SpaceX Q3 Earnings: AI Compute Revenue Surpasses Starlink as Top Business
SpaceX's Q3 earnings reveal that its Super Intelligence segment, renting compute to clients like Anthropic and Google, generated $7.6B in revenue, surpassing Starlink to become the company's largest business. The firm swung to a $4.4B net profit, while disclosing ongoing studies on a potential SpaceX-Tesla merger and projecting annual recurring revenue of $500B-$1T by late 2027.
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Rohan Paul (@rohanpaul_ai) · 2026-10-21 04
Main takeaways from SpaceX’s earnings call today
AI is now SpaceX’s biggest business: The Super Intelligence segment, which rents computing capacity to customers including Anthropic and Google, brought in 2.56B in the second quarter.
That made it SpaceX’s largest revenue source, ahead of the 608M coming from the newly acquired Cursor.
SpaceX swung to a profit: Net income reached 14.6B of revenue, up 161%, against a $1.1B loss a year earlier and a 413M net loss for the first 9 months of 2026.
A SpaceX-Tesla merger is under study: Committees of independent directors at both companies are discussing a combination at shareholders’ request, and Musk said he is excluded from those talks as a conflicted party. He called a merger a good idea but said it isn’t certain, and any deal would need support from a majority of all outstanding Tesla shares.
Musk sees revenue multiplying: Musk projected annual recurring revenue of 1T by the end of 2027. SpaceX’s own guidance is far lower in the near term, with 33B to $37B of revenue in the first quarter of 2027.
Spending is outrunning revenue: Capital spending hit 16.4B of it in the AI segment, and SpaceX expects 40B in the fourth quarter. Musk said SpaceX prefers short-term compute contracts because he expects each watt of computing to earn more as AI models improve.
Musk is working from Memphis: Musk said he often spends 4 days a week in Memphis bringing the Colossus II supercomputer online, as SpaceX adds roughly 200K Nvidia GB300 chips a month. Compute capacity stood at 1.7GW at the end of September, SpaceX expects 2.5GW to 3GW by year-end, and Musk said he is confident of adding 10GW during 2027.
Louisiana launches are expected by 2029: SpaceX recently announced plans for a $100B spaceport in Louisiana, and Musk said the internal goal is a first launch there within 2 years, while 2029 is highly likely, with launches at scale that year.
↳ 引用 @SpaceX (SpaceX): Watch live as SpaceX discusses our Q3 2026 earnings at 3 CT today → https://x.com/i/broadcasts/1PKqrNbLZbPGb
