SPACE EXPLORATION TECHNOLOGIES CORP, 10-Q filed on 10/22/2026
Quarterly Report
v3.26.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2026
Oct. 15, 2026
Entity Listings [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2026  
Document Transition Report false  
Entity File Number 001-43344  
Entity Registrant Name Space Exploration Technologies Corp.  
Entity Incorporation, State or Country Code TX  
Entity Tax Identification Number 01-0627671  
Entity Address, Address Line One 1 Rocket Road  
Entity Address, City or Town Starbase  
Entity Address, State or Province TX  
Entity Address, Postal Zip Code 78521  
City Area Code 310  
Local Phone Number 363-6000  
Title of 12(b) Security Class A Common Stock, $0.001 par value  
Trading Symbol SPCX  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001181412  
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q3  
Current Fiscal Year End Date --12-31  
Class A Common Stock    
Entity Listings [Line Items]    
Entity Common Stock, Shares Outstanding   8,246,541,218
Class B Common Stock    
Entity Listings [Line Items]    
Entity Common Stock, Shares Outstanding   5,334,522,491
v3.26.3
Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 51,294 $ 24,747
Marketable securities 38,561 0
Accounts receivable, net of allowance for credit losses of $67 and $39 at September 30, 2026 and December 31, 2025, respectively 4,772 1,579
Inventory 2,891 2,416
Prepaid expenses and other current assets 3,457 2,210
Total current assets 100,975 30,952
Property, plant, and equipment, net [1] 89,483 42,602
Finance lease right-of-use assets 1,040 1,260
Intangible assets, net 6,354 1,548
Digital assets 1,573 1,637
Goodwill 48,423 11,809
Deferred tax assets 388 141
Other assets (related party of $570 and $10 at September 30, 2026 and December 31, 2025, respectively) 5,809 2,130
Total assets 254,045 92,079
Current liabilities    
Accounts payable 13,259 11,792
Deferred revenue, current 10,784 6,111
Debt and finance leases, current (related party of $2,181 and $455 at September 30, 2026 and December 31, 2025, respectively) 2,698 928
Accrued expenses and other current liabilities 5,997 2,569
Total current liabilities 32,738 21,400
Long-term liabilities    
Deferred revenue, net of current 6,736 6,005
Debt and finance leases, net of current (related party of $10,716 and $4,052 at September 30, 2026 and December 31, 2025, respectively) 36,146 21,968
Other liabilities 1,657 1,381
Total liabilities 77,277 50,754
Commitments and contingencies (Note 16)
Redeemable convertible preferred stock    
Redeemable convertible preferred stock, par value $0.001; - and 2,351 shares issued; - and 2,046 shares outstanding as of September 30, 2026 and December 31, 2025, respectively 0 38,752
Shareholders’ equity    
Preferred stock, par value $0.001; - shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively 0 0
Additional paid-in capital 212,539 37,706
Accumulated deficit (37,448) (37,035)
Accumulated other comprehensive income 1,664 1,898
Total shareholders’ equity 176,768 2,573
Total liabilities, redeemable convertible preferred stock, and shareholders’ equity 254,045 92,079
Class A Common Stock    
Shareholders’ equity    
Common stock 8 3
Class B Common Stock    
Shareholders’ equity    
Common stock 5 1
Class C Common Stock    
Shareholders’ equity    
Common stock $ 0 $ 0
[1] Refer to Note 17 - Related Party Transactions for additional details on related party arrangements.
v3.26.3
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Accounts receivable, allowance for credit losses $ 67 $ 39
Other assets 5,809 2,130
Debt and finance leases, current 2,698 928
Debt and finance leases, net of current $ 36,146 $ 21,968
Redeemable convertible preferred stock, par value (in USD per share) $ 0.001 $ 0.001
Redeemable convertible preferred stock, shares issued (in shares) 0 2,351,000,000
Redeemable convertible preferred stock, shares outstanding (in shares) 0 2,046,000,000
Preferred stock, par value (in USD per share) $ 0.001 $ 0.001
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Class A Common Stock    
Common stock, par value (in USD per share) $ 0.001 $ 0.001
Common stock, shares issued (in shares) 8,240,000,000 2,036,000,000
Common stock, shares outstanding (in shares) 8,240,000,000 1,952,000,000
Class B Common Stock    
Common stock, par value (in USD per share) $ 0.001 $ 0.001
Common stock, shares issued (in shares) 5,339,000,000 644,000,000
Common stock, shares outstanding (in shares) 5,339,000,000 644,000,000
Class C Common Stock    
Common stock, par value (in USD per share) $ 0.001 $ 0.001
Common stock, shares issued (in shares) 0 482,000,000
Common stock, shares outstanding (in shares) 0 482,000,000
Related Party    
Other assets $ 570 $ 10
Debt and finance leases, current 2,181 455
Debt and finance leases, net of current $ 10,716 $ 4,052
v3.26.3
Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Income Statement [Abstract]        
Revenue $ 14,575 $ 5,576 $ 27,083 $ 13,714
Costs and expenses        
Cost of revenue 5,478 2,705 11,361 6,949
Research and development 4,596 2,291 11,658 5,806
Selling, general, and administrative 1,707 575 3,365 1,674
Restructuring charges (credits) 3 278 (6) 472
Impairment 0 0 0 29
Total costs and expenses 11,784 5,849 26,378 14,930
Income (loss) from operations 2,791 (273) 705 (1,216)
Interest expense (related party of $351 and $— for the three months ended September 30, 2026 and 2025, respectively, and $864 and $— for the nine months ended September 30, 2026 and 2025, respectively) (675) (514) (1,968) (1,372)
Interest income 873 155 1,426 370
Other income (expense), net (related party of $561 and $- for the three months ended September 30, 2026 and 2025, respectively, and $561 and $- for the nine months ended September 30, 2026 and 2025, respectively) 1,025 140 (937) 342
Income (loss) before income taxes 4,014 (492) (774) (1,876)
Provision for (benefit from) income taxes (390) 562 (361) 714
Net income (loss) 4,404 (1,054) (413) (2,590)
Net income (loss) attributable to shareholders - basic 4,404 (1,054) (1,084) (2,590)
Net income (loss) attributable to shareholders - diluted $ 4,404 $ (1,054) $ (1,084) $ (2,590)
Net income (loss) per share of common stock attributable to common shareholders        
Basic (in USD per share) $ 0.37 $ (0.36) $ (0.15) $ (0.89)
Diluted (in USD per share) $ 0.35 $ (0.36) $ (0.15) $ (0.89)
Weighted average shares used in computing net income (loss) per share of common stock        
Basic (in shares) 11,942 2,941 7,274 2,915
Diluted (in shares) 12,475 2,941 7,274 2,915
v3.26.3
Consolidated Statements of Operations (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Interest expense $ 675 $ 514 $ 1,968 $ 1,372
Other income (expense), net 1,025 140 (937) 342
Related Party        
Interest expense 351 0 864 0
Other income (expense), net $ 561 $ 0 $ 561 $ 0
v3.26.3
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 4,404 $ (1,054) $ (413) $ (2,590)
Other comprehensive income (loss)        
Change in foreign currency translation adjustments, net of tax (29) (3) (207) 792
Unrealized losses on marketable securities, net of tax (26) 0 (27) 0
Other comprehensive income (loss) (55) (3) (234) 792
Comprehensive income (loss) $ 4,349 $ (1,057) $ (647) $ (1,798)
v3.26.3
Consolidated Statements of Redeemable Convertible Preferred Stock and Shareholders’ Equity - USD ($)
$ in Millions
Total
Share Repurchases from Current and Former xAI Employees
Share Repurchases from Existing Shareholders
Conversion of redeemable convertible preferred stock pursuant to xAI Merger
Conversion of redeemable convertible preferred stock to common stock
IPO
Issuances Excluding IPO
Common Stock
Common Stock
Share Repurchases from Current and Former xAI Employees
Common Stock
Share Repurchases from Existing Shareholders
Common Stock
Conversion of redeemable convertible preferred stock pursuant to xAI Merger
Common Stock
Conversion of redeemable convertible preferred stock to common stock
Common Stock
IPO
Common Stock
Issuances Excluding IPO
Additional Paid-in Capital
Additional Paid-in Capital
Share Repurchases from Current and Former xAI Employees
Additional Paid-in Capital
Share Repurchases from Existing Shareholders
Additional Paid-in Capital
Conversion of redeemable convertible preferred stock pursuant to xAI Merger
Additional Paid-in Capital
Conversion of redeemable convertible preferred stock to common stock
Additional Paid-in Capital
IPO
Additional Paid-in Capital
Issuances Excluding IPO
Accumulated Deficit
Accumulated Other Comprehensive Income
Beginning balance (in shares) at Dec. 31, 2024 1,748,000,000                                            
Beginning balance at Dec. 31, 2024 $ 20,941                                            
Redeemable Convertible Preferred Stock                                              
Issuance of redeemable convertible preferred stock (in shares) 145,000,000                                            
Issuance of redeemable convertible preferred stock $ 4,388                                            
Conversion of redeemable convertible preferred stock (in shares) 0                                            
Conversion of redeemable convertible preferred stock $ (1)                                            
Ending balance (in shares) at Sep. 30, 2025 1,893,000,000                                            
Ending balance at Sep. 30, 2025 $ 25,328                                            
Balances, beginning of period (in shares) at Dec. 31, 2024               3,023,000,000                              
Balance, beginning of period at Dec. 31, 2024 4,863             $ 3             $ 35,865             $ (32,098) $ 1,093
Shareholders’ Equity                                              
Share-based compensation 1,150                           1,150                
Common stock issued, net (in shares)               62,000,000                              
Common stock issued, net 923             $ 1             922                
Conversion of stock (in shares)               2,000,000                              
Conversion of stock $ 1             $ 0             1                
Repurchase of common stock (in shares) (47,000,000)             (47,000,000)                              
Repurchase of common stock $ (523)             $ 0             (523)                
Transfer of equity in business combinations (in shares)               1,000,000                              
Transfer of equity in business combinations 39             $ 0             39                
Net income (loss) (2,590)                                         (2,590)  
Other comprehensive income (loss) 792                                           792
Balances, end of period (in shares) at Sep. 30, 2025               3,041,000,000                              
Balance, end of period at Sep. 30, 2025 $ 4,655             $ 4             37,454             (34,688) 1,885
Beginning balance (in shares) at Jun. 30, 2025 1,893,000,000                                            
Beginning balance at Jun. 30, 2025 $ 25,086                                            
Redeemable Convertible Preferred Stock                                              
Issuance of redeemable convertible preferred stock (in shares) 0                                            
Issuance of redeemable convertible preferred stock $ 242                                            
Ending balance (in shares) at Sep. 30, 2025 1,893,000,000                                            
Ending balance at Sep. 30, 2025 $ 25,328                                            
Balances, beginning of period (in shares) at Jun. 30, 2025               3,048,000,000                              
Balance, beginning of period at Jun. 30, 2025 5,217             $ 4             36,959             (33,634) 1,888
Shareholders’ Equity                                              
Share-based compensation 382                           382                
Common stock issued, net (in shares)               11,000,000                              
Common stock issued, net $ 116             $ 0             116                
Repurchase of common stock (in shares) (18,000,000)             (18,000,000)                              
Repurchase of common stock $ (3)             $ 0             (3)                
Net income (loss) (1,054)                                         (1,054)  
Other comprehensive income (loss) (3)                                           (3)
Balances, end of period (in shares) at Sep. 30, 2025               3,041,000,000                              
Balance, end of period at Sep. 30, 2025 $ 4,655             $ 4             37,454             (34,688) 1,885
Beginning balance (in shares) at Dec. 31, 2025 2,046,000,000                                            
Beginning balance at Dec. 31, 2025 $ 38,752                                            
Redeemable Convertible Preferred Stock                                              
Issuance of redeemable convertible preferred stock (in shares) 78,000,000                                            
Issuance of redeemable convertible preferred stock $ 5,869                                            
Conversion of redeemable convertible preferred stock (in shares)       (1,987,000,000) (135,000,000)                                    
Conversion of redeemable convertible preferred stock       $ (37,476) $ (7,076)                                    
Repurchase of redeemable convertible preferred stock (in shares) (2,000,000)                                            
Repurchase of redeemable convertible preferred stock $ (69)                                            
Ending balance (in shares) at Sep. 30, 2026 0                                            
Ending balance at Sep. 30, 2026 $ 0                                            
Balances, beginning of period (in shares) at Dec. 31, 2025               3,079,000,000                              
Balance, beginning of period at Dec. 31, 2025 2,573             $ 4             37,706             (37,035) 1,898
Shareholders’ Equity                                              
Share-based compensation 3,991                           3,991                
Common stock issued, net (in shares)                         639,000,000 1,381,000,000                  
Common stock issued, net           $ 85,675 $ 2,259           $ 1 $ 1           $ 85,674 $ 2,258    
Conversion of stock (in shares)                     1,424,000,000 6,728,000,000                      
Conversion of stock       $ 37,475 $ 7,076           $ 1 $ 6           $ 37,474 $ 7,070        
Repurchase of common stock (in shares)   (25,000,000) (41,000,000)           (25,000,000) (41,000,000)                          
Repurchase of common stock   $ (2,413) $ (1,944)           $ 0 $ 0           $ (2,413) $ (1,944)            
Transfer of equity in business combinations (in shares)               394,000,000                              
Transfer of equity in business combinations 42,723                           42,723                
Net income (loss) (413)                                         (413)  
Other comprehensive income (loss) (234)                                           (234)
Balances, end of period (in shares) at Sep. 30, 2026               13,579,000,000                              
Balance, end of period at Sep. 30, 2026 $ 176,768             $ 13             212,539             (37,448) 1,664
Beginning balance (in shares) at Jun. 30, 2026 0                                            
Beginning balance at Jun. 30, 2026 $ 0                                            
Redeemable Convertible Preferred Stock                                              
Repurchase of redeemable convertible preferred stock (in shares) 0                                            
Ending balance (in shares) at Sep. 30, 2026 0                                            
Ending balance at Sep. 30, 2026 $ 0                                            
Balances, beginning of period (in shares) at Jun. 30, 2026               13,176,000,000                              
Balance, beginning of period at Jun. 30, 2026 127,224             $ 13             167,344             (41,852) 1,719
Shareholders’ Equity                                              
Share-based compensation 2,421                           2,421                
Common stock issued, net (in shares)               9,000,000                              
Common stock issued, net $ 51             $ 0             51                
Repurchase of common stock (in shares) 0                                            
Transfer of equity in business combinations (in shares)               394,000,000                              
Transfer of equity in business combinations $ 42,723             $ 0             42,723                
Net income (loss) 4,404                                         4,404  
Other comprehensive income (loss) (55)                                           (55)
Balances, end of period (in shares) at Sep. 30, 2026               13,579,000,000                              
Balance, end of period at Sep. 30, 2026 $ 176,768             $ 13             $ 212,539             $ (37,448) $ 1,664
v3.26.3
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net loss $ (413) $ (2,590)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 8,934 4,784
Share-based compensation 3,833 1,044
Deferred income taxes (455) 623
Unrealized (gain) loss on digital assets 64 (389)
Unrealized gain on investments in unconsolidated affiliates, net (532) 0
Loss on debt extinguishment 1,545 0
Other (254) 193
Changes in operating assets and liabilities    
Accounts receivable (2,882) (934)
Inventory (1,381) (378)
Prepaid expenses and other assets (1,305) (427)
Accounts payable (970) 668
Deferred revenue 4,922 404
Other liabilities, net 1,991 1,122
Net cash provided by operating activities 13,097 4,120
Cash flows from investing activities    
Purchases of property, plant, and equipment (related party of $480 and $285 for September 30, 2026 and 2025, respectively) (48,069) (13,846)
Capitalized interest (20) (96)
Proceeds from product rebates 1,372 0
Purchases of marketable securities (46,834) (601)
Maturities of marketable securities 9,158 548
Proceeds from sales of marketable securities 77 1,173
Payments for intangible assets (866) 0
Cash received from acquisition of businesses 514 0
Other investing activities, net 57 (175)
Net cash used in investing activities (84,611) (12,997)
Cash flows from financing activities    
Principal repayments on finance leases (270) (213)
Proceeds from debt and other financing obligations 51,834 10,947
Payment of debt issuance costs (124) (66)
Repayments on debt and other financing obligations (39,845) (6,014)
Payment of debt extinguishment premium (1,153) 0
Proceeds from issuance of capital stock, net of issuance costs 8,319 5,299
Proceeds from employee equity award plans 368 206
Payments for repurchase of common and redeemable convertible preferred stock (4,426) (525)
Taxes paid related to net share settlement of equity awards (559) (194)
Proceeds from IPO, net of underwriting commissions and offering costs 85,675 0
Net cash provided by financing activities 99,819 9,440
Effect of exchange rate changes on cash and cash equivalents (43) 69
Net change in cash and cash equivalents and restricted cash 28,262 632
Cash and cash equivalents and restricted cash, beginning of the period 25,124 11,501
Cash and cash equivalents and restricted cash, end of the period 53,386 12,133
Cash paid for the following:    
Interest, net of interest capitalized 2,078 695
Income taxes, net 66 56
Supplemental schedule of noncash investing and financing activities    
Purchases of property, plant, and equipment included in accounts payable and accrued expenses 11,827 3,573
Purchases of property, plant, and equipment financed by other financings 3,921 0
Share-based compensation capitalized in property, plant, and equipment, net 160 114
Acquisition of businesses through issuance of shares $ 42,723 $ 0
v3.26.3
Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Purchases of property, plant, and equipment $ 48,069 $ 13,846
Related Party    
Purchases of property, plant, and equipment $ 480 $ 285
v3.26.3
Nature of Business
 9 Months Ended
Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Business
Note 1 - Nature of Business
Description of Business
Space Exploration Technologies Corp. and its wholly owned subsidiaries, collectively referred to as the “Company” or “SpaceX,” operate three segments – (i) the Space segment designs, manufactures, and launches reusable rockets to provide high cadence, reliable, and affordable access to space at unprecedented scale, (ii) the Connectivity segment operates a worldwide high-speed, low-latency broadband network powered by thousands of Starlink satellites in Low-Earth Orbit, delivering connectivity to millions of consumer, enterprise, and government customers through our Starlink offering, and (iii) the Super Intelligence (“SI”) segment (formerly known as the AI segment) operates a vertically integrated SI platform spanning SI infrastructure solutions for enterprise customers, as well as a frontier LLM Grok, SI-assisted software engineering platform Cursor, and real-time information, entertainment, and free speech platform X for consumer and enterprise customers.
Cursor Merger
On June 16, 2026, the Company entered into an Agreement and Plan of Merger ("Cursor Merger Agreement") with Anysphere, Inc. ("Cursor") and X67 Inc., a wholly owned subsidiary of the Company ("Merger Sub"). On August 14, 2026 ("Closing Date"), the Company completed the merger with Cursor ("Cursor Merger"). Pursuant to the Cursor Merger Agreement, Merger Sub merged with and into Cursor, with Cursor surviving the merger as a wholly owned subsidiary of the Company. At the Closing Date, each share of Cursor's common stock and preferred stock outstanding immediately prior to the Closing Date was automatically converted into the right to receive shares of the Company's Class A common stock, plus cash in lieu of fractional shares. The conversion was based on an implied equity value of Cursor of $60 billion and the volume-weighted average closing price (“VWAP”) of the Company's Class A common stock over the seven consecutive trading days immediately preceding the closing of the Cursor Merger (“Exchange Ratio”). The results of operations of Cursor are included in the Company’s consolidated financial statements from the Closing Date and are reported within the SI segment. See Note 20 - Acquisitions for additional details.
Initial Public Offering
In June 2026, the Company completed its initial public offering (“IPO”), in which the Company issued and sold 638.9 million shares of its Class A common stock at a public offering price of $135.00 per share, including the full exercise of the underwriters’ over-allotment option, which resulted in net proceeds of $85,675 million after deducting the underwriting commissions and offering costs of $575 million. The underwriting commissions and offering costs are presented in shareholders’ equity as a reduction of the net proceeds received from the IPO.
In connection with the IPO, all outstanding shares of the Company’s redeemable convertible preferred stock automatically converted into shares of the Company’s Class A and Class B common stock. Refer to Note 12 - Redeemable Convertible Preferred Stock and Shareholders’ Equity for additional information.
Stock Split
In May 2026, the Company effected a five-for-one forward stock split of its authorized, issued, and outstanding shares of Class A, Class B, and Class C common stock (“2026 Stock Split”). The conversion rate of the Company’s redeemable convertible preferred stock was proportionately adjusted to factor in the 2026 Stock Split. All share and per share information that relates to dates prior to the 2026 Stock Split has been retroactively adjusted to reflect the 2026 Stock Split for all periods presented.
Common Control Mergers
On February 2, 2026 (“xAI Merger Date”), the Company completed its acquisition of X.AI Holdings Corp. (“xAI”), pursuant to which xAI became a wholly-owned subsidiary of the Company (“xAI Merger”). Prior to the xAI Merger, on March 28, 2025, xAI completed its acquisition of X Holdings Corp. (“X”) and SpaceXAI Corp. (formerly known as X.AI Corp.), in which X and SpaceXAI Corp. became wholly-owned subsidiaries of xAI (“X Merger”, and collectively with xAI Merger, “Common Control Mergers”). SpaceXAI Corp. began operations in March 2023 and Twitter, Inc. (“Twitter”) was acquired by Mr. Elon Musk in October 2022. The Common Control Mergers were each effected through a share exchange. Refer to Note 12 - Redeemable Convertible Preferred Stock and Shareholders’ Equity for additional details.
v3.26.3
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2026
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
Note 2 - Summary of Significant Accounting Policies
Unaudited Interim Financial Statements
The consolidated financial statements, including the consolidated balance sheet as of September 30, 2026, the consolidated statements of operations, the consolidated statements of comprehensive income (loss), the consolidated statements of redeemable convertible preferred stock and shareholders’ equity for the three and nine months ended September 30, 2026 and 2025, and the consolidated statements of cash flows for the nine months ended September 30, 2026 and 2025, as well as other information disclosed in the accompanying notes, are unaudited. The consolidated balance sheet as of December 31, 2025 was derived from the audited consolidated financial statements as of that date. The interim consolidated financial statements and the accompanying notes should be read in conjunction with the annual consolidated financial statements and the accompanying notes.
The interim consolidated financial statements and the accompanying notes have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary for a fair statement of the results of operations for the periods presented. The consolidated results of operations for any interim period are not necessarily indicative of the results to be expected for the full year or for any other future years or interim periods.
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Amounts which are subject to significant judgment and use of estimates include revenues recognized over time using the cost-to-cost input method, the determination of valuation allowances associated with deferred tax assets and estimates of tax liabilities, reserves for excess and obsolete inventory, fair value of assets acquired and liabilities assumed in business combinations and useful lives of finite-lived intangible assets acquired, fair value of goodwill, useful lives of property, plant, and equipment, the determination of incremental borrowing rate for lease liabilities, litigation and settlement costs, and the valuation and assumptions underlying share-based compensation. On an ongoing basis, the Company evaluates its estimates compared to historical experience and current trends, which forms the basis for making judgments about the carrying value of assets and liabilities. In addition, the Company engages valuation specialists to assist in the valuation of equity instruments and of assets acquired and liabilities assumed in business combinations.
