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via Facebook   Share Article via Twitter   Share Article via LinkedIn   Share Article via Email    Musk says Tesla and SpaceX formed special committees to discuss merger: Live updates (https://www.cnbc.com/lora-kolodny/) Lora Kolodny       This is CNBC's live coverage of SpaceX's 2026 third-quarter earnings.           (SpaceX earnings in focus as Starlink growth and AI spending take center stage)   watch now      VIDEO 2:20 02:20  SpaceX earnings in focus as Starlink growth and AI spending take center stage (https://www.cnbc.com/morning-call/) Morning Call        (https://www.cnbc.com/quotes/SPCX/) SpaceX shares climbed about 8% in extended trading on Tuesday after the company reported 161% revenue growth for the third quarter, beating Wall Street estimates, with its artificial intelligence business growing ninefold.  On the earnings call, CEO (https://www.cnbc.com/elon-musk/) Elon Musk said a merger with (https://www.cnbc.com/quotes/TSLA/) Tesla      , his automaker, would be a "good idea," adding that the boards of both companies have formed special committees to discuss a tie-up. Tesla reports third-quarter results after the bell on Wednesday.  Here's how SpaceX did compared to LSEG consensus estimates: Revenue:  $14.58 billion vs. $12.72 billion expected Earnings per share: 45 cents adjusted vs. 13 cents expected  SpaceX said in a (https://d18rn0p25nwr6d.cloudfront.net/CIK-0001181412/b010899c-e65f-4f2e-a4f7-9166d40bbaab.pdf) release that it recorded operating income of $2.8 billion and net income of $4.4 billion. In the same period a year earlier, SpaceX reported a net loss of $1.05 billion.  CFO Bret Johnsen said on the call that revenue in the first quarter of 2027 will be $33 billion to $37 billion, trouncing the average $22.2 billion average analyst estimate, according to LSEG. Johnsen attributed the forecast to "increased visibility into our compute contract pipeline over the next six months." While SpaceX is best known for its reusable rockets, most of its revenue and profit in recent quarters came from the company's connectivity segment, which consists of its (https://www.cnbc.com/2026/06/11/spacex-starlink-growth-getting-harder-ahead-of-ipo.html) Starlink satellite internet service.  Starlink's subscribers base grew to 13.6 million in the quarter, up from 12 million in the prior period.  Total connectivity revenue jumped 69% to $5.25 billion from $3.1 billion a year earlier. Analysts were expecting $4.84 billion, according to StreetAccount. Revenue from consumer Starlink subscribers amounted to $3.12 billion, while the company generated $2.13 billion from government and enterprise customers. Buzz has been building about Starlink's plans to build a U.S. mobile network after SpaceX, earlier this month, (https://www.cnbc.com/2026/10/08/spacex-spectrum-license-att-verizon-tmobile.html) announced that it's buying 800 MHz of low-band spectrum, and after the Federal Communications Commission approved a plan for the company to build out a 15,000-satellite constellation. SpaceX jumped into AI with the purchase earlier this year of xAI, Musk's AI lab. The company has been rapidly expanding that business by renting out capacity to (https://www.cnbc.com/quotes/GOOGL/) Google      , (https://www.cnbc.com/quotes/ANTHR.FG/) Anthropic      and others.  AI, which SpaceX now calls "Super Intelligence," has emerged as its largest business. Revenue jumped ninefold to $7.56 billion from $813 million in the same quarter last year. Analysts expected sales of $6.47 billion, according to StreetAccount.  During the third quarter, SpaceX also closed its $60 billion purchase of AI coding startup Cursor. Meanwhile, SpaceX's launch business was up just slightly in the quarter, with sales rising to $1.77 billion from $1.67 billion a year ago.  Almost all of SpaceX's profit still comes from Starlink. Operating income in the connectivity unit about doubled to $2.37 billion. The AI business swung to a profit of $431 million, while the space division lost $7 million.  