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- 1power11power1
  ·10-21
  写得真好。大家都看到他的收入和利润增长很多，但是不知道里面的实质到底是什么，这篇文章分析的很透彻
  SpaceX越来越像一家AI算力公司
  北京时间10月21日凌晨，SpaceX公布2026年第三季度财报。这是SpaceX今年上市以来首次实现季度盈利。SpaceX的年化经常性收入最高可达1万亿美元。SpaceX与特斯拉正讨论潜在合并，两家公司已成立特别委员会。SpaceX第三季度完成35次发射任务，包括两次星舰飞行。这一支出已经超过了SpaceX当季全部营收。也就是说，即便SpaceX刚刚实现上市以来首次季度盈利，未来仍需要为算力扩张持续投入巨额资金。Jonas认为，SpaceX未来对外部融资的需求是其投资风险之一。
  SpaceX越来越像一家AI算力公司
  115 评论
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- 1power11power1
  ·2025-11-29
  $白银/美元(XAGUSD.FOREX)$ 白银是工业金属，毫无价值
  2,095 评论
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- 1power11power1
  ·2024-09-26
  $A50指数主连 2409(CNmain)$ 为什么大家都看空呢。各个砖家都说，现在是买入的最好时机。
  4,156 评论
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- 1power11power1
  ·2024-09-16
  $微白银2412(SIL2412)$
  3,583 评论
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- 1power11power1
  ·2024-09-16
  $微白银2412(SIL2412)$
  3,086 评论
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- 1power11power1
  ·2024-08-02
  $道琼斯(.DJI)$ 气数已尽
  3,714 评论
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- 1power11power1
  ·2024-05-18
  $纳斯达克(.IXIC)$ 反复拉锯看空
  3,655 评论
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- 1power11power1
  ·2024-04-19
  $英伟达(NVDA)$ 不降息是对高估值股票最大的打击
  4,523 评论
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- 1power11power1
  ·2024-02-23
  $超微电脑(SMCI)$ 可以涨了。英伟达都跌的时候，他能不跌。就可见其能力。
  4,743 评论
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- 1power11power1
  ·2024-02-23
  $超微电脑(SMCI)$ 买买买。老庄快拉升。
  3,678 评论
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16:22","market":"hk","language":"zh","title":"SpaceX越来越像一家AI算力公司","url":"https://stock-news.laohu8.com/highlight/detail?id=2677629675","media":"虎嗅网","summary":"北京时间10月21日凌晨，SpaceX公布2026年第三季度财报。这是SpaceX今年上市以来首次实现季度盈利。SpaceX的年化经常性收入最高可达1万亿美元。SpaceX与特斯拉正讨论潜在合并，两家公司已成立特别委员会。SpaceX第三季度完成35次发射任务，包括两次星舰飞行。这一支出已经超过了SpaceX当季全部营收。也就是说，即便SpaceX刚刚实现上市以来首次季度盈利，未来仍需要为算力扩张持续投入巨额资金。Jonas认为，SpaceX未来对外部融资的需求是其投资风险之一。","content":"<html><body><p><img decoding=\"async\" loading=\"lazy\" src=\"https://x0.ifengimg.com/ucms/2026_43/497D14E4B3BF01FC59DF79578BF92D7473740C0B_size96_w788_h444.jpg\"/></p><p>出品｜虎嗅科技组</p><p>作者｜黄天媛</p><p>编辑｜苗正卿</p><p>头图｜AI生成</p><p>AI，已经成为<a href=\"https://laohu8.com/S/SPCX\">SpaceX</a>的新增长引擎。