Key Highlights

  • Starship Flight 14 reached orbit on September 28, 2026, deploying 26 Starlink V3 satellites.
  • Second-quarter revenue reached $7.8 billion, up 92%, alongside a $541 million net loss.
  • Connectivity revenue rose 66% to $4.3 billion, with 1.7 million net subscribers added.
  • The company joined the Nasdaq-100 in July 2026 with an initial weight below 1%.

For a company valued largely on the future of satellite broadband, physical hardware milestones matter as much as financial statements. On September 28, 2026, Starship Flight 14 reached orbit for the first time and deployed 26 Starlink V3 satellites, according to the company's own flight recap. That matters for Space Exploration Technologies Corp. (NASDAQ:SPCX), a Nasdaq-100 member, because the larger V3 satellites are designed to expand Starlink's broadband capacity. The flight was not flawless, but it offers a concrete operating milestone beyond the usual debate over valuation and analyst targets.

First Earnings as a Public Company

In its first earnings report as a public company, SpaceX posted second-quarter revenue of $7.8 billion, up 92%, a net loss of $541 million, and adjusted EBITDA, earnings before interest, tax, depreciation and amortisation adjusted for certain items, of $3.5 billion, according to market data. Connectivity revenue, mainly Starlink, was $4.3 billion, up 66%, with more than 1.7 million net consumer subscribers added and average revenue per user steady at $66 a month. Management said Starlink serves 167 markets, with about 10,200 satellites in orbit. Enterprise and government connectivity revenue rose 108%, and the company cited a backlog of $47.5 billion. The AI segment generated $2.6 billion of revenue but posted an operating loss of $1.3 billion. SpaceX also reported $100 billion of cash and marketable securities and said capital spending in each of the next two quarters should be similar to the roughly $18.4 billion spent in the second quarter.

Inside Flight 14

Flight 14 launched from Starbase, Texas, with the ship flying for nearly 10 hours and circling Earth about six times before splashing down in the Pacific. SpaceX said it maintained contact with all 26 V3 satellites, each designed for roughly 1 terabit per second of capacity, and that they would raise their orbits and enter service within weeks. Two engine shutdowns, one on the booster and one on the ship, led SpaceX to shorten the time spent in orbit as a precaution. More capacity per launch could lower the cost of each unit of bandwidth over time, though that depends on reliability and regulatory approvals. SpaceX joined the Nasdaq-100 in July under a fast-track rule, with an initial weight below 1%. Shares closed at $152.16 on October 14, 2026, down 2.8%, according to market data.

What to Track Next

The first question is whether the V3 satellites finish testing and enter customer service on the timetable SpaceX described. Investors may also track Flight 15 and whether SpaceX attempts the tower catch it has discussed, since ship reuse is central to the long-term cost case. Management has pointed to a $6.7 billion cloud-services contract ramping in October and a compute capacity target above 2 gigawatts by year-end, so the artificial intelligence segment will remain a spending and earnings swing factor. Third-quarter results should show whether subscriber growth and the $66 average revenue per user hold while capital expenditure stays heavy. Any schedule slip, regulatory delay, or further engine issue could affect sentiment.

Hardware Meets the Balance Sheet

Starship's first orbital flight gives investors a tangible data point on how SpaceX intends to deliver more Starlink capacity at lower cost. It does not remove the questions around heavy capital spending, a net loss, and a wide range of analyst opinions. Launch milestones alongside quarterly subscriber and margin trends are likely to stay the two threads investors follow together.