Stock

# SpaceX (SPCX)

SpaceX grew Q3 revenue 161% to $14.6 billion, committed to a roughly $40 billion GPU finance lease, and is reviewing a possible combination with Tesla with no terms agreed.

Updated Oct 29, 2026

Information and analysis only, not a recommendation to buy, sell or hold any security. The author may own securities discussed.

Researched and drafted with AI agents. Every figure is taken from a source cited on the page.

Analysis and information

## What it does

SpaceX launches rockets, runs the Starlink satellite internet service and offers AI products, including the Grok models. It reports three segments: Space, Connectivity and Super Intelligence.

## Role in the theme

In **Space and autonomy**, SpaceX is the group's high-volume launch provider and satellite operator. Its board is reviewing a possible combination with Tesla; no terms have been agreed.

## Latest

- **2026-10-26:** SpaceX disclosed that on 2026-10-24 it signed a binding commitment for a master finance lease of GPU pods with an entity managed by Apollo. Principal payments should total about $40 billion over five to five and a quarter years. Leases are expected to start in the first half of 2027. The lease is expected to close before year end, subject to conditions.
- **2026-10-22:** SpaceX's 10-Q says its board formed a special committee to evaluate a potential combination with Tesla. No determination has been made, and there is "no assurance that any agreement will be reached." Any deal would need approval from the committee, the board and the company's controlling owner.
- **2026-10-20:** Q3 revenue rose 161% to $14.6 billion and net income was $4.4 billion. Super Intelligence revenue was $7.6 billion, Connectivity $5.2 billion and Space $1.8 billion.
- **2026-10-20:** Starlink had 13.6 million consumer subscribers at 2026-09-30. SpaceX flew 35 launches in the quarter, and capital spending was $19.6 billion.
- **2026-10-20:** SpaceX reported that Starship Flight 14 was the first orbital Starship flight and its first revenue mission, carrying 26 Starlink V3 satellites.

## What to watch

- Any filing that names terms or advisers for a Tesla combination. Neither company has disclosed terms.
- Closing of the GPU lease, expected before year end.
- The next Starship flight, after Flight 14 became the first orbital Starship flight.
- The next IPO lockup release, scheduled in the prospectus for 2026-12-08.
- The 800 MHz spectrum purchase agreed on 2026-10-08, expected to close in the first half of 2027 subject to regulators.
- Next report: Q4 2026 results, date not confirmed.

## Covered in

- Theme: [Space and autonomy](/research/themes/space-autonomy)

## Sources

Primary means the publisher of the data or the filing; secondary means press or an aggregator.
- [SpaceX 8-K: GPU master finance lease commitment](https://www.sec.gov/Archives/edgar/data/1181412/000110465926118614/tm2628247d1_8k.htm)Primary 2026-10-26
- [SpaceX 10-Q for the quarter ended September 30, 2026](https://www.sec.gov/Archives/edgar/data/1181412/000162828026066880/spcx-20260930.htm)Primary 2026-10-22
- [SpaceX Q3 2026 results](https://www.sec.gov/Archives/edgar/data/1181412/000162828026066482/spaceexplorationtechnologi.htm)Primary 2026-10-20
- [SpaceX IPO prospectus (424B4)](https://www.sec.gov/Archives/edgar/data/1181412/000162828026042639/spaceexplorationtechnologi.htm)Primary 2026-06-12
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