</p><p>北京时间10月21日凌晨，SpaceX公布2026年第三季度财报。公司当季实现营收145.8亿美元，同比增长161%；净利润44亿美元，去年同期则亏损11亿美元。<strong>这是SpaceX今年上市以来首次实现季度盈利。</strong></p><p><strong>超出市场预期的增长，主要来自AI业务。</strong></p><p>财报显示，SpaceX超级智能业务（虎嗅注：Super Intelligence，简称SI，也就是我们理解的AI）第三季度收入达到76亿美元，同比增长830%，占公司总营收的52%，首次超过以Starlink为核心的通信业务，成为公司第一大收入来源。作为对比，通信业务贡献52.48亿美元，增长69%；<a href=\"https://laohu8.com/S/000901\">航天</a>业务17.67亿美元，增长6%。</p><p><strong>与此同时，AI业务高速扩张所需的算力、能源和数据中心投资，也在同时推高公司的资本开支。</strong>第三季度，SpaceX资本开支达到195.93亿美元，较去年同期的68.8亿美元增长约185%；今年前九个月累计投入480.69亿美元，约为去年同期的3.5倍。</p><p>马斯克预计，2027年底SpaceX的年化经常性收入最高可达1万亿美元。SpaceX的年化经常性收入最高可达1万亿美元。而管理层给出的2026年底目标还是1000亿美元。</p><p>一年翻十倍。</p><p><strong>尽管有对巨额支出的担忧，但扭亏为盈的事实、高增长的预期，还是让市场给出了积极反馈。</strong>截至美东时间10月20日盘后交易结束前，SpaceX股价收盘上涨8.06%，对应市值2.17万亿美元，已超过马斯克旗下特斯拉、Neuralink和The Boring Company三家公司的估值总和。</p><p><strong>我们还总结了随后的财报电话会上的四大看点：</strong></p><p>马斯克预计，2027年底SpaceX的年化经常性收入可达到5000亿至1万亿美元。这一步判断主要建立在，AI算力基础设施扩张、Grok Bot等智能体产品增长的预期之上。</p><p>SpaceX与特斯拉正讨论潜在合并，两家公司已成立特别委员会。马斯克认为，超级智能软件、芯片设计、Terafab、机器人及卫星通信等业务存在协同空间。如果两家公司最终合并，有可能形成一家估值超过3万亿美元的AI科技集团。</p><p>马斯克每周投入约四天，亲自推动超级计算集群建设。SpaceX计划在2026年底将名义算力容量提升至2.5至3吉瓦，并在2027年继续大幅扩容。马斯克认为，制约AI部署的关键瓶颈正在从芯片本身转向供电、冷却和基础设施。</p><p>路易斯安那州新发射基地，目标2028年首飞、2029年规模化运营。同时，SpaceX还计划用发射塔机械臂捕获助推器和飞船，向完全、快速重复使用推进。马斯克给出的发射后续目标是，明年上半年实现每周发射，下半年提高到每周两次。</p><p><strong>SpaceX的新增长引擎，AI</strong></p><p>以前看SpaceX，主要看火箭发射和星链。</p><p><strong>但这一季度，AI业务的体量已经超过这两块之和，并且成为了SpaceX增长最快的业务，首次贡献公司超过一半的季度营收。</strong></p><p>根据公司第三季度财报，超级智能业务收入达到76亿美元，同比增长830%，环比增长195%。相比之下，包括Starlink（星链）在内的通信业务收入约52.5亿美元，同比增长69%；传统<a href=\"https://laohu8.com/S/00031\">航天</a>业务收入约17.7亿美元，同比增长约6%。</p><p><strong>而其中推动增长的核心，是算力租赁业务。</strong></p><p>据路透社报道，SpaceX正在向Anthropic、Google和Reflection AI等企业提供数据中心算力。随着新的云服务协议开始贡献收入，算力基础设施正成为其收入增长的重要来源。</p><p>截至9月底，SpaceX已经拥有1.7吉瓦名义算力容量，高于6月底的1.4吉瓦和去年同期的0.6吉瓦。</p><p>在财报电话会上，马斯克表示，目前AI基础设施建设最突出的限制，已经不只是芯片供应，还有供电、冷却系统和其他相关基础设施能否及时投入使用。</p><p>他透露，自己经常每周四天、日夜投入，去推动Terafab超级计算集群相关工作。公司计划到2026年底部署2.5至3吉瓦名义算力，并争取在2027年底进一步扩大规模。</p><p><img decoding=\"async\" loading=\"lazy\" src=\"https://x0.ifengimg.com/ucms/2026_43/140DEAA4DDD6F947A4012C1CED523DB4B5ED34D1_size44_w744_h485.jpg\"/></p><p><strong>与此同时，SpaceX还在向AI应用层扩张。