Day Lila

Space · Wednesday, 21 October 2026

01 Briefing what happened

SpaceX's rockets nearly broke even in its first full quarter as a public company, while its AI arm, mostly renting out computers, brought in four times as much

16 stories 31 sources

SpaceX made $14.6bn in July to September and a $4.4bn profit. Rockets brought in $1.8bn and lost $7m; its AI business, mostly renting computers to AI companies, brought in $7.6bn.

$1.8bn of $14.6bn

of SpaceX's July to September revenue came from its rockets

renting AI computers brought $7.6bn and Starlink $5.2bn [2][3]

$7m

lost by the rocket business in the quarter, after $542m the quarter before

while it spent $1.2bn on research, mostly for Starship [2]

12 of 35

SpaceX launches that carried paying customers

up from 10 of 38 in April to June [2]

$1.41bn

what analysts had expected the rocket business to bring in

it brought in $1.8bn instead [12][2]

The lead story — what happened

  • SpaceX reported revenue of $14.6bn for July to September, 161% more than a year earlier and well above the $12.7bn analysts expected. [1][2]
  • It made a profit of $4.4bn, against a loss of $1.1bn in the same months of 2025. [1][4]
  • This was its first full quarter as a public company, after it sold shares on the stock market for the first time in June. [2][8]
  • Its rocket business brought in $1.8bn, 84% more than in April to June but only 6% more than a year earlier. [2][3]
  • That business lost just $7m, close to breaking even, after losing $542m the quarter before. [2]
  • It flew 35 launches, three fewer than the quarter before, but 12 of them carried paying customers, up from 10. [2]
  • Reuters reports SpaceX has been putting launches for its own Starlink network ahead of other customers. [1]
  • SpaceX spent $1.2bn on research in the rocket business, mostly on Starship, its giant new rocket. [2]
  • SpaceX's AI business, mostly renting computers to AI companies such as Anthropic and Google, brought in $7.6bn: more than half of all revenue and over four times the rockets' share. [1][2]
  • Starlink, SpaceX's satellite internet, brought in $5.2bn and made the biggest operating profit of any part, $2.4bn. [2][3]
  • Starlink has 13.6 million home subscribers, and SpaceX had more than 11,100 Starlink satellites in orbit at the end of September. [2][5]
  • SpaceX spent $19.6bn on buildings and equipment, $16.4bn of it for AI, and expects to spend $35bn to $40bn this quarter. [1][2]
  • Musk said Starship's next test flight, due next month, will try to catch both of its stages, and he called success more likely than not. [4][13]
  • SpaceX is asking the US aviation regulator, the FAA, to approve that attempt. [5]
  • Musk also said SpaceX and Tesla have set up committees of independent directors to study a merger, though no terms are agreed. [8][31]
  • Renting AI computers$7.60bn · 52%
  • Starlink internet$5.20bn · 36%
  • Rockets$1.80bn · 12%
Where SpaceX's $14.6bn came from in July to September. The rockets the company is named after are the smallest slice.

Who is involved

  • SpaceX

    the US company that runs the busiest rockets and Starlink, and now rents out AI computers; it reported the results

  • Elon Musk

    SpaceX's founder and boss, who also runs Tesla; he announced the Starship catch plan and backed a merger

  • Bret Johnsen

    SpaceX's chief financial officer; he said each Starship launch will carry far more internet capacity than a Falcon 9

  • Anthropic and Google

    AI companies that rent computing power from SpaceX; their contracts can end on about 90 days' notice

How it unfolded

  1. Feb 2026 SpaceX buys xAI, Musk's AI company [8]
  2. Jun 2026 SpaceX sells shares to the public for the first time [8]
  3. 28 Sep Starship reaches orbit for the first time and releases 26 Starlink satellites [4]
  4. 20 Oct SpaceX reports its July to September results [1]
  5. Nov Starship's next flight, with a try at catching both stages [5]

Where this points

Watch whether the FAA approves the double catch on Starship's next flight, and whether the high price for renting AI computers holds, since analysts expect it to fall. [5][6]

Signals on this beat

The bar and the word are our reading of how hard each one is pushing, and the arrow is where it is heading.

