SpaceX revenue more than doubles, beats estimates as AI business surges

SpaceX reported third-quarter revenue of about $14.6 billion, up roughly 161% and well above analyst estimates, as its AI unit, which mainly rents computing capacity to developers, grew more than ninefold. Net profit came in at $4.4 billion.

SpaceX reported third-quarter results on Tuesday that beat expectations, driven mainly by its artificial intelligence business. Revenue rose about 161% to roughly $14.6 billion, compared with an LSEG consensus estimate of $12.72 billion.

The company posted a net profit of $4.4 billion for the three months ended Sept. 30, far above the roughly $1.57 billion analysts had expected.

AI unit grows more than ninefold

SpaceX CEO Elon Musk (file)

Revenue from SpaceX's AI segment rose more than ninefold to about $7.6 billion. Most of it came from renting data-center capacity to AI developers such as Anthropic, Google and Reflection AI rather than from the company's own models. Starlink and SpaceX's broader connectivity business remain its main financial engine.

Capital spending nearly tripled to $19.6 billion, with $16.4 billion of that going to AI. Quarterly capital expenditure still exceeds total revenue.

Musk floats Tesla merger

On the earnings call, CEO Elon Musk said a merger with his electric carmaker Tesla would be a "good idea" and that the boards of both companies have formed special committees to discuss a possible tie-up.

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