SpaceX’s latest quarterly report shows revenue leapt 161% to $14.58 billion for the three months ended September 30, a spike that underscores the commercial payoff of its AI push.
The company’s capital expenditures nearly tripled to $19.6 billion, driven largely by investment-grade debt and the launch of its own GPU development program.
In partnership with Tesla, SpaceX’s Terafab joint venture in Austin is slated to deliver its first test chip around May or June 2025, with a target for volume production by Q3 2028.
Musk noted the debt is primarily callable and will finance GPU purchases expected in the first half of 2025, a move that keeps the company’s AI infrastructure expansion on schedule.
The financing, secured after Reuters revealed the company was in talks with banks and asset managers, reflects the escalating capital demands of the AI industry.
With the debt in place, SpaceX is set to deliver the GPUs in Q1 and Q2, enabling it to scale its AI workloads and support its Starlink satellite internet and launch businesses.
Analysts expect the new capacity to accelerate SpaceX’s AI-driven services, while investors watch the company’s cash burn rate and debt servicing schedule.
The next step will be the first tranche of GPU deliveries, with the company monitoring market demand and internal compute requirements.