Fewer SpaceX rides for others Building↑

SpaceX plans to stop selling Falcon 9 launches to other companies as soon as 2028. [14] It has also signalled an end to Transporter, its cheap shared ride for small satellites. [20] Reuters reports its own Starlink satellites already come first. [1]

Relying on one supplier High↑

Ukraine's forces lost speed on Starlink from 12 to 14 October, and senators want to know who decided it. [19] Satellite companies do not know which rocket to book for 2027 to 2030. [14] SpaceX's AI customers can end their contracts on about 90 days' notice. [10]

Countries wanting their own Building↑

A Canadian start-up says its new rocket is meant to give Canada its own way to space. [20] The US State Department is paying $5m to link more than 70 countries new to space with US companies. [22] Xona is building a paid alternative to GPS, the navigation signal the US government owns. [15]

Rocket traffic rising High↑

SpaceX flew its 121st launch of the year on Tuesday. [25] Nine rockets were due to launch around the world this week. [25] The US Space Force wants its busiest launch sites to handle five to eight big operations a day. [24]

The rest of the day

15 more stories on this beat.

Each with its own sources. None of these is a link to the story above.

  1. 02

    SpaceX's shared ride carries 32 payloads

    A Falcon 9 launched Bandwagon-5 from Cape Canaveral in Florida on Tuesday, a day late because of bad weather where the booster lands. [15] Bandwagon is a shared ride: a small satellite of up to 50 kg flies for $350,000, far less than a whole rocket. [15] The 32 payloads included SpaceX's second Starfall capsule, built to bring goods back from orbit. [16] Varda's W-7 capsule carries a test of a cancer medicine, to see whether weightlessness helps it dissolve better. [15] The booster landed on a ship after its 19th flight. [16]

    Why it matters — SES and Planet put up a test radio to pass data between satellites at different heights. [18] Shared rides are how small companies reach orbit at all, which is why SpaceX's plan to end Transporter matters to them. [20]

  2. 03

    Xona's navigation satellites reach orbit

    Xona Space Systems, a California start-up, launched six satellites on SpaceX's shared ride on Tuesday, SpaceNews reports. [17] They let it start showing its navigation and timing service working as a group. [17] Xona plans about 250 satellites as a paid alternative to GPS, the positioning system the US government owns. [15] Its satellites fly closer to Earth than GPS ones, so Xona says its signal is at least 100 times stronger. [15]

    Why it matters — Almost every phone map and ship finds its place from GPS, which one government runs. A stronger second signal could get through interference that blocks weaker ones, NASASpaceflight reports. [15]

  3. 04

    Senators ask SpaceX who slowed Ukraine's link

    Four US senators from the Democratic party wrote to SpaceX on Monday about the slowing of Starlink for Ukraine's forces from 12 to 14 October. [19] They asked what part SpaceX played, who made or was told of the decision, and who can cut Ukraine's access. [19] The Wall Street Journal reported, citing unnamed US officials, that Musk personally ordered the slowdown, the Guardian says. [7] Musk says the US government sets the limits on Starshield, the military version of Starlink, and the Trump administration denies limiting it. [19][7]

    Why it matters — Ukraine's drone units and missile warnings lean on the link, the senators say. [19] Musk was not asked about the report on Tuesday's results call. [7]

  4. 05

    Relativity fires Terran R's top stage

    Relativity Space, a rocket company in Long Beach, California, said last Friday that the upper stage of its Terran R rocket passed its first full test firing. [14] Terran R is one of four US rockets being built for medium loads, the size Falcon 9 carries, which SpaceX plans to stop selling to others. [14] Ars Technica, a technology news site, guesses Stoke's Nova will fly first, in July 2027, then Terran R in September. [14] It expects Rocket Lab's Neutron in 2028 and Eclipse, from Firefly and Northrop Grumman, in 2029 or later. [14]

    1. 1Stoke Nova2,028
    2. 2Relativity Terran R2,028
    3. 3Rocket Lab Neutron2,028
    4. 4Firefly-Northrop Eclipse2,029
    When Ars Technica guesses each new mid-size US rocket will first fly. These are one news site's guesses, not the companies' dates.

    Why it matters — Satellite companies do not know which rocket to book for 2027 to 2030, Ars reports. [14] The bigger Vulcan and New Glenn rockets are booked up and cost too much for mid-size satellites. [14]

  5. 06

    Canadian start-up plans a bigger rocket

    Reaction Dynamics, a start-up in Quebec, Canada, unveiled Borealis on Tuesday, a rocket meant to lift 6,000 kg to low orbit, first flying in 2031. [20] Its smaller rocket, Aurora, would carry about 200 kg and aims to fly late in 2028. [20] Last year it swapped a part-solid engine for an all-liquid one that both rockets can use, and has test-fired it 21 times. [20] It has raised about CDN$50 million and says Borealis needs more than CDN$200 million more. [20]

    How much each Reaction Dynamics rocket is meant to lift to low orbit. Borealis would carry about 30 times as much.

