“To infinity and beyond!” Or whatever.

Elon Musk’s rocket-making, satellite-broadband company-turned-data-center REIT reported Q3 sales and adjusted earnings that topped estimates on Tuesday afternoon in the US.

Much as I’d rather not, these results are a must-cover from an editorial standpoint. My guess is that one way or another, Musk will find a way to make SpaceX the most valuable enterprise on Earth, and also on the moon, on Mars and wherever else he manages to land one of the company’s rockets.

In addition to being Elon’s flagship and the anchor for his personal trillion-dollar valuation, SpaceX is a bellwether for all things AI-related, including and especially the financing of data centers and related hardware.

Earlier this month, reports suggested SpaceX is trying to arrange up to $40 billion in funding for the sole purpose of buying Jensen Huang’s latest chips and Musk’s been vocal on his social media platform amid the neocloud mini-panic, remarking on the plunge in CoreWeave’s bonds and editorializing around charts depicting the escalatory widening in data center CDS.

Last week, in a reply to that click-chasing, tabloid baron I used to work with (I don’t even care anymore, in case you haven’t noticed), Musk said supercomputer data centers remain in high demand. The issue is securing the financing.

“Getting money to build complex hardware systems with massive power, cooling and networking is not the same as doing it,” he told Dan. “SpaceX has a super cracked team and even we find it very difficult!”

Tuesday’s results showed AI sales — rechristened “SI” in accordance with Donald Trump’s unilateral rebranding initiative — nearly tripled QoQ to $7.56 billion. The segment turned a smallish profit of $431 million. The investor presentation described the surge in SI revenue as a “clear inflection.”

The connectivity segment, where Starlink lives and where almost all the profitability resides, brought in $5.25 billion during the quarter. Space chipped in $1.77 billion, or 12% of overall sales, the same share as last quarter.

So, the main takeaway’s plain enough, ain’t it? In Q2, Starlink sales were nearly double SI sales. In Q3, SI revenue was 44% higher than connectivity, even as the latter still comprised nearly all (~85%) of operating income.

As for capex, $19.59 billion was in line with consensus and up a modest 6.6% from Q2. Obviously, the vast majority of the spending is in the SI segment.

There’s the breakdown. The usual joke applies: The cost to acquire compute vastly outstrips the cost of building space ships and satellites.

CFO Bret Johnsen offered up some Jensen-style hyperbole. SpaceX, he said, is “building the infrastructure of the future while moving with the velocity to capture the opportunity in front of us.” He also emphasized that the company’s “focused [on] maintaining an investment-grade balance sheet. That’s good to hear in the current environment.

Just as the conference call was getting underway, The Wall Street Journal said it was Musk himself who throttled connectivity speeds in Ukraine this month.

The order, which “slowed a military-grade version of Starlink, sparked confusion inside the Trump administration,” the Journal‘s Alexander Ward, Natalie Andrews and Josh Dawsey wrote, citing unnamed US officials and the ubiquitous “people familiar with the matter.”

Some of the officials who spoke to the Journal claimed Musk “acted unilaterally,” but at least one source said he “talked to multiple senior administration officials, including Trump” prior to imposing the speed limit, which Ukraine blamed for “allow[ing] Russian missiles to evade their defenses.”

Talk amongst yourselves.