Nearly 13% of SpaceX's $4.4 Billion Profit Came From This "Boring" Investment

SpaceX reported $4.4 billion in net income for Q3 2026, but nearly 13% ($561 million) came from an unrealized accounting gain on its investment in The Boring Company following a $3 billion funding round. While SpaceX's operating income of $2.8 billion shows genuine operational improvement, the company is spending heavily on capex ($19.6 billion in Q3 alone) for AI infrastructure, Starship development, and satellite production, with guidance of $35-40 billion for Q4.