SpaceX reported third-quarter FY2026 revenue of $14.575 billion and net profit of $4.404 billion, figures that would mark a sharp change in the company’s earnings profile as artificial-intelligence computing and Starlink connectivity become its largest reported businesses. Revenue rose 161% from a year earlier and exceeded the roughly $12.86 billion market estimate cited in the materials, while diluted earnings per share reached $0.35, compared with an estimated $0.16.
The company’s reported performance was led by its Super Intelligence, or SI, unit, which generated $7.560 billion in quarterly revenue. SpaceX said the division accounted for 51.9% of group revenue after sales increased 830% from a year earlier and 195% from the preceding quarter. The segment moved to an operating profit of $431 million, compared with a $1.257 billion operating loss in the prior quarter.
The numbers place AI infrastructure at the center of SpaceX’s reported expansion, but they also reveal the scale of capital required to sustain it. SpaceX said quarterly capital expenditures reached $19.593 billion, exceeding total revenue by roughly 34%. About $16.444 billion, or 84% of that spending, went to the SI operation.
AI unit drives revenue as compute capacity rises
SpaceX said nominal AI compute capacity reached 1.7 gigawatts during the quarter, up from 1.4 gigawatts in the previous quarter and 0.6 gigawatts a year earlier. A gigawatt is a measure of power capacity equivalent to one billion watts, illustrating that the reported computing buildout is operating on an industrial energy scale rather than through a conventional software model.
The SI unit reported adjusted EBITDA of $4.953 billion. SpaceX’s calculation excluded $2.473 billion in depreciation and amortization, $821 million in regular stock-based compensation, and $1.217 billion in acquisition-related stock-based compensation.
Those exclusions help explain the gap between the unit’s $431 million operating profit and its substantially larger adjusted EBITDA figure. Depreciation is particularly consequential for data-center operations because servers, networking equipment, power systems and buildings are costly assets that lose value over time. The reported figures show an operation generating substantial cash-style earnings before those charges, while continuing to absorb large upfront infrastructure costs.
Group adjusted EBITDA totaled $8.809 billion, up 306% from a year earlier, according to SpaceX. That produced an adjusted EBITDA margin of about 60.4%, while operating profit reached $2.791 billion after a $273 million operating loss in the comparable prior-year quarter.
Connectivity business delivers most reported operating profit
Connectivity revenue, which includes Starlink-related operations in the supplied figures, reached $5.248 billion. SpaceX said the business grew revenue 69% year over year and 22% sequentially, while segment operating profit rose 99% to $2.367 billion.
The resulting operating margin of about 45.1% makes connectivity the company’s largest disclosed source of operating profit, even as SI overtook it in revenue. That combination gives the company a reported mix of a mature, profitable subscription-led communications business and a much faster-growing computing operation still undergoing heavy capital expansion.
Starlink consumer customers reached 13.60 million, up 1.60 million during the quarter, SpaceX said. Consumer monthly average revenue per user rose 5% from the previous quarter to $69, although it remained below the $83 reported a year earlier.
The annual decline in average revenue per user indicates that customer growth has been accompanied by a lower-revenue mix, pricing changes, or both. Yet the reported rise in total connectivity revenue and operating profit suggests that customer additions, enterprise services and aviation installations are offsetting pressure on consumer revenue per account.
SpaceX said more than 3,800 aircraft had Starlink equipment installed by the end of the quarter. Aviation connectivity can carry different pricing and contract characteristics from household broadband, potentially giving the segment another source of revenue beyond consumer subscriptions.
Space operations remain smaller but Starship adds launch capacity
The Space segment reported $1.767 billion in revenue, a 6% increase from a year earlier and an 84% jump from the prior quarter. The unit recorded a $7 million operating loss, though adjusted EBITDA was $357 million.
During the quarter, SpaceX said it completed its first revenue-generating Starship orbital mission and deployed 26 Starlink V3 satellites. The company described the added downlink capacity from each Starship mission as roughly 10 times that of a Falcon 9 Starlink launch.
If that deployment cadence can be sustained, Starship would give SpaceX a more direct way to expand Starlink capacity while reducing reliance on multiple Falcon 9 launches for comparable network additions. The immediate financial contribution in the reported quarter was limited, given the Space segment’s near-break-even operating result, but the launch system’s value would be tied closely to how efficiently it expands the company’s own communications network.
Cash reserves support an aggressive spending program
SpaceX ended the quarter with $51.294 billion in cash and cash equivalents, plus $38.561 billion in marketable securities, according to the reported figures. Those holdings provide substantial liquidity against the company’s spending requirements.
Over the first nine months of FY2026, SpaceX reported operating cash flow of $13.097 billion and capital expenditures of $48.069 billion. The difference, approximately $34.972 billion, shows that internally generated operating cash did not cover the pace of infrastructure investment during that period.
The reported quarter therefore presents two parallel stories. Connectivity is producing sizeable operating earnings from a rapidly expanding subscriber base, while SI is supplying most of the revenue growth and commanding nearly all capital expenditure. Maintaining that model would depend on SpaceX’s ability to convert its growing compute capacity into durable revenue while funding data centers, energy supply and hardware at a rate far above current operating cash flow.
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