Space Exploration Technologies earns $4.4B in Q3

Super Intelligence revenue reached $7.6 billion, while nine-month capital expenditures totaled $48.1 billion.

Rhea-AI Filing Summary

Space Exploration Technologies Corp. (SPCX) reported third-quarter 2026 revenue of $14.6 billion, up 161% year over year, and net income of $4.4 billion, versus a $1.1 billion net loss a year earlier. Adjusted EBITDA was $8.8 billion, up 306%.

Connectivity revenue was $5.2 billion, up 69%, and segment operating income was $2.4 billion, up 99%. Super Intelligence (SI) revenue was $7.6 billion, compared with $813 million; SI operating income was $431 million, versus a $1.7 billion loss a year earlier. SI nameplate compute reached 1.7 GW as of September 30, 2026.

For the first nine months, operating cash flow was $13.1 billion and capital expenditures were $48.1 billion. Cursor, acquired August 14, 2026, contributed $608 million in revenue through September 30; GAAP purchase consideration was $42.5 billion, with $23.4 billion of post-acquisition service equity awards subject to future forfeitures. A separate agreement covers a nationwide portfolio of up to 14 megahertz of paired 800 MHz spectrum and is expected to close in the first half of 2027, subject to regulatory and other customary closing conditions.

3 points · 0 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

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Positive

• Moderate pointRevenue increased 161% year over year to $14.6 billion.
• Moderate pointNet income reached $4.4 billion, versus a $1.1 billion prior-year loss.
• Moderate pointAdjusted EBITDA rose 306% year over year to $8.8 billion.

Negative

• None.

Filing Explained

At September 30, 2026, the balance sheet lists $51,294 million in cash and equivalents and $38,561 million in marketable securities, providing a quarter-end view of these holdings separate from the company’s earnings and cash-flow figures.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Revenue: $14.6 billion Net income: $4.4 billion Adjusted EBITDA: $8.8 billion +5 more

8 metrics

Revenue $14.6 billion Quarter ended September 30, 2026; up 161% year over year

Net income $4.4 billion Quarter ended September 30, 2026; compared with a $1.1 billion net loss a year earlier

Adjusted EBITDA $8.8 billion Quarter ended September 30, 2026; up 306% year over year

Connectivity segment income from operations $2.4 billion Quarter ended September 30, 2026; up 99% year over year

Operating cash flow $13.1 billion Nine months ended September 30, 2026, compared with $4.1 billion in the prior-year period

Capital expenditures $48.1 billion Nine months ended September 30, 2026

Starlink consumer subscribers 13.6 million As of September 30, 2026

SI nameplate compute 1.7 GW As of September 30, 2026

Key Terms

Adjusted EBITDA, nameplate compute, Starlink consumer ARPU, GAAP purchase consideration, +1 more

5 terms

Adjusted EBITDA financial

"Adjusted EBITDA of $8.8 billion"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

nameplate compute technical

"nameplate compute to 1.7 GW"

Starlink consumer ARPU financial

"Starlink consumer monthly ARPU improved 5% sequentially to $69"

GAAP purchase consideration financial

"The GAAP purchase consideration was $42.5 billion"

paired spectrum regulatory

"up to 14 megahertz of paired spectrum in the 800 MHz band"

Earnings Snapshot

Revenue: $14.6 billion

Quarter ended September 30, 2026

Revenue $14.6 billion Up 161% year over year from $5.6 billion

Net income $4.4 billion Improved by $5.5 billion from a $1.1 billion net loss

Adjusted EBITDA $8.8 billion Up 306% year over year from $2.2 billion

Income from operations $2.8 billion Compared with an operating loss of $273 million

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much revenue did SPCX report for Q3 2026?

SPCX reported $14.6 billion of revenue for the quarter ended September 30, 2026, up 161% from $5.6 billion in the prior-year quarter.

Did SPCX earn a profit in Q3 2026?

SPCX reported $4.4 billion in net income, compared with a $1.1 billion net loss in the prior-year quarter. Income from operations was $2.8 billion, versus an operating loss of $273 million.

What purchase values did SPCX report for its Cursor acquisition?

The implied equity value was $60 billion, and GAAP purchase consideration was $42.5 billion. Equity awards attributable to post-acquisition service were valued at $23.4 billion, subject to future forfeitures.

How many Starlink consumer subscribers did SPCX have at September 30, 2026?

