SpaceX reported third-quarter revenue of $14.6 billion, a 161% increase year over year, alongside $4.4 billion in net income and $8.8 billion in adjusted EBITDA. The results, released Tuesday, Oct. 20, reversed a $1.1 billion loss in the year-earlier period.
The company also reported $1.573 billion in digital assets as of Sept. 30, 2026, consistent with its previously disclosed bitcoin holdings of 18,712 BTC. That compares with $1.637 billion at the end of December 2025, a $64 million decline in reported value.
AI division drives growth
SpaceX’s Super Intelligence division generated $7.56 billion in revenue, an 830% increase from the previous year, overtaking Starlink as the company’s largest revenue contributor. The division, which encompasses Grok, cloud infrastructure and the recently acquired Cursor operation, posted $431 million in operating income, reversing a $1.72 billion loss in the comparable quarter of 2025.
Starlink generated $5.25 billion in revenue, up 69%, supported by 13.6 million consumer subscribers. Traditional space operations contributed $1.77 billion, and the company’s first revenue-generating Starship mission successfully deployed 26 next-generation Starlink satellites.
Operating income reached $2.8 billion, and adjusted EBITDA rose 306% year over year. Diluted earnings reached 35 cents per share, ahead of estimates ranging from approximately 13 to 16 cents, while revenue surpassed forecasts of $12.7 billion to $12.9 billion.
Bitcoin position unchanged
The quarterly earnings release does not explicitly identify bitcoin or disclose the number of coins held. Previous filings established SpaceX’s position at 18,712 BTC, acquired at an approximate $661 million cost basis. Blockchain intelligence platform Arkham Intelligence also tracks the company’s holdings at 18,712 BTC, primarily associated with Coinbase Prime custody.
The $64 million reduction in reported digital asset value does not necessarily represent a sale. SpaceX’s cash flow statement records a corresponding $64 million unrealized loss on digital assets during the first nine months of 2026, consistent with changes in market valuation rather than a confirmed disposal. The latest earnings materials provide no indication of additional purchases or sales.
Capital spending and cash
Capital expenditures totaled $19.6 billion during the quarter, with $16.4 billion directed toward the Super Intelligence division. The company finished September holding approximately $89.9 billion in cash and marketable securities.
Forbes’ Real-Time Billionaires list valued Elon Musk’s fortune at approximately $925 billion on Oct. 20, 2026, a $1.4 billion increase from the previous trading day. Much of that wealth remains tied to his ownership stakes in SpaceX and Tesla.
