Form 8-K

8-K — SPACE EXPLORATION TECHNOLOGIES CORP

Accession: 0001628280-26-066482

Filed: 2026-10-20

Period: 2026-10-20

CIK: 0001181412

SIC: 7370 (SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC.)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — spcx-20261020.htm (Primary)

EX-99.1 (spaceexplorationtechnologi.htm)

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8-K

8-K (Primary)

Filename: spcx-20261020.htm · Sequence: 1

spcx-20261020

0001181412false00011814122026-10-202026-10-20

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 20, 2026

Space Exploration Technologies Corp.

(Exact name of registrant as specified in its charter)

Texas

001-43344

01-0627671

(State or other jurisdiction of

incorporation or organization)

(Commission File Number)

(I.R.S. Employer

Identification Number)

1 Rocket Road

Starbase, Texas 78521

(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code: (310) 363-6000

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Class A Common Stock, $0.001 par value

SPCX

The Nasdaq Stock Market LLC

Nasdaq Texas, LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.02. Results of Operations and Financial Condition.

On October 20, 2026, Space Exploration Technologies Corp. issued an earnings release announcing results for the quarter ended September 30, 2026.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of, or otherwise regarded as filed under, the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or in the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit

Number

Description

99.1

Space Exploration Technologies Corp. Press Release Dated October 20, 2026

104 Cover Page Interactive Data File (embedded within Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Space Exploration Technologies Corp.

Date: October 20, 2026

By: /s/ Bret Johnsen

Name: Bret Johnsen

Title: Chief Financial Officer

EX-99.1

Filename: spaceexplorationtechnologi.htm · Sequence: 2

Space Exploration Technologies - Live Earnings Release

SpaceX Reports Third Quarter 2026 Results

•Delivered revenue of $14.6 billion, up 161% year-over-year, fueled by our Super Intelligence (SI) segment and

accelerated growth in Connectivity

•Achieved income from operations of $2.8 billion, net income of $4.4 billion, and Adjusted EBITDA of $8.8

billion

•Successfully launched our first revenue-generating Starship mission, delivering 26 Starlink V3 satellites to our

broadband constellation, representing approximately 10x the downlink capacity added by a Falcon 9 Starlink

launch

•Continued to scale nameplate compute, reaching 1.7 GW as of September 30, 2026

•Added $6.7 billion of incremental SI solutions and infrastructure revenue year-over-year, driven by cloud services

agreements, the acquisition of Cursor, and our growing SI models and software applications, including Grok Bot

•Delivered year-over-year revenue growth of 69% and income from operations growth of 99% for the Connectivity

segment, supported by strong momentum in enterprise and government adoption, and continued Starlink

consumer subscriber growth

SpaceX (Nasdaq: SPCX) announced the following financial results for the quarter ended September 30, 2026, as

compared to the prior year quarter:

•Revenues of $14.6 billion, up 161% from $5.6 billion

•Net income of $4.4 billion, an improvement of $5.5 billion from net loss of $1.1 billion

•Adjusted EBITDA of $8.8 billion, up 306% from $2.2 billion

CFO Commentary:

We delivered another strong quarter in Q3. Revenue grew an impressive 161% year-over-year, fueled by continued

momentum in Connectivity and a clear inflection in our Super Intelligence business. The combination of our launch

leadership, recurring Starlink revenue, and the significant expansion of our SI infrastructure continues to drive meaningful

operating leverage.

We are building the infrastructure of the future with discipline — focused on capital efficiency, strong returns on invested

capital, and maintaining a robust, investment-grade balance sheet — while moving with the velocity to capture the

opportunity in front of us.

Note: Adjusted EBITDA is a non-GAAP financial measure. See Note 1 for additional information regarding Adjusted EBITDA. A reconciliation to the most

comparable GAAP financial measure is provided under “Reconciliation of Net Income (Loss) to Adjusted EBITDA.”