</strong></p><p>今年8月，公司完成了对AI编程工具Cursor的收购，交易公布时的隐含股权估值为600亿美元。财报显示，Cursor在第三季度贡献了6.08亿美元营收。</p><p><strong>星链，以及星舰</strong></p><p><strong>不过，收入规模超过Starlink（星链），并不意味着AI已经成为SpaceX最赚钱的业务，卫星互联网仍是支撑公司经营的重要现金来源。</strong></p><p>从利润来看，通信业务实现约24亿美元营业利润，作为对比，超级智能业务的营业利润为4.31亿美元。（虎嗅注：后者受到Cursor收购相关12亿美元股权激励费用影响。如果剔除这项费用，超级智能业务当季营业利润约为16亿美元。）</p><p>同时，作为SpaceX的核心业务，Starlink仍然维持着较快增长。</p><p>SpaceX披露，截至第三季度末，Starlink全球宽带消费者订阅用户达到约1360万，当季新增约160万用户，业务已经覆盖174个市场。</p><p><img decoding=\"async\" loading=\"lazy\" src=\"https://x0.ifengimg.com/ucms/2026_43/0D5AA39678F36519133D45A8F3F39376C37D9398_size41_w746_h453.jpg\"/></p><p>增长还来自企业和政府客户。这部分收入同比增长91%，快于消费业务的57%。航空、海事和政府服务，正在为星链增加收入来源。</p><p><strong>在传统航天业务星舰这边，其战略意义已经不止于卫星发射，也将成为公司提高卫星网络容量的关键。</strong></p><p>SpaceX第三季度完成35次发射任务，包括两次星舰飞行。SpaceX披露，星舰已经执行首次产生收入的任务，将26颗Starlink V3卫星送入轨道。这批卫星增加的下行容量，约相当于一次猎鹰9号星链发射的10倍。</p><p>分析师TD Cowen认为，星舰对于SpaceX整体战略具有关键意义。星舰能否实现完全重复使用，将直接影响公司未来的发射成本、发射频率，以及更大规模的卫星和潜在太空数据中心部署。</p><p>按照马斯克最新披露的时间表，SpaceX内部希望在2028年实现路易斯安那州新基地首次发射，并在2029年实现规模化运营。</p><p><strong>算力扩张带来更大的融资压力</strong></p><p><strong>高速增长的另一面，是SpaceX正在快速膨胀的资本开支。</strong></p><p>第三季度，公司资本开支达到195.9亿美元，其中约164亿美元用于AI基础设施建设，占比超过八成。这一支出已经超过了SpaceX当季全部营收。</p><p>而按照公司财报电话会披露的最新指引，2026年第四季度资本开支预计将进一步增加至350亿至400亿美元。</p><p><strong>也就是说，即便SpaceX刚刚实现上市以来首次季度盈利，未来仍需要为算力扩张持续投入巨额资金。</strong></p><p>根据<a href=\"https://laohu8.com/S/SPGI\">标普全球</a>市场财智（S&amp;P Global Market Intelligence）发布的研究报告，分析师Melissa Otto指出，AI基础设施资本开支持续快速增长，已经引发市场对投资增速可能超过收入增长的担忧。</p><p><strong>报告引用的市场一致预期显示，SpaceX总债务可能从2025年的507亿美元，上升至2029年的3500亿美元。</strong></p><p>摩根士丹利分析师Adam Jonas也提出了类似的风险。</p><p>Jonas认为，SpaceX未来对外部融资的需求是其投资风险之一。他预计，2027年至2029年间，公司可能需要新增约2300亿美元债务融资。尽管他对SpaceX长期前景持乐观态度，但巨额融资需求仍是不可忽视的变量。</p><p><strong>对于资金来源，SpaceX首席财务官Bret Johnsen在电话会上回应称，公司可以依靠经营现金流、债务市场融资，以及与供应商、客户的合作安排来支持未来扩张。</strong></p><p><strong>管理层还表示，部分AI算力投资的回收周期可能短于一年。</strong></p><p>在马斯克的规划中，SpaceX未来将同时拥有AI算力、芯片、智能体、卫星互联网和航天运输等多个业务增长点。</p><p>但对投资者而言，接下来真正需要验证的，不只是AI收入还能增长多快，还有SpaceX能否以足够低的融资成本持续扩张，并将不断增长的算力需求转化为长期、稳定的盈利。</p></body></html>","source":"fenghuang_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" 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0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSpaceX越来越像一家AI算力公司\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-10-21 16:22 北京时间&nbsp;&nbsp;&nbsp;<a href=https://tech.ifeng.com/c/8xPBaYyUjPD><strong>虎嗅网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>出品｜虎嗅科技组作者｜黄天媛编辑｜苗正卿头图｜AI生成AI，已经成为SpaceX的新增长引擎。