SpaceX reports Q3 capex of $19.6B, up from $6.9B a year earlier, and Q3 connectivity revenue, which includes Starlink, up 69% YoY to $5.2B
THE SO WHAT
Nearly $19.6B in Q3 capex and 69% YoY growth to $5.2B in connectivity revenue show SpaceX leaning hard into the capital-intensive flywheel of satellites, launch, and AI data centers. For operators, Starlink is no longer an experiment—it’s a scaled distribution and compute channel you can plan around.
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