SpaceX's third-quarter revenue rose 161% year over year to $14.6 billion, beating market expectations, with connectivity sales up 69.5% to $5.2 billion and Super Intelligence (SI) revenue up 830% to $7.6 billion, including $608 million from an acquisition that closed in August. Connectivity operating income reached $2.4 billion, and SI posted $431 million in operating income versus a $1.7 billion operating loss a year earlier, while net income was $4.4 billion compared with a $1.1 billion net loss. CEO Elon Musk has said the company could reach $1 trillion in revenue by 2030, and the author notes that Starship could reduce average launch costs by up to 99%. The author points to risks including Starship development, regulation and slower AI industry growth, and cites a price-to-sales ratio of 68.5. The author remains skeptical that the stock can deliver strong returns over the medium term from current levels.
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