Economy / Markets
SpaceX swings to profit as AI becomes its largest business
SpaceX reported $14.6bn of third-quarter revenue and $4.4bn of net income, reversing a $1bn loss a year earlier, with its Super Intelligence unit — Grok, the Cursor coding tool and a 1.7GW neocloud — contributing $7.5bn, or 52% of the top line. Capital spending reached $19.6bn and the finance chief guided to $35-40bn more in the fourth quarter. Net income for the first nine months is still negative at $413m.