Spacex Stock fell 17.8% in the past month, even after the company reported a quarter that looked stronger almost everywhere that matters. Revenue surged 161.4% year over year to $14.58 billion, operating income swung to $2.79 billion from a $273 million loss, and net income rose to $4.40 billion from a $1.05 billion loss.
That pullback is why traders are still searching for SpaceX now. The stock is still up 6% over the past three months, but the latest drop suggests investors are weighing the jump in results against what comes next: whether the company can keep turning fast-rising spending into returns without losing control of the bill.
The numbers behind the quarter were strong. Connectivity revenues rose 69.5% to $5.25 billion as Starlink consumer subscribers reached 13.6 million. Enterprise and government revenues climbed 91% to $2.13 billion. Super Intelligence revenues jumped 829.9% to $7.56 billion, and segment operating income for that business turned positive at $431 million after a $1.72 billion loss a year earlier. The Zacks Consensus Estimate for the current fiscal year also showed a four-week earnings estimate change of 106.2%.
But the spending load is still enormous. Third-quarter capital expenditures reached $19.59 billion, including $16.44 billion for Super Intelligence infrastructure. For the first nine months of 2026, capital spending totaled $48.07 billion versus $13.10 billion of operating cash flow. Management expects another $35 billion to $40 billion in fourth-quarter capital expenditures, even though SpaceX had about $89.86 billion in cash and marketable securities at September-end.
That is the friction in the story: the business is growing fast, but the market is being asked to fund growth that may not pay off on a straight line. SpaceX can point to Starship Flight 14 reaching orbit and deploying 26 operational Starlink V3 satellites, yet it still must prove recovery of both stages, orbital refueling, rapid reusability and a much higher launch cadence before investors can treat that progress as durable operating leverage.
SPCX currently carries a Zacks Rank #3, or Hold, with its Momentum Score of A its strongest Style Score. Its Value Score is F, its Growth Score is C and its VGM Score is D. The stock can keep moving on execution from here, but the next leg depends less on the quarter that just passed than on whether SpaceX can convert Starship milestones and Starlink expansion into something the market believes is scalable, profitable and worth the valuation already built in.
