The analysis calls SpaceX's (SPCX) third-quarter results extraordinary: revenue rose 161% year over year to $14.6 billion, and the company swung to a $4.4 billion net profit from a $1.1 billion loss a year earlier. The Super Intelligence segment, covering AI infrastructure, cloud services, applications and Cursor, posted $7.56 billion in revenue versus $813 million a year earlier, while the Connectivity segment including Starlink generated $5.25 billion, up 69%, with $2.37 billion in operating income. A first revenue-generating Starship mission deployed 26 Starlink V3 satellites, but the company still needs to show that Starship can operate reliably, frequently and at competitive cost. SpaceX spent $19.6 billion on capital expenditures in Q3, including $16.4 billion in Super Intelligence, and after the report was valued at roughly $2 trillion against annualized revenue of only $58.4 billion. The author considers SpaceX a business worth watching but says they would wait for a more attractive price rather than chase the earnings rally.
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