SPCX reported 13.6 million Starlink consumer subscribers as of September 30, 2026, up 1.6 million sequentially. The measure includes personal and business subscription plans but excludes managed enterprise and government customers.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/20/2026 - 04:01 PM EDT Accepted by SEC EDGAR 10/20/2026 - 04:00 PM EDT Learn about SEC filing dates

0001181412false00011814122026-10-202026-10-20

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 20, 2026

Space Exploration Technologies Corp.

(Exact name of registrant as specified in its charter)

Texas

001-43344

01-0627671

(State or other jurisdiction of incorporation or organization)

(Commission File Number)

(I.R.S. Employer Identification Number)

1 Rocket Road

Starbase, Texas 78521

(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code: (310) 363-6000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Class A Common Stock, $0.001 par value

SPCX

The Nasdaq Stock Market LLC Nasdaq Texas, LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02. Results of Operations and Financial Condition.

On October 20, 2026, Space Exploration Technologies Corp. issued an earnings release announcing results for the quarter ended September 30, 2026.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of, or otherwise regarded as filed under, the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or in the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number						Description
99.1						Space Exploration Technologies Corp. Press Release Dated October 20, 2026
104						Cover Page Interactive Data File (embedded within Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Space Exploration Technologies Corp.

Date: October 20, 2026

By:

/s/ Bret Johnsen

Name: Bret Johnsen

Title:   Chief Financial Officer

1

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.”

3

Third Quarter Financial Highlights

$, in millions	Three Months Ended						Nine Months Ended
	September 30, 2026		June 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Revenue
Space	$1,767		$962		$1,666		$3,348		$3,277
Connectivity	5,248		4,291		3,097		12,796		8,159
SI	7,560		2,561		813		10,939		2,278
Total	$14,575		$7,814		$5,576		$27,083		$13,714
Income (Loss) from Operations
Space	$(7)		$(542)		$259		$(1,211)		$(181)
Connectivity	2,367		1,656		1,190		5,211		3,147
SI	431		(1,257)		(1,722)		(3,295)		(4,182)
Total	$2,791		$(143)		$(273)		$705		$(1,216)
Segment Adjusted EBITDA
Space	$357		$(205)		$674		$(199)		$803
Connectivity	3,499		2,597		1,923		8,183		5,123
SI	4,953		1,146		(428)		5,490		(813)
Total	$8,809		$3,538		$2,169		$13,474		$5,113
Capex
Space	$1,606		$1,174		$1,113		$3,832		$2,818
Connectivity	1,543		1,367		1,007		4,242		2,951
SI	16,444		15,828		4,760		39,995		8,077
Total	$19,593		$18,369		$6,880		$48,069		$13,846

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.

4

Space Segment Operating and Financial Data

$, in millions (except where noted)	Three Months Ended						Nine Months Ended
	September 30, 2026		June 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Customer launches (#)	12		10		15		29		36
Internal launches (#)	23		28		29		84		92
Total launches (#)	35		38		44		113		128
Customer payloads (in metric tons)	119		87		111		251		274
Internal payloads (in metric tons)	358		397		415		1,266		1,353
Mass to orbit (in metric tons)	476		485		525		1,517		1,627
Launch services revenues	$1,130		$648		$1,000		$2,108		$2,056
Launch & development revenues	637		314		666		1,240		1,221
Space revenues	$1,767		$962		$1,666		$3,348		$3,277
Less:
Cost of revenue	$435		$329		$477		$1,045		$1,104
Research and development	1,225		1,076		849		3,231		2,069
Selling, general, and administrative	114		99		81		283		256
Impairment	—		—		—		—		29
Income (loss) from operations	$(7)		$(542)		$259		$(1,211)		$(181)
Segment Adjusted EBITDA reconciliation
Income (loss) from operations	$(7)		$(542)		$259		$(1,211)		$(181)
Depreciation & amortization	185		158		264		509		572
Share-based compensation	179		179		151		503		383
Impairment	—		—		—		—		29
Space Adjusted EBITDA	$357		$(205)		$674		$(199)		$803
Space Capex	$1,606		$1,174		$1,113		$3,832		$2,818

