SpaceX says its capex could double this quarter as AI spending grows

What happened: SpaceX reported third quarter AI-related capex of $16.4 billion and said total capex could double in the current quarter. AI revenue surpassed Starlink for the first time. Key numbers: Q3 AI capex $16.4 billion versus $16.9 billion expected. Overall Q3 capex $19.6 billion. Q4 capex forecast $35-$40 billion. Why it matters: CFO Bret Johnsen said new compute deployments generate payback of less than a year at current pricing. CEO Elon Musk said power, cooling, and infrastructure, not chips, are now the main constraint on AI buildout.

SpaceX reported third quarter AI-related capex of $16.4 billion and said total capex could double in the current quarter. AI revenue surpassed Starlink for the first time.

CFO Bret Johnsen said new compute deployments generate payback of less than a year at current pricing. CEO Elon Musk said power, cooling, and infrastructure, not chips, are now the main constraint on AI buildout.