SpaceX says its capex could double this quarter as AI spending grows

A SpaceX facility in Hawthorne, California.

Justin Sullivan/Getty Images SpaceX's earnings reveal growing capex as well as AI revenue that surpassed its Starlink business for the first time.

The company reported overall capex spending in line with estimates.

It projected it could double in the current quarter.

AI-related spending was slightly less than expected but still more than previous quarters.

SpaceX's second-ever earnings report revealed it's spending more than ever on AI — and that could soon double.

SpaceX reported spending $16.4 billion on AI-related capex in the third quarter, continuing the acceleration of AI spending seen in recent quarters.

SpaceX spent roughly $19.6 billion on overall capital expenditures in the third quarter as Grok maker continues its AI buildout.

That was squarely in line with what Wall Street analysts were expecting.

Of that $19.6 billion, SpaceX reported spending $16.4 billion on AI-related capex.

Analysts were expecting $16.9 billion.

SpaceX expects capex to balloon in the current quarter, with CFO Bret Johnsen forecasting $35-$40 billion due to new compute coming online.

Johnsen also said SpaceX expects to quickly see returns on its investments.

"At current pricing, new compute deployments are generating a payback of less than a year," he said.