SpaceX has significantly exceeded expectations with its artificial intelligence (AI) business, which now accounts for 52% of the company's total revenue. In the third quarter of 2026, SpaceX reported $14.6 billion in revenue, fueled especially by its “Super Intelligence” segment. This division encompasses the Cursor coding tool, the Grok AI bot, and the rapidly expanding neocloud operation, which now boasts 1.7 gigawatts of computing power. Despite incurring $1.2 billion in one-time stock-based expenses from the Cursor acquisition, the AI business delivered $431 million in profit.

CEO Elon Musk highlighted the company's ongoing investments in infrastructure as a key enabler of AI growth. SpaceX plans to spend $35 billion to $40 billion in capital expenditures during the fourth quarter, focused mainly on the Colossus II data center in Memphis and the Starship rocket program. Musk, who is spending much of his time at the Colossus II site, emphasized that power and cooling capacity are now the critical bottlenecks for advancing AI deployments, with SpaceX leveraging its engineering prowess to accelerate infrastructure development faster than competitors.

Additionally, SpaceX continues to expand its Starlink satellite internet network, growing its subscriber base to 13.6 million. Musk suggested that the rise of AI agents will drive greater demand for connectivity through the Starlink service. The company also anticipates a major technological breakthrough with the upcoming Starship test flight expected in November, where it aims to recover both stages of the rocket, a feat that would mark a significant milestone in reusable rocket technology.

Financially, the company’s performance in the third quarter marked a return to profitability, reporting net income of $4.4 billion following a loss of $1 billion a year earlier. However, SpaceX still posted a net loss of $413 million for the first nine months of the year. Musk remains optimistic about the future, projecting that the AI-driven Super Intelligence business could generate annual recurring revenue between $500 billion and $1 trillion by the end of 2027, with early 2027 revenue expected in the range of $33 billion to $37 billion.