SpaceXAI 第三季度营收 145.8 亿美元，AI 业务收入 75.6 亿美元

SpaceXAI’s performance by business division. (Source: SpaceXAI)

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SpaceXAI shares surged as much as 8% in after-hours trading after the company reported third-quarter earnings that significantly exceeded market expectations.

After the U.S. market closed on Oct. 20, local time, SpaceXAI reported third-quarter revenue of $14.58 billion, adjusted earnings per share (EPS) of $0.45 and diluted EPS of $0.35.

Revenue exceeded market forecasts of $12.72 billion to $12.87 billion by approximately 13% to 15%, while EPS more than doubled analysts’ estimates of $0.13 to $0.15. Improved profitability in the connectivity business, which includes Starlink, and an 830% year-on-year increase in revenue from the artificial intelligence business, known as Super Intelligence (SI), drove growth.

SpaceXAI shares, which closed regular trading down 0.11% at $147.79, climbed as high as $160.16, up 8.37%, in after-hours trading following the earnings release and conference call.

SpaceXAI made its Nasdaq debut on June 12 at an initial public offering price of $135. The shares closed their first trading day at $160.95 and reached an intraday high of $225.64 on June 16 during their first week of trading. They subsequently declined to an intraday low of $104.83 in August. Although still well below their post-listing peak, the shares rebounded following the latest earnings announcement.

SpaceXAI’s third-quarter net income reached $4.4 billion, reversing a net loss of $1.1 billion a year earlier and substantially exceeding market expectations of $1.88 billion. However, net income included $1 billion in other income and a $390 million income tax benefit, while operating profit totaled $2.8 billion.

Starlink was the main contributor to profitability, while the AI business drove revenue growth. SI revenue reached $7.56 billion, accounting for more than half of SpaceXAI’s total revenue of $14.58 billion. The connectivity division, including Starlink, generated $5.248 billion in revenue and $2.367 billion in operating profit.

SpaceXAI’s third-quarter 2026 results. SI refers to Super Intelligence, the company’s AI business division. (Source: SpaceXAI)

SI operating profit was relatively modest at $431 million but marked a turnaround from an operating loss of $1.722 billion a year earlier. According to SpaceXAI, excluding $1.2 billion in stock-based compensation expenses related to its acquisition of AI coding startup Cursor, SI operating profit would have been approximately $1.6 billion.

At the time of its IPO, SpaceXAI emphasized AI as a growth driver, estimating its total addressable market (TAM) at $26.5 trillion in its prospectus despite substantial losses in the business. The latest results suggest that Elon Musk’s AI vision may be beginning to demonstrate its viability.

However, the sharp revenue increase reflected not only growing enterprise and consumer adoption of SpaceXAI’s Grok AI model but also the effects of its Cursor acquisition and data center computing services reportedly provided to companies including Anthropic and Google. With capital expenditure in the AI division reaching $16.4 billion, sustaining profitability remains a key challenge.

During the conference call, SpaceXAI CEO Elon Musk said a merger between SpaceXAI and Tesla was a “good idea” but cautioned that it should not be considered a foregone conclusion. He nevertheless disclosed that the boards of both companies had established special committees composed of independent directors at shareholders’ request.

Musk added that he could not participate in the discussions because of his conflicts of interest and that the final decision would depend on shareholder support. He also noted the high threshold for approval, which would require support from a majority of all Tesla shares. His remarks marked a shift from Tesla’s earnings announcement in July, when he avoided discussing a potential merger in detail, saying that corporate mergers could not be discussed on a conference call and must follow appropriate procedures.