SpaceX has become the leader in new cloud technology in the third quarter, with its latest Q3 financial report released in the early morning showing a year-on-year increase of 161% in total revenue to nearly $14.6 billion and a net profit of $4.4 billion, which is 14% and 134% higher than analysts' expectations, respectively. The most prominent change in this financial report is that SpaceX's growth engine has shifted from traditional rocket launches and "Starlink" interconnection businesses to the AI field business of "Super Intelligence" (SI). To elaborate: 1. AI business 1) In the third quarter, AI revenue was $7.56 billion, a month on month increase of 195% and a year-on-year increase of 830%. Profit has reached a turning point, with SI's operating profit of $431 million in the third quarter, while it still incurred a loss of $1.257 billion in the second quarter, and a loss of $1.722 billion in the same period last year. According to the company's standards, the adjusted EBITDA for SI reached $4.953 billion, compared to a loss of $428 million in the same period last year; 2) At the end of the third quarter, SpaceX's nominal computing power reached 1.7GW, higher than 1.4GW at the end of the second quarter and far higher than 0.6GW in the same period last year. It added 0.3GW in a single quarter. 3) The revenue from SI solutions and infrastructure was 7.022 billion US dollars, compared to only 359 million US dollars in the same period last year; This is basically selling cloud computing power API， Of course, cloud computing power is the mainstay. This two-tier system has far surpassed CRWv and NBIS, and the revenue scale of cloud computing alone can already catch up with Oracle The AI business has become a cash cow from SpaceX's previous huge losses. 2. Star Chain Business 1) Starlink Internet's revenue was 5.248 billion US dollars, a month on month increase of 22% and a year-on-year increase of 69%; Operating profit of 2.367 billion US dollars, a year-on-year increase of 99%; Adjusted EBITDA was $3.499 billion, a year-on-year increase of 82%. 2) The core is the number of users In the third quarter, there were 13.6 million subscribers, followed by 12 million in the second quarter, with a month on month increase of 1.6 million; 10 million in the first quarter, compared to 7.2 million in the same period last year. It can be seen that the growth rate is very fast. 3. Aerospace business The traditional space business generated a revenue of $1.767 billion in the third quarter, an increase of 84% month on month and 6% year-on-year, roughly in line with analysts' expectations of approximately $1.8 billion in business revenue. Of course, there are also two points to note: 1) SpaceX's operating profit for the third quarter was $2.791 billion, but its net profit reached $4.404 billion, higher than the operating profit itself. This indicates that net profit not only comes from the improvement of the main business, but also receives significant support from non operating items and taxes (one-time) 2) SpaceX's capital expenditure for the third quarter was $19.593 billion, almost in line with analysts' expectations of $19.6 billion, but the absolute value was extremely high, about 34% higher than the quarter's revenue. The SI capital expenditure was $16.444 billion, and the free cash flow was negative. Holding cash and cash equivalents totaling nearly 89.9 billion US dollars During the conference call, the management clearly mentioned the merger with Tesla and revealed guidelines such as a maximum annual recurring revenue (ARR) of $1 trillion for next year. The stock price further rose and surged after hours. The core of the market response lies in the fact that the release speed of SI revenue and profits exceeded expectations, and the strong future guidance offset the pressure of continued high capital expenditures and costs.