SpaceX AI Revenue Surges 830 Percent to 7.56 Billion Dollars as Super Intelligence Becomes Its Largest Segment

SpaceX reported third quarter revenue of 14.58 billion dollars, up 161 percent from a year earlier, beating analyst expectations of roughly 12.72 billion dollars. Net income came in at 4.4 billion dollars, a sharp reversal from a 1.05 billion dollar loss in the same quarter last year, while adjusted EBITDA climbed 306 percent to 8.81 billion dollars. It was the second earnings report since the company listed on Nasdaq under the ticker SPCX.

The headline belongs to the Super Intelligence segment, the division that houses Grok cloud services and the newly acquired Cursor platform. Its revenue hit 7.56 billion dollars, an 830 percent increase from 813 million dollars a year earlier, making it the largest business at SpaceX by revenue for the first time at about 52 percent of the total. The segment also swung to an operating profit of 431 million dollars from a 1.72 billion dollar loss a year ago, with adjusted EBITDA of 4.95 billion dollars. SpaceX said the operating profit already absorbs roughly 1.2 billion dollars in stock-based compensation tied to the Cursor deal, which closed on August 14 at an implied equity value of 60 billion dollars and contributed 608 million dollars of revenue in the quarter.

Revenue drivers listed by the company include new cloud services agreements, broader adoption of Grok models in enterprise and consumer markets, and the launch of Grok Bot, an always-on autonomous agent system. Behind the revenue sits a heavy infrastructure bill: total capital expenditure reached 19.59 billion dollars, up 185 percent year over year, of which about 16.4 billion dollars went into Super Intelligence. Nameplate computing capacity stood at 1.7 gigawatts as of September 30, up from 1.4 gigawatts at the end of the second quarter and 0.6 gigawatts a year earlier, driven by the continued buildout of the Colossus II data center complex.

On the earnings call, Elon Musk laid out an aggressive expansion roadmap that remains forward-looking and unverified by third parties. He said SpaceX is installing around 200,000 Nvidia GB300 GPUs per month for the rest of 2026 before shifting to the upcoming Vera Rubin architecture, described a 440,000-GPU training cluster expected to be operational by mid-2027, and projected at least 13 gigawatts of compute by the end of 2027, with power and cooling infrastructure of 15 to 20 gigawatts. That implies adding roughly 10 gigawatts in a single year, a pace far beyond anything the company has built so far.

The rest of the business grew more conventionally. The Connectivity segment, which includes Starlink, generated 5.25 billion dollars in revenue, up 69 percent, with operating income of 2.37 billion dollars, up 99 percent. Starlink reached 13.6 million consumer subscribers, up from 7.2 million a year earlier, supported by about 11,100 satellites in orbit. The legacy Space launch segment posted 1.77 billion dollars in revenue, up 6 percent, with a small operating loss.

Investors rewarded the print. The stock rose more than 4 percent in after-hours trading to near 155 dollars, and tokenized versions of SpaceX shares on crypto platforms tracked the underlying stock closely.

The quarter cements a structural shift: SpaceX is now, by revenue, an AI infrastructure company that also launches rockets. But the 830 percent growth figure deserves scrutiny, since it partly reflects the consolidation of Cursor and the ramp of new cloud contracts rather than purely organic demand. The bigger question is whether Super Intelligence can stay profitable as depreciation from 16 billion dollars of quarterly capex begins to bite, and whether the 13 gigawatt target survives contact with supply chain and power constraints in 2027.