The 5 Most Important Numbers From SpaceX’s Earnings

SpaceX (SPCX) posted Q3 2026 revenue of $14.6 billion, nearly double the prior quarter, with AI compute deals generating more than half of the total. That mix shift matters: the top line is now driven as much by compute contracts as by launch or connectivity.

Starlink added 1.6 million subscribers and delivered a 45% operating margin, a figure that shows the connectivity business is generating substantial profit on its own.

The company is scaling compute capacity from 1.4 GW to 1.7 GW, an expansion of roughly 21%. Capital expenditures hit $19.6 billion, outpacing operating cash flow. Interpretation: the compute buildout is being funded in part from the balance sheet rather than from internally generated cash, which makes the pace of spending a central variable for the stock.

Cushioning that gap is $90 billion in cash. At the current capex run rate of $19.6 billion in a single quarter, that reserve covers a multi-quarter buildout (our estimate, not company guidance), but the spending-to-cash-flow mismatch is the number bears will focus on.