---
title: "SpaceX's Q3 10-Q puts backlog at $62,959 million. One customer was 34.5% of the quarter's revenue."
description: "SpaceX's third-quarter 8-K put revenue at $14,575 million, up 161%, and left out the backlog figure. The 10-Q filed two days later gives it: $62,959 million at 30 September, against $47,461 million at 30 June, with about 67% due within a year. It also shows Customer B, in the SI segment, at 34.5% of revenue, $37,840 million of non-cancelable commitments and $19,593 million of capex. Twelve filed lines read back against the Q2 10-Q, each with its accession."
canonical: https://evidinvest.com/blog/spcx-q3-2026-twelve-filed-lines-starlink-backlog-capex-read-back-2026-11-06
date: "2026-11-06"
last_updated: "2026-11-06"
author: "EvidInvest Team"
publisher: "EBD Sweden AB (EvidInvest)"
tags: ["SPCX", "SpaceX", "Starlink", "AI infrastructure", "capex", "earnings results", "8-K", "10-Q", "13F", "SEC filings"]
---

# SpaceX's Q3 10-Q puts backlog at $62,959 million. One customer was 34.5% of the quarter's revenue.

- Published: 2026-11-06
- Author: EvidInvest Team, EvidInvest (published by EBD Sweden AB)
- Canonical URL: https://evidinvest.com/blog/spcx-q3-2026-twelve-filed-lines-starlink-backlog-capex-read-back-2026-11-06
- Research, not investment advice.

> SpaceX's third-quarter 8-K put revenue at $14,575 million, up 161%, and left out the backlog figure. The 10-Q filed two days later gives it: $62,959 million at 30 September, against $47,461 million at 30 June, with about 67% due within a year. It also shows Customer B, in the SI segment, at 34.5% of revenue, $37,840 million of non-cancelable commitments and $19,593 million of capex. Twelve filed lines read back against the Q2 10-Q, each with its accession.

*Every figure below was read from SpaceX's own filings on sec.gov, from the Schedule 13G
statements filed on its shares and from Form 13F reports, and is cited with its accession.
SpaceX furnished its third-quarter results on Form 8-K on 20 October and filed its 10-Q for the
quarter on 22 October; where both give a figure, we cite the 10-Q. We show no analyst estimates,
no consensus and no share prices, and nothing from the earnings webcast, which is not a filing.
Quarterly figures derived from year-to-date totals, sums and shares are our arithmetic on filed
values and are marked *(Ours.)* Research, not investment advice.*

In August, SpaceX **[$SPCX](https://evidinvest.com/valuation/SPCX)** closed its first public quarter with a sentence
about two balances: "We ended the second quarter with $100 billion of cash, cash equivalents, and
marketable securities, and $47.5 billion in backlog." That sentence sat in the CFO commentary of
the Q2 release (`0001628280-26-052515`).

The third-quarter release, furnished on 20 October (**accession `0001628280-26-066482`**), leads
with revenue of $14.6 billion, "up 161%". It has no such sentence: no combined cash figure, no
backlog. We searched the exhibit: "backlog" and "remaining performance obligations" do not appear
in it, and neither does a "contracted sales" figure for the new cloud agreements.

The 10-Q filed two days later (**`0001628280-26-066880`**) has the backlog, Customer B at 34.5%
of revenue and $37,840 million of non-cancelable commitments. Our [August read-back](https://evidinvest.com/blog/spcx-q2-2026-first-public-print-ai-segment-turns-2026-08-06)
set up the lines below. Here is each one, Q2 against Q3.

## 1. Connectivity revenue: $5,248 million

| Connectivity ($m) | Q3 2025 | Q2 2026 (`0001628280-26-052535`) | Q3 2026 (`0001628280-26-066880`) |
|---|---|---|---|
| Consumer revenues | 1,986 | 2,485 | 3,121 |
| Enterprise & government revenues | 1,111 | 1,806 | 2,127 |
| Connectivity revenues | 3,097 | 4,291 | 5,248 |
| Income from operations | 1,190 | 1,656 | 2,367 |
| Connectivity capex | 1,007 | 1,367 | 1,543 |

The release gives the growth rates: Connectivity up 22% sequentially and 69% year on year,
consumer revenues up 26% and 57%, enterprise and government up 18% and 91%. Segment operating
income rose 99% year on year. The 10-Q's segment note carries the same Q3 figures.

## 2. Subscribers: 13.6 million, under a new name

Both filings count "Starlink consumer subscribers": 13.6 million at 30 September, against 12.0
million at 30 June and 7.2 million a year earlier, "up 1.6 million sequentially" per the release.
Consumer ARPU was $69 a month, against $66 in Q2 and $83 in Q3 2025. The S-1
(`0001628280-26-036936`) gave approximately 10.3 million at 31 March.