    Why it matters — The company says Canada wants its own way to launch rather than relying on rockets from the US. [20] It also wants the small satellites that would be left looking for a ride if SpaceX ends Transporter. [20]

  6. 07

    A supercomputer heads for the Moon

    Astrolab, a California company, will send its FLIP rover to the Moon's south pole later this year on Griffin-1, a lander built by Astrobotic. [21] FLIP carries Spaceborne Computer-4 from Hewlett Packard Enterprise, the first powerful computer and graphics chip to be tried on the Moon. [21] It will run a program from NASA's JPL laboratory, first used on Mars, that finds the rover's place by matching the ground around it to a stored map. [21] The Moon has no GPS. [21]

    Why it matters — NASA wants these rovers to work for a year, through lunar nights of more than 150 hours without sunlight. [21] A rover that can find its own way keeps working while no astronauts are there. [21]

  7. 08

    US pays $5m to court new space nations

    The US State Department has started Project Constellation, a $5 million, two-year effort to link countries new to space with US companies. [22] The US mission to the international bodies based in Vienna announced it at the US Space Forum last week. [22] Meridian International Center will run it, with the Commercial Space Federation and a policy firm called SPACEAIMS. [22] It aims at more than 70 countries, and at how they vote at the UN committee on peaceful uses of space. [22]

    Why it matters — It is the US State Department's second such plan in two months, after $6.5 million in September for satellite internet in rural southern Peru. [22] That one is open only to countries that signed the Artemis Accords, the US-led rules for exploring the Moon. [22]

  8. 09

    Space Force plans for busier launch sites

    The US Space Force wants its busiest launch ranges to handle surges of five to eight major operations a day, SpaceNews reports. [24] A launch range is the tracking, safety and weather support around a spaceport such as Cape Canaveral in Florida. The plan is meant to stop ageing equipment from holding back launches. [24] On Tuesday SpaceX flew its 121st launch of 2026. [25]

    Why it matters — Nine rockets were due to launch around the world this week alone. [25] SpaceX by itself has launched 121 times this year, from Florida and California. [25]

  9. 10

    A booster's 36th flight waits a day

    SpaceX called off a launch of 27 Starlink satellites from Vandenberg in California on Tuesday after what appeared to be a technical problem, and moved it to Wednesday. [5] Its booster, B1063, would make its 36th flight, only the second Falcon 9 booster to fly that many times. [5] A landing would be the 673rd for a Falcon booster. [5] Rocket Lab's Electron is also due on Wednesday, carrying three HawkEye 360 satellites from New Zealand. [25]

    Why it matters — China has four launches planned this week, including one from a ship at sea off Haiyang. [25] Flying the same booster again and again is how SpaceX keeps the cost of each launch down.

  10. 11

    Radio deal for a sunlight-mirror company

    AnySignal, a US maker of spacecraft radios, will supply Reflect Orbital's first satellite and its next two missions, the companies said on Tuesday. [23] Reflect Orbital wants satellites that send sunlight to chosen places on Earth at night, such as solar farms. [23] AnySignal's single radio does jobs that used to need several, which saves weight and wiring. [23] Its software also lets Reflect use many companies' ground stations through one connection. [23]

    Why it matters — Reflect's boss said the deal lets it concentrate on the new parts of its spacecraft. [23] It is the opposite choice to the rocket makers building their own engines: Reflect buys the parts it sees as already solved.

