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.”

Third Quarter Financial Highlights

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.

Space Segment Operating and Financial Data

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

Connectivity Segment Operating and Financial Data

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

SI Segment Operating and Financial Data

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

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)

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.

Consolidated Financial Statements

Space Exploration Technologies Corp.

Consolidated Statements of Operations

(in millions, except per share data)

(unaudited)

Reconciliation of Net Income (Loss) to Adjusted EBITDA

(in millions)

(unaudited)

__________________

(1)Share-based compensation expense excludes share-based compensation related to equity awards granted in connection with acquisitions, which is separately

presented

Space Exploration Technologies Corp.

Consolidated Balance Sheets

(in millions, except per share data)

(unaudited)

Space Exploration Technologies Corp.

Consolidated Statements of Cash Flows

(in millions)

(unaudited)

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

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