Cash and Cash Equivalents and Restricted Cash
The Company’s total cash and cash equivalents and restricted cash, as presented in the consolidated statements of cash flows, are as follows:
September 30, 2026December 31, 2025
Cash and cash equivalents$51,294 $24,747 
Restricted cash included in prepaid expenses and other current assets555 182 
Restricted cash included in other assets1,537 195 
Total as presented in the consolidated statements of cash flows
$53,386 $25,124 
Significant Accounting Policies
There have been no material changes to the Company’s significant accounting policies from the annual consolidated financial statements for the year ended December 31, 2025 included in the Company’s final prospectus filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, on June 12, 2026 in connection with the IPO, except as discussed below.
Cloud Services Arrangements
During 2026, the Company’s SI segment entered into revenue arrangements to provide cloud services to customers. The Company accounts for its cloud services arrangements as service contracts with a single performance obligation consisting of a stand-ready promise to provide continuous access to reserved compute capacity, with the transaction price consisting of fixed monthly fees. Revenue is recognized over time as the customer simultaneously receives and consumes the benefits, using a pattern that aligns with phased capacity availability during any ramp period and straight-line recognition for steady-state fees thereafter.
Business Combinations
When the Company acquires a business, the purchase price is allocated to the assets acquired and liabilities assumed based on their estimated fair values. The excess of the purchase price over the fair values of identifiable assets and liabilities is recorded as goodwill and is assigned to reporting units based on the expected benefit from the business combination. During the measurement period, which may be up to one year from the acquisition date, adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed may be recorded, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in the Company’s consolidated statements of operations. The results of operations of the business acquired are included in the Company’s consolidated statements of operations from the acquisition date. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred in Selling, general, and administrative expenses.
Recent Accounting Pronouncements
In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The ASU improves the guidance in Topic 270 by improving the navigability of the required interim disclosures and clarifying when that guidance is applicable. The amendments also provide additional guidance on what disclosures should be provided in interim reporting periods. The amendments add to Topic 270 a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Adoption of this ASU can either be applied prospectively or retrospectively to any or all prior periods presented in the financial statements, and early adoption is permitted. The Company is currently evaluating the provisions of this ASU and does not expect this ASU to have a material impact on the consolidated financial statements.
Recently adopted accounting pronouncements
In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments in this update provide a practical expedient permitting an entity to assume that conditions at the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current classified accounts receivable and contract assets. The Company adopted this ASU on a prospective basis effective January 1, 2026. While this ASU was adopted, the Company did not elect the practical expedient permitted under this ASU. Therefore, the adoption has no impact on the consolidated financial statements.
v3.26.3
Revenue
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue
Note 3 - Revenue
Revenue disaggregated by products and services is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Products$771 $430 $1,612 $1,185 
Services13,804 5,146 25,471 12,529 
Total revenues
$14,575 $5,576 $27,083 $13,714 
All products revenue is attributable to the Connectivity segment.
Revenue disaggregated by type and segment is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Launch Services $1,130 $1,000 $2,108 $2,056 
Launch & Development637 666 1,240 1,221 
Space
1,767 1,666 3,348 3,277 
Consumer3,121 1,986 7,754 5,198 
Enterprise & Government(1)
2,127 1,111 5,042 2,961 
Connectivity
5,248 3,097 12,796 8,159 
Advertising538 454 1,248 1,323 
SI Solutions & Infrastructure7,022 359 9,691 955 
SI
7,560 813 10,939 2,278 
Total revenues
$14,575 $5,576 $27,083 $13,714 
___________________
(1) Enterprise & Government revenue includes revenue from Starlink Mobile service offerings.
Deferred revenue
Deferred revenue is recorded when cash payments are received or due, in advance of the Company’s performance. Deferred revenue primarily relates to Space agreements and Connectivity enterprise and government contracts. Total deferred revenue as of December 31, 2025 was $12,116 million, of which $1,287 million and $3,767 million was recognized as revenue during the three and nine months ended September 30, 2026, respectively. Total deferred revenue as of September 30, 2026 was $17,520 million.
Backlog
The Company’s backlog represents the transaction price of performance obligations to customers for which work remains to be performed. The amount of backlog increases with new contracts or additions to existing contracts and decreases as revenue is recognized on existing contracts. Contracts are included in backlog when an enforceable agreement has been reached. Backlog does not include amounts related to performance obligations that are billed and recognized as they are delivered, optional purchases that do not represent material rights and any estimated amounts of variable consideration that are subject to constraint. Backlog totaled $62,959 million as of September 30, 2026, of which $17,520 million was recognized as deferred revenue at September 30, 2026. Approximately 67% is expected to be recognized within one year, and approximately 27% is expected to be recognized between one and three years, with the remaining 6% to be recognized thereafter.
Concentration of risk
Consolidated revenue from significant customers is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Customer A16.6 %23.9 %17.3 %21.6 %
Customer B34.5 %*24.2 %*
______________
* Customer did not represent more than 10% of consolidated revenue for the period.
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 during the three and nine months ended September 30, 2026 and 2025.
As of September 30, 2026, one customer represented 27.7% of Accounts receivable, net. No customer represented 10% or more of Accounts receivable, net as of December 31, 2025.
v3.26.3
Inventory
 9 Months Ended
Sep. 30, 2026
Inventory Disclosure [Abstract]  
Inventory
Note 4 - Inventory
Inventory consists of the following:
September 30, 2026December 31, 2025
Raw materials$1,102 $1,030 
Work-in-progress887 803 
Finished goods902 583 
Inventory
$2,891 $2,416 
v3.26.3
Property, Plant, and Equipment, Net
 9 Months Ended
Sep. 30, 2026
Property, Plant, and Equipment [Abstract]  
Property, Plant, and Equipment, Net
Note 5 - Property, Plant, and Equipment, Net
Property, plant, and equipment, net consist of the following:
September 30, 2026December 31, 2025
Servers and networking equipment$43,206 $22,694 
Satellites14,738 11,949 
Machinery and equipment11,014 6,343 
Data center infrastructure6,333 2,960 
Launch sites3,175 2,404 
Land, buildings, and improvements(1)
5,167 1,876 
Flight vehicle hardware1,625 1,689 
Leasehold improvements1,002 784 
Construction-in-progress23,745 4,604 
Property, plant, and equipment110,005 55,303 
Less: Accumulated depreciation(20,522)(12,701)
Property, plant, and equipment, net
$89,483 $42,602 
__________________
(1)Land is not a depreciable asset.
Construction in progress is primarily comprised of servers and networking equipment as well as data center infrastructure that has not yet been placed in service.
Depreciation expense for the three and nine months ended September 30, 2026 was $3,351 million and $8,415 million, respectively. Depreciation expense for the three and nine months ended September 30, 2025 was $1,595 million and $4,142 million, respectively.
Interest is capitalized during the construction period for significant long term construction projects, such as the SI infrastructure data centers and launch facilities. For the three and nine months ended September 30, 2026, the Company capitalized $119 million and $139 million of interest, respectively, which is included in Construction-in-progress amounts above. $74 million and $96 million of interest was capitalized during the three and nine months ended September 30, 2025, respectively.
v3.26.3
Intangible Assets and Goodwill
 9 Months Ended
Sep. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Intangible Assets and Goodwill
Note 6 - Intangible Assets and Goodwill
Intangible Assets
Finite-lived intangible assets consist of the following:
September 30, 2026
Weighted-Average Useful Life (years)Gross Carrying ValueAccumulated AmortizationNet Carrying Value
Existing technology4.0$4,459 $(167)$4,292 
Customer relationships4.51,441 (605)836 
User base9.01,270 (554)716 
Brand4.6932 (449)483 
Acquired workforce2.012 (6)6 
Total
$8,114 $(1,781)$6,333 
December 31, 2025
Weighted-Average Useful Life (in years)Gross Carrying ValueAccumulated AmortizationNet Carrying Value
Existing technology3.2$27 $(16)$11 
Customer relationships5.0752 (478)274 
User base9.01,291 (456)835 
Brand5.0743 (335)408 
Acquired workforce2.09 — 9 
Total
$2,822 $(1,285)$1,537 
Amortization expense associated with finite-lived intangible assets was $293 million and $519 million in the three and nine months ended September 30, 2026, respectively, and $219 million and $642 million in the three and nine months ended September 30, 2025, respectively.
The Company also has indefinite-lived intangible assets of $21 million and $11 million as of September 30, 2026 and December 31, 2025, respectively. Indefinite-lived intangible assets primarily consist of trade names and domain names, which are expected to provide long-term branding and marketing benefits.
Spectrum Transactions
On September 7, 2025, the Company entered into a License Purchase Agreement (the “Spectrum License Purchase Agreement”) with Spectrum Business Trust 2025-1, a Nevada Business Trust (“Trust”) and EchoStar Corporation (“EchoStar”) for the purchase of EchoStar’s licenses related to 50 MHz of spectrum (the “AWS-4 and H-Block Licenses” and the transactions contemplated thereby, “Spectrum Transaction”). On November 5, 2025, the parties amended and restated the Spectrum License Purchase Agreement to include EchoStar’s licenses for up to 15 MHz of additional unpaired AWS-3 spectrum (together with the AWS-4 and H-Block Licenses, the “Spectrum Licenses”). The Spectrum License Purchase Agreement provides that the transfer of the Spectrum Licenses occurs in two steps: first, the transfer of the Spectrum Licenses by EchoStar to the Trust (the “Spectrum Transfer Closing”), and second, the transfer of the Spectrum Licenses by the Trust to the Company (the “Spectrum Acquisition Closing”). In connection with the Spectrum License Purchase Agreement, the Company and the Trust entered into a credit agreement (the “Spectrum Credit Agreement”), pursuant to which the Company has agreed upon the Spectrum Transfer Closing, to make payments to the Trust (via loans which are contemplated to be forgiven at six-month intervals), for the Trust to make payments on EchoStar’s debt (interest only) through at least November 30, 2027, but in no event later than November 30, 2028. Although these payments are structured as loans from the Company, as a lender, to the Trust, as a creditor, there is no expectation of repayment as the loan payments are forgiven and are accounted for as additional consideration for the acquisition of the Spectrum Licenses.
The Spectrum Transaction was approved by the Federal Communications Commission (“FCC”) on May 12, 2026, and the Spectrum Transfer Closing occurred on May 22, 2026. On that date, the Spectrum Licenses were transferred to the Trust, where they will remain until the Spectrum Acquisition Closing. Concurrently, the Company has made contractual payments under the Spectrum Credit Agreement to the Trust of $856 million as of September 30, 2026, which is recognized as prepaid assets in Other assets until the Spectrum Acquisition Closing, at which point they will be recognized as intangible assets. Only contractual amounts paid to the Trust
are recognized as prepaid assets, which represent the Company’s present right to an economic benefit for the portion of the Spectrum Licenses for which cash is transferred.
Goodwill
The activity for goodwill is as follows:
Balance at December 31, 2025$11,809 
Business combinations36,807 
Cumulative translation adjustments (193)
Balance at September 30, 2026$48,423 
As of September 30, 2026 and December 31, 2025, goodwill attributable to the Connectivity segment was $515 million and $513 million, respectively, and goodwill attributable to the SI segment was $47,908 million and $11,296 million, respectively.
v3.26.3
Financial Instruments
 9 Months Ended
Sep. 30, 2026
Investments, All Other Investments [Abstract]  
Financial Instruments
Note 7 - Financial Instruments
The Company’s assets that are measured at fair value on a recurring basis consist of the following:
September 30, 2026
LevelCostUnrealized GainUnrealized LossFair Value
Cash and cash equivalents
CashI$26,058 $— $— $26,058 
Money market fundsI21,635 — — 21,635 
Government securitiesI3,601 — — 3,601 
Marketable securities
Government securitiesII38,508 — (21)38,487 
Corporate debt securitiesII74 — — 74 
Prepaid expenses and other current assets
Restricted cashI521 — — 521 
Restricted cash in money market fundsI34 — — 34 
Other assets
Restricted cashI1,393 — — 1,393 
Restricted cash in money market fundsI145 — (1)144 
Long-term government securitiesII286 — (3)283 
Long-term corporate debt securitiesII14 — — 14 
Total$92,269 $— $(25)$92,244 
December 31, 2025
LevelCostUnrealized GainUnrealized LossFair Value
Cash and cash equivalents
CashI$3,408 $— $— $3,408 
Money market fundsI21,339 — — 21,339 
Prepaid expenses and other current assets
Restricted cashI30 — — 30 
Money market fundsI152 — — 152 
Other assets
Restricted cashI182 — — 182 
Restricted cash in money market fundsI13 — — 13 
Total$25,124 $— $— $25,124 
As of September 30, 2026 and December 31, 2025, the Company also held 18,712 units of Bitcoin with a cost basis of $661 million and fair value of $1,573 million and $1,637 million, respectively. The fair value of these digital assets is determined using Level I in the fair value hierarchy.
v3.26.3
Investments in Unconsolidated Affiliates
 9 Months Ended
Sep. 30, 2026
Investments in Unconsolidated Affiliates [Abstract]  
Investments in Unconsolidated Affiliates
Note 8 - Investments in Unconsolidated Affiliates
As of September 30, 2026 and December 31, 2025, the Company held various equity method investments of $653 million and $101 million, respectively. For its equity method investment in TBC - The Boring Company (“TBC”), the Company elected the fair value option to measure the investment based on observable inputs. In September 2026, TBC completed a new round of financing with its investors. Following this observable price change, the Company’s investment in TBC was measured at fair value with an unrealized gain on investment of $561 million recorded in Other income (expense), net during the three months ended September 30, 2026. Refer to Note 17 - Related Party Transactions for additional details.
v3.26.3
Debt
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Debt
Note 9 - Debt
September 30, 2026
PrincipalUnamortized Deferred Financing CostsNet
SpaceX Notes$25,000 $145 $24,855 
X 2027 and X 2030 Notes27 — 27 
Other financings(1)
12,979 — 12,979 
Total debt38,006 145 37,861 
Finance lease liability983 — 983 
Total debt and finance leases38,989 145 38,844 
Less: Short-term portion2,698 — 2,698 
Total debt and finance leases, net of current$36,291 $145 $36,146 
December 31, 2025
PrincipalUnamortized Deferred Financing CostsNet
X 2027 and X 2030 Notes$27 $— $27 
X B-1 Term Loan6,504 280 6,224 
X B-3 Term Loan5,966 54 5,912 
xAI Fixed Rate Term Loan995 4 991 
xAI Floating Rate Term Loan995 40 955 
xAI 12.5% Secured Senior Notes
3,000 12 2,988 
Other financings(1)
4,562 — 4,562 
Total debt22,049 390 21,659 
Finance lease liability1,237 — 1,237 
Total debt and finance leases23,286 390 22,896 
Less: Short-term portion928 — 928 
Total debt and finance leases, net of current$22,358 $390 $21,968 
__________________
(1)Includes obligations related to certain SI infrastructure assets recorded as failed sale-leaseback transactions. Refer to Other Financings below for additional details.
SpaceX Notes
General. In June 2026, SpaceX issued senior unsecured notes in an aggregate principal amount of $25,000 million (“SpaceX Notes”). The SpaceX Notes have five tranches maturing on July 15, 2031, July 15, 2033, July 15, 2036, July 15, 2046, and July 15, 2056 with a weighted-average maturity of 11.7 years. SpaceX Notes are unsecured obligations of the Company and rank equally in right of payment with all existing and future unsubordinated indebtedness, liabilities, and other obligations of the Company.
Proceeds. The proceeds of the SpaceX Notes were used to repay the SpaceX Bridge Loan (as defined and described below) in full and to pay related fees and expenses. The remaining proceeds were used for general corporate purposes.
Interest Rates. The SpaceX Notes bear annual interest rates between 5.350% and 6.650% with a weighted-average interest rate of 5.855%. Interest is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2027. The effective interest rate on the SpaceX Notes was 6.072% as of September 30, 2026.
Principal Repayments. SpaceX Notes are redeemable, in whole or in part, at the Company’s option at any time and from time to time prior to the applicable Par Call Date, which is defined as a date ranging from one to six months prior to maturity for each tranche. The redemption price of each tranche is equal to the greater of (i) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the respective tranche matured on the applicable Par Call Date) on a semi-annual basis at the Treasury Rate plus the applicable spread between 20 and 30 basis points for such tranche less (b) interest accrued and unpaid thereon to the date of redemption, and (ii) 100% of the principal amount of the SpaceX Notes to be redeemed, plus accrued and unpaid interest, if any, thereon to, but excluding, the redemption date. On or after the applicable Par Call Date, SpaceX Notes are redeemable, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the respective SpaceX Notes being redeemed plus accrued and unpaid interest.
Covenants. The SpaceX Notes contain customary events of default and affirmative and negative covenants, including restrictions on additional liens in excess of 7.5% of the Company’s consolidated total assets and fundamental changes (which is limited to a merger where the Company is not the surviving entity outside certain jurisdictions). The Company was in compliance with the covenants as of September 30, 2026.
Accounting Treatment. The Company accounted for the repayment of the SpaceX Bridge Loan as an extinguishment of debt, resulting in a loss on extinguishment of $18 million, recorded in Other income (expense), net.
SpaceX Bridge Loan
General. In March 2026, SpaceX entered into a bridge loan credit agreement (the “SpaceX Bridge Loan”) with a syndicate of lenders, providing for an unsecured bridge term loan facility in an aggregate principal amount of $20,000 million. The SpaceX Bridge Loan was scheduled to mature on September 2, 2027, with two three-month extensions at the Company’s option, subject to the absence of a continuing default and the payment of an extension fee of 0.25% of the aggregate outstanding principal per extension, resulting in a final extended maturity date in March 2028. The SpaceX Bridge Loan was repaid in full in June 2026 using proceeds from the SpaceX Notes.
Proceeds. The proceeds of the SpaceX Bridge Loan were used to repay the X B-1 Term Loan, the X B-3 Term Loan, the xAI Fixed Rate Loan, the xAI Floating Rate Loan, and the xAI 12.5% Senior Secured Notes (as defined and described below). The remaining proceeds were used for general corporate purposes.
Interest Rates. The SpaceX Bridge Loan bore interest, at the Company’s election, at a rate per annum equal to (i) Term SOFR plus an applicable margin ranging from 0.75%-1.75% (depending on the Company’s debt rating), or (ii) a base rate equal to the highest of (a) the Federal Funds Rate plus 0.5%, (b) the Prime Rate, (c) Term SOFR plus 1.00%, and (d) 1.00%, plus an applicable margin ranging from 0.00% to 0.75% (depending on the Company’s debt rating). In addition, the Company was obligated to pay duration fees equal to 0.125% of outstanding principal on the first anniversary of closing and 0.25% of outstanding principal on the fifteen-month anniversary of closing.
Principal Repayments. In June 2026, the Company repaid the full outstanding principal balance and accrued interest, resulting in the extinguishment of the SpaceX Bridge Loan. The SpaceX Bridge Loan could be prepaid at any time, in whole or in part, without premium or penalty. The Company was required to use the net proceeds of certain debt financings to repay amounts outstanding under the SpaceX Bridge Loan and to apply the net proceeds of a qualified IPO to repay such amounts within six months following receipt.
Guarantors and Collateral. The obligations of the Company under the SpaceX Bridge Loan were guaranteed on a joint and several basis by X Corp., SpaceXAI LLC (formerly known as X.AI LLC), and CTC Property, LLC (each a subsidiary of the Company).
Accounting Treatment. The Company accounted for the repayment of the X B-1 Term Loan, the X B-3 Term Loan, the xAI Fixed Rate Loan, the xAI Floating Rate Loan and the xAI 12.5% Senior Secured Notes as an extinguishment of debt, resulting in a loss on extinguishment of $1,526 million, recorded in Other income (expense), net.
SpaceX Credit Facility
General. In February 2025, the Company entered into a five-year senior unsecured revolving credit agreement (“SpaceX Credit Facility”) with a syndicate of banks, under which the Company may draw up to $1,500 million, subject to a customary financial covenant and other reporting requirements. Prior to amendments (described below), the SpaceX Credit Facility was scheduled to
terminate, and for all outstanding loans to become due and payable, on February 7, 2030. No amounts were borrowed under the SpaceX Credit Facility during the three and nine months ended September 30, 2026.
Amendments. In March 2026, the Company entered into a First Amendment to Credit Agreement and Waiver (the “First Amendment”) with its lenders, in connection with the Company’s entry into the SpaceX Bridge Loan. The First Amendment, among other things, (i) waived certain specified defaults and (ii) amended certain definitions and covenants under the SpaceX Credit Facility to conform to the terms of the SpaceX Bridge Loan. In May 2026, SpaceX amended the SpaceX Credit Facility to increase the borrowing capacity up to $5,000 million (“Amended SpaceX Credit Facility”). As part of the Amended SpaceX Credit Facility, the sublimit for performance letters of credit was increased to $2,000 million. The Amended SpaceX Credit Facility terminates, and all outstanding loans become due and payable, on May 19, 2031, unless the parties agree to an extension in accordance with the terms of the Amended SpaceX Credit Facility. All other terms were consistent with the terms of the SpaceX Credit Facility.
Interest Rates. Under the SpaceX Credit Facility, borrowings bear interest at the Company’s option, at a rate per annum of (i) between 0.75%-1.25%, depending on the Company’s current debt rating, plus the relevant Term SOFR or (ii) between 0.0%-0.25% depending on the Company’s current debt rating plus the greater of (a) the Federal Funds Rate plus 0.5%, (b) the Prime Rate, (c) Term SOFR plus 1.0%, and (d) 1.0%. The Company may also borrow in various alternative currencies at various alternative rates, including rates based on SONIA for Pound Sterling loans and EURIBOR for Euro loans plus an applicable margin. The fee for undrawn amounts is between 0.07%-0.11% per annum, depending on the Company’s current debt rating. Interest is payable either monthly or quarterly, depending on the interest loan option.
Covenants. The Company was in compliance with the covenants as of September 30, 2026; however, the Company had a technical default when the Company acquired xAI on February 2, 2026 due to the amount of debt assumed as part of the acquisition at the subsidiary level. On March 2, 2026, the Company obtained a waiver from the syndicate of banks and amended the SpaceX Credit Facility allowing for the debt refinance completed on March 2, 2026, resulting in the Company being in compliance with all covenants.
X 2027 and 2030 Notes
General. In 2019, a subsidiary of X, an indirect subsidiary of the Company, issued $700 million aggregate principal amount of 3.875% senior notes due 2027 (the “X 2027 Notes”) in a private placement. The X 2027 Notes mature on December 15, 2027. In 2022, a subsidiary of X issued $1,000 million aggregate principal amount of 5.000% senior notes due 2030 (the “X 2030 Notes”) in a private placement. The X 2030 Notes mature on March 1, 2030. The X 2027 and X 2030 Notes represent senior unsecured obligations of the Company.
Interest Rates. For the X 2027 Notes, the interest rate is fixed at 3.875% per annum and interest is payable semi-annually in arrears on June 15 and December 15 of each year. For the X 2030 Notes, the interest rate is fixed at 5.000% per annum and interest is payable semi-annually in arrears on March 1 and September 1 of each year.
Principal Repayments. In November 2022, the Company purchased approximately $675 million aggregate principal amount of X 2027 Notes and $998 million aggregate principal amount of the X 2030 Notes in settlement of the change in control of Twitter. The X 2027 Notes and X 2030 Notes that remain outstanding may be redeemed at the option of the Company, in whole or in part, at any time prior to September 15, 2027 and December 1, 2029, respectively, at a price equal to 100.0% of the principal amounts plus a “make-whole” premium and accrued and unpaid interest, if any, up to, but excluding, the redemption date.
Covenants. The Company was in compliance with the covenants as of September 30, 2026.
