SpaceX reports $14.5 billion revenue and first operational profit
SpaceX nearly tripled its quarterly revenue to $14.5 billion, achieving its first operational profit of approximately $3 billion. Growth was driven by its AI infrastructure and Starlink segments, while the traditional launch business remained a slow-growth area.
SpaceX reported quarterly revenue of $14.5 billion, nearly tripling from $5.5 billion in the same period last year. The company achieved its first operational profit of approximately $3 billion, with a 19% operating margin. The AI segment revenue increased 20-fold to $7 billion, largely due to data center leasing contracts with Google and Anthropic that became fully effective in the third quarter. Starlink revenue grew by 70%, with an operating margin of 45% and subscriber count rising from 7.2 million to 13.6 million. The traditional space launch business grew only 6% and remains largely dependent on internal Starlink launches, with two-thirds of launches serving internal purposes. Analysts noted that the space launch business is a slow-growth, low-margin area that relies on internal cross-subsidization. Additionally, Tesla's profitability was noted to be impacted by a 2% revenue hit from share-based compensation, attributed to Elon Musk's personal pay package.