SpaceX revenue surges 161% as Starlink and AI drive record earnings

SpaceX reported a 161% year‑over‑year revenue jump to $14.58 billion in its second public earnings report, far outpacing Wall Street’s $12.72 billion estimate. Earnings per share were 35 cents and net income reached $4.4 billion, turning a loss of $1.05 billion a year earlier into profit. After the release the stock rose between 2% and 5% in after‑hours trading.

What Happened

Starlink’s subscriber base grew to 13.6 million, up from 12 million, generating $5.25 billion in connectivity revenue – a 69% increase. Consumer subscriptions contributed $3.12 billion while government and enterprise customers added $2.13 billion. AI, now branded “Super Intelligence,” posted $7.56 billion in revenue, a ninefold rise, and earned a profit of $431 million after renting compute capacity to firms such as Google and Anthropic. Launch services modestly rose to $1.77 billion.

Reaction

Investors have been speculating about a possible Tesla‑SpaceX merger, a topic Musk said is under review by special committees of independent directors. Ukraine’s President Volodymyr Zelenskyy recently accused SpaceX of limiting military‑grade Starlink access. Musk also disclosed $366 million in political spending this election cycle and his agreement to co‑lead a Pentagon project on future warfare. He pledged to give every U.S. child a SpaceX share next year, a plan Trump said would be supported through a “Trump accounts” savings initiative.

Context

The earnings surge shows how SpaceX’s satellite internet and fast‑growing AI business now dominate its profit profile, while traditional rocket launches contribute a smaller share of revenue.