SpaceX shares rose Wednesday after the company reported a sharp revenue increase and outlined a review of a possible Tesla merger, with more IPO shares becoming eligible for transfer Thursday.
The Associated Press reported a 7.8% gain in the regular U.S. session. SpaceX reported $14.575 billion in revenue for the quarter ended Sept. 30, 2026, up 161% from a year earlier. Net income was $4.404 billion, compared with a $1.054 billion loss a year earlier.
The company’s Super Intelligence business generated $7.560 billion in quarterly revenue, exceeding the $5.248 billion from Connectivity. SpaceX attributed much of the increase in Super Intelligence revenue to cloud service agreements, its Cursor acquisition and software products.
SpaceX and Tesla CEO Elon Musk said on the Oct. 20 earnings webcast that shareholders had asked both companies to examine a merger. Each company formed a committee of independent directors for the possible combination. Musk said his interests in both companies kept him out of the committees’ discussions. They have agreed on no transaction terms, and he gave no assurance they would reach a deal.
Tesla already has a financial stake in SpaceX. Its 2026 proxy statement says it completed an approximately $2.00 billion purchase of SpaceX Class A shares on March 12. The agenda for Tesla’s Dec. 3 shareholder meeting contains no merger proposal.
SpaceX reported $19.593 billion in third-quarter capital expenditures. Chief Financial Officer Bret Johnsen projected $35 billion to $40 billion in capital expenditures for the fourth quarter and $33 billion to $37 billion in revenue for the first quarter of 2027.
The next scheduled change for shareholders concerns SpaceX’s IPO lockup. Its prospectus permits holders covered by the 180-day restriction to transfer up to an additional 28% of their restricted shares starting Thursday, Oct. 22. A further tranche of up to 7% becomes eligible on or after Saturday, Oct. 24. The prospectus sets out when transfers are permitted; it does not say whether holders will make them.
