Elon Musk has a new yardstick for SpaceX’s growth. On November 6, he wrote on X that “SpaceX revenue this quarter alone will be substantially higher than NASA’s entire annual budget!” Later that day, he pointed to NASA’s fiscal 2027 budget request of about $18.8 billion as the comparison.
The official numbers put that comparison in perspective. NASA’s fiscal 2027 request totals $18.829 billion, according to the Congressional Research Service. SpaceX reported $14.6 billion in revenue for the third quarter of 2026 in its October 20 earnings release. That figure was up 161% from the same quarter a year earlier.
The mix behind that number is the bigger story. SpaceX’s Super Intelligence (SI) segment brought in $7.6 billion in the third quarter. Starlink and the rest of the Connectivity segment added $5.2 billion. The launch business that made SpaceX famous contributed $1.8 billion.
Musk shared his outlook the same day at the Baron Investment Conference. He said SpaceX is tracking to an annual revenue rate above $100 billion in December. He also gave his best guess that annual recurring revenue will exceed $500 billion by December 2027. Musk called that figure his forecast rather than a promise.
Government work is becoming a smaller slice of the company. Musk wrote that government revenue will be less than 10% of SpaceX revenue this quarter. He expects that share to fall below 5% a year from now. By his figures, commercial customers now account for more than 90% of SpaceX’s revenue.
For East Texas business owners, that shift offers a practical lesson. A company grows sturdier when no single customer controls its future. Take a few minutes this month to see what share of your revenue comes from your largest account. Then ask whether your phones, email, scheduling, and billing systems could support a second or third major customer without strain.
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Image: SpaceX (https://x.com/SpaceX/status/2106090316747207047)