Between infrastructure, cloud deals and paying users of the Grok AI models and products, Musk said on the call that annual recurring revenue by the end of next year will be between $500 billion and $1 trillion. Analysts are projecting full-year 2027 revenue of about $110 billion, according to LSEG, which would be up more than 100% from this year.          4 Hours Ago    SpaceX generated revenue of $1.77 billion from launches  (SpaceX shares continue to climb on Q3 beat)   watch now      VIDEO 5:47 05:47  SpaceX shares continue to climb on Q3 beat (https://www.cnbc.com/fastmoney/) Fast Money        SpaceX's launch business generated $1.77 billion in revenue in the third quarter. The company touted its Starship Flight 14 as a major milestone on the earnings call, and Musk said SpaceX will attempt to "catch both the booster and the ship," during its next test flight of the massive rocket.  He added that SpaceX has a "steady stream of Starship flight attempts" scheduled through the end of this year, and accelerating next year. The company recently announced plans to build a (https://www.cnbc.com/2026/08/25/spacex-louisiana-spaceport.html) $100 billion spaceport in Louisiana. SpaceX COO Gwynne Shotwell said on the call that SpaceX aims to conduct its first launch from the facility by 2029. Musk said the first launch may be possible by the end of 2028.      4 Hours Ago    SpaceX must face NAACP lawsuit over air pollution in Memphis area  The U.S. Department of Justice lost its bid to have a federal court in Mississippi toss a lawsuit filed by the NAACP against SpaceX alleging Clean Air Act violations by Musk's company in the Memphis area.  The DOJ had accused the NAACP of threatening "American national, economic, and energy security" by asking the court to temporarily shut off of the power supply used by SpaceX at its Colossus data centers. The data centers are powered by methane gas-burning turbines, installed by SpaceX's AI business. The NAACP, in its suit, said Musk's company built and used gas-burning turbines for power without first obtaining proper permits, and without installing required pollution controls. In the court's order, (https://earthjustice.org/wp-content/uploads/2026/10/show_temp.pdf) published Tuesday , a judge wrote there was "no 'fairly possible' interpretation of the Clean Air Act that would give the United States the right to unilaterally dismiss a citizen suit."      7 Hours Ago    Musk says Tesla-SpaceX merger would be 'good idea'   A fleet of Tesla Cyber trucks is parked at charging stations outside the SpaceX launch production facility in Starbase, Texas, U.S., July 20, 2026.  Steve Nesius | Reuters    Musk said the boards at Tesla and SpaceX have formed special committees to discuss a potential merger "at the request of shareholders," noting that these groups "consist of independent directors."  Because Musk is a "conflicted party," he said he can't be in the discussions.  "I do think there's a lot of merit to combining the companies as we are pretty much in the superintelligence singularity, and there's a lot to be gained from cooperating," Musk said, referring to the development of software, chips and more.  "Do I think it would be a good idea? Yes," Musk said. "But at the end of the day, the shareholders have to be supportive of this." Musk said that on the Tesla side, "we will need a 50% vote of all shares -- not just those who vote -- but of all shareholders, and that's quite a high hurdle." Venture capitalist Ira Ehrenpreis is on the boards of both companies.  —Lora Kolodny      7 Hours Ago    Musk targets 2028 for start of chip production at Terafab Musk said on the call that SpaceX aims to reach "volume production" of AI chips, now in development with partners Tesla and (https://www.cnbc.com/quotes/INTC/) Intel      , during the third quarter of 2028 at the Terafab factory that's planned in Texas. Musk thanked ASML and other suppliers for prioritizing equipment deliveries for the factory.  