## 概览（开篇） ENGLISH · ORIGINAL **Overview** Founded in 2002, SpaceX is the only company building the integrated hardware and software infrastructure of the future across space, connectivity, and AI. At our core, we are builders. We design, manufacture, launch, and operate products and services built on cutting-edge technologies, including the world's most advanced rockets and spacecraft. We safely and reliably transport astronauts, satellites, and other payloads on missions that benefit life on Earth. Since 2023, we have launched more than 80% of mass to orbit for the world each year with an over 99% mission success rate with Falcon rockets. We also operate a high-speed, low-latency global broadband data and communications network powered by approximately 9,600 Starlink broadband and mobile satellites in Low-Earth Orbit, delivering connectivity to millions of consumer, enterprise, and government customers across 164 countries, territories, and other markets, as of March 31, 2026. Using our dedicated satellite-to-mobile constellation, we offer connectivity services, supplementing terrestrial networks and substantially reducing mobile "dead zones" across approximately 30 countries. 中文翻译 **公司概览** SpaceX 成立于 2002 年。我们是**全世界唯一一家**同时在三个领域——**太空、通信和人工智能**——从头搭建未来基础设施的公司。 我们的底色是"**建设者**"。我们自己设计、制造、发射、运营，所有东西都建立在最前沿的技术上，包括全世界最先进的火箭和飞船。我们把宇航员、卫星、各种货物安全可靠地送上太空——这些任务最终是为了让地球上的生活变得更好。 - **送东西上太空**：从 2023 年起，全世界每年送上太空的物体里，**超过 80% 的重量**是我们 SpaceX 用 Falcon 火箭送上去的，而且成功率超过 99%（基本不出事故）。 - **太空互联网（Starlink）**：我们用大约 **9,600 颗 Starlink 卫星**（在离地面比较近的近地轨道上飞行）建了一张全球网，给个人、企业、政府客户提供高速、低延迟的上网服务。截至 2026 年 3 月 31 日，这张网已经覆盖了 **164 个国家和地区**，用户数百万。 - **手机直连卫星**：我们另外有专门的"手机—卫星"网络，地面手机信号到不了的地方（"**信号盲区**"），手机也能连上卫星打电话、上网。这项服务已经在大约 **30 个国家**上线了。 原图来源：SEC EDGAR · X 与 Grok

## xAI 与 AI 业务（"追求真相" 的 AI） ENGLISH · ORIGINAL With the potential to improve both space exploration and life on Earth, AI accelerates SpaceX's mission to make life multiplanetary, to understand the true nature of the universe, and to extend the light of consciousness to the stars. xAI, which was founded in 2023 and acquired by SpaceX in early 2026, is now an integral pillar of our vertically integrated company. We are rapidly constructing AI compute infrastructure—starting on Earth with the goal of extending to space—at industry-leading pace and cost efficiency. Our infrastructure supports training and inference for Grok, which has emerged as one of the world's most advanced frontier models. Grok is designed as a truth-seeking AI model, built on our founder Elon Musk's mission to enable humanity to understand the universe. We believe that accomplishing this mission requires a truth-seeking approach to AI. We define truth seeking as the active, relentless pursuit of what is objectively true about reality, and grounded in evidence, logic, empirical data, and first principles thinking. Our goal is to understand and explain what the universe appears to be doing, as accurately as current knowledge allows. Within two years of its initial model release, Grok achieved frontier-level performance in scientific reasoning, as