Space Exploration Technologies Corp 8-K, filed Oct 20, 2026
Space Exploration Technologies Corp (SPCX)
8-K
2026-10-20
For: 2026-10-20
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October 20, 2026
About this 8-K
Space Exploration Technologies Corp filed this 8-K on October 20, 2026.
Space Exploration Technologies Corp. reported third-quarter revenue of $14.6 billion, net income of $4.4 billion and Adjusted EBITDA of $8.8 billion for the quarter ended September 30, 2026. AI summary
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 20, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification Number) | ||||||||||||
(Address of principal executive offices and zip code) | ||||||||
Registrant’s telephone number, including area code: (310 ) 363-6000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Nasdaq Texas, LLC | ||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02. Results of Operations and Financial Condition.
On October 20, 2026, Space Exploration Technologies Corp. issued an earnings release announcing results for the quarter ended September 30, 2026.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of, or otherwise regarded as filed under, the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or in the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit Number | Description | |||||||
| 99.1 | ||||||||
| 104 | Cover Page Interactive Data File (embedded within Inline XBRL document) | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Space Exploration Technologies Corp. | ||||||||||||||||||||
Date: October 20, 2026 | By: | /s/ Bret Johnsen | ||||||||||||||||||
| Name: Bret Johnsen | ||||||||||||||||||||
| Title: Chief Financial Officer | ||||||||||||||||||||
 | 1 |
SpaceX Reports Third Quarter 2026 Results
•Delivered revenue of $14.6 billion, up 161% year-over-year, fueled by our Super Intelligence (SI) segment and
accelerated growth in Connectivity
•Achieved income from operations of $2.8 billion, net income of $4.4 billion, and Adjusted EBITDA of $8.8
billion
•Successfully launched our first revenue-generating Starship mission, delivering 26 Starlink V3 satellites to our
broadband constellation, representing approximately 10x the downlink capacity added by a Falcon 9 Starlink
launch
•Continued to scale nameplate compute, reaching 1.7 GW as of September 30, 2026
•Added $6.7 billion of incremental SI solutions and infrastructure revenue year-over-year, driven by cloud services
agreements, the acquisition of Cursor, and our growing SI models and software applications, including Grok Bot
•Delivered year-over-year revenue growth of 69% and income from operations growth of 99% for the Connectivity
segment, supported by strong momentum in enterprise and government adoption, and continued Starlink
consumer subscriber growth
SpaceX (Nasdaq: SPCX) announced the following financial results for the quarter ended September 30, 2026, as
compared to the prior year quarter:
•Revenues of $14.6 billion, up 161% from $5.6 billion
•Net income of $4.4 billion, an improvement of $5.5 billion from net loss of $1.1 billion
•Adjusted EBITDA of $8.8 billion, up 306% from $2.2 billion
CFO Commentary:
We delivered another strong quarter in Q3. Revenue grew an impressive 161% year-over-year, fueled by continued
momentum in Connectivity and a clear inflection in our Super Intelligence business. The combination of our launch
leadership, recurring Starlink revenue, and the significant expansion of our SI infrastructure continues to drive meaningful
operating leverage.
We are building the infrastructure of the future with discipline — focused on capital efficiency, strong returns on invested
capital, and maintaining a robust, investment-grade balance sheet — while moving with the velocity to capture the
opportunity in front of us.
Note: Adjusted EBITDA is a non-GAAP financial measure. See Note 1 for additional information regarding Adjusted EBITDA. A reconciliation to the most
comparable GAAP financial measure is provided under “Reconciliation of Net Income (Loss) to Adjusted EBITDA.”
