CNBC’s Investing Club has added SpaceX to its Bullpen stocks-to-watch list, saying its portfolio had 31 positions and it was seeking new ideas. The Oct. 28 article by Jeff Marks described a watch-list addition; it did not report a purchase for the Jim Cramer Charitable Trust.
The company’s latest results show why its AI business is drawing attention. SpaceX reported $7.56 billion in Super Intelligence (SI) revenue for the quarter ended Sept. 30, 2026, up from $2.56 billion in the previous quarter and $813 million a year earlier. Total quarterly revenue was $14.575 billion. SpaceX said SI was previously reported as Artificial Intelligence and attributed its growth to cloud-services agreements, the Cursor acquisition and increased Grok adoption.
The revenue jump came alongside substantial investment. SI reported $431 million in operating income, including $1.2 billion in share-based compensation related to Cursor; SI adjusted EBITDA was $5.0 billion. SpaceX’s company-wide capital expenditures reached $19.6 billion in Q3, primarily supporting SI compute, Starship infrastructure and satellite production.
Third-party demand is part of the growth case. Anthropic, PBC, said in an S-1 filed Oct. 26 that it agreed to spend up to $120.5 billion under several compute agreements with SpaceX.AI LLC, a wholly owned SpaceX subsidiary. Anthropic said the agreements extend into 2029 and could reach about $3.1 billion per month once all capacity is delivered, which it expected in December 2026. The filing says the agreements’ initial non-cancelable periods expire in January and March 2027; after the applicable period, either party may terminate with 90 days’ written notice.
