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StocksMediumUpdated×2•Originally published 22 October 2026•Updated 22 October 2026•
4 min read

SpaceX shares fall 2.9% premarket as investment cost concerns resurface

Key Facts

1SpaceX shares fell 2.9% in premarket trading on October 22.
2Third-quarter revenue reached $14.6 billion, up 161% year on year from $5.6 billion.
3The company posted net profit of $4.4 billion, compared with analysts' forecast of $1.57 billion.
4SpaceX expects capital expenditures of between $35 billion and $40 billion in the fourth quarter.
5Starlink's consumer subscriber count reached 13.6 million at the end of the third quarter.

SpaceX shares fell 2.9% in premarket trading on October 22 as concerns resurfaced over rising artificial intelligence investment costs and uncertainty over when they would generate returns, according to Reuters. The decline followed a rally on October 21, when the stock closed up 7.8% after the company reported earnings. That session's gains followed SpaceX's first profit since its listing, the agency reported. But selling pressure the following day hit shares of SpaceX and Super Micro as attention returned to the cost of AI expansion. Reuters described the focus of investor concerns as "escalating investment costs and an uncertain timeline for returns." The premarket decline thus followed a positive response to earnings in the previous session, as market attention shifted to the investment burden.

SpaceX reported revenue of $14.6 billion in the third quarter of 2026 in its earnings release filed with the U.S. Securities and Exchange Commission. That represented year-on-year growth of 161% from revenue of $5.6 billion in the third quarter of 2025, according to the release. Net profit reached $4.4 billion in the three months ended September 30, Reuters reported. Profit exceeded analysts' forecast of $1.57 billion for the same period. The results also marked a turnaround from the previous quarter, when the company posted a loss. According to the Associated Press, that loss totaled $541 million in the three months ended June, before the company turned profitable in the third quarter.

Meanwhile, the capital expenditure table in the company's release showed continued growth in investment spending during the third quarter. Total spending reached $19,593 million, compared with about $18,369 million in the second quarter of 2026, according to the SEC filing. Spending in the corresponding quarter of 2025 stood at $6,880 million, putting the latest increase in the context of annual expansion as well. The impact of this spending on liquidity remained a source of caution for analysts, even after the quarterly results. Investing.com reported on October 21 that KeyBanc maintained its neutral, sector-weight rating on the stock. The same report said "free cash flow remains under pressure from rising capital expenditures," linking that caution to this aspect of financial performance.

Across the company's businesses, AI became SpaceX's largest segment by revenue in the third quarter, according to the Associated Press. Starlink's satellite communications service, meanwhile, remained the company's biggest profit generator during the same period. Starlink's consumer subscriber count reached 13.6 million at the end of the third quarter, according to the earnings release, adding that customer base to its profit-generating business. Alongside the operating results, Elon Musk discussed talks over a potential merger between SpaceX and Tesla. He said the companies had formed "special committees" of independent directors to discuss the possibility, according to the Associated Press. Those committees are discussing a possible merger of the companies, adding a corporate process to developments in AI and Starlink.

For the fourth quarter of 2026, SpaceX expects capital expenditures of between $35 billion and $40 billion, according to the Associated Press, indicating continued growth in investment spending after the third quarter. That range represents the company's spending forecast for the current quarter, while the impact of capital expenditures on free cash flow remains a source of caution for analysts. On the Starship program, an analysis published by Investing.com on October 21 listed the next test among the company's upcoming catalysts. The analysis expects the test in November 2026, involving the potential capture of both the booster and the spacecraft. Further out, the company expects to complete the spectrum licensing deal supporting its Starlink Mobile strategy during the first half of 2027, according to its earnings release. Completion within that timeframe remains subject to regulatory approvals and customary closing conditions.