Super Intelligence Becomes SpaceX’s Largest Business
SpaceX’s Super Intelligence division generated $7.56 billion in revenue during the reported quarter, an increase of 830% from $813 million a year earlier. The division’s revenue surpassed that of every other SpaceX business, making Super Intelligence the company’s largest operation by revenue.
The results were reported as SpaceX continued expanding its artificial intelligence infrastructure and Starlink satellite network following its public listing on Nasdaq earlier this year. The Super Intelligence division’s operating income reached $431 million, a significant reversal from the $1.72 billion operating loss recorded in the same quarter of the previous year.
Cloud Agreements, Grok and Cursor Drive Expansion
SpaceX attributed the Super Intelligence division’s expansion to new cloud services agreements, growing adoption of its Grok models and the acquisition of the AI coding platform Cursor. Together, those areas supported a sharp increase in revenue while the company continued developing the infrastructure required to deliver additional computing capacity.
SpaceX completed its acquisition of Cursor on August 14 at an implied equity valuation of $60 billion. From the acquisition’s closing date through September 30, Cursor contributed $608 million in revenue. That contribution represented only part of the quarter covered by the Super Intelligence results, as the platform was included in SpaceX’s financial performance for less than two months.
Computing Capacity Expands Alongside Heavy Investment
SpaceX increased its nameplate computing capacity to 1.7 gigawatts, up from 0.6 gigawatts a year earlier, as it continued developing its Colossus II data center infrastructure. The expansion came with substantial spending: SpaceX invested $16.4 billion in capital expenditures within the Super Intelligence division during the quarter.
That division accounted for most of SpaceX’s $19.6 billion in total capital spending for the period. The figures show that the Super Intelligence business had moved into a much larger revenue and operating-income position, while also requiring significant investment in data centers, computing capacity and acquired technology.
Starlink Growth Supports Connectivity Revenue
SpaceX’s Connectivity business, which includes Starlink, generated $5.25 billion in revenue, an increase of 69% from a year earlier. Starlink’s consumer subscriber base reached 13.6 million by the end of September, compared with 7.2 million one year earlier.
The segment also reported $2.37 billion in operating income, representing a 99% increase. Starlink’s expanding consumer adoption and the resulting growth in Connectivity revenue provided SpaceX with a second major source of business alongside its AI-focused operations.
SpaceX Shares React as Tokenized Versions Track the Stock
SpaceX shares surged 2% in after-hours trading following the earnings release, reaching nearly $151 at press time. Tokenized versions of the company’s stock also traded close to the underlying share price across several crypto platforms.
SpaceX trades on Nasdaq under the ticker SPCX. Tokenized versions are available through Kraken’s xStocks under SPCXx, Binance under SPCXB, and Ondo Finance under SPCXon.
Why This Matters
SpaceX’s reported results show a company with two major growth engines: a Super Intelligence division that has become its largest business by revenue and a Connectivity business supported by continued Starlink subscriber growth. The division’s shift from a $1.72 billion operating loss to $431 million in operating income indicates that its expansion has begun to produce a stronger operating result, even as capital spending remains elevated.
Investment remains central to that trajectory. SpaceX devoted $16.4 billion of its $19.6 billion quarterly capital expenditure to Super Intelligence while increasing computing capacity and developing Colossus II. Continued infrastructure development, Cursor’s post-acquisition performance and further Starlink subscriber growth are the clearest areas identified in the results for assessing how SpaceX’s businesses develop from here.
Frequently Asked Questions
How much revenue did SpaceX’s Super Intelligence division generate?
The division generated $7.56 billion in quarterly revenue, up 830% from $813 million a year earlier. It also reported $431 million in operating income, compared with a $1.72 billion operating loss in the same quarter last year.
What drove SpaceX’s Super Intelligence revenue growth?
SpaceX cited new cloud services agreements, growing adoption of its Grok models and the acquisition of Cursor. Cursor contributed $608 million between its August 14 closing date and September 30.
How did SpaceX’s Connectivity business and Starlink perform?
Connectivity generated $5.25 billion in revenue, up 69% from a year earlier, and reported $2.37 billion in operating income, a 99% increase. Starlink had 13.6 million consumer subscribers at the end of September, compared with 7.2 million a year earlier.
