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SpaceX Q3 Revenue Jumps 161% to $14.6B as AI Segment Overtakes Starlink for the First Time
SpaceX's second public earnings report shows Q3 revenue of $14.6 billion, up 161% year over year, with $4.4 billion in net income; the $7.6 billion Super Intelligence AI business became its largest revenue contributor, ahead of Starlink connectivity.
Why it matters
This is only SpaceX's second public earnings report since its listing (SPCX), and the numbers show a company pivoting: the AI compute business generated $7.6 billion, overtaking Starlink connectivity as the largest revenue source for the first time. With compute capacity targeted at 2.5–3 GW by year-end and Q4 capital spending set to hit $35–40 billion, SpaceX is recasting itself from a space company into an AI infrastructure giant.
Full report
SpaceX reported third-quarter results for the period ended September 30 on October 20: revenue of $14.6 billion, up 161 percent from a year earlier, and net income of $4.4 billion, compared with a $1.1 billion loss in the third quarter of 2025.
The standout was the Super Intelligence segment, which generated $7.6 billion in revenue, up $6.7 billion from a year earlier, driven by cloud computing agreements and the expansion of AI products. Chief Financial Officer Bret Johnsen said on the earnings call that new compute deployments are generating a payback of less than a year at current pricing.
On the Starlink side, the service ended the quarter with 13.6 million consumer subscribers globally, coverage in 174 countries or markets, and approximately 11,100 satellites in orbit, adding 1.6 million subscribers during the quarter. The connectivity business, including consumer broadband and enterprise and government services, generated $5.2 billion in revenue, up 69 percent, with enterprise and government revenue up 91 percent.
Capital expenditures reached $19.6 billion in the third quarter, primarily to expand AI computing infrastructure, develop Starship, and produce satellites; the company expects fourth-quarter capex of $35–40 billion. Computing capacity stood at 1.7 gigawatts at the end of September, with a year-end target of 2.5–3 gigawatts.
Looking ahead, SpaceX guided first-quarter 2027 revenue of $33–37 billion and said it remains on track to reach $100 billion in annualized revenue by the end of 2026. CEO Elon Musk said on the call that the company sees a clear path to several hundred billion dollars a year in connectivity revenue, with details to come in a separate presentation.
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