SpaceX made $4.4 billion in three months. For a company that lost $1.1 billion in the same quarter last year, the turnaround is the story.
Third-quarter revenue was $14.58 billion, up 161 percent year over year, beating the $12.7 billion consensus. Net income of $4.4 billion reversed the prior-year loss and marked the first quarterly profit since the June IPO.
The driver is not rockets. SpaceX’s Super Intelligence AI segment generated $7.56 billion, up 830 percent, and for the first time accounted for more than half of total revenue. The company has become an AI compute business that also operates the world’s dominant launch system and Starlink.
The numbers that matter
Adjusted EBITDA hit $8.8 billion, up 306 percent. The SI segment turned operationally profitable at $431 million after a $1.26 billion loss in Q2. Cash stands at $53.4 billion. These are not startup numbers; they are Big Tech numbers.
TikTok’s court records show a different tech story, but SpaceX’s is about scale. JPMorgan doubled its price target to $500, forecasting $254 billion in 2027 revenue.
Why it matters for the merger
Profitability changes the merger math. A profitable SpaceX is a stronger negotiating partner, and the $4.4 billion gives the combined entity a cash engine for AI investment. This earnings breakdown has the full numbers, and the question is whether the profit is sustainable or a one-quarter spike.
$4.4 billion. The rockets were just the beginning.
