SpaceX (NASDAQ:SPCX) stock jumped about 10% in trading on Wednesday, 21 October 2026 after the company reported third-quarter revenue of US$14.6 billion, well ahead of forecasts. On the earnings call, Elon Musk also confirmed that SpaceX and Tesla have set up special board committees to look at a possible merger.
SpaceX Q3 2026 results at a glance
According to StockTitan and Forbes:
| Metric | Q3 2026 | Change |
|---|---|---|
| Total revenue | US$14.6B | Up 161% |
| AI (Super Intelligence) revenue | US$7.6B | Up from US$813M |
| Starlink revenue | US$5.2B | Up 69% |
| Rockets revenue | US$1.8B | Up 6% |
| Net income | US$4.4B | From a US$1.1B loss |
| Starlink subscribers | 13.6M | Up from 7.2M |
Analysts had expected revenue of about US$12.7 billion, according to Bloomberg consensus figures cited by Yahoo Finance.
The standout is AI. SpaceX’s Super Intelligence unit now brings in more revenue than Starlink, and posted a US$431 million operating profit.
Big guidance and even bigger spending
SpaceX guided to first-quarter 2027 revenue of US$33 billion to US$37 billion and reaffirmed its goal of US$100 billion in annualised revenue by the end of 2026, according to Yahoo Finance.
Spending is also huge. Capital expenditure was US$19.6 billion in Q3, mostly for AI computing, and the company expects US$35 billion to US$40 billion in Q4. It plans to have 2.5 to 3 gigawatts of computing capacity online by year-end.
What Musk said about a Tesla merger
Musk said discussing the topic was like “tap dancing through a minefield.” He confirmed both companies have formed special committees of independent directors, and said he cannot take part because he is conflicted.
He said calling a merger a certainty “would be overstating it,” but described it as a “good idea.” The committees have not agreed on any terms.
Tesla shares rose more than 3% on Wednesday morning ahead of its own earnings after the bell, according to Forbes.
Musk’s fortune tops US$1 trillion
The rally lifted Musk’s net worth by US$88 billion to about US$1.013 trillion on Forbes’ real-time billionaires list. On X, he wrote: “As crazy as this sounds, $1T in SpaceX revenue in 2028 is no longer impossible.”
What it means for investors
SpaceX is now growing fastest in AI, which brings bigger revenue but also heavy spending and execution risk. Our report on Telstra and TPG’s fall after SpaceX’s spectrum deal shows how its moves are already rippling through other markets, while Fermi’s slump shows not every AI infrastructure stock is winning.
What SpaceX investors should watch
- Tesla’s earnings and any comment on the merger committees
- Starship Flight 15, expected next month
- December revenue run rate against the US$100 billion target
- Insider trades in Form 4 filings after the rally
Bottom line
SpaceX beat forecasts on the back of AI, gave strong guidance and opened the door to a Tesla merger. With heavy spending ahead and no merger terms agreed, the coming weeks will test that optimism.
