Accra:SpaceX reported a 161% year-on-year increase in third-quarter revenue, driven by significant growth in its artificial intelligence sector and increased subscribers to its Starlink satellite internet service.

According to Anadolu Agency, the company's revenue totaled $14.58 billion, surpassing analysts' expectations. SpaceX, led by founder and CEO Elon Musk, also reported earnings of $0.35 per share, with shares rising in extended trading following the announcement.

The AI business alone saw an 830% increase from the previous year, reaching $7.56 billion and comprising just over half of the total quarterly sales. This growth is attributed to the rising demand for AI infrastructure, as SpaceX provides computing capacity to customers. The company has been expanding beyond its well-known reusable rockets into satellite communications and AI.

In the previous quarter, SpaceX experienced a 92% revenue growth to $7.8 billion, with a net loss of $541 million, while adjusted earnings before interest, taxes, depreciation, and amortization reached $3.5 billion. The connectivity segment, including Starlink, has been a major revenue and profit source, showing a 66% revenue increase and a 79% rise in operating income in the second quarter.

SpaceX is also working on building a U.S. mobile network through Starlink and recently acquired low-band spectrum in the 800-megahertz band. The Federal Communications Commission approved its plan for a 15,000-satellite constellation to further mobile communications expansion.

Additionally, during the third quarter, SpaceX completed its $60 billion acquisition of AI coding startup Cursor, enhancing its capabilities in software development tools powered by artificial intelligence.