SpaceX and Tesla report third-quarter results this week, putting cash flow under scrutiny after SpaceX's AI segment logged $15.828 billion in second-quarter capital spending and Tesla projected 2026 outlays above $25 billion.
SpaceX plans to release its results after U.S. markets close Tuesday, Oct. 20, with a webcast at 4:30 p.m. ET. Tesla follows Wednesday, Oct. 21, with a webcast at 5:30 p.m. ET.
SpaceX's AI segment generated $2.561 billion in second-quarter revenue but recorded a $1.257 billion operating loss. Its Connectivity segment reported $4.291 billion in revenue and $1.656 billion in income from operations. Across the company, SpaceX posted a $541 million net loss on $7.814 billion in revenue.
Reuters reported that LSEG estimates put SpaceX's third-quarter revenue at about $12.74 billion and earnings at 14 cents a share. Those figures are analyst estimates, rather than results or company guidance.
Tesla delivered 486,532 vehicles in the third quarter. Its company-compiled analyst consensus projects $28.341 billion in revenue, non-GAAP earnings of 45 cents a share and negative free cash flow of $4.506 billion. Tesla says it does not endorse the estimates.
Tesla spent $5.789 billion on capital projects in the second quarter, when free cash flow was negative $1.092 billion. Its plan for more than $25 billion in 2026 capital spending covers AI computing and data centers alongside manufacturing, research, service and charging facilities.
Camelthorn Investments adviser Shawn Campbell, who owns shares in both companies, told Reuters he would watch Starlink revenue growth and Tesla's automotive margins in the reports.
Tesla's regulatory filing documents the companies' existing financial ties. Tesla recorded $405 million in first-half revenue from SpaceX Megapack purchases and bought $2 billion of SpaceX common stock in March.
Reuters also reported that Barclays analysts examined a possible all-stock SpaceX acquisition of Tesla. Under that scenario, they estimated Elon Musk, chief executive of both companies, would hold about 37% of the combined company's equity and 56% of its voting power. Reuters said Musk and the companies had made no formal commitment to favor a deal. Separately, Tesla's annual shareholder meeting is scheduled for Dec. 3.
