Investors should note that SpaceX’s AI spending signals sustained demand for AI computing power, with Nvidia likely to benefit from higher hardware demand and CoreWeave’s upside tied to financing stability and a diversified customer base.

SpaceX reported a substantial Q3 capex of about $16.4 billion to expand AI computing capacity, underscoring ongoing demand for AI infrastructure and potential upside for Nvidia through increased GPU and system sales.

Overall, AI infrastructure spending appears resilient in the near term, offering opportunities for Nvidia and CoreWeave, while each faces distinct risks: Nvidia depends on continued AI chip demand and pricing, and CoreWeave must manage debt and customer concentration.

A notable adjustment discussed is a $561 million gain in Q3 2026 from SpaceX accounting for The Boring Company and an associated accounting election.

SpaceX’s Starlink segment remains the most profitable, with revenue up 69% year over year to $5.2 billion and operating income up 99% to $2.4 billion, as subscribers rise from 12 million to 13.6 million.

Valuation remains a concern, with SpaceX trading around 67x trailing sales as of October, or about 37x when annualizing Q3 revenue, implying high growth is priced in and riskier in downturns.

Alphabet’s Google pays SpaceX roughly $920 million per month for compute, and the Cursor acquisition added $608 million in Q3 revenue despite closing mid-quarter, signaling scale and potential for higher future revenue.

The article will examine the implications of these accounting changes on SpaceX’s statements without relying on outside information beyond the provided text.

The discussion aims to explain how these accounting moves may contribute to the appearance of an earnings beat and provide context for investors reviewing the 10-Q disclosures.

SpaceX’s AI-related growth is underscored by a large share of capex dedicated to SI growth, with Q3 SI capex of $16.4 billion and guidance toward $35–$40 billion in capex for the next quarter.

SpaceX’s Q3 results show AI segment (Super Intelligence) revenue of $7.6 billion, about 52% of total revenue, contributing to a total revenue of $14.6 billion and quarterly net income of $4.4 billion.

In Q3 2026, SpaceX achieved its first quarterly profit since going public, with revenue up 161% year over year to $14.6 billion and net income of $4.4 billion.