Seeking Alpha says SpaceX’s business now extends beyond launches and Starlink

SpaceX’s broader business mix

Seeking Alpha says Space Exploration Technologies Corp. is emerging as more than a launch provider and satellite internet company. The article argues that investors are now looking at SpaceX as a vertically integrated platform that combines rockets, Starlink, and AI compute and software capabilities.

Super Intelligence becomes the biggest segment

According to Seeking Alpha, Super Intelligence generated $7.6 billion in revenue in the third quarter. The article says that figure already makes it SpaceX’s largest business segment, ahead of the company’s connectivity and space businesses.

Starlink subscriber growth and pricing

Seeking Alpha reports that Starlink reached 13.6 million subscribers. The article says the service added 1.6 million subscribers in the third quarter. It also says consumer average revenue per user increased 5% sequentially to $69.

Compute targets and management plans

The article says SpaceX is aiming to have 2.5 to 3 gigawatts of compute by the end of the year. It also says management is targeting an additional 10 gigawatts in 2027.

Valuation and what the quarter changed

Seeking Alpha says SpaceX’s valuation is around $135 and still requires execution to support it. The article’s view is that the third quarter added materially to the evidence supporting bullish growth expectations, while leaving execution as an open issue.