  11. 12

    Volunteers hunt the galaxy's hidden black holes

    Astronomers at the University of Southampton in the UK want volunteers to search data from TESS, a NASA space telescope, for hidden black holes. [28] They estimate the Milky Way has made more than 10 million black holes, but only about 70 have been found. [28] When a black hole passes in front of a star that orbits it, its gravity bends and brightens the star's light for a moment. [28] Computer programs often mistake star flares for them, so people check the data by eye. [28]

    Why it matters — The project, Black Hole Hunters, has had nearly 23,000 volunteers since 2021. [28] Their shortlist tells astronomers where to point scarce telescope time. [28]

  12. 13

    Halley's Comet dust lights up the sky

    The Orionid meteor shower peaks overnight from Wednesday into Thursday, with up to about 20 shooting stars an hour under a dark sky. [29] The meteors are dust shed by Halley's Comet, which last came near the Sun in 1986 and returns in 2061. [29] The grains hit Earth's air at about 66 km a second and burn up. [29] A bright Moon will hide many, but it sets early on Thursday, leaving dark hours before dawn. [29]

    Why it matters — Earth crosses Halley's dust twice a year, so the same comet also gives the Eta Aquariid shower in May. [29] The Orionids need no telescope to see. [29]

  13. 14

    Gas by the galaxy's black hole is metal-rich

    A team led by Nicole Ford at McGill University in Canada used the James Webb Space Telescope to study gas near Sagittarius A*, the black hole at the centre of the Milky Way. [30] Astronomers call every element heavier than hydrogen and helium a metal. [30] The gas holds about 1.8 times as much of them as the Sun, probably from stars that exploded nearby. [30] The study is published in The Astronomical Journal. [30]

    Why it matters — This black hole swallows far less gas than giant black holes in other galaxies. [30] Metal-rich gas cools and falls in more easily, but 1.8 times the Sun's share is too little to speed that up much. [30]

  14. 15

    NASA backs a steadier way to point satellites

    NASA has given Samara Aerospace, a US company, a $1.3 million contract to show its satellite-pointing technology in a laboratory. [26] Samara puts tiny parts that move when electricity runs through them inside the hinges of a satellite's fold-out solar panels. [26] They help the satellite aim more exactly. [26] A camera or antenna that points slightly wrong misses what it is aimed at.

    Why it matters — The contract covers a test in a laboratory, not a flight in orbit. [26] Every satellite that takes pictures or beams signals needs to point accurately to do its job.

  15. 16

    Chinese start-up raises money to fix satellites

    Space Robot, a Chinese start-up, has raised nearly $15 million to build a fleet of servicing spacecraft, SpaceNews reports. [27] A servicing spacecraft catches another satellite, in Space Robot's design with two robot arms. [27] It can then move it, refuel it or repair it. Space Robot launched a test satellite in 2025. [27]

    Why it matters — A satellite that can be refuelled does not have to be abandoned when its fuel runs out.

02 Lesson why it matters

Why a rocket company builds its own engines

An engine bought from someone else arrives on their schedule and at their price, so new rocket makers build their own and pay more at first.

The twist

Building your own engine is slower and dearer at the start. It is also the only way to stop another company deciding when your rocket flies.

The picture

Antares flew on Soviet-era engines and a body made in Ukraine. All four mid-size rockets now being built in the US use engines their makers build.

How it works

  1. A rocket's engines are its hardest and costliest part
  2. Buy them, and the seller's delays, prices and politics become yours
  3. Antares, the last new US mid-size rocket, flew on old Russian engines
  4. So new rocket makers build their own, paying more and waiting longer at first
  5. Then they set their own dates and costs

The same force, elsewhere today

Where this chain is also running, in today's other stories.

  • Relativity fires Terran R's top stage

    All four new mid-size US rockets use engines their own makers build, the lesson Ars says they took from Falcon 9.

  • Canadian start-up plans a bigger rocket

    Reaction Dynamics built one engine of its own for both its rockets, and says Canada wants a rocket it does not have to buy from the US.

  • Senators ask SpaceX who slowed Ukraine's link

    Ukraine relies on a link another company runs, so the decision to slow it was made somewhere Ukraine could not see.

  • Xona's navigation satellites reach orbit

    Xona is building a second navigation signal so its customers do not depend only on GPS, which one government owns.

Where you've seen this

Phone makers

some design their own chips so a chip supplier cannot set their launch date

Car makers

some build battery factories so they are not waiting in line for batteries

Countries and food

a country that grows its own grain is not hurt as much when another country stops selling

The catch

Building it yourself can also be the cause of delay: Rocket Lab's own engine and its own carbon-fibre tanks are part of why Neutron has slipped to 2027 or later.

And the whole of it

Most people depend on parts of space they never chose, like the GPS signal in a phone map or a satellite link a soldier uses. They usually find out who controls it only when the owner changes the terms.