X First Lien Senior Credit Facilities
General. In 2022, X Corp., an indirect subsidiary of the Company, entered into the First Lien Credit Agreement which provided for a new term loan commitment of $6,705 million (“X B-1 Term Loan”) and a $500 million Secured First Lien Revolving Credit Facility (including a letter of credit subfacility with an aggregate face value of up to $100 million) (together referred to as “X First Lien Senior Credit Facilities”). The Secured First Lien Revolving Credit Facility matures on October 27, 2027 and the X B-1 Term Loan matures on October 27, 2029.
Amendments. In February 2025, X Corp., an indirect subsidiary of the Company, amended the X First Lien Senior Credit Facilities and entered into a new term loan commitment for $4,741 million with a maturity date of October 27, 2029 (“X B-3 Term Loan”) and reduced the Secured First Lien Revolving Credit Facility commitment to $0. As part of the issuance of the X B-3 Term Loan, the Company is required to pay an arrangement fee of $51 million, which is due and payable on February 19, 2027. In April 2025, the
Company entered into an amendment to the X B-3 Term Loan for an additional commitment of $1,225 million with the same terms and conditions, increasing the total X B-3 Term Loan borrowings to $5,966 million.
Interest Rates. The X B-1 Term Loan bore interest at a rate per annum of, initially, adjusted Term SOFR plus 6.50%. The Secured First Lien Revolving Credit Facility bore interest at a rate per annum of, initially, an adjusted Term SOFR plus 4.50%, with leverage-based step-downs. Undrawn commitments under the Secured First Lien Revolving Credit Facility were subject to an unused commitment fee of 0.50% per annum, subject to quarterly leverage based step-downs. The X B-3 Term Loan had a fixed interest rate of 9.50% per annum. Interest on the X B-1 Term Loan and X B-3 Term Loan was payable monthly, quarterly, or bi-annually at the option of the Company.
Principal Repayments. On March 2, 2026, the Company repaid the full outstanding principal balance and accrued interest, including a prepayment penalty of $425 million, resulting in the extinguishment of the X B-1 Term Loan and X B-3 Term Loan. The X B-1 Term Loan was repayable at any time, in whole or in part, without premium or penalty, subject to mandatory quarterly prepayments of principal beginning on the last day of the fiscal quarter ended March 31, 2023, in amounts equal to 0.25% of the original principal amount of borrowings thereunder, with the unpaid balance being payable on the final maturity date thereof. The X B-1 Term Loan was also subject to additional customary mandatory prepayment provisions from the proceeds of certain debt issuances and asset sales, as well as sweeps of a portion of excess cash flow, subject to certain leverage-based step-downs and exceptions. The X B-3 Term Loan had prepayment penalties of 107.13% of the outstanding principal before October 27, 2026, 104.75% of the outstanding principal before October 27, 2027, and 102.38% of the outstanding principal before October 27, 2028.
Guarantors and Collateral. Obligations under the First Lien Senior Credit Facilities were guaranteed by X, and were collateralized by a first priority lien on substantially all of the assets of X and its subsidiaries (subject to customary exceptions).
xAI First Lien Credit Agreement
General. In June 2025, SpaceXAI Corp. and SpaceXAI LLC, indirect subsidiaries of the Company, entered into the First Lien Credit Agreement to provide borrowings up to $2,000 million. The Company executed a $1,000 million Fixed Rate Term Loan maturing on June 30, 2030 (“xAI Fixed Rate Term Loan”), and a $1,000 million Floating Rate Term Loan maturing on June 30, 2030 (“xAI Floating Rate Term Loan”).
Interest Rates. The xAI Fixed Rate Term Loan had a fixed interest rate of 12.50% per annum and the xAI Floating Rate Term Loan had a floating interest rate per annum of Term SOFR plus 7.25% or ABR plus 6.25%. Interest on the xAI Fixed Rate Term Loan was payable bi-annually on January 31 and July 31, commencing on January 31, 2026. Interest on the xAI Floating Rate Term Loan was payable monthly, quarterly, or bi-annually at the option of the Company.
Principal Repayments. On March 2, 2026, the Company repaid the full outstanding principal balance and accrued interest, including a prepayment penalty of $221 million, resulting in the extinguishment of the xAI Fixed Rate Term Loan and xAI Floating Rate Term Loan. The xAI Fixed Rate Term Loan and the xAI Floating Rate Term Loan had prepayment penalties of 103% on the principal outstanding balance prior to June 30, 2027 and 101% on the principal outstanding balance prior to June 30, 2028.
Guarantors. Obligations under the xAI Fixed Rate Term Loan and xAI Floating Rate Term Loan were guaranteed each jointly and severally by SpaceXAI Corp. and certain of its subsidiaries.
xAI 12.5% Secured Senior Notes
General. In June 2025, SpaceXAI LLC and, X.AI Co Issuer Corp, indirect subsidiaries of the Company, issued $3,000 million aggregate principal amount of 12.5% interest Senior Secured Notes due in 2030 (“xAI 12.5% Senior Secured Notes”). The Senior Secured Notes were issued at 100% of the principal amount and the entire principal amount will be due on June 30, 2030.
Interest Rates. The xAI 12.5% Senior Secured Notes had a fixed interest rate of 12.50% per annum. Interest was payable bi-annually on January 15 and July 15, commencing on January 15, 2026.
Principal Repayments. On March 5, 2026, the Company repaid the full outstanding principal balance and accrued interest, including a prepayment penalty of $518 million, resulting in the extinguishment of the xAI 12.5% Senior Secured Notes. The xAI 12.5% Senior Secured Notes had prepayment penalties of 106.25% on the principal outstanding balance prior to July 15, 2027 and 103.13% on the principal outstanding balance prior to July 15, 2028.
Guarantors. Obligations under the xAI 12.5% Senior Secured Notes were guaranteed each jointly and severally by xAI and certain of
its subsidiaries.
xAI Revolving Line of Credit
General. In April 2024 and amended through March 2026, a subsidiary of xAI, an indirect subsidiary of the Company, entered into a revolving line of credit up to borrowing capacity of $250 million. The Company had no borrowings under the line of credit during the three and nine months ended September 30, 2026.
Interest Rates. Interest on any borrowings is calculated based on the 30-day average SOFR plus the International Swaps and Derivatives Association spread adjustment plus a spread of 40 basis points.
Guarantors and Collateral. The agreement permits borrowings up to the value of the pledged collateral held in custody, less any outstanding loan balances, accrued interest, and fees. The pledged collateral consisted of securities held in xAI’s custodial account.
Other Financings
The Company has entered into various other financing arrangements, generally collateralized by specific machinery and equipment. These arrangements have a weighted-average fixed interest rate of 6.3% and 5.5% per annum as of September 30, 2026 and December 31, 2025, respectively, with principal and interest payments due monthly, and in certain instances, a lump sum payment at the end of term.
CTC Property, LLC (“CTC”), a subsidiary of the Company, has entered into various sale-leaseback transactions for its SI infrastructure assets which would have been deemed finance leases, resulting in failed sale-leaseback transactions. As a result, the Company recorded the related debt of $2,181 million and $10,716 million within Debt and finance leases, current and Debt and finance leases, net of current, respectively, in the Company’s consolidated balance sheets as of September 30, 2026 for three failed sale-leaseback transactions. Refer to Note 17 - Related Party Transactions for additional details.
The future scheduled principal maturities of debt as of September 30, 2026 are as follows:
2026 (remaining three months)$495 
20272,425 
20282,867 
20293,422 
20303,597 
Thereafter25,200 
Total$38,006 
The Company measures the fair value of its long-term fixed-rate debt for disclosure purposes. The fair value estimates for these debts were determined based on the quoted prices, if available, or based on a discounted cash flow approach using yields calibrated from recent issuances of the securities, resulting in Level II measurement.
The carrying amounts and fair values of the long-term fixed-rate debt included in the consolidated balance sheets are as follows:
As of September 30, 2026As of December 31, 2025
Carrying AmountFair ValueCarrying AmountFair Value
SpaceX Notes$24,855 $22,932 $— $— 
X B-3 Term Loan$— $— $5,912 $6,190 
xAI Fixed Rate Term Loan$— $— $991 $1,057 
xAI 12.5% Secured Senior Notes
$— $— $2,988 $3,173 
v3.26.3
Leases
 9 Months Ended
Sep. 30, 2026
Leases [Abstract]  
Leases
Note 10 - Leases
The components of lease expense are as follows within the consolidated statements of operations:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Operating lease expense:
Operating lease expense$129 $115 $362 $369 
Short-term lease cost162 94 422 169 
Variable lease cost60 37 115 83 
Total operating lease expense$351 $246 $899 $621 
Finance lease expense:
Amortization of leased assets$79 $82 $237 $251 
Interest on lease liabilities58 77 190 244 
Total finance lease expense137 159 427 495 
Total lease expense
$488 $405 $1,326 $1,116 
The Company obtained $753 million of leased assets in exchange for operating lease liabilities during the nine months ended September 30, 2026.
Leases
Note 10 - Leases
The components of lease expense are as follows within the consolidated statements of operations:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Operating lease expense:
Operating lease expense$129 $115 $362 $369 
Short-term lease cost162 94 422 169 
Variable lease cost60 37 115 83 
Total operating lease expense$351 $246 $899 $621 
Finance lease expense:
Amortization of leased assets$79 $82 $237 $251 
Interest on lease liabilities58 77 190 244 
Total finance lease expense137 159 427 495 
Total lease expense
$488 $405 $1,326 $1,116 
The Company obtained $753 million of leased assets in exchange for operating lease liabilities during the nine months ended September 30, 2026.
v3.26.3
Balance Sheet Components
 9 Months Ended
Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components
Note 11 - Balance Sheet Components
Certain financial statement details are as follows:
September 30, 2026December 31, 2025
Prepaid expenses and other current assets
Unbilled receivables$815 $223 
Tax related assets634 618 
Restricted cash and deposits555 182 
Rebates and credits341 597 
Other current assets1,112 590 
Prepaid expenses and other current assets
$3,457 $2,210 
            
Accrued expenses and other current liabilities
Accrued infrastructure purchases$1,863 $— 
Tax related liabilities642 563 
Payroll & employee benefit accruals518 322 
Accrued interest387 416 
Operating lease liabilities, current374 422 
Restructuring liabilities249 339 
Other current liabilities1,964 507 
Accrued expenses and other current liabilities
$5,997 $2,569 
v3.26.3
Redeemable Convertible Preferred Stock and Shareholders’ Equity
 9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Redeemable Convertible Preferred Stock and Shareholders’ Equity
Note 12 - Redeemable Convertible Preferred Stock and Shareholders’ Equity
SpaceX Preferred and Common Stock
The common stock is divided into three classes: Class A common stock ("Class A"), Class B common stock ("Class B"), and Class C common stock ("Class C") (collectively, "SpaceX Common Stock"). The Company also has one class of preferred stock ("SpaceX Preferred Stock").
In connection with the IPO, the Company effected the following equity structure changes:
Conversion of Preferred Stock. All shares of SpaceX Redeemable Convertible Preferred Stock outstanding prior to the IPO were converted into a number of shares of Class A or Class B common stock.
Reclassification of Class C Common Stock. All shares of Class C common stock outstanding prior to the IPO were reclassified into Class A common stock.
Elimination of Class D Common Stock. The Company's Class D common stock was eliminated.
Amended and Restated Certificate of Formation. An amendment to the Company's amended and restated certificate of formation, which became effective immediately prior to completion of the IPO, reduced the authorized number of shares of SpaceX Preferred Stock to 2,400 million. SpaceX Preferred Stock has a par value of $0.001 per share with rights and preferences, including voting rights, designated from time to time by the Company's board of directors.
As of September 30, 2026, the total number of shares of SpaceX Common Stock the Company is authorized to issue is 52,257 million shares, each with a par value of $0.001 per share: 36,132 million shares are Class A, 6,125 million shares are Class B, and 10,000 million shares are Class C. The Company is also authorized to issue 2,400 million shares of SpaceX Preferred Stock.
In May 2026, the Board approved the 2026 Stock Split, pursuant to which each share of the Class A, Class B, and Class C SpaceX Common Stock issued and outstanding was split into five shares of the same class of SpaceX Common Stock.
Effect of the xAI Merger
xAI Redeemable Convertible Preferred Stock
On the xAI Merger Date, all outstanding shares of xAI Redeemable Convertible Preferred Stock converted into shares of SpaceX Common Stock, based on the share-for-share exchange mechanics specified in the merger agreement. Upon conversion, all shares of xAI Redeemable Convertible Preferred Stock were canceled and retired, and former xAI Redeemable Convertible Preferred Stock shareholders received the applicable shares of SpaceX Common Stock. Any shares of xAI Redeemable Convertible Preferred Stock previously held by the Company were canceled and retired and did not receive any consideration.
Redeemable Convertible Preferred Stock
Each series of SpaceX and xAI Redeemable Convertible Preferred Stock (collectively, the “Combined Redeemable Convertible Preferred Stock”) as of December 31, 2025 consisted of the following (no shares of Combined Redeemable Convertible Preferred Stock were issued and outstanding as of September 30, 2026):
Outstanding (1)
December 31, 2025
SpaceX Redeemable Convertible Preferred Stock
Series A60.4 
Series A-10.2 
Series B5.1 
Series B-10.1 
Series C9.7 
Series D5.2 
Series E10.2 
Series F6.7 
Series G12.6 
Series H3.2 
Series I3.0 
Series J2.5 
Series K2.5 
Series L1.4 
Series M2.7 
Series N9.3 
Total SpaceX Redeemable Convertible Preferred Stock134.7 
xAI Redeemable Convertible Preferred Stock
Series A750.0 
Series A-1— 
Series B584.9 
Series C277.1 
Series D120.1 
Series E179.2 
Total xAI Redeemable Convertible Preferred Stock1,911.3 
Total Combined Redeemable Convertible Preferred Stock2,046.0 
__________________
(1)The number of issued redeemable convertible preferred stock is equal to the number of outstanding redeemable convertible preferred stock, with the exception of xAI Series A and xAI Series D, of which the number of issued shares is 1,000.0 million and 175.0 million as of December 31, 2025, respectively, due to redeemable convertible preferred stock held by X and SpaceX, respectively.
Common Stock
The following describes all of the activity that occurred within each class of SpaceX Common Stock during the three and nine months ended September 30, 2026 and 2025, incorporating all activity that occurred within the class of xAI Common Stock on an as-converted basis to the class of SpaceX Common Stock it was converted into per the Common Control Mergers.
Class A Common
Stock		Class B Common
Stock		Class C Common
Stock
Three Months Ended September 30, 2026SharesAmountSharesAmountSharesAmount
Balances at June 30, 20267,607 $7 5,569 $6 — $— 
Common stock issued, net of tax withholding9 0 — — — — 
Conversion between classes of common stock230 1 (230)(1)— — 
Transfer of equity in business combinations394 0 — — — — 
Balances at September 30, 20268,240 $8 5,339 $5 — $— 
Class A Common
Stock		Class B Common
Stock		Class C Common
Stock		Class D Common
Stock
Nine Months Ended September 30, 2026SharesAmountSharesAmountSharesAmountSharesAmount
Balances at December 31, 20251,952 $3 643 $1 484 $0 — $— 
Issuance of common stock in connection with IPO, net of underwriting commissions and offering costs639 1 — — — — — — 
Common stock issued, net of tax withholding62 0 1,306 1 13 0 — — 
Conversion of redeemable convertible preferred stock pursuant to the xAI Merger886 0 537 1 — — — — 
Repurchase of common stock pursuant to xAI Merger(3)0 (20)0 — — — — 
Conversion of redeemable convertible preferred stock to common stock3,453 3 3,274 3 — — — — 
Conversion between classes of common stock867 1 (370)(1)(497)0 — — 
Repurchase of common stock(10)0 (31)0 — — — — 
Transfer of equity in business combinations394 0 — — — — — — 
Balances at September 30, 20268,240 $8 5,339 $5 — $— — $— 
Class A Common
Stock		Class B Common
Stock		Class C Common
Stock		Class D Common
Stock
Three Months Ended September 30, 2025SharesAmountSharesAmountSharesAmountSharesAmount
Balances at June 30, 20251,867 $3 728 $1 453 $0 — $— 
Common stock issued, net of tax withholding2 0 2 0 7 0 — — 
Conversion between classes of common stock23 0 (23)0 — — — — 
Repurchase of common stock(5)0 (13)0 — — — — 
Balances at September 30, 20251,887 $3 694 $1 460 $0 — $— 
Class A Common
Stock		Class B Common
Stock		Class C Common
Stock		Class D Common
Stock
Nine Months Ended September 30, 2025SharesAmountSharesAmountSharesAmountSharesAmount
Balances at December 31, 20241,832 $2 768 $1 423 $0 — $— 
Common stock issued, net of tax withholding23 1 3 0 36 0 — — 
Conversion of redeemable convertible preferred stock to common stock1 0 — — 1 0 — — 
Conversion between classes of common stock49 0 (49)0 — — — — 
Repurchase of common stock(19)0 (28)0 — — — — 
Transfer of equity in business combination1 0 — — — — — — 
Balances at September 30, 20251,887 $3 694 $1 460 $0 — $— 
The following describes the various rights and preferences of the SpaceX Common Stock:
Dividend Provisions
Subject to the prior rights of holders of all classes and series of stock at the time outstanding having prior rights as to dividends, holders of SpaceX Common Stock shall be entitled to receive, when, as and if declared by the board of directors, out of any funds
legally available, such dividends as may be declared from time to time by the board of directors. For the period from inception through September 30, 2026, no dividends were declared on SpaceX Common Stock.
Conversion Rights
Each share of Class B is convertible at the option of the holder, at any time, into one share of Class A. Each share of Class B will automatically convert into one share of Class A upon a transfer, other than a Permitted Transfer (as defined in the charter), of such share of Class B.
Voting Rights
Each holder of Class A is entitled to one vote for each share held. Each holder of Class B is entitled to ten votes for each share held. The holders of Class C have no voting rights, except as required by law.
Reserve for Unissued Shares of Common Stock
The Company is required to reserve and keep available, out of its authorized but unissued shares of SpaceX Common Stock, such number of shares sufficient to effect the conversion of all outstanding shares of Class B to Class A, and shares granted and available for grant under the Company’s share plans.
The amount of such shares of the SpaceX Common Stock reserved for these purposes at September 30, 2026 is as follows:
Number of Shares
Class AClass BClass C
Outstanding stock options158 350 — 
Outstanding RSUs142 — — 
Future grants under share-based compensation324 — — 
624 350 — 
Share Repurchases
During the three and nine months ended September 30, 2026, the Company repurchased a total of $— and $2,013 million, respectively, of SpaceX Common Stock (— and 41 million shares, respectively) and Redeemable Convertible Preferred Stock (— and 2 million shares, respectively) in a number of unrelated transactions with existing shareholders at their then-current fair market value. During the nine months ended September 30, 2026, the Company also repurchased $2,413 million (or 25 million shares) of SpaceX Common Stock from eligible current and former xAI employees as part of the xAI Merger.
Similarly, the Company repurchased $3 million (or 18 million shares) and $523 million (or 47 million shares) of SpaceX Common Stock from eligible current and former employees and existing shareholders during the three and nine months ended September 30, 2025, respectively. The Company only repurchased shares held by eligible participants for more than six months at a purchase price per share equal to the then current fair market value.
All SpaceX shares repurchased to date have been retired.
v3.26.3
Earnings per Share
 9 Months Ended
Sep. 30, 2026
Earnings Per Share [Abstract]  
Earnings per Share
Note 13 - Earnings per Share
The following table presents the reconciliation of net income (loss) attributable to common shareholders to net income (loss) used in computing basic and diluted net income (loss) per share of common stock:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Numerator:
Net income (loss)$4,404 $(1,054)$(413)$(2,590)
Less: Deemed dividend(1)
— — 671 — 
Net income (loss) attributable to common shareholders - basic and diluted$4,404 $(1,054)$(1,084)$(2,590)
               
Denominator:
Weighted-average shares of common stock outstanding - basic11,942 2,941 7,274 2,915 
Weighted-average shares of common stock equivalents:
Exercise of stock options457 — — — 
Conversion of restricted stock units75 — — — 
Conversion of ESPPs1 — — — 
Weighted-average common stock and common stock equivalents outstanding - diluted12,475 2,941 7,274 2,915 
               
Net income (loss) per share attributable to common shareholders
Basic$0.37 $(0.36)$(0.15)$(0.89)
Diluted$0.35 $(0.36)$(0.15)$(0.89)
__________________
(1)The excess of fair market value over the consideration transferred for the repurchase of SpaceX Redeemable Convertible Preferred Stock was treated as a deemed dividend and resulted in an increase to net loss attributable to common shareholders in the calculation of net loss per share.
The following potentially dilutive securities on an as-converted basis are excluded from the calculation of diluted net income (loss) per share attributable to common shareholders for the periods presented because the impact of including them would be anti-dilutive:
As of September 30,
20262025
xAI Redeemable Convertible Preferred Stock— 1,241 
SpaceX Redeemable Convertible Preferred Stock— 6,760 
Share-based compensation19 648 
The diluted net income (loss) per share attributable to common shareholders and the table above exclude 1,333 million and 14 million share-based compensation awards outstanding as of September 30, 2026 and 2025, respectively, as these awards are subject to performance and market conditions that were not met as of those dates.
v3.26.3
Share-Based Compensation
 9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation
Note 14 - Share-based Compensation
General
The Company grants RSUs, RSAs, and non-statutory options to eligible employees, key executives, and certain non-employee service providers with service and/or performance conditions (collectively, the “Plans”). The Company offers an Employee Stock Purchase Plan, under which eligible employees can purchase the Company’s common stock at a discounted price. The Company also offers a Non-Qualified Employee Stock Purchase Plan (“NQ ESPP”), under which employees can purchase the Company’s common stock at the fair market value. In April 2026, the Company cancelled the NQ ESPP.
Acquisitions
As part of the Cursor Merger and Mesh Optical Merger (collectively, the “Acquisitions”), as defined and further described in Note 20 - Acquisitions, the Company granted 65 million options with a weighted average exercise price of $1.49 and weighted-average grant-date fair value per share of $140.39, 28 million RSUs with weighted-average grant date fair value per share of $141.45, and 96 million RSAs with weighted-average grant date fair value per share of $141.66. At September 30, 2026, share-based compensation expense related to these awards is expected to be recognized over a weighted-average period of 2.8 years.
Summary of Share-Based Compensation Information
The following table summarizes the Company’s share-based compensation expense by line item in the consolidated statements of operations:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Cost of revenue(1)
$128 $71 $321 $175 
Research and development(2)
1,416 167 2,147 435 
Selling, general, and administrative(3)
819 112 1,365 434 
Total
$2,363 $350 $3,833 $1,044 
__________________
(1)Share-based compensation expense for the three and nine months ended September 30, 2026 includes share-based compensation expense related to SpaceX awards granted to certain employees from the Acquisitions to retain key talent as well as SpaceX awards granted as a replacement of historically outstanding, unvested equity awards held by Cursor and Mesh Optical employees prior to the Acquisitions. Refer to Note 20 - Acquisitions for additional information. Share-based compensation expense recorded in Cost of revenue related to the Acquisitions was $6 million and $6 million for the three and nine months ended September 30, 2026.
(2)Share-based compensation expense recorded in Research and development related to the Acquisitions was $1,022 million and $1,022 million for the three and nine months ended September 30, 2026.
(3)Share-based compensation expense recorded in Selling, general, and administrative related to the Acquisitions was $189 million and $189 million for the three and nine months ended September 30, 2026.

