SpaceX Q3 growth comes with heavy investment and cash-flow questions

Reported Q3 2026 revenue was about $14.58 billion and net income $4.4 billion. New coverage says a $561 million unrealized gain from The Boring Company represented about 12.7% of net income, and cites $2.8 billion in operating income and $19.6 billion in capex; this adds accounting and investment context to reports of a first operating-profit quarter, alongside a $39.2 billion trailing free-cash-flow deficit. Figures and segment claims warrant caution, and exploratory SpaceX–Tesla merger discussions remain unconfirmed as a concrete proposal or decision.