| 3 |
Third Quarter Financial Highlights
$, in millions | Three Months Ended | Nine Months Ended | |||||||
September 30, 2026 | June 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||
Revenue | |||||||||
Space | $1,767 | $962 | $1,666 | $3,348 | $3,277 | ||||
Connectivity | 5,248 | 4,291 | 3,097 | 12,796 | 8,159 | ||||
SI | 7,560 | 2,561 | 813 | 10,939 | 2,278 | ||||
Total | $14,575 | $7,814 | $5,576 | $27,083 | $13,714 | ||||
Income (Loss) from Operations | |||||||||
Space | $(7) | $(542) | $259 | $(1,211) | $(181) | ||||
Connectivity | 2,367 | 1,656 | 1,190 | 5,211 | 3,147 | ||||
SI | 431 | (1,257) | (1,722) | (3,295) | (4,182) | ||||
Total | $2,791 | $(143) | $(273) | $705 | $(1,216) | ||||
Segment Adjusted EBITDA | |||||||||
Space | $357 | $(205) | $674 | $(199) | $803 | ||||
Connectivity | 3,499 | 2,597 | 1,923 | 8,183 | 5,123 | ||||
SI | 4,953 | 1,146 | (428) | 5,490 | (813) | ||||
Total | $8,809 | $3,538 | $2,169 | $13,474 | $5,113 | ||||
Capex | |||||||||
Space | $1,606 | $1,174 | $1,113 | $3,832 | $2,818 | ||||
Connectivity | 1,543 | 1,367 | 1,007 | 4,242 | 2,951 | ||||
SI | 16,444 | 15,828 | 4,760 | 39,995 | 8,077 | ||||
Total | $19,593 | $18,369 | $6,880 | $48,069 | $13,846 | ||||
Note: Segment Adjusted EBITDA is a non-GAAP financial measure. A reconciliation to the most comparable GAAP financial measure is provided elsewhere in this
release.
| 4 |
Space Segment Operating and Financial Data
$, in millions (except where noted) | Three Months Ended | Nine Months Ended | |||||||
September 30, 2026 | June 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||
Customer launches (#) | 12 | 10 | 15 | 29 | 36 | ||||
Internal launches (#) | 23 | 28 | 29 | 84 | 92 | ||||
Total launches (#) | 35 | 38 | 44 | 113 | 128 | ||||
Customer payloads (in metric tons) | 119 | 87 | 111 | 251 | 274 | ||||
Internal payloads (in metric tons) | 358 | 397 | 415 | 1,266 | 1,353 | ||||
Mass to orbit (in metric tons) | 476 | 485 | 525 | 1,517 | 1,627 | ||||
Launch services revenues | $1,130 | $648 | $1,000 | $2,108 | $2,056 | ||||
Launch & development revenues | 637 | 314 | 666 | 1,240 | 1,221 | ||||
Space revenues | $1,767 | $962 | $1,666 | $3,348 | $3,277 | ||||
Less: | |||||||||
Cost of revenue | $435 | $329 | $477 | $1,045 | $1,104 | ||||
Research and development | 1,225 | 1,076 | 849 | 3,231 | 2,069 | ||||
Selling, general, and administrative | 114 | 99 | 81 | 283 | 256 | ||||
Impairment | — | — | — | — | 29 | ||||
Income (loss) from operations | $(7) | $(542) | $259 | $(1,211) | $(181) | ||||
Segment Adjusted EBITDA reconciliation | |||||||||
Income (loss) from operations | $(7) | $(542) | $259 | $(1,211) | $(181) | ||||
Depreciation & amortization | 185 | 158 | 264 | 509 | 572 | ||||
Share-based compensation | 179 | 179 | 151 | 503 | 383 | ||||
Impairment | — | — | — | — | 29 | ||||
Space Adjusted EBITDA | $357 | $(205) | $674 | $(199) | $803 | ||||
Space Capex | $1,606 | $1,174 | $1,113 | $3,832 | $2,818 | ||||
Space Business Highlights
•Space revenues were $1.8 billion, up 84% sequentially and 6% year-over-year. We completed 12 customer launches during
the quarter, including NASA’s mission to launch the Nancy Grace Roman Space Telescope
•Completed Starship Flight 14, our first orbital Starship flight, delivering 26 Starlink V3 satellites to our broadband
constellation, representing approximately 10x the downlink capacity added by a Falcon 9 Starlink launch
•Grew our customer launch pipeline, including signing three additional NASA ISS Crew missions, 18 National Security Space
Launch missions, three commercial Starfall missions, as well as a contract to deliver a payload to the lunar surface with
Starship
•Announced the planned development of Starbase, Louisiana, our next-generation spaceport designed to support thousands of
Starship flights a year, with the first launch targeted for 2029
•Total costs and expenses for the Space segment were up $367 million year-over-year as we continued to accelerate R&D
investments in our Starship program
| 5 |
Connectivity Segment Operating and Financial Data
$, in millions (except where noted) | Three Months Ended | Nine Months Ended | |||||||