measured by its GPQA Diamond score, an industry benchmark that evaluates AI models on a standardized set of questions written and validated by experts, on a faster timeline than reported by other leading model providers. Grok also benefits from integration with X, our real-time information, entertainment, and free speech platform, which serves as a foundational distribution and data engine for our AI ecosystem and further enhances Grok's truth-seeking objective. 中文翻译 人工智能既能帮我们探索太空，也能让地球上的人类生活得更好——所以它也是 SpaceX 完成使命的关键工具。 **xAI** 这家公司 2023 年成立，**2026 年初被 SpaceX 收购**，现在是我们"全程自己干"体系里很重要的一根柱子。我们正在**以行业领先的速度和成本**快速建造 AI 算力基础设施——先在地球上建，未来目标是把算力搬到太空中去。 这套基础设施主要用来**训练和运行 Grok**——Grok 是我们的旗舰 AI 模型，已经是世界最先进的"**前沿模型**"之一。Grok 的设计目标是做一个"**专门追求真相**"的 AI，它的使命来自我们的创始人 Elon Musk——让人类真正理解宇宙。**"追求真相"**这件事我们非常认真：它不是营销话术，而是说这个 AI 会主动、持续地去找"客观事实是什么"——靠证据、靠逻辑、靠实验数据、靠最基本的物理和数学原理（"**第一性原理**"）。我们的目标是：尽人类目前的知识所能，**最准确地理解并解释宇宙正在做什么**。 Grok 上线两年之内，**在科学推理上达到了"前沿水平"**——用业内公认的 **GPQA Diamond 评测**（让 AI 答专家写的高难度科学题）来衡量，比其他主流大模型厂家公布的进度更快。Grok 还接入了 **X**（一个实时信息、娱乐和言论自由平台），让 Grok 既能拿到最新数据，也能分发到全球用户那里——这让 Grok "追求真相"的目标更有抓手。 原图来源：SEC EDGAR · Falcon 9 全景

咱们先琢磨个场景：你早上起来就是不想去公司，或者说因为和领导闹了点别扭，干脆赌气不去了。这时候心里盘算着，我不去上班，公司能拿我怎么样？这算不算旷工？其实真没那么简单。 法律上，旷工会被认定，核心看的是你有没有履行请假手续，以及你的拒绝有没有正当理由。如果你压根没跟公司打招呼，直接玩消失，那妥妥的就是旷工。但如果你因为生病或者家里有急事，先跟单位说了一声，哪怕领导当时没批，情况也不太一样。比如你发个消息说“今天身体实在扛不住了，要去看病”，这就不属于主观上拒绝上班，而是事出有因，即使领导事后不认，你也得留好证据，比如病历、聊天记录，到时候仲裁时能说明你不是故意旷工。 反过来，如果你就是赌气，比如因为降薪或者和同事吵架，然后告诉领导“我今天不干了”，然后关机走人，公司完全可以按旷工处理，旷工天数够了，直接开除你还不给赔偿，法律上站得住脚。 所以，真遇到不想上班的情况，千万别硬扛。请个假，哪怕事假也行，至少先走流程。一句话：没打招呼、没理由的拒绝，就是旷工；但有正当原因并告知单位，那就还有回旋余地。别把自己搞成被动那方。

## 三大支柱：太空 / 通信 / AI（开篇） ENGLISH · ORIGINAL We believe that space represents the largest economic frontier in human history. Connectivity infrastructure in space is designed to help everyone on Earth have access to education, healthcare, entertainment, and communications, and to enable people to overcome many traditional limits, such as physical and political borders. We believe AI infrastructure in space can utilize the virtually limitless power of the Sun and thereby enable the use of AI as a transformative force for understanding the universe and improving the daily lives of all humans. We believe the convergence of these areas will enable an unprecedented expansion in the global economy, leading to an age of abundance. Our innovations and technological advancements are redefining industries on Earth, while we aim to create new ones on the Moon, Mars, and beyond. We are truly building the infrastructure of the future. **• Space.** SpaceX is the only company that has cracked the code on accessing space at scale, revolutionizing an industry characterized by decades of stagnation, risk aversion, and economically perverse cost structures. SpaceX upended this paradigm through the application of first-principles thinking, which rejects industry assumptions and builds solutions based on the fundamental laws of physics. Our intense, mission-driven, engineering-first culture and focus on extreme vertical integration have propelled us to achieve what many deemed impossible. We pioneered high-cadence, reliable, and affordable access to space with our Falcon family of rockets. In 2015, we established at least a 10-year lead over the industry by successfully landing our first Falcon 9 booster back from space before anyone else. Space flight that historically cost billions per launch now costs in the tens of millions, fundamentally reducing the cost of space access and providing the opportunity to build new enterprises in space. 