Space Exploration Technologies Corp. Q3 2026 Earnings Recap

SpaceX’s shares rose 7.8% after earnings, as investors appeared to reward a quarter with revenue up 161% year over year and adjusted EBITDA up 306%, alongside progress on Starship and plans to scale compute capacity. The outlook is ambitious, but key milestones—including Starship recovery and the pace of infrastructure deployment—remain execution risks.

Key Takeaways

• Q3 revenue was $14.6 billion, up 161% from $5.6 billion a year earlier; net income was $4.4 billion versus a $1.1 billion net loss.
• Adjusted EBITDA reached $8.8 billion, up 306% from $2.2 billion year over year.
• Starship Flight 14 reached orbit and deployed operational Starlink V3 satellites. Flight 15, expected next month, will attempt to catch both the booster and ship; management acknowledged success is not guaranteed.
• Management expects Starship launches to reach weekly frequency in the first half of next year and potentially twice weekly or more by year-end, contingent on improving reusability.
• SpaceX targets roughly 200,000 GB300s online per month for the rest of this year and says it would be surprised to bring on less than 13 gigawatts of compute by the end of next year; these are forward-looking targets, not completed capacity.