September 30, 2026 | June 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||
Starlink consumer subscribers (# in millions, as of period end) | 13.6 | 12.0 | 7.2 | 13.6 | 7.2 | ||||
Starlink consumer ARPU ($ per month) | $69 | $66 | $83 | $67 | $84 | ||||
Consumer revenues | $3,121 | $2,485 | $1,986 | $7,754 | $5,198 | ||||
Enterprise & government revenues | 2,127 | 1,806 | 1,111 | 5,042 | 2,961 | ||||
Connectivity revenues | $5,248 | $4,291 | $3,097 | $12,796 | $8,159 | ||||
Less: | |||||||||
Cost of revenue | $2,368 | $2,060 | $1,657 | $6,079 | $4,271 | ||||
Research and development | 188 | 294 | 141 | 687 | 406 | ||||
Selling, general, and administrative | 325 | 281 | 109 | 819 | 335 | ||||
Income from operations | $2,367 | $1,656 | $1,190 | $5,211 | $3,147 | ||||
Segment Adjusted EBITDA reconciliation | |||||||||
Income from operations | $2,367 | $1,656 | $1,190 | $5,211 | $3,147 | ||||
Depreciation & amortization | 986 | 805 | 628 | 2,574 | 1,706 | ||||
Share-based compensation | 146 | 136 | 105 | 398 | 270 | ||||
Connectivity Adjusted EBITDA | $3,499 | $2,597 | $1,923 | $8,183 | $5,123 | ||||
Connectivity Capex | $1,543 | $1,367 | $1,007 | $4,242 | $2,951 | ||||
Connectivity Business Highlights
•Connectivity revenues were $5.2 billion, up 22% sequentially and 69% year-over-year, driven by an increase in consumer
revenues up 26% sequentially and 57% year-over-year, and enterprise & government revenues up 18% sequentially and 91%
year-over-year
•Drove income from operations for the Connectivity segment up 99% year-over-year to $2.4 billion, and improved
Connectivity Adjusted EBITDA by 82% year-over-year to $3.5 billion
•As of September 30, 2026, reached 13.6 million Starlink consumer subscribers, up 1.6 million sequentially driven by growth
in developed markets, and have hundreds of thousands of additional enterprise subscribers. Starlink consumer monthly
ARPU improved 5% sequentially to $69
•Activated Starlink across existing and new aviation partnerships, reaching over 3,800 aircraft equipped with Starlink as of
September 30, 2026
•Total costs and expenses for the Connectivity segment were up $974 million year-over-year, driven primarily by our growing
satellite constellation, Starlink Kit deliveries, and marketing initiatives to support revenue growth
•Subsequent to the third quarter, entered into an agreement to acquire FCC licenses related to 800 MHz spectrum to advance
our Starlink Mobile strategy. The transaction is expected to close in the first half of 2027, subject to regulatory and other
customary closing conditions
| 6 |
SI Segment Operating and Financial Data
$, in millions (except where noted) | Three Months Ended | Nine Months Ended | |||||||
September 30, 2026 | June 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||
Nameplate compute (in GW) | 1.7 | 1.4 | 0.6 | 1.7 | 0.6 | ||||
Advertising revenues | $538 | $367 | $454 | $1,248 | $1,323 | ||||
SI solutions & infrastructure revenues | 7,022 | 2,194 | 359 | 9,691 | 955 | ||||
SI revenues | $7,560 | $2,561 | $813 | $10,939 | $2,278 | ||||
Less: | |||||||||
Cost of revenue | $2,675 | $1,106 | $571 | $4,237 | $1,574 | ||||
Research and development | 3,183 | 2,178 | 1,301 | 7,740 | 3,331 | ||||
Selling, general, and administrative | 1,268 | 532 | 385 | 2,263 | 1,083 | ||||
Restructuring charges (credits) | 3 | 2 | 278 | (6) | 472 | ||||
Income (loss) from operations | $431 | $(1,257) | $(1,722) | $(3,295) | $(4,182) | ||||
Segment Adjusted EBITDA reconciliation | |||||||||
Income (loss) from operations | $431 | $(1,257) | $(1,722) | $(3,295) | $(4,182) | ||||
Depreciation & amortization | 2,473 | 1,885 | 922 | 5,851 | 2,506 | ||||
Share-based compensation | 821 | 516 | 94 | 1,715 | 391 | ||||
Share-based compensation related to acquisitions | 1,217 | — | — | 1,217 | — | ||||
Acquisition-related costs | 8 | — | — | 8 | — | ||||
Restructuring charges (credits) | 3 | 2 | 278 | (6) | 472 | ||||
SI Adjusted EBITDA | $4,953 | $1,146 | $(428) | $5,490 | $(813) | ||||
SI Capex | $16,444 | $15,828 | $4,760 | $39,995 | $8,077 | ||||
SI Business Highlights
