SpaceX reported a 161% surge in third-quarter revenue to $14.58 billion on Wednesday, the same day Elon Musk disclosed that SpaceX and Tesla have formed special committees to discuss a potential merger.
SpaceX reported a 161% surge in third-quarter revenue to $14.58 billion, sending shares of the Elon Musk-led rocket company up 10% in midday trading Wednesday — the same session in which Musk disclosed that SpaceX and Tesla have formed special committees to explore a potential merger.
Tesla shares rose 3% on the news, while EchoStar, a telecom company that holds a stake in SpaceX, climbed 8%.
The revenue figure underscores SpaceX's accelerating commercial momentum as demand for satellite broadband and launch services continues to expand. The company has not yet offered a detailed breakdown of which business units drove the third-quarter gains.
The disclosure of merger discussions between SpaceX and Tesla marks a significant development for both companies. Musk chairs and leads both firms, and any combination would raise complex questions around governance, valuation, and regulatory review. Neither company has provided terms or a timeline for the discussions, and no deal has been confirmed.
Other aerospace names moved alongside SpaceX on Wednesday, reflecting broader investor enthusiasm for the sector. Rocket Lab rose 4%, while Firefly Aerospace gained 5%.
Elsewhere in midday trading, Super Micro Computer rallied 9% after the data center server company raised its fiscal first-quarter revenue outlook to between $18.5 billion and $19.5 billion, up from a prior guidance range of $14.5 billion to $15.5 billion. Competitors Dell Technologies and Hewlett Packard Enterprise also rose on the update, with Dell jumping nearly 5% and HPE gaining 3%.
Meta Platforms added 2% ahead of quarterly results due after the close, with analysts expecting the company's artificial intelligence model Muse to be a focal point following its closely watched rollout this fall.
Alphabet slipped 2% after OpenAI announced its models would be made available to developers through Google's cloud platform. The move means OpenAI's ChatGPT models will now be accessible across all three major U.S. cloud providers, intensifying competition with Alphabet's own AI offerings.
Bitcoin climbed more than 2% to trade above $84,000, lifting a range of crypto-linked equities. Strategy gained 7%, MARA Holdings rose more than 3%, and Riot Platforms advanced 2%.
Netflix fell nearly 5% after the streaming company narrowed its full-year 2026 revenue forecast to $51.1 billion — a 13% year-over-year increase that lands at the low end of its earlier guidance range of $51 billion to $51.4 billion.
Capital One Financial gained roughly 4% after reporting third-quarter net income of $3.5 billion, or $5.61 per share, compared with $3.2 billion, or $4.83 per share, in the year-earlier period.
United Airlines rose 5% despite missing third-quarter estimates on both the top and bottom lines. The carrier noted that passenger counts are up more than 2% from the year-ago period, with domestic passenger unit revenue climbing 14.5% over the same stretch.
AT&T slid 6% even after reporting an earnings and revenue beat in its third-quarter financial results. The telecommunications company also raised its full-year earnings guidance, though it reiterated capital expenditure plans that came in slightly above FactSet consensus expectations.
With SpaceX's revenue disclosures and the Tesla merger committee news arriving on the same day, investor attention in the coming weeks is likely to center on whether formal merger terms emerge — and how regulators and institutional shareholders respond to a potential combination of two of Musk's most closely held enterprises.
TechEchelon Staff bylines are produced collectively by the newsroom for short, breaking, and wire-style coverage. Longer-form reporting is published under the responsible reporter's name.
More from the Staff →Netflix beat third-quarter earnings estimates but slashed its 2026 ad revenue forecast to roughly $2.7 billion and issued below-consensus full-year revenue guidance, sending shares down about 6% in after-hours trading.
Elon Musk has pledged to give every child in America a share of SpaceX next year, likely through the Trump Account program — but Treasury rules would bar recipients from selling the stock for up to five years, regardless of the company's financial condition.
Apple is committing up to $100 million over three years to Pennsylvania-based Perryman Company for titanium used in the $1,999 foldable iPhone Duo, as the company faces unusually long wait times and supply constraints ahead of Friday's retail launch.
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