SpaceX’s AI Segment Tops Revenue in $14.6 Billion Quarter

SpaceX’s Super Intelligence (SI), its artificial intelligence division, generated more revenue than its Connectivity business in the third quarter of 2026, lifting sales to $14.6 billion and making AI its largest revenue source.

The quarter ended Sept. 30. Revenue reached $14.575 billion, up 161% from a year earlier. SI generated $7.56 billion, equal to 51.9% of total sales, while Connectivity brought in $5.248 billion. The segment breakdown adds detail to earlier SpaceX third-quarter revenue results.

Leading sales did not make SI the largest operating income contributor. Connectivity generated $2.367 billion, compared with $431 million for SI. SI’s adjusted EBITDA reached $4.953 billion, a measure that excludes depreciation and amortization, share-based compensation and other items. That puts the segment’s adjusted figure far above its operating result.

SpaceX swung to net income of $4.404 billion from a $1.054 billion loss in the year-earlier quarter. Company-wide adjusted EBITDA rose 306% to $8.809 billion. SI revenue climbed 830% year over year and 195% from the previous quarter. The increase reflected new cloud-service agreements, Cursor’s addition and greater use of Grok. Cursor, acquired Aug. 14, contributed $608 million in revenue through quarter-end.

Starlink consumer subscribers rose by 1.6 million from the previous quarter to 13.6 million. Monthly average revenue per user was $69, down from $83 a year earlier. Space revenue totaled $1.767 billion, including revenue from an orbital Starship flight that generated revenue for the first time. The flight delivered 26 Starlink V3 satellites. The flight added about 10 times the downlink capacity of a Falcon 9 Starlink launch.

Capital expenditures totaled $19.593 billion in the quarter, about 1.34 times revenue. SI accounted for $16.444 billion, or about 84% of spending. In the first nine months of 2026, operating cash flow was $13.097 billion against $48.069 billion in capital expenditures, a difference of $34.972 billion. Cash and marketable securities stood at $89.855 billion on Sept. 30.