中文翻译 我们认为**太空是人类历史上最大的经济新边疆**。 - **太空里的通信网**：是为了让地球上每一个人——不管他住在农村还是沙漠、不管他的国家有没有互联网基础设施——都能获得教育、医疗、娱乐和通信。 - **太空里的 AI 算力**：可以直接用太阳的能量（几乎用不完），让 AI 既能帮我们理解宇宙，也能让全人类的日常生活变得更好。 我们认为**这三件事（太空、通信、AI）合在一起**，会让全球经济出现前所未有的扩张，把人类带进一个"**丰裕时代**"。我们在地球上正在重新定义一些行业，同时我们的目标是在**月球、火星和更远的地方**创造全新的产业。我们就是在建"**未来的基础设施**"。 下面是 SpaceX 三大支柱业务的简介： **• 太空业务（Space）** —— SpaceX 是**全世界唯一一家**真正搞定了"**大规模、低成本进太空**"这个难题的公司。这个行业过去几十年一直停滞不前，承运方都怕出事故，成本结构也一直不合理。SpaceX 之所以能颠覆它，靠的是"**第一性原理**"思维——也就是说不接受行业里"一向如此"的假设，而是从最基本的物理规律出发重新设计。我们的文化是"**使命驱动、工程优先**"，又坚持"**全程自己干**"，所以做到了很多同行觉得不可能的事。我们用 **Falcon 系列火箭**开创了"**高频次、可靠、又便宜**"的太空进入方式。2015 年，我们**全球第一次**把 Falcon 9 火箭的一级助推器从太空完整飞回来——这让我们比同行至少领先了 **10 年**。过去一次太空发射要花**几十亿美元**，现在只要**几千万美元**。这个成本下降，给未来在太空里建各种新业务打开了门。 原图来源：SEC EDGAR · Falcon 9 发射

## Starlink 用户、Starlink Mobile、AI 算力（开篇） ENGLISH · ORIGINAL As of March 31, 2026, we had approximately 9,600 Starlink broadband and mobile satellites in Low-Earth Orbit, operating the world's most advanced broadband constellation providing internet connectivity to approximately 10.3 million Starlink Subscribers across 164 countries, territories, and other markets. In January 2024, we also began deploying our Starlink Mobile constellation that utilizes separate Starlink satellites with satellite-to-mobile capabilities, substantially reducing mobile "dead zones" around the world. As of March 31, 2026, our dedicated satellite-to-mobile constellation of approximately 650 V1 Mobile satellites provides satellite-to-mobile data, over-the-top voice, and messaging services to approximately 7.4 million monthly unique devices across approximately 30 countries. **• AI.** We were the first company to deploy a coherent gigawatt-scale AI training cluster. For complex reasoning and agentic workloads, compute is directly correlated with the quality of intelligence and task completion speed. In under two years, we have established a dual advantage in both cost efficiency and deployment speed at scale. By owning the compute infrastructure and vertically integrating across the full AI stack, we can train and iterate our frontier models at lower cost and higher velocity and accelerate development cycles. This eliminates external bottlenecks and drives rapid, continuous improvements in model performance. 中文翻译 截至 2026 年 3 月 31 日，我们在大约 **9,600 颗 Starlink 宽带 + 移动卫星**（都在近地轨道上）建了全球最先进的宽带网络，给大约 **1,030 万 Starlink 订户**提供互联网接入，覆盖 164 个国家和地区。 2024 年 1 月，我们开始建另一张"**Starlink Mobile**"网络——这些是专门支持"手机直连卫星"功能的卫星，目的是大幅减少全球的手机"**信号盲区**"。截至 2026 年 3 月 31 日，这张专门的"手机直连"网络由大约 **650 颗 V1 Mobile 卫星**组成，每月为大约 **740 万台独立设备**提供"卫星到手机"的数据、互联网语音和短信服务，覆盖大约 30 个国家。 **• AI 业务。