•SI revenues were $7.6 billion, up 195% sequentially and 830% year-over-year, primarily driven by the activation of new
cloud services agreements, the acquisition of Cursor, and increased Grok adoption across enterprise customers and consumers
•SI income from operations was $431 million, inclusive of $1.2 billion in share-based compensation from the Cursor
acquisition for the quarter, and SI Adjusted EBITDA was $5.0 billion
•Expanded nameplate compute to 1.7 GW as of September 30, 2026, up from 1.4 GW as of June 30, 2026 and 0.6 GW as of
September 30, 2025, as we continued the buildout of COLOSSUS II
•Signed additional cloud services agreements during the quarter, increasing our pipeline of critical SI infrastructure capacity
for third-party customers
•Accelerated Grok model release deployment and introduced Grok Bot, our always-on agentic SI system
•Total costs and expenses for the SI segment were up $4.6 billion year-over-year, driven primarily by the continued buildout
of our compute infrastructure
| 7 |
Other Key Business Developments
Cursor Merger
SpaceX completed its acquisition of Cursor on August 14, 2026, based on an implied equity value of $60 billion, advancing the
Company’s strategy to vertically integrate compute infrastructure, SI models, and applications.
Under the terms of the agreement, certain outstanding common shares of Cursor were converted into SpaceX equity awards with time-
based vesting conditions to retain key talent. In addition, any outstanding, unvested equity awards held by Cursor employees prior to
the acquisition were assumed and converted into equivalent SpaceX awards. The GAAP purchase consideration was $42.5 billion, and
the value of equity awards issued in connection with the acquisition attributable to post-acquisition service is $23.4 billion, subject to
future forfeitures.
From the closing date through September 30, 2026, Cursor contributed $608 million of revenue to the Company’s consolidated results
of operations.
800 MHz Spectrum
On October 8, 2026, SpaceX entered into an agreement to acquire a nationwide low-band spectrum license portfolio of up to 14
megahertz of paired spectrum in the 800 MHz band. The transaction is expected to close in the first half of 2027, subject to regulatory
and other customary closing conditions.
Contacts
Investors
investors@spacex.com
Conference Call and Livestream Information
SpaceX will discuss its financial and operational results, as well as its business outlook, in a live webcast beginning at 3:30 p.m. CT /
4:30 p.m. ET on October 20, 2026. The webcast will be livestreamed on X @SpaceX. A replay and a transcript of the webcast will
also be available at ir.spacex.com.
Notes
Note 1. Non-GAAP Financial Measures
Management believes that certain financial measures that are not presented in accordance with GAAP provide management and
investors with useful supplemental information that provides a meaningful view of our financial condition and results of operations
across periods by removing the impact of items that management believes do not directly reflect our ongoing operating performance.
Adjusted EBITDA and Segment Adjusted EBITDA are supplemental measures that are not required by or presented in accordance
with GAAP. In evaluating our performance as measured by Adjusted EBITDA and Segment Adjusted EBITDA, management
recognizes and considers the limitations of these measures. Other companies in our industry may calculate Adjusted EBITDA and
Segment Adjusted EBITDA differently than we do or may not calculate them at all, limiting their usefulness as comparative measures.
Because of these limitations, Adjusted EBITDA and Segment Adjusted EBITDA should not be considered in isolation or as a
substitute for net income (loss), income (loss) from operations, or any other measure calculated in accordance with GAAP, and should
be considered together with our GAAP financial measures and the reconciliations to the corresponding most directly comparable
GAAP financial measures set forth under “Reconciliation of Net Income (Loss) to Adjusted EBITDA” and elsewhere in this release.
