SpaceX Q3 revenue and adjusted earnings rose sharply, but valuation stays high

Q3 results showed strong growth

Yahoo Finance reported that SpaceX released quarterly results last week for the period ending Sept. 30. The article says the company moved from a loss in the prior year to solid profitability, and that its adjusted earnings also quadrupled. It frames the results as something investors had reason to like because the company combined strong growth with strong margins.

Revenue more than doubled

According to Yahoo Finance, SpaceX’s revenue in the quarter reached $14.6 billion, compared with $5.6 billion in the same period last year. The article says most of that increase came from the company’s artificial intelligence segment, Super Intelligence (SI), which rose from $813 million to $7.6 billion.

Adjusted earnings and operating profit improved

Yahoo Finance says adjusted EBITDA totaled $8.8 billion, up from $2.2 billion a year earlier. It adds that SI was the main contributor there as well, with adjusted EBITDA of just under $5 billion, compared with a loss of $428 million in the prior-year quarter. The article also says SpaceX posted operating profit of $2.8 billion, versus a loss of $273 million a year earlier. It notes that operating profit may be a clearer measure of profitability because it includes operating revenue and expenses and is not affected by adjustments.

Valuation remains the main open question

The article says SpaceX is delivering the kind of growth investors expected, but that much of that progress may already be reflected in the stock price. Yahoo Finance reports that SpaceX has a market value of $2 trillion and trades at 85 times estimated future profits, based on analyst expectations. It also says the market is increasingly worried about high capital spending by many technology companies, which may be holding the stock back. The article asks whether the results could help the stock return to $200 before the end of 2026, but does not answer that question.