** 我们是**全球第一家**建成"**吉瓦级**"（10 亿瓦级别）相干 AI 训练集群的公司。对于复杂推理和"AI 智能体"类任务来说，**算力直接决定 AI 的智能水平和完成任务的速度**。在不到两年时间里，我们在"**成本效率**"和"**部署速度**"两个维度上同时做到了行业领先。算力基础设施是我们自己建的，整套 AI 技术栈（从硬件到模型）也是我们自己做的——所以我们能以**更低的成本、更快的速度**训练和迭代我们的前沿模型，把开发周期压到最短。这样做的好处是：不再被外部供应商"卡脖子"，能让模型性能持续快速进步。 原图来源：SEC EDGAR · Grok 视觉

## Grok + X 的协同效应 ENGLISH · ORIGINAL We believe this combination of our state-of-the-art AI compute infrastructure, our truth-seeking frontier model, and our access to real-time data on X creates a significant strategic advantage. Our integrated AI platforms across Grok and X had approximately 1.3 billion supported accounts active in the last twelve months ended March 31, 2026 and December 31, 2025, including approximately 550 million and 520 million MAUs as of March 31, 2026 and December 31, 2025, respectively. Of our MAUs, we had approximately 117 million and 89 million MAUs that used Grok's AI features as of March 31, 2026 and December 31, 2025, respectively. Grok's deep integration with X enables freshness, relevance, and contextual awareness that we believe is a competitive differentiator. This direct, real-time access to the information and human discourse on X enhances Grok's truth-seeking capabilities by grounding outputs in up-to-date knowledge and diverse viewpoints. As a result, we believe Grok can deliver the most objective and relevant insights and best serve high-frequency, high-value use cases across consumer and enterprise AI applications. We have created distinct new markets across the space, connectivity, and AI industries by building the integrated hardware and software infrastructure of the future and by combining our broad range of capabilities. 中文翻译 我们认为，把"**最先进的 AI 算力基础设施**"+"**追求真相的前沿模型 Grok**"+"**X 平台上的实时数据**"这三样加在一起，会让我们形成一个**很大的战略优势**。 - **Grok + X 一体化 AI 平台的用户数**：在截至 2026 年 3 月 31 日和 2025 年 12 月 31 日的过去 12 个月里，**支持账户数大约 13 亿**。其中月活跃用户（MAU）分别约为 **5.5 亿** 和 **5.2 亿**。 - **其中用过 Grok AI 功能的 MAU**：分别约为 **1.17 亿** 和 **8,900 万**。 Grok 和 X 深度打通，让 Grok 能拿到"**最新、最相关、知道上下文**"的信息——我们认为这是 Grok 跟其他 AI 不同的关键。Grok 直接、实时地读到 X 上正在发生的事和人们的真实讨论，这让 Grok"追求真相"的能力更强：它的回答**基于最新的知识和多元观点**。所以我们相信 Grok 能给出**最客观、最切题**的回答，在消费级和企业级的高频高价值 AI 应用场景里都能打。 我们通过"建未来软硬件基础设施"+"把各种能力组合起来"，在**太空、通信、AI 三个行业**里各自开辟了新的市场。 原图来源：SEC EDGAR · Elon 与 xAI

很多当事人找到我的时候，第一句话就是“律师，这东西明明是我的，怎么就是拿不回来？”尤其是在继承、婚姻财产或者合作投资纠纷里，权属不清往往成了维权路上最大的拦路虎。比如老张和兄弟合伙买房，钱是他出的，但房产证上写了兄弟的名字，结果兄弟去世后，老张想拿回这套房，才发现连付款凭证都找不全了，这就是典型的权属争议。 权属不清，意味着你在法律上缺少最直接的证据。这时候别慌，我给大家梳理一下维权的全流程。第一步，先坐下来把所有能证明“东西是你的”线索全列出来，包括转账记录、聊天记录、录音、证人证言，哪怕是一张写着付款金额的旧纸条都不能放过。第二步，拿着这些材料去相关部门调取档案，比如房产交易中心、银行流水或者工商登记信息，把原始凭证固定下来。很多证据不是没有，而是当事人自己不知道去哪里找。 第三步最关键——如果证据还是不完整，可以向法院申请调查令或者证据保全。比如让法院去调取银行的原始凭证，或者查封对方的账户，防止转移资产。我代理过一个案子，女方婚后用婚前存款买的房，但男方在离婚时一口咬定是共同财产。最后我们通过银行流水和购房合同的时间点，证明付款发生在结婚证日期之前，法院才把房子判给了女方。 维权确实费心费力，但只要把证据链做扎实，权属不清的问题就有解。记住，别等到打官司才想起找证据，平时多留个心眼，合同、收据、转账备注都写清楚，将来能省下一大半麻烦。

