One customer accounted for 34.5% of SpaceX revenue in the third quarter
Key Facts
SpaceX disclosed that a customer it identified as “Customer B” accounted for 34.5% of its consolidated revenue in the three months ended September 30, 2026, as quarterly revenue rose to $14.575 billion. The quarterly report filed with the Securities and Exchange Commission did not name the customer, so the disclosure does not establish that Anthropic was the customer, despite its being named among customers of the computing business. The share points to significant reliance on a single customer in a quarter when the AI business expanded rapidly. Another customer, identified as “Customer A,” accounted for 16.6% of revenue in the same period. The disclosure puts revenue concentration at the forefront of the company’s results, while the identity of its largest customer remains undisclosed.
Revenue was $14.575 billion in the third quarter, up from $5.576 billion in the same period of 2025, according to the official report. Reuters estimated revenue at $14.6 billion, compared with analyst estimates of $12.72 billion, meaning the result exceeded expectations cited in its report. Reuters said revenue increased 161% year over year, driven by a boom in AI activity and Starlink growth. The reported revenue provides context for “Customer B’s” 34.5% share in the quarter, compared with 24.2% of revenue in the first nine months of 2026. The difference shows the customer’s weight in the quarter was higher than its share for the year-to-date period.
The largest increase among revenue segments came from solutions and infrastructure, which generated $7.022 billion in third-quarter revenue, compared with $359 million a year earlier. The connectivity segment generated $5.248 billion, compared with $3.097 billion in the same quarter of 2025. Reuters linked the company’s growth to the expansion of its AI business and continued Starlink growth, while SpaceX earns computing revenue mainly by leasing data-center capacity to model developers. Reuters said those developers include Anthropic, Google and Reflection AI, but did not identify any of them as “Customer B.” The Associated Press also reported that AI became SpaceX’s largest business by revenue in the third quarter, while Starlink remained the company’s largest source of profit.
The company expanded its installed nameplate computing capacity at data centers to 1.7 gigawatts at the end of September, from 0.6 gigawatts a year earlier, according to its disclosure. The metric measures installed capacity and does not indicate actual power consumption or utilization. In connectivity, the number of Starlink consumer subscribers rose to 13.6 million on September 30, 2026, from 7.2 million a year earlier. But average monthly revenue per subscriber fell to $69 in the third quarter from $83 in the same period. These indicators show two diverging trends within the company: a growing subscriber base alongside lower average revenue per subscriber, and increased capacity available for computing services.
SpaceX had about $62.959 billion in remaining performance obligations on September 30, 2026, with about 67% expected to be recognized within a year. The disclosure said $17.520 billion of the balance was recorded as deferred revenue on that date. Regarding computing agreements with Anthropic, the prospectus says either party may terminate the agreements with 90 days’ notice after an initial period of three months. The termination provision makes the duration of the agreements relevant when assessing the sustainability of revenue tied to them, without establishing the identity of “Customer B.” Separately, SpaceX said its board had formed a special committee to evaluate a possible merger with Tesla, and a corresponding committee had been formed on Tesla’s board, but the company had made no decision on any potential merger.
SPCX shares closed at $145.23 on October 28, 2026, according to EL7 data. The available data did not include the opening price or the session high and low, so this trading snapshot is limited to the closing price. This followed the disclosure of third-quarter results and the concentration of a large share of revenue in a customer whose identity the company did not reveal. The disclosed share relates to the quarter ended September 30, while the remaining performance obligation figures cover the same date. The disclosure did not specify a later date for a decision on a possible merger with Tesla.