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

5

Connectivity Segment Operating and Financial Data

$, in millions (except where noted)	Three Months Ended						Nine Months Ended
	September 30, 2026		June 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Starlink consumer subscribers (# in millions, as of period end)	13.6		12.0		7.2		13.6		7.2
Starlink consumer ARPU ($ per month)	$69		$66		$83		$67		$84
Consumer revenues	$3,121		$2,485		$1,986		$7,754		$5,198
Enterprise & government revenues	2,127		1,806		1,111		5,042		2,961
Connectivity revenues	$5,248		$4,291		$3,097		$12,796		$8,159
Less:
Cost of revenue	$2,368		$2,060		$1,657		$6,079		$4,271
Research and development	188		294		141		687		406
Selling, general, and administrative	325		281		109		819		335
Income from operations	$2,367		$1,656		$1,190		$5,211		$3,147
Segment Adjusted EBITDA reconciliation
Income from operations	$2,367		$1,656		$1,190		$5,211		$3,147
Depreciation & amortization	986		805		628		2,574		1,706
Share-based compensation	146		136		105		398		270
Connectivity Adjusted EBITDA	$3,499		$2,597		$1,923		$8,183		$5,123
Connectivity Capex	$1,543		$1,367		$1,007		$4,242		$2,951

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

6

SI Segment Operating and Financial Data

$, in millions (except where noted)	Three Months Ended						Nine Months Ended
	September 30, 2026		June 30, 2026		September 30, 2025		September 30, 2026		September 30, 2025
Nameplate compute (in GW)	1.7		1.4		0.6		1.7		0.6
Advertising revenues	$538		$367		$454		$1,248		$1,323
SI solutions & infrastructure revenues	7,022		2,194		359		9,691		955
SI revenues	$7,560		$2,561		$813		$10,939		$2,278
Less:
Cost of revenue	$2,675		$1,106		$571		$4,237		$1,574
Research and development	3,183		2,178		1,301		7,740		3,331
Selling, general, and administrative	1,268		532		385		2,263		1,083
Restructuring charges (credits)	3		2		278		(6)		472
Income (loss) from operations	$431		$(1,257)		$(1,722)		$(3,295)		$(4,182)
Segment Adjusted EBITDA reconciliation
Income (loss) from operations	$431		$(1,257)		$(1,722)		$(3,295)		$(4,182)
Depreciation & amortization	2,473		1,885		922		5,851		2,506
Share-based compensation	821		516		94		1,715		391
Share-based compensation related to acquisitions	1,217		—		—		1,217		—
Acquisition-related costs	8		—		—		8		—
Restructuring charges (credits)	3		2		278		(6)		472
SI Adjusted EBITDA	$4,953		$1,146		$(428)		$5,490		$(813)
SI Capex	$16,444		$15,828		$4,760		$39,995		$8,077

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

7

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)

8

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.

9

Consolidated Financial Statements

Space Exploration Technologies Corp.

Consolidated Statements of Operations

(in millions, except per share data)

(unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Revenue ...............................................................................................................................	$ 14,575		$ 5,576		$ 27,083		$ 13,714
Costs and expenses
Cost of revenue ...............................................................................................................	5,478		2,705		11,361		6,949
Research and development .............................................................................................	4,596		2,291		11,658		5,806
Selling, general, and administrative ................................................................................	1,707		575		3,365		1,674
Restructuring charges (credits) .......................................................................................	3		278		(6)		472
Impairment ......................................................................................................................	—		—		—		29
Total costs and expenses ...........................................................................................	11,784		5,849		26,378		14,930
Income (loss) from operations ...........................................................................................	2,791		(273)		705		(1,216)
Interest expense (related party of $351 and $- for the three months ended September 30, 2026 and 2025, respectively, and $864 and $- for the nine months ended September 30, 2026 and 2025, respectively) .....................................................................................	(675)		(514)		(1,968)		(1,372)
Interest income ......................................................................................................................	873		155		1,426		370
Other income (expense), net (related party of $561 and $- for the three months ended September 30, 2026 and 2025, respectively, and $561 and $- for the nine months ended September 30, 2026 and 2025, respectively) ........................................................................	1,025		140		(937)		342
Income (loss) before income taxes .....................................................................................	4,014		(492)		(774)		(1,876)
Provision for (benefit from) income taxes ............................................................................	(390)		562		(361)		714
Net income (loss) .................................................................................................................	$ 4,404		$ (1,054)		$ (413)		$ (2,590)
Net income (loss) attributable to shareholders - basic and diluted .................................	$ 4,404		$ (1,054)		$ (1,084)		$ (2,590)
Net income (loss) per share of common stock attributable to common shareholders
Basic .....................................................................................................................................	$ 0.37		$ (0.36)		$ (0.15)		$ (0.89)
Diluted ..................................................................................................................................	$ 0.35		$ (0.36)		$ (0.15)		$ (0.89)
Weighted average shares used in computing net income (loss) per share of common stock
Basic .....................................................................................................................................	11,942		2,941		7,274		2,915
Diluted ..................................................................................................................................	12,475		2,941		7,274		2,915

