SpaceX booked $14.6B in revenue for the third quarter, and the segment it now calls Super Intelligence supplied $7.5B of it. The business line, built from Grok, the acquired Cursor coding tool and a neocloud with 1.7 GW of compute, now accounts for 52% of the group’s income.
The AI unit generated $431M in profit. That figure would have been higher without $1.2B in one-time stock compensation tied to the Cursor deal.
Net income reached $4.4B, reversing a $1B loss a year earlier, though the first nine months still show a $413M deficit. Capital expenditure ran to $19.6B, and chief financial officer Bret Johnsen guided to another $35B to $40B in the fourth quarter.
Power, not chips, is the constraint
Elon Musk told investors he spends four days a week in Memphis, Tennessee, where the Colossus II data centre is being brought online. His framing: the bottleneck for deploying superintelligence has moved from silicon to electricity and cooling.
SpaceX is using its own metal-casting capability to make turbine components that were running 12 to 18 months late, Musk said, borrowing a trick from rocket manufacturing to speed up power delivery.
Guidance that strains belief
Musk predicted annual recurring revenue between $500B and $1T by the end of 2027. Johnsen offered a narrower forecast of $33B to $37B for the first quarter of 2027.
Starlink reached 13.6M subscribers, and Musk argued that agents will drive further demand for connectivity. A Starship test in November is meant to recover both stages of the vehicle.
