Space Exploration Technologies Corp (SPCX) 2026 Q3 法說會逐字稿

Hello, everyone. We are coming to you live from our Starlink factory and future Starmind production site here in Bastrop, Texas. I'm Andrea Williams, Head of Investor Relations, and thank you for joining us for SpaceX's third quarter 2026 earnings presentation.

各位好。我們正在德州巴斯特羅普（Bastrop）這裡的 Starlink 工廠與未來 Starmind 生產基地，為各位帶來現場直播。我是投資人關係主管 Andrea Williams，感謝各位參加 SpaceX 2026 年第三季財報簡報。

Joining us are Elon, Gwynne, and Bret, and we are live streaming on X. Our third quarter financial results were announced just after 3:00 PM Texas time, and all relevant materials have been published to our Investor Relations website at ir.spacex.com.

與會者包括 Elon、Gwynne 與 Bret，我們也正在 X 平台進行直播。

For today's presentation, our prepared remarks will be followed by a question-and-answer session. We will take live Q&A from equity analysts and then move to questions directly from our investors that were polled on our dedicated earnings Q&A platform, which the SpaceX team built with Grok.

今天的簡報將先由我們的預先準備講稿開始，接著進行問答環節。我們會先接受股票分析師的即時提問，之後再回答投資人透過專屬財報問答平台投票彙整的問題；該平台由 SpaceX 團隊使用 Grok 建置。

During this webcast, we will discuss our business outlook and make forward-looking statements. These statements are based on our predictions and expectations as of today. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our earnings release, and the most recent filings with the SEC, including our final prospectus. During the presentation, we may discuss certain non-GAAP financial measures. In today's earnings release and our filings with the SEC, you can find additional disclosures regarding these non-GAAP measures, including all the reconciliations with comparable GAAP measures.

在本次網路直播中，我們將討論業務展望並作出前瞻性陳述。這些陳述係基於我們截至今日的預測與預期。由於多項風險與不確定性（包括我們財報新聞稿以及向 SEC 提交的最新文件（含最終招股說明書）中所提及者），實際事件或結果可能與前述陳述存在重大差異。在簡報過程中，我們可能會討論若干非 GAAP 財務衡量指標。在今日的財報新聞稿及我們向 SEC 提交的文件中，您可找到關於這些非 GAAP 指標的額外揭露資訊，包括與可比 GAAP 指標之間的所有調節表。

For the third quarter of 2026, we announced the following financial results as compared to the prior year period. Revenues of $14.6 billion, up 161% from $5.6 billion. Net income of $4.4 billion, an improvement of $5.5 billion from a net loss of $1.1 billion and adjusted EBITDA of $8.8 billion, up 306% and from $2.2 billion.

就 2026 年第三季而言，與去年同期相比，我們公布以下財務結果：營收 146 億美元，較 56 億美元成長 161%。淨利 44 億美元，較淨損 11 億美元改善 55 億美元；調整後 EBITDA 為 88 億美元，較 22 億美元成長 306%。

With that, I'll hand the call over to Elon.

接下來我把電話交給 Elon。

Thank you. So we are in an inflection moment for SpaceX across launch connectivity and super intelligence. Starting with Starship, Flight 14 was a critical milestone. Starship reached orbit for the first time and deployed operational Starlink V3 satellites. I think we have a recap video we're going to play.

謝謝。SpaceX 在發射、連線與超級智慧方面正處於一個轉折點。先從 Starship 談起，Flight 14 是一個關鍵里程碑。Starship 首次進入軌道，並部署了可運作的 Starlink V3 衛星。我想我們有一段回顧影片要播放。

(video playing)

(影片播放中)

All right. For Flight 15, which we expect to happen next month, we're going to attempt to catch both the booster and the ship. This will be the -- if we succeed, it will be the first time that an orbital launch vehicle has been fully recovered. This is a massive technology milestone.

好。對於我們預期下個月進行的 Flight 15，我們將嘗試同時「接住」助推器與飛船。如果成功，這將是軌道運載火箭首次實現完全回收。這是一個巨大的技術里程碑。

The only way that we can extend consciousness beyond Earth on a sustained basis is with a fully reusable overall launch vehicle. So this is -- I think, this is a profound technology milestone in the history of civilization consciousness. So let's look at what simulation of Flight 15 would look like if we succeed. If we don't succeed in Flight 15, we'll get there. So the success is not guaranteed on these first flights, but I'd say it's more likely than not that this succeeds next flight. And if not, we have a steady stream of starship flight attempts through the end of this year and then accelerating next year. So with that, the Flight 15 simulation.

要讓意識能夠以可持續的方式延伸到地球之外，唯一的方法就是擁有一款完全可重複使用的軌道級運載火箭。因此我認為，這是文明意識史上一個極其深遠的技術里程碑。那我們來看看：如果成功，Flight 15 的模擬會是什麼樣子。如果 Flight 15 沒成功，我們也會達成目標。所以在這些最初的飛行中，成功並非保證；但我會說，下次飛行成功的機率大於不成功。即便沒有成功，我們在今年年底前仍會持續進行一系列 Starship 飛行嘗試，並在明年加速。那麼，接下來播放 Flight 15 模擬。

(video playing)

(影片播放中)

We've also announced the development of the Louisiana spaceport. So that that's going to be an incredible asset to the country and to the world that will, I think, at some point, probably have on the order of 20 or more launch towers and enable the transport of millions of tons per year to orbit and beyond. So that's really going to be a big deal.

