SpaceX's Secret Weapon Is Hiding in Plain Sight

A market analysis piece argues that SpaceX’s biggest driver isn’t its headline rockets, but its AI and related data businesses operating alongside its space and connectivity units. The article notes SpaceX runs three segments—space, AI, and connectivity. It says the space division grows the slowest and is not where the majority of revenue comes from. Starlink, tied to satellite broadband, is described as expanding quickly but eventually reaching a customer limit. The author calls AI SpaceX’s “secret weapon,” pointing to SpaceX’s acquisition of xAI before going public and to Grok, which reportedly uses X data for real-time updates. Revenue for SpaceX’s AI unit allegedly grew 213% year-over-year in Q2, and management spent $15.8 billion in Q2 capex for AI versus $2.5 billion combined for the other two segments. It also says SpaceX is priced expensively, citing a $2.1 trillion market cap and nearly $50 billion in expected revenue this year.