SpaceX reports $4.4 billion profit as AI revenue leads

SpaceX reported third-quarter revenue of $14.58 billion, up 161% from a year earlier, and net income of $4.4 billion, reversing a $1.1 billion loss in the same period last year. The results were powered by its artificial-intelligence business, which generated about $7.6 billion in revenue and surpassed connectivity, largely through contracts to provide computing capacity. Connectivity revenue, driven mainly by Starlink, was about $5.25 billion, a 69% increase year over year. Starlink had 13.6 million subscribers in the quarter. The company’s AI revenue came from its Super Intelligence segment, which includes computing services as well as products such as Grok and the social-media platform X. SpaceX reported $19.6 billion in capital spending for the quarter, including $16.4 billion for AI infrastructure. The company said it expected spending to remain near that level in the near future. The scale of investment accompanies the rapid growth in AI sales, but the quarterly results do not establish whether that growth will translate into sustained profitability. The reported figures place SpaceX’s AI-computing business at the center of its results, ahead of its established...