Reconciliation of Net Income (Loss) to Adjusted EBITDA

(in millions)

(unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Net income (loss)	$ 4,404		$ (1,054)		$ (413)		$ (2,590)
Add (deduct):
Depreciation and amortization	3,644		1,814		8,934		4,784
Share-based compensation(1)	1,146		350		2,616		1,044
Share-based compensation related to acquisitions	1,217		—		1,217		—
Acquisition-related costs	8		—		8		—
Restructuring charges (credits)	3		278		(6)		472
Impairments	—		—		—		29
Interest expense	675		514		1,968		1,372
Interest income	(873)		(155)		(1,426)		(370)
Other (income) expense, net	(1,025)		(140)		937		(342)
Provision for (benefit from) income taxes	(390)		562		(361)		714
Adjusted EBITDA	$ 8,809		$ 2,169		$ 13,474		$ 5,113

__________________

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

presented

10

Space Exploration Technologies Corp.

Consolidated Balance Sheets

(in millions, except per share data)

(unaudited)

	September 30, 2026		December 31, 2025
Assets
Current assets
Cash and cash equivalents ..................................................................................................................................................	$ 51,294		$ 24,747
Marketable securities ..........................................................................................................................................................	38,561		—
Accounts receivable, net of allowance for credit losses of $67 and $39 at September 30, 2026 and December 31, 2025, respectively .........................................................................................................................................................	4,772		1,579
Inventory .............................................................................................................................................................................	2,891		2,416
Prepaid expenses and other current assets ..........................................................................................................................	3,457		2,210
Total current assets ....................................................................................................................................................	100,975		30,952
Property, plant, and equipment, net ..........................................................................................................................................	89,483		42,602
Finance lease right-of-use assets ..............................................................................................................................................	1,040		1,260
Intangible assets, net .................................................................................................................................................................	6,354		1,548
Digital assets .............................................................................................................................................................................	1,573		1,637
Goodwill ...................................................................................................................................................................................	48,423		11,809
Deferred tax assets ....................................................................................................................................................................	388		141
Other assets (related party of $570 and $10 at September 30, 2026 and December 31, 2025, respectively) ..........................	5,809		2,130
Total assets .................................................................................................................................................................	$ 254,045		$ 92,079
Liabilities, Redeemable Convertible Preferred Stock, and Shareholders’ Equity
Current liabilities
Accounts payable ......................................................................................................................................................................	13,259		11,792
Deferred revenue, current ........................................................................................................................................................	10,784		6,111
Debt and finance leases, current (related party of $2,181 and $455 at September 30, 2026 and December 31, 2025, respectively) .........................................................................................................................................................................	2,698		928
Accrued expenses and other current liabilities .........................................................................................................................	5,997		2,569
Total current liabilities ...........................................................................................................................................................	32,738		21,400
Long-term liabilities
Deferred revenue, net of current ..............................................................................................................................................	6,736		6,005
Debt and finance leases, net of current (related party of $10,716 and $4,052 at September 30, 2026 and December 31, 2025, respectively) ...............................................................................................................................................................	36,146		21,968
Other liabilities .........................................................................................................................................................................	1,657		1,381
Total liabilities .......................................................................................................................................................................	77,277		50,754
Commitments and contingencies (Note 16)
Redeemable convertible preferred stock
Redeemable convertible preferred stock, par value $0.001; - and 2,351 shares issued; - and 2,046 shares outstanding as of September 30, 2026 and December 31, 2025, respectively .................................................................................................	—		38,752
Shareholders’ equity
Preferred stock, par value $0.001; no shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively ...............................................................................................................................................................................	—		—
Class A common stock, par value $0.001; 8,240 and 2,036 shares issued; 8,240 and 1,952 shares outstanding as of September 30, 2026 and December 31, 2025, respectively .................................................................................................	8		3
Class B common stock, par value $0.001; 5,339 and 644 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively .........................................................................................................................................	5		1
Class C common stock, par value $0.001; - and 482 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively .........................................................................................................................................	—		0
Additional paid-in capital .........................................................................................................................................................	212,539		37,706
Accumulated deficit ..................................................................................................................................................................	(37,448)		(37,035)
Accumulated other comprehensive income ..............................................................................................................................	1,664		1,898
Total shareholders’ equity ....................................................................................................................................................	176,768		2,573
Total liabilities, redeemable convertible preferred stock, and shareholders’ equity ......................................................	$ 254,045		$ 92,079

11

Space Exploration Technologies Corp.

