SpaceX will release its third-quarter financial results on Tuesday, followed by Tesla reporting its figures on Wednesday after markets close. LSEG expects SpaceX to report revenue of approximately $12.74 billion for the third quarter, with earnings estimated at 14 cents per share.
The company reported a net loss of $541 million and $7.8 billion in revenue during the second quarter, while spending $15.8 billion on AI capital. Connectivity revenue for SpaceX jumped 66% to $4.3 billion in the second quarter.
Evercore ISI projects SpaceX will reach an annualised revenue run-rate of about $104 billion by 2026, with capital spending hitting $151 billion in 2027. On 8 October 2026, SpaceX reached an agreement to acquire 800 MHz spectrum from Grain Management for roughly $8 billion.
Tesla is anticipated to report adjusted earnings of about 43 cents per share on revenue of roughly $27.88 billion. The automaker delivered 486,532 vehicles in the third quarter, though analysts forecast a negative free cash flow of $4.92 billion for the period.
Tesla shares have declined by about 17% in 2026, following a second-quarter profit that missed estimates and resulted in a negative free cash flow of $1.1 billion. Capital spending for Tesla is set to surpass $25 billion this year as the company prepares for the 3 December 2026 annual meeting.
Barclays suggested a deal between the two firms could be announced before the annual meeting, estimating Elon Musk would hold 37% of the equity and 56% of the votes in an all-stock arrangement. Bill Birmingham, head of research at REX Financial, said, "Musk is blending the future of mobility together by integrating auto and rocket technology; at the very least it's a subtle plant in investors' minds making an engineering efficiency argument for a merger."
Shawn Campbell noted that a SpaceX acquisition of Tesla would be cleaner as it would make it easier to deal with the China business as an asset that is dealt with separately. SpaceX absorbed xAI in February, and the company's shares closed at $146.03 on Friday.
Tesla recently unveiled a new Roadster sports car intended for production in 2028.
