SpaceX's Q3 print beat on both lines: $14.6B revenue against a $12.87B estimate, and EPS of $0.35 against $0.13.

SpaceX's Q3 print beat on both lines: $14.6B revenue against a $12.87B estimate, and EPS of $0.35 against $0.13. Super Intelligence brought in $7.56B, more than Connectivity's $5.25B. Shares closed 7.79% above their pre-earnings close the next session. Then on Oct 22 the company announced a plan to scale that business, and $SPCX fell 9.14% to $144.75.

It hit a low of $143.70 and finished 2.06% below where it stood before the print. It's indicated up 1.78% pre-market at $147.32.

The announcement is the Super Intelligence Partner Network, an official program for companies building on Grok. There are two tiers: Transformation Partners deploying Grok enterprise-wide, and Marketplace Partners building plugins and integrations.

More than 130 companies are in early access, including Apollo Global Management, Nvidia, Databricks, Snowflake, and Bain. A Forward Deployed Engineer accreditation program has already trained engineers at 30+ organizations.

The usage number is what I keep coming back to. On the earnings call, Gwynne Shotwell said Grok Bot passed 800,000 paid weekly users earlier in October, more than double the prior month. Bain's Chuck Whitten called it "a fundamental shift from AI-assisted to AI-led software development," and Shotwell described Grok as an "always-on teammate."

I wouldn't read Thursday's drop as a verdict on the partner plan, though. The coverage points to Tesla-merger uncertainty, AI infrastructure spending and a large share unlock. Reuters reported that no merger determination has been made.

The open questions on Grok are retention, revenue per user and the enterprise-versus-consumer mix behind that 800,000. I'd genuinely like to hear the bear case on a paid user base the company says doubled in a single month.

$SPCX

Sources:
x.ai: https://x.ai/news/partnernetworkannouncement
Yahoo Finance: https://finance.yahoo.com/technology/ai/articles/spacex-working-nvidia-apollo-other-175641418.html

Not financial advice. For informational and educational purposes only.