SpaceX’s AI unit overtook the Starlink connectivity business in the third quarter with $7.56 billion in revenue

SpaceX reported third-quarter 2026 revenue of $14.6 billion on October 20, up 161% from a year earlier, and net income of $4.4 billion compared with a $1.1 billion loss a year before. Revenue from its Super Intelligence (SI) segment, which covers its AI business, rose to $7.56 billion, from $813 million a year earlier and $2.56 billion in the previous quarter. That put SI ahead of the Connectivity segment, home to Starlink, which brought in $5.25 billion.

Of SI revenue, $7.02 billion came from SI solutions and infrastructure. SpaceX attributes the growth to new cloud services agreements, the acquisition of Cursor, completed on August 14, and growing Grok adoption. According to Reuters, compute customers include Anthropic, Google and Reflection AI. Cursor contributed $608 million of revenue from the closing date through September 30. Nameplate compute reached 1.7 gigawatts, up from 0.6 gigawatts a year earlier.

Profitability looks different. SI income from operations was $431 million, including $1.2 billion in share-based compensation from the Cursor acquisition, compared with $2.37 billion for Connectivity. Of $19.6 billion in capital expenditure for the quarter, $16.4 billion went to SI. According to The Next Web, SpaceX expects fourth-quarter capital expenditure of $35 billion to $40 billion. “We are in an inflection moment for SpaceX across launch, connectivity and superintelligence,” Musk said, according to Reuters.