Third Quarter Financial Highlights

$, in millions

Three Months Ended

Nine Months Ended

September 30,

2026

June 30, 2026

September 30,

2025

September 30,

2026

September 30,

2025

Revenue

Space

$1,767

$962

$1,666

$3,348

$3,277

Connectivity

5,248

4,291

3,097

12,796

8,159

7,560

2,561

813

10,939

2,278

Total

$14,575

$7,814

$5,576

$27,083

$13,714

Income (Loss) from Operations

Space

$(7)

$(542)

$259

$(1,211)

$(181)

Connectivity

2,367

1,656

1,190

5,211

3,147

431

(1,257)

(1,722)

(3,295)

(4,182)

Total

$2,791

$(143)

$(273)

$705

$(1,216)

Segment Adjusted EBITDA

Space

$357

$(205)

$674

$(199)

$803

Connectivity

3,499

2,597

1,923

8,183

5,123

4,953

1,146

(428)

5,490

(813)

Total

$8,809

$3,538

$2,169

$13,474

$5,113

Capex

Space

$1,606

$1,174

$1,113

$3,832

$2,818

Connectivity

1,543

1,367

1,007

4,242

2,951

16,444

15,828

4,760

39,995

8,077

Total

$19,593

$18,369

$6,880

$48,069

$13,846

Note: Segment Adjusted EBITDA is a non-GAAP financial measure. A reconciliation to the most comparable GAAP financial measure is provided elsewhere in this

release.

Space Segment Operating and Financial Data

$, in millions (except where noted)

Three Months Ended

Nine Months Ended

September 30,

2026

June 30, 2026

September 30,

2025

September 30,

2026

September 30,

2025

Customer launches (#)

Internal launches (#)

Total launches (#)

113

128

Customer payloads (in metric tons)

119

111

251

274

Internal payloads (in metric tons)

358

397

415

1,266

1,353

Mass to orbit (in metric tons)

476

485

525

1,517

1,627

Launch services revenues

$1,130

$648

$1,000

$2,108

$2,056

Launch & development revenues

637

314

666

1,240

1,221

Space revenues

$1,767

$962

$1,666

$3,348

$3,277

Less:

Cost of revenue

$435

$329

$477

$1,045

$1,104

Research and development

1,225

1,076

849

3,231

2,069

Selling, general, and administrative

114

283

256

Impairment

—

Income (loss) from operations

$(7)

$(542)

$259

$(1,211)

$(181)

Segment Adjusted EBITDA reconciliation

Income (loss) from operations

$(7)

$(542)

$259

$(1,211)

$(181)

Depreciation & amortization

185

158

264

509

572

Share-based compensation

179

151

503

383

Impairment

—

Space Adjusted EBITDA

$357

$(205)

$674

$(199)

$803

Space Capex

$1,606

$1,174

$1,113

$3,832

$2,818

Space Business Highlights

•Space revenues were $1.8 billion, up 84% sequentially and 6% year-over-year. We completed 12 customer launches during

the quarter, including NASA’s mission to launch the Nancy Grace Roman Space Telescope

•Completed Starship Flight 14, our first orbital Starship flight, delivering 26 Starlink V3 satellites to our broadband

constellation, representing approximately 10x the downlink capacity added by a Falcon 9 Starlink launch

•Grew our customer launch pipeline, including signing three additional NASA ISS Crew missions, 18 National Security Space

Launch missions, three commercial Starfall missions, as well as a contract to deliver a payload to the lunar surface with

Starship

•Announced the planned development of Starbase, Louisiana, our next-generation spaceport designed to support thousands of

Starship flights a year, with the first launch targeted for 2029

•Total costs and expenses for the Space segment were up $367 million year-over-year as we continued to accelerate R&D

investments in our Starship program

Connectivity Segment Operating and Financial Data

$, in millions (except where noted)

