SpaceX has scheduled its third-quarter earnings release for October 20, surprising Wall Street with an announcement that comes amid mounting speculation over a potential merger with Tesla and reports that the aerospace company is seeking to raise $40 billion in fresh financing.
Wall Street was caught off guard when SpaceX quietly updated its investor relations page with a definitive earnings date of October 20 after the market close. In an industry where major financial disclosures are typically signaled weeks in advance, the abrupt scheduling immediately sparked debate among analysts trying to read between the lines.
Evercore ISI analyst Kutgun Maral pointed to a few plausible explanations for the rushed timeline. Among them are a desire to put updated financial figures on record before executing new financing arrangements, or a need to share time-sensitive operational updates before counterparties do. Another factor is giving the market time to digest upcoming lockup releases, which include 1.30 billion shares dropping two days after earnings, another 329 million shares on October 24, and a remaining 857 million tranche of the 180-day group thereafter.
Financing AI Ambitions and Massive Capital Expenditure
Behind the accelerated calendar lies an aggressive capital-raising push. Reuters recently reported that SpaceX is seeking to raise $40 billion in financing to purchase advanced artificial intelligence chips from Nvidia. The proposed funding package is expected to consist of roughly $10 billion in bank loans and $30 billion in investment-grade debt, with Apollo Global Management slated to help lead the financing and PIMCO among the potential participants.
That heavy capital requirement underscores how deeply the company has leaned into artificial intelligence infrastructure. In the second quarter alone, SpaceX spent $28.5 billion in total capital expenditures across the first half of the year—a 309% jump over the same period in 2025—with the vast majority dedicated to AI infrastructure.
Evercore ISI recently raised its price target on SpaceX stock to $275 from $230 while maintaining an Outperform rating. Analysts suggest that the company’s transformative catalysts are closer than they appear
, even as skeptics worry about the sheer volume of cash required to fund long-dated technological bets.
Starlink Performance and Merger Speculation With Tesla
While artificial intelligence infrastructure absorbs massive amounts of capital, Starlink remains the company’s foundational commercial engine. Analysts expect third-quarter connectivity revenue to approach $4.8 billion to $4.9 billion, with consumer subscribers projected to climb toward 14.3 million.
The operational growth of Starlink and the company’s heavy AI spending are unfolding in parallel with rising market chatter regarding a potential combination of Elon Musk’s two most valuable enterprises. With SpaceX and Tesla reporting their quarterly results on consecutive days—SpaceX on Tuesday and Tesla on Wednesday—analysts have a rare side-by-side view of both balance sheets.
Barclays has suggested that a merger agreement could formally materialize before Tesla’s annual shareholder meeting, which must be held by December 3. Under a hypothetical all-stock transaction, Barclays estimates that Musk would hold approximately 37% of the equity and 56% of the voting rights in the combined company.
The merger conversation received a tangible showcase when Tesla unveiled a new Roadster sports car at a SpaceX test site in Texas. The vehicle, slated for production in 2028, is engineered to jump and turn in mid-air using rocket technology.
Musk is blending the future of mobility together by integrating auto and rocket technology; at the very least it’s a subtle plant in investors’ minds making an engineering efficiency argument for a merger.
Navigating Market Realities and Regulatory Hurdles
Despite bullish price targets and aggressive expansion plans, the upcoming earnings report arrives during a period of market volatility. SpaceX shares closed Friday at $146.03, sitting above their $135 initial public offering price but well below their post-listing peak. The stock has fallen about 15.1% since the October 6 close.
Beyond orbital data centers and compute contracts, the company is actively laying the groundwork for terrestrial wireless integration. SpaceX agreed to acquire 800 MHz low-band spectrum from Grain Management for about $8 billion, a transaction that requires approval from the Federal Communications Commission and is designed to underpin the expansion of Starlink Mobile.
As investors prepare to digest Tuesday’s financial disclosures, the central question remains whether Starlink’s consistent cash flow can effectively sustain the accelerating costs of Musk’s broader artificial intelligence ambitions.
