SpaceX reported third-quarter revenue of $14.6 billion and net income of $4.4 billion, up from a loss of roughly $1 billion a year earlier, according to a regulatory filing. Its nine-month result is still a $413 million net loss, and about $1 billion of Q3 income came from a Bitcoin price recovery and related-party income.
The AI segment, which includes the Cursor coding tool, the Grok chatbot and a neocloud business with 1.7 GW of compute, generated $7.5 billion in revenue and $431 million in profit. It now accounts for 52% of SpaceX's income; profit would have been higher without $1.2 billion of one-time stock compensation tied to the Cursor acquisition.
Capital spending reached $19.6 billion in Q3, and the CFO expects $35-40 billion in Q4. Starlink has 13.6 million subscribers, and the next Starship test flight is expected in November, with attempts to recover both stages. Musk projected annual recurring revenue of $500 billion to $1 trillion by the end of 2027.