First profit. Look where it came from.

SpaceX reported last night. The first quarter as a public company where it actually made money.

Revenue $14.6 billion. Up 161%.

Net income $4.4 billion, after a $541 million loss in Q2.

Shares up after hours. Everyone happy.

Now read one level down.

The AI business brought in $7.56 billion. More than half of everything, and for the first time bigger than Starlink. TIKR has the cleanest breakdown of the segments if you want the detail: https://www.tikr.com/blog/spacex-q3-earnings-ai-now-brings-in-half-the-revenue-starlink-still-earns-most-of-the-profit

But Starlink still earns most of the operating profit.

And capex was $19.6 billion. In one quarter. Mostly AI infrastructure. Free cash flow negative.

Last week I said the AI question moved from "who is building it?" to "who is paying for it?"

Here you can see the answer on one page.

The satellites are paying for the data centres.

For now that works. The day it stops working is the number I'll be watching every quarter, not the headline revenue.