Three Months Ended

Nine Months Ended

September 30,

2026

June 30, 2026

September 30,

2025

September 30,

2026

September 30,

2025

Starlink consumer subscribers (# in millions, as of period

end)

13.6

12.0

7.2

13.6

7.2

Starlink consumer ARPU ($ per month)

$69

$66

$83

$67

$84

Consumer revenues

$3,121

$2,485

$1,986

$7,754

$5,198

Enterprise & government revenues

2,127

1,806

1,111

5,042

2,961

Connectivity revenues

$5,248

$4,291

$3,097

$12,796

$8,159

Less:

Cost of revenue

$2,368

$2,060

$1,657

$6,079

$4,271

Research and development

188

294

141

687

406

Selling, general, and administrative

325

281

109

819

335

Income from operations

$2,367

$1,656

$1,190

$5,211

$3,147

Segment Adjusted EBITDA reconciliation

Income from operations

$2,367

$1,656

$1,190

$5,211

$3,147

Depreciation & amortization

986

805

628

2,574

1,706

Share-based compensation

146

136

105

398

270

Connectivity Adjusted EBITDA

$3,499

$2,597

$1,923

$8,183

$5,123

Connectivity Capex

$1,543

$1,367

$1,007

$4,242

$2,951

Connectivity Business Highlights

•Connectivity revenues were $5.2 billion, up 22% sequentially and 69% year-over-year, driven by an increase in consumer

revenues up 26% sequentially and 57% year-over-year, and enterprise & government revenues up 18% sequentially and 91%

year-over-year

•Drove income from operations for the Connectivity segment up 99% year-over-year to $2.4 billion, and improved

Connectivity Adjusted EBITDA by 82% year-over-year to $3.5 billion

•As of September 30, 2026, reached 13.6 million Starlink consumer subscribers, up 1.6 million sequentially driven by growth

in developed markets, and have hundreds of thousands of additional enterprise subscribers. Starlink consumer monthly

ARPU improved 5% sequentially to $69

•Activated Starlink across existing and new aviation partnerships, reaching over 3,800 aircraft equipped with Starlink as of

September 30, 2026

•Total costs and expenses for the Connectivity segment were up $974 million year-over-year, driven primarily by our growing

satellite constellation, Starlink Kit deliveries, and marketing initiatives to support revenue growth

•Subsequent to the third quarter, entered into an agreement to acquire FCC licenses related to 800 MHz spectrum to advance

our Starlink Mobile strategy. The transaction is expected to close in the first half of 2027, subject to regulatory and other

customary closing conditions

SI Segment Operating and Financial Data

$, in millions (except where noted)

Three Months Ended

Nine Months Ended

September 30,

2026

June 30, 2026

September 30,

2025

September 30,

2026

September 30,

2025

Nameplate compute (in GW)

1.7

1.4

0.6

1.7

0.6

Advertising revenues

$538

$367

$454

$1,248

$1,323

SI solutions & infrastructure revenues

7,022

2,194

359

9,691

955

SI revenues

$7,560

$2,561

$813

$10,939

$2,278

Less:

Cost of revenue

$2,675

$1,106

$571

$4,237

$1,574

Research and development

3,183

2,178

1,301

7,740

3,331

Selling, general, and administrative

1,268

532

385

2,263

1,083

Restructuring charges (credits)

278

(6)

472

Income (loss) from operations

$431

$(1,257)

$(1,722)

$(3,295)

$(4,182)

Segment Adjusted EBITDA reconciliation

Income (loss) from operations

$431

$(1,257)

$(1,722)

$(3,295)

$(4,182)

Depreciation & amortization

2,473

1,885

922

5,851

2,506

Share-based compensation

821

516

1,715

391

Share-based compensation related to acquisitions

1,217

—

1,217

—

Acquisition-related costs

—

Restructuring charges (credits)

278

(6)

472

SI Adjusted EBITDA

$4,953

$1,146

$(428)

$5,490

$(813)