SpaceX secured significant tax incentives in June for the facility despite local opposition from residents concerned about the strain on local resources. —Lora Kolodny      7 Hours Ago    Musk ordered restrictions on Starlink in Ukraine, according to WSJ (Ukraine’s Zelenskyy criticizes President Trump’s decision to suspend new sanctions on Russia)   watch now      VIDEO 1:53 01:53  Ukraine’s Zelenskyy criticizes President Trump’s decision to suspend new sanctions on Russia (https://www.cnbc.com/squawk-on-the-street/) Squawk on the Street        According to a report from the Wall Street Journal on Tuesday, Musk ordered restrictions on the use of (https://www.cnbc.com/2026/10/14/russia-ukraine-energy-ceasefire-power-outages.html) Starshield , a military-grade version of Starlink, in Ukraine in recent weeks, impeding some military operations and the country's ability to defend against intensifying attacks by Russia. (https://www.cnbc.com/elon-musk/) Musk previously pinned (https://www.cnbc.com/2026/10/15/elon-musk-starlink-ukraine-trump-energy-ceasefire.html) responsibility for any restrictions on the U.S. government and President Donald Trump, (https://x.com/elonmusk/status/2110445577184133456) writing on X that, "Starshield systems are owned and controlled by the US government." The Journal, citing a person familiar with the situation, said Musk talked to senior administration officials, including Trump, "before imposing the new speed cap."  The limits caused Ukraine's drones to lose Starshield connectivity when traveling at speed over 100 miles per hour. —Lora Kolodny      8 Hours Ago    SpaceX's AI catalysts SpaceX said in its shareholder deck that AI growth was spurred by "the activation of new cloud services agreements, the acquisition of Cursor and increased Grok adoption." Of its $19.6 billion in capital expenditures in the quarter, more than $16.4 billion was committed to the AI business.  Musk said on the company's call that SpaceX aims to "deploy power, cooling infrastructure at a rate that is vastly faster than anyone else."  In its Memphis-area data centers, SpaceX's AI business is on track to be able to bring 200,000 of (https://www.cnbc.com/quotes/NVDA/) Nvidia's      Grace Blackwell system online "every month for the remainder of this year." —Lora Kolodny     8 Hours Ago    Starlink subscriber count rises to 13.6 million   SpaceX Starship deploys a Starlink satellite into orbit on Sept. 28, 2026. Source: SpaceX    SpaceX reported that its Starlink subscriber count rose to 13.6 million in the third quarter, with average revenue per user increasing to $69, up from 12 million Starlink subscribers and ARPU of $66 in the prior period. The company boasted in an investor update that Starlink was activated in over 3,800 aircraft as of the quarter's end. Customers include American Airlines.  Musk recently threatened (https://www.cnbc.com/quotes/DAL/) Delta      CEO Ed Bastian, saying he would lose his job because his airline has not yet made Starlink wireless internet available in their planes.     9 Hours Ago    SpaceX earnings call coming half hour after the close SpaceX is scheduled to hold its third-quarter earnings call at 4:30 p.m. ET. The company encouraged shareholders to (https://questiontime.ir.spacex.com/e/spacex-q3-2026-earnings-q-a) submit questions online ahead of the meeting.  —Ari Levy      10 Hours Ago    Tesla reports results on Wednesday   Tesla unveils its long-delayed Roadster nearly a decade after first revealing a next-generation version of its original electric sports ​car, at a launch event in Waco, Texas, Oct. 15, 2026 Source: Tesla    Musk's other public company, Tesla, is scheduled to post third-quarter results on Wednesday. Analysts expect revenue at the electric vehicle maker to dip slightly from a year ago to $27.9 billion, according to LSEG.  