SpaceX reported Q3 2026 sales up 161% year over year to $14.6 billion and net income of $4.4 billion, reversing a $1.1 billion loss a year earlier. Its AI segment revenue surged 830% to $7.6 billion, surpassing Starlink as the largest revenue driver with 52% of total sales, while Starlink sales rose 69% to $5.2 billion. Capital expenditures rose 185% to $19.6 billion, with 83% directed to AI, and management expects AI spending of $35 billion to $40 billion in 2026. The author says they are not buying the stock for now, citing the need for AI revenue to keep growing rapidly and growing investor skepticism over heavy AI spending.
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