Adjusted EBITDA is defined as net income (loss) excluding (i) depreciation and amortization, (ii) share-based compensation, (iii)
share-based compensation related to equity awards granted in connection with our acquisitions, (iv) acquisition-related costs which
include direct transaction costs related to legal, regulatory, and other professional services fees, (v) restructuring charges, (vi)
impairments, (vii) interest expense, (viii) interest income, (ix) other income (expense), net and (x) provision for (benefit from) income
taxes.
Segment Adjusted EBITDA is defined as segment income (loss) from operations excluding (i) depreciation and amortization, (ii)
share-based compensation, (iii) share-based compensation related to equity awards granted in connection with our acquisitions, (iv)
| 8 |
acquisition-related costs which include direct transaction costs related to legal, regulatory, and other professional services fees, (v)
restructuring charges, and (vi) impairments.
Adjusted EBITDA and Segment Adjusted EBITDA are key performance measures that our management uses to assess our financial
performance as well as for internal planning and forecasting purposes. We consider Adjusted EBITDA and Segment Adjusted
EBITDA to be meaningful performance measures for investors to evaluate our operating performance and to compare the financial
results between periods.
Note 2. Other Definitions
Super Intelligence (SI) refers to the operating and reportable segment previously reported as Artificial Intelligence (AI).
Starlink Consumer Subscribers refers to the metric previously disclosed as Starlink Subscribers. We use this measure to assess the
adoption of Starlink as we expand within and across geographies and business segments. Starlink consumer subscribers includes both
personal (e.g., residential and roam) and business (e.g., local priority and global priority) subscription plans, but does not include
managed enterprise and government customers with contracts in domains including aviation, maritime, land mobility, fixed sites, and
government entities.
Total Satellites in Orbit includes both operational and de-orbit approved satellites. Our prior Satellites in Orbit definition reflected
operational satellites only and would have excluded approximately 400 satellites from our Q3 2026 total. This definitional change has
no impact on our financial results.
| 9 |
Consolidated Financial Statements
Space Exploration Technologies Corp.
Consolidated Statements of Operations
(in millions, except per share data)
(unaudited)
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2026 | 2025 | 2026 | 2025 | ||||
Revenue ............................................................................................................................... | $14,575 | $5,576 | $27,083 | $13,714 | |||
Costs and expenses | |||||||
Cost of revenue ............................................................................................................... | 5,478 | 2,705 | 11,361 | 6,949 | |||
Research and development ............................................................................................. | 4,596 | 2,291 | 11,658 | 5,806 | |||
Selling, general, and administrative ................................................................................ | 1,707 | 575 | 3,365 | 1,674 | |||
Restructuring charges (credits) ....................................................................................... | 3 | 278 | (6) | 472 | |||
Impairment ...................................................................................................................... | — | — | — | 29 | |||
Total costs and expenses ........................................................................................... | 11,784 | 5,849 | 26,378 | 14,930 | |||
Income (loss) from operations ........................................................................................... | 2,791 | (273) | 705 | (1,216) | |||
Interest expense (related party of $351 and $- for the three months ended September 30, 2026 and 2025, respectively, and $864 and $- for the nine months ended September 30, 2026 and 2025, respectively) ..................................................................................... | (675) | (514) | (1,968) | (1,372) | |||
Interest income ...................................................................................................................... | 873 | 155 | 1,426 | 370 | |||
Other income (expense), net (related party of $561 and $- for the three months ended September 30, 2026 and 2025, respectively, and $561 and $- for the nine months ended September 30, 2026 and 2025, respectively) ........................................................................ | 1,025 | 140 | (937) | 342 | |||
Income (loss) before income taxes ..................................................................................... | 4,014 | (492) | (774) | (1,876) | |||
Provision for (benefit from) income taxes ............................................................................ | (390) | 562 | (361) | 714 | |||
Net income (loss) ................................................................................................................. | $4,404 | $(1,054) | $(413) | $(2,590) | |||
Net income (loss) attributable to shareholders - basic and diluted ................................. | $4,404 | $(1,054) | $(1,084) | $(2,590) | |||
Net income (loss) per share of common stock attributable to common shareholders | |||||||
Basic ..................................................................................................................................... | $0.37 | $(0.36) | $(0.15) | $(0.89) | |||
Diluted .................................................................................................................................. | $0.35 | $(0.36) | $(0.15) | $(0.89) | |||
Weighted average shares used in computing net income (loss) per share of common stock | |||||||
Basic ..................................................................................................................................... | 11,942 | 2,941 | 7,274 | 2,915 | |||
Diluted .................................................................................................................................. | 12,475 | 2,941 | 7,274 | 2,915 | |||
Reconciliation of Net Income (Loss) to Adjusted EBITDA
(in millions)
(unaudited)
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2026 | 2025 | 2026 | 2025 | ||||
Net income (loss) | $4,404 | $(1,054) | $(413) | $(2,590) | |||
Add (deduct): | |||||||
Depreciation and amortization | 3,644 | 1,814 | 8,934 | 4,784 | |||
Share-based compensation(1) | 1,146 | 350 | 2,616 | 1,044 | |||
Share-based compensation related to acquisitions | 1,217 | — | 1,217 | — | |||
Acquisition-related costs | 8 | — | 8 | — | |||
Restructuring charges (credits) | 3 | 278 | (6) | 472 | |||
Impairments | — | — | — | 29 | |||
