SpaceX三季度利润44亿美元，马斯克提议与特斯拉合并

Bloomberg audio studios podcasts radio news. Bloomberg Tech is live from the heart of Silicon Valley with Ed Lello in San Francisco. This is Bloomberg Tech. Coming up, SpaceX delivers a blowout quarter as Elon Musk floats the possibility of combining the company with Tesla. Plus, Netflix shares under pressure after the streaming giant warned sales growth will slow for a fourth straight quarter. And reports say Anthropic could spend $750 billion on additional computing power in the coming years as the AI startup gears up for a potential IPO.

Our top story, special committees at both SpaceX and Tesla are evaluating a merger between the companies. This is what Elon Musk said. I do think there's a lot of merit to combining the companies um as we are pretty much in the super intelligence singularity. I think it would be a good idea, but but it it's really up to the special committees of both companies.

Absolutely critical is that Musk does not participate in those special committees. is a conflicted party and some of the trade in the shares clearly is around this idea but it's also in the financials particularly when it comes to SpaceX's case the stock on track for its biggest jump since uh August SpaceX del delivered what Wall Street would consider a blowout quarter as its third quarter revenue and profitability exceeded analyst estimates there was a lot more in there's Lauren Gush leads our coverage of the company and is with us now let's start with the very very basics of of what Musk said about a merger between SpaceX and Tesla, the special committees, and some warnings that he gave about the certainty or the reality of this happening.

Yeah. So, he definitely endorsed the idea of a merger multiple times. I think that all took us by surprise. You know, we've been tracking the possibility of a merger. I think you you know, for for many months now, it's definitely been kind of floating in the air around anything SpaceX does. But for him to come right out and say that this is actually happening definitely took us all by surprise. He went as far to say that he thinks it's a good idea.

There's special committees that have been set up that he has to recuse himself from that are looking into this. It might not happen. But um yeah, he openly endorsed it during this earnings call which I think was a very uh unique moment for all of us.

Absolutely critical here is that those special committee committees have no agreement. There are no terms in place of what that would look like. And on the Tesla side, M said that you need 50% vote of all shares, not just those that vote, but 50% of all shareholders. And it's a high hurdle to achieve. Now, SpaceX became an AI story. I mean, whether it's profit, it's the SI division, some of the numbers that they posted were were huge.

Go through them.

Yeah, I think that's really what stood out to me. You know, for much of the time I've been covering this company, they've been a space company, but now it's very clear that the AI or the SI element of it is far surpassing, at least in revenue, um, what they've been doing with their satellites and with their rockets. I think what stood out to me, obviously, you mentioned that they had their profitable quarter, 4.4 billion net uh, profit or net uh, income, but I think what really stood out to me was that revenue from the AI side.

It was over 7 billion and it surpassed the connectivity portion which is the Starlink system and that was you know before AI got involved that was the cash cow for SpaceX. So for in such a short time frame after the AI XAI merger that the AI business has already surpassed the revenue of what we would consider to be the most profitable business. Still the most profitable business but in terms of revenue that really stood out to me.

Yes, Starlink basically is still the majority of operating income, but the growth is in AI and a very particular part of AI, which we're going to get to in just a little bit. Bloomber's Lauren Grush, big night for you. Thank you for being with us on the show. A sort of side story on the third quarter earnings call. Elon Musk said ASML and other uh chip equipment makers are expediting tools for the Terraab project. And that in the after hours had a really big impact on ASML's USlisted shares as well as those of Applied Materials.

That's carried over into Wednesday's US session. It's all go with SpaceX and the things that Musk is saying moving the markets in in a really big way. Let's keep that conversation going. Joining us is Louis de Palmer, research analyst at William Blair to talk a lot more about SpaceX. I want to start with for you Louie, what what the standout point, the standout story of this earnings call and this quarter was.

Thanks for having me on the show. I think investors need to fully capture the breadth of all the different businesses that SpaceX is involved in. And you just referenced the semifab um the terra fab with um different manufacturers and suppliers expediting and SpaceX is at the center of the telecom world right now in that two weeks ago SpaceX brought down shares of of global telecom after they acquired 14 megahertz of spectrum. um SpaceX is um potentially merging with with Tesla in terms of electric vehicles and robots.

And I would say the biggest um contributor to revenue is is the Neocloud business. So SpaceX is involved in so many different industries. Um it's the diversification that's most important.

So diversification. Yes. Let's talk about this Neocloud story. The reality is the growth is in the business of renting out compute capacity from data centers that SpaceXs SI owns and operates here on planet Earth, not up in space to third parties. It is not selling AI through a chatbot or an agent or the enterprise level. Like does that worry you? You know that the here and now is that business not what they've outlined for the future?

Yeah, it's a great question. So SpaceX intends to allocate its data center capacity fairly evenly between selling it to third parties such as Anthropic, Google, potentially Microsoft versus using it internally. So they acquired Cursor I believe for approximately $65 billion. And on the earnings call, they conveyed how the demand for their Grockbot has been absolutely exploding. So SpaceX has a a capital allocation decision to make there in terms of using that compute internally versus externally.

And in many instances, both decisions are are great.

Yes.

So um yeah, there's there's options. I I I also note that, you know, KUR had a quick impact, right? $68 million of revenue um contributed the the the acquisition closed August 14th, so that is notable. Um I've got to ask you about uh special committees of both SpaceX and Tesla looking at a merger. You know, Musk has 20% voting power at Tesla. He has more than 80% voting power at SpaceX. People call that asymmetrical governance.

How do you model for this transaction? Have you assigned a price of SpaceX acquiring Tesla? How is it going to work to your mind? Yeah, we we have not assumed that um the merger is is going to take place in our model and I would say that the merger does make fundamental sense from the perspective that there are tremendous synergies between both companies, but it it's also very viable for SpaceX and Tesla to continue to operate independently with each other and to form different joint ventures and and partnerships and um talent has been migrating between both companies for the past several years and so there has been I would say a um a coexistence.

You could argue that perhaps more talent has been flowing in in one direction versus the other, which may stimulate such a merger, but um I wouldn't I wouldn't assume that this is going to to take place.

Yeah, M said the bar is higher than the market is currently factoring in. Uh Louis Depal, William Blair, great to have you back with us on the show. Thank you very much. We're going to have a lot more on SpaceX thro