8-K ·Filed Oct 20, 2026
8-K Item 2.02: Earnings release
Actionable Insight ◆ Mixed
Monitor the Q4 guidance call for capex trajectory and SI segment margin progression; the massive SI capex ($16.4B in Q3) and Cursor-related dilution are key to near-term EPS trajectory.
Latest settled — T+1d
SPCX ▼ -9.14% at T+1d
NEUTRAL call -9.14% · α vs SPY -7.96% · entry $159.31 → $144.75
Latest observation: T+2 -4.51% FF3 residual α
T+1d
-9.14%
call -9.14% · α -7.96%
$144.75
settled 7d ago
T+5d
Pending
due 13h ago
T+20d
Pending
in 20d
T+60d
Pending
in 3mo
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Executive Summary
The SI segment drove the headline growth, contributing $7.6B in revenue (up 830% YoY), while Connectivity grew 69% YoY.
Key Financial Metrics
EPS
$0.35
Revenue
$14.6B
+161.0% YoY
Key Facts
- Revenue of $14.6B, up 161% YoY from $5.6B.
- GAAP diluted EPS of $0.35 (diluted shares surged to 12.5B from 2.9B YoY)
- SI segment revenue $7.6B (up 830% YoY), driven by Cursor acquisition and cloud services
- Connectivity revenue $5.2B (up 69% YoY), with Starlink subscribers reaching 13.6M
- Total capex of $19.6B in Q3, with SI segment capex of $16.4B
- Completed Cursor acquisition on Aug 14, 2026 for $42.5B GAAP consideration, plus $23.4B in post-acquisition equity awards
- Operating cash flow of $13.1B for the nine months ended Sep 30, 2026, up from $4.1B YoY
- Cash and equivalents of $51.3B as of Sep 30, 2026, up from $24.7B at Dec 31, 2025
Financial Impact
Capex run-rate implies $78B+ annualized, raising dilution and cash-burn concerns.
revenueepsdilutioncapexdebt
Risk Factors
- SI segment capex of $16.4B in Q3 alone raises questions about capital efficiency and future dilution
- Diluted share count surged from 2.9B to 12.5B YoY due to IPO and Cursor acquisition, pressuring EPS
- Space segment operating loss of $7M vs $259M income YoY, driven by Starship R&D investment
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-066482 |
| Document: spcx-20261020.htm | 0001628280-26-066482 |
| Document: 0001628280-26-066482-index-headers.html | 0001628280-26-066482 |
| Document: 0001628280-26-066482-index.html | 0001628280-26-066482 |
| Document: 0001628280-26-066482.txt | 0001628280-26-066482 |
| 8-K Data (Synthetic) | 0001628280-26-066482 |
15 reports for SPCX
67% Hit rate @ T+1 Went positive at some point 7 of 9 best @ T+1▲ +19.60%
Filters
Rows
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | 8-K | $146.90 $148.58 | ▲ +1.14% | ▲ +0.58% | $146.90 (−0.00%) |
Oct 21, 2026 6d ago | Institutional Cluster | $144.75 $147.49 | ▲ +1.89% | ▲ +2.42% | $146.90 (+1.49%) |
Oct 20, 2026 7d ago | 8-K | $159.31 $144.75 | ▼ −9.14% | ▼ −7.96% | $146.90 (−7.79%) |
Sep 18, 2026 5w ago | GOVT-CONTRACT | $151.85 $154.72 | ▲ +1.89% | ▲ +1.91% | $146.90 (−3.26%) |
Aug 21, 2026 9w ago | GOVT-CONTRACT | $135.00 $137.95 | ▲ +2.19% | ▲ +1.87% | $146.90 (+8.81%) |
Aug 14, 2026 10w ago | 8-K | $140.00 $146.23 | ▲ +4.45% | ▲ +4.92% | $146.90 (+4.93%) |
Aug 9, 2026 11w ago | Institutional Cluster | $138.74 $133.29 | ▼ −3.93% | ▼ −3.61% | $146.90 (+5.88%) |
Jul 16, 2026 14w ago | GOVT-CONTRACT | $123.99 $119.85 | ▼ −3.34% | ▼ −3.18% | $146.90 (+18.48%) |
Jun 26, 2026 17w ago | 8-K | $164.19 $170.86 | ▲ +4.06% | ▲ +3.28% | $146.90 (−10.53%) |
Jun 23, 2026 18w ago | 8-K | $154.54 $153.00 | ▼ −1.00% | ▼ −1.14% | $146.90 (−4.94%) |
Showing 10 of 15
US Market Status
Market Closed — Opens Thu (12h 17m)
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