SpaceX capex could double next quarter as AI spending grows alongside revenue
Third-quarter spending breakdown
SpaceX’s second-ever earnings report showed overall capital expenditures of roughly $19.6 billion in the third quarter. That total was in line with Wall Street analysts’ expectations. The company reported $16.4 billion in AI-related capital expenditures, compared with analysts’ estimate of $16.9 billion. The report said the company’s capital spending could soon double, amid its AI buildout.
Musk on computing capacity
On the earnings call, CEO Elon Musk said chips are no longer the biggest constraint on AI development. He also said the allocation for SpaceX compute could shift from one month to the next.
AI revenue and company name
SpaceX’s AI revenue climbed significantly quarter over quarter to $7.6 billion, exceeding analysts’ estimate of $6.3 billion. This was the first quarter since SpaceX purchased Cursor. SpaceXAI has since been rebranded as SpaceXSI. The article linked the change to Musk’s alignment with President Donald Trump’s preferred use of “super intelligence” instead of “artificial intelligence.”
Key points
- SpaceX reported roughly $19.6 billion in third-quarter capital expenditures.
- AI-related capex totaled $16.4 billion, below analysts’ $16.9 billion estimate.
- AI revenue reached $7.6 billion, above analysts’ $6.3 billion estimate.
- Musk said chips are no longer the biggest constraint on AI development.