Consolidated Statements of Cash Flows

(in millions)

(unaudited)

	Nine Months Ended September 30,
	2026		2025
Cash flows from operating activities
Net loss .......................................................................................................................................................................................	$ (413)		$ (2,590)
Adjustments to reconcile net loss to net cash provided by operating activities: ................................................................
Depreciation and amortization .............................................................................................................................................	8,934		4,784
Share-based compensation ...................................................................................................................................................	3,833		1,044
Deferred income taxes .........................................................................................................................................................	(455)		623
Unrealized (gain) loss on digital assets ................................................................................................................................	64		(389)
Unrealized gain on investments in unconsolidated affiliates, net ........................................................................................	(532)		—
Loss on debt extinguishment ................................................................................................................................................	1,545		—
Other .....................................................................................................................................................................................	(254)		193
Changes in operating assets and liabilities
Accounts receivable .......................................................................................................................................................	(2,882)		(934)
Inventory ........................................................................................................................................................................	(1,381)		(378)
Prepaid expenses and other assets ..................................................................................................................................	(1,305)		(427)
Accounts payable ...........................................................................................................................................................	(970)		668
Deferred revenue ............................................................................................................................................................	4,922		404
Other liabilities, net ........................................................................................................................................................	1,991		1,122
Net cash provided by operating activities ................................................................................................................	$ 13,097		$ 4,120
Cash flows from investing activities
Purchases of property, plant, and equipment (related party of $480 and $285 for September 30, 2026 and 2025, respectively) ...............................................................................................................................................................................	(48,069)		(13,846)
Capitalized interest .....................................................................................................................................................................	(20)		(96)
Proceeds from product rebates ...................................................................................................................................................	1,372		—
Purchases of marketable securities ............................................................................................................................................	(46,834)		(601)
Maturities of marketable securities ............................................................................................................................................	9,158		548
Proceeds from sales of marketable securities ............................................................................................................................	77		1,173
Payments for intangible assets ...................................................................................................................................................	(866)		—
Cash received from acquisition of businesses ............................................................................................................................	514		—
Other investing activities, net .....................................................................................................................................................	57		(175)
Net cash used in investing activities ....................................................................................................................................	$ (84,611)		$ (12,997)
Cash flows from financing activities
Principal repayments on finance leases .....................................................................................................................................	(270)		(213)
Proceeds from debt and other financing obligations ..................................................................................................................	51,834		10,947
Payment of debt issuance costs ..................................................................................................................................................	(124)		(66)
Repayments on debt and other financing obligations ................................................................................................................	(39,845)		(6,014)
Payment of debt extinguishment premium ................................................................................................................................	(1,153)		—
Proceeds from issuance of capital stock, net of issuance costs ..................................................................................................	8,319		5,299
Proceeds from employee equity award plans .............................................................................................................................	368		206
Payments for repurchase of common and redeemable convertible preferred stock ...................................................................	(4,426)		(525)
Taxes paid related to net share settlement of equity awards ......................................................................................................	(559)		(194)
Proceeds from IPO, net of underwriting commissions and offering costs .................................................................................	85,675		—
Net cash provided by financing activities ............................................................................................................................	$ 99,819		$ 9,440
Effect of exchange rate changes on cash and cash equivalents .................................................................................................	(43)		69
Net change in cash and cash equivalents and restricted cash ....................................................................................................	28,262		632
Cash and cash equivalents and restricted cash, beginning of the period ...................................................................................	25,124		11,501
Cash and cash equivalents and restricted cash, end of the period ..............................................................................................	$ 53,386		$ 12,133

12

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

SpaceX announces material information, including with respect to its quarterly and annual financial results and other material

developments, to the public primarily through its investor relations page (ir.spacex.com) and its X account (@SpaceX). As such,

SpaceX encourages members of the investment community, the media, and others to follow the channels listed above and to review

the information disclosed through such channels. SpaceX will also disclose the relevant information in its SEC filings as required

under the applicable SEC rules.

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