During the three and nine months ended September 30, 2026, share-based compensation expense capitalized to the consolidated balance sheets was $50 million and $160 million, respectively. During the three and nine months ended September 30, 2025, share-based compensation expense capitalized to the consolidated balance sheets was $38 million and $114 million, respectively.
v3.26.3
Income Taxes
 9 Months Ended
Sep. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes
Note 15 - Income Taxes
The Company’s effective tax rate was (9.7)% and 46.6% for the three and nine months ended September 30, 2026, respectively, compared to (114.2)% and (38.1)% for three and nine months ended September 30, 2025, respectively. The change in the Company’s effective tax rate was primarily due to the changes in the valuation allowance.
The Company’s effective tax rates for the nine months ended September 30, 2026 and 2025 as compared to the U.S. federal statutory rate of 21.0% were primarily impacted by the valuation allowances on its deferred tax assets.
In assessing the realizability of deferred tax assets, the Company considered whether it is more likely than not that some or all of its net deferred tax assets will not be realizable based on the weight of all positive and negative evidence. In connection with the Acquisitions, the Company recorded deferred tax liabilities related to the fair value of acquired intangible assets. These deferred tax liabilities provided a source of taxable income that supported the realizability and release of a portion of the Company’s pre-existing U.S. deferred tax assets during the three months ended September 30, 2026. As a result, the Company released a portion of the pre-existing valuation allowance against the deferred tax assets and recorded a provisional deferred tax benefit of $449 million. As of September 30, 2026, the Company continues to maintain a full valuation allowance against its deferred tax assets in the U.S., with the exception of certain state deferred tax assets and transferrable investment tax credits that are expected to be realizable. The Company also continues to maintain valuation allowances in certain foreign jurisdictions where it concluded that it is more likely than not that the deferred tax assets will not be realized.
v3.26.3
Commitment and Contingencies
 9 Months Ended
Sep. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Note 16 - Commitments and Contingencies
Unconditional Obligations
The Company’s unconditional obligations are non-cancelable contractual commitments primarily related to the Company’s investments in SI infrastructure and third-party cloud capacity arrangements and other service arrangements. It also includes the Company’s commitments under the Spectrum Transaction, which are payable in cash and in the Company’s Class A common stock.
Refer to Note 6 - Intangible Assets and Goodwill for additional details. The following table summarizes the Company’s non-cancelable contractual commitments as of September 30, 2026:
2026 (remaining three months)$2,309 
202725,569 
20284,637 
20292,071 
20301,221 
Thereafter2,033 
Total
$37,840 
Letters of Credit and Surety Bonds
The Company had outstanding letters of credit of $1,470 million at September 30, 2026 related to various customer contracts, insurance agreements, and facility lease agreements. All of the outstanding letters of credit were collateralized by restricted cash. The Company also had surety bonds of $470 million for self-insured workers’ compensation programs and other governmental licenses at September 30, 2026.
Legal Proceedings
In the normal course of its business, the Company is involved from time to time in various arbitrations, class actions, commercial litigation, investigations and other legal, regulatory or governmental actions, including the significant matters described below that could have a material impact on our results of operations. The Company assesses, in conjunction with its legal counsel, the need to record a liability for litigation and contingencies. With respect to the cases, actions, and inquiries described below, the Company evaluates the associated developments on a regular basis and will accrue a liability when it believes a loss is probable and the amount can be reasonably estimated. In addition, the Company believes there is a reasonable possibility that it may incur a loss in some of these matters and the loss may be material or exceed its estimated ranges of possible loss.
The outcomes of the matters described in this section, such as whether the likelihood of loss is remote, reasonably possible, or probable, or if and when the reasonably possible range of loss is estimable, are inherently uncertain, and unless specified otherwise, possible losses are not reasonably estimable at this time. If one or more of these matters were resolved against the Company for amounts above management’s estimates, the Company’s financial condition and results of operations, including in a particular reporting period in which any such outcome becomes probable and estimable, could be materially adversely affected.
In November 2022, the European Union’s Digital Services Act (“DSA”) came into force as a result of which X has to comply with extensive content moderation and other duties. X published its first Transparency Report under the DSA in November 2023. In December 2023, the European Commission (“EC”) opened a formal investigation into X Corp. and its Irish subsidiary, Twitter International Unlimited Company (“TIUC”), which was later renamed to X Internet Unlimited Company (XIUC). On July 12, 2024, in relation to alleged breaches of Articles 25(1), 39 and 40(12) of the DSA, the EC issued preliminary findings that X’s blue checkmark is deceptive, its advertisement repository does not meet DSA requirements, and it grants inadequate access to data to third-party researchers. On September 26, 2024, XIUC and X submitted their observations challenging the EC’s preliminary findings. On December 5, 2025, the EC delivered a final decision in which it upheld its preliminary findings and imposed a fine of EUR 120 million on XIUC, X Corp., X.AI Holdings Corp., and Elon Musk (together, the “parties”). On February 16, 2026, the parties challenged the EC’s decision in the General Court of the European Union. In July and August 2026, applications for leave to intervene were filed in the case, including by the United States, the Republic of Ireland, Democracy Reporting International gGmbH, Associação Ius Omnibus, NetChoice, Koordinierungsstelle für digitale Dienste, Stichting Article 19, Fundacja Obserwatorium Demokracji Cyfrowej. The parties filed their observations on these applications on September 22, 2026. The case remains pending.
In March 2016, non-practicing entity Youtoo Technologies filed suit against Twitter, Inc. (the predecessor-in-interest to X Corp.) in the United States District Court for the Northern District of Texas alleging its Vine and Periscope products infringe Youtoo’s video-sharing patents (the ‘304, ‘506, and ‘997 patents). On Twitter’s motion, the district court dismissed the ‘304 and ’506 patents as invalid. Twitter filed petitions for Inter Partes Review before the Patent Trial and Appeals Board (PTAB) challenging all three patents-in-suit. The PTAB upheld the ‘304 and ‘506 Patents and invalidated the ‘997 Patent; the Federal Circuit affirmed. On March 16, 2020, Plaintiff (now Vidstream LLC, which allegedly acquired the patents from Youtoo Technologies in a bankruptcy proceeding), moved the Court to reconsider its earlier ruling invalidating the ‘304 and ‘506 patents. On April 1, 2022, the Court reversed its original ruling on the ‘304 and ‘506 patents. On September 27, 2024, Vidstream filed a motion for partial summary judgment, which the Court granted in part. The case went to a jury trial, and on April 16, 2025, the jury rendered a verdict finding (i) that Twitter did not infringe any claim of the ‘506 patent and two out of three claims of the ‘304 patent and that each of those patent claims was invalid, but (ii) that Twitter willfully infringed one claim of the ‘304 patent. The jury awarded Plaintiff $105 million in damages. In November 2025,
the district court affirmed the jury’s award and awarded an additional $67 million in prejudgment interest. X Corp. has appealed and Vidstream has cross-appealed. Both appeals remain pending before the Federal Circuit.
In June 2023, music publishing companies that are members of the National Music Publishers’ Association (the “NMPA”) filed a complaint against X Corp. in the U.S. District Court for the Middle District of Tennessee, claiming direct, contributory, and vicarious copyright infringement based on Twitter’s alleged failure to expeditiously take down infringing music posted by users after the music publishers allegedly gave Twitter notice of those infringements. The music publishers also allege that Twitter did not suspend the accounts of “repeat infringers,” so that Twitter is not entitled to a “safe harbor” from liability under the DMCA. In March 2024, the Court dismissed plaintiffs’ direct infringement and vicarious infringement claims, and part of plaintiffs’ claim for contributory infringement. Following the Supreme Court’s decision in Cox Comm’s, Inc. v. Sony Music Entm’t., the Court granted the parties’ joint motion for a stay to allow X Corp. to file a renewed motion to dismiss. On July 16, 2026, the parties stipulated to the dismissal of all the NMPA’s claims, and the matter is now closed.
In September 2023, Dutch foundation Stichting Data Bescherming Nederland (“SDBN”) filed a putative class action lawsuit in the District Court of Amsterdam in the Netherlands against TIUC, Twitter, Inc., X Corp., and Twitter Netherlands B.V. (together, the “Twitter parties”) related to Twitter’s operation of the MoPub platform. SDBN primarily claims that MoPub’s real-time bidding ad exchange violated the GDPR. SDBN claims to represent 11 million Dutch internet users who downloaded and used third-party mobile apps containing the MoPub software development kit during the period 2013-2022 and it seeks a monetary award in the range of €250 to €2,500 per person. On February 4, 2026, the Court declined to allow the case to proceed as a class action and indicated that it is considering staying the proceedings until the Court of Justice of the European Union has ruled in a separate case concerning the applicability of Dutch class action requirements to GDPR claims. The Twitter parties filed a brief in support of the proposed stay, which the plaintiffs opposed, on March 4, 2026.
In August 2024, Dutch foundation Stichting Onderzoek Marktinformatie (SOMI) initiated a collective action in the District Court of Amsterdam in the Netherlands on behalf of approximately 7.8 million Dutch X users. Among other things, SOMI seeks damages against TIUC, X Corp. and Twitter Netherlands B.V. (collectively, the “X entities”) for: (1) alleged data breaches and insufficient security measures; (2) alleged unauthorized microtargeting and lack of transparency; and (3) the alleged failure to moderate hate speech and the obstruction of research, all in violation of the GDPR and/or DSA. The alleged data breaches relate to a Twitter API bug that came to light in 2022 and that had allowed persons who knew the email address or phone number of a user to determine the user’s Twitter ID. SOMI has requested compensation (to be assessed at a later stage) for each member of the class, including symbolic damages of EUR 1 for each member of the class that is allegedly affected by hate speech on the X platform. The X entities filed a procedural defense on March 12, 2025. On May 27, 2026, the court determined that SOMI satisfies most admissibility requirements but held that it was unable to establish that SOMI meets the financial safeguard requirements under Dutch law. SOMI provided the court with further information about its financing arrangements on June 24, 2026. The X entities responded to SOMI's submission on July 29, 2026. The parties are now awaiting the court's decision on whether SOMI meets the financial safeguard requirements under Dutch law.
In September 2025, non-practicing entity Search and Share Technologies, LLC (“SaS”) filed a patent complaint against X Corp. in the Federal District Court for the Western District of Texas. SaS alleges that X Corp. infringed on U.S. Patent Nos. 10,180,952 and 11,106,744, through features in its mobile app and website enabling users to interact with content through dedicated interfaces that directly share what other users see in ranked feeds and search results. SaS filed an Amended Complaint on January 5, 2026. On January 20, 2026, X Corp. moved to dismiss SaS’s willful infringement and induced infringement claims. On February 3, 2026, SaS responded to, but did not oppose, X Corp.’s partial motion to dismiss. On February 10, 2026, X Corp. filed its reply. On February 4, 2026, X Corp. filed an IPR petition challenging the ‘744 Patent and on February 18, 2026, filed an IPR petition challenging the '952 Patent. On July 14, 2026, the Director instituted both IPRs against the SaS patents.
Beginning in January 2026, the Company and certain subsidiaries have been named as defendants in multiple lawsuits arising from Grok’s image-generation and editing features. The complaints generally allege that Grok’s image-generation and editing features enabled the creation and dissemination of nonconsensual explicit images and/or content representing women and/or children in sexualized contexts. The actions include several actions instituted in the U.S. District Court for the Northern District of California beginning on January 23, 2026 against SpaceXAI Corp. and SpaceXAI LLC (together, “SpaceXAI”). These include multiple putative class actions asserting claims including, among other things, strict liability, negligence, nuisance, rights of privacy or publicity, and certain federal statutory claims. Plaintiffs in these actions seek, among other things, compensatory, statutory and punitive damages, restitution, disgorgement, and injunctive relief. On September 28, 2026, in Jane Doe v. X.AI Corp. and X.AI LLC (5:26-cv-00772-PCP), the court denied SpaceXAI’s motion to transfer the action to the Northern District of Texas on the ground that the forum selection clause in the X terms of service was unconscionable, and also denied SpaceXAI’s motion to stay. In addition, certain subsidiaries are facing several individual user actions in the U.S. District Court for the Western District of Arkansas. These cases generally assert federal statutory claims, Arkansas statutory claims, and Arkansas common law claims including product liability, negligence, and invasion of privacy. These plaintiffs seek, among other things, compensatory, statutory and punitive damages,
restitution, disgorgement, and injunctive relief. On October 2, 2026, the plaintiffs in the Western District of Arkansas actions moved the United States Judicial Panel for Multidistrict Litigation for consolidation of these and other allegedly similar actions in the Western District of Arkansas. The Mayor and City Council of Baltimore filed suit against X Corp., SpaceXAI, and the Company in the Baltimore City Circuit Court on March 24, 2026. The suit was subsequently removed to the U.S. District Court for the District of Maryland. Baltimore asserts claims under its Consumer Protection Ordinance and seeks statutory penalties and injunctive relief. Baltimore voluntarily dismissed the Company from the suit, and X Corp. and SpaceXAI have moved to dismiss the suit. Lastly, on October 19, 2026, the Office of the Attorney General of the Commonwealth of Virginia sent a notice of violation pursuant to Va. Code § 59.1-203 to SpaceX, SpaceXAI and X Corp., notifying the companies that it is contemplating bringing suit based on allegations that they misrepresented and omitted Grok’s propensity to generate nonconsensual explicit images and/or content representing women and/or children in sexualized contexts and the limits of related safeguards.
On April 14, 2026, the National Association for the Advancement of Colored People and the NAACP Mississippi State Conference (together, the “NAACP”) filed suit against X.AI Corp. and MZX Tech, LLC (together, the “SpaceXAI entities”) in the U.S. District Court for the Northern District of Mississippi, alleging that the mobile gas turbines powering the COLOSSUS II data center with the permission of the Mississippi Department of Environmental Quality are in violation of the Clean Air Act because they allegedly constitute stationary sources without the proper permits. On May 6, 2026, the NAACP filed a preliminary injunction motion seeking to enjoin the operation of the turbines, which the SpaceXAI entities opposed. The United States has moved to intervene to dismiss the action, and the State of Mississippi has filed an amicus brief opposing the NAACP’s preliminary injunction motion. On September 18, 2026, the United States appealed the District Court’s failure to rule on its intervention motion to the U.S. Court of Appeals for the Fifth Circuit, and on September 22, 2026, the United States asked the District Court to stay all proceedings in the case pending appeal. On October 19, 2026, the Fifth Circuit denied the appeal and stay as premature, and the district court granted the United States’ motion to intervene but declined to allow it to dismiss the case.
On May 14, 2026, SpaceXAI LLC was named in a putative class action filed in the U.S. District Court for the Northern District of California alleging that Grok.com utilized certain tracking technologies owned by Google, Meta, and TikTok in violation of the Electronic Communications Privacy Act, California’s Invasion of Privacy Act, the California Constitution, and common law. The complaint seeks certification as a class, injunctive relief, unspecified damages, attorneys’ fees, costs, and interest. On June 10, 2026, SpaceXAI LLC moved to transfer the action to the U.S. District Court for the Northern District of Texas. On August 10, 2026, SpaceXAI LLC moved to dismiss the complaint. On August 13, 2026, the court denied SpaceXAI LLC’s motion to transfer the action to the U.S. District Court for the Northern District of Texas. SpaceXAI LLC intends to defend itself vigorously in this action.
In August 2026, SpaceXAI LLC and affiliates CTC Property LLC and MZX Tech LLC (together, the “SpaceXAI companies”) filed a complaint in the U.S. District Court for the Western District of Tennessee against Darana Hybrid, Inc., Cuttell Motorsports, LLC (doing business as the International Hot Rod Association), and Darryl Cuttell (together, the “defendants”). A related action has been consolidated. The amended complaint, filed in September 2026, alleges breach of a master services agreement for construction of the plaintiffs’ super intelligence computing facilities in the Memphis area, together with fraud, conversion, unjust enrichment, and trademark claims, and seeks compensatory damages the SpaceXAI companies estimate at more than $500 million. The defendants dispute the claims, have moved to dismiss, and have asserted counterclaims and recorded construction liens seeking approximately $569 million for alleged unpaid work.
The Company has recorded an accrual of $350 million and $399 million for litigation losses that are probable and reasonably estimable in Accrued expenses and other current liabilities and Other liabilities on the consolidated balance sheet as of September 30, 2026 and December 31, 2025, respectively. For other matters, the Company is not currently able to estimate the reasonably possible loss or range of loss.
v3.26.3
Related Party Transactions
 9 Months Ended
Sep. 30, 2026
Related Party Transactions [Abstract]  
Related Party Transactions
Note 17 - Related Party Transactions
The Company periodically does business with certain entities with which its CEO and directors are affiliated.
During the three and nine months ended September 30, 2026, the Company purchased $151 million and $480 million, respectively, of Megapack products from Tesla, Inc. (“Tesla”) recorded in Property, plant, and equipment, net in the consolidated balance sheets. As of December 31, 2025, the Company purchased $506 million of Megapack products and $131 million of Cybertrucks at manufacturer’s suggested retail price from Tesla, recorded in Property, plant, and equipment, net in the consolidated balance sheets.
CTC entered into various equipment lease agreements with Valor Equity Partners (“Valor”) for certain SI infrastructure hardware (“Valor Transactions”). The founder, CEO and Chief Investment Officer of Valor, Antonio Gracias, serves as one of the directors of the Company. The Valor Transactions were deemed to be a failed sale-leaseback transaction. As of September 30, 2026, the Company recorded debt of $2,181 million and $10,716 million within Debt and finance leases, current and Debt and finance leases, net of current, respectively, in the Company’s consolidated balance sheet, and $351 million and $864 million in Interest expense for the three and nine months ended September 30, 2026 in the Company’s consolidated statement of operations related to equipment lease
agreements with Valor. As of December 31, 2025, the Company recorded debt of $455 million and $4,052 million within Debt and finance leases, current and Debt and finance leases, net of current, respectively, in the Company’s consolidated balance sheet related to equipment lease agreements with Valor. Refer to Note 9 - Debt for additional details. The related asset is recorded within Property, plant, and equipment, net in the Company’s consolidated balance sheets.
The Company holds certain equity interests in TBC, which are accounted for as an equity method investment. The Company is presumed to have a significant influence, but not control, over TBC given the Company’s CEO has a controlling voting interest in TBC. The Company elected the fair value option to measure its investment in TBC as the Company believes it provides a more relevant measure of the investment’s current economic value. The fair value is determined on a quarterly basis based on market observable inputs, such as financing transactions with unaffiliated third party investors. During the three months ended September 30, 2026, the Company had an unrealized gain of $561 million recorded in Other income (expense), net related to its investment in TBC following TBC’s completion of new round of financing in September 2026.
Other transactions with Tesla and other related parties during the nine months ended September 30, 2026 and 2025 were immaterial.
v3.26.3
Segments
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segments
Note 18 - Segments
The Company’s Chief Executive Officer, as the Chief Operating Decision Maker (“CODM”), organizes the Company, manages resource allocations, and measures performance among three operating and reportable segments: (i) Space, (ii) Connectivity, and (iii) SI. The Company’s CODM assesses performance and allocates resources to operating segments based on segment income (loss) from operations by comparing actual income (loss) from operations to historical results and previously forecasted financial information. The Company’s CODM does not evaluate operating and reportable segments using asset or liability information.
The following tables present information as to revenues, significant segment expenses, and income (loss) from operations by the Company’s reportable segments:
Three Months Ended September 30,
2026
SpaceConnectivitySITotal Reportable Segments
Revenue
$1,767 $5,248 $7,560 $14,575 
Costs and expenses
Cost of revenue435 2,368 2,675 5,478 
Research and development1,225 188 3,183 4,596 
Selling, general, and administrative114 325 1,268 1,707 
Restructuring charges— — 3 3 
Total costs and expenses1,774 2,881 7,129 11,784 
Income (loss) from operations(7)2,367 431 2,791 
Interest expense(675)
Interest income873 
Other income, net1,025 
Income before income taxes$4,014 
Supplemental segment information
Depreciation and amortization$185 $986 $2,473 $3,644 
Share-based compensation(1)
$179 $146 $821 $1,146 
Share-based compensation related to acquisitions$— $— $1,217 $1,217 
Capital expenditures
$1,606 $1,543 $16,444 $19,593 
__________________
(1)Share-based compensation expense excludes share-based compensation related to equity awards granted in connection with acquisitions, which is separately presented
Nine Months Ended September 30,
2026
SpaceConnectivitySITotal Reportable Segments
Revenue
$3,348 $12,796 $10,939 $27,083 
Costs and expenses
Cost of revenue1,045 6,079 4,237 11,361 
Research and development3,231 687 7,740 11,658 
Selling, general, and administrative283 819 2,263 3,365 
Restructuring charges (credits)— — (6)(6)
Total costs and expenses4,559 7,585 14,234 26,378 
Income (loss) from operations(1,211)5,211 (3,295)705 
Interest expense(1,968)
Interest income1,426 
Other expense, net(937)
Loss before income taxes$(774)
Supplemental segment information
Depreciation and amortization$509 $2,574 $5,851 $8,934 
Share-based compensation(1)
$503 $398 $1,715 $2,616 
Share-based compensation related to acquisitions$— $— $1,217 $1,217 
Capital expenditures
$3,832 $4,242 $39,995 $48,069 
__________________
(1)Share-based compensation expense excludes share-based compensation related to equity awards granted in connection with acquisitions, which is separately presented


Three Months Ended September 30,
2025
SpaceConnectivitySITotal Reportable Segments
Revenue$1,666 $3,097 $813 $5,576 
Costs and expenses
Cost of revenue477 1,657 571 2,705 
Research and development849 141 1,301 2,291 
Selling, general, and administrative81 109 385 575 
Restructuring charges— — 278 278 
Total costs and expenses1,407 1,907 2,535 5,849 
Income (loss) from operations259 1,190 (1,722)(273)
Interest expense(514)
Interest income155 
Other income, net140 
Loss before income taxes$(492)
Supplemental segment information
Depreciation and amortization$264 $628 $922 $1,814 
Share-based compensation$151 $105 $94 $350 
Capital expenditures
$1,113 $1,007 $4,760 $6,880 
Nine Months Ended September 30,
2025
SpaceConnectivitySITotal Reportable Segments
Revenue $3,277 $8,159 $2,278 $13,714 
Costs and expenses
Cost of revenue1,104 4,271 1,574 6,949 
Research and development2,069 406 3,331 5,806 
Selling, general, and administrative256 335 1,083 1,674 
Restructuring charges— — 472 472 
Impairment29 — — 29 
Total costs and expenses3,458 5,012 6,460 14,930 
Income (loss) from operations(181)3,147 (4,182)(1,216)
Interest expense(1,372)
Interest income370 
Other income, net342 
Loss before income taxes$(1,876)
Supplemental segment information
Depreciation and amortization$572 $1,706 $2,506 $4,784 
Share-based compensation$383 $270 $391 $1,044 
Impairment$29 $— $— $29 
Capital expenditures$2,818 $2,951 $8,077 $13,846 
v3.26.3
Restructuring
 9 Months Ended
Sep. 30, 2026
Restructuring and Related Activities [Abstract]  
Restructuring
Note 19 - Restructuring
In 2022, X, an indirect subsidiary of the Company (through the X Merger and subsequently, xAI Merger), initiated global employee workforce reductions, the effects of which continued into 2026. The charges and credits associated with the workforce reduction include cash severance expense and other termination benefits. Total charges (credits) of $3 million and $(6) million associated with the workforce reduction were recorded in Restructuring charges (credits) in the consolidated statements of operations for the three and nine months ended September 30, 2026, respectively, and $278 million and $472 million for the three and nine months ended September 30, 2025, respectively.
