Has SpaceX Transformed from a "Rocket Company"? The Rapid Growth of Starlink and the Impact of AI Sales

$14.6 Billion in Revenue: What Drives SpaceX's Growth?

When people think of SpaceX, many imagine rocket launches and the challenge of reaching Mars. However, the latest financial results reveal its role as a massive infrastructure company supporting everyday communications and AI.

According to an article published on October 20, 2026, by the German financial information site Aktiencheck, SpaceX's revenue for the third quarter, from July to September, was $14.6 billion. This exceeded the analyst forecast of $12.8 billion by $1.8 billion, or about 14%.

Net profit reached $4.4 billion, turning from a $1.05 billion loss in the same period last year to a profit.

There are two pillars of growth: the satellite communication service Starlink and the AI business.

However, their roles are not the same. When interpreting these figures, it's important to distinguish between "which has higher sales" and "which generates operating profit."

Starlink Reaches 13.6 Million Users, Expanding Its Presence as a Communication Service

Starlink's revenue increased by 69% year-on-year to $5.2 billion. As of September 30, the number of customers was 13.6 million. According to the original article, it is also available on approximately 3,800 aircraft.

What is noteworthy here is that the use of satellite communication is not limited to home internet connections.

Regions where it is difficult to develop terrestrial communication networks, moving aircraft, and places where ground facilities have been damaged all have different circumstances, but they share the common point of "difficulty in ensuring connectivity with existing communication networks alone."

For those living in urban areas, communication services are easy to compare in terms of price and speed. However, in places where connection means are limited, the mere availability of communication creates significant value.

The growth in customer numbers and revenue this time can be seen as figures indicating that Starlink is capturing that demand.

Even if AI Surpasses in Sales, Starlink Leads in Operating Profit

Starlink's operating profit was approximately $2.37 billion, nearly doubling from the same period last year.

On the other hand, the AI business's revenue expanded from $813 million in the same period last year to $7.56 billion. This is about a 9.3-fold increase, surpassing Starlink in terms of sales scale.

However, the AI business's operating profit was $431 million. Although it improved from an operating loss of $1.7 billion in the same period last year, there is a significant gap compared to Starlink's operating profit.

A simple calculation from the figures in the original article shows that the operating profit margin is about 46% for Starlink and about 6% for the AI business.

In this financial report, while AI significantly boosts sales, Starlink emerges as the one generating substantial operating profit.

However, it is premature to consider this difference as indicative of the future superiority of either business. This is due to differences in investment stages and cost structures. Moreover, even if the operating profit margin is high, it does not mean that the cash flow after deducting capital investment remains at the same rate.

Nevertheless, in understanding SpaceX, it is important not to overlook that Starlink is not only a service with a large number of customers but also a profit-generating business.

The Rapid Growth of AI Cannot Be Explained by "Chatbot Popularity" Alone

Upon hearing about the rapid expansion of the AI business, some might wonder, "Has the use of Grok increased that much?"

However, the original article introduces revenue sources different from consumer-facing AI services.

SpaceX's AI division is building large-scale data centers and renting part of them to AI companies like Anthropic. Here, the business involves not only providing AI services themselves but also offering the computing power needed to run AI.

What users see is the interface that answers questions or generates text. Behind the scenes, substantial equipment is required to handle massive computational processes.

Therefore, not encountering a particular AI product in one's surroundings does not contradict the growth in AI-related revenue for that company. This is because there is a market for corporate computing infrastructure that is less visible to the general consumer.

If one views SpaceX's financial results only through the lens of rockets and satellite communications, this change might be overlooked.

On Social Media, Sharing of Strong Financial Results and Simple Questions About AI Revenue

In response to this financial report, posts introducing the surge in revenue and the move to profitability were observed in the investment community "r/wallstreetbets" on Reddit.

On the other hand, in the comments section, there were questions about the surge in AI revenue, such as "Is there anything other than Grok?" The poster expressed their impression that they rarely hear people discussing Grok as a serious business tool.

This is not evidence denying corporate performance. However, it is a reaction indicating a gap in perception between AI products known to the general public and the businesses from which companies actually derive revenue.

In this financial report, attention needs to be paid not only to the popularity of visible AI services but also to the provision of data centers and computing power.

