The most noteworthy thing in SpaceX’s earnings report isn’t its 161% growth
A company famous for rockets now earns more than half its revenue from AI. That shift is more interesting than the revenue surge.
SpaceX reported third-quarter revenue of $14.575 billion, up 161% year over year, and net profit of $4.404 billion. Its superintelligence business generated $7.560 billion in revenue, up 830% year over year, surpassing the $5.248 billion from its connectivity business, which includes Starlink. Cloud service agreements, the Cursor acquisition, and its model and software businesses all contributed to this growth.
But the business with the most revenue isn’t necessarily the one making the most money. The connectivity business posted operating profit of $2.367 billion for the quarter, while the superintelligence business made just $431 million. AI is driving the growth rate, but Starlink is still supporting most of the operating profit. That’s the current business mix.
There’s another figure that can get overshadowed by the headlines: capital expenditure for the quarter was $19.593 billion, more than revenue, with $16.444 billion going to the superintelligence business. Of course, capital expenditure can’t simply be deducted from profit as a cost, but it’s a reminder that accounting profit and cash recovery are two different things.
My take is that AI infrastructure has now demonstrated real revenue traction. The next question is whether investment on this scale can continue to bring in orders and cash flow. The same applies in crypto: a project having “AI” in its name is nothing special. What’s worth examining closely is who’s paying, where the revenue comes from, and how long it will take to recoup the investment.#股票财报季 #据报马斯克下令限速乌克兰星链
A company famous for rockets now earns more than half its revenue from AI. That shift is more interesting than the revenue surge.
SpaceX reported third-quarter revenue of $14.575 billion, up 161% year over year, and net profit of $4.404 billion. Its superintelligence business generated $7.560 billion in revenue, up 830% year over year, surpassing the $5.248 billion from its connectivity business, which includes Starlink. Cloud service agreements, the Cursor acquisition, and its model and software businesses all contributed to this growth.
But the business with the most revenue isn’t necessarily the one making the most money. The connectivity business posted operating profit of $2.367 billion for the quarter, while the superintelligence business made just $431 million. AI is driving the growth rate, but Starlink is still supporting most of the operating profit. That’s the current business mix.
There’s another figure that can get overshadowed by the headlines: capital expenditure for the quarter was $19.593 billion, more than revenue, with $16.444 billion going to the superintelligence business. Of course, capital expenditure can’t simply be deducted from profit as a cost, but it’s a reminder that accounting profit and cash recovery are two different things.
My take is that AI infrastructure has now demonstrated real revenue traction. The next question is whether investment on this scale can continue to bring in orders and cash flow. The same applies in crypto: a project having “AI” in its name is nothing special. What’s worth examining closely is who’s paying, where the revenue comes from, and how long it will take to recoup the investment.#股票财报季 #据报马斯克下令限速乌克兰星链