SpaceX delivered a blockbuster third quarter, generating $14.6 billion in revenue, $4.4 billion in net income, and $8.8 billion in adjusted EBITDA. Behind those extraordinary earnings, Elon Musk’s company reported $1.573 billion in digital assets, consistent with its previously disclosed bitcoin holdings of 18,712 BTC. Artificial intelligence (AI) now leads the company’s revenue machine, while Musk’s personal fortune has reportedly climbed to $925 billion.
SpaceX came out swinging Tuesday, Oct. 20, delivering third-quarter earnings that left Wall Street’s expectations in the dust. Revenue climbed 161% to $14.6 billion, while the aerospace and AI powerhouse transformed a $1.1 billion year-earlier loss into $4.4 billion in profit.
But buried deeper in the financial statements was another billion-dollar figure worth examining: $1.573 billion in digital assets, consistent with the company’s longstanding bitcoin treasury. For Elon Musk , whose business empire now stretches from orbital launches to AI, the latest earnings demonstrate how thoroughly SpaceX has evolved beyond its rocket-building origins.
The newly publicly traded company, SpaceX reported $2.8 billion in operating income and $8.8 billion in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), representing a 306% year-over-year increase. Diluted earnings reached 35 cents per share, comfortably ahead of estimates ranging from approximately 13 to 16 cents, while revenue surpassed forecasts of $12.7 billion to $12.9 billion.
The real showstopper was SpaceX’s Super Intelligence division, which raked in $7.56 billion, an astonishing 830% increase from the previous year. The business, encompassing Grok , cloud infrastructure and the recently acquired Cursor operation, overtook Starlink as SpaceX’s largest revenue contributor. Operating income reached $431 million, reversing a $1.72 billion loss during the comparable quarter in 2025.
Starlink wasn’t exactly sitting idle. The connectivity division generated $5.25 billion in revenue, up 69%, supported by 13.6 million consumer subscribers. Traditional space operations contributed another $1.77 billion, while the company’s first revenue-generating Starship mission successfully deployed 26 next-generation Starlink satellites .
Tucked into page 10 of SpaceX’s earnings report, the consolidated balance sheet lists $1.573 billion under “Digital assets” as of Sept. 30, 2026. That compares with $1.637 billion at the end of December 2025, reflecting a $64 million decline in reported value.
Although the quarterly earnings release doesn’t explicitly identify bitcoin or disclose the number of coins held, previous filings established SpaceX’s position at 18,712 BTC, acquired at an approximate $661 million cost basis. Blockchain intelligence platform Arkham Intelligence also tracks the company’s holdings at 18,712 BTC , primarily associated with Coinbase Prime custody.
The distinction matters. The $64 million reduction in reported digital asset value does not necessarily represent a sale. In fact, SpaceX’s cash flow statement records a corresponding $64 million unrealized loss on digital assets during the first nine months of 2026, consistent with changes in market valuation rather than a confirmed disposal.
For a company increasingly dominated by artificial intelligence, bitcoin remains a sizable, if comparatively quiet, financial holding. The latest earnings materials provide no indication of additional purchases or sales, leaving the previously disclosed treasury position intact based on available information.
SpaceX’s extraordinary growth isn’t coming cheaply. Capital expenditures totaled $19.6 billion during the quarter, with $16.4 billion directed toward its Super Intelligence division. Nevertheless, the company finished September holding approximately $89.9 billion in cash and marketable securities, providing considerable financial ammunition for its ambitious expansion plans.
Meanwhile, Musk continues to occupy the summit of the global wealth rankings. Forbes’ Real-Time Billionaires list valued his fortune at approximately $925 billion on Oct. 20, 2026, reflecting a $1.4 billion increase from the previous trading day.
Much of that wealth remains tied to his ownership stakes in SpaceX and Tesla, meaning the figure can shift dramatically with market valuations. Still, with SpaceX posting multibillion-dollar profits, an expanding AI empire and a bitcoin treasury worth more than $1.5 billion, Musk now finds himself within striking distance of something once confined to financial fiction: a personal fortune approaching $1 trillion.
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