SpaceX’s data centers and Grok agents have surpassed investor expectations, marking a significant shift as the company departs from its space origins to prioritize artificial intelligence. This strategic pivot has resulted in AI accounting for 52% of the company’s total income.
Elon Musk’s conglomerate reported $14.6 billion in third-quarter revenue on Tuesday. This figure was propelled by growth across all segments, with particular emphasis on the newly renamed "Super Intelligence" business line. This division encompasses the recently acquired Cursor coding tool, the Grok bot, and the company's expanding neocloud business, which currently manages 1.7 GW of computing power.
Revenue was further bolstered by approximately $1 billion generated from the recovery of bitcoin prices, alongside an unspecified related-party income potentially stemming from SpaceX’s investment in another enterprise.
Despite the robust revenue growth, the company faces total capital expenditures of $19.6 billion. This investment is allocated toward expanding the second data center project, Colossus II, and increasing funding for Starship. SpaceX views Starship as essential for deploying a new generation of Starlink satellites and developing future orbital data centers.
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