SI Capex

$16,444

$15,828

$4,760

$39,995

$8,077

SI Business Highlights

•SI revenues were $7.6 billion, up 195% sequentially and 830% year-over-year, primarily driven by the activation of new

cloud services agreements, the acquisition of Cursor, and increased Grok adoption across enterprise customers and consumers

•SI income from operations was $431 million, inclusive of $1.2 billion in share-based compensation from the Cursor

acquisition for the quarter, and SI Adjusted EBITDA was $5.0 billion

•Expanded nameplate compute to 1.7 GW as of September 30, 2026, up from 1.4 GW as of June 30, 2026 and 0.6 GW as of

September 30, 2025, as we continued the buildout of COLOSSUS II

•Signed additional cloud services agreements during the quarter, increasing our pipeline of critical SI infrastructure capacity

for third-party customers

•Accelerated Grok model release deployment and introduced Grok Bot, our always-on agentic SI system

•Total costs and expenses for the SI segment were up $4.6 billion year-over-year, driven primarily by the continued buildout

of our compute infrastructure

Other Key Business Developments

Cursor Merger

SpaceX completed its acquisition of Cursor on August 14, 2026, based on an implied equity value of $60 billion, advancing the

Company’s strategy to vertically integrate compute infrastructure, SI models, and applications.

Under the terms of the agreement, certain outstanding common shares of Cursor were converted into SpaceX equity awards with time-

based vesting conditions to retain key talent. In addition, any outstanding, unvested equity awards held by Cursor employees prior to

the acquisition were assumed and converted into equivalent SpaceX awards. The GAAP purchase consideration was $42.5 billion, and

the value of equity awards issued in connection with the acquisition attributable to post-acquisition service is $23.4 billion, subject to

future forfeitures.

From the closing date through September 30, 2026, Cursor contributed $608 million of revenue to the Company’s consolidated results

of operations.

800 MHz Spectrum

On October 8, 2026, SpaceX entered into an agreement to acquire a nationwide low-band spectrum license portfolio of up to 14

megahertz of paired spectrum in the 800 MHz band. The transaction is expected to close in the first half of 2027, subject to regulatory

and other customary closing conditions.

Contacts

Investors

investors@spacex.com

Conference Call and Livestream Information

SpaceX will discuss its financial and operational results, as well as its business outlook, in a live webcast beginning at 3:30 p.m. CT /

4:30 p.m. ET on October 20, 2026. The webcast will be livestreamed on X @SpaceX. A replay and a transcript of the webcast will

also be available at ir.spacex.com.

Notes

Note 1. Non-GAAP Financial Measures

Management believes that certain financial measures that are not presented in accordance with GAAP provide management and

investors with useful supplemental information that provides a meaningful view of our financial condition and results of operations

across periods by removing the impact of items that management believes do not directly reflect our ongoing operating performance.

Adjusted EBITDA and Segment Adjusted EBITDA are supplemental measures that are not required by or presented in accordance

with GAAP. In evaluating our performance as measured by Adjusted EBITDA and Segment Adjusted EBITDA, management

recognizes and considers the limitations of these measures. Other companies in our industry may calculate Adjusted EBITDA and

Segment Adjusted EBITDA differently than we do or may not calculate them at all, limiting their usefulness as comparative measures.

Because of these limitations, Adjusted EBITDA and Segment Adjusted EBITDA should not be considered in isolation or as a

substitute for net income (loss), income (loss) from operations, or any other measure calculated in accordance with GAAP, and should

be considered together with our GAAP financial measures and the reconciliations to the corresponding most directly comparable

GAAP financial measures set forth under “Reconciliation of Net Income (Loss) to Adjusted EBITDA” and elsewhere in this release.

