SpaceX 8-K

Summary

Q3 2026 results amid rapid growth in Super Intelligence (SI) and Connectivity. SI growth reflected new cloud services agreements, Cursor and Grok adoption; Connectivity benefited from consumer and enterprise demand. SpaceX also completed its first revenue-generating Starship mission, adding 26 Starlink V3 satellites.

Key Figures

• Net loss attributable to shareholders was $1.08B for 9M 2026, vs $2.59B a year earlier; this differs from consolidated net loss.
• SI revenue was $7.56B, +830% Y/Y, and Connectivity revenue was $5.25B, +69% Y/Y. SI income from operations of $431M included $1.22B of share-based compensation related to Cursor; SI nameplate compute reached 1.7 GW. Starlink consumer subscribers rose to 13.6M from 7.2M Y/Y, with monthly ARPU of $69.
• 9M capital expenditures were $48.1B, vs $13.8B; cash and cash equivalents were $51.3B and marketable securities were $38.6B at quarter-end.
• SpaceX completed its Cursor acquisition on 8/14/2026 at an implied equity value of $60B; GAAP purchase consideration was $42.5B, with $23.4B in equity awards attributable to post-acquisition service, subject to future forfeitures. Cursor contributed $608M of revenue from closing through 9/30/2026.
• SpaceX agreed to acquire a nationwide portfolio of up to 14 MHz of paired 800 MHz spectrum licenses; closing is expected in H1 2027, subject to regulatory and customary conditions.

Guidance

Guidance to be given on the webcast.

Investor Takeaways

• Watch the webcast’s business outlook for the company’s expected pace of SI growth and infrastructure investment.
• The expected H1 2027 spectrum-portfolio closing is the next milestone for Starlink Mobile.