The following table is a summary of the changes in the restructuring liabilities for each period presented, included within Accrued expenses and other current liabilities and Other liabilities on the consolidated balance sheets:
Restructuring liabilities as of December 31, 2025$443 
Severance and other personnel costs(9)
Cash payments(187)
Other adjustments3 
Restructuring liabilities as of September 30, 2026$250 
v3.26.3
Acquisitions
 9 Months Ended
Sep. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions
Note 20 - Acquisitions
Cursor Merger
In April 2026, the Company entered into an option agreement (“Cursor Option Agreement”) providing the right, but not the obligation, to acquire Cursor. In June 2026, the Company exercised the call option and entered into the Cursor Merger Agreement to acquire Cursor. On August 14, 2026, the Cursor Merger was completed. The Cursor Merger is an extension of the Company’s strategy to vertically integrate compute infrastructure, SI models, and applications.
Concurrently with the Cursor Option Agreement, the Company entered into a compute agreement (“Cursor Compute Agreement”) where the Company would provide Cursor with certain GPU cluster compute capacity and the parties would collaborate to improve existing models, including Grok, and to jointly develop SI models and related model-specific deliverables or products. The Cursor Compute Agreement was terminated at the Closing Date of the Cursor Merger. The net amount attributable to this collaboration arrangement through the Closing Date was not material.
Purchase Consideration
Pursuant to the Cursor Merger Agreement, each share of Cursor's common stock and preferred stock outstanding immediately prior to the Closing Date was automatically converted into the right to receive shares of the Company's Class A common stock, plus cash in lieu of fractional shares, based on the Exchange Ratio of 9.7142. The Exchange Ratio was calculated based on an implied equity value of Cursor of $60 billion and VWAP of the Company's Class A common stock over the seven consecutive trading days immediately preceding the closing of the Cursor Merger of $128.65.
As part of the Cursor Merger Agreement, certain outstanding shares of Cursor common stock were converted to SpaceX equity awards with time-based vesting conditions in order to retain key talent, which are considered share-based compensation rather than purchase consideration under ASC 805, Business Combinations (“ASC 805”). In addition, any outstanding, unvested equity awards held by Cursor employees prior to the Cursor Merger were assumed and converted into equivalent SpaceX awards based on the Exchange Ratio. Refer to Note 14 - Share-based Compensation for additional details. The total value of these equity awards attributable to post-acquisition service as of the Closing Date is $23,376 million, subject to future forfeitures.
The following table summarizes the components of the aggregate purchase consideration paid to acquire Cursor:
SpaceX shares issued as purchase consideration271
SpaceX share price on Closing Date$141.29 
Total equity consideration$38,293 
Replacement equity awards for Cursor’s equity awards(1)
4,181 
Total aggregate purchase consideration$42,474 
__________________
(1)Represents the value of outstanding equity awards held by Cursor employees that were converted into replacement SpaceX awards. The fair value of replacement equity-based awards attributable to pre-acquisition service was recorded as part of the purchase consideration

Preliminary Purchase Price Allocation
The Company applied the acquisition method of accounting in accordance with ASC 805, and recognized assets acquired and liabilities assumed at their fair values as of the Closing Date, with the excess purchase consideration recorded to goodwill. Goodwill reflects the assembled workforce of Cursor as well as operating synergies that are expected to result from the Cursor Merger. All preliminary goodwill is not deductible for tax purposes.
The purchase price allocation is preliminary and subject to change. The Company is continuing to obtain information to complete its valuation of certain assets and liabilities, in addition to ensuring all other assets and liabilities and contingencies have been identified and recorded. The Company has estimated the preliminary fair value of assets acquired and liabilities assumed based on information currently available and will continue to adjust those estimates as additional information pertaining to events or circumstances present at the Closing Date becomes available during the measurement period. The Company will reflect measurement period adjustments, if any, in the period in which the adjustments occur, and the Company will finalize its accounting for the Cursor Merger within one year of the Closing Date.
The following table presents the preliminary allocation of the purchase price to the assets acquired and liabilities assumed, and a reconciliation to total consideration transferred.
Cash and cash equivalents$461 Accounts payable$2 
Marketable securities557 Deferred revenue, current481 
Accounts receivable315 Accrued expenses and other current liabilities414 
Prepaid expenses and other current assets161 Deferred tax liabilities446 
Intangible assets5,300 Other liabilities18 
Other assets395 Total Liabilities$1,361 
Total Assets$7,189 
Fair value of net assets acquired$5,828 
Goodwill36,646 
Total Purchase Consideration$42,474 
The total value of goodwill from the Cursor Merger was allocated to the SI segment.
The following table presents a summary of intangible assets acquired and the useful life of these assets:
Fair ValueUseful Life (years)
Existing technology$4,400 4
Customer relationships700 4
Brand200 3
Total intangible assets acquired$5,300 
•Existing technology: Existing technology represents Cursor’s SI‑powered code editor sold to customers to help write, fix, and improve code. The preliminary fair value estimate of the existing technology was determined using the relief-from-royalty method. Key assumptions and other areas of judgments applied in the fair value measurement of the existing technology intangible asset include projected financial information, including projected revenue, obsolescence rate, royalty rate, discount rate used to present value future cash flows, economic useful life of assets, and tax rates, as relevant, that market participants would consider when estimating fair values.
•Customer relationships: The customer relationships primarily relate to Cursor’s established customer relationships with pre-existing customers that are expected to continue in the future. The preliminary fair value estimate of the customer relationships intangible asset was determined using the cost replacement method, which presumes that a market participant would pay no more for an asset than the amount for which the asset could be replaced in its current condition. Key assumptions and other areas of judgments applied in the fair value measurement of the customer relationships intangible asset include costs and time to replace the current customer relationships with new customers, obsolescence rate, developers’ profit, and entrepreneurial incentive, as relevant, that market participants would consider when estimating fair values.
•Brand: The preliminary fair value estimate of the brand intangible asset was determined using the relief-from-royalty method, which presumes the owner of the asset avoids hypothetical royalty payments that would need to be made for the use of the asset if the asset was not owned.
Results of Operations
The Company’s results of operations included $608 million of revenue attributable to Cursor from the Closing Date through September 30, 2026. It is impracticable to determine the effect on net income attributable to Cursor as the Cursor business was immediately integrated into the Company’s ongoing operations.
The Company incurred an immaterial amount of acquisition-related costs associated with the Cursor Merger during the three and nine months ended September 30, 2026.
Supplemental Unaudited Pro Forma Information
The following unaudited pro forma combined financial information presents the combined results of the Company and Cursor as if the Cursor Merger had been completed on January 1, 2025. The unaudited pro forma combined financial information was prepared in accordance with ASC 805 and includes adjustments for amortization of acquired intangible assets, share-based compensation expense adjustments, and transaction-related costs. Adjustments do not include costs related to integration activities, cost savings or synergies that have been or may be achieved by the combined business.
These pro forma adjustments are based on available information as of the date hereof and upon assumptions that the Company believes are reasonable to reflect the impact of the Cursor Merger on the Company’s historical financial information on a supplemental pro forma basis. The unaudited pro forma combined financial information is presented for informational purposes and is not indicative of the results of operations that would have been achieved if the Cursor Merger had occurred on January 1, 2025, nor is it indicative of future results.
The following table presents the Company’s pro forma combined revenue and net income (loss) (unaudited):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Revenue$15,114 $5,801 $29,325 $14,130 
Net income (loss)$3,339 $(3,731)$(7,273)$(10,732)
Mesh Optical Merger
In May 2026, the Company entered into an Agreement and Plan of Merger with Mesh Optical Technologies Corporation (“Mesh Optical”) to acquire Mesh Optical (the “Mesh Optical Merger”). Mesh Optical designs and manufactures advanced optical devices, such as optical transceivers, to transmit data at high speeds across data centers. On July 6, 2026, the Company completed the Mesh Optical Merger for a total purchase consideration of $249 million in the Company’s Class A common stock. The Company recognized $158 million of goodwill from the Mesh Optical Merger related to the SI segment. The goodwill is not deductible for tax purposes. The results of operations for this acquisition were not material to the combined results of operations of the Company for the three and nine months ended September 30, 2026.
v3.26.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.3
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2026
Accounting Policies [Abstract]  
Use of Estimates
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Amounts which are subject to significant judgment and use of estimates include revenues recognized over time using the cost-to-cost input method, the determination of valuation allowances associated with deferred tax assets and estimates of tax liabilities, reserves for excess and obsolete inventory, fair value of assets acquired and liabilities assumed in business combinations and useful lives of finite-lived intangible assets acquired, fair value of goodwill, useful lives of property, plant, and equipment, the determination of incremental borrowing rate for lease liabilities, litigation and settlement costs, and the valuation and assumptions underlying share-based compensation. On an ongoing basis, the Company evaluates its estimates compared to historical experience and current trends, which forms the basis for making judgments about the carrying value of assets and liabilities. In addition, the Company engages valuation specialists to assist in the valuation of equity instruments and of assets acquired and liabilities assumed in business combinations.
Cloud Services Arrangements
Cloud Services Arrangements
During 2026, the Company’s SI segment entered into revenue arrangements to provide cloud services to customers. The Company accounts for its cloud services arrangements as service contracts with a single performance obligation consisting of a stand-ready promise to provide continuous access to reserved compute capacity, with the transaction price consisting of fixed monthly fees. Revenue is recognized over time as the customer simultaneously receives and consumes the benefits, using a pattern that aligns with phased capacity availability during any ramp period and straight-line recognition for steady-state fees thereafter.
Business Combinations
Business Combinations
When the Company acquires a business, the purchase price is allocated to the assets acquired and liabilities assumed based on their estimated fair values. The excess of the purchase price over the fair values of identifiable assets and liabilities is recorded as goodwill and is assigned to reporting units based on the expected benefit from the business combination. During the measurement period, which may be up to one year from the acquisition date, adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed may be recorded, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in the Company’s consolidated statements of operations. The results of operations of the business acquired are included in the Company’s consolidated statements of operations from the acquisition date. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred in Selling, general, and administrative expenses.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The ASU improves the guidance in Topic 270 by improving the navigability of the required interim disclosures and clarifying when that guidance is applicable. The amendments also provide additional guidance on what disclosures should be provided in interim reporting periods. The amendments add to Topic 270 a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Adoption of this ASU can either be applied prospectively or retrospectively to any or all prior periods presented in the financial statements, and early adoption is permitted. The Company is currently evaluating the provisions of this ASU and does not expect this ASU to have a material impact on the consolidated financial statements.
Recently adopted accounting pronouncements
In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments in this update provide a practical expedient permitting an entity to assume that conditions at the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current classified accounts receivable and contract assets. The Company adopted this ASU on a prospective basis effective January 1, 2026. While this ASU was adopted, the Company did not elect the practical expedient permitted under this ASU. Therefore, the adoption has no impact on the consolidated financial statements.
v3.26.3
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2026
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents
The Company’s total cash and cash equivalents and restricted cash, as presented in the consolidated statements of cash flows, are as follows:
September 30, 2026December 31, 2025
Cash and cash equivalents$51,294 $24,747 
Restricted cash included in prepaid expenses and other current assets555 182 
Restricted cash included in other assets1,537 195 
Total as presented in the consolidated statements of cash flows
$53,386 $25,124 
Schedule of Restricted Cash
The Company’s total cash and cash equivalents and restricted cash, as presented in the consolidated statements of cash flows, are as follows:
September 30, 2026December 31, 2025
Cash and cash equivalents$51,294 $24,747 
Restricted cash included in prepaid expenses and other current assets555 182 
Restricted cash included in other assets1,537 195 
Total as presented in the consolidated statements of cash flows
$53,386 $25,124 
v3.26.3
Revenue (Tables)
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
Revenue disaggregated by products and services is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Products$771 $430 $1,612 $1,185 
Services13,804 5,146 25,471 12,529 
Total revenues
$14,575 $5,576 $27,083 $13,714 
Revenue disaggregated by type and segment is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Launch Services $1,130 $1,000 $2,108 $2,056 
Launch & Development637 666 1,240 1,221 
Space
1,767 1,666 3,348 3,277 
Consumer3,121 1,986 7,754 5,198 
Enterprise & Government(1)
2,127 1,111 5,042 2,961 
Connectivity
5,248 3,097 12,796 8,159 
Advertising538 454 1,248 1,323 
SI Solutions & Infrastructure7,022 359 9,691 955 
SI
7,560 813 10,939 2,278 
Total revenues
$14,575 $5,576 $27,083 $13,714 
___________________
(1) Enterprise & Government revenue includes revenue from Starlink Mobile service offerings.
Schedule of Revenue from Significant Customers
Consolidated revenue from significant customers is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Customer A16.6 %23.9 %17.3 %21.6 %
Customer B34.5 %*24.2 %*
______________
* Customer did not represent more than 10% of consolidated revenue for the period.
v3.26.3
Inventory (Tables)
 9 Months Ended
Sep. 30, 2026
Inventory Disclosure [Abstract]  
Schedule of Inventory
Inventory consists of the following:
September 30, 2026December 31, 2025
Raw materials$1,102 $1,030 
Work-in-progress887 803 
Finished goods902 583 
Inventory
$2,891 $2,416 
v3.26.3
Property, Plant, and Equipment, Net (Tables)
 9 Months Ended
Sep. 30, 2026
Property, Plant, and Equipment [Abstract]  
Schedule of Property, Plant, and Equipment, Net
Property, plant, and equipment, net consist of the following:
September 30, 2026December 31, 2025
Servers and networking equipment$43,206 $22,694 
Satellites14,738 11,949 
Machinery and equipment11,014 6,343 
Data center infrastructure6,333 2,960 
Launch sites3,175 2,404 
Land, buildings, and improvements(1)
5,167 1,876 
Flight vehicle hardware1,625 1,689 
Leasehold improvements1,002 784 
Construction-in-progress23,745 4,604 
Property, plant, and equipment110,005 55,303 
Less: Accumulated depreciation(20,522)(12,701)
Property, plant, and equipment, net
$89,483 $42,602 
__________________
(1)Land is not a depreciable asset.
v3.26.3
Intangible Assets and Goodwill (Tables)
 9 Months Ended
Sep. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Schedule of Finite-Lived Intangible Assets
Finite-lived intangible assets consist of the following:
September 30, 2026
Weighted-Average Useful Life (years)Gross Carrying ValueAccumulated AmortizationNet Carrying Value
Existing technology4.0$4,459 $(167)$4,292 
Customer relationships4.51,441 (605)836 
User base9.01,270 (554)716 
Brand4.6932 (449)483 
Acquired workforce2.012 (6)6 
Total
$8,114 $(1,781)$6,333 
December 31, 2025
Weighted-Average Useful Life (in years)Gross Carrying ValueAccumulated AmortizationNet Carrying Value
Existing technology3.2$27 $(16)$11 
Customer relationships5.0752 (478)274 
User base9.01,291 (456)835 
Brand5.0743 (335)408 
Acquired workforce2.09 — 9 
Total
$2,822 $(1,285)$1,537 
Schedule of Goodwill
The activity for goodwill is as follows:
Balance at December 31, 2025$11,809 
Business combinations36,807 
Cumulative translation adjustments (193)
Balance at September 30, 2026$48,423 
v3.26.3
Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2026
Investments, All Other Investments [Abstract]  
Schedule of Assets Measured at Fair Value on a Recurring Basis
The Company’s assets that are measured at fair value on a recurring basis consist of the following:
September 30, 2026
LevelCostUnrealized GainUnrealized LossFair Value
Cash and cash equivalents
CashI$26,058 $— $— $26,058 
Money market fundsI21,635 — — 21,635 
Government securitiesI3,601 — — 3,601 
Marketable securities
Government securitiesII38,508 — (21)38,487 
Corporate debt securitiesII74 — — 74 
Prepaid expenses and other current assets
Restricted cashI521 — — 521 
Restricted cash in money market fundsI34 — — 34 
Other assets
Restricted cashI1,393 — — 1,393 
Restricted cash in money market fundsI145 — (1)144 
Long-term government securitiesII286 — (3)283 
Long-term corporate debt securitiesII14 — — 14 
Total$92,269 $— $(25)$92,244 
December 31, 2025
LevelCostUnrealized GainUnrealized LossFair Value
Cash and cash equivalents
CashI$3,408 $— $— $3,408 
Money market fundsI21,339 — — 21,339 
Prepaid expenses and other current assets
Restricted cashI30 — — 30 
Money market fundsI152 — — 152 
Other assets
Restricted cashI182 — — 182 
Restricted cash in money market fundsI13 — — 13 
Total$25,124 $— $— $25,124 
v3.26.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
September 30, 2026
PrincipalUnamortized Deferred Financing CostsNet
SpaceX Notes$25,000 $145 $24,855 
X 2027 and X 2030 Notes27 — 27 
Other financings(1)
12,979 — 12,979 
Total debt38,006 145 37,861 
Finance lease liability983 — 983 
Total debt and finance leases38,989 145 38,844 
Less: Short-term portion2,698 — 2,698 
Total debt and finance leases, net of current$36,291 $145 $36,146 
December 31, 2025
PrincipalUnamortized Deferred Financing CostsNet
X 2027 and X 2030 Notes$27 $— $27 
X B-1 Term Loan6,504 280 6,224 
X B-3 Term Loan5,966 54 5,912 
xAI Fixed Rate Term Loan995 4 991 
xAI Floating Rate Term Loan995 40 955 
xAI 12.5% Secured Senior Notes
3,000 12 2,988 
Other financings(1)
4,562 — 4,562 
Total debt22,049 390 21,659 
Finance lease liability1,237 — 1,237 
Total debt and finance leases23,286 390 22,896 
Less: Short-term portion928 — 928 
Total debt and finance leases, net of current$22,358 $390 $21,968 
__________________
(1)Includes obligations related to certain SI infrastructure assets recorded as failed sale-leaseback transactions. Refer to Other Financings below for additional details.
Schedule of Future Principal Maturities of Debt
The future scheduled principal maturities of debt as of September 30, 2026 are as follows:
2026 (remaining three months)$495 
20272,425 
20282,867 
20293,422 
20303,597 
Thereafter25,200 
Total$38,006 
Schedule of Carrying Amounts and Fair Values of Long-Term Fixed-Rate Debt
The carrying amounts and fair values of the long-term fixed-rate debt included in the consolidated balance sheets are as follows:
As of September 30, 2026As of December 31, 2025
Carrying AmountFair ValueCarrying AmountFair Value
SpaceX Notes$24,855 $22,932 $— $— 
X B-3 Term Loan$— $— $5,912 $6,190 
xAI Fixed Rate Term Loan$— $— $991 $1,057 
xAI 12.5% Secured Senior Notes
$— $— $2,988 $3,173 
v3.26.3
Leases (Tables)
 9 Months Ended
Sep. 30, 2026
Leases [Abstract]  
Schedule of Lease Expense
The components of lease expense are as follows within the consolidated statements of operations:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Operating lease expense:
Operating lease expense$129 $115 $362 $369 
Short-term lease cost162 94 422 169 
Variable lease cost60 37 115 83 
Total operating lease expense$351 $246 $899 $621 
Finance lease expense:
Amortization of leased assets$79 $82 $237 $251 
Interest on lease liabilities58 77 190 244 
Total finance lease expense137 159 427 495 
Total lease expense
$488 $405 $1,326 $1,116 
v3.26.3
Balance Sheet Components (Tables)
 9 Months Ended
Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Prepaid Expenses and Other Current Assets
Certain financial statement details are as follows:
September 30, 2026December 31, 2025
Prepaid expenses and other current assets
Unbilled receivables$815 $223 
Tax related assets634 618 
Restricted cash and deposits555 182 
Rebates and credits341 597 
Other current assets1,112 590 
Prepaid expenses and other current assets
$3,457 $2,210 
            
Accrued expenses and other current liabilities
Accrued infrastructure purchases$1,863 $— 
Tax related liabilities642 563 
Payroll & employee benefit accruals518 322 
Accrued interest387 416 
Operating lease liabilities, current374 422 
Restructuring liabilities249 339 
Other current liabilities1,964 507 
Accrued expenses and other current liabilities
$5,997 $2,569 
Schedule of Accrued Expenses and Other Current Liabilities
Certain financial statement details are as follows:
September 30, 2026December 31, 2025
Prepaid expenses and other current assets
Unbilled receivables$815 $223 
Tax related assets634 618 
Restricted cash and deposits555 182 
Rebates and credits341 597 
Other current assets1,112 590 
Prepaid expenses and other current assets
$3,457 $2,210 
            
Accrued expenses and other current liabilities
Accrued infrastructure purchases$1,863 $— 
Tax related liabilities642 563 
Payroll & employee benefit accruals518 322 
Accrued interest387 416 
Operating lease liabilities, current374 422 
Restructuring liabilities249 339 
Other current liabilities1,964 507 
Accrued expenses and other current liabilities
$5,997 $2,569 
v3.26.3
Redeemable Convertible Preferred Stock and Shareholders’ Equity (Tables)
 9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Schedule of Redeemable Convertible Preferred Stock
Each series of SpaceX and xAI Redeemable Convertible Preferred Stock (collectively, the “Combined Redeemable Convertible Preferred Stock”) as of December 31, 2025 consisted of the following (no shares of Combined Redeemable Convertible Preferred Stock were issued and outstanding as of September 30, 2026):
Outstanding (1)
December 31, 2025
SpaceX Redeemable Convertible Preferred Stock
Series A60.4 
Series A-10.2 
Series B5.1 
Series B-10.1 
Series C9.7 
Series D5.2 
Series E10.2 
Series F6.7 
Series G12.6 
Series H3.2 
Series I3.0 
Series J2.5 
Series K2.5 
Series L1.4 
Series M2.7 
Series N9.3 
Total SpaceX Redeemable Convertible Preferred Stock134.7 
xAI Redeemable Convertible Preferred Stock
Series A750.0 
Series A-1— 
Series B584.9 
Series C277.1 
Series D120.1 
Series E179.2 
Total xAI Redeemable Convertible Preferred Stock1,911.3 
Total Combined Redeemable Convertible Preferred Stock2,046.0 
__________________
(1)The number of issued redeemable convertible preferred stock is equal to the number of outstanding redeemable convertible preferred stock, with the exception of xAI Series A and xAI Series D, of which the number of issued shares is 1,000.0 million and 175.0 million as of December 31, 2025, respectively, due to redeemable convertible preferred stock held by X and SpaceX, respectively.
Schedule of Common Stock Activity
The following describes all of the activity that occurred within each class of SpaceX Common Stock during the three and nine months ended September 30, 2026 and 2025, incorporating all activity that occurred within the class of xAI Common Stock on an as-converted basis to the class of SpaceX Common Stock it was converted into per the Common Control Mergers.