Adjusted EBITDA is defined as net income (loss) excluding (i) depreciation and amortization, (ii) share-based compensation, (iii)

share-based compensation related to equity awards granted in connection with our acquisitions, (iv) acquisition-related costs which

include direct transaction costs related to legal, regulatory, and other professional services fees, (v) restructuring charges, (vi)

impairments, (vii) interest expense, (viii) interest income, (ix) other income (expense), net and (x) provision for (benefit from) income

taxes.

Segment Adjusted EBITDA is defined as segment income (loss) from operations excluding (i) depreciation and amortization, (ii)

share-based compensation, (iii) share-based compensation related to equity awards granted in connection with our acquisitions, (iv)

acquisition-related costs which include direct transaction costs related to legal, regulatory, and other professional services fees, (v)

restructuring charges, and (vi) impairments.

Adjusted EBITDA and Segment Adjusted EBITDA are key performance measures that our management uses to assess our financial

performance as well as for internal planning and forecasting purposes. We consider Adjusted EBITDA and Segment Adjusted

EBITDA to be meaningful performance measures for investors to evaluate our operating performance and to compare the financial

results between periods.

Note 2. Other Definitions

Super Intelligence (SI) refers to the operating and reportable segment previously reported as Artificial Intelligence (AI).

Starlink Consumer Subscribers refers to the metric previously disclosed as Starlink Subscribers. We use this measure to assess the

adoption of Starlink as we expand within and across geographies and business segments. Starlink consumer subscribers includes both

personal (e.g., residential and roam) and business (e.g., local priority and global priority) subscription plans, but does not include

managed enterprise and government customers with contracts in domains including aviation, maritime, land mobility, fixed sites, and

government entities.

Total Satellites in Orbit includes both operational and de-orbit approved satellites. Our prior Satellites in Orbit definition reflected

operational satellites only and would have excluded approximately 400 satellites from our Q3 2026 total. This definitional change has

no impact on our financial results.

Consolidated Financial Statements

Space Exploration Technologies Corp.

Consolidated Statements of Operations

(in millions, except per share data)

(unaudited)

Three Months Ended September

30,

Nine Months Ended September

30,

2026

2025

2026

2025

Revenue ...............................................................................................................................

$14,575

$5,576

$27,083

$13,714

Costs and expenses

Cost of revenue ...............................................................................................................

5,478

2,705

11,361

6,949

Research and development .............................................................................................

4,596

2,291

11,658

5,806

Selling, general, and administrative ................................................................................

1,707

575

3,365

1,674

Restructuring charges (credits) .......................................................................................

278

(6)

472

Impairment ......................................................................................................................

—

Total costs and expenses ...........................................................................................

11,784

5,849

26,378

14,930

Income (loss) from operations ...........................................................................................

2,791

(273)

705

(1,216)

Interest expense (related party of $351 and $- for the three months ended September 30,

2026 and 2025, respectively, and $864 and $- for the nine months ended September

30, 2026 and 2025, respectively) .....................................................................................

(675)

(514)

(1,968)

(1,372)

Interest income ......................................................................................................................

873

155

1,426

370

Other income (expense), net (related party of $561 and $- for the three months ended

September 30, 2026 and 2025, respectively, and $561 and $- for the nine months ended

September 30, 2026 and 2025, respectively) ........................................................................

1,025

140

(937)

342

Income (loss) before income taxes .....................................................................................

4,014

(492)

(774)

(1,876)

Provision for (benefit from) income taxes ............................................................................

(390)

562

(361)

714

Net income (loss) .................................................................................................................

$4,404

$(1,054)

$(413)

$(2,590)

Net income (loss) attributable to shareholders - basic and diluted .................................

$4,404

$(1,054)

$(1,084)

$(2,590)

Net income (loss) per share of common stock attributable to common shareholders

Basic .....................................................................................................................................

$0.37

$(0.36)

$(0.15)

$(0.89)

Diluted ..................................................................................................................................

$0.35

$(0.36)

$(0.15)

$(0.89)

Weighted average shares used in computing net income (loss) per share of common

stock

Basic .....................................................................................................................................

