SpaceX reported its first profitable quarter as a public company, with earnings of $0.35 per share in the third quarter, driven by positive operating income rather than a one-time event. Its Connectivity segment, mainly the Starlink internet service, posted $5.2 billion in revenue, up 69% year over year, with a 45% operating margin. Super Intelligence, its AI division, grew revenue from $813 million to $7.56 billion, or 830%, and earned $431 million in operating income while spending $16.4 billion on capital expenditures. The Space segment, the smallest by revenue at $1.8 billion, was the only unprofitable segment. After the results, the stock spiked to about $160 per share, and the author calculated that annualizing the quarterly EPS would put it at about 114 times earnings, compared with around 30 times for most big tech stocks, concluding the stock is not cheap.
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