Three quarterly earnings reports set the pace overnight: Tesla, SpaceX and Meta. Meanwhile, Anthropic is moving toward its listing under the watchful eye of a major New York public investor.

Tesla: less spending, first Optimus units and a merger under review

Tesla reported its third-quarter results on October 21. Profit is down, but cash flow surprised, and the company says it has started production of its Optimus robot.

Key takeaways:

• Net income of $787 million ($0.22 per share), down 43% year over year, according to Euronews.
• Free cash flow came in positive at about $1.5 billion, while analysts were expecting cash burn.
• 2026 capital spending forecast cut to about $20 billion, versus more than $25 billion announced previously.
• Musk says it will take “at least a year, maybe a little longer” to reach 20,000 robots per week.

Mixed numbers, better-than-expected cash

Revenue came in at about $28 billion, roughly flat and slightly below the average forecast of $28.3 billion (Euronews/AP). Tesla delivered 486,532 vehicles, 2% fewer than a year earlier. Automotive gross margin, excluding regulatory credits, rose to 18.1% from 15.4% a year earlier.

Spending for the quarter totaled $4.7 billion, more than double the year-ago figure but well below the roughly $7.5 billion analysts expected, according to TIKR. A Morningstar analyst sees it as a “more capital-efficient” approach. After the close, the stock lost about 3% after gaining 3.6% during the session.

Optimus, SpaceX: two bets weighing on the story

Tesla says its Fremont line is producing its first production-standard Optimus units. No volumes, prices or order backlog were given. Media outlets report different dates for external sales (late 2027 for one, “end of next year” for another). That date therefore remains to be confirmed.

On a merger with SpaceX, Musk called the idea “good” and said no terms have been agreed. Both companies have formed special committees of independent directors. According to Reuters, insiders are worried about added regulatory scrutiny and about protecting Tesla shareholders’ interests, with the 2016 SolarCity precedent top of mind. Tesla also booked an unrealized loss of $140 million on its stake in SpaceX.

For a European investor, Tesla trades in a regular brokerage account. These US shares are not eligible for the PEA. Nothing is signed, and the timeline remains open: Tesla’s annual shareholder meeting is scheduled for December 3.

Sources:

• Euronews: Tesla’s profit drops as it explores a possible merger
• TIKR: Tesla cuts 2026 capex to $20 billion
• Yahoo Finance: Tesla starts Optimus robot production as profit falls 43%
• Yahoo Finance (Reuters): Musk’s backing of the merger worries insiders
• Drive Tesla Canada: Optimus, 20,000 robots per week within a year

Anthropic: a $16.8 billion quarter and an IPO timeline taking shape

Anthropic presented investors with third-quarter revenue of $16.8 billion. The IPO timeline is coming into focus, but a New York elected official is calling for a pause.

Key takeaways:

• Q3 revenue of $16.8 billion, up 45% from Q2 ($11.6 billion) and far above Q1 ($4.7 billion), according to Reuters as reported by Devdiscourse.
• An adjusted profit is mentioned, with no amount specified in the source we consulted.
• According to IFR, a public filing is targeted for October 26, a roadshow for November 9 and a listing in mid-November. Anonymous source, not confirmed by the company.
• New York City Comptroller Mark Levine is asking for the offering to be put on hold.

What has changed since our last edition

The quarterly figures are new. In 2025, the company generated nearly $4.6 billion in revenue, with an operating loss of more than $8 billion excluding certain impairments. It has also committed to spending at least $518 billion over ten years on cloud and compute. These figures show both the speed of the growth and the size of the commitments.

On the timeline, reports diverge. IFR points to October 26 for the public filing. Another source, TradingKey, had instead mentioned this Friday. Neither is officially confirmed: Anthropic has only made a confidential filing, announced on June 1. IFR also cites a raise of up to $100 billion at a valuation of about $2 trillion, with Morgan Stanley and Goldman Sachs as the banks.

A political obstacle, not a legal one

Mark Levine, who oversees New York City’s pension funds, wrote to Dario Amodei. He is asking for a pause until the company responds “fully and transparently” to questions about AI safety, governance and the pace of development. According to Bloomberg Law, Anthropic has opened a dialogue with him. Nothing at this stage points to a delay.

For a European saver, the stock will be listed in the United States. It will therefore go through a regular brokerage account rather than a PEA. We will have to wait for the public filings to learn the revenue breakdown and the disclosed risks.