11,942

2,941

7,274

2,915

Diluted ..................................................................................................................................

12,475

2,941

7,274

2,915

Reconciliation of Net Income (Loss) to Adjusted EBITDA

(in millions)

(unaudited)

Three Months Ended September 30,

Nine Months Ended September 30,

2026

2025

2026

2025

Net income (loss)

$4,404

$(1,054)

$(413)

$(2,590)

Add (deduct):

Depreciation and amortization

3,644

1,814

8,934

4,784

Share-based compensation(1)

1,146

350

2,616

1,044

Share-based compensation related to acquisitions

1,217

—

1,217

—

Acquisition-related costs

—

Restructuring charges (credits)

278

(6)

472

Impairments

—

Interest expense

675

514

1,968

1,372

Interest income

(873)

(155)

(1,426)

(370)

Other (income) expense, net

(1,025)

(140)

937

(342)

Provision for (benefit from) income taxes

(390)

562

(361)

714

Adjusted EBITDA

$8,809

$2,169

$13,474

$5,113

__________________

(1)Share-based compensation expense excludes share-based compensation related to equity awards granted in connection with acquisitions, which is separately

presented

Space Exploration Technologies Corp.

Consolidated Balance Sheets

(in millions, except per share data)

(unaudited)

September 30, 2026

December 31, 2025

Assets

Current assets

Cash and cash equivalents ..................................................................................................................................................

$51,294

$24,747

Marketable securities ..........................................................................................................................................................

38,561

—

Accounts receivable, net of allowance for credit losses of $67 and $39 at September 30, 2026 and December 31,

2025, respectively .........................................................................................................................................................

4,772

1,579

Inventory .............................................................................................................................................................................

2,891

2,416

Prepaid expenses and other current assets ..........................................................................................................................

3,457

2,210

Total current assets ....................................................................................................................................................

100,975

30,952

Property, plant, and equipment, net ..........................................................................................................................................

89,483

42,602

Finance lease right-of-use assets ..............................................................................................................................................

1,040

1,260

Intangible assets, net .................................................................................................................................................................

6,354

1,548

Digital assets .............................................................................................................................................................................

1,573

1,637

Goodwill ...................................................................................................................................................................................

48,423

11,809

Deferred tax assets ....................................................................................................................................................................

388

141

Other assets (related party of $570 and $10 at September 30, 2026 and December 31, 2025, respectively) ..........................

5,809

2,130

Total assets .................................................................................................................................................................

$254,045

$92,079

Liabilities, Redeemable Convertible Preferred Stock, and Shareholders’ Equity

Current liabilities

Accounts payable ......................................................................................................................................................................

13,259

11,792

Deferred revenue, current ........................................................................................................................................................

10,784

6,111

Debt and finance leases, current (related party of $2,181 and $455 at September 30, 2026 and December 31, 2025,

respectively) .........................................................................................................................................................................

2,698

928

Accrued expenses and other current liabilities .........................................................................................................................

5,997

2,569

Total current liabilities ...........................................................................................................................................................

32,738

21,400

Long-term liabilities

Deferred revenue, net of current ..............................................................................................................................................

6,736

6,005

Debt and finance leases, net of current (related party of $10,716 and $4,052 at September 30, 2026 and December 31,

2025, respectively) ...............................................................................................................................................................

36,146

21,968

Other liabilities .........................................................................................................................................................................

1,657

1,381

Total liabilities .......................................................................................................................................................................

77,277

50,754

Commitments and contingencies (Note 16)

Redeemable convertible preferred stock

Redeemable convertible preferred stock, par value $0.001; - and 2,351 shares issued; - and 2,046 shares outstanding as of

September 30, 2026 and December 31, 2025, respectively .................................................................................................

—

38,752

Shareholders’ equity

Preferred stock, par value $0.001; no shares issued and outstanding as of September 30, 2026 and December 31, 2025,

respectively ...............................................................................................................................................................................

