SpaceX's third-quarter capital spending topped revenue by $5 billion, highlighting the scale of its investment as the company returned to profit; its shares fell 2.2% from Nov. 10 to Nov. 12.
SpaceX's results for the three months ended Sept. 30 put revenue at $14.6 billion, up from $5.6 billion a year earlier, and net income at $4.4 billion after a $1.1 billion loss. Adjusted EBITDA, a non-GAAP measure, rose 306% to $8.8 billion; operating income was $2.8 billion, and cash and equivalents totaled $51.3 billion at quarter-end.
Super Intelligence generated $7.6 billion in revenue, an 830% year-over-year increase, while its $16.4 billion share of capital spending accounted for most of the quarter's $19.6 billion total. Connectivity revenue rose 69% to $5.2 billion, and Starlink consumer subscribers rose to 13.6 million. The quarter's investment spending is part of SpaceX's nine-month capital spending.
SpaceX recorded its first revenue from a Starship mission and added 26 V3 satellites to Starlink. Computing capacity was 0.6 gigawatts a year earlier and 1.4 gigawatts on June 30; SpaceX put the Sept. 30 level at 1.7 gigawatts. Morgan Stanley projected capacity would surpass 8 gigawatts by the end of 2027, citing chips, power and financing as limits to expansion.
Shares ended Nov. 12 at $139.94, down from $143.09 on Nov. 10, a 2.2% decline across the two sessions. The closing price was roughly 5% under the stock's $147.60 Nov. 12 intraday high.
