value of $60bn, contributed $608m of revenue between the 14th of August and the 30th of September. SI posted operating income of $431m against a $1.722bn loss a year ago, after $1.2bn of share-based compensation tied to Cursor.
Connectivity grew revenue 69% to $5.248bn and earned $2.367bn of operating income, up 99%. Starlink consumer subscribers reached 13.6m, but average revenue per user fell to $69 a month from $83.
The Space segment grew only 6% to $1.767bn, with an operating loss of $7m against a $259m profit a year ago. Launches fell to 35 from 44, though Starship Flight 14, the first orbital Starship flight, delivered 26 Starlink V3 satellites on its first revenue-generating mission.
Net income of $4.404bn, against a $1.054bn loss, runs well ahead of operating income of $2.791bn. Other income of $1.025bn and a $390m tax benefit, together $1.415bn, account for most of the gap of about $1.6bn.
The cash cushion is large: $51.294bn of cash and $38.561bn of securities, against $38.8bn of debt and leases. The release carries no guidance. SpaceX’s webcast starts at 4:30pm ET, or 9:30pm UK time, on X at @SpaceX. Separately, the company agreed on the 8th of October to buy 800 MHz low-band spectrum licences for Starlink Mobile, expected to close in the first half of 2027, subject to regulatory and other customary closing conditions.