—

Class A common stock, par value $0.001; 8,240 and 2,036 shares issued; 8,240 and 1,952 shares outstanding as of

September 30, 2026 and December 31, 2025, respectively .................................................................................................

Class B common stock, par value $0.001; 5,339 and 644 shares issued and outstanding as of September 30, 2026 and

December 31, 2025, respectively .........................................................................................................................................

Class C common stock, par value $0.001; - and 482 shares issued and outstanding as of September 30, 2026 and

December 31, 2025, respectively .........................................................................................................................................

—

Additional paid-in capital .........................................................................................................................................................

212,539

37,706

Accumulated deficit ..................................................................................................................................................................

(37,448)

(37,035)

Accumulated other comprehensive income ..............................................................................................................................

1,664

1,898

Total shareholders’ equity ....................................................................................................................................................

176,768

2,573

Total liabilities, redeemable convertible preferred stock, and shareholders’ equity ......................................................

$254,045

$92,079

Space Exploration Technologies Corp.

Consolidated Statements of Cash Flows

(in millions)

(unaudited)

Nine Months Ended September 30,

2026

2025

Cash flows from operating activities

Net loss .......................................................................................................................................................................................

$(413)

$(2,590)

Adjustments to reconcile net loss to net cash provided by operating activities: ................................................................

Depreciation and amortization .............................................................................................................................................

8,934

4,784

Share-based compensation ...................................................................................................................................................

3,833

1,044

Deferred income taxes .........................................................................................................................................................

(455)

623

Unrealized (gain) loss on digital assets ................................................................................................................................

(389)

Unrealized gain on investments in unconsolidated affiliates, net ........................................................................................

(532)

—

Loss on debt extinguishment ................................................................................................................................................

1,545

—

Other .....................................................................................................................................................................................

(254)

193

Changes in operating assets and liabilities

Accounts receivable .......................................................................................................................................................

(2,882)

(934)

Inventory ........................................................................................................................................................................

(1,381)

(378)

Prepaid expenses and other assets ..................................................................................................................................

(1,305)

(427)

Accounts payable ...........................................................................................................................................................

(970)

668

Deferred revenue ............................................................................................................................................................

4,922

404

Other liabilities, net ........................................................................................................................................................

1,991

1,122

Net cash provided by operating activities ................................................................................................................

$13,097

$4,120

Cash flows from investing activities

Purchases of property, plant, and equipment (related party of $480 and $285 for September 30, 2026 and 2025,

respectively) ...............................................................................................................................................................................

(48,069)

(13,846)

Capitalized interest .....................................................................................................................................................................

(20)

(96)

Proceeds from product rebates ...................................................................................................................................................

1,372

—

Purchases of marketable securities ............................................................................................................................................

(46,834)

(601)

Maturities of marketable securities ............................................................................................................................................

9,158

548

Proceeds from sales of marketable securities ............................................................................................................................

1,173

Payments for intangible assets ...................................................................................................................................................

(866)

—

Cash received from acquisition of businesses ............................................................................................................................

514

—

Other investing activities, net .....................................................................................................................................................

(175)

Net cash used in investing activities ....................................................................................................................................

$(84,611)

$(12,997)

Cash flows from financing activities

Principal repayments on finance leases .....................................................................................................................................

(270)

(213)

Proceeds from debt and other financing obligations ..................................................................................................................

51,834

10,947

Payment of debt issuance costs ..................................................................................................................................................

(124)

(66)

Repayments on debt and other financing obligations ................................................................................................................

(39,845)

(6,014)

Payment of debt extinguishment premium ................................................................................................................................

(1,153)

—

Proceeds from issuance of capital stock, net of issuance costs ..................................................................................................

8,319

5,299

Proceeds from employee equity award plans .............................................................................................................................

368

206

Payments for repurchase of common and redeemable convertible preferred stock ...................................................................

