SpaceX revenue
SpaceX trades as SPCX and files with the SEC. The reportable segments are Space (launch), Connectivity (Starlink) and SI (Super Intelligence). The S-1 still called SI the AI segment. Those annual figures are the same segment under the older name.
- Official$14,575 millionTotal revenue, Q3 2026Earnings release
- Official$1,767 millionSpace (launch), Q3 2026Operating income $-7 million
- Official$5,248 millionConnectivity, Q3 202613.6 million consumer subscribers
- Official$7,560 millionSI, Q3 2026xAI, Grok, X and Cursor
Segment structure
- Space is launch: launch services and launch development.
- Connectivity is Starlink: consumer, and enterprise and government.
- SI is Super Intelligence: advertising, and solutions and infrastructure. xAI and Grok sit here. Grok-only revenue is not reported. Usage and the fan sketch are on their own page.
| Period | USD millions | Label |
|---|---|---|
| Q1 2025 | 4,067 | Derived |
| Q3 2025 | 5,576 | Official |
| Q4 2025 | 4,960 | Derived |
| Q1 2026 | 4,694 | Official |
| Q2 2026 | 7,814 | Official |
| Q3 2026 | 14,575 | Official |
Q2 2025 has no company total on this chart because SI was not disclosed that quarter, so the total cannot be summed. Q1 2025 and Q4 2025 segment totals are derived. The basis for each quarter is in the table.
| Period | Label | Space | Connectivity | SI | Total | Basis |
|---|---|---|---|---|---|---|
| Q1 2025 | derived | 865 | 2,474 | 728 | 4,067 | Total official in the S-1. Segments are 9M 2025 minus Q2 2025 minus Q3 2025. SI is the total minus Space and Connectivity. |
| Q2 2025 | official | 746 | 2,588 | Not disclosed | Not disclosed | Official, from Q2 2026 release comparatives. SI was not disclosed for this quarter. |
| Q3 2025 | official | 1,666 | 3,097 | 813 | 5,576 | Official, from Q3 2026 release comparatives. |
| Q4 2025 | derived | 809 | 3,228 | 923 | 4,960 | Derived: FY2025 in the S-1 minus 9M 2025 in the Q3 2026 10-Q comparatives. |
| Q1 2026 | official | 619 | 3,257 | 818 | 4,694 | Official, S-1 and the Q2 2026 release. |
| Q2 2026 | official | 962 | 4,291 | 2,561 | 7,814 | Official. |
| Q3 2026 | official | 1,767 | 5,248 | 7,560 | 14,575 | Official. |
Annual
| Period | Space | Connectivity | AI / SI | Total |
|---|---|---|---|---|
| FY2023 | Not disclosed | Not disclosed | Not disclosed | 10387 |
| FY2024 | 3796 | 7599 | 2620 | 14015 |
| FY2025 | 4086 | 11387 | 3201 | 18674 |
| 9 months 2026 | 3348 | 12796 | 10939 | 27083 |
FY2025 operating income: Connectivity $4,423 million, Space $-657 million, AI $-6,355 million. Starlink ARPU was $91 in FY2024 and $81 in FY2025.
Q3 2026 company figures
Net income $4,400 million. Adjusted EBITDA $8,809 million. Connectivity operating income $2,367 million (45% margin) and adjusted EBITDA $3,499 million. SI operating income $431 million. Mass to orbit 476 tonnes. Starlink Mobile 22 million monthly users across 174 markets. Nameplate compute 1.7 GW. More than 9,600 broadband and mobile satellites, as of the S-1 (31 Mar 2026).
Sources
- SpaceX Q3 2026 earnings release (2026-10-20)
- SpaceX Form 10-Q, quarter ended 30 Sep 2026 (Nasdaq: SPCX) (2026-10)
- SpaceX Q2 2026 earnings release (2026-08-04)
- SpaceX Form S-1 (2026-05-20)