SpaceX blew past Wall Street's expectations in the third quarter, with revenue more than doubling to $14.58 billion against forecasts of $12.72 billion. Net profit of $4.4 billion was nearly three times what analysts had pencilled in.
The standout was AI. Revenue from the unit surged more than ninefold to $7.6 billion, driven largely by renting out data-centre capacity to the likes of Anthropic, Google and Reflection AI. SpaceX is operating less like an AI lab and more like a cloud provider, and right now the market likes that model.
Starlink also delivered. Subscribers reached 13.6 million, ahead of the 12.19 million expected, though average monthly revenue per user has slipped to $69 from $99 in 2023 as cheaper international plans roll out.
The caveat investors will note: capital spending nearly tripled to $19.6 billion, with AI infrastructure swallowing $16.4 billion of that. SpaceX has warned the unit will need sustained investment before it consistently turns a profit.
Tesla reports Wednesday, and any Musk commentary on a possible SpaceX-Tesla merger will be closely watched.
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