It should be noted that the posts and comments introduced here are only a part of what was confirmed and do not represent the opinions of all social media users or Japanese users. It is also not a survey that can determine the ratio of positive to negative reactions.

For Japan, It Means More Than Just "Good Financial Results for a Space Company"

For Japanese readers, one example where the value of Starlink can be easily realized is communication support during disasters.

KDDI and SpaceX announced the provision of 350 Starlink units free of charge as support for shelters during the 2024 Noto Peninsula earthquake. According to KDDI, they were delivered to the Ishikawa Prefectural Office on January 7 of the same year.

Additionally, KDDI utilized Starlink for lines connecting base stations and communication networks. This usage secures an alternative communication route via satellite when ground lines are damaged.

Considering this example, the growth of Starlink is not just a story about a distant overseas company for Japan.

Communication is a prerequisite for many activities, such as checking the safety of family members, gathering support information, and continuing work. In mountainous areas, remote islands, or regions isolated by disasters, having options to supplement terrestrial communication networks is crucial.

However, preparing a satellite line does not complete the preparation. It is necessary to include power sources for the devices, installation locations, and personnel to operate them on-site.

In Japan, the question is not whether Starlink will replace all existing lines but how to incorporate it as an option to prevent losing communication.

The Sustainability of AI Demand Questioned Beyond Strong Financial Results

Even if the current performance is strong, it does not mean that this growth will continue into the future.

In the original article, Deutsche Bank Research analyst Edison Yu evaluates the short-term demand for computing power and price trends, while pointing out uncertainties beyond 2028.

Equipment for AI can generate significant revenue if demand is strong. However, strengthening equipment requires funding, and it is crucial whether sufficient utilization continues in the future.

In future financial reports, it will be essential to look not only at revenue growth but also at capital investment, operating profit, and cash flow. For Starlink, whether the increase in customer numbers leads to sustained revenue will be the focus.

These figures indicate SpaceX's growth potential while also meaning that there are more items to consider when evaluating it.

A Company Aiming for Space Supports "Connectivity" and "Computation" on Earth

What is striking about SpaceX's latest financial results is that a company once symbolic of space development is strengthening its presence as a company supporting the foundations of communication and AI.

Starlink delivers communication to hard-to-connect places. The AI business provides equipment to meet the growing demand for computation. While these are different businesses, they share the commonality of supporting the infrastructure necessary for society and companies to operate.

When observing this change from Japan, it is not only sales and stock prices that should be noted. It also leads to questions about how regional communication environments and disaster responses will change and how to secure important infrastructure in various combinations.

While rockets head for space, their business is deeply embedded in everyday life on Earth. This financial report can be said to have shown that change with concrete figures.

Sources and References

1. Aktiencheck/DER AKTIONÄR (October 20, 2026)
   Source for company-wide revenue and net profit, Starlink customer numbers and performance, AI division performance, data center rentals, and analyst opinions. Profit margins and forecast exceedance rates in the text are calculated from published figures.
   https://www.aktiencheck.de/news/Artikel-SpaceX_uebertrifft_Umsatzerwartungen_deutlich_Starlink_bleibt_Wachstumstreiber-20186429

2. SpaceX Investor Relations "Q3 2026 Earnings"
   Official page for the earnings call on October 20, 2026. Includes earnings materials and a guide to the broadcast.Q3 2026 Earnings
   https://ir.spacex.com/events/event-details/2026/Q3-2026-Earnings/default.aspx

3. Reddit "r/wallstreetbets" Earnings-Related Thread
   Source for posts sharing earnings and comments questioning revenue sources beyond Grok in the AI business. Reactions are summarized from what could be confirmed through searches and are not used for factual recognition of performance interpretation within posts.reddit.com
   https://www.reddit.com/r/wallstreetbets/comments/1xb4gh6/spacex_reports_first_quarterly_profit_161_revenue/

4. KDDI "SpaceX and KDDI Provide 350 Starlink Units Free to Shelters in Noto Peninsula"
   Official announcement regarding the provision of devices during the Noto Peninsula earthquake and their use as backhaul lines for base stations.KDDI Newsroom
   https://newsroom.kddi.com/news/detail/xkddistarlink_350.html