SpaceX made more revenue as an AI company than a space company
TL;DR
SpaceX more than tripled its AI revenue to 2.6 billion dollars according to its quarterly figures, mostly through deals supplying compute to other AI companies. The AI division, which SpaceX describes in its filings as the main source of its value, lost 1.5 billion dollars in the quarter, slightly less than a year earlier. A compute deal with Anthropic followed in May and one with Google in June. That puts SpaceX in direct competition with neoclouds such as CoreWeave.
Nauti's Take
Compute is turning into a business of its own at SpaceX, and more neocloud suppliers means more choice and more negotiating power for customers. The risk sits in how that growth is funded: a 1.5 billion dollar loss despite tripled revenue points to expansion that capital pays for while margins have yet to catch up.
Anyone signing long term compute contracts should lock in price guarantees and exit clauses.
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