SpaceX’s Super Intelligence division accounted for more than half of the company’s third-quarter revenue for the first time, generating $7.56 billion as the company rapidly redirected capital toward computing infrastructure and its newly acquired Cursor software business, according to its filing with the U.S. Securities and Exchange Commission.
The unit represented 51.9% of SpaceX’s reported $14.575 billion in revenue for the quarter, which was up 161% from a year earlier. Net profit reached $4.404 billion, while operating profit came to $2.791 billion.
Super Intelligence, or SI, reported revenue growth of 195% from the previous quarter. SpaceX said Cursor, the coding-platform business it acquired on Aug. 14, contributed $608 million in revenue during the period covered by the consolidation.
The results place the company’s computing operations ahead of its connectivity and space businesses in revenue contribution. They also show the financial weight of SpaceX’s attempt to build large-scale infrastructure for advanced artificial-intelligence workloads, an effort requiring spending far above the division’s present sales base.
Computing spending rises above quarterly revenue
SpaceX reported $19.593 billion in capital spending during the quarter, exceeding its total revenue. The SI division accounted for $16.444 billion of that figure, or roughly 84% of quarterly capital expenditure.
That means the unit spent about $2.18 on capital projects for every dollar of quarterly revenue it generated. The spending was directed toward computer infrastructure, with stated capacity rising to 1.7 gigawatts as of Sept. 30, from 1.4 gigawatts at the end of June.
A gigawatt-scale buildout places SI among businesses making unusually large commitments to power-hungry computing facilities. The company’s reported 300-megawatt quarterly increase also suggests that its infrastructure expansion is moving faster than its current revenue base alone could fund.
SI moved to an operating profit of $431 million in the third quarter, reversing a $1.26 billion operating loss in the second quarter. SpaceX said the result included roughly $1.2 billion in Cursor-related share-based compensation, a non-cash expense tied to the acquisition and employee incentives.
The combination of positive operating profit and elevated compensation charges indicates that the division’s quarterly earnings profile was heavily shaped by the acquired business. Cursor’s revenue contribution gave SI an immediate boost, while the related equity compensation reduced reported operating results during the integration period.
IPO proceeds support an aggressive buildout
For the first nine months of the year, SpaceX reported $13.097 billion in cash flow from operating activities and $48.069 billion in purchases of property and equipment. The gap illustrates the scale of the company’s infrastructure commitment: operating cash generation covered only a portion of its reported equipment spending.
The company reported net initial public offering proceeds of $85.675 billion during the nine-month period. As of Sept. 30, it held $51.294 billion in cash and $38.561 billion in marketable securities.
Those balances give SpaceX substantial liquidity as it funds the data-center expansion, Starship development and satellite-network growth simultaneously. Yet the figures also show why access to public-market capital is central to the current spending plan. Without the IPO proceeds, the reported outlay on property and equipment would have placed much greater pressure on the company’s cash position.
Net profit exceeded operating profit by more than $1.6 billion during the quarter because of income and expenses recorded below the operating line. SpaceX reported $873 million in interest income, $1.025 billion in other income, and a $390 million income-tax benefit. Those gains were partly offset by $675 million in interest expense.
The distinction matters for readers assessing the earnings release. The company’s $4.404 billion net profit reflects more than the performance of its underlying operating segments, while the $2.791 billion operating-profit figure provides a closer view of the businesses’ core quarterly results.
Connectivity remains highly profitable
The connectivity segment generated $5.248 billion in revenue, up 69% year over year, and delivered $2.367 billion in operating profit, up 99%, according to the filing. The segment remained the company’s largest reported source of operating income despite being overtaken by SI in revenue.
Starlink consumer subscribers reached 13.6 million at the end of the quarter, an increase of 1.6 million from the prior quarter. Average revenue per user rose 5% sequentially to $69, although it remained below the $83 reported a year earlier.
The subscriber increase points to continued demand for satellite broadband, while the lower year-over-year revenue per user suggests that customer growth has come with a less lucrative mix of plans, markets, or pricing than in the prior year. The segment’s near-doubling in operating profit shows that scale and network utilization are helping offset that pressure.
Space division absorbs Starship development costs
The space segment reported $1.767 billion in revenue and an operating loss of $7 million. The quarter included SpaceX’s first revenue-generating Starship mission, alongside higher spending on Starship development.
The narrow loss suggests that revenue from launch and related space operations nearly covered the division’s operating costs, even as Starship spending increased. Commercial Starship activity could eventually add a new revenue stream, though the filing indicates development expenditure remains a meaningful drag on the segment’s near-term earnings.
The third-quarter figures present a company whose fastest-growing business is no longer tied primarily to launch services or satellite subscriptions. SI has become SpaceX’s largest revenue source, but its expansion depends on a capital-intensive strategy that will require the company to convert rapidly growing computing capacity into durable revenue and operating cash flow.
Interested in AI-driven growth like SpaceX’s SI unit? Explore advanced strategies with AI copy trading on Toobit today.
Disclaimer: The content on this page is provided for general informational purposes only and does not represent the views or financial advice of Toobit. We make no guarantees regarding the accuracy or completeness of this information and shall not be held liable for any errors, omissions, or outcomes resulting from its use. Investing in digital assets involves risk; users should independently evaluate their financial situation and the risks involved. For further details, please consult our Terms of Service and Risk Disclosure.