北京时间10月21日凌晨，SpaceX公布2026年第三季度财报。公司当季实现营收145.8亿美元，同比增长161%；净利润44亿美元，去年同期则亏损11亿美元。这是SpaceX今年上市以来首次实现季度盈利。超出市场预期的增长，主要来自AI业务。财报显示，SpaceX超级智能业务（虎嗅注：Super ...</p>\n\n<a href=\"https://tech.ifeng.com/c/8xPBaYyUjPD\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"UFO":"Procure Space ETF","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LOFF":"2倍做多SpaceX ETF-Direxion","SPAL":"2倍做多Space X ETF-GraniteShares","SPCX":"SPAC and New Issue ETF","LU2360107168.USD":"BGF NEXT GENERATION TECHNOLOGY \"A4\" (USD) INC","BK4089":"非传统电信运营商","SPCF":"2倍做多SpaceX ETF-ProShares","XOVL":"Defiance Daily Target 2X Long XOVR ETF","LU2290526834.HKD":"BGF NEXT GENERATION TECHNOLOGY \"A2\" (HKDHDG) ACC","SSPC":"2倍做空SpaceX ETF-Leverage Shares","LOFD":"Direxion Daily SpaceX Bear 2X ETF","SPCG":"2倍做空SpaceX ETF-Tradr","XOVR":"ERShares Private-Public Crossover ETF","WSPC":"WisdomTree Space Economy UCITS ETF","WDAI":"Pacer S&P World 3AI Top 300 ETF","SPCH":"2倍做多SpaceX ETF-Leverage Shares","SPAX":"2倍做多SPACEX ETF-T-REX","LU1861215975.USD":"贝莱德新一代科技基金 A2","WARP":"VanEck Space ETF","LU1861559042.SGD":"日兴方舟颠覆性创新基金B 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Shares"},"source_url":"https://tech.ifeng.com/c/8xPBaYyUjPD","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2677629675","content_text":"出品｜虎嗅科技组作者｜黄天媛编辑｜苗正卿头图｜AI生成AI，已经成为SpaceX的新增长引擎。北京时间10月21日凌晨，SpaceX公布2026年第三季度财报。公司当季实现营收145.8亿美元，同比增长161%；净利润44亿美元，去年同期则亏损11亿美元。这是SpaceX今年上市以来首次实现季度盈利。超出市场预期的增长，主要来自AI业务。财报显示，SpaceX超级智能业务（虎嗅注：Super Intelligence，简称SI，也就是我们理解的AI）第三季度收入达到76亿美元，同比增长830%，占公司总营收的52%，首次超过以Starlink为核心的通信业务，成为公司第一大收入来源。作为对比，通信业务贡献52.48亿美元，增长69%；航天业务17.67亿美元，增长6%。与此同时，AI业务高速扩张所需的算力、能源和数据中心投资，也在同时推高公司的资本开支。第三季度，SpaceX资本开支达到195.93亿美元，较去年同期的68.8亿美元增长约185%；今年前九个月累计投入480.69亿美元，约为去年同期的3.5倍。马斯克预计，2027年底SpaceX的年化经常性收入最高可达1万亿美元。SpaceX的年化经常性收入最高可达1万亿美元。而管理层给出的2026年底目标还是1000亿美元。一年翻十倍。尽管有对巨额支出的担忧，但扭亏为盈的事实、高增长的预期，还是让市场给出了积极反馈。截至美东时间10月20日盘后交易结束前，SpaceX股价收盘上涨8.06%，对应市值2.17万亿美元，已超过马斯克旗下特斯拉、Neuralink和The Boring Company三家公司的估值总和。我们还总结了随后的财报电话会上的四大看点：马斯克预计，2027年底SpaceX的年化经常性收入可达到5000亿至1万亿美元。