Seeking Alpha盘后复盘：SpaceX三季度业绩超预期后周三收涨近8%，无新增事实

SpaceX ( SPCX ) rose nearly 8% on Wednesday, rising $11.52 to close at $159.31. This came after the company reported third-quarter earnings and revenue above expectations. The results highlighted rapid AI infrastructure growth and expanding Starlink connectivity. {"type": "symbol-chart", "props": {"ticker": "SPCX"}, "data": [{"symbol": {"id": 554436, "slug": "spcx", "name": "SPCX", "company": "Space Exploration Technologies Corp.", "company_name": "Space Exploration Technologies Corp.", "equity_type": "stocks", "fund_type_id": 0, "followers_count": 108463, "div_yield_type": "forward", "index_group": null, "is_bdc": false, "is_reit": false, "is_currency": false, "is_crypto": false, "is_mutual_funds": false, "is_etf": false, "is_cef": false, "is_index": false, "is_bond": false, "is_commodity": false}, "prices": {"id": 554436, "last": 159.37, "change": 11.580000000000013, "percent_change": 7.83544, "last_time": "2026-10-21T15:58:59.000-04:00", "high": 166.18, "low": 157, "open": 160.52, "prev_close": 147.79, "volume": 202183609.551984}, "ratings": {"quant_rating": null, "sell_side_rating": 4.21053, "authors_rating": 2.84375}, "key_data": {"last_close_price_earnings_ratio": null, "div_rate_fwd": null, "div_rate_ttm": null, "div_yield_fwd": null, "dividend_yield": null, "short_interest_shares_outstanding": 2.238027350039099, "marketcap": 2005927300000, "impliedmarketcap": null, "estimate_eps": 0.02889, "diluted_eps_excl_extra_itmes": -2.27147, "estimate_ffo": null, "ffo_per_share_diluted": null, "pe_ratio_fwd": 5115.61093804084}}]} What Happened to SpaceX SpaceX reported third-quarter results on October 20 that exceeded analyst expectations across revenue, profitability, and AI infrastructure metrics. Management described quarterly revenue of $14.6 billion, net income of $4.4 billion, and adjusted EBITDA of $8.8 billion. The company's Super Intelligence segment generated $7.6 billion in revenue, Connectivity contributed $5.2 billion, and Space added $1.8 billion. On the earnings call, management said nameplate compute capacity reached 1.7 gigawatts at quarter-end and was expected to approach 2.2 gigawatts during October. SpaceX projected $33 billion to $37 billion in revenue for the first quarter of 2027 and reiterated a goal of $100 billion in annualized revenue by the end of 2026. Fourth-quarter capital expenditures were guided to $35 billion to $40 billion, with management citing power, cooling, and electrical infrastructure as constraints on the pace of the AI buildout. By the Numbers: SpaceX Today's Range: $157.00 – $166.18 (as of 3:58pm ET) Previous Close: $147.79 52-Week High: $225.64, roughly 42% above today's close 52-Week Low: $104.83, roughly 52% below today's close 50-Day SMA: $148.62 — today's close of $159.37 was above this level 200-Day SMA: $66.18 — today's close was approximately 123% above this level RSI (14-Day): 45.17, below the midpoint of the scale Volume: 202.18 million shares, approximately 2.14 times the one-month average Short Interest: 8.49% of float Forward P/E: 5,115.61 (non-GAAP, forward one-year estimate) Recent Stock Movement: SpaceX The table below showcases the stock's daily activity over the past few days: {"type": "table", "props": {"data": [{"date": "Oct 20, 2026", "return": "-0.11%"}, {"date": "Oct 19, 2026", "return": "+1.32%"}, {"date": "Oct 16, 2026", "return": "-1.74%"}, {"date": "Oct 15, 2026", "return": "-2.33%"}, {"date": "Oct 14, 2026", "return": "-2.80%"}, {"date": "Oct 13, 2026", "return": "-4.21%"}, {"date": "Oct 12, 2026", "return": "+0.52%"}, {"date": "Oct 9, 2026", "return": "+1.25%"}, {"date": "Oct 8, 2026", "return": "-4.19%"}, {"date": "Oct 7, 2026", "return": "-2.51%"}], "columns": [{"header": "Date", "accessor": "date", "align": "left"}, {"header": "Daily Return", "accessor": "return", "align": "right", "component": {"type": "signed-value"}}], "title": "SPCX Daily Returns"}} Other Recent News: SpaceX October 21, 2026: Wall Street analysts raised forecasts following the strong third-quarter results, with coverage highlighting AI infrastructure expansion, major