SpaceX (SPCX) Stock Shrugs Off Q3 Results As Profit Jumps

SpaceX stock closed Friday at US$147.50, up about 1.9% on the day, as traders gave a cautious nod to fresh Q3 2026 results. That move barely captures what just hit the tape. The company posted roughly US$14.6b in quarterly revenue and swung to a profit of about US$4.4b, turning a prior year loss into solid earnings power.

In the short term, the reaction looks modest. Over a longer period, the key development is the profit surge that now backs an aggressive multi-year buildout in launch, Starlink connectivity and super intelligence infrastructure.

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Q3 2026 Earnings Summary

• Revenue (Q3 2026 vs. Q3 2025): US$14.58b vs. US$5.58b (very large year on year increase in quarterly revenue)
• Net Income, Excl. Extra Items (Q3 2026 vs. Q3 2025): profit of US$4.40b vs. loss of US$1.05b (moved from loss to profit)
• Basic EPS (Q3 2026 vs. Q3 2025): US$0.37 per share vs. a loss of US$0.36 per share (shift from loss per share to positive earnings per share)
• Trailing 12 Month Revenue (TTM to Q3 2026 vs. TTM to Q3 2025): US$32.04b vs. US$10.39b (revenue grew 83.1% over the last year)

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SpaceX bull case: Starship and xAI funding thesis tested

Optimists argued that public investors would bankroll loss making space and AI projects that private holders no longer wanted to carry.

"Rocket launches are profitable contracts from NASA, but they come with high costs. The development of the Starship rocket for flights to the Moon and Mars is a money pit."

Q3 results show Starship and Super Intelligence no longer only absorb cash. Space revenue reached US$1.8b and SI brought in US$7.6b, helping flip a prior loss into a US$4.4b profit. The IPO at US$135 and the current price around US$147 still left funding available for high capex projects without keeping the group in the red.

Bear case on structural losses versus new profitability print

Skeptics framed SpaceX as a perpetual cash sink where Mars ambitions and xAI spending would postpone profits indefinitely.

"The xAI artificial intelligence division requires massive investments in data centers and hardware, which is dragging SpaceX’s overall financial performance into the red."

Latest figures cut against that fear, at least for now. Super Intelligence is capital intensive, yet it generated US$7.6b of quarterly revenue alongside group net income of US$4.4b. The stock is up about 1.9% on the day and roughly flat over 30 days, so the move to profitability has not triggered a runaway bullish rerating yet.

One Narrative disagrees with today's price. → See where this Narrative says Space Exploration Technologies should trade.

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