Tesla shares are down about 17% this year as of Tuesday, leaving the company with a market cap of almost $1.5 trillion. Correction: A prior version of this post had an incorrect market cap  —Ari Levy      11 Hours Ago    Tough time for neoclouds Stock Chart Icon Stock chart icon        (hide content)    (CoreWeave and Nebius in October)   CoreWeave and Nebius in October  SpaceX is relatively new to the cloud computing business. Many of its competitors in the space, the so-called neoclouds, have been getting hammered on Wall Street of late on concerns that rising interest rates are going to make the costly buildout financially burdensome.  (https://www.cnbc.com/quotes/CRWV/) CoreWeave      and (https://www.cnbc.com/quotes/NBIS/) Nebius      are down 28% so far in October, while (https://www.cnbc.com/quotes/IREN/) IREN      has plunged about 35%. Earlier this month, Australian AI data center operator Firmus (https://www.cnbc.com/2026/10/09/nvidia-ai-firmus-ipo-.html) withdrew its planned IPO, citing market volatility and conditions. While SpaceX is far less reliant on that side of its business than are the neoclouds, capital costs still matter, and the company is banking on the AI boom continuing. In the second quarter, debt and finance leases increased to $36.8 billion, up from $22 billion the prior period.  —Ari Levy      11 Hours Ago    How the stock has done since the IPO   Billboards in Times Square celebrate the SpaceX IPO debut at the Nasdaq on June 12th, 2026.  Adam Jeffery | CNBC     Stock Chart Icon Stock chart icon        (hide content)    (SpaceX stock chart.)   SpaceX stock chart.  Since opening at $150 on June 12, SpaceX shares have edged slightly lower, slipping to $147.50 on Tuesday. That gives Space a market cap of about $2 trillion. The stock hit a low of $104.83 on Aug. 3, a few days before the first post-IPO lockup expired, making more than 911 million SpaceX shares available for trading. The lockup lifted on Aug. 6, and the stock rallied, popping 6% initially, then nearly 16% the day after. —Lora Kolodny      12 Hours Ago    Starship hits several milestones, but is still being tested   The SpaceX Starship and Super Heavy v3 Booster lift off on its 14th test flight from the SpaceX launch complex in Starbase, Texas, US, September 28, 2026.  Steve Nesius | Reuters    SpaceX continues to serve as a critical launch provider to the U.S. Defense Department and NASA. The business hasn't been historically profitable, but it's the segment that captured the public's interest in the rocket maker. In the second quarter, SpaceX reported launch revenue of $962 million and a net loss of $542 million. Future profitability hinges on the success of SpaceX's Starship mega-rocket, which is still being developed and tested.  Since the company's last earnings call in August, SpaceX hit multiple milestones, reaching orbit and using Starship to deploy dozens of its new V.3 Starlink satellites during Test Flight 14. But the rocket is still far from reliable or reusable. Investors are awaiting an update on pending NASA missions and the future of the older Falcon rocket. SpaceX has reportedly stopped allowing other companies to launch their cargo, including satellites, into orbit on Falcon missions.  —Lora Kolodny       13 Hours Ago    Capex and the SpaceXAI data center build out   A drone view shows the xAI Colossus 2 "Macrohard" data centre in Southaven, Mississippi, U.S., May 30, 2026.  Kevin Wurm | Reuters    In its first earnings report in August, SpaceX reported capital expenditures of $18.4 billion, with 80% of that going towards its artificial intelligence division. That number spooked Wall Street, and shares dropped following the report. SpaceX and xAI merged in February and the company has been pouring money into its effort to become a major player in AI, a market dominated by OpenAI, Anthropic and Google. The AI division also acquired Cursor in a $60 billion transaction and is now known as either SpaceXAI or SpaceXSI, with the "SI" standing for President Donald Trump's preferred "Super Intelligence." —Lora Kolodny       13 Hours Ago    Analysts are bullish on SpaceX ahead of earnings   A general view of a SpaceX building on the day of the company’s initial public offering (IPO), in Starbase, Texas, U.S., June 12, 2026.  