SpaceX stock fell 17.8% in the past month even as SPCX posted sharply improved third-quarter revenue, operating income and net income. Investors in SPCX are still dealing with a stock that has slipped even after the business delivered a much stronger quarter.
The drop sits beside a 161.4% jump in third-quarter revenues to $14.58 billion, a swing to $2.79 billion in operating income from a $273 million loss a year earlier, and net income of $4.40 billion versus a $1.05 billion loss. That gap between results and price is the story: the business improved, but the market did not reward it.
Starlink and enterprise gains
69.5% connectivity revenue growth to $5.25 billion and 13.6 million Starlink consumer subscribers helped carry the quarter, while enterprise and government revenues climbed 91% to $2.13 billion. Those lines show the core business broadening beyond one customer pool, even as the share price moved the other way.
829.9% revenue growth in Super Intelligence to $7.56 billion added another layer, and segment operating income for that unit turned positive at $431 million after a $1.72 billion loss a year earlier. That improvement matters because it shows the company is not just growing faster; some of the newest businesses are moving closer to self-supporting economics.
Capital spending at $19.59 billion
$19.59 billion in third-quarter capital expenditures is where the market’s concern sits. Management said $16.44 billion of that went to Super Intelligence infrastructure, and for the first nine months of 2026 capital spending totaled $48.07 billion against $13.10 billion of operating cash flow. The math is plain: spending is outrunning internally generated cash.
$35 billion to $40 billion of expected fourth-quarter capital expenditures keeps that pressure in place. SpaceX had about $89.86 billion in cash and marketable securities at September-end, which gives it a large cushion, but the next phase of the buildout will still test how quickly operating gains can catch up with the investment plan.
Zacks Rank #3 and Starship Flight 14
Zacks now has SPCX at a Zacks Rank #3 with a Momentum Score of A, while its Value Score is F, Growth Score is C and VGM Score is D. The four-week earnings estimate change for the current fiscal year moved higher by 106.2%, so expectations have risen even as the stock has not.
Starship Flight 14 reached orbit and deployed 26 operational Starlink V3 satellites, adding another operational milestone to the business line tied to future capacity. The next read on SPCX is whether those gains keep flowing into cash generation fast enough to offset the heavier spending load that now defines the stock story.
