SpaceX Q3 Beat Driven by Super Intelligence, Connectivity Segments Growth, BofA Says

10:53 AM EDT, 10/21/2026 (MT Newswires) -- SpaceX's (SPCX) Q3 beat was driven by the super intelligence segment on new cloud services deals and Cursor adoption, as well as sequential Starlink consumer growth, BofA Securities said in a research report emailed Wednesday. SpaceX reported Q3 earnings late Tuesday of $0.35 per diluted share, swinging from a loss of $0.36 a year earlier. Analysts polled by FactSet expected EPS of $0.13 and BofA estimated $0.23. Revenue for the three months ended Sept. 30 was $14.58 billion, compared with $5.58 billion a year earlier, and higher than expectations of $12.87 billion. Capital expenditures remain heavy year-to-date, and investors are likely to focus on SI capex returns as compute scales toward SpaceX's two-gigawatt year-end target, according to the note. The company's space segment posted higher-than-expected revenue as its first revenue-generating Starship Flight 14 delivered 26 V3 satellites, analysts wrote. BofA said it reiterated its buy rating on the stock and price target of $235 per share. Price: 161.43, Change: +13.64, Percent Change: +9.23