Class A Common
Stock		Class B Common
Stock		Class C Common
Stock
Three Months Ended September 30, 2026SharesAmountSharesAmountSharesAmount
Balances at June 30, 20267,607 $7 5,569 $6 — $— 
Common stock issued, net of tax withholding9 0 — — — — 
Conversion between classes of common stock230 1 (230)(1)— — 
Transfer of equity in business combinations394 0 — — — — 
Balances at September 30, 20268,240 $8 5,339 $5 — $— 
Class A Common
Stock		Class B Common
Stock		Class C Common
Stock		Class D Common
Stock
Nine Months Ended September 30, 2026SharesAmountSharesAmountSharesAmountSharesAmount
Balances at December 31, 20251,952 $3 643 $1 484 $0 — $— 
Issuance of common stock in connection with IPO, net of underwriting commissions and offering costs639 1 — — — — — — 
Common stock issued, net of tax withholding62 0 1,306 1 13 0 — — 
Conversion of redeemable convertible preferred stock pursuant to the xAI Merger886 0 537 1 — — — — 
Repurchase of common stock pursuant to xAI Merger(3)0 (20)0 — — — — 
Conversion of redeemable convertible preferred stock to common stock3,453 3 3,274 3 — — — — 
Conversion between classes of common stock867 1 (370)(1)(497)0 — — 
Repurchase of common stock(10)0 (31)0 — — — — 
Transfer of equity in business combinations394 0 — — — — — — 
Balances at September 30, 20268,240 $8 5,339 $5 — $— — $— 
Class A Common
Stock		Class B Common
Stock		Class C Common
Stock		Class D Common
Stock
Three Months Ended September 30, 2025SharesAmountSharesAmountSharesAmountSharesAmount
Balances at June 30, 20251,867 $3 728 $1 453 $0 — $— 
Common stock issued, net of tax withholding2 0 2 0 7 0 — — 
Conversion between classes of common stock23 0 (23)0 — — — — 
Repurchase of common stock(5)0 (13)0 — — — — 
Balances at September 30, 20251,887 $3 694 $1 460 $0 — $— 
Class A Common
Stock		Class B Common
Stock		Class C Common
Stock		Class D Common
Stock
Nine Months Ended September 30, 2025SharesAmountSharesAmountSharesAmountSharesAmount
Balances at December 31, 20241,832 $2 768 $1 423 $0 — $— 
Common stock issued, net of tax withholding23 1 3 0 36 0 — — 
Conversion of redeemable convertible preferred stock to common stock1 0 — — 1 0 — — 
Conversion between classes of common stock49 0 (49)0 — — — — 
Repurchase of common stock(19)0 (28)0 — — — — 
Transfer of equity in business combination1 0 — — — — — — 
Balances at September 30, 20251,887 $3 694 $1 460 $0 — $— 
Schedule of Common Stock Reserved
The amount of such shares of the SpaceX Common Stock reserved for these purposes at September 30, 2026 is as follows:
Number of Shares
Class AClass BClass C
Outstanding stock options158 350 — 
Outstanding RSUs142 — — 
Future grants under share-based compensation324 — — 
624 350 — 
v3.26.3
Earnings per Share (Tables)
 9 Months Ended
Sep. 30, 2026
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Earnings per Share
The following table presents the reconciliation of net income (loss) attributable to common shareholders to net income (loss) used in computing basic and diluted net income (loss) per share of common stock:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Numerator:
Net income (loss)$4,404 $(1,054)$(413)$(2,590)
Less: Deemed dividend(1)
— — 671 — 
Net income (loss) attributable to common shareholders - basic and diluted$4,404 $(1,054)$(1,084)$(2,590)
               
Denominator:
Weighted-average shares of common stock outstanding - basic11,942 2,941 7,274 2,915 
Weighted-average shares of common stock equivalents:
Exercise of stock options457 — — — 
Conversion of restricted stock units75 — — — 
Conversion of ESPPs1 — — — 
Weighted-average common stock and common stock equivalents outstanding - diluted12,475 2,941 7,274 2,915 
               
Net income (loss) per share attributable to common shareholders
Basic$0.37 $(0.36)$(0.15)$(0.89)
Diluted$0.35 $(0.36)$(0.15)$(0.89)
__________________
(1)The excess of fair market value over the consideration transferred for the repurchase of SpaceX Redeemable Convertible Preferred Stock was treated as a deemed dividend and resulted in an increase to net loss attributable to common shareholders in the calculation of net loss per share.
Schedule of Potentially Dilutive Securities Excluded from Calculation of Earnings Per Share
The following potentially dilutive securities on an as-converted basis are excluded from the calculation of diluted net income (loss) per share attributable to common shareholders for the periods presented because the impact of including them would be anti-dilutive:
As of September 30,
20262025
xAI Redeemable Convertible Preferred Stock— 1,241 
SpaceX Redeemable Convertible Preferred Stock— 6,760 
Share-based compensation19 648 
v3.26.3
Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Compensation Expense
The following table summarizes the Company’s share-based compensation expense by line item in the consolidated statements of operations:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Cost of revenue(1)
$128 $71 $321 $175 
Research and development(2)
1,416 167 2,147 435 
Selling, general, and administrative(3)
819 112 1,365 434 
Total
$2,363 $350 $3,833 $1,044 
__________________
(1)Share-based compensation expense for the three and nine months ended September 30, 2026 includes share-based compensation expense related to SpaceX awards granted to certain employees from the Acquisitions to retain key talent as well as SpaceX awards granted as a replacement of historically outstanding, unvested equity awards held by Cursor and Mesh Optical employees prior to the Acquisitions. Refer to Note 20 - Acquisitions for additional information. Share-based compensation expense recorded in Cost of revenue related to the Acquisitions was $6 million and $6 million for the three and nine months ended September 30, 2026.
(2)Share-based compensation expense recorded in Research and development related to the Acquisitions was $1,022 million and $1,022 million for the three and nine months ended September 30, 2026.
(3)Share-based compensation expense recorded in Selling, general, and administrative related to the Acquisitions was $189 million and $189 million for the three and nine months ended September 30, 2026.
v3.26.3
Commitment and Contingencies (Tables)
 9 Months Ended
Sep. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Non-cancelable Contractual Commitments The following table summarizes the Company’s non-cancelable contractual commitments as of September 30, 2026:
2026 (remaining three months)$2,309 
202725,569 
20284,637 
20292,071 
20301,221 
Thereafter2,033 
Total
$37,840 
v3.26.3
Segments (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Information
The following tables present information as to revenues, significant segment expenses, and income (loss) from operations by the Company’s reportable segments:
Three Months Ended September 30,
2026
SpaceConnectivitySITotal Reportable Segments
Revenue
$1,767 $5,248 $7,560 $14,575 
Costs and expenses
Cost of revenue435 2,368 2,675 5,478 
Research and development1,225 188 3,183 4,596 
Selling, general, and administrative114 325 1,268 1,707 
Restructuring charges— — 3 3 
Total costs and expenses1,774 2,881 7,129 11,784 
Income (loss) from operations(7)2,367 431 2,791 
Interest expense(675)
Interest income873 
Other income, net1,025 
Income before income taxes$4,014 
Supplemental segment information
Depreciation and amortization$185 $986 $2,473 $3,644 
Share-based compensation(1)
$179 $146 $821 $1,146 
Share-based compensation related to acquisitions$— $— $1,217 $1,217 
Capital expenditures
$1,606 $1,543 $16,444 $19,593 
__________________
(1)Share-based compensation expense excludes share-based compensation related to equity awards granted in connection with acquisitions, which is separately presented
Nine Months Ended September 30,
2026
SpaceConnectivitySITotal Reportable Segments
Revenue
$3,348 $12,796 $10,939 $27,083 
Costs and expenses
Cost of revenue1,045 6,079 4,237 11,361 
Research and development3,231 687 7,740 11,658 
Selling, general, and administrative283 819 2,263 3,365 
Restructuring charges (credits)— — (6)(6)
Total costs and expenses4,559 7,585 14,234 26,378 
Income (loss) from operations(1,211)5,211 (3,295)705 
Interest expense(1,968)
Interest income1,426 
Other expense, net(937)
Loss before income taxes$(774)
Supplemental segment information
Depreciation and amortization$509 $2,574 $5,851 $8,934 
Share-based compensation(1)
$503 $398 $1,715 $2,616 
Share-based compensation related to acquisitions$— $— $1,217 $1,217 
Capital expenditures
$3,832 $4,242 $39,995 $48,069 
__________________
(1)Share-based compensation expense excludes share-based compensation related to equity awards granted in connection with acquisitions, which is separately presented


Three Months Ended September 30,
2025
SpaceConnectivitySITotal Reportable Segments
Revenue$1,666 $3,097 $813 $5,576 
Costs and expenses
Cost of revenue477 1,657 571 2,705 
Research and development849 141 1,301 2,291 
Selling, general, and administrative81 109 385 575 
Restructuring charges— — 278 278 
Total costs and expenses1,407 1,907 2,535 5,849 
Income (loss) from operations259 1,190 (1,722)(273)
Interest expense(514)
Interest income155 
Other income, net140 
Loss before income taxes$(492)
Supplemental segment information
Depreciation and amortization$264 $628 $922 $1,814 
Share-based compensation$151 $105 $94 $350 
Capital expenditures
$1,113 $1,007 $4,760 $6,880 
Nine Months Ended September 30,
2025
SpaceConnectivitySITotal Reportable Segments
Revenue $3,277 $8,159 $2,278 $13,714 
Costs and expenses
Cost of revenue1,104 4,271 1,574 6,949 
Research and development2,069 406 3,331 5,806 
Selling, general, and administrative256 335 1,083 1,674 
Restructuring charges— — 472 472 
Impairment29 — — 29 
Total costs and expenses3,458 5,012 6,460 14,930 
Income (loss) from operations(181)3,147 (4,182)(1,216)
Interest expense(1,372)
Interest income370 
Other income, net342 
Loss before income taxes$(1,876)
Supplemental segment information
Depreciation and amortization$572 $1,706 $2,506 $4,784 
Share-based compensation$383 $270 $391 $1,044 
Impairment$29 $— $— $29 
Capital expenditures$2,818 $2,951 $8,077 $13,846 
v3.26.3
Restructuring (Tables)
 9 Months Ended
Sep. 30, 2026
Restructuring and Related Activities [Abstract]  
Schedule of Changes in the Restructuring Liabilities
The following table is a summary of the changes in the restructuring liabilities for each period presented, included within Accrued expenses and other current liabilities and Other liabilities on the consolidated balance sheets:
Restructuring liabilities as of December 31, 2025$443 
Severance and other personnel costs(9)
Cash payments(187)
Other adjustments3 
Restructuring liabilities as of September 30, 2026$250 
v3.26.3
Acquisitions (Tables)
 9 Months Ended
Sep. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Purchase Consideration
The following table summarizes the components of the aggregate purchase consideration paid to acquire Cursor:
SpaceX shares issued as purchase consideration271
SpaceX share price on Closing Date$141.29 
Total equity consideration$38,293 
Replacement equity awards for Cursor’s equity awards(1)
4,181 
Total aggregate purchase consideration$42,474 
__________________
(1)Represents the value of outstanding equity awards held by Cursor employees that were converted into replacement SpaceX awards. The fair value of replacement equity-based awards attributable to pre-acquisition service was recorded as part of the purchase consideration
Schedule of Assets Acquired and Liabilities Assumed
The following table presents the preliminary allocation of the purchase price to the assets acquired and liabilities assumed, and a reconciliation to total consideration transferred.
Cash and cash equivalents$461 Accounts payable$2 
Marketable securities557 Deferred revenue, current481 
Accounts receivable315 Accrued expenses and other current liabilities414 
Prepaid expenses and other current assets161 Deferred tax liabilities446 
Intangible assets5,300 Other liabilities18 
Other assets395 Total Liabilities$1,361 
Total Assets$7,189 
Fair value of net assets acquired$5,828 
Goodwill36,646 
Total Purchase Consideration$42,474 
Schedule of Intangible Assets Acquired
The following table presents a summary of intangible assets acquired and the useful life of these assets:
Fair ValueUseful Life (years)
Existing technology$4,400 4
Customer relationships700 4
Brand200 3
Total intangible assets acquired$5,300 
Schedule of Pro Forma Information
The following table presents the Company’s pro forma combined revenue and net income (loss) (unaudited):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Revenue$15,114 $5,801 $29,325 $14,130 
Net income (loss)$3,339 $(3,731)$(7,273)$(10,732)
v3.26.3
Nature of Business (Details)
$ / shares in Units, shares in Millions, $ in Millions
 1 Months Ended 9 Months Ended
Aug. 14, 2026
USD ($)
day
Jun. 30, 2026
USD ($)
$ / shares
shares
May 31, 2026
Sep. 30, 2026
segment
Subsidiary, Sale of Stock [Line Items]        
Number of operating segments | segment       3
Underwriting commissions and offering costs   $ 575    
Stock split conversion ratio     5  
Cursor        
Subsidiary, Sale of Stock [Line Items]        
Implied equity value of acquiree $ 60,000      
VWAP, threshold consecutive trading days | day 7      
IPO        
Subsidiary, Sale of Stock [Line Items]        
Stock issued and sold (in shares) | shares   638.9    
Offering price (in USD per share) | $ / shares   $ 135.00    
Net proceeds of offering   $ 85,675    
v3.26.3
Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Sep. 30, 2025
Dec. 31, 2024
Accounting Policies [Abstract]        
Cash and cash equivalents $ 51,294 $ 24,747    
Restricted cash included in prepaid expenses and other current assets 555 182    
Restricted cash included in other assets 1,537 195    
Total as presented in the consolidated statements of cash flows $ 53,386 $ 25,124 $ 12,133 $ 11,501
v3.26.3
Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Disaggregation of Revenue [Line Items]        
Total revenues $ 14,575 $ 5,576 $ 27,083 $ 13,714
Space        
Disaggregation of Revenue [Line Items]        
Total revenues 1,767 1,666 3,348 3,277
Connectivity        
Disaggregation of Revenue [Line Items]        
Total revenues 5,248 3,097 12,796 8,159
SI        
Disaggregation of Revenue [Line Items]        
Total revenues 7,560 813 10,939 2,278
Products        
Disaggregation of Revenue [Line Items]        
Total revenues 771 430 1,612 1,185
Services        
Disaggregation of Revenue [Line Items]        
Total revenues 13,804 5,146 25,471 12,529
Launch Services | Space        
Disaggregation of Revenue [Line Items]        
Total revenues 1,130 1,000 2,108 2,056
Launch & Development | Space        
Disaggregation of Revenue [Line Items]        
Total revenues 637 666 1,240 1,221
Consumer | Connectivity        
Disaggregation of Revenue [Line Items]        
Total revenues 3,121 1,986 7,754 5,198
Enterprise & Government | Connectivity        
Disaggregation of Revenue [Line Items]        
Total revenues 2,127 1,111 5,042 2,961
Advertising | SI        
Disaggregation of Revenue [Line Items]        
Total revenues 538 454 1,248 1,323
SI Solutions & Infrastructure | SI        
Disaggregation of Revenue [Line Items]        
Total revenues $ 7,022 $ 359 $ 9,691 $ 955
v3.26.3
Revenue - Deferred Revenue and Backlog Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2026
Dec. 31, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Deferred revenue $ 17,520 $ 17,520 $ 12,116
Revenue recognized that was part of deferred revenue (1,287) (3,767)  
Backlog revenue $ 62,959 $ 62,959  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Percentage of backlog revenue expected to be recognized 67.00% 67.00%  
Period over which backlog revenue is expected to be recognized 1 year 1 year  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-10-01      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Percentage of backlog revenue expected to be recognized 27.00% 27.00%  
Period over which backlog revenue is expected to be recognized 2 years 2 years  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-10-01      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Percentage of backlog revenue expected to be recognized 6.00% 6.00%  
Period over which backlog revenue is expected to be recognized  
v3.26.3
Revenue - Schedule of Revenue from Significant Customers (Details) - Revenue - Customer Concentration Risk
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Customer A        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Concentration risk percentage 16.60% 23.90% 17.30% 21.60%
Customer B        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Concentration risk percentage 34.50%   24.20%  
v3.26.3
Revenue - Concentration of Risk Narrative (Details) - Customer Concentration Risk - segment
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Customer A | Revenue        
Concentration Risk [Line Items]        
Number of segments 3 3 3 3
Concentration risk percentage 16.60% 23.90% 17.30% 21.60%
One Customer | Accounts Receivable        
Concentration Risk [Line Items]        
Concentration risk percentage     27.70%  
v3.26.3
Inventory (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Inventory Disclosure [Abstract]    
Raw materials $ 1,102 $ 1,030
Work-in-progress 887 803
Finished goods 902 583
Inventory $ 2,891 $ 2,416
v3.26.3
Property, Plant, and Equipment, Net - Schedule of Property, Plant, and Equipment, Net (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Property, Plant, and Equipment [Line Items]    
Property, plant, and equipment $ 110,005 $ 55,303
Less: Accumulated depreciation (20,522) (12,701)
Property, plant, and equipment, net [1] 89,483 42,602
Servers and networking equipment    
Property, Plant, and Equipment [Line Items]    
Property, plant, and equipment 43,206 22,694
Satellites    
Property, Plant, and Equipment [Line Items]    
Property, plant, and equipment 14,738 11,949
Machinery and equipment    
Property, Plant, and Equipment [Line Items]    
Property, plant, and equipment 11,014 6,343
Data center infrastructure    
Property, Plant, and Equipment [Line Items]    
Property, plant, and equipment 6,333 2,960
Launch sites    
Property, Plant, and Equipment [Line Items]    
Property, plant, and equipment 3,175 2,404
Land, buildings and improvements    
Property, Plant, and Equipment [Line Items]    
Property, plant, and equipment 5,167 1,876
Flight vehicle hardware    
Property, Plant, and Equipment [Line Items]    
Property, plant, and equipment 1,625 1,689
Leasehold improvements    
Property, Plant, and Equipment [Line Items]    
Property, plant, and equipment 1,002 784
Construction-in-progress    
Property, Plant, and Equipment [Line Items]    
Property, plant, and equipment $ 23,745 $ 4,604
[1] Refer to Note 17 - Related Party Transactions for additional details on related party arrangements.