03 Truth what's really going on

What is really going on

SpaceX is named for its rockets, but rockets are now the smallest part of its money. In July to September its AI business brought in $7.6bn and Starlink $5.2bn, while launches brought in $1.8bn and only just broke even. [2][3] So the company that leads the world in launching things into orbit is now paid for mainly by renting computers to AI companies and selling satellite internet. [1][6]

Why it works on us — Huge round numbers about the future, such as Musk's $500bn to $1tn a year by the end of 2027, pull attention away from the smaller real figures for the quarter just ended. [2][4]

Who gains

  • AI companies such as Anthropic and Google — They rent computing power from SpaceX during a chip shortage, when chips are hard to get anywhere else. [6]
  • Elon Musk — He holds over 82% of the votes at SpaceX and about 20% at Tesla, so a merger could give him more control of the combined company. [8]
  • Stoke, Relativity, Rocket Lab, Firefly and Northrop Grumman — With SpaceX pulling Falcon 9 from other companies as soon as 2028, their new mid-size rockets have customers waiting. [14]
  • Reaction Dynamics — If SpaceX ends Transporter, its shared ride, small satellites will need another rocket, and the Canadian company wants to carry them. [20]
  • US space companies — The US State Department's $5m Project Constellation sets up meetings between them and more than 70 countries new to space. [22]

Who pays

  • Satellite companies planning launches for 2027 to 2030 — Falcon 9 is no longer for sale to them, bigger rockets are booked up, and no new mid-size rocket has flown. [14]
  • Ukraine's drone units and early-warning teams — The slowed Starlink link cut into drone flights and missile warnings for three days, the senators say. [19]
  • Tesla shareholders — If the companies merge, they would hold a smaller slice of a larger and more complicated business, one analyst told the BBC. [9]
  • SpaceX shareholders — The company still spends more cash than it brings in, and expects to spend $35bn to $40bn on buildings and equipment this quarter. [2]

What nobody knows yet

Open questions from across today’s stories — ours included.

  • 01

    Whether the AI rental money lasts.

    Analysts at MoffettNathanson put the price of renting top Nvidia chips at about $10 an hour for the next few months, but only $4 later. [6] SpaceX's AI customers can end their contracts on about 90 days' notice. [10]

  • 02

    Whether Starlink's subscriber growth beat forecasts or missed them.

    Reuters says the 13.6 million subscribers beat the 12.19 million analysts expected. [1] Business Insider says it fell short of the 14.2 million Bloomberg's analysts expected. [11] The answer depends on whose forecast is used.

  • 03

    Whether Starship's double catch works next month.

    SpaceX has never tried to catch the upper stage, which comes back higher and faster than the booster. [4] Musk called success more likely than not, and the FAA has not yet approved the attempt. [13][5]

  • 04

    Who ordered Starlink slowed for Ukraine's forces from 12 to 14 October.

    The Wall Street Journal reported that Musk personally ordered it, citing unnamed officials, the Guardian says. [7] Musk says the US government sets the limits, and the Trump administration denies limiting it. [19][7]

  • 05

    How many satellites Xona actually put up on Tuesday.

    SpaceNews says six. [17] NASASpaceflight's list named four Pulsar satellites carried through Exolaunch, a company that books rides for small satellites. [15] The other two may have flown through another company, but neither source says so.

  • 06

    Which new mid-size US rocket flies first, and when.

    Stoke says early 2027 and Rocket Lab says 2027 for Neutron. [14] Ars Technica's own guesses are later for both, and none of the four rockets has flown. [14]

  • 07

    Whether Reaction Dynamics can pay for Borealis.

    It has raised about CDN$50 million and needs more than CDN$200 million more, and the money it is raising now goes first to its smaller rocket. [20]

  • 08

    Whether a computer can survive a year on the Moon.

    FLIP must get through lunar nights of more than 150 hours with no sunlight, and this is the first such computer to be tried there. [21]

  • 09

    Whether SpaceX and Tesla will merge.

    The committees have not agreed terms, and half of all Tesla shares, not just those that vote, must approve. [8][31]

04 Hope carry this

Nearly 23,000 volunteers have joined Black Hole Hunters since 2021 and made more than 12 million checks of telescope data, helping astronomers search for black holes hidden in our galaxy.

Also true today

  • A Falcon 9 booster carried 32 payloads towards orbit on Tuesday and then landed on a ship at sea, after its 19th flight.
  • The Orionid meteor shower peaks overnight into Thursday, as dust from Halley's Comet burns up in the sky at about 66 km a second, bright enough to see without a telescope.

Across the beats