Interest expense | 675 | 514 | 1,968 | 1,372 | |||
Interest income | (873) | (155) | (1,426) | (370) | |||
Other (income) expense, net | (1,025) | (140) | 937 | (342) | |||
Provision for (benefit from) income taxes | (390) | 562 | (361) | 714 | |||
Adjusted EBITDA | $8,809 | $2,169 | $13,474 | $5,113 | |||
__________________
(1)Share-based compensation expense excludes share-based compensation related to equity awards granted in connection with acquisitions, which is separately
presented
| 10 |
Space Exploration Technologies Corp.
Consolidated Balance Sheets
(in millions, except per share data)
(unaudited)
September 30, 2026 | December 31, 2025 | ||
Assets | |||
Current assets | |||
Cash and cash equivalents .................................................................................................................................................. | $51,294 | $24,747 | |
Marketable securities .......................................................................................................................................................... | 38,561 | — | |
Accounts receivable, net of allowance for credit losses of $67 and $39 at September 30, 2026 and December 31, 2025, respectively ......................................................................................................................................................... | 4,772 | 1,579 | |
Inventory ............................................................................................................................................................................. | 2,891 | 2,416 | |
Prepaid expenses and other current assets .......................................................................................................................... | 3,457 | 2,210 | |
Total current assets .................................................................................................................................................... | 100,975 | 30,952 | |
Property, plant, and equipment, net .......................................................................................................................................... | 89,483 | 42,602 | |
Finance lease right-of-use assets .............................................................................................................................................. | 1,040 | 1,260 | |
Intangible assets, net ................................................................................................................................................................. | 6,354 | 1,548 | |
Digital assets ............................................................................................................................................................................. | 1,573 | 1,637 | |
Goodwill ................................................................................................................................................................................... | 48,423 | 11,809 | |
Deferred tax assets .................................................................................................................................................................... | 388 | 141 | |
Other assets (related party of $570 and $10 at September 30, 2026 and December 31, 2025, respectively) .......................... | 5,809 | 2,130 | |
Total assets ................................................................................................................................................................. | $254,045 | $92,079 | |
Liabilities, Redeemable Convertible Preferred Stock, and Shareholders’ Equity | |||
Current liabilities | |||
Accounts payable ...................................................................................................................................................................... | 13,259 | 11,792 | |
Deferred revenue, current ........................................................................................................................................................ | 10,784 | 6,111 | |
Debt and finance leases, current (related party of $2,181 and $455 at September 30, 2026 and December 31, 2025, respectively) ......................................................................................................................................................................... | 2,698 | 928 | |
Accrued expenses and other current liabilities ......................................................................................................................... | 5,997 | 2,569 | |
Total current liabilities ........................................................................................................................................................... | 32,738 | 21,400 | |
Long-term liabilities | |||
Deferred revenue, net of current .............................................................................................................................................. | 6,736 | 6,005 | |
Debt and finance leases, net of current (related party of $10,716 and $4,052 at September 30, 2026 and December 31, 2025, respectively) ............................................................................................................................................................... | 36,146 | 21,968 | |
Other liabilities ......................................................................................................................................................................... | 1,657 | 1,381 | |
Total liabilities ....................................................................................................................................................................... | 77,277 | 50,754 | |
Commitments and contingencies (Note 16) | |||
Redeemable convertible preferred stock | |||
Redeemable convertible preferred stock, par value $0.001; - and 2,351 shares issued; - and 2,046 shares outstanding as of September 30, 2026 and December 31, 2025, respectively ................................................................................................. | — | 38,752 | |
Shareholders’ equity | |||
Preferred stock, par value $0.001; no shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively ............................................................................................................................................................................... | — | — | |
Class A common stock, par value $0.001; 8,240 and 2,036 shares issued; 8,240 and 1,952 shares outstanding as of September 30, 2026 and December 31, 2025, respectively ................................................................................................. | 8 | 3 | |
Class B common stock, par value $0.001; 5,339 and 644 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively ......................................................................................................................................... | 5 | 1 | |