Sources:

• Devdiscourse (Reuters): Anthropic’s Q3 revenue jumps 45% to $16.8 billion
• IFR: Anthropic pushes ahead with mid-November IPO
• Bloomberg Government: Anthropic opens talks with NYC Comptroller after IPO letter
• GPB / NPR: Anthropic files preliminary IPO paperwork

SpaceX: a first profitable quarter powered by AI

On October 21, SpaceX reported revenue up 161% and its first profit since going public. AI now accounts for more than half of sales, but Starlink still generates most of the profit.

Key takeaways:

• Revenue of about $14.6 billion, up 161% year over year, above the expected $12.7 billion to $12.9 billion.
• Net income of about $4.4 billion according to early reports, versus a loss of $541 million in Q2.
• The AI unit (xAI, with Cursor) accounts for about $7.56 billion, or nearly 52% of the total.
• The stock closed up 7.8%, according to Reuters.

Two engines, two margin profiles

The connectivity division (Starlink) generated about $5.2 billion in revenue and $2.37 billion in operating income, a margin of about 45%. The AI unit, for its part, posted operating income of about $431 million, a margin of nearly 5.7%. These figures, reported by the financial press, come from press accounts and not from the official document we were able to open. They should be read with caution.

The structure matters for the stock: the profit comes from satellites, the growth comes from AI, and AI is expensive. Capital spending for the quarter is reported at around $19.6 billion, mostly for AI infrastructure. How that level compares with consensus is reported inconsistently. Benzinga also notes that one firm points to a $475 billion funding need, though we were unable to verify its assumptions.

The market backdrop

The Nasdaq rose during the session, lifted by SpaceX and Super Micro, according to Reuters. Investors saw it as easing fears about AI spending, after AI-related stocks pulled back the previous week. Musk also called a merger with Tesla a “good idea” (see our Tesla analysis).

For a European, SpaceX (SPCX) is not eligible for the PEA. The stock is held in a regular brokerage account.

Sources:

• Yahoo Finance (Reuters): Nasdaq leads gains as SpaceX, Super Micro boost AI sentiment
• CNBC: SpaceX pops after revenue rose 161%, Musk floats Tesla merger
• The Next Web: SpaceX revenue rises 161% to $14.6B as AI overtakes Starlink
• Investing.com: SpaceX tops Q3 estimates
• Benzinga: SpaceX bulls get louder after Q3, one firm flags a $475B funding gap

Meta: sales up 26%, AI spending drags down cash

Meta beat expectations in the third quarter, but its AI investments pushed its free cash flow into negative territory. The market reacted fairly well after the close.

Key takeaways:

• Revenue of $64.6 billion, up 26% year over year, versus about $63.3 billion expected.
• Earnings per share of $3.83, after a $9.9 billion legal charge.
• Capital spending of $34.91 billion for the quarter; 2026 forecast narrowed to $135 billion to $145 billion.
• Negative free cash flow of about $2.1 billion, according to Coinpaper.

Ads are paying for AI, for now

Advertising drove growth: ad impressions rose 10% and the average price per ad rose 14%, according to the Motley Fool. Meta says it expects strong revenue growth throughout 2027, without giving a figure. Losses at Reality Labs, the virtual reality unit, should narrow to about $15 billion in 2027, according to TradingKey.

The thing to watch is cash. Spending is so high that free cash flow has dipped below zero. For investors, the question is whether ad revenue will keep pace. Meta does not give a 2027 capital spending figure in the sources consulted.

A new class of shares

Meta is creating a non-voting share (Class C) and plans a 2-for-1 stock split in January 2027. This makes financing and employee compensation easier while preserving Mark Zuckerberg’s control, according to Futunn.

After the close, sources diverge: up 2.9% according to TradingKey, up 3.8% according to Investing.com, with an initial gain of more than 4% that later narrowed according to Reuters. Meta is listed in the United States. European savers can access it through a regular brokerage account, not a PEA.

Sources:

• Meta: third-quarter 2026 results
• The Motley Fool: Meta delivers another blowout earnings report
• Investing.com: Meta Q3 2026 slides
• Futunn: free cash flow turning negative, Meta remains committed to its AI bets
• TradingKey: Meta Q3 earnings

Edition prepared by our monitoring agent (data and sources as of Thursday, October 22, 2026), reviewed in line with our editorial policy. General information, not investment advice: investing carries a risk of capital loss.