They can be dry, but it's always a good idea to read a company's Securities and Exchange Commission filings. A quarterly 10-Q report contains more detail than a typical earnings release.
The latest SpaceX quarterly filing, released just after last week's earnings report, has a few things investors should know.
For starters, revenue is concentrated. Deutsche Bank analyst Edison Yu pointed out in a recent report that "Customer B" accounted for 34.5% of third-quarter revenue, or about $1.7 billion per month.
That is likely Anthropic. SpaceX didn't respond to a request to confirm Customer B's identity. But SpaceX and Anthropic had previously disclosed deals worth about $1.3 billion a month.
Anthropic seems to be spending more. "Our initial modeling assumed this customer had only been contracted for $1.25 billion per month and an upsized renewal would not take place until 1Q27," wrote Yu. "However, it seems the renewal occurred earlier, and SpaceX is selling more compute to Customer B than expected and/or charging a higher rate beyond the original $31 per watt, once again illustrating how compute-constrained the market is and the benefits of selling on the spot market."
Customers can't get enough AI compute to meet demand, sending pricing higher. That's why CEO Elon Musk said on SpaceX's earnings call that doing short-term, spot market pricing deals made the most sense right now.
Demand and pricing have surprised, well, everyone. A data center costing some $50 billion is paying back faster than anyone expected.
The payback period is "tracking at eight to nine months based on spot pricing, which seemingly could go up further," added Yu. "The decision to build rapidly makes financial sense, especially if competitors encounter further construction delays."
He estimates that SpaceX's AI data center rental business could be at $200 billion in annual recurring revenue (ARR) in 2027. That doesn't mean $200 billion in full-year revenue. ARR is how the industry likes to talk about sales. It essentially means that, by December, monthly revenue will be at least $16.7 billion (one-twelfth of $200 billion).
Beyond Customer B, SpaceX's filing shows the company owns a lot of AI chips and servers.
SpaceX lists about $100 billion in long-term assets, excluding intangible goodwill, up about 100% year over year. Most of that is property and equipment. Servers and networking equipment are $43 billion of the total. Those servers include the AI chips that SpaceX is renting for billions. Construction in progress totaled $24 billion. A lot of that will become AI compute capacity that SpaceX will rent for billions.
Related party transactions are also noteworthy. Musk, of course, runs Tesla, SpaceX, and a few other companies.
In the third quarter, SpaceX realized a $561 million gain from revaluing its investment in Musk's Boring Company. That boosted SpaceX's quarterly net income by roughly 13%. Without the one-time gain, SpaceX would have reported closer to $4 billion in net income. That still would have topped Street estimates by about $2.5 billion. SpaceX also bought $151 million of Megapack battery storage from Tesla. That was about 5% of Tesla's energy generation and storage segment sales.
Other tidbits included language about a Tesla merger, share-based compensation, which spiked after SpaceX bought AI coding tool Cursor, Starlink average revenue per user, and more. Overall, the filing paints a picture of a rapidly growing technology company with deepening ties to Musk's other companies.
SpaceX stock was up 0.7% at $149.60 in premarket trading, while S&P 500 futures were up 0.2%.
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