(4,426)

(525)

Taxes paid related to net share settlement of equity awards ......................................................................................................

(559)

(194)

Proceeds from IPO, net of underwriting commissions and offering costs .................................................................................

85,675

—

Net cash provided by financing activities ............................................................................................................................

$99,819

$9,440

Effect of exchange rate changes on cash and cash equivalents .................................................................................................

(43)

Net change in cash and cash equivalents and restricted cash ....................................................................................................

28,262

632

Cash and cash equivalents and restricted cash, beginning of the period ...................................................................................

25,124

11,501

Cash and cash equivalents and restricted cash, end of the period ..............................................................................................

$53,386

$12,133

About SpaceX

Founded in 2002, SpaceX is the only company building the integrated hardware and software infrastructure of the future across space,

connectivity, and Super Intelligence. At our core, we are builders. We design, manufacture, launch, and operate products and services

built on cutting-edge technologies, including the world’s most advanced rockets and spacecraft.

Forward-Looking Statements

This release contains certain “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as

amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking

statements include, but are not limited to, statements concerning the development and deployment of Starship, the size and growth of

our various existing and future markets, demand for our products and services, our target launch cadence and expansion of our

manufacturing and operational capacity, our ability to execute our growth strategy and scale our operations efficiently, our ability to

solve novel issues and navigate and monetize technologies and environments that have never been accessed or economized before, our

ability to design, develop and successfully commercialize new and innovative technologies, products, and services, our ability to scale

and monetize our SI products, services, and compute infrastructure, including our ability to expand nameplate compute, complete data

center buildouts, obtain sufficient power, GPUs, other critical components and related infrastructure, and manage the associated costs,

timing, and operational risks associated therewith, the amount, nature, and timing of our capital expenditures, our future debt levels,

credit ratings and ability to obtain financing on acceptable terms, forecasts and projections of our future financial performance,

including future revenue and the amount and timing of our annualized revenue run-rate, our ability to manage our supply chain to

support our operations and growth, our ability to identify, realize benefits and manage risks of acquisitions and strategic partnerships,

including the Cursor Merger, our evaluation or pursuit of strategic investments, partnerships, acquisitions, and other transactions, our

plans for Starlink Mobile, including our ability to obtain and maintain required regulatory approvals, licenses and spectrum

authorizations, the competitive landscape in the industries in which we operate, the implementation, interpretation, and impact of

applicable current or future regulations, our ability to realize benefits and manage risks of being a public company, volatility in the

capital markets and the trading price of our Class A common stock, and general economic conditions. The words “anticipates,”

“believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “projects,” “will,” “would,” “predicts” and similar expressions

are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words, or

similar expressions that are predictions of or indicate future events or trends that do not relate to historical matters. These forward-

looking statements are inherently difficult to predict and involve risks, contingencies, and uncertainties and other important factors

that could cause our actual results and outcomes to differ materially from those described or implied for a variety of reasons,

including, without limitation, significant business, economic, competitive, regulatory, technological, environmental, political, and

other risks, contingencies and uncertainties, as well as those described in the “Risk Factors” and “Management’s Discussion and

Analysis of Financial Condition and Results of Operations” sections of our SEC filings, including, but not limited to, quarterly reports

on Form 10-Q and the final prospectus filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act. Forward-looking

statements are based on assumptions with respect to management’s future and current expectations are not guarantees and speak only

as of the date of this release. We undertake no obligation to update these statements unless required by law, and we caution you not to

place undue reliance on them.

Disclosure Information

SpaceX announces material information, including with respect to its quarterly and annual financial results and other material

developments, to the public primarily through its investor relations page (ir.spacex.com) and its X account (@SpaceX). As such,

SpaceX encourages members of the investment community, the media, and others to follow the channels listed above and to review

the information disclosed through such channels. SpaceX will also disclose the relevant information in its SEC filings as required

under the applicable SEC rules.

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