SpaceX's third-quarter results beat analyst expectations, with revenue of $14.6 billion nearly doubling from the prior quarter and operating income reaching $2.8 billion versus a $273 million loss a year earlier. The AI segment, now called Super Intelligence, generated $7.6 billion, more than half of revenue, including about $600 million from Cursor. Starlink added 1.6 million consumer subscribers to reach 13.6 million, though revenue per customer fell to $69 a month from $83 as it expands into cheaper markets. Compute capacity surpassed 1.7 gigawatts, but capex hit $19.6 billion, $16.4 billion of it for AI, and 2026 capital spending has exceeded operating cash flow by about $35 billion. The stock trades at 93 times forward earnings, and Musk's earlier goal of closer to 10 GW than 5 GW by the end of 2027 could push capex higher.
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