SpaceX reported a sharp rise in third-quarter revenue as Elon Musk’s company benefited from rapid growth in its “Super Intelligence” computing business and Starlink connectivity services.
Revenue reached $14.6 billion, up 161 per cent year on year and ahead of the $12.86 billion analysts had expected. The company reported net income of $4.4 million, or 35 cents a share, compared with a net loss of $541 million in the second quarter and $5.5 billion a year earlier.
Operating income recovered to $2.79 billion, exceeding the $2.33 billion analysts had forecast and reversing a $143 million loss in the previous quarter.
SpaceX’s Super Intelligence division, which includes computing capacity leased to Anthropic, Google, Grok and X, generated $7.56 billion in revenue. That was above the $6.47 billion consensus estimate and almost three times the $2.56 billion recorded in the second quarter.
Connectivity revenue, largely generated by Starlink, increased 69 per cent to $5.25 billion, beating expectations of $4.92 billion. Operating income from the division nearly doubled to $2.37 billion.
Starlink added 1.6 million consumer subscribers during the quarter, although that fell short of the 2.29 million analysts had predicted. Revenue from SpaceX’s space activities rose 6 per cent to $1.77 billion, compared with an expected $1.46 billion.
Capital expenditure totalled $19.6 billion during the quarter. The company did not provide a full-year forecast, leaving analysts awaiting further detail as they assess its investment requirements.
Figures cited by Melissa Otto, global head of Visible Alpha research at S&P Global, suggest SpaceX’s capital investment could rise from about $70 billion this year to $197.4 billion in the 2028 financial year. Connectivity capital expenditure is projected to increase from $4.2 billion in 2025 to $22.8 billion in 2028.
SpaceX’s debt is also expected to rise from $50.7 billion in 2025 to $350 billion in 2029, according to Otto’s figures.
Earlier this month, SpaceX agreed to buy 800 megahertz-band licences from Grain Management for its Starlink Mobile phone service, subject to approval by the US Federal Communications Commission. Financial terms were not disclosed, although a Wall Street Journal report put the value of the deal at $8 billion.
The results came a day after Musk said on X that he planned to offer a share of SpaceX stock to “every kid in America” next year, describing it as the first of several such donations.
There are roughly 72 million children under 18 in the US, making the proposed gift worth about $10.5 billion. Musk’s SpaceX shares are currently locked up until 2027 under an agreement signed before the company’s initial public offering in June.
