SpaceX is barely Space and mostly X

SpaceX's first quarterly earnings statement as a public company reveals that it functions primarily as a telecom and AI cloud-leasing business rather than a space exploration enterprise. While rockets and space operations account for a small fraction of revenue, the vast majority of income and spending is driven by Starlink connectivity and renting out data center capacity for artificial intelligence. Initially built for xAI's Grok, these data center operations now serve major tech companies in a capital-intensive market. Meanwhile, grand visions of orbital data centers and lunar mass accelerators resemble speculative science fiction rather than practical business plans, masking the reality of a company heavily invested in terrestrial cloud leasing and internal corporate synergies.

(Source：The Verge)