The analyst revisions follow Elon Musk's post on X that "$1T in SpaceX revenue in 2028 is no longer impossible" and his earnings call projection that the company will add 10 GW of AI compute in 2027 to reach roughly 13 GW. SpaceX reported 1.7 GW of nameplate capacity at the end of September and guided to 2.5 GW to 3 GW by year end, with Musk planning to split compute roughly evenly between internal products and outside rental customers such as Google and Anthropic. Google's cloud agreement allows termination on 90 days' notice after Dec. 31.
Beneath SpaceX's headline $4.4 billion third quarter net profit, core operations generated about $2.8 billion in operating income after a $1.2 billion stock compensation charge tied to the Cursor acquisition, while interest income, other income and a tax benefit added roughly $1.6 billion. Cursor contributed $608 million in revenue between Aug. 14 and Sept. 30 inside the Super Intelligence division, which grew 830% from a year earlier to $7.56 billion and surpassed Starlink's $5.25 billion connectivity business. Cash and cash equivalents ended the quarter at $51.29 billion against consensus estimates of $91.2 billion, alongside $38.56 billion in marketable securities.