Q3 Revenue Doubles as AI Leasing Becomes Growth Driver
Space giant SpaceX reported third-quarter financial results, with quarterly revenue reaching US$14.58 billion, up 161% from a year earlier. Leasing data-center computing capacity to Anthropic, Google and Reflection AI drove AI-related revenue to US$7.56 billion, up more than ninefold. Net profit for the quarter reached US$4.4 billion, its first profit since listing.
FCC Approves Satellite Buildout, Deepening Direct-to-Cell Push
SpaceX also recently won U.S. FCC approval to build a 15,000-satellite constellation and acquired low-band spectrum resources, actively deepening its footprint in satellite direct-to-cell and mobile communications. 楊立楷, manager of the E.Sun Future Global Computing Power ETF (009827), noted that SpaceX has gradually transformed from a traditional rocket company into an integrated platform spanning "space + satellite communications + AI infrastructure," significantly expanding its valuation upside, with related themes gradually translating into actual earnings.
Weight Increase Draws Passive Inflows, Improving Supply-Demand Structure
On the technical side, after the first lock-up expiry in August, about 28% of shares are expected to be unlocked from late October to early November. While increased near-term supply may bring selling pressure, the continued expansion of free float over the medium to long term should help improve index inclusion prospects and passive ETF allocation demand. The Nasdaq 100 index recently raised SpaceX's weight sharply from 1.28% to 2.82%, which is estimated to attract more than US$120 billion in related passive inflows and support the share price.
Looking at the broader U.S. market, LSEG estimates S&P 500 corporate earnings will grow 30.7% YoY in the third quarter, with technology earnings expected to rise 66.5%, showing overall equity fundamentals remain solid and resilient. As agentic AI gradually moves toward commercial deployment and enterprise adoption continues to scale, related investment demand is further boosted, injecting long-term momentum into the computing-power supply chain. E.Sun Asset Management said that after a streak of corrections in technology stocks, crowded positioning has cooled. If short-term volatility arises from valuation adjustments or interest-rate moves, it could instead provide a medium- to long-term entry opportunity, and investors can capture global computing-power supply-chain opportunities through thematic ETFs covering the "computing-power trio" of AI technology, AI infrastructure and space satellites, such as 009827.