SpaceX reported third-quarter revenue of $14.6 billion, up 161% year over year, and its first quarterly net profit of $4.4 billion. On the Oct. 20 earnings call, Elon Musk said SpaceX’s annual recurring revenue could reach between $500 billion and $1 trillion by the end of 2027, a figure tied to growth in its super intelligence (SI) unit, whose revenue rose 830% on cloud computing deals, the Cursor acquisition and the Grok AI business. Starlink reached 13.6 million subscribers. The article cautions about heavy spending: Q3 capital expenditures of $19.6 billion exceeded revenue, free cash flow was negative $10 billion, and SpaceX had less than 2 gigawatts of compute operating against a target of 13 to 20 gigawatts by the end of 2027. It also notes that Musk has often made predictions that have not come to fruition, and that the stock trades at 63 times trailing-12-month sales.
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