SpaceX reported third-quarter revenue of $14.6 billion, marking a 161% increase year-over-year and surpassing LSEG consensus estimates of $12.72 billion. The company also achieved an operating income of $2.8 billion and a net income of $4.4 billion, a significant turnaround from a net loss of $1.05 billion in the same quarter last year.
During the earnings call, Elon Musk indicated that both SpaceX and Tesla are exploring a merger, which he believes could yield substantial benefits given the companies' overlapping interests in advanced technologies. This potential merger, if realized, would be the largest in history.
SpaceX's strong performance was attributed to its satellite internet service, Starlink, and a burgeoning Super Intelligence business, which saw revenues increase ninefold to $7.56 billion. Analysts from Truist Securities noted that SpaceX's results could bolster the outlook for AI cloud providers, suggesting that demand remains robust despite recent market concerns.
Following the earnings announcement, SpaceX shares rose by 10.2% in premarket trading, while Tesla shares increased by 2.5%. The company also provided a bullish forecast for first-quarter 2027 revenue, estimating between $33 billion and $37 billion, well above the average analyst estimate of $22.2 billion