SpaceX eyes $1 trillion run rate by 2027 as AI revenue tops Starlink

The earnings call reframed SpaceX for investors. Launch, the business most people associate with the company, brought in $1.8 billion for the quarter, while Starlink connectivity generated $5.2 billion and superintelligence more than $7.5 billion. That makes the AI compute business, built partly through the Cursor acquisition, the center of the story rather than a side project.

The scale of Musk's ambition comes with a track record that Motley Fool contributors flagged as a reason for caution. Travis Hoium noted that Musk said 1 million robotaxis would be on the road by the end of 2020 and that Tesla would produce 20 million vehicles annually by 2030, and that Tesla's revenue was negative in 2025. Lou Whiteman added that even if the projections work out, investors are starting from a much higher valuation than in earlier Musk ventures.

A separate discussion touched on a potential Tesla-SpaceX merger, with both companies having formed special committees. Lou Whiteman and Jon Quast differed on the logic: Whiteman saw a case for consolidating under one ticker tracking Musk's ability to create long-term value, while Quast questioned the operating synergies but said he would be surprised if a deal did not happen.