SpaceX Reports $14.6 Billion in Q3 Revenue as Shares Fall 2.2%

SpaceX reported $14.6 billion in third-quarter revenue, up 161% from a year earlier, as shares fell 2.2% between Nov. 10 and Nov. 12 and quarterly capital spending exceeded sales.

The quarter ended Sept. 30. Revenue rose from $5.6 billion in the year-ago quarter. Net income reached $4.4 billion, compared with a $1.1 billion loss a year earlier.

Adjusted EBITDA, a non-GAAP measure, climbed 306% to $8.8 billion. Income from operations was $2.8 billion. Cash and equivalents totaled $51.3 billion on Sept. 30.

The Super Intelligence segment generated $7.6 billion in revenue, up 830% year over year. Connectivity revenue was $5.2 billion, a 69% increase. Starlink consumer subscribers rose to 13.6 million.

Capital expenditures totaled $19.6 billion for the quarter, $5 billion more than revenue. Super Intelligence accounted for $16.4 billion of that spending. SpaceX also completed its first revenue-generating Starship mission and delivered 26 Starlink V3 satellites to its constellation.

Nameplate computing capacity stood at 1.7 gigawatts as of Sept. 30, up from 1.4 gigawatts on June 30 and 0.6 gigawatts a year earlier. Morgan Stanley identified chips, power and financing as constraints on further capacity growth and estimated capacity would exceed 8 gigawatts by the end of 2027.

Shares closed at $139.94 on Nov. 12, down from $143.09 two sessions earlier. The Nov. 12 close was about 5% below that day's intraday high of $147.60. Volume was 95.96 million shares. The stock had reached a low of $120.39 on Nov. 5 and remained about 38% below its record high of $225.64.

Morgan Stanley maintained an Overweight rating and a $300 price target. The bank's view was that growth could shift from the rapid expansion of its Neocloud business toward robotics, mesh networking and space infrastructure.

The reported results followed earlier coverage of SpaceX's pre-results revenue expectations, before the company released its third-quarter figures.