这一步判断主要建立在，AI算力基础设施扩张、Grok Bot等智能体产品增长的预期之上。SpaceX与特斯拉正讨论潜在合并，两家公司已成立特别委员会。马斯克认为，超级智能软件、芯片设计、Terafab、机器人及卫星通信等业务存在协同空间。如果两家公司最终合并，有可能形成一家估值超过3万亿美元的AI科技集团。马斯克每周投入约四天，亲自推动超级计算集群建设。SpaceX计划在2026年底将名义算力容量提升至2.5至3吉瓦，并在2027年继续大幅扩容。马斯克认为，制约AI部署的关键瓶颈正在从芯片本身转向供电、冷却和基础设施。路易斯安那州新发射基地，目标2028年首飞、2029年规模化运营。同时，SpaceX还计划用发射塔机械臂捕获助推器和飞船，向完全、快速重复使用推进。马斯克给出的发射后续目标是，明年上半年实现每周发射，下半年提高到每周两次。SpaceX的新增长引擎，AI以前看SpaceX，主要看火箭发射和星链。但这一季度，AI业务的体量已经超过这两块之和，并且成为了SpaceX增长最快的业务，首次贡献公司超过一半的季度营收。根据公司第三季度财报，超级智能业务收入达到76亿美元，同比增长830%，环比增长195%。相比之下，包括Starlink（星链）在内的通信业务收入约52.5亿美元，同比增长69%；传统航天业务收入约17.7亿美元，同比增长约6%。而其中推动增长的核心，是算力租赁业务。据路透社报道，SpaceX正在向Anthropic、Google和Reflection AI等企业提供数据中心算力。随着新的云服务协议开始贡献收入，算力基础设施正成为其收入增长的重要来源。截至9月底，SpaceX已经拥有1.7吉瓦名义算力容量，高于6月底的1.4吉瓦和去年同期的0.6吉瓦。在财报电话会上，马斯克表示，目前AI基础设施建设最突出的限制，已经不只是芯片供应，还有供电、冷却系统和其他相关基础设施能否及时投入使用。他透露，自己经常每周四天、日夜投入，去推动Terafab超级计算集群相关工作。公司计划到2026年底部署2.5至3吉瓦名义算力，并争取在2027年底进一步扩大规模。与此同时，SpaceX还在向AI应用层扩张。今年8月，公司完成了对AI编程工具Cursor的收购，交易公布时的隐含股权估值为600亿美元。财报显示，Cursor在第三季度贡献了6.08亿美元营收。星链，以及星舰不过，收入规模超过Starlink（星链），并不意味着AI已经成为SpaceX最赚钱的业务，卫星互联网仍是支撑公司经营的重要现金来源。从利润来看，通信业务实现约24亿美元营业利润，作为对比，超级智能业务的营业利润为4.31亿美元。（虎嗅注：后者受到Cursor收购相关12亿美元股权激励费用影响。如果剔除这项费用，超级智能业务当季营业利润约为16亿美元。）同时，作为SpaceX的核心业务，Starlink仍然维持着较快增长。SpaceX披露，截至第三季度末，Starlink全球宽带消费者订阅用户达到约1360万，当季新增约160万用户，业务已经覆盖174个市场。增长还来自企业和政府客户。这部分收入同比增长91%，快于消费业务的57%。航空、海事和政府服务，正在为星链增加收入来源。在传统航天业务星舰这边，其战略意义已经不止于卫星发射，也将成为公司提高卫星网络容量的关键。SpaceX第三季度完成35次发射任务，包括两次星舰飞行。SpaceX披露，星舰已经执行首次产生收入的任务，将26颗Starlink V3卫星送入轨道。这批卫星增加的下行容量，约相当于一次猎鹰9号星链发射的10倍。分析师TD Cowen认为，星舰对于SpaceX整体战略具有关键意义。星舰能否实现完全重复使用，将直接影响公司未来的发射成本、发射频率，以及更大规模的卫星和潜在太空数据中心部署。按照马斯克最新披露的时间表，SpaceX内部希望在2028年实现路易斯安那州新基地首次发射，并在2029年实现规模化运营。算力扩张带来更大的融资压力高速增长的另一面，是SpaceX正在快速膨胀的资本开支。第三季度，公司资本开支达到195.9亿美元，其中约164亿美元用于AI基础设施建设，占比超过八成。这一支出已经超过了SpaceX当季全部营收。而按照公司财报电话会披露的最新指引，2026年第四季度资本开支预计将进一步增加至350亿至400亿美元。也就是说，即便SpaceX刚刚实现上市以来首次季度盈利，未来仍需要为算力扩张持续投入巨额资金。根据标普全球市场财智（S&P Global Market Intelligence）发布的研究报告，分析师Melissa Otto指出，AI基础设施资本开支持续快速增长，已经引发市场对投资增速可能超过收入增长的担忧。报告引用的市场一致预期显示，SpaceX总债务可能从2025年的507亿美元，上升至2029年的3500亿美元。摩根士丹利分析师Adam Jonas也提出了类似的风险。Jonas认为，SpaceX未来对外部融资的需求是其投资风险之一。他预计，2027年至2029年间，公司可能需要新增约2300亿美元债务融资。尽管他对SpaceX长期前景持乐观态度，但巨额融资需求仍是不可忽视的变量。对于资金来源，SpaceX首席财务官Bret 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