SpaceX reported $14.58 billion in quarterly revenue against $12.72 billion expected by LSEG, a jump of 161% from a year earlier. The company posted $2.8 billion in operating income and $4.4 billion in net income, reversing a $1.05 billion net loss in the same quarter last year. Earnings per share came in at 35 cents, but the company noted it is not immediately clear whether that figure lines up with the LSEG analyst estimate. Shares ticked up in after-hours trading on Tuesday.
Two engines did most of the work: artificial intelligence and connectivity. The AI business, now branded "Super Intelligence," saw revenue multiply by nine to $7.56 billion compared with $813 million a year ago, ahead of the $6.47 billion StreetAccount forecast. Connectivity revenue climbed 69 percent, reaching $5.25 billion versus $3.1 billion a year before, topping the $4.84 billion analyst expectation.
Starlink's subscriber base climbed to 13.6 million, up from 12 million in the preceding period. Within connectivity, consumer Starlink brought in $3.12 billion, while government and enterprise customers contributed $2.13 billion. Launch revenue inched higher to $1.77 billion, compared with $1.67 billion a year ago.
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SpaceX closed its $60 billion acquisition of AI coding startup Cursor during the quarter. Buzz around a U.S. mobile network intensified after SpaceX announced a purchase of 800 MHz of low-band spectrum, and following approval by the Federal Communications Commission for a plan to build a 15,000-satellite constellation.
The mix is shifting: most recent revenue and profit came from connectivity, while AI is scaling fast. That combination - a growing subscriber base alongside a surging AI line - suggests multiple levers for future cash generation, with launch providing steadier, smaller growth in the background. The bottom line: exposure tied to AI demand and satellite internet adoption just got new evidence of momentum.
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