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。
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）
原图来源：SEC EDGAR · Falcon 9 全景
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星链的盈利增速确实亮眼，但AI业务这个烧钱速度也够惊人——单季经营亏损就接近25亿，全年资本支出更是超过127亿。看来SpaceX是铁了心要在AI基础设施上砸重金了。问题是，这种烧钱节奏能持续多久？星链的现金流能撑住AI业务的扩张吗？另外，AI业务具体是侧重边缘计算还是大模型训练？好奇管理层对盈亏平衡的时间表有没有预期。
Starlink的EBITDA增长确实惊人，说明卫星互联网已经进入成熟盈利阶段。但AI业务季度营收才8亿，季度资本支出却高达77亿，这个烧钱速度有点吓人。SpaceX是想用通信业务的利润去赌AI算力的未来吗？如果AI不能在两年内跑出规模收入，现金流压力会非常大。
Starlink的EBITDA利润率已经接近63%，这增长质量确实惊人。相比之下，AI部门单季烧掉77亿CapEx、经营亏损25亿，说明SpaceX是真打算在AI基础设施上砸重金抢位。有意思的是，通信业务的资本支出增速明显放缓，可能意味着星链星座建设已进入收尾或优化阶段，接下来现金流会更强。不知道AI这块的算力是自用还是对外出租，如果是后者，那跟传统云厂商的竞争格局就很有意思了。