Class C common stock, par value $0.001; - and 482 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively ......................................................................................................................................... | — | 0 | |
Additional paid-in capital ......................................................................................................................................................... | 212,539 | 37,706 | |
Accumulated deficit .................................................................................................................................................................. | (37,448) | (37,035) | |
Accumulated other comprehensive income .............................................................................................................................. | 1,664 | 1,898 | |
Total shareholders’ equity .................................................................................................................................................... | 176,768 | 2,573 | |
Total liabilities, redeemable convertible preferred stock, and shareholders’ equity ...................................................... | $254,045 | $92,079 |
| 11 |
Space Exploration Technologies Corp.
Consolidated Statements of Cash Flows
(in millions)
(unaudited)
Nine Months Ended September 30, | |||
2026 | 2025 | ||
Cash flows from operating activities | |||
Net loss ....................................................................................................................................................................................... | $(413) | $(2,590) | |
Adjustments to reconcile net loss to net cash provided by operating activities: ................................................................ | |||
Depreciation and amortization ............................................................................................................................................. | 8,934 | 4,784 | |
Share-based compensation ................................................................................................................................................... | 3,833 | 1,044 | |
Deferred income taxes ......................................................................................................................................................... | (455) | 623 | |
Unrealized (gain) loss on digital assets ................................................................................................................................ | 64 | (389) | |
Unrealized gain on investments in unconsolidated affiliates, net ........................................................................................ | (532) | — | |
Loss on debt extinguishment ................................................................................................................................................ | 1,545 | — | |
Other ..................................................................................................................................................................................... | (254) | 193 | |
Changes in operating assets and liabilities | |||
Accounts receivable ....................................................................................................................................................... | (2,882) | (934) | |
Inventory ........................................................................................................................................................................ | (1,381) | (378) | |
Prepaid expenses and other assets .................................................................................................................................. | (1,305) | (427) | |
Accounts payable ........................................................................................................................................................... | (970) | 668 | |
Deferred revenue ............................................................................................................................................................ | 4,922 | 404 | |
Other liabilities, net ........................................................................................................................................................ | 1,991 | 1,122 | |
Net cash provided by operating activities ................................................................................................................ | $13,097 | $4,120 | |
Cash flows from investing activities | |||
Purchases of property, plant, and equipment (related party of $480 and $285 for September 30, 2026 and 2025, respectively) ............................................................................................................................................................................... | (48,069) | (13,846) | |
Capitalized interest ..................................................................................................................................................................... | (20) | (96) | |
Proceeds from product rebates ................................................................................................................................................... | 1,372 | — | |
Purchases of marketable securities ............................................................................................................................................ | (46,834) | (601) | |
Maturities of marketable securities ............................................................................................................................................ | 9,158 | 548 | |
Proceeds from sales of marketable securities ............................................................................................................................ | 77 | 1,173 | |
Payments for intangible assets ................................................................................................................................................... | (866) | — | |
Cash received from acquisition of businesses ............................................................................................................................ | 514 | — | |
Other investing activities, net ..................................................................................................................................................... | 57 | (175) | |
Net cash used in investing activities .................................................................................................................................... | $(84,611) | $(12,997) | |
Cash flows from financing activities | |||
Principal repayments on finance leases ..................................................................................................................................... | (270) | (213) | |