The definitions moved. The release says the term "refers to the metric previously disclosed as
Starlink Subscribers" and excludes "managed enterprise and government customers"; SpaceX adds that
it has "hundreds of thousands of additional enterprise subscribers".

## 3. Space revenue, and the backlog the 10-Q supplies

Space revenue was $1,767 million, against $962 million in Q2 and $1,666 million a year earlier.
Launch services were $1,130 million; customer launches 12, total launches 35, against 10 and 38 in
Q2. The release lists new orders without dollar values: "three additional NASA ISS Crew missions,
18 National Security Space Launch missions, three commercial Starfall missions", and a lunar
payload on Starship.

Backlog is a 10-Q figure, reported for the whole company. At 30 June it "totaled $47,461
million", of which $14,286 million was deferred revenue; about 56% was expected within one year
(`0001628280-26-052535`).

The Q3 10-Q: "Backlog totaled $62,959 million as of September 30, 2026, of which $17,520 million
was recognized as deferred revenue." Approximately 67% is expected within one year, approximately
27% between one and three years and 6% thereafter (`0001628280-26-066880`). *(Ours: up $15,498
million in the quarter, from $47,461 million; the deferred part up $3,234 million, from $14,286
million.)* The balance sheet splits the deferred part into $10,784 million current and $6,736 million
non-current.

## 4. Capex against operating cash flow

| $m | Q2 2026 | Q3 2026 | Nine months |
|---|---|---|---|
| Capex, Space | 1,174 | 1,606 | 3,832 |
| Capex, Connectivity | 1,367 | 1,543 | 4,242 |
| Capex, SI | 15,828 | 16,444 | 39,995 |
| Capex, total | 18,369 | 19,593 | 48,069 |
| Net cash from operating activities | not filed for the quarter | 9,631 *(Ours)* | 13,097 |

The 10-Q, like the release, prints only a nine-month cash-flow statement
(`0001628280-26-066880`). *(Ours: nine-month operating cash flow of $13,097 million less the
first half's $3,466 million in the Q2 10-Q gives $9,631 million for Q3. Capex of $19,593 million
exceeded it by $9,962 million. Nine-month purchases of property, plant and equipment of $48,069
million less the first half's $28,476 million gives $19,593 million, the same as the segment
total.)* SI took 84% of the quarter's capex *(Ours: 16,444 ÷ 19,593)*.

Cash and cash equivalents were $51,294 million and marketable securities $38,561 million at 30
September, against $93,522 million and $6,487 million at 30 June. *(Ours: $89,855 million against
$100,009 million, down $10,154 million.)*

## 5. Starship spend, as filed

SpaceX does not report a Starship line. It reports Space segment research and development, which
the 10-Q says "mainly relate to the development, build, and testing of Starship". That line was
$1,225 million in Q3, against $1,076 million in Q2 and $849 million a year earlier; $3,231 million
for nine months. The release attributes the $367 million year-on-year rise in Space costs to
accelerating "R&D investments in our Starship program". Space capex was $1,606 million.

Starship Flight 14, "our first orbital Starship flight", delivered 26 Starlink V3 satellites. The Space segment's operating result was a loss of $7 million, against $542 million in Q2.

## 6. The SI segment: renamed, with an operating profit of $431 million

The AI segment is now "Super Intelligence (SI)", which the release defines as "the operating and
reportable segment previously reported as Artificial Intelligence (AI)".

| SI ($m) | Q2 2026 | Q3 2026 |
|---|---|---|
| Advertising revenues | 367 | 538 |
| SI solutions & infrastructure revenues | 2,194 | 7,022 |
| SI revenues | 2,561 | 7,560 |
| Income (loss) from operations | (1,257) | 431 |
| SI Adjusted EBITDA (non-GAAP) | 1,146 | 4,953 |
| Nameplate compute (GW) | 1.4 | 1.7 |

The Q3 operating income is after "$1.2 billion in share-based compensation from the Cursor
acquisition"; the 10-Q's segment note puts that line at $1,217 million. Cursor contributed $608
million of consolidated revenue from the 14 August close.

The Q2 release sized its new cloud agreements at "$14.1 billion in contracted sales". The Q3
release says SpaceX "Signed additional cloud services agreements during the quarter", with no
amount. The 10-Q describes the cloud services as "typically three years and terminable by either
party upon 90 days' notice".

