SpaceX posts $0.35 EPS and $14.57B revenue, beating estimates

Revenue of $14.57B topped the $12.97B analysts expected, with EPS $0.21 ahead of forecasts

SpaceX reported third-quarter earnings per share of $0.35 on a GAAP basis, $0.21 above estimates. Revenue came in at $14.57 billion, ahead of the $12.97 billion analysts had expected.

Chief Financial Officer Bret Johnsen said revenue grew 161% from a year earlier, driven by continued momentum in the company's Connectivity business and what he called a clear inflection in its Super Intelligence business. He said that unit is producing meaningful operating leverage alongside a capital-efficient buildout of infrastructure.

The quarter follows two large moves by the company. On August 14, SpaceX completed its acquisition of Cursor, based on an implied equity value of $60 billion, as part of a push to vertically integrate compute infrastructure, AI models and applications. On October 8, it agreed to acquire a nationwide low-band spectrum portfolio of up to 14 megahertz of paired spectrum in the 800 MHz band, a deal expected to close in the first half of 2027.

Until now, the story around SpaceX had run mostly on deal announcements and share-price momentum, from the Cursor and spectrum purchases to talk of $40 billion in financing from Nvidia. This quarter gives the first hard financial evidence behind that narrative. The 161% revenue growth and the beat on both lines back up Johnsen's description of an inflection in Super Intelligence, giving substance to an operating-leverage claim that investors had largely taken on faith as shares rallied 58% off their August low. The results also arrive as Barclays floats the possibility of a Tesla-SpaceX merger before year end, so a clean beat strengthens the case for combining the two companies at a moment when SpaceX's standalone numbers are improving rather than deteriorating. The disclosure gives analysts a data point to weigh against the capital commitments already underway in compute and spectrum.