SpaceX reports $14.58 billion in revenue for the September quarter, with its Super Intelligence segment at $7.56 billion

Written by Claude Sonnet 5.5, an AI model, from public records. Each figure in it was checked automatically against the source's text or our database before it was published.

SpaceX reported revenue of $14.58 billion for the quarter ended Sep 30, 2026, up 161.4% from $5.58 billion a year earlier, in a Form 10-Q (the quarterly report a listed US company files with the SEC) filed Oct 22. Net income was $4.4 billion, against a net loss of $1.05 billion a year earlier, and income from operations was $2.79 billion, against an operating loss of $273 million.1^,2^,3^,4^,5^,6^,7^,8^,9

The Super Intelligence (SI) segment, which SpaceX previously reported as AI, brought in $7.56 billion, up 829.9% from $813 million a year earlier. The filing places Grok, the Cursor software engineering platform, the X platform and SI infrastructure solutions in it. Within the segment, solutions and infrastructure revenue was $7.02 billion, against $359 million, and advertising revenue was $538 million, against $454 million. Management attributed the rise in solutions and infrastructure revenue to offering cloud services to customers for the full quarter, more contracts signed, $608 million from Cursor after the acquisition, and higher Grok and X subscription revenue.10^,11^,12^,13^,14^,15^,16^,17^,18^,19

SpaceX signed the merger agreement with Cursor (Anysphere, Inc.) on Jun 16, 2026 and completed the merger on Aug 14, 2026. The exchange rested on an implied equity value of $60 billion for Cursor, meaning the value of the shares alone, before debt. For accounting, SpaceX recorded purchase consideration of $42.5 billion; Cursor shares converted into time-vested awards to retain key staff count as share-based compensation instead. The earnings release added that, of the value of the equity awards issued in connection with the acquisition, $23.4 billion is attributable to service after the acquisition, subject to future forfeitures. SI income from operations was $431 million, including $1.2 billion of share-based compensation from the Cursor acquisition, against a loss of $1.72 billion a year earlier.20^,21^,22^,23^,24^,25^,26

Net income also holds gains below the operating line: other income, net was $1.03 billion, up $885 million, an increase the filing ties mainly to unrealized gains on investments in unconsolidated affiliates and a gain on digital assets. The filing's notes record a $561 million unrealized gain on SpaceX's investment in The Boring Company (TBC), after a financing round at TBC in September 2026; the notes say SpaceX's CEO has a controlling voting interest in TBC. Income taxes were a $390 million benefit against a $562 million provision a year earlier; the filing attributes the change mainly to a partial release of a valuation allowance tied to deferred tax liabilities from the 2026 acquisitions.6^,27^,28^,29^,30^,31^,32^,33

Nameplate compute, the GPUs installed in SpaceX's data centers multiplied by their all-in power, reached 1.7 gigawatts at Sep 30, against 0.6 gigawatts a year earlier; the filing says it reflects installed capacity, not actual power consumption or utilization. The earnings release gave the SI segment's capex (capital expenditure) as $16.44 billion for the quarter, against $4.76 billion a year earlier.34^,35^,36

The 10-Q also says SpaceX's board formed a special committee to evaluate a potential combination with Tesla, announced on the Oct 20 earnings call, with no determination made by the committee.37

Our records hold the report's revenue, operating income, net income and diluted earnings per share for the quarter, and the text of its management discussion and 20 numbered notes. They cannot tell whether year-earlier figures were restated.38^,39^,40