## 7. Customer concentration: Customer B at 34.5%

| Share of revenue | Q3 2025 | Q3 2026 | Nine months 2026 |
|---|---|---|---|
| Customer A | 23.9% | 16.6% | 17.3% |
| Customer B | not above 10% | 34.5% | 24.2% |

The 10-Q (`0001628280-26-066880`): "Revenue from Customer A relates to all three segments and
revenue from Customer B relates to the SI segment. No other customers represented more than 10% of
consolidated revenue." One customer was 27.7% of accounts receivable at 30 September. In Q2, Customer A was 18.3% and Customer B 19.5%
(`0001628280-26-052535`). Neither 10-Q names either customer, and neither states a U.S.
government share of revenue. We do not assign a name. The Q3 release has no concentration table.

## 8. Debt, and a $40 billion GPU lease commitment

The June 8-Ks (`0001628280-26-044489`, `0001628280-26-044955`, `0001628280-26-045763`) cover five
tranches of notes: $7.0 billion at 5.350% due 2031, $6.0 billion at 5.650% due 2033, $6.0 billion
at 5.875% due 2036, $2.5 billion at 6.600% due 2046 and $3.5 billion at 6.650% due 2056, used to
repay the bridge loan facility "in full".

Debt and finance leases were $2,698 million current and $36,146 million non-current at 30
September *(Ours: $38,844 million)*, against $39,364 million at 30 June. Nine-month debt proceeds
were $51,834 million against $51,812 million at six months *(Ours: $22 million in Q3)*. Q3
interest expense was $675 million, of which $351 million was related party.

The 8-K of 26 October (`0001104659-26-118614`) adds a commitment. SpaceX "entered into a binding
commitment letter to enter into a master finance lease" with an entity managed by Apollo Global
Management, which will acquire "graphics processing unit pods and related equipment" and lease
them back in tranches of "approximately five to five and one-quarter years". SpaceX "expects
aggregate principal payments under the lease schedules over their respective terms to total
approximately $40 billion". The lease "is expected to close prior to year end", and the schedules
"are expected to commence during the first half of 2027". The commitment postdates the 10-Q,
which does not mention Apollo.

## 9. Cursor, paid in Class A shares

The 8-K of 14 August (`0001628280-26-056945`) completed the merger with Anysphere, Inc.
("Cursor"). Cursor's shares converted into "an aggregate of 389,289,254 shares" of Class A common
stock, "based on an implied equity value of Cursor of $60.0 billion".

The 10-Q gives the preliminary allocation: total purchase consideration of $42,474 million, of
which $38,293 million was equity and $4,181 million replacement equity awards; intangible assets
of $5,300 million; goodwill of $36,646 million, all in the SI segment. The release adds equity
awards "attributable to post-acquisition service" of $23.4 billion, "subject to future
forfeitures". Goodwill was $48,423 million at 30 September, against $11,645 million at 30 June;
Mesh Optical, closed on 6 July for $249 million in Class A stock, added $158 million.

## 10. Share count

| Shares outstanding (millions) | 30 June (`0001628280-26-052535`) | 30 September (`0001628280-26-066880`) |
|---|---|---|
| Class A | 7,607 | 8,240 |
| Class B | 5,569 | 5,339 |
| Total | 13,176 *(Ours)* | 13,579 *(Ours)* |

The release did not explain the Class B decrease; the 10-Q's equity note does. In the quarter,
230 million shares moved under "Conversion between classes of common stock" from Class B to Class
A, 394 million Class A shares were issued in business combinations and 9 million under "Common
stock issued, net of tax withholding".
*(Ours: 230 + 394 + 9 = 633, the Class A increase.)* The 10-Q cover gives 8,246,541,218 Class A
and 5,334,522,491 Class B shares at 15 October.

## 11. Who filed on the shares

Four Schedule 13G statements, each as of 30 June and each using the Q2 10-Q's 7,696,293,669
Class A shares as the base:

| Filer | Accession | Class A beneficially owned | % of class |
|---|---|---|---|
| Elon R. Musk | `0001104659-26-095936` | 6,418,547,515 | 48.4% |
| Alphabet Inc. (Google LLC) | `0001193125-26-352289` | 551,189,500 | 7.2% |
| Antonio J. Gracias (Valor Entities) | `0001213900-26-087780` | 503,414,530 | 6.5% |
| The Founders Fund entities | `0001426012-26-000004` | 427,306,025 | 5.5% |

Musk's total includes 5,569,053,075 shares issuable on conversion of Class B stock and options,
which are added to the base. In the Form 13F reports for 30 June, Alphabet's
(`0001652044-26-000073`) and Valor Management's (`0001213900-26-089714`) share counts equal their
13G counts. Third-quarter 13Fs are due by 16 November (14 November is a Saturday). Our [August holder
post](https://evidinvest.com/blog/who-owns-spacex-q2-2026-13f-deadline-2026-08-14) has the Q2 count.

