SpaceX AI Segment Posts $7.6B, Beats Analysts, Marks First Operating Profit

SpaceX's Super Intelligence segment, which leases computing capacity to Anthropic, Google, Grok, and X, generated $7.56 billion in Q3 2026, nearly triple its $2.56 billion in Q2 and ahead of the analyst consensus of $6.47 billion. The segment accounted for 52% of total quarterly revenue, up from about 15% a year earlier. Acquired on August 14, Cursor contributed $608 million to the segment. Total company revenue reached $14.58 billion, a 161% year-over-year increase that exceeded Wall Street's estimate of roughly $12.7 billion, and SpaceX posted its first operating profit as a public company. Net income was $4.4 billion, reversing a $1.1 billion loss in Q3 2025 and a $541 million loss in Q2 2026, though a $413 million net loss remains for the first nine months of 2026. The Connectivity segment, including Starlink, brought in $5.25 billion, and the Space segment generated $1.77 billion.

On a potential SpaceX-Tesla merger, independent director committees at both companies are studying the combination at shareholders' request. Musk confirmed both committees exist, said he personally believes combining the companies makes sense for Super Intelligence software, chips, Terafab, robotics, and Starlink, but called the deal not guaranteed. Any agreement would require 50% of all outstanding Tesla shares voting yes. Musk is excluded from the talks as a conflicted party.

Musk disclosed Terafab milestones on the earnings call: a first SRAM test chip is targeted for May or June 2027 at an Austin research fab, with volume production at the Gibbons Creek, Texas site targeted for Q3 2028, possibly slipping to Q4. He described the schedule as 'very aggressive' with significant uncertainty. SpaceX and Tesla have collectively committed $16.8 billion to the project. The goal is one million wafer starts per month within ten years, producing AI chips for robots, cars, and satellites. Terafab is structured in four phases, with site work beginning in 2026, a county tax abatement window running 2027 to 2036, and a 35-year payment agreement; full capability is projected for the 2030s. Terafab is building a supply chain: HPSP agreed to supply one high-pressure hydrogen annealing tool to the R&D line, Hanmi Semiconductor is in discussions on TC bonders, and several Korean companies have signed NDAs after targeted outreach at SEMICON West.

SpaceX also announced plans for a $100 billion spaceport in Louisiana, with Musk stating the internal goal is a first launch from the site within two years and 2029 as highly likely for launches at scale.