SpaceX lifts spending outlook as third-quarter revenue and subscribers rise

Third-quarter results and market reaction

Blockonomi reports that SpaceX shares increased 3.45% to $141.08 after the company released third-quarter 2026 results. The company said earnings were $0.35 per share, above the Zacks Consensus Estimate of $0.10. Revenue came in at $14.58 billion, topping the $12.54 billion estimate and rising 161% from a year earlier. Adjusted EBITDA reached $8.8 billion, which Blockonomi says was up 306% year over year as compute infrastructure and connectivity operations expanded.

Higher spending for AI compute buildout

SpaceX said it expects fourth-quarter 2026 capital expenditures of $35 billion to $40 billion, up from $19.6 billion in third-quarter spending. The company said the money will go toward compute infrastructure, Starship development and satellite production. Blockonomi reports that the increased spending is tied to SpaceX’s Super Intelligence infrastructure expansion. Elon Musk said nameplate compute capacity is expected to reach 2.5 GW to 3 GW by December 2026, and the company is aiming for at least 13 GW by the end of 2027.

Infrastructure limits and management comments

According to Blockonomi, SpaceX said power availability, cooling systems and electrical infrastructure are still important requirements for deployment. The company is developing turbine components internally to help address power supply constraints. CFO Bret Johnsen also pointed to cloud demand and compute deployments that have payback periods of less than one year.

Starship and Starlink updates

Blockonomi says SpaceX described additional progress in Starship development. Musk called Flight 14 a major milestone after the vehicle’s first orbital flight, and the mission also deployed operational Starlink V3 satellites. President and COO Gwynne Shotwell outlined plans for Flight 15, including an attempt to recover both vehicle stages. The company also said it is targeting its first second-stage reflight in early 2027.

Subscriber growth, SI revenue and outlook

Starlink ended the quarter with 13.6 million consumer subscribers after adding 1.6 million in the period. Connectivity revenue rose 69% from a year earlier to $5.2 billion, and monthly consumer average revenue per user reached $69. Blockonomi reports that SpaceX generated $7.6 billion in SI revenue in the quarter, helped by cloud agreements and the Cursor acquisition, which produced $608 million after closing in August. Shotwell also discussed enterprise use of Grok Bot and integration across Grok, Cursor and related applications.

Targets, financing and Tesla talks

Musk said SpaceX plans to divide compute capacity between internal use and outside customers while giving priority to commercial opportunities. Management reaffirmed its $100 billion annual recurring revenue target for December 2026, and Johnsen projected first-quarter 2027 revenue of $33 billion to $37 billion. Blockonomi also says the company noted the need to balance infrastructure spending with operating cash flow and debt needs. On a possible combination with Tesla, Musk said independent special committees were reviewing the idea, but transaction terms had not been agreed. Management also pointed to operating cash flow, investment-grade debt access and possible financing partnerships.