SpaceX Financials: November 2026 Update

SpaceX carries a market cap of $2,095.38B on trailing revenue of $23.04B, per the latest market data (as of 2026-10-06). October brought a Q3 profit, a large financing deal and merger talk, but no new pre-IPO revenue data.

Key points

• Market cap is $2,095.38B and revenue (TTM) is $23.04B, as of 2026-10-06.
• Q3 net income was reported at $4.4B, alongside a roughly $35B cash-flow gap.
• Apollo is providing $40B of GPU financing, with pricing talks reportedly continuing.
• The boards of SpaceX and Tesla formed special committees to review a merger.
• Nothing new in the pre-IPO revenue series or business metrics, so this is a quiet month for the data.

Where does the market value SpaceX now?

The market cap stands at $2,095.38B, up from $1,988.6B in the table we published a month ago. That is a rise of about $107B, or roughly 5%, between the two snapshot dates. Revenue (TTM) is unchanged at $23.04B in the data feed, so the multiple widened slightly over the period. The market data carries an as-of date of 2026-10-06, so it will lag the very latest trading.

For context, the last widely reported private mark was the $800B tender offer in December 2025. Sacra still lists $800B as its latest valuation. That is a pre-IPO estimate and no longer a guide to where the stock trades.

What did October add to the story?

The main event was the Q3 report. TechCrunch reported $4.4B of net income driven by AI and Starlink, but also a roughly $35B cash-flow gap as AI spending climbs. Yahoo Finance reported that management projected $35B to $40B of capex needs for Q4, and called funding the open question from the call.

The financing answer arrived days later. TechCrunch reported a $40B GPU financing from Apollo to fund the AI-chip buildout. It is an alternative to traditional debt markets, though pricing talks were reported as ongoing. Treat the terms as unsettled until they are filed.

The other large item is the possible Tesla combination. TechCrunch reported that both boards formed special committees to review a merger, with Elon Musk supportive but not participating because of conflicts of interest. CNBC reported that Kalshi odds for a deal in 2027 had passed 50%. These are prediction-market odds and committee reviews, not an announced transaction.

Smaller items: Bloomberg reported talks to access 80,000 cell sites for Starlink Mobile, and TechCrunch reported Starshield service in Ukraine was restored after a 10-day disruption.

How does the revenue history look?

The pre-IPO series runs from $1.8B in 2016 to $18.7B in 2025, and Sacra’s latest run-rate is still that 2025 figure. We did not append anything. Post-listing revenue comes from filed figures through the market data, which is why the current number is the $23.04B TTM and not a Sacra estimate.

How do the listed peers compare?

The peer rows in the comparables table carry forward from 2026-08-12, since there is no fresh fundamentals source this run. Boeing shows $184.35B of market cap, Lockheed Martin $137.96B and Northrop Grumman $81.78B. Even combined, the three are well under a quarter of SpaceX’s market cap.

Live quotes on the last check were all lower on the day: BA $171.55 (-0.64%), LMT $636.95 (-1.03%) and NOC $557.54 (-0.86%). In chips, NVDA was at $204.64 (-4.22%) and TSM at $406.13 (-5.95%). Those moves matter here because SpaceX’s story is increasingly tied to AI hardware spending.

What to watch

• Final pricing and terms on the Apollo financing.
• Any outcome from the Tesla special committees.
• How Q4 capex compares with the $35B to $40B range management flagged.