SpaceX: AI posts an operating profit. Share price rises in after-hours trading

Finally, the space business. In this area, the company recorded revenue of 1.77 billion in the third quarter of 2026, up 6 per cent year-on-year and 84 per cent compared with the previous quarter. Operating profitability improved significantly compared with the second quarter, with the EBIT loss reduced from 542 to just 7 million dollars, although this compares with a profit of 259 million a year earlier. Adjusted EBITDA returned to positive territory at 357 million. In this context – it should be emphasised – Starship is expected to play a key role in the expansion strategy. That is to say: the gigantic launch system developed to carry heavy payloads and support next-generation space missions. During a test carried out at the end of September, the vehicle, which is approximately 122 metres tall, demonstrated its ability to reach orbit and carried 26 satellites intended to bolster the Starlink constellation. On closer inspection, the programme’s success is essential for a number of industrial objectives. On the one hand, Starship should make it possible to increase satellite deployment capacity and gradually reduce operating costs. On the other hand, it forms a key component of NASA’s lunar programmes.

So, is everything plain sailing? Of course not. The satellite infrastructure developed by SpaceX has taken on strategic importance for Ukrainian military operations, which utilise both Starlink’s commercial services and the Starshield network, designed for national security applications. As is well known, restrictions were recently imposed without prior notice on terminals intended for military use, prompting a strong reaction from the Ukrainian authorities. According to Kyiv, the restrictions have compromised various operational capabilities, creating difficulties both in offensive actions and in defensive operations against Russian attacks. The incident has, evidently, raised questions – and sparked outrage – even amongst US and European politicians, particularly regarding the management and control of satellite infrastructure used in wartime scenarios.

But that is not all. Beyond the tragic issue of Russia’s invasion of Ukraine, the market is focusing on capital expenditure. In the last quarter, this reached 19.6 billion, compared with 6.9 billion in the same period of the previous year, representing growth of 184 per cent. The lion’s share is allocated to artificial intelligence, which accounts for around 16.4 billion, primarily for the development of data centres and computing infrastructure. The space sector is also requiring increasing resources, with investments of around 1.6 billion dollars, mainly earmarked for the Starship programme.

The acceleration in spending reflects the group’s determination to rapidly build the production and technological capacity needed to support future expansion. However, the scale of the investment far exceeds the quarterly net profit of 4.4 billion, highlighting the highly capital-intensive nature of the business model. The challenge for SpaceX will therefore be to transform this phase of rapid expansion into sustainable cash flow growth, demonstrating that the financial returns from the new projects will be commensurate with the substantial resources deployed.