Is SpaceX Stock a Buy Right Now?

SpaceX (SPCX) posted Q3 2026 revenue of $14.6 billion, up 161% year over year, and swung to $4.4 billion in net income. The report puts hard numbers behind the growth story, but the stock's price already reflects much of it.

The AI segment, Super Intelligence, drove the print. Its revenue grew 830% year over year to $7.6 billion, which accounts for more than half of total revenue. Connectivity added $5.2 billion, up 69%. Together, those two lines make up $12.8 billion of the $14.6 billion total (our arithmetic from the reported figures).

Valuation is the sticking point. SPCX trades at 67x trailing sales. At that multiple, the market is paying for continued hypergrowth, and any deceleration in the AI segment would hit the premium directly (interpretation, not reported fact).

Capex adds pressure. Spending requirements are massive and could double in Q4, which may weigh on the newly positive earnings picture. The analyst behind the piece recommends waiting for a better entry point rather than buying at current levels.