## SpaceX 收购 xAI + 三大支柱财务概览 ENGLISH · ORIGINAL For example, SpaceX's recent acquisition of xAI unites SpaceX's launch capabilities and global connectivity network with xAI's AI development capabilities. Specifically, we believe SpaceX's reusable rockets, scaled satellite manufacturing, and operational expertise can enable the cost-effective and rapid deployment of massive AI compute satellite constellations—with potentially millions of satellites—for orbital data centers. We believe these AI compute satellites in Sun-synchronous orbit will be able to handle energy-intensive AI workloads, such as inference demand, at far greater scale and efficiency than terrestrial alternatives, with Starlink providing low-latency, global connectivity linking these orbital AI systems to people around the world and delivering real-time intelligence. We expect to begin deploying our orbital AI compute satellites as early as 2028. Our financial results reflect the strength of our operating model and our ability to create and scale multiple new businesses: - For the three months ended March 31, 2026, we generated revenue on a consolidated basis of $4,694 million, loss from operations of $(1,943) million and Adjusted EBITDA of $1,127 million. - In 2025, we generated revenue on a consolidated basis of $18,674 million, loss from operations of $(2,589) million and Adjusted EBITDA of $6,584 million. 中文翻译 举个具体例子：SpaceX 最近收购 xAI，把"**SpaceX 的发射能力 + 全球通信网**"和"**xAI 的 AI 开发能力**"合在了一起。我们认为，SpaceX 的**可重复使用火箭**、**大规模造卫星的能力**、以及**运营经验**，可以帮我们又快又省地部署"**超大规模 AI 算力卫星星座**"——可能会达到**几百万颗卫星**的量级——建成"**轨道数据中心**"。 我们认为这些 AI 算力卫星（部署在"**太阳同步轨道**"上）能处理特别耗电的 AI 工作（比如大量"推理"任务），规模和效率都会**远远超过地面方案**。Starlink 网络可以提供低延迟、覆盖全球的连接，把这些轨道 AI 系统和全世界的人连起来，实时地把"智能"送到用户那里。我们**预计最早 2028 年开始部署轨道 AI 算力卫星**。 我们的财务数据反映了这种"**经营模式的强度**"和"**同时创建并扩展多项新业务的能力**"： - **2026 年第一季度**（截至 3 月 31 日的 3 个月）：公司合并营收 **$4,694 million**（约 46.94 亿美元），经营亏损 **$(1,943) million**（约 19.43 亿美元），**调整后 EBITDA**（一种不按 GAAP 算的盈利指标，详见后文）**$1,127 million**（约 11.27 亿美元）。 - **2025 年全年**：公司合并营收 **$18,674 million**（约 186.74 亿美元），经营亏损 **$(2,589) million**（约 25.89 亿美元），调整后 EBITDA **$6,584 million**（约 65.84 亿美元）。 原图来源：SEC EDGAR · 多行星生命

## 太空业务（含 Starship）财务拆分 ENGLISH · ORIGINAL Our Space and Connectivity segments contributed the substantial majority of our consolidated revenue in the three months ended March 31, 2026 and the year ended December 31, 2025, demonstrating the benefits of their scale and operating leverage in our vertically integrated business model; - For the three months ended March 31, 2026, our Space segment generated revenue of $619 million, loss from operations of $(662) million, and Segment Adjusted EBITDA of $(351) million. - In 2025, our Space segment generated revenue of $4,086 million, loss from operations of $(657) million, and Segment Adjusted EBITDA of $653 million. Additionally, our Space segment funded $930 million and $3,004 million in research and development expense during the three months ended March 31, 2026 and the year ended December 31, 2025, respectively, for our next-generation Starship launch vehicle program. Starship is designed to enable a step-function change in our launch capability across reusability, payload capacity, and launch cadence, and is the key enabler of our long-term growth strategy by unlocking entirely new categories of missions; - For the three months ended March 31, 2026, our Connectivity segment generated revenue of $3,257 million, income from operations of $1,188 million, and Segment Adjusted EBITDA of $2,087 million. 