Space Exploration Technologies Corp. · Class A · Starbase, Texas

Starlink pays the bills, AI now pays too.

SpaceX listed in June in the largest IPO ever, raising about $86B at $135 a share. Q3 revenue grew 161% to $14.6B and it turned its first profit as a public company: $2.8B operating income, $4.4B net. The Super Intelligence segment (the former xAI, plus Cursor) is now the biggest business at $7.6B, but capex hit $19.6B and is guided to $35–40B in Q4. Elon Musk holds about 82% of the votes.

Last close · Oct 20, 2026

$147.79

Market cap

$1.95T

at current price

52-week range

$108–211

closing low / high

Price / sales

~61×

on ~$32B trailing revenue

Revenue TTM

IPO price

$135

Jun 11, 2026 · first close $160.95

Next earnings

Early 2027

Q4 2026 · date not yet announced

Price, last 12 months

Daily closes since the June 12 listing, with the 50-day average. One-year and 200-day figures fill in as history builds.

1Y closing high

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1Y closing low

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SMA 50

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SMA 200

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RSI 14

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Avg daily move

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last 20 sessions

Beta

n/a

vs. S&P 500

From peak

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Revenue and margins, by quarter

Revenue in US$ millions, with gross margin on the right axis. SpaceX has published quarterly results for Q1–Q3 2026 and the first half of 2025; Q3 2025 revenue and operating loss come from the Q3 2026 release (gross margin not disclosed). Management guides Q1 2027 revenue to $33–37B but gave no Q4 figure.

RevenueGross margin (right axis)Guidance

Q3 2026

$14.58B

+161% YoY · +87% QoQ · beat $12.9B est.

Super Intelligence

$7.56B

+830% · $431M op. income · $5.0B EBITDA

Connectivity

$5.25B

+69% · $2.37B op. income · 55% GM

Space

$1.77B

+6% YoY, +84% QoQ · −$7M op. loss

Adj. EBITDA

$8.81B

+306% YoY · 60% margin

Subscribers

13.6M

Starlink, +89% YoY · +1.6M in Q3 (2.3M est.)

Quarter	Ended	Revenue, US$M	YoY	Gross margin	Op. margin	EPS (GAAP)

Watch list

What moves the thesis, sorted by direction.

Tailwind

Super Intelligence turns profitable

SI revenue tripled QoQ to $7.56B on new cloud deals, Cursor ($608M since Aug 14) and Grok, with $5.0B of EBITDA and $431M operating income ($1.6B before Cursor stock pay). Backlog is $63B, about $42B of it due within a year, and Q1 2027 revenue is guided to $33–37B.

Tailwind

Starlink

Connectivity revenue rose 69% to $5.25B with $2.37B of operating income, nearly double a year ago. ARPU rose 5% QoQ to $69, enterprise and government grew 91%, and about 12,000 aircraft are contracted.

Watch

Capex nearly doubles again

Q3 capex was $19.6B, $16.4B of it AI. The CFO guided Q4 to $35–40B, and Musk targets about 3 GW of compute by year-end and at least 10 GW more in 2027. He says new compute pays back in under a year.

Watch

Tesla merger talks

Special committees at SpaceX and Tesla are studying a combination; Musk is recused and no terms are agreed. Musk owns about 42% of SpaceX but controls about 82% of the votes.

Risk

Funding the build-out

Free cash flow was −$10.0B in Q3 and −$35B in the first nine months. Cash and securities fell to $89.9B against $38.8B of debt and leases, and Q4 capex alone could use roughly $25B net. Expect more debt or vendor financing.

Risk

Margins flattered, subs light

Gross margin of 62% included one-off benefits (Starlink tariff refunds) and the CFO expects Q4 to look more like Q2's 55%. Starlink added 1.6M subscribers vs 2.3M expected. At ~$1.95T the stock trades at about 61× trailing sales.

Calendar

Nov 2026

Starship Flight 15

Musk expects to try catching both booster and ship; weekly flights targeted in 1H 2027.

Dec 2026

$100B run rate, ~3 GW

CFO says the company is on track for a $100B annualized revenue run rate in December, with 2.5–3 GW of compute.