SpaceX says AI is now its biggest business by revenue

SpaceX reported its third-quarter results on October 20. Its AI division, called Super Intelligence, generated $7.56 billion in revenue. Connectivity, which includes Starlink, brought in $5.25 billion. Total company revenue reached $14.6 billion.

The profit picture was different. AI earned $431 million in operating profit, compared with $2.37 billion for connectivity. SpaceX spent $16.44 billion on AI capital projects during the quarter.

These are company-reported financial results. Capital spending and operating profit measure different things, so their difference is not an accounting loss. The figures do not establish returns on individual AI projects.

AI brought in more revenue than any other SpaceX division. Its spending still far exceeds its operating profit. Revenue alone cannot show whether the new computing capacity will pay for itself.

Watch later quarters for cash flow and revenue from the new capacity. The key measure is the return on completed projects.