SpaceX shares jumped 10.4% in premarket trading on Wednesday after the company reported strong revenue growth for the third quarter of 2026.
The stock also gained attention after billionaire Elon Musk said he was considering a possible merger between SpaceX and Tesla .
Tesla shares also rose 2.1% in premarket trading on Wednesday following Musk’s comments about the possible merger. Tesla was scheduled to report its third-quarter earnings after the US stock market closed on Wednesday.
SpaceX AI business revenue rises ninefold
SpaceX reported revenue of $14.6 billion in the third quarter, marking a 161% increase from the same period last year. The company also beat analysts’ expectations, as LSEG had estimated revenue of $12.72 billion. The company reported operating income of $2.8 billion and net income of $4.4 billion for the quarter. This marked a major improvement from the same period a year earlier, when SpaceX reported a net loss of $1.05 billion, according to CNBC. SpaceX also gave a strong revenue forecast for the first quarter of 2027. The company expects revenue to reach between $33 billion and $37 billion, well above the average analyst estimate of $22.2 billion, according to LSEG data.
SpaceX’s satellite internet business, Starlink, helped drive its revenue growth.
Chief Financial Officer Bret Johnson said recurring revenue from Starlink and the expansion of the company’s superintelligence infrastructure supported the strong quarterly results.
