SpaceX earnings preview centers on Starlink growth and heavy AI investment

SpaceX earnings scheduled after the market close

SpaceX is expected to report its second quarter as a public company after the close on October 20, according to a preview published by ZeroHedge. The company’s first public earnings call since its initial public offering earlier in 2026 is also expected, Teslarati reported. The schedule is a preview only and does not establish that results or management commentary had been released by the knowledge cutoff.

The available reporting differs in how it describes the forthcoming public-company reporting sequence: ZeroHedge refers to a second-quarter report, while Teslarati calls the scheduled call the company’s first public earnings call after its IPO. Neither source provides actual quarterly results.

Analysts focus on Starlink and AI revenue

Deutsche Bank analyst Edison Yu projected third-quarter revenue of $12.6 billion, up 127% year over year, with a gross margin of about 59% and EBITDA above $6.6 billion, ZeroHedge reported. The forecast also projected AI solutions and infrastructure revenue rising to $6 billion from $2.2 billion in the preceding quarter and consumer broadband subscribers reaching 13.5 million, compared with 12 million in the second quarter.

Those figures are analyst estimates, not company guidance or reported results. ZeroHedge said the estimates emphasized the possibility of upside in profitability, but the supplied evidence does not include SpaceX’s own forecast or any released figures.

Long-term forecasts carry major investment assumptions

Deutsche Bank’s 2027 forecast placed SpaceX revenue at $125 billion and EBITDA at $84 billion, above cited consensus estimates of $108 billion and $65 billion, respectively. ZeroHedge reported that Yu cautioned those projections were underpinned by $200 billion in capital expenditure.

The forecast is therefore conditional on substantial investment, and the supplied reporting does not provide enough detail to independently assess how that spending would affect future cash flow or execution.

Debt-market concerns contrast with equity expectations

ZeroHedge reported that SpaceX’s 6.65% notes due 2056 fell to 83.3 cents on the dollar from 98.83 cents when issued in June, while the company’s five-year credit-default-swap spreads widened to a record high earlier in October. The same report contrasted elevated equity-market expectations with weaker debt-market pricing, but it did not establish that the earnings report would cause either move.