SpaceX Eyes $100 Billion ARR Run Rate Ahead of November Earnings

Boeing has completed its 13-satellite O3b mPOWER constellation for operator SES after launching the final three satellites, F11, F12 and F13, from Cape Canaveral Space Force Station to join the 10 already in orbit. The constellation is aimed at supporting high-speed global connectivity for customers with growing bandwidth needs, including governments, cruise lines, commercial airlines and mobile users. Ryan Reid, President of Boeing Satellite Systems International, said the constellation demonstrates the company's capacity to deliver through robust execution and customer focus, and noted that pairing the O3b mPOWER payload with Boeing's standardized 702X satellite platform gives a dual-use architecture that can be built and integrated quickly across different orbits. The satellites are yet to complete orbit raising and initialization before entering service in mid-2027, leaving risks of technical delays or anomalies, and any technical shortcomings in the O3b mPOWER architecture could prompt additional scrutiny of Boeing's related defense implementations, including hardened versions being developed for the U.S. Space Force's Evolved Strategic SATCOM systems and Wideband Global SATCOM. By the end of the second quarter, Boeing reported $715 billion in total backlog, including $597 billion for commercial airplanes, $85 billion for Defense, Space & Security and $33 billion for Global Services. Hedge fund ownership of Boeing fell from 99 funds in the first quarter of 2026 to 90 funds in the following quarter, while BlackRock is the largest institutional stakeholder with 61.04 million shares, or 7.72% ownership.

Elon Musk said on SpaceX's August 4, 2026 earnings call that Starlink could deliver a majority of the world's internet traffic in less than 10 years, driven by a next-generation satellite that multiplies delivered bandwidth by roughly two orders of magnitude. In a post on X, Musk said connectivity per satellite will be about 10 terabits per second in both directions, with a path to more than 100 Tbps, and that each satellite is 250kW and will carry a SpaceX-designed Nvidia Vera Rubin NVL72 computer. SpaceX expects to launch about an order of magnitude more Starlink V3 satellites than V2, and Musk said that even if monetization per bit drops by a factor of 10, Starlink revenue would still rise 10x; an FCC filing covering up to 100,000 Gen3 satellites was accepted for filing in mid-September 2026 but has not been approved. The Q2 2026 results showed total revenue of $7.81 billion, up 92% year over year, with the connectivity segment contributing $4.3 billion, up 66%, more than 1.7 million net consumer subscribers added, ARPU of $66 per month, and enterprise and government revenue up 108% on deals with American Airlines, Southwest, Virgin Atlantic, Iberia and Aer Lingus plus over $6 billion in multi-year Space Force Starshield contracts. Management said a critical mass of about 1,000 V3 satellites is needed before service improvements become significant, expected by approximately the second quarter of next year, and Musk told analysts that a year from now SpaceX will be doing at least one flight a day and possibly more. SPCX shares closed at $152.71 on September 18, up 9.35% over the past month.