## 12. Outlook: no figures, one special committee

The Q3 release gives no revenue, capex or subscriber outlook. It dates two events: the 800 MHz spectrum purchase, agreed on 8 October, "is expected to close in
the first half of 2027", and a Starbase, Louisiana spaceport has "the first launch targeted for
2029".

The 10-Q adds one line the release did not carry: "our board of directors has formed a special
committee to evaluate a potential combination between SpaceX and Tesla, Inc." It says "No
determination by our special committee has been made" and "There can be no assurance that any
agreement will be reached." Our [August preview](https://evidinvest.com/blog/aug4-2026-spacex-ghm-earnings-preview-2026-08-03)
read the first print against the S-1.

## What the 10-Q added

1. Backlog of $62,959 million, about 67% within one year (line 3).
2. Non-cancelable commitments of $37,840 million at 30 September, $25,569 million of it in 2027,
   "primarily related to the Company's investments in SI infrastructure and third-party cloud
   capacity arrangements", plus the spectrum purchase. At 30 June: $27,955 million, $22,244
   million in 2027 (`0001628280-26-052535`). *(Ours: up $9,885 million.)*
3. Customer B at 34.5%, in SI; no third customer above 10% (line 7).
4. The Cursor allocation: $36,646 million of goodwill (line 9).
5. The Class B decrease: 230 million shares converted to Class A (line 10).

Still open: the Apollo lease has not closed, quarterly cash flow is filed only as nine months, and
the third-quarter 13Fs arrive by 16 November.

## Run it yourself

[/filings/SPCX](https://evidinvest.com/filings/SPCX) lists the filings as they land, [/holders/SPCX](https://evidinvest.com/holders/SPCX)
will show the Q3 13F holders after 16 November, and [/valuation/SPCX](https://evidinvest.com/valuation/SPCX) runs your
own valuation on filed numbers.

Write down the lines you will hold SpaceX to: $62,959 million of backlog, Customer B at 34.5%,
$37,840 million of commitments, $19,593 million of quarterly capex. Our
[Thesis Monitor](https://evidinvest.com/thesis-monitor) reads each new filing against what you wrote, and the same
filings are on the [EvidInvest MCP server](https://evidinvest.com/developers) if you work inside an agent.
It is free to start, credit packs from $10, and there is no subscription.

The revenue was in the release. The backlog, the customers and the commitments were in the 10-Q.

*Sources. Space Exploration Technologies Corp. Form 10-Q for the quarter ended 30 September 2026,
filed 22 October 2026: accession `0001628280-26-066880`
([sec.gov](https://www.sec.gov/Archives/edgar/data/1181412/000162828026066880/spcx-20260930.htm)).
Form 8-K of 20 October 2026, Exhibit 99.1 (Q3 2026 results) and its highlights image:
`0001628280-26-066482`
([sec.gov](https://www.sec.gov/Archives/edgar/data/1181412/000162828026066482/spaceexplorationtechnologi.htm)).
Form 8-K of 26 October 2026 (Item 8.01, finance lease commitment): `0001104659-26-118614`
([sec.gov](https://www.sec.gov/Archives/edgar/data/1181412/000110465926118614/tm2628247d1_8k.htm)).
Form 10-Q for the quarter ended 30 June 2026: `0001628280-26-052535`
([sec.gov](https://www.sec.gov/Archives/edgar/data/1181412/000162828026052535/spcx-20260630.htm)).
Form 8-K of 4 August 2026, Exhibit 99.1: `0001628280-26-052515`. Form S-1 of 20 May 2026:
`0001628280-26-036936`. Notes 8-Ks of 22, 23 and 26 June 2026: `0001628280-26-044489`,
`0001628280-26-044955`, `0001628280-26-045763`. Merger 8-K of 14 August 2026:
`0001628280-26-056945`. Schedule 13G filings of 11–14 August 2026: `0001213900-26-087780`,
`0001104659-26-095936`, `0001193125-26-352289`, `0001426012-26-000004`. Form 13F reports for the
quarter ended 30 June 2026 via Aether `holdings_by_security`: `0001652044-26-000073`,
`0001213900-26-089714`.
EDGAR was checked at 04:30 UTC on 6 November 2026. No analyst estimate, consensus figure, share
price, price target or webcast remark appears on this page. Research, not investment advice.*

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