SpaceX just posted Q3 numbers and they're wild.
Revenue first 9 months of 2026: $27.1B, up 98% year-over-year. That's basically doubled.
Net income turned positive for the first time ever: $4.4B. After years of burning cash to build rockets and satellites, they're finally printing money.
But here's the catch: capex in those same 9 months was $48.1B, up 247%. They're spending almost twice their revenue on building stuff.
Free cash flow year-to-date: -$35B. Still deeply negative.
So yes, they're profitable on paper. But they're also spending like there's no tomorrow to scale Starlink, Starship, and whatever else Elon's dreaming up.
This is the classic growth company paradox: making money operationally, but reinvesting so aggressively that cash flow stays red. Works great if the growth pays off. Painful if it doesn't.
For now, the trajectory is impressive. Just remember: accounting profit ≠ cash in the bank.
Revenue first 9 months of 2026: $27.1B, up 98% year-over-year. That's basically doubled.
Net income turned positive for the first time ever: $4.4B. After years of burning cash to build rockets and satellites, they're finally printing money.
But here's the catch: capex in those same 9 months was $48.1B, up 247%. They're spending almost twice their revenue on building stuff.
Free cash flow year-to-date: -$35B. Still deeply negative.
So yes, they're profitable on paper. But they're also spending like there's no tomorrow to scale Starlink, Starship, and whatever else Elon's dreaming up.
This is the classic growth company paradox: making money operationally, but reinvesting so aggressively that cash flow stays red. Works great if the growth pays off. Painful if it doesn't.
For now, the trajectory is impressive. Just remember: accounting profit ≠ cash in the bank.