capital-spending requirements, divergent cash-flow projections, and differing views on a potential Tesla merger. Read more October 21, 2026: Coverage examined the possible merger structure in detail, including shareholder approval requirements, Tesla's China operations, strategic AI and engineering synergies, and the fact that the formation of special committees does not guarantee a transaction will be completed. Read more October 21, 2026: A separate report outlined potential benefits of a Tesla–SpaceX combination alongside political, regulatory, and government-contract scrutiny the deal could face. Read more October 20, 2026: Options-market coverage described elevated expected volatility heading into earnings and highlighted competing bullish call activity and downside hedging among traders. Read more October 20, 2026: SpaceX launched a Falcon 9 carrying 32 payloads, including a second flight of the Starfall reentry capsule, as investors focused on the upcoming earnings report and the commercial potential of orbital services. Read more October 18, 2026: Seeking Alpha asked contributors whether Tesla should merge with SpaceX. Responses were divided, with arguments covering synergies, shareholder dilution, capital needs, and the maturity of both companies' newer businesses. Read more Latest Analyst Commentary on SpaceX Steven Fiorillo (October 21, 2026): Raised his rating after SpaceX reported strong quarterly results and guided to a materially larger revenue level for the coming quarter. The thesis centers on operating leverage, AI expansion, Starlink, and potential Starship contributions. Read more The Techie (October 21, 2026): Reiterated a positive view after the earnings report, pointing to revenue growth, AI expansion, Starlink momentum, and what the analyst described as a stronger setup following the quarterly results. Read more The Asian Investor (October 21, 2026): Maintained a positive outlook, citing AI-driven revenue growth, Starlink subscriber additions, and improved profitability, while identifying an upcoming share unlock and the potential Tesla merger as key risks to monitor. Read more The Curious Analyst (October 21, 2026): Maintained a positive view and argued that AI infrastructure has become more important than connectivity to the investment thesis, emphasizing strong growth targets alongside substantial capital expenditures and possible financing needs. Read more Brett Ashcroft Green (October 20, 2026): Rated SPCX Hold, acknowledging the growth of the Super Intelligence segment and Starlink cash generation while warning that post-earnings share unlocks could increase selling pressure. Read more Dhierin Bechai (October 14, 2026): Maintained a Buy rating but expressed skepticism about the mobile-carrier opportunity, citing infrastructure gaps, device compatibility challenges, competition, and the likelihood that meaningful mobile revenue remains several years away. Read more What SA Users Are Saying About SpaceX SA community sentiment leaned bullish following the earnings release, with users highlighting SpaceX's launch capabilities, AI-driven growth, and Starlink expansion. More cautious voices pointed to valuation, upcoming share unlocks, merger uncertainty, and the sustainability of heavy capital spending. One SA user expressed a strongly bullish view, saying they were long SPCX and expected the company to support the broader market. Read more Another commenter praised the earnings results and AI-driven Super Intelligence growth, viewing the market's reaction as confirmation of the bullish thesis. Read more One reader argued that SpaceX holds a distinctive position in space and could face limited competition if Starship proves reliable at scale. Read more A separate SA user raised a bearish-to-cautious view, citing governance concerns, financial metrics, merger-related tradable supply, and the possibility of shorting SPCX in a weaker market environment. Read more One SA community member speculated that a Tesla–SpaceX merger could benefit Tesla shareholders while potentially being less favorable for SPCX holders. Read more