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Summary

Space Exploration Technologies Corp. posted explosive Q3 revenue growth, driven by AI data center expansion and major compute deals, but faces unsustainable capital intensity.

Q3 revenues hit $14.6 billion, but quarterly capex of $19.6 billion exceeded revenues by $5 billion, with Super Intelligence unit leading the spend.

Musk projects $500 billion–$1 trillion ARR by 2027, but these forecasts hinge on highly questionable, potentially unsustainable AI customer commitments and massive infrastructure risks.

The stock already has a $2 trillion market cap, and the promising Space and Connectivity businesses are now hijacked by AI compute spend, making SpaceX a high-risk stock.

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Space Exploration Technologies Corp.…