Proceeds from debt and other financing obligations .................................................................................................................. | 51,834 | 10,947 | |
Payment of debt issuance costs .................................................................................................................................................. | (124) | (66) | |
Repayments on debt and other financing obligations ................................................................................................................ | (39,845) | (6,014) | |
Payment of debt extinguishment premium ................................................................................................................................ | (1,153) | — | |
Proceeds from issuance of capital stock, net of issuance costs .................................................................................................. | 8,319 | 5,299 | |
Proceeds from employee equity award plans ............................................................................................................................. | 368 | 206 | |
Payments for repurchase of common and redeemable convertible preferred stock ................................................................... | (4,426) | (525) | |
Taxes paid related to net share settlement of equity awards ...................................................................................................... | (559) | (194) | |
Proceeds from IPO, net of underwriting commissions and offering costs ................................................................................. | 85,675 | — | |
Net cash provided by financing activities ............................................................................................................................ | $99,819 | $9,440 | |
Effect of exchange rate changes on cash and cash equivalents ................................................................................................. | (43) | 69 | |
Net change in cash and cash equivalents and restricted cash .................................................................................................... | 28,262 | 632 | |
Cash and cash equivalents and restricted cash, beginning of the period ................................................................................... | 25,124 | 11,501 | |
Cash and cash equivalents and restricted cash, end of the period .............................................................................................. | $53,386 | $12,133 | |
| 12 |
About SpaceX
Founded in 2002, SpaceX is the only company building the integrated hardware and software infrastructure of the future across space,
connectivity, and Super Intelligence. At our core, we are builders. We design, manufacture, launch, and operate products and services
built on cutting-edge technologies, including the world’s most advanced rockets and spacecraft.
Forward-Looking Statements
This release contains certain “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as
amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking
statements include, but are not limited to, statements concerning the development and deployment of Starship, the size and growth of
our various existing and future markets, demand for our products and services, our target launch cadence and expansion of our
manufacturing and operational capacity, our ability to execute our growth strategy and scale our operations efficiently, our ability to
solve novel issues and navigate and monetize technologies and environments that have never been accessed or economized before, our
ability to design, develop and successfully commercialize new and innovative technologies, products, and services, our ability to scale
and monetize our SI products, services, and compute infrastructure, including our ability to expand nameplate compute, complete data
center buildouts, obtain sufficient power, GPUs, other critical components and related infrastructure, and manage the associated costs,
timing, and operational risks associated therewith, the amount, nature, and timing of our capital expenditures, our future debt levels,
credit ratings and ability to obtain financing on acceptable terms, forecasts and projections of our future financial performance,
including future revenue and the amount and timing of our annualized revenue run-rate, our ability to manage our supply chain to
support our operations and growth, our ability to identify, realize benefits and manage risks of acquisitions and strategic partnerships,
including the Cursor Merger, our evaluation or pursuit of strategic investments, partnerships, acquisitions, and other transactions, our
plans for Starlink Mobile, including our ability to obtain and maintain required regulatory approvals, licenses and spectrum
authorizations, the competitive landscape in the industries in which we operate, the implementation, interpretation, and impact of
applicable current or future regulations, our ability to realize benefits and manage risks of being a public company, volatility in the
capital markets and the trading price of our Class A common stock, and general economic conditions. The words “anticipates,”
“believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “would,” “predicts” and similar expressions
are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words, or
similar expressions that are predictions of or indicate future events or trends that do not relate to historical matters. These forward-
looking statements are inherently difficult to predict and involve risks, contingencies, and uncertainties and other important factors
that could cause our actual results and outcomes to differ materially from those described or implied for a variety of reasons,
including, without limitation, significant business, economic, competitive, regulatory, technological, environmental, political, and
other risks, contingencies and uncertainties, as well as those described in the “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” sections of our SEC filings, including, but not limited to, quarterly reports
on Form 10-Q and the final prospectus filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act. Forward-looking
statements are based on assumptions with respect to management’s future and current expectations are not guarantees and speak only
as of the date of this release. We undertake no obligation to update these statements unless required by law, and we caution you not to
place undue reliance on them.
Disclosure Information
SpaceX announces material information, including with respect to its quarterly and annual financial results and other material
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SpaceX encourages members of the investment community, the media, and others to follow the channels listed above and to review
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