SpaceX财报：AI业务成最大收入源，拟与Tesla合并
Main takeaways from SpaceX’s earnings call today
SpaceX AI算力业务规模首次超越星链，且披露了巨额资本开支与芯片部署进度，直接反映AI基础设施竞争格局，值得从业者关注。
Main takeaways from SpaceX’s earnings call today
SpaceX 今日财报电话会议的主要要点
> AI is now SpaceX’s biggest business: The Super Intelligence segment, which rents computing capacity to customers including Anthropic and Google, brought in $7.6B, nearly triple its $2.56B in the second quarter.
> AI 现已成为 SpaceX 最大的业务：超级智能（Super Intelligence）部门向包括 Anthropic 和 Google 在内的客户出租计算能力，收入达 76 亿美元，几乎是第二季度 25.6 亿美元的三倍。
That made it SpaceX’s largest revenue source, ahead of the $5.2B Starlink connectivity business, with $608M coming from the newly acquired Cursor.
这使其成为 SpaceX 最大的收入来源，超过了收入为 52 亿美元的 Starlink 连接业务，其中 6.08 亿美元来自新收购的 Cursor。
> SpaceX swung to a profit: Net income reached $4.4B on $14.6B of revenue, up 161%, against a $1.1B loss a year earlier and a $541M loss in the second quarter. Even so, SpaceX still showed a $413M net loss for the first 9 months of 2026.
> SpaceX 实现盈利：在 146 亿美元的收入中，净利润达到 44 亿美元，同比增长 161%，而去年同期亏损 11 亿美元，第二季度亏损 5.41 亿美元。尽管如此，SpaceX 在 2026 年前九个月仍显示净亏损 4.13 亿美元。
> A SpaceX-Tesla merger is under study: Committees of independent directors at both companies are discussing a combination at shareholders’ request, and Musk said he is excluded from those talks as a conflicted party. He called a merger a good idea but said it isn’t certain, and any deal would need support from a majority of all outstanding Tesla shares.
> SpaceX 与特斯拉的合并正在研究中：两家公司独立董事委员会应股东要求正在讨论合并事宜，马斯克表示作为利益冲突方，他未参与这些谈话。他认为合并是个好主意，但表示并不确定，且任何交易都需要获得所有流通股多数股东的支持。
> Musk sees revenue multiplying: Musk projected annual recurring revenue of $500B to $1T by the end of 2027. SpaceX’s own guidance is far lower in the near term, with $100B in annualized revenue by the end of 2026, based on December sales, and $33B to $37B of revenue in the first quarter of 2027.
> 马斯克预计收入将成倍增长：马斯克预测到 2027 年底，年度经常性收入将达到 5000 亿至 1 万亿美元。SpaceX 自身的短期指引要低得多，基于 12 月的销售额，预计到 2026 年底年化收入为 1000 亿美元，2027 年第一季度收入为 330 亿至 370 亿美元。
> Spending is outrunning revenue: Capital spending hit $19.6B in the third quarter, $16.4B of it in the AI segment, and SpaceX expects $35B to $40B in the fourth quarter. Musk said SpaceX prefers short-term compute contracts because he expects each watt of computing to earn more as AI models improve.
> 支出增速超过收入：第三季度资本支出达 196 亿美元，其中 164 亿美元用于 AI 部门，SpaceX 预计第四季度资本支出将在 350 亿至 400 亿美元之间。马斯克表示，SpaceX 偏好短期计算合同，因为他预计随着 AI 模型的改进，每瓦特计算能力能带来更高的收益。
> Musk is working from Memphis: Musk said he often spends 4 days a week in Memphis bringing the Colossus II supercomputer online, as SpaceX adds roughly 200K Nvidia GB300 chips a month. Compute capacity stood at 1.7GW at the end of September, SpaceX expects 2.5GW to 3GW by year-end, and Musk said he is confident of adding 10GW during 2027.
> 马斯克在孟菲斯办公：马斯克表示，他每周有 4 天在孟菲斯工作，以推动 Colossus II 超级计算机上线，因为 SpaceX 每月增加约 20 万块 Nvidia GB300 芯片。截至 9 月底，计算容量为 1.7GW，SpaceX 预计年底前将达到 2.5GW 至 3GW，马斯克表示他有信心在 2027 年增加 10GW 的容量。
> Louisiana launches are expected by 2029: SpaceX recently announced plans for a $100B spaceport in Louisiana, and Musk said the internal goal is a first launch there within 2 years, while 2029 is highly likely, with launches at scale that year.
> 预计 2029 年路易斯安那州发射场启用：SpaceX 最近宣布了在路易斯安那州建设价值 1000 亿美元航天港的计划，马斯克表示内部目标是在两年内首次在那里发射，而 2029 年极有可能实现规模化发射。
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