Gabriel V. Cardenas | Reuters    Wall Street is sounding bullish on SpaceX ahead of its third-quarter earnings report, to be delivered after the bell on Tuesday. Mizuho has an outperform rating on the stock and a $200 price target, per a Monday note from analyst Brett Linzey. Shares were trading around $148 as of 10:45 a.m. on Tuesday. "AI is the largest swing factor for 3Q26 revenue and EBITDA. Consensus has AI revenue of $6.30B (+146% Q/Q from $2.56B) and AI adj. EBITDA of $3.32B (from $1.15B)," he wrote. Analysts are expecting some conversation about deals or competitive plays with cable and telecom companies following SpaceX's acquisition of low-band spectrum earlier this month. "We expect initial strategic commentary centers around Connectivity and how SPCX can partner/compete its way into global markets, although we think low-band distribution becomes a meaningful intelligence lever over time," Colin Canfield at Cantor Fitzgerald wrote in a Monday note. He has a price target of $246 and an overweight rating on the stock. Oppenheimer's expectations are more measured. The bank thinks the quarter will be "in-line" with "guidance reiterated." "Industry subscriber growth is slowing with limited room for pricing action, so focus is shifting from net adds and service revenue growth toward cost-cutting using AI, and lower subsidies/churn," Timothy Horan at Oppenheimer told clients in a Tuesday note. He expects "more rational incumbent behavior" from SpaceX's competitors. –Tobias Burns      14 Hours Ago    Musk says he's giving stock to U.S. kids (Elon Musk vows to donate SpaceX shares to every child in America)   watch now      VIDEO 1:53 01:53  Elon Musk vows to donate SpaceX shares to every child in America (https://www.cnbc.com/the-exchange/) The Exchange        Musk said Monday that he'll (https://www.cnbc.com/2026/10/19/elon-musk-spacex-shares-giveaway-kids.html) give every child in the U.S. one of his SpaceX shares next year.  With 72 million children under 18 in the U.S. as of July 1, 2025, according to official census data, that would amount a giveaway of about $10.5 billion worth of shares as of the current price.  Musk, the world's richest person with a net worth of over $900 billion, said in a post on X that, "This will be the first of many," without providing further details. However, when it comes to fulfilling his (https://www.economist.com/business/2026/10/13/elon-musks-foundation-is-opaque-miserly-and-self-serving) philanthropic promises , Musk has a spotty track record. —Ari Levy      15 Hours Ago    Starshield issues in Ukraine   Ukrainian President Volodymyr Zelenskyy holds a press conference during the second day of the European Union leaders' summit in Brussels, Belgium, on October 16, 2026. Dursun Aydemir | Anadolu | Getty Images    A military tier of Starlink, marketed as Starshield, has drawn scrutiny of late as restrictions on the system in Ukraine hindered the country's ability to defend itself against intensifying attacks by Russia. Ukrainian officials said (https://www.cnbc.com/quotes/SPCX/) SpaceX and the Trump administration (https://www.cnbc.com/2026/10/14/russia-ukraine-energy-ceasefire-power-outages.html) restricted Starshield without warning last week, causing Ukraine's military forces to lose control of drones moving over 100 miles per hour, as the craft were relying on Starshield for connectivity at those speeds. Musk said in a post on X that any changes to Starshield should be attributed to the U.S. government and President Donald Trump, though Trump later denied he ordered any such restrictions. Ukraine President Volodymyr Zelenskyy told NBC's "Meet the Press" on Sunday that the restraints remained in place over the weekend. Investors, meanwhile, have poured capital into potential Starlink competitors, (https://www.cnbc.com/2026/10/16/eutelsat-starshield-ukraine-spacex.html) including Eutelsat . —Lora Kolodny       15 Hours Ago    An update on cloud computing revenue (On the ground at Elon Musk's Memphis empire to see why Americans are turning against AI data centers)   watch now      VIDEO 29:01 29:01  How Elon Musk's AI empire in Memphis became a cautionary tale (https://www.cnbc.com/technology/) Tech        After (https://www.cnbc.com/2026/02/02/elon-musk-spacex-xai-ipo.html) acquiring xAI (https://www.cnbc.com/2026/02/02/elon-musk-spacex-xai-ipo.html) in February with its data centers in and around Memphis, Tennessee, SpaceX struck lucrative cloud computing agreements, establishing a new revenue stream.  