SpaceX’s Super Intelligence segment (formerly xAI), which includes the Grok AI models, cloud computing and the Cursor coding company, generated $7.6 billion in third-quarter revenue, more than half the company’s total and above Starlink’s $5.2 billion. AI revenue grew 830% year over year, with the Cursor acquisition contributing $608 million, though over 90% came from non-acquisition sources. SpaceX spent $19.6 billion in capital expenditures in the quarter, 84% of it on AI compute capacity, and expects 2 GW of capacity by the end of 2026. The author argues the stock is likely to behave more like an AI infrastructure company than a rocket or satellite internet business, so it could take a hit if AI spending slows, and investors should consider how much AI exposure they already hold.
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