SpaceX says its capex could double this quarter as AI spending grows

SpaceX reported $16.4 billion in AI-related capital expenditures in Q3, close to analyst expectations, and expects to nearly double this spending to $35-$40 billion next quarter as it expands AI compute infrastructure. CEO Elon Musk noted that power, cooling, and infrastructure are now bigger constraints than chips for AI development. The company anticipates rapid returns on these investments with payback periods under a year.