Deals with Google, Anthropic and Reflection AI, as well as an unnamed customer revealed by SpaceX CFO (https://qz.com/spacex-ai-computing-deal-billion-revenue-target-091126) Bret Johnsen at an event last month, amount to potentially tens of billions of dollars in annual revenue for the company. SpaceX is reportedly in talks to raise up to $40 billion to buy more Nvidia chips to support its AI ambitions. Investors are looking for updates around this business for SpaceX as it seeks to monetize its AI capacity.  —Lora Kolodny       15 Hours Ago    Speculation builds around a possible Tesla-SpaceX merger (Tesla unveils long-delayed Roadster, showing off its 'flying car' ambitions)   watch now      VIDEO 8:08 08:08  Tesla unveils long-delayed Roadster, showing off its 'flying car' ambitions (https://www.cnbc.com/squawk-box-us/) Squawk Box        Ahead of earnings, investors are invited to submit questions for the call. One entry that got a lot of upvotes was about timing for a potential merger between SpaceX and Tesla, Musk's automaker. Musk's companies have had business and financial relations for years, even sharing personnel and some board members. Tesla invested $2 billion into xAI, which later converted into shares of SpaceX. The AI unit of SpaceX also spent about $430 million last year on Tesla's Megapacks, which are battery energy storage systems, and $143 million on Cybertrucks. With SpaceX hitting the public market in June, speculation about a more permanet tie-up has been swirling. SpaceX (https://www.cnbc.com/2026/06/12/spacex-coo-gwynne-shotwell-spcx-ipo.html) COO Gwynne Shotwell told CNBC ahead of the IPO that a merger "might make Elon's life a little easier." A demo of (https://www.cnbc.com/2026/10/15/tesla-roadster-reveal-what-to-know-about-the-delayed-ev.html) Tesla's next-generation Roadster last week stirred up further merger excitement among Musk fans. The new Roadster was developed with SpaceX and incorporates its technology, including cold gas thrusters, to enable the car to launch, hover and flip in mid-air.  —Lora Kolodny                          (https://www.cnbc.com/) (CNBC logo)    (https://www.facebook.com/cnbc/)   (https://www.twitter.com/cnbc/)   (https://www.linkedin.com/company/cnbc/)   (https://www.instagram.com/cnbc/)   (https://www.youtube.com/user/cnbc/)   (https://apple.news/T3OtoXcxtRkuHRkM7SpFP_Q)   (https://www.cnbc.com/rss-feeds/)     (https://www.cnbc.com/application/pro/?__source=pro|globalfooter) Subscribe to CNBC PRO  (https://www.cnbc.com/investingclub/subscribe?__source=investingclub|globalfooter) Subscribe to Investing Club  (https://www.cnbc.com/cnbc-reprints/) Licensing & Reprints  (https://www.cnbccouncils.com/) CNBC Councils  (https://www.cnbc.com/select/) Select Personal Finance  (https://cnbcrsh.qualtrics.com/jfe/form/SV_dgRx5X1nYC0YjNI?Origin=cnbc) Join the CNBC Panel  (https://www.cnbc.com/closed-captioning/) Closed Captioning  (https://www.cnbc.com/subscribe/all-access/) Digital Products  (https://www.cnbc.com/cnbc-news-releases/) News Releases  (https://www.cnbc.com/cnbc-internship-program/) Internships  (https://www.cnbc.com/corrections/) Corrections  (https://www.cnbc.com/about/) About CNBC  (https://www.cnbc.com/site-map/) Site Map  (https://www.cnbc.com/podcast/) Podcasts  (https://www.cnbc.com/cnbc-careers-and-employment/) Careers  (https://help.cnbc.com/) Help  (https://help.cnbc.com/contact/) Contact   News Tips Got a confidential news tip? 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