SpaceX poised to report quarterly results with Starlink, AI revenue in focus

SpaceX is best known for its reusable rockets, but the Starlink satellite internet service has become the main driver of revenue and profit. StreetAccount estimates put AI revenue at $6.47 billion for the quarter, connectivity sales at $4.84 billion and space business revenue at $1.41 billion.

Ahead of the results, Starlink has moved to expand into the US mobile market. Earlier this month, SpaceX announced it is buying 800 MHz of low-band spectrum, and the Federal Communications Commission approved a plan for the company to build a 15,000-satellite constellation. RBC Capital Markets analysts said the moves strengthen "Starlink Mobile's ability to compete with major carriers by enabling broader, deeper coverage." The firm has a $225 price target on the stock, equivalent to a buy rating.

SpaceX also closed its $60 billion purchase of AI coding startup Cursor during the quarter.

Analysis

Why This Matters

The results are an early test of SpaceX's post-IPO performance, with the company now a publicly traded defense tech conglomerate dependent on Starlink for most revenue and profit.
Starlink's push into a US mobile network could change competitive dynamics in the carrier market.
The Cursor deal signals an expanding AI business; investors will watch whether that revenue stream grows.

Background

SpaceX went public in June after years as a privately held launch company. Its reusable rockets are its best-known product, but Starlink has become the core financial engine. The company is now adding AI businesses, closing the $60 billion acquisition of AI coding startup Cursor in the quarter. Regulators have also cleared steps toward a US mobile network, including a 15,000-satellite constellation and the purchase of 800 MHz of low-band spectrum.

Key Perspectives

RBC Capital Markets: Positive on Starlink's US expansion, arguing the spectrum and constellation approvals strengthen its competitive position against major carriers. It rates the stock a buy with a $225 target. Market consensus: LSEG and StreetAccount expectations frame the numbers investors will judge against: $12.72 billion revenue, 13 cents EPS, with AI and connectivity as the largest segments.

What to Watch

Whether actual results beat or miss the revenue and EPS consensus, and growth in AI revenue versus connectivity.
Any detail on Starlink's US network buildout timeline.
Early indications of how the Cursor acquisition is performing.

Checked

12 claims in this story checked against 1 source: 9 supported.

Show each claim

Partly supportedSpaceX will report third-quarter earnings after the bell on Tuesday.Tech: “SpaceX is set to announce third-quarter results after the bell on Tuesday”
SupportedLSEG consensus estimates put third-quarter revenue at $12.72 billion.Tech: “Revenue: $12.72 billion expected”
SupportedLSEG consensus estimates put earnings per share at 13 cents.Tech: “Earnings per share: 13 cents expected”
Partly supportedStarlink has become the main driver of SpaceX revenue and profit.Tech: “most of its revenue and profit in recent quarters came from the company's connectivity segment, which consists of its Starlink satellite internet service.”
Partly supportedStarlink has moved to expand into the US mobile market.Tech: “Buzz is building about Starlink's plans to build a U.S. network”
SupportedStreetAccount estimates AI revenue at $6.47 billion for the quarter.Tech: “analysts are expecting AI revenue of $6.47 billion”
SupportedStreetAccount estimates connectivity sales at $4.84 billion for the quarter.Tech: “connectivity sales of $4.84 billion”
SupportedStreetAccount estimates space business revenue at $1.41 billion for the quarter.Tech: “revenue in the space business of $1.41 billion”
SupportedSpaceX announced earlier this month that it is buying 800 MHz of low-band spectrum.Tech: “SpaceX, earlier this month, announced that it's buying 800 MHz of low-band spectrum”
SupportedThe FCC approved a plan for SpaceX to build a 15,000-satellite constellation.Tech: “the Federal Communications Commission approved a plan for the company to build out a 15,000-satellite constellation.”
SupportedRBC Capital Markets analysts said the moves strengthen “Starlink Mobile's ability to compete with major carriers by enabling broader, deeper coverage.”Tech: “The moves strengthen "Starlink Mobile's ability to compete with major carriers by enabling broader, deeper coverage," RBC Capital Markets analysts wrote in a note ahead of earnings.”
SupportedSpaceX closed its $60 billion purchase of AI coding startup Cursor during the third quarter.Tech: “During the third quarter, SpaceX also closed its $60 billion purchase of AI coding startup Cursor.”