v3.26.3
Property, Plant, and Equipment, Net - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Property, Plant, and Equipment [Abstract]        
Depreciation expense $ 3,351 $ 1,595 $ 8,415 $ 4,142
Interest capitalized $ 119 $ 74 $ 139 $ 96
v3.26.3
Intangible Assets and Goodwill - Schedule of Finite-Lived Intangible Assets (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Intangible Asset, Finite-Lived [Line Items]    
Gross Carrying Value $ 8,114 $ 2,822
Accumulated Amortization (1,781) (1,285)
Net Carrying Value $ 6,333 $ 1,537
Existing technology    
Intangible Asset, Finite-Lived [Line Items]    
Weighted-Average Useful Life (in years) 4 years 3 years 2 months 12 days
Gross Carrying Value $ 4,459 $ 27
Accumulated Amortization (167) (16)
Net Carrying Value $ 4,292 $ 11
Customer relationships    
Intangible Asset, Finite-Lived [Line Items]    
Weighted-Average Useful Life (in years) 4 years 6 months 5 years
Gross Carrying Value $ 1,441 $ 752
Accumulated Amortization (605) (478)
Net Carrying Value $ 836 $ 274
User base    
Intangible Asset, Finite-Lived [Line Items]    
Weighted-Average Useful Life (in years) 9 years 9 years
Gross Carrying Value $ 1,270 $ 1,291
Accumulated Amortization (554) (456)
Net Carrying Value $ 716 $ 835
Brand    
Intangible Asset, Finite-Lived [Line Items]    
Weighted-Average Useful Life (in years) 4 years 7 months 6 days 5 years
Gross Carrying Value $ 932 $ 743
Accumulated Amortization (449) (335)
Net Carrying Value $ 483 $ 408
Acquired workforce    
Intangible Asset, Finite-Lived [Line Items]    
Weighted-Average Useful Life (in years) 2 years 2 years
Gross Carrying Value $ 12 $ 9
Accumulated Amortization (6) 0
Net Carrying Value $ 6 $ 9
v3.26.3
Intangible Assets and Goodwill - Intangible Assets Narrative (Details)
Hz in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Nov. 05, 2025
Hz
Sep. 30, 2026
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2026
USD ($)
Sep. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
Sep. 07, 2025
Hz
Intangible Asset, Goodwill and Other [Abstract]              
Amortization expense associated with finite-lived intangible assets   $ 293 $ 219 $ 519 $ 642    
Indefinite-lived intangible assets   21   21   $ 11  
Intangible Asset, Finite-Lived [Line Items]              
License purchase agreement, spectrum frequency | Hz 15           50
Spectrum Business Trust 2025-1              
Intangible Asset, Finite-Lived [Line Items]              
Loan forgiveness interval 6 months            
Prepaid assets   $ 856   $ 856      
v3.26.3
Intangible Assets and Goodwill - Schedule of Goodwill (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2026
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 11,809
Business combinations 36,807
Cumulative translation adjustments (193)
Ending balance $ 48,423
v3.26.3
Intangible Assets and Goodwill - Goodwill Narrative (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Goodwill [Line Items]    
Goodwill $ 48,423 $ 11,809
Connectivity    
Goodwill [Line Items]    
Goodwill 515 513
SI    
Goodwill [Line Items]    
Goodwill $ 47,908 $ 11,296
v3.26.3
Financial Instruments - Schedule of Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Cash and cash equivalents    
Cost $ 51,294 $ 24,747
Prepaid expenses and other current assets    
Cost 3,457 2,210
Other assets    
Cost 5,809 2,130
Total    
Total assets 254,045 92,079
Total    
Total    
Total assets 92,269 25,124
Unrealized Loss (25)  
Total fair value 92,244 25,124
Government Securities | Level II | Location, Statement of Financial Position, Balance [Axis]: us-gaap:MarketableSecuritiesCurrent    
Marketable securities    
Cost 38,508  
Unrealized Loss (21)  
Fair Value 38,487  
Other assets    
Unrealized Loss (21)  
Government Securities | Level II | Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherAssetsNoncurrent    
Marketable securities    
Unrealized Loss (3)  
Other assets    
Cost 286  
Unrealized Loss (3)  
Fair value 283  
Corporate Debt Securities | Level II    
Marketable securities    
Cost 74  
Fair Value 74  
Other assets    
Cost 14  
Fair value 14  
Restricted Cash | Level I    
Prepaid expenses and other current assets    
Cost 521 30
Fair value 521 30
Other assets    
Cost 1,393 182
Fair value 1,393 182
Money Market Funds | Level I    
Prepaid expenses and other current assets    
Cost 34 152
Fair value 34 152
Other assets    
Cost 145 13
Unrealized Loss (1)  
Fair value 144 13
Cash | Level I    
Cash and cash equivalents    
Cost 26,058 3,408
Fair value 26,058 3,408
Money Market Funds | Level I    
Cash and cash equivalents    
Cost 21,635 21,339
Fair value 21,635 $ 21,339
Government Securities | Level I    
Cash and cash equivalents    
Cost 3,601  
Fair value $ 3,601  
v3.26.3
Financial Instruments - Narrative (Details)
$ in Millions
Sep. 30, 2026
USD ($)
unit
Dec. 31, 2025
USD ($)
unit
Investments, All Other Investments [Abstract]    
Number of Bitcoin units held | unit 18,712 18,712
Bitcoin cost basis $ 661 $ 661
Bitcoin fair value $ 1,573 $ 1,637
v3.26.3
Investments in Unconsolidated Affiliates (Details) - USD ($)
$ in Millions
 3 Months Ended
Sep. 30, 2026
Dec. 31, 2025
Investments in Unconsolidated Affiliates [Abstract]    
Equity method investments $ 653 $ 101
Unrealized gain on investment $ 561  
v3.26.3
Debt - Schedule of Debt (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Jun. 30, 2025
Feb. 28, 2025
Debt Instrument [Line Items]        
Total debt, principal $ 38,006 $ 22,049    
Unamortized deferred financing costs 145 390    
Total debt, net 37,861 21,659    
Finance lease liability 983 1,237    
Total debt and finance leases, principal 38,989 23,286    
Total debt and finance leases, net 38,844 22,896    
Less: Short-term portion 2,698 928    
Total debt and finance leases, net of current, principal 36,291 22,358    
Total debt and finance leases, net of current, net 36,146 21,968    
SpaceX Notes | Unsecured Debt        
Debt Instrument [Line Items]        
Total debt, principal 25,000      
Unamortized deferred financing costs 145      
Total debt, net 24,855      
X 2027 and X 2030 Notes | Senior Notes        
Debt Instrument [Line Items]        
Total debt, principal 27 27    
Unamortized deferred financing costs 0 0    
Total debt, net 27 27    
X B-1 Term Loan | Line of Credit        
Debt Instrument [Line Items]        
Total debt, principal   6,504    
Unamortized deferred financing costs   280    
Total debt, net   6,224    
X B-3 Term Loan | Line of Credit        
Debt Instrument [Line Items]        
Interest rate       9.50%
Total debt, principal   5,966    
Unamortized deferred financing costs   54    
Total debt, net   5,912    
xAI Fixed Rate Term Loan | Line of Credit        
Debt Instrument [Line Items]        
Interest rate     12.50%  
Total debt, principal   995    
Unamortized deferred financing costs   4    
Total debt, net   991    
xAI Floating Rate Term Loan | Line of Credit        
Debt Instrument [Line Items]        
Total debt, principal   995    
Unamortized deferred financing costs   40    
Total debt, net   $ 955    
xAI 12.5% Secured Senior Notes        
Debt Instrument [Line Items]        
Interest rate   12.50%    
xAI 12.5% Secured Senior Notes | Secured Debt        
Debt Instrument [Line Items]        
Interest rate   12.50% 12.50%  
Total debt, principal   $ 3,000    
Unamortized deferred financing costs   12    
Total debt, net   2,988    
Other Financings        
Debt Instrument [Line Items]        
Total debt, principal 12,979 4,562    
Unamortized deferred financing costs 0 0    
Total debt, net $ 12,979 $ 4,562    
v3.26.3
Debt - Narrative (Details)
$ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
May 31, 2026
USD ($)
Mar. 05, 2026
USD ($)
Mar. 02, 2026
USD ($)
Jun. 30, 2026
USD ($)
tranche
Mar. 31, 2026
USD ($)
option
Jun. 30, 2025
USD ($)
Apr. 30, 2025
USD ($)
Feb. 28, 2025
USD ($)
Nov. 30, 2022
USD ($)
Sep. 30, 2026
USD ($)
transaction
Sep. 30, 2026
USD ($)
transaction
Sep. 30, 2025
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2019
USD ($)
Debt Instrument [Line Items]                              
Loss on extinguishment       $ 18 $ 1,526           $ 1,545 $ 0      
Debt purchased                     39,845 6,014      
Additional commitment                     51,834 10,947      
Prepayment penalty                     1,153 $ 0      
Debt and finance leases, current                   $ 2,698 2,698     $ 928  
Debt and finance leases, net of current                   $ 36,146 $ 36,146     $ 21,968  
Number of failed sale-leaseback transactions | transaction                   3 3        
SpaceX Notes | Unsecured Debt                              
Debt Instrument [Line Items]                              
Aggregate principal amount       $ 25,000                      
Number of tranches | tranche       5                      
Average interest rate       5.855%                      
Effective interest rate                   6.072% 6.072%        
Redemption price percentage       100.00%                      
Lien threshold percentage of total assets       7.50%                      
SpaceX Notes | Unsecured Debt | Weighted Average                              
Debt Instrument [Line Items]                              
Maturity/ term of debt       11 years 8 months 12 days                      
SpaceX Notes | Unsecured Debt | Minimum                              
Debt Instrument [Line Items]                              
Interest rate       5.35%                      
Redemption period prior to maturity       1 month                      
Redemption price spread percentage       0.20%                      
SpaceX Notes | Unsecured Debt | Maximum                              
Debt Instrument [Line Items]                              
Interest rate       6.65%                      
Redemption period prior to maturity       6 months                      
Redemption price spread percentage       0.30%                      
SpaceX Bridge Loan | Bridge Loan                              
Debt Instrument [Line Items]                              
Aggregate principal amount         $ 20,000                    
Number of extension options | option         2                    
Extension period         3 months                    
Extension fee percentage         0.25%                    
Duration fee percentage on first anniversary         0.125%                    
Duration fee percentage on fifteen-month anniversary         0.25%                    
Repayment period after receiving IPO proceeds         6 months                    
SpaceX Bridge Loan | Bridge Loan | Variable Rate Option Two | Federal Funds Rate                              
Debt Instrument [Line Items]                              
Margin rate adjustment         0.50%                    
SpaceX Bridge Loan | Bridge Loan | Variable Rate Option Two | Term SOFR                              
Debt Instrument [Line Items]                              
Margin rate adjustment         1.00%                    
SpaceX Bridge Loan | Bridge Loan | Variable Rate Option Two | Stated Margin                              
Debt Instrument [Line Items]                              
Margin rate adjustment         1.00%                    
SpaceX Bridge Loan | Bridge Loan | Minimum | Variable Rate Option One                              
Debt Instrument [Line Items]                              
Margin rate         0.75%                    
SpaceX Bridge Loan | Bridge Loan | Minimum | Variable Rate Option Two                              
Debt Instrument [Line Items]                              
Margin rate         0.00%                    
SpaceX Bridge Loan | Bridge Loan | Maximum | Variable Rate Option One                              
Debt Instrument [Line Items]                              
Margin rate         1.75%                    
SpaceX Bridge Loan | Bridge Loan | Maximum | Variable Rate Option Two                              
Debt Instrument [Line Items]                              
Margin rate         0.75%                    
xAI 12.5% Secured Senior Notes                              
Debt Instrument [Line Items]                              
Interest rate                           12.50%  
xAI 12.5% Secured Senior Notes | Secured Debt                              
Debt Instrument [Line Items]                              
Aggregate principal amount           $ 3,000                  
Interest rate           12.50%               12.50%  
Prepayment penalty   $ 518                          
Issuance price percentage of principal           100.00%                  
xAI 12.5% Secured Senior Notes | Secured Debt | Debt Instrument, Redemption, Period One                              
Debt Instrument [Line Items]                              
Redemption price percentage           106.25%                  
xAI 12.5% Secured Senior Notes | Secured Debt | Debt Instrument, Redemption, Period Two                              
Debt Instrument [Line Items]                              
Redemption price percentage           103.13%                  
SpaceX Credit Facility | Line of Credit | Revolving Credit Facility                              
Debt Instrument [Line Items]                              
Maturity/ term of debt               5 years              
Maximum borrowing capacity $ 5,000             $ 1,500              
Amounts borrowed                   $ 0 $ 0        
SpaceX Credit Facility | Line of Credit | Letter of Credit                              
Debt Instrument [Line Items]                              
Maximum borrowing capacity $ 2,000                            
SpaceX Credit Facility | Line of Credit | Variable Rate Option Two | Federal Funds Rate | Revolving Credit Facility                              
Debt Instrument [Line Items]                              
Margin rate adjustment 0.50%                            
SpaceX Credit Facility | Line of Credit | Variable Rate Option Two | Term SOFR | Revolving Credit Facility                              
Debt Instrument [Line Items]                              
Margin rate adjustment 1.00%                            
SpaceX Credit Facility | Line of Credit | Variable Rate Option Two | Stated Margin | Revolving Credit Facility                              
Debt Instrument [Line Items]                              
Margin rate adjustment 1.00%                            
SpaceX Credit Facility | Line of Credit | Minimum | Revolving Credit Facility                              
Debt Instrument [Line Items]                              
Unused commitment fee percentage 0.07%                            
SpaceX Credit Facility | Line of Credit | Minimum | Variable Rate Option One | Revolving Credit Facility                              
Debt Instrument [Line Items]                              
Margin rate 0.75%                            
SpaceX Credit Facility | Line of Credit | Minimum | Variable Rate Option Two | Revolving Credit Facility                              
Debt Instrument [Line Items]                              
Margin rate 0.00%                            
SpaceX Credit Facility | Line of Credit | Maximum | Revolving Credit Facility                              
Debt Instrument [Line Items]                              
Unused commitment fee percentage 0.11%                            
SpaceX Credit Facility | Line of Credit | Maximum | Variable Rate Option One | Revolving Credit Facility                              
Debt Instrument [Line Items]                              
Margin rate 1.25%                            
SpaceX Credit Facility | Line of Credit | Maximum | Variable Rate Option Two | Revolving Credit Facility                              
Debt Instrument [Line Items]                              
Margin rate 0.25%                            
X 2027 Notes | Senior Notes                              
Debt Instrument [Line Items]                              
Aggregate principal amount                             $ 700
Interest rate                             3.875%
Redemption price percentage                 100.00%            
Debt purchased                 $ 675            
X 2030 Notes | Senior Notes                              
Debt Instrument [Line Items]                              
Aggregate principal amount                         $ 1,000    
Interest rate                         5.00%    
Redemption price percentage                 100.00%            
Debt purchased                 $ 998            
X First Lien Senior Credit Facilities, X B-1 Term Loan | Line of Credit                              
Debt Instrument [Line Items]                              
Aggregate principal amount                         $ 6,705    
Margin rate                         6.50%    
Mandatory repayment percentage                         0.25%    
X First Lien Senior Credit Facilities | Line of Credit                              
Debt Instrument [Line Items]                              
Prepayment penalty     $ 425                        
X First Lien Senior Credit Facilities | Line of Credit | Revolving Credit Facility                              
Debt Instrument [Line Items]                              
Margin rate                         4.50%    
Maximum borrowing capacity               0         $ 500    
Unused commitment fee percentage                         0.50%    
X First Lien Senior Credit Facilities | Line of Credit | Letter of Credit                              
Debt Instrument [Line Items]                              
Maximum borrowing capacity                         $ 100    
X First Lien Senior Credit Facilities, X B-3 Term Loan | Line of Credit                              
Debt Instrument [Line Items]                              
Aggregate principal amount               $ 4,741              
Interest rate               9.50%              
Fee amount               $ 51              
Additional commitment             $ 1,225                
Loan borrowings             $ 5,966                
X First Lien Senior Credit Facilities, X B-3 Term Loan | Line of Credit | Debt Instrument, Redemption, Period One                              
Debt Instrument [Line Items]                              
Redemption price percentage               107.13%              
X First Lien Senior Credit Facilities, X B-3 Term Loan | Line of Credit | Debt Instrument, Redemption, Period Two                              
Debt Instrument [Line Items]                              
Redemption price percentage               104.75%              
X First Lien Senior Credit Facilities, X B-3 Term Loan | Line of Credit | Debt Instrument, Redemption, Period Three                              
Debt Instrument [Line Items]                              
Redemption price percentage               102.38%              
xAI Fixed Rate and Floating Rate Term Loans | Line of Credit                              
Debt Instrument [Line Items]                              
Maximum borrowing capacity           $ 2,000                  
Prepayment penalty     $ 221                        
xAI Fixed Rate Term Loan | Line of Credit                              
Debt Instrument [Line Items]                              
Aggregate principal amount           $ 1,000                  
Interest rate           12.50%                  
xAI Fixed Rate Term Loan | Line of Credit | Debt Instrument, Redemption, Period One                              
Debt Instrument [Line Items]                              
Redemption price percentage           103.00%                  
xAI Fixed Rate Term Loan | Line of Credit | Debt Instrument, Redemption, Period Two                              
Debt Instrument [Line Items]                              
Redemption price percentage           101.00%                  
xAI Floating Rate Term Loan | Line of Credit                              
Debt Instrument [Line Items]                              
Aggregate principal amount           $ 1,000                  
xAI Floating Rate Term Loan | Line of Credit | Debt Instrument, Redemption, Period One                              
Debt Instrument [Line Items]                              
Redemption price percentage           103.00%                  
xAI Floating Rate Term Loan | Line of Credit | Debt Instrument, Redemption, Period Two                              
Debt Instrument [Line Items]                              
Redemption price percentage           101.00%                  
xAI Floating Rate Term Loan | Line of Credit | Term SOFR                              
Debt Instrument [Line Items]                              
Margin rate           7.25%                  
xAI Floating Rate Term Loan | Line of Credit | Alternate Base Rate                              
Debt Instrument [Line Items]                              
Margin rate           6.25%                  
xAI Revolving Line of Credit | Line of Credit | Revolving Credit Facility                              
Debt Instrument [Line Items]                              
Margin rate         0.40%                    
Maximum borrowing capacity         $ 250                    
Amounts borrowed                   $ 0 $ 0        
Other Financings                              
Debt Instrument [Line Items]                              
Average interest rate                   6.30% 6.30%     5.50%  
Failed Sale-Leaseback Transactions                              
Debt Instrument [Line Items]                              
Debt and finance leases, current                   $ 2,181 $ 2,181        
Debt and finance leases, net of current                   $ 10,716 $ 10,716        
v3.26.3
Debt - Schedule of Future Principal Maturities of Debt (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Debt Disclosure [Abstract]    
2026 (remaining three months) $ 495  
2027 2,425  
2028 2,867  
2029 3,422  
2030 3,597  
Thereafter 25,200  
Total debt, principal $ 38,006 $ 22,049
v3.26.3
Debt - Schedule of Carrying Amounts and Fair Values of Long-Term Fixed-Rate Debt (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
SpaceX Notes | Carrying Amount | Level II    
Debt Instrument [Line Items]    
Long-term debt $ 24,855 $ 0
SpaceX Notes | Fair Value | Level II    
Debt Instrument [Line Items]    
Long-term debt 22,932 0
X B-3 Term Loan | Carrying Amount | Level II    
Debt Instrument [Line Items]    
Long-term debt 0 5,912
X B-3 Term Loan | Fair Value | Level II    
Debt Instrument [Line Items]    
Long-term debt 0 6,190
xAI Fixed Rate Term Loan | Carrying Amount | Level II    
Debt Instrument [Line Items]    
Long-term debt 0 991
xAI Fixed Rate Term Loan | Fair Value | Level II    
Debt Instrument [Line Items]    
Long-term debt 0 $ 1,057
xAI 12.5% Secured Senior Notes    
Debt Instrument [Line Items]    
Interest rate   12.50%
xAI 12.5% Secured Senior Notes | Carrying Amount | Level II    
Debt Instrument [Line Items]    
Long-term debt 0 $ 2,988
xAI 12.5% Secured Senior Notes | Fair Value | Level II    
Debt Instrument [Line Items]    
Long-term debt $ 0 $ 3,173
v3.26.3
Leases - Schedule of Lease Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Operating lease expense:        
Operating lease expense $ 129 $ 115 $ 362 $ 369
Short-term lease cost 162 94 422 169
Variable lease cost 60 37 115 83
Total operating lease expense 351 246 899 621
Finance lease expense:        
Amortization of leased assets 79 82 237 251
Interest on lease liabilities 58 77 190 244
Total finance lease expense 137 159 427 495
Total lease expense $ 488 $ 405 $ 1,326 $ 1,116
v3.26.3
Leases - Narrative (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2026
USD ($)
Leases [Abstract]  
Leased assets obtained in exchange for operating lease liabilities $ 753
v3.26.3
Balance Sheet Components (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Prepaid expenses and other current assets    
Unbilled receivables $ 815 $ 223
Tax related assets 634 618
Restricted cash and deposits 555 182
Rebates and credits 341 597
Other current assets 1,112 590
Prepaid expenses and other current assets 3,457 2,210
Accrued expenses and other current liabilities    
Accrued infrastructure purchases 1,863 0
Tax related liabilities 642 563
Payroll & employee benefit accruals 518 322
Accrued interest 387 416
Operating lease liabilities, current 374 422
Restructuring liabilities 249 339
Other current liabilities 1,964 507
Accrued expenses and other current liabilities $ 5,997 $ 2,569
v3.26.3
Redeemable Convertible Preferred Stock and Shareholders’ Equity - Narrative (Details)
$ / shares in Units, shares in Millions, $ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
May 31, 2026
Sep. 30, 2026
USD ($)
class
vote
$ / shares
shares
Sep. 30, 2025
USD ($)
shares
Sep. 30, 2026
USD ($)
class
vote
$ / shares
shares
Sep. 30, 2025
USD ($)
shares
Dec. 31, 2025
$ / shares
Class of Stock [Line Items]            
Number of classes of common stock | class   3   3    
Number of classes of preferred stock | class   1   1    
Preferred stock authorized (in shares)   2,400   2,400    
Preferred stock, par value (in USD per share) | $ / shares   $ 0.001   $ 0.001   $ 0.001
Common stock authorized (in shares)   52,257   52,257    
Stock split conversion ratio 5          
Common stock and redeemable convertible preferred stock repurchased | $   $ 0   $ 2,013    
Common stock repurchased (in shares)   0 18   47  
Redeemable convertible preferred stock repurchased (in shares)   0   2    
Common stock repurchased | $     $ 3   $ 523  
Minimum period shares were held by eligible participants before repurchase     6 months   6 months  
Share Repurchases from Existing Shareholders            
Class of Stock [Line Items]            
Common stock repurchased (in shares)       41    
Common stock repurchased | $       $ 1,944    
Share Repurchases from Current and Former xAI Employees            
Class of Stock [Line Items]            
Common stock repurchased (in shares)       25    
Common stock repurchased | $       $ 2,413    
Class A Common Stock            
Class of Stock [Line Items]            
Common stock authorized (in shares)   36,132   36,132    
Common stock, par value (in USD per share) | $ / shares   $ 0.001   $ 0.001   0.001
Number of votes per share of common stock held | vote   1   1    
Class B Common Stock            
Class of Stock [Line Items]            
Common stock authorized (in shares)   6,125   6,125    
Common stock, par value (in USD per share) | $ / shares   $ 0.001   $ 0.001   0.001
Common stock conversion ratio   1   1    
Number of votes per share of common stock held | vote   10   10    
Class C Common Stock            
Class of Stock [Line Items]            
Common stock authorized (in shares)   10,000   10,000    
Common stock, par value (in USD per share) | $ / shares   $ 0.001   $ 0.001   $ 0.001
v3.26.3
Redeemable Convertible Preferred Stock and Shareholders’ Equity - Schedule of Redeemable Convertible Preferred Stock (Details) - shares
Sep. 30, 2026
Jun. 30, 2026
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Temporary Equity [Line Items]            
Redeemable convertible preferred stock issued (in shares) 0   2,351,000,000      
Redeemable convertible preferred stock outstanding (in shares) 0 0 2,046,000,000 1,893,000,000 1,893,000,000 1,748,000,000
SpaceX Redeemable Convertible Preferred Stock            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     134,700,000      
Series A            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     60,400,000      
Series A-1            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     200,000      
Series B            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     5,100,000      
Series B-1            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     100,000      
Series C            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     9,700,000      
Series D            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     5,200,000      
Series E            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     10,200,000      
Series F            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     6,700,000      
Series G            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     12,600,000      
Series H            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     3,200,000      
Series I            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     3,000,000.0      
Series J            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     2,500,000      
Series K            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     2,500,000      
Series L            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     1,400,000      
Series M            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     2,700,000      
Series N            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     9,300,000      
xAI Redeemable Convertible Preferred Stock            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     1,911,300,000      
Series A            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock issued (in shares)     1,000,000,000      
Redeemable convertible preferred stock outstanding (in shares)     750,000,000.0      
Series A-1            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     0      
