SpaceX Now Trades Like an AI Stock. Here’s What That Means for Your Portfolio
More than half of SpaceX’s revenue now comes from its Super Intelligence segment.
SpaceX, once known for its reusable rockets and Starlink satellite internet, has seen its revenue driven primarily by its Super Intelligence segment, which includes AI models, cloud computing, and coding services. This segment generated $7.6 billion in revenue during the third quarter, surpassing Starlink's $5.2 billion. AI's revenue grew by 830% year-over-year and nearly tripled sequentially in the third quarter.
This growth is not solely due to acquisitions, as Cursor contributed $608 million, but the majority came from non-acquisition streams.
SpaceX is investing heavily in its AI business, with total capital expenditures of $19.6 billion in the third quarter, 84% allocated to expanding AI compute capacity. The company expects to have 2 GW of capacity running by the end of 2026. The AI segment is already profitable on an adjusted EBITDA basis, indicating its potential for high returns.
However, the stock may behave more like an AI infrastructure company than a rocket or satellite internet business, meaning its performance could be influenced by AI-related market trends. Investors should consider their existing AI exposure and the potential impact of SpaceX's heavy AI investment on their portfolio.
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