SpaceX Prepares for Q3 Earnings with Focus on Starship, AI Spending

Space Exploration Technologies Corp. (NASDAQ) heads into third-quarter earnings with investors focused on Starship progress, Starlink’s wireless ambitions, AI infrastructure spending and whether the company can deliver on its aggressive long-term revenue goals.

Consensus estimates call for third-quarter revenue of $12.74 billion and EPS of 14 cents.

• What’s ahead for SPCX stock?

Bank of America Says Starship and Revenue Targets Matter Most

Bank of America Securities senior aerospace analyst Ron Epstein said the most important earnings discussion will center on SpaceX’s larger financial and operational targets.

Management previously outlined a goal of reaching roughly a $100 billion revenue run rate by year-end and about $1 trillion by 2030. Epstein told CNBC on Tuesday that Bank of America’s projections reach the trillion-dollar mark roughly one to two years later.

He also called Starship central to SpaceX’s future because it supports Starlink expansion, orbital computing and other businesses. Epstein expects investors to watch for updates on the heat shield, future launches, possible Starship and Super Heavy catches and performance of the new Starlink V3 satellites, which he said deliver about 10 times the throughput of V2 satellites.

Analysts Debate Starlink Mobile Economics

Epstein said SpaceX’s low-band spectrum purchases strengthen its ability to pursue mobile services, while its more than 10,000 Starlink satellites give it a global network advantage.

MoffettNathanson analyst Julie Zhu questioned whether Starlink can economically compete with AT&T Inc. (NYSE:T), T-Mobile US Inc. (NASDAQ:TMUS) and Verizon Communications Inc. (NYSE:VZ). She said terrestrial carriers still control substantially more spectrum and warned that building comparable coverage would require significant capital.

Bernstein analyst Madison Rezaei sees another path, arguing that SpaceX could partner with existing carriers and become an additional tenant for U.S. tower operators, potentially increasing recurring tower revenue by roughly 10%-15%.

Wall Street Sees More Growth from AI and Connectivity

Goldman Sachs reiterated a Buy rating and raised its SpaceX price forecast to $230 from $220.

Jim Cramer also remains bullish on the underlying business, citing Starlink cash flow, reusable rockets and expanding AI-compute capacity. "I really like SpaceX, the company, because I believe it’ll become much more profitable as cash flows from Starlink take off," Cramer said.

SpaceX is reportedly seeking another $40 billion to acquire more NVIDIA Corp. (NASDAQ:NVDA) chips and expand computing capacity. Cramer said the company can monetize that hardware by renting excess compute to outside customers.

Still, valuation remains a key debate. Cramer noted that SpaceX trades at roughly 137 times next-12-month earnings, underscoring the need for execution across Starlink, AI and Starship to support investor expectations.

SPCX Price Action: SpaceX shares were down 0.04% at $148.03 at the time of publication on Tuesday, according to Benzinga Pro data.

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