SpaceX reported third-quarter 2026 revenue of $14.6 billion, up 161% year on year, and net income of $4.4 billion. Its Super Intelligence segment brought in $7.6 billion, up 830%, driven by new cloud services contracts, the Cursor acquisition and Grok use by businesses and consumers. Connectivity revenue was $5.2 billion with 13.6 million Starlink consumer subscribers. On the earnings call, Elon Musk said Tesla and SpaceX are discussing a possible merger.

What it means: The results show how quickly SpaceX's profile has changed. A company known for rockets and satellite internet now earns more than half its revenue from AI services, mainly renting out compute and selling applications to developers and businesses. That also explains its huge capital spending on infrastructure, which ties the company directly to whether AI demand keeps growing at the same pace. Investors will look at how much of the growth comes from acquisitions rather than organic demand, and how stable the cloud contracts are. The mention of a possible merger with Tesla, for which committees of independent directors have been set up on both boards, raises corporate governance questions, since the same person controls both sides. For European businesses the news has practical weight, because tools such as Starlink and the same group's AI models are increasingly used. Concentrating so many critical services in one group raises dependence and risk, an issue already present in European debates about technological sovereignty.

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