SpaceX reports strong Q3 growth and $4.4 billion profit

SpaceX reported Q3 revenue of $14.6 billion, a 161% increase year-over-year, beating Wall Street estimates of $12.7 billion. Net profit reached $4.4 billion, a significant swing from a loss of over $1 billion a year prior, with operational profit at $2.8 billion. Starlink customer count rose by 1.6 million to 13.6 million, with segment revenue up 69% to $5.25 billion. However, the company’s AI division generated $7.5 billion in revenue, surpassing Starlink for the first time. This shift was aided by the acquisition of coding startup Cursor for $60 billion, which contributed $600 million in revenue since mid-August. The US regulator approved expanding Starlink to 15,000 satellites, and SpaceX is acquiring mobile spectrum to compete with US carriers like T-Mobile US, a development that concerns Deutsche Telekom shareholders. The stock rose slightly after hours following a 13% drop in August after its first quarterly report. Note that one source reported revenue at $14.5 billion and profit at $4.5 billion, while the primary report cited $14.6 billion and $4.4 billion respectively.