SpaceX put on a bit of a show for shareholders today—and I’m not referring to the sizzle reel of rocket and space videos it showed on its earnings call. No, the big attention grabber was the update from CEO Elon Musk on the progress of SpaceX’s contemplated merger with Tesla and just how involved—or not involved he is in the whole affair.

First though, it’s worth mentioning the other big highlight from the call: SpaceX’s booming AI—excuse me, SI—business, a category that includes the company’s X social media service, its Grok Bot agent platform and a cloud infrastructure service it has started to rent to outsiders like Anthropic. The segment is on fire. It saw its third-quarter revenue nearly triple to $7.56 billion, making it the largest business category at SpaceX.…