Shares in SpaceX and United Airlines both climbed more than 6% this week after each company published third-quarter results, with the same product — Starlink satellite internet — running through both sets of numbers. That is according to Mitrade, which reported on Wednesday 22 October that the results showed how satellite connectivity has become financially important to two very different businesses.
This is a markets story rather than a service-pricing one: none of the reports cited below put a figure on what Starlink costs residential customers, or pointed to any change in its consumer plans.
Key facts
- Mitrade reports United now has Starlink on more than 640 aircraft, adding roughly three a day, with about half its flights offering the service free to MileagePlus members.
- More than 5.4 million passengers used it in September, Mitrade says, and the airline reports customer-service scores on Starlink-equipped planes at nearly double those of planes with other Wi-Fi systems.
- SpaceX’s connectivity division, which includes Starlink, took in $5.25 billion in the quarter, up 69% year on year, with operating income nearly doubling to $2.37 billion, according to Mitrade.
- Coinpaper reports total SpaceX revenue of $14.58 billion, up 161% year on year against analyst expectations of $12.87 billion, and net income of $4.4 billion, reversing a $1.1 billion loss a year earlier.
- Starlink’s subscriber base reached 13.6 million customers, Coinpaper says.
Why it matters
Mitrade frames the two reports as a single commercial signal: United believes satellite internet can pull customers away from rival carriers, while SpaceX is already booking substantial profit from a connectivity business selling to airlines and other customers. Mitrade’s reading — its analysis, not a company statement — is that the quarter shows how much of SpaceX’s money now comes from selling access rather than launches.
United says passengers are choosing it for the Wi-Fi
“We are winning new long-term, brand-loyal United customers because they are trying us for Starlink,” United chief executive Scott Kirby said in Tuesday’s earnings release, as quoted by Mitrade.
Mitrade reports Kirby expects Starlink to lift revenue per available seat mile in 2027, and that United projects 87% fleet coverage by June and availability across the whole fleet by the end of that year. The airline sits among the more than 40 airlines now flying Starlink.
The claim comes with a caveat from the airline itself. Mitrade says Kirby acknowledged on Wednesday’s earnings call that evidence of passengers switching carriers remains largely anecdotal, and that United has not quantified the extra revenue Starlink generates. Mitrade adds that United’s rally also followed record quarterly revenue of $17.9 billion and resilient passenger demand, despite higher fuel costs and disappointing profit guidance.
Starlink is no longer SpaceX’s biggest line
Coinpaper reports SpaceX earnings per share of $0.35 against forecasts of $0.13, and adjusted EBITDA of $8.8 billion, up 306% from a year earlier. The company’s Super Intelligence division — AI computing infrastructure, cloud services and Grok-related products — generated $7.56 billion, growth of about 830%, and has now overtaken Starlink as the largest business by revenue. Mitrade notes that connectivity nonetheless remained the biggest source of operating profit. Our earlier report covered SpaceX’s third-quarter connectivity revenue in detail.
Musk also confirmed on the call that SpaceX and Tesla have set up independent committees to explore a potential merger, with no agreement reached, Coinpaper reports. Mitrade lists that disclosure, alongside the earnings beat and AI sales, among the reasons for the share-price gain.
Sources differ on the size of the move
The two reports do not describe the same share-price move. Mitrade says both SpaceX and United shares climbed more than 6% following the results. Coinpaper says SpaceX stock surged close to 9% in after-hours trading on Tuesday, rising to about $161.37 from a regular-session close of $147.79, and that the shares remain below their post-IPO highs. Our earlier coverage noted a selloff in SpaceX stock going into the results.
United’s results and Kirby’s prepared comments are published in the airline’s own earnings release, linked above. For SpaceX, the figures here are as reported by Mitrade, Coinpaper and 24/7 Wall St.; this report has not independently reviewed SpaceX’s investor update or a transcript of the earnings call.
The rally spread across the space sector
24/7 Wall St. reported on 21 October that the SpaceX beat lifted smaller space names in the session that followed. Intuitive Machines, which builds lunar landers and space infrastructure largely for NASA, rose 5% to $11.08. Redwire, a maker of spacecraft components and orbital hardware, gained 4% to $8.63, and Planet Labs, which sells Earth imagery and data from its own satellite fleet, also rose 4% to $13.90.
The Procure Space ETF, a fund holding all four companies, was up 3% at $40.71 while the SPDR S&P 500 ETF Trust was practically unchanged at $769.22 — a split 24/7 Wall St. describes as a sector rally rather than a broad-market one.
What SpaceX flagged next
24/7 Wall St. reports that Starship reached orbit for the first time on its latest flight and deployed operational Starlink V3 satellites, which management called a major technical step. Contract wins in the space segment included new National Security Space Launch missions, more crewed Dragon flights, a Starlink communications contract for NASA’s Artemis III mission and a deal to deliver payload to the lunar surface with Starship, according to the outlet. Mitrade’s conclusion is that Starlink alone cannot explain either rally.
Frequently Asked Questions
Does this change Starlink’s price for customers?
No. This is financial-market news about quarterly earnings and share prices, and none of the three reports cited here disclosed Starlink’s residential subscription rates or hardware costs, or signalled a change to them.
How much is SpaceX spending to support this growth?
Coinpaper reports capital expenditure of about $19.6 billion in the third quarter, with management guiding to $35 billion to $40 billion in the final quarter of 2026. Coinpaper says Musk told the call that investments in AI computing infrastructure could pay for themselves in as little as six months, given demand for computing capacity.
What did SpaceX guide for fourth-quarter margins?
24/7 Wall St. reports that SpaceX guided fourth-quarter gross margins closer to second-quarter levels, because one-time benefits and customer mix flattered the third quarter — a signal that the latest margin print is not the new baseline.
When is the next Starship flight?
24/7 Wall St. reports that management expects the next Starship flight next month, with plans to catch both the booster and the ship.
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