SpaceX: Q3 Earnings Drive Higher Stock Price Forecasts

On October 20, SpaceX posted its earnings for the third quarter of 2026. The numbers were impressive, with the company delivering strong growth across multiple business segments along with its first-ever quarterly profit¹.

Here, we'll highlight some of the key figures from the Q3 report. We’ll also look at analysts’ price targets for SpaceX stock after the results.

Prolific Revenue Growth

For Q3², SpaceX posted total revenue of $14.6 billion versus $5.6 billion for Q3 2025. This represented a year-over-year increase of 161%.

Breaking this top-line figure down:

• Space revenue was $1.8 billion, up 6% YoY
• Connectivity (Starlink) revenue was $5.2 billion, up 69% YoY
• SI (AI) revenue was $7.6 billion, up 830% YoY

Positive Adjusted EBITDA and Income from Operations

Adjusted EBITDA for the quarter came in at $8.8 billion versus $2.2 billion a year earlier. This was fueled by a huge jump in adjusted EBITDA in the SI segment.

As for income from operations, this amounted to $2.8 billion versus -$273 million a year earlier. This represented SpaceX’s first-ever quarterly operating profit.

Capex Blowout

Turning to capital expenditure (capex), this rose significantly in Q3. Overall, it came in at $19.6 billion versus $6.9 billion in Q3 2025.

Most of this was related to the SI division. Here, capex amounted to $16.4 billion versus $4.8 billion a year earlier.

Q3 Operational Highlights

In terms of operational highlights, the company successfully launched its first revenue-generating Starship mission in Q3, delivering 26 Starlink V3 satellites to its broadband constellation. It also continued to scale its AI compute, reaching 1.7 GW as of September 30, 2026.

In the Starlink connectivity segment, it had 11,100 satellites in operation at the end of the quarter and 13.6 million subscribers. These figures were up from 10,200 and 12.0 million at the end of Q2³.

Higher Price Targets for SpaceX

Overall, it was a strong print from SpaceX. Not only did it show that SpaceX’s heavy investment in AI is translating into revenue, but it also showed continued growth in Starlink subscriber numbers.

It was certainly well received by Wall Street. Since the Q3 report was posted, numerous firms have increased their price targets⁴ for SpaceX stock as the table below shows.

It’s worth pointing out that not every Wall Street firm is bullish on SpaceX – some analysts still see the company as overvalued. Overall though, analyst sentiment is decidedly positive, with the vast majority of firms maintaining Buy ratings on the stock⁴.

Footnotes:

¹Fortune, SpaceX posts first operating profit as public company as AI revenue nearly triples to $7.6 billion—cruising past Starlink, as of October 20, 2026

²SpaceX, SpaceX Reports Third Quarter 2026 Results, as of October 20, 2026

³SpaceX, SpaceX Reports Second Quarter 2026 Results, as of August 4, 2026

⁴Investing.com, as of October 21, 2026