Short seller Jim Chanos questioned CEO Elon Musk's broader projection that SpaceX could exit 2027 with $500 billion to $1 trillion in ARR, noting that adding 10 GW of compute on $500 billion of capital expenditure implies a 1x to 2x revenue to investment ratio compared with the industry's current 0.3x. On the call, Musk said the company is turning on up to 220,000 Nvidia GB300 GPUs a month and expects the pace to accelerate next year, adding that the probability of exceeding 20 GW of compute in 2027 "is rising rapidly" above his base target of 13 GW.
The forecast followed third quarter results in which SpaceX posted its first profit since its June IPO, with net income of $4.4 billion and revenue up 161% year over year to $14.58 billion, led by an 830% jump in Super Intelligence AI sales to $7.56 billion. Quarterly capital expenditures reached $19.59 billion, including $16.44 billion for AI infrastructure, which cut cash and equivalents roughly in half from the prior quarter to $51.29 billion versus a $91.2 billion consensus estimate, alongside $38.56 billion in marketable securities.