SpaceX Posts First Profitable Quarter Since IPO on $14.6B Revenue, AI Compute Surpasses Starlink

SpaceX reported its first profitable quarter since its June IPO, with third-quarter net income of $4.4 billion, reversing an $11 billion loss a year earlier. Revenue surged 161% year-over-year to $14.6 billion, lifting the company's market value toward $2 trillion. The results were announced at its Starlink satellite factory in Bastrop, Texas. The Superintelligence (SI) compute division became the largest revenue source, generating $7.56 billion, up 830% year-over-year and 52% of total revenue, overtaking Starlink's connectivity segment at $5.25 billion (up 69%, 36% of revenue). Aerospace launch revenue rose 6% to $1.77 billion, or 12% of the total. Starlink remained the profit engine, posting $2.367 billion in operating income at a 55% gross margin, while launch recorded a $7 million operating loss on heavy R&D spending. Capital spending totaled $19.593 billion in the quarter, exceeding revenue, with fourth-quarter capex guided at $35 billion to $40 billion. CEO Elon Musk projected 2027 annual recurring revenue of $500 billion to $1 trillion, though the CFO's first-quarter 2027 revenue guidance of $33 billion to $37 billion was cited as more model-supported.