Three segments. One ticker.
SpaceX reports three segments: Space (Falcon, Dragon and Starship launch), Connectivity (Starlink) and AI — renamed Super Intelligence (SI) in the Q3 2026 earnings release, covering xAI, Grok, X and Cursor. In FY2025, Connectivity was 61.0% of revenue and the only segment with operating income. By Q3 2026 the mix had flipped: SI was ~52% of revenue, Connectivity ~36% and Space ~12%. Starlink, Falcon & Dragon, Starship, Starshield and xAI are the business lines and programs inside those segments — each has its own page below.
The three segments SpaceX actually reports.
Super Intelligence
xAI, Grok, the X platform and Cursor (acquisition closed Aug 14, 2026). Reported as “AI” until the Q3 2026 release. The largest segment by Q3 revenue (~52%); Q3 operating income includes $1,217M of acquisition-related stock comp.
Connectivity
Starlink. 61.0% of FY2025 revenue and the only segment with FY2025 operating income. ~36% of Q3 2026 revenue, with 13.6M consumer subscribers at Sept 30, 2026.
Space
Launch and crew transport — Falcon, Dragon and Starship. 21.9% of FY2025 revenue; ~12% in Q3 2026. SpaceX flew 35 launches in Q3 (12 customer, 23 internal).
Five business lines, mapped to the segments.
Starlink
Satellite broadband for consumers, enterprises and governments. Q3 2026 Connectivity revenue: $3,121M consumer, $2,127M enterprise & government. 3,800+ aircraft equipped.
Falcon & Dragon
Falcon 9, Falcon Heavy, Crew and Cargo Dragon. NASA Commercial Crew and CRS-2 incumbent; ~90% of global commercial launch share in 2025, per the S-1.
Starship
The fully reusable super-heavy launcher. Flight 14 (late Sept 2026) was Starship's first orbital flight, deploying 26 Starlink V3 satellites; Flight 15 is planned with a booster-and-ship catch attempt.
Starshield
Government constellation built on the Starlink satellite bus. SpaceX's filings do not break Starshield out as a segment or report its revenue separately.
xAI
Grok models, the X platform and, since Aug 14, 2026, Cursor. Merged into SpaceX in February 2026. AI nameplate compute reached 1.7 GW at Q3 2026.
Every segment, every reported number.
FY2025, per the S-1
| Segment | Revenue | Share | Op income (loss) | Business lines |
|---|---|---|---|---|
| Connectivity | $11,387M | 61.0% | $4,423M | Starlink |
| Space | $4,086M | 21.9% | $(657)M | Falcon, Dragon, Starship |
| AI (now Super Intelligence) | $3,201M | 17.1% | $(6,355)M | xAI, Grok, X |
| Consolidated | $18,674M | 100% | $(2,589)M | Net loss ~$(4.94)B · adj. EBITDA $6,584M |
2026 by quarter, per the 8-Ks
| Segment | Q1 2026 revenue | Q2 2026 revenue / op | Q3 2026 revenue / op | Q3 mix |
|---|---|---|---|---|
| Super Intelligence (AI) | $818M | $2,561M / $(1,257)M | $7,560M / $431M* | ~52% |
| Connectivity | $3,257M | $4,291M / $1,656M | $5,248M / $2,367M | ~36% |
| Space | $619M | $962M / $(542)M | $1,767M / $(7)M | ~12% |
| Consolidated | $4,694M | $7,814M / $(143)M | $14,575M / $2,791M | 100% |
Sources: S-1 segment footnote (FY2025); SpaceX Q2 2026 8-K (Aug 4, 2026) and Q3 2026 8-K (Oct 20, 2026). Q1 2026 figures are revenue only, from the comparatives in the Q2 8-K. *SI's Q3 operating income includes $1,217M of acquisition-related stock-based compensation, mostly Cursor. The AI segment was renamed Super Intelligence in the Q3 release. Q3 mix percentages are approximate. Starshield is not reported as a separate segment.
How each business line feeds the others.
The five business lines are not independent product lines. The S-1 is explicit that vertical integration is the company's structural advantage. The flywheel:
- Falcon & Dragon launches Starlink satellites at internal cost — every other constellation has to pay a third-party launch provider (often SpaceX itself). Internal missions were 28 of SpaceX's 38 launches in Q2 2026 and 23 of 35 in Q3.
- Starlink (the Connectivity segment) generates the operating income that helps fund Starship development and the AI build-out.
- Starship is designed to enable Starlink V3 deployment at materially better unit economics — Flight 14 in late Sept 2026 deployed 26 V3 satellites — and to unlock future Starshield generations and the orbital AI thesis inside xAI.
- Starshield reuses the Starlink V2 chassis but with classified payloads — fixed engineering cost is amortized across the consumer and government constellations.
- xAI (Grok) already runs Starlink network optimization, according to the S-1. The X platform provides distribution for Starlink and xAI products.
The flywheel is real, but it concentrates execution risk: a major Starship anomaly affects four of the five business lines. A Falcon stand-down affects Starlink deployment, Starshield launches, and external commercial revenue simultaneously.