SpaceX reported $4.4 billion net income as revenue rose 161% to $14.6 billion

SpaceX reported its first quarterly profit as a public company on Tuesday, posting net income of $4.4 billion, compared with a net loss of $1.1 billion in the prior-year quarter, and a 106% increase in revenue to $14.6 billion from $5.6 billion a year earlier.

Income from operations was $2.8 billion, compared with a loss of $273 million a year earlier. Adjusted EBITDA, a non-GAAP measure, was $8.8 billion, up 306% from $2.2 billion. Diluted earnings per share were 35 cents, versus a loss of 36 cents.

Net income also reflected $1.0 billion of other income and a $390 million income tax benefit. Income before taxes was $4.0 billion.

Revenue from the Super Intelligence (SI) segment, previously reported as Artificial Intelligence, rose 830% to $7.56 billion from $813 million. SpaceX attributed the increase to new cloud services agreements, the acquisition of Cursor, and wider adoption of Grok among enterprise customers and consumers. SI income from operations was $431 million, compared with a loss of $1.7 billion a year earlier. That figure includes $1.2 billion of share-based compensation tied to the Cursor deal.

SpaceX completed the Cursor acquisition on Aug. 14, based on an implied equity value of $60 billion. Cursor contributed $608 million of revenue from the closing date through Sept. 30.

Connectivity revenue, which includes Starlink, rose 69% to $5.2 billion. Consumer revenue was $3.1 billion and enterprise and government revenue was $2.1 billion. Income from operations for the segment rose 99% to $2.4 billion. Starlink consumer subscribers reached 13.6 million, up from 12.0 million at the end of June.

Space segment revenue was $1.8 billion, up 6% from a year earlier. The segment posted a loss from operations of $7 million, compared with income of $259 million a year earlier. SpaceX completed Starship Flight 14, its first orbital Starship flight, which delivered 26 Starlink V3 satellites.

Capital expenditures totaled $19.6 billion in the quarter, up from $6.9 billion a year earlier, with $16.4 billion going to SI. Nameplate compute reached 1.7 gigawatts as of Sept. 30. Cash and cash equivalents stood at $51.3 billion.

Revenue topped the $12.72 billion consensus estimate from LSEG, according to CNBC. SpaceX stock (Nasdaq $NDAQ: SPCX) ticked up in after-hours action Tuesday evening.

SpaceX will discuss its results and business outlook in a live webcast beginning at 4:30 p.m. ET on Tuesday, streamed on X $TWTR.