中文翻译 我们的"**太空业务**"和"**通信业务**"两个部门，**贡献了 2026 年第一季度和 2025 年全年合并营收的大部分**——这充分体现了我们"**全程自己干**"模式下的**规模效应**和**经营杠杆**。 **太空业务（Space）** - 2026 年第一季度：营收 **$619 million**，经营亏损 **$(662) million**，Segment Adjusted EBITDA（部门调整后 EBITDA）**$(351) million**。 - 2025 年全年：营收 **$4,086 million**，经营亏损 **$(657) million**，Segment Adjusted EBITDA **$653 million**。 此外，**太空业务在 2026 年第一季度和 2025 年全年分别投入了 $930 million 和 $3,004 million 的研发费用**给下一代运载火箭"**Starship**"项目。Starship 是一型全新的火箭，目标是在"**可重复使用、运载能力、发射频率**"三个维度上实现**跨级别**的飞跃——它是我们**长期增长战略的关键**之一，能解锁全新的任务类别。 **通信业务（Connectivity）** - 2026 年第一季度：营收 **$3,257 million**，经营利润 **$1,188 million**，Segment Adjusted EBITDA **$2,087 million**。 原图来源：SEC EDGAR · X 与 Grok

## 通信业务 + AI 业务财务 + 资本支出 ENGLISH · ORIGINAL Our Connectivity segment, primarily driven by Starlink, generated revenue of $11,387 million, income from operations of $4,423 million, and Segment Adjusted EBITDA of $7,168 million in 2025, representing year-over-year growth of 49.8%, 120.4%, and 86.2%, respectively, benefiting from subscriber growth, increasing enterprise adoption, and continued improvement in network efficiency; - In our newly acquired AI segment, we plan to prioritize growth and investment to capture significant opportunities in AI applications and compute infrastructure. For the three months ended March 31, 2026, our AI segment generated revenue of $818 million, loss from operations of $(2,469) million, and Segment Adjusted EBITDA of $(609) million. In 2025, our AI segment generated revenue of $3,201 million, loss from operations of $(6,355) million, and Segment Adjusted EBITDA of $(1,237) million, reflecting its earlier stage of development and continued investments to support long-term growth opportunities in AI; and - For the three months ended March 31, 2026, capital expenditures for our Space segment was $1,052 million, for our Connectivity segment was $1,332 million and for our AI segment was $7,723 million. In 2025, capital expenditures for our Space segment was $3,832 million, for our Connectivity segment was $4,178 million and for our AI segment was $12,727 million. Segment Adjusted EBITDA is a non-GAAP measure. 中文翻译 **通信业务（续）** 2025 年全年（主要由 Starlink 驱动）：营收 **$11,387 million**，经营利润 **$4,423 million**，Segment Adjusted EBITDA **$7,168 million**。**同比分别增长 49.8%、120.4% 和 86.2%**——主要来自订户增长、企业客户采用率上升，以及网络效率持续提升。 **AI 业务（新收购）** AI 部门是新收购的，我们计划**优先扩张和投资**，抓住 AI 应用和算力基础设施里的重大机会。 - 2026 年第一季度：营收 **$818 million**，经营亏损 **$(2,469) million**，Segment Adjusted EBITDA **$(609) million**。 - 2025 年全年：营收 **$3,201 million**，经营亏损 **$(6,355) million**，Segment Adjusted EBITDA **$(1,237) million**。 AI 部门还在**早期阶段**，所以亏损较大——这些钱是投资在"长期增长机会"上的。 **资本支出（CapEx）** - 2026 年第一季度：太空业务 $1,052 million，通信业务 $1,332 million，AI 业务 $7,723 million。 - 2025 年全年：太空业务 $3,832 million，通信业务 $4,178 million，AI 业务 $12,727 million。 *（"Segment Adjusted EBITDA"不是 GAAP 标准指标，详见后文"管理层讨论与分析——非 GAAP 财务指标"一节。）* 原图来源：SEC EDGAR · Falcon 9 全景