SpaceX reported $14.6 billion in third-quarter revenue, up 161 percent from a year earlier, and more than half of it came from AI rather than rockets.
The company said the jump was "fueled by our Super Intelligence (SI) segment and accelerated growth in Connectivity." SI revenue hit $7.6 billion, up 830 percent year-over-year. The company said that growth was "primarily driven" by the activation of new cloud services agreements, the acquisition of Cursor, and increased Grok adoption.
The segment results split the business in an unexpected way. Connectivity posted $2.4 billion in income from operations. SI posted $431 million. The Space division, the one the company is named for, posted a $7 million operating loss.
Some arithmetic from those figures, which are rounded and so approximate. SI is about 52 percent of total revenue. An 830 percent increase implies SI brought in roughly $820 million a year earlier. The rest of the company would then have grown from about $4.8 billion to $7.0 billion, or roughly 47 percent. That is fast growth for a business built on launches and satellite service, but it is a different order of magnitude from SI.
Profit tells a different story from revenue. Connectivity's operating income is more than five times SI's, and SI's works out to roughly 6 percent of its revenue. For now, the AI segment supplies the growth and Connectivity supplies most of the profit.
The open question is how much of that 830 percent is organic. An acquisition like Cursor adds revenue that did not exist in the year-ago quarter, so the headline rate flatters the underlying trend. Later quarters, once the purchase is in both sides of the comparison, will show what SI's growth looks like without it.