Series B            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     584,900,000      
Series C            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     277,100,000      
Series D            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock issued (in shares)     175,000,000.0      
Redeemable convertible preferred stock outstanding (in shares)     120,100,000      
Series E            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     179,200,000      
v3.26.3
Redeemable Convertible Preferred Stock and Shareholders’ Equity - Schedule of Common Stock Activity (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Common Stock        
Balance, beginning of period $ 127,224 $ 5,217 $ 2,573 $ 4,863
Common stock issued, net $ 51 $ 116   923
Conversion of stock       $ 1
Repurchase of common stock (in shares) 0 (18)   (47)
Repurchase of common stock   $ (3)   $ (523)
Transfer of equity in business combinations $ 42,723   42,723 39
Balance, end of period $ 176,768 $ 4,655 $ 176,768 $ 4,655
Share Repurchases from Current and Former xAI Employees        
Common Stock        
Repurchase of common stock (in shares)     (25)  
Repurchase of common stock     $ (2,413)  
Share Repurchases from Existing Shareholders        
Common Stock        
Repurchase of common stock (in shares)     (41)  
Repurchase of common stock     $ (1,944)  
Conversion of redeemable convertible preferred stock pursuant to xAI Merger        
Common Stock        
Conversion of stock     37,475  
Conversion of redeemable convertible preferred stock to common stock        
Common Stock        
Conversion of stock     7,076  
IPO        
Common Stock        
Common stock issued, net     85,675  
Issuances Excluding IPO        
Common Stock        
Common stock issued, net     $ 2,259  
Class A Common Stock        
Common Stock        
Balances, beginning of period (in shares)     1,952  
Balances, end of period (in shares) 8,240   8,240  
Class B Common Stock        
Common Stock        
Balances, beginning of period (in shares)     644  
Balances, end of period (in shares) 5,339   5,339  
Class C Common Stock        
Common Stock        
Balances, beginning of period (in shares)     482  
Balances, end of period (in shares) 0   0  
Common Stock        
Common Stock        
Balances, beginning of period (in shares) 13,176 3,048 3,079 3,023
Balance, beginning of period $ 13 $ 4 $ 4 $ 3
Common stock issued, net (in shares) 9 11   62
Common stock issued, net $ 0 $ 0   $ 1
Conversion of stock (in shares)       2
Conversion of stock       $ 0
Repurchase of common stock (in shares)   (18)   (47)
Repurchase of common stock   $ 0   $ 0
Transfer of equity in business combinations (in shares) 394   394 1
Transfer of equity in business combinations $ 0     $ 0
Balances, end of period (in shares) 13,579 3,041 13,579 3,041
Balance, end of period $ 13 $ 4 $ 13 $ 4
Common Stock | Share Repurchases from Current and Former xAI Employees        
Common Stock        
Repurchase of common stock (in shares)     (25)  
Repurchase of common stock     $ 0  
Common Stock | Share Repurchases from Existing Shareholders        
Common Stock        
Repurchase of common stock (in shares)     (41)  
Repurchase of common stock     $ 0  
Common Stock | Conversion of redeemable convertible preferred stock pursuant to xAI Merger        
Common Stock        
Conversion of stock (in shares)     1,424  
Conversion of stock     $ 1  
Common Stock | Conversion of redeemable convertible preferred stock to common stock        
Common Stock        
Conversion of stock (in shares)     6,728  
Conversion of stock     $ 6  
Common Stock | IPO        
Common Stock        
Common stock issued, net (in shares)     639  
Common stock issued, net     $ 1  
Common Stock | Issuances Excluding IPO        
Common Stock        
Common stock issued, net (in shares)     1,381  
Common stock issued, net     $ 1  
Common Stock | Class A Common Stock        
Common Stock        
Balances, beginning of period (in shares) 7,607 1,867 1,952 1,832
Balance, beginning of period $ 7 $ 3 $ 3 $ 2
Common stock issued, net (in shares)   2   23
Common stock issued, net   $ 0   $ 1
Conversion of stock (in shares)   23    
Conversion of stock   $ 0    
Repurchase of common stock (in shares)   (5)   (19)
Repurchase of common stock   $ 0   $ 0
Transfer of equity in business combinations (in shares) 394   394 1
Transfer of equity in business combinations $ 0   $ 0 $ 0
Balances, end of period (in shares) 8,240 1,887 8,240 1,887
Balance, end of period $ 8 $ 3 $ 8 $ 3
Common Stock | Class A Common Stock | Share Repurchases from Current and Former xAI Employees        
Common Stock        
Repurchase of common stock (in shares)     (3)  
Repurchase of common stock     $ 0  
Common Stock | Class A Common Stock | Share Repurchases from Existing Shareholders        
Common Stock        
Repurchase of common stock (in shares)     (10)  
Repurchase of common stock     $ 0  
Common Stock | Class A Common Stock | Conversion of redeemable convertible preferred stock pursuant to xAI Merger        
Common Stock        
Conversion of stock (in shares)     886  
Conversion of stock     $ 0  
Common Stock | Class A Common Stock | Conversion of redeemable convertible preferred stock to common stock        
Common Stock        
Conversion of stock (in shares)     3,453 1
Conversion of stock     $ 3 $ 0
Common Stock | Class A Common Stock | Conversion between classes of common stock        
Common Stock        
Conversion of stock (in shares) 230   867 49
Conversion of stock $ 1   $ 1 $ 0
Common Stock | Class A Common Stock | IPO        
Common Stock        
Common stock issued, net (in shares)     639  
Common stock issued, net     $ 1  
Common Stock | Class A Common Stock | Issuances Excluding IPO        
Common Stock        
Common stock issued, net (in shares) 9   62  
Common stock issued, net $ 0   $ 0  
Common Stock | Class B Common Stock        
Common Stock        
Balances, beginning of period (in shares) 5,569 728 643 768
Balance, beginning of period $ 6 $ 1 $ 1 $ 1
Common stock issued, net (in shares)   2   3
Common stock issued, net   $ 0   $ 0
Conversion of stock (in shares)   (23)    
Conversion of stock   $ 0    
Repurchase of common stock (in shares)   (13)   (28)
Repurchase of common stock   $ 0   $ 0
Transfer of equity in business combinations (in shares) 0   0 0
Transfer of equity in business combinations $ 0   $ 0 $ 0
Balances, end of period (in shares) 5,339 694 5,339 694
Balance, end of period $ 5 $ 1 $ 5 $ 1
Common Stock | Class B Common Stock | Share Repurchases from Current and Former xAI Employees        
Common Stock        
Repurchase of common stock (in shares)     (20)  
Repurchase of common stock     $ 0  
Common Stock | Class B Common Stock | Share Repurchases from Existing Shareholders        
Common Stock        
Repurchase of common stock (in shares)     (31)  
Repurchase of common stock     $ 0  
Common Stock | Class B Common Stock | Conversion of redeemable convertible preferred stock pursuant to xAI Merger        
Common Stock        
Conversion of stock (in shares)     537  
Conversion of stock     $ 1  
Common Stock | Class B Common Stock | Conversion of redeemable convertible preferred stock to common stock        
Common Stock        
Conversion of stock (in shares)     3,274 0
Conversion of stock     $ 3 $ 0
Common Stock | Class B Common Stock | Conversion between classes of common stock        
Common Stock        
Conversion of stock (in shares) (230)   (370) (49)
Conversion of stock $ (1)   $ (1) $ 0
Common Stock | Class B Common Stock | IPO        
Common Stock        
Common stock issued, net (in shares)     0  
Common stock issued, net     $ 0  
Common Stock | Class B Common Stock | Issuances Excluding IPO        
Common Stock        
Common stock issued, net (in shares) 0   1,306  
Common stock issued, net $ 0   $ 1  
Common Stock | Class C Common Stock        
Common Stock        
Balances, beginning of period (in shares) 0 453 484 423
Balance, beginning of period $ 0 $ 0 $ 0 $ 0
Common stock issued, net (in shares)   7   36
Common stock issued, net   $ 0   $ 0
Conversion of stock (in shares)   0    
Conversion of stock   $ 0    
Repurchase of common stock (in shares)   0   0
Repurchase of common stock   $ 0   $ 0
Transfer of equity in business combinations (in shares) 0   0 0
Transfer of equity in business combinations $ 0   $ 0 $ 0
Balances, end of period (in shares) 0 460 0 460
Balance, end of period $ 0 $ 0 $ 0 $ 0
Common Stock | Class C Common Stock | Share Repurchases from Current and Former xAI Employees        
Common Stock        
Repurchase of common stock (in shares)     0  
Repurchase of common stock     $ 0  
Common Stock | Class C Common Stock | Share Repurchases from Existing Shareholders        
Common Stock        
Repurchase of common stock (in shares)     0  
Repurchase of common stock     $ 0  
Common Stock | Class C Common Stock | Conversion of redeemable convertible preferred stock pursuant to xAI Merger        
Common Stock        
Conversion of stock (in shares)     0  
Conversion of stock     $ 0  
Common Stock | Class C Common Stock | Conversion of redeemable convertible preferred stock to common stock        
Common Stock        
Conversion of stock (in shares)     0 1
Conversion of stock     $ 0 $ 0
Common Stock | Class C Common Stock | Conversion between classes of common stock        
Common Stock        
Conversion of stock (in shares) 0   (497) 0
Conversion of stock $ 0   $ 0 $ 0
Common Stock | Class C Common Stock | IPO        
Common Stock        
Common stock issued, net (in shares)     0  
Common stock issued, net     $ 0  
Common Stock | Class C Common Stock | Issuances Excluding IPO        
Common Stock        
Common stock issued, net (in shares) 0   13  
Common stock issued, net $ 0   $ 0  
Common Stock | Class D Common Stock        
Common Stock        
Balances, beginning of period (in shares)   0 0 0
Balance, beginning of period   $ 0 $ 0 $ 0
Common stock issued, net (in shares)   0   0
Common stock issued, net   $ 0   $ 0
Conversion of stock (in shares)   0    
Conversion of stock   $ 0    
Repurchase of common stock (in shares)   0   0
Repurchase of common stock   $ 0   $ 0
Transfer of equity in business combinations (in shares)     0 0
Transfer of equity in business combinations     $ 0 $ 0
Balances, end of period (in shares) 0 0 0 0
Balance, end of period $ 0 $ 0 $ 0 $ 0
Common Stock | Class D Common Stock | Share Repurchases from Current and Former xAI Employees        
Common Stock        
Repurchase of common stock (in shares)     0  
Repurchase of common stock     $ 0  
Common Stock | Class D Common Stock | Share Repurchases from Existing Shareholders        
Common Stock        
Repurchase of common stock (in shares)     0  
Repurchase of common stock     $ 0  
Common Stock | Class D Common Stock | Conversion of redeemable convertible preferred stock pursuant to xAI Merger        
Common Stock        
Conversion of stock (in shares)     0  
Conversion of stock     $ 0  
Common Stock | Class D Common Stock | Conversion of redeemable convertible preferred stock to common stock        
Common Stock        
Conversion of stock (in shares)     0 0
Conversion of stock     $ 0 $ 0
Common Stock | Class D Common Stock | Conversion between classes of common stock        
Common Stock        
Conversion of stock (in shares)     0 0
Conversion of stock     $ 0 $ 0
Common Stock | Class D Common Stock | IPO        
Common Stock        
Common stock issued, net (in shares)     0  
Common stock issued, net     $ 0  
Common Stock | Class D Common Stock | Issuances Excluding IPO        
Common Stock        
Common stock issued, net (in shares)     0  
Common stock issued, net     $ 0  
v3.26.3
Redeemable Convertible Preferred Stock and Shareholders’ Equity - Schedule of Common Stock Reserved (Details)
shares in Millions
Sep. 30, 2026
shares
Class A  
Class of Stock [Line Items]  
Common Stock reserved (in shares) 624
Class A | Stock Options  
Class of Stock [Line Items]  
Common Stock reserved (in shares) 158
Class A | RSUs  
Class of Stock [Line Items]  
Common Stock reserved (in shares) 142
Class A | Share-Based Compensation  
Class of Stock [Line Items]  
Common Stock reserved (in shares) 324
Class B  
Class of Stock [Line Items]  
Common Stock reserved (in shares) 350
Class B | Stock Options  
Class of Stock [Line Items]  
Common Stock reserved (in shares) 350
Class B | RSUs  
Class of Stock [Line Items]  
Common Stock reserved (in shares) 0
Class B | Share-Based Compensation  
Class of Stock [Line Items]  
Common Stock reserved (in shares) 0
Class C  
Class of Stock [Line Items]  
Common Stock reserved (in shares) 0
Class C | Stock Options  
Class of Stock [Line Items]  
Common Stock reserved (in shares) 0
Class C | RSUs  
Class of Stock [Line Items]  
Common Stock reserved (in shares) 0
Class C | Share-Based Compensation  
Class of Stock [Line Items]  
Common Stock reserved (in shares) 0
v3.26.3
Earnings per Share - Schedule of Basic and Diluted Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Numerator:        
Net income (loss) $ 4,404 $ (1,054) $ (413) $ (2,590)
Less: Deemed dividend 0 0 671 0
Net income (loss) attributable to common shareholders - basic 4,404 (1,054) (1,084) (2,590)
Net income (loss) attributable to common shareholders - diluted $ 4,404 $ (1,054) $ (1,084) $ (2,590)
Denominator:        
Weighted-average shares of common stock outstanding - basic (in shares) 11,942 2,941 7,274 2,915
Weighted-average common stock and common stock equivalents outstanding - diluted (in shares) 12,475 2,941 7,274 2,915
Net income (loss) per share attributable to common shareholders        
Basic (in USD per share) $ 0.37 $ (0.36) $ (0.15) $ (0.89)
Diluted (in USD per share) $ 0.35 $ (0.36) $ (0.15) $ (0.89)
Stock Options        
Denominator:        
Weighted-average shares of common stock equivalents 457 0 0 0
Restricted Stock Units        
Denominator:        
Weighted-average shares of common stock equivalents 75 0 0 0
ESPP's        
Denominator:        
Weighted-average shares of common stock equivalents 1 0 0 0
v3.26.3
Earnings per Share - Schedule of Potentially Dilutive Securities Excluded from Calculation of Diluted Earnings Per Share (Details) - shares
shares in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
xAI Redeemable Convertible Preferred Stock    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Potentially dilutive securities excluded from the calculation of diluted net loss per share (in shares) 0 1,241
SpaceX Redeemable Convertible Preferred Stock    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Potentially dilutive securities excluded from the calculation of diluted net loss per share (in shares) 0 6,760
Share-Based Compensation    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Potentially dilutive securities excluded from the calculation of diluted net loss per share (in shares) 19 648
v3.26.3
Earnings per Share - Narrative (Details) - shares
shares in Millions
Sep. 30, 2026
Sep. 30, 2025
Performance and Market-Based Awards    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Outstanding awards (in shares) 1,333 14
v3.26.3
Share-Based Compensation - Narrative (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Aug. 14, 2026
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Options granted (in shares) 65        
Weighted average exercise price of options granted (in USD per share) $ 1.49        
Weighted-average grant date fair value of options granted (in USD per share) $ 140.39        
Share-based compensation expense weighted-average recognition period       2 years 9 months 18 days  
Share-based compensation expense capitalized   $ 50 $ 38 $ 160 $ 114
RSUs          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Awards granted (in shares) 28        
Weighted-average grant date fair value of awards granted (in USD per share) $ 141.45        
RSAs          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Awards granted (in shares) 96        
Weighted-average grant date fair value of awards granted (in USD per share) $ 141.66        
v3.26.3
Share-Based Compensation - Schedule of Share-Based Compensation Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share-based compensation expense $ 2,363 $ 350 $ 3,833 $ 1,044
Location, Statement of Income, Balance [Axis]: us-gaap:CostOfRevenue        
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share-based compensation expense 128 71 321 175
Location, Statement of Income, Balance [Axis]: us-gaap:CostOfRevenue | Cursor and Mesh Optical        
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share-based compensation expense 6   6  
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense        
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share-based compensation expense 1,416 167 2,147 435
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense | Cursor and Mesh Optical        
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share-based compensation expense 1,022   1,022  
Location, Statement of Income, Balance [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense        
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share-based compensation expense 819 $ 112 1,365 $ 434
Location, Statement of Income, Balance [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense | Cursor and Mesh Optical        
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share-based compensation expense $ 189   $ 189  
v3.26.3
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Income Tax Disclosure [Abstract]        
Effective tax rate (9.70%) (114.20%) 46.60% (38.10%)
US Deferred Tax Assets        
Valuation Allowance [Line Items]        
Release of deferred tax assets $ 449      
v3.26.3
Commitment and Contingencies - Schedule of Non-cancelable Contractual Commitments (Details)
$ in Millions
Sep. 30, 2026
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2026 (remaining three months) $ 2,309
2027 25,569
2028 4,637
2029 2,071
2030 1,221
Thereafter 2,033
Total $ 37,840
v3.26.3
Commitment and Contingencies - Letters of Credit and Surety Bonds Narrative (Details)
$ in Millions
Sep. 30, 2026
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Letters of credit outstanding $ 1,470
Surety Bond  
Loss Contingencies [Line Items]  
Loss contingency estimate $ 470
v3.26.3
Commitment and Contingencies - Legal Proceedings Narrative (Details)
plaintiff in Millions, $ in Millions
 1 Months Ended
Apr. 16, 2025
USD ($)
patent
Sep. 30, 2026
USD ($)
Nov. 30, 2025
USD ($)
Aug. 31, 2024
EUR (€)
plaintiff
Sep. 30, 2023
EUR (€)
plaintiff
Mar. 31, 2016
patent
Dec. 31, 2025
USD ($)
Dec. 05, 2025
EUR (€)
Loss Contingencies [Line Items]                
Accrual for estimated litigation losses | $   $ 350         $ 399  
Youtoo Technologies                
Loss Contingencies [Line Items]                
Number of patents allegedly infringed | patent           3    
Vidstream LLC                
Loss Contingencies [Line Items]                
Number of patents found infringed | patent 1              
Damages awarded | $ $ 105   $ 67          
Stichting Data Bescherming Nederland Class Action                
Loss Contingencies [Line Items]                
Number of plaintiffs | plaintiff         11.0      
Stichting Data Bescherming Nederland Class Action | Minimum                
Loss Contingencies [Line Items]                
Damages sought per person | €         € 250      
Stichting Data Bescherming Nederland Class Action | Maximum                
Loss Contingencies [Line Items]                
Damages sought per person | €         € 2,500      
Stichting Onderzoek Marktinformatie Collective Action                
Loss Contingencies [Line Items]                
Number of plaintiffs | plaintiff       7.8        
Symbolic damages sought per person | €       € 1        
SpaceXAI Companies vs Darana Hybrid, Inc., Cuttell Motorsports, LLC and Darryl Cuttell                
Loss Contingencies [Line Items]                
Damages sought | $   500            
Counterclaim damages sought | $   $ 569            
European Commission Fine                
Loss Contingencies [Line Items]                
Fee imposed | €               € 120,000,000
v3.26.3
Related Party Transactions (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Dec. 31, 2025
Related Party Transaction [Line Items]          
Property, plant, and equipment $ 110,005   $ 110,005   $ 55,303
Debt and finance leases, current 2,698   2,698   928
Debt and finance leases, net of current 36,146   36,146   21,968
Interest expense 675 $ 514 1,968 $ 1,372  
Other income (expense), net 1,025 $ 140 (937) $ 342  
Affiliated Entity          
Related Party Transaction [Line Items]          
Property plant, and equipment purchased 151   480    
Debt and finance leases, current 2,181   2,181   455
Debt and finance leases, net of current 10,716   10,716   4,052
Interest expense 351   $ 864    
Affiliated Entity | Megapack Products          
Related Party Transaction [Line Items]          
Property, plant, and equipment         506
Affiliated Entity | Cybertrucks          
Related Party Transaction [Line Items]          
Property, plant, and equipment         $ 131
Equity Method Investee          
Related Party Transaction [Line Items]          
Other income (expense), net $ 561        
v3.26.3
Segments (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2026
USD ($)
segment
Sep. 30, 2025
USD ($)
Segment Reporting [Abstract]        
Number of operating segments | segment     3  
Number of reportable segments | segment     3  
Segment Reporting [Line Items]        
Revenue $ 14,575 $ 5,576 $ 27,083 $ 13,714
Costs and expenses        
Cost of revenue 5,478 2,705 11,361 6,949
Research and development 4,596 2,291 11,658 5,806
Selling, general, and administrative 1,707 575 3,365 1,674
Restructuring charges (credits) 3 278 (6) 472
Impairment 0 0 0 29
Total costs and expenses 11,784 5,849 26,378 14,930
Income (loss) from operations 2,791 (273) 705 (1,216)
Interest expense (675) (514) (1,968) (1,372)
Interest income 873 155 1,426 370
Other income (expense), net 1,025 140 (937) 342
Income (loss) before income taxes 4,014 (492) (774) (1,876)
Supplemental segment information        
Depreciation and amortization     8,934 4,784
Share-based compensation 2,363 350 3,833 1,044
Impairment 0 0 0 29
Space        
Segment Reporting [Line Items]        
Revenue 1,767 1,666 3,348 3,277
Connectivity        
Segment Reporting [Line Items]        
Revenue 5,248 3,097 12,796 8,159
SI        
Segment Reporting [Line Items]        
Revenue 7,560 813 10,939 2,278
Operating Segments        
Segment Reporting [Line Items]        
Revenue 14,575 5,576 27,083 13,714
Costs and expenses        
Cost of revenue 5,478 2,705 11,361 6,949
Research and development 4,596 2,291 11,658 5,806
Selling, general, and administrative 1,707 575 3,365 1,674
Restructuring charges (credits) 3 278 (6) 472
Impairment       29
Total costs and expenses 11,784 5,849 26,378 14,930
Income (loss) from operations 2,791 (273) 705 (1,216)
Interest expense (675) (514) (1,968) (1,372)
Interest income 873 155 1,426 370
Other income (expense), net 1,025 140 (937) 342
Income (loss) before income taxes 4,014 (492) (774) (1,876)
Supplemental segment information        
Depreciation and amortization 3,644 1,814 8,934 4,784
Share-based compensation 1,146   2,616  
Share-based compensation related to acquisitions 1,217   1,217  
Share-based compensation   350   1,044
Impairment       29
Capital expenditures 19,593 6,880 48,069 13,846
Operating Segments | Space        
Segment Reporting [Line Items]        
Revenue 1,767 1,666 3,348 3,277
Costs and expenses        
Cost of revenue 435 477 1,045 1,104
Research and development 1,225 849 3,231 2,069
Selling, general, and administrative 114 81 283 256
Restructuring charges (credits) 0 0 0 0
Impairment       29
Total costs and expenses 1,774 1,407 4,559 3,458
Income (loss) from operations (7) 259 (1,211) (181)
Supplemental segment information        
Depreciation and amortization 185 264 509 572
Share-based compensation 179   503  
Share-based compensation related to acquisitions 0   0  
Share-based compensation   151   383
Impairment       29
Capital expenditures 1,606 1,113 3,832 2,818
Operating Segments | Connectivity        
Segment Reporting [Line Items]        
Revenue 5,248 3,097 12,796 8,159
Costs and expenses        
Cost of revenue 2,368 1,657 6,079 4,271
Research and development 188 141 687 406
Selling, general, and administrative 325 109 819 335
Restructuring charges (credits) 0 0 0 0
Impairment       0
Total costs and expenses 2,881 1,907 7,585 5,012
Income (loss) from operations 2,367 1,190 5,211 3,147
Supplemental segment information        
Depreciation and amortization 986 628 2,574 1,706
Share-based compensation 146   398  
Share-based compensation related to acquisitions 0   0  
Share-based compensation   105   270
Impairment       0
Capital expenditures 1,543 1,007 4,242 2,951
Operating Segments | SI        
Segment Reporting [Line Items]        
Revenue 7,560 813 10,939 2,278
Costs and expenses        
Cost of revenue 2,675 571 4,237 1,574
Research and development 3,183 1,301 7,740 3,331
Selling, general, and administrative 1,268 385 2,263 1,083
Restructuring charges (credits) 3 278 (6) 472
Impairment       0
Total costs and expenses 7,129 2,535 14,234 6,460
Income (loss) from operations 431 (1,722) (3,295) (4,182)
Supplemental segment information        
Depreciation and amortization 2,473 922 5,851 2,506
Share-based compensation 821   1,715  
Share-based compensation related to acquisitions 1,217   1,217  
Share-based compensation   94   391
Impairment       0
Capital expenditures $ 16,444 $ 4,760 $ 39,995 $ 8,077
v3.26.3
Restructuring - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Restructuring and Related Activities [Abstract]        
Restructuring charges (credits) $ 3 $ 278 $ (6) $ 472
v3.26.3
Restructuring - Schedule of Changes in the Restructuring Liabilities (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2026
USD ($)
Restructuring Reserve [Roll Forward]  
Beginning balance $ 443
Severance and other personnel costs (9)
Cash payments (187)
Other adjustments 3
Ending balance $ 250
v3.26.3
Acquisitions - Narrative (Details)
$ / shares in Units, $ in Millions
 2 Months Ended
Aug. 14, 2026
USD ($)
day
$ / shares
shares
Jul. 06, 2026
USD ($)
Sep. 30, 2026
USD ($)
Dec. 31, 2025
USD ($)
Business Combination [Line Items]        
VWAP (in USD per share) | $ / shares $ 128.65      
Goodwill     $ 48,423 $ 11,809
Cursor        
Business Combination [Line Items]        
Exchange Ratio (in shares) | shares 9.7142      
Implied equity value of acquiree $ 60,000      
VWAP, threshold consecutive trading days | day 7      
Value of equity awards attributable to post-acquisition service $ 23,376      
Goodwill tax deductible amount 0      
Revenue attributable to acquiree     $ 608  
Purchase consideration 42,474      
Goodwill $ 36,646      
Mesh Optical        
Business Combination [Line Items]        
Goodwill tax deductible amount   $ 0    
Purchase consideration   249    
Goodwill   $ 158    
v3.26.3
Acquisitions - Schedule of Purchase Consideration (Details) - Cursor
$ / shares in Units, shares in Millions, $ in Millions
Aug. 14, 2026
USD ($)
$ / shares
shares
Business Combination [Line Items]  
SpaceX shares issued as purchase consideration (in shares) | shares 271
SpaceX share price at Closing Date (in USD per share) | $ / shares $ 141.29
Total equity consideration $ 38,293
Replacement equity awards for Cursor’s equity awards 4,181
Total aggregate purchase consideration $ 42,474
v3.26.3
Acquisitions - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Millions
Sep. 30, 2026
Aug. 14, 2026
Dec. 31, 2025
Business Combination [Line Items]      
Goodwill $ 48,423   $ 11,809
Cursor      
Business Combination [Line Items]      
Cash and cash equivalents   $ 461  
Marketable securities   557  
Accounts receivable   315  
Prepaid expenses and other current assets   161  
Intangible assets   5,300  
Other assets   395  
Total Assets   7,189  
Accounts payable   2  
Deferred revenue, current   481  
Accrued expenses and other current liabilities   414  
Deferred tax liabilities   446  
Other liabilities   18  
Total Liabilities   1,361  
Fair value of net assets acquired   5,828  
Goodwill   36,646  
Total Purchase Consideration   $ 42,474  
v3.26.3
Acquisitions - Schedule of Intangible Assets Acquired (Details) - Cursor
$ in Millions
Aug. 14, 2026
USD ($)
Intangible Asset, Finite-Lived, Acquired [Line Items]  
Fair Value $ 5,300
Existing technology  
Intangible Asset, Finite-Lived, Acquired [Line Items]  
Fair Value $ 4,400
Useful Life (years) 4 years
Customer relationships  
Intangible Asset, Finite-Lived, Acquired [Line Items]  
Fair Value $ 700
Useful Life (years) 4 years
Brand  
Intangible Asset, Finite-Lived, Acquired [Line Items]  
Fair Value $ 200
Useful Life (years) 3 years
v3.26.3
Acquisitions - Schedule of Pro Forma Information (Details) - Cursor - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Business Combination [Line Items]        
Revenue $ 15,114 $ 5,801 $ 29,325 $ 14,130
Net income (loss) $ 3,339 $ (3,731) $ (7,273) $ (10,732)