我們也宣布了路易斯安那太空港的開發計畫。我認為那將成為對國家與世界都極其重要的資產；在某個時間點，可能會有約 20 座或更多發射塔，並使每年能將數百萬噸貨物運送至軌道及更遠的地方。所以這真的會是一件大事。

We expect Starship to fly weekly at some point in the first half of next year and then second half of next year, twice weekly or maybe even more frequently than that by the end of next year. The rate at which we launched Starship will increase dramatically as we solve the rapid and complete reusability. So we'll have complete reusability. Then at first, there will be a little bit of refurbishment that's needed between each flight, and we'll iron out what the need for any refurbishment such that you can immediately land the rocket and launches, again, just like an airplane.

我們預期在明年上半年某個時點，Starship 將能達到每週飛行一次；而在明年下半年，將達到每週兩次，甚至到明年年底可能更頻繁。隨著我們解決快速且完全可重複使用的問題，Starship 的發射頻率將大幅提升。我們會實現完全可重複使用。起初，每次飛行之間仍需要少量翻修；之後我們會逐步消除翻修需求，讓火箭能夠一落地就再次起飛，就像飛機一樣。

As I said, this is a profound technology milestone that most people know what don't realize how important it is, but it will be obvious in hindsight. Starlink is also just getting started. Flight 14 deployed 26 terabits per second of our Starlink bandwidth.

如我所說，這是一個深遠的技術里程碑；多數人並未意識到它有多重要，但事後回看會非常明顯。Starlink 也才剛開始。Flight 14 部署了我們 Starlink 頻寬的每秒 26 太比特（Tbps）。

That's equivalent to 10 Falcon 9 launches. So a single Starship launch, which wasn't even fully loaded. It was about maybe half loaded. And it did the equivalent of 10 Falcon 9 launches. So what I expect over time is not in the distant future, probably within three years is that we will have about 100 times the bandwidth of the current Starlink constellation.

這相當於 10 次 Falcon 9 發射。也就是說，一次 Starship 發射——而且還不是滿載。大概只裝載了約一半。就達到了 10 次 Falcon 9 發射的效果。因此我預期，隨著時間推進——不是很遙遠的未來，可能在三年內——我們的頻寬將達到目前 Starlink 星座的約 100 倍。

So because we will have launched satellites with an order of magnitude, more bandwidth, and we will place into orbit in order of magnitude more sonic satellites. So probably something on the order of 100,000 satellites, each of which have more than 10 times the bandwidth of the current Starlink system.

因為我們將發射具備高一個數量級頻寬的衛星，並且會在軌部署高一個數量級的衛星。因此可能會達到約 10 萬顆衛星的規模，而每一顆的頻寬都將超過目前 Starlink 系統的 10 倍。

So I think revenue for Starlink will be at least somewhat proportionate to the total bandwidth delivered. And we will also have direct-to-cell high bandwidth direct-to-cell capability, and we will be building out our terrestrial networks that there's broad-based connectivity anywhere that space like and Starlink are allowed to operate. So anywhere in the world that we're allowed to operate.

因此我認為，Starlink 的營收至少在某種程度上會與所交付的總頻寬成正比。我們也將具備直連手機（direct-to-cell）的高頻寬能力，並且會建置地面網路，讓在 SpaceX 與 Starlink 被允許營運的任何地方，都能提供廣泛的連線能力。也就是在全球任何我們被允許營運的地方。

And I think the demand for bandwidth is going to be dramatically higher than it is today. I think in three to five years, there's probably a demand for 1,000 times more bandwidth than there is currently. Because AI or SI agents will -- on a per-agent basis, use for more bandwidth than a person, and they will be far more agents than there are people. So this ends up requiring several order of magnitude increase in communication bandwidth in order to satisfy that communication demand.

而且我認為，對頻寬的需求將會遠高於今天。我認為在三到五年內，需求可能會是目前的 1,000 倍。因為 AI 或 SI 代理（agents）在單一代理的層級上，所使用的頻寬會比人類更多，而且代理的數量會遠多於人口數。因此，為了滿足這種通訊需求，通訊頻寬必須提升好幾個數量級。

So talking about SpaceX Super Intelligence, SpaceX SI, SXSI, whatever. So as I think people are starting to realize the constraint on deployment of Super Intelligence is more in power and cooling and infrastructure than it is in chips. So what we've done at SpaceX, we've taken a team that has been able to achieve a market share in mass-to-orbit that is almost 90% of all mass-to-orbit of earth, where China is about, I think, roughly 6% than the rest of the world combined, including the rest of the US is about 4%.

接著談談 SpaceX 超級智慧（Super Intelligence），SpaceX SI、SXSI，隨便怎麼叫都行。我想大家開始意識到，部署超級智慧的限制因素，與其說在晶片，不如說更多在電力、散熱與基礎設施。所以我們在 SpaceX 所做的是：我們組建了一支團隊，能在「送入軌道的質量」市場取得接近 90% 的市占率；中國約為 6%，而世界其他地區合計（包括美國其他部分）約為 4%。

So a team that has been able to achieve results that are order of magnitude greater than the rest of all competitors in space combined and applied that same team to the deployment of terrestrial compute. So this is a bit like the New York Yankees playing in little league. It's not fair. But the net result is being able to deploy power and cooling infrastructure at a rate that is vastly faster than anyone else and may, at some point, be faster than everyone else combined. So I'll just let that sink in for a minute.

因此，一個能夠取得比太空領域所有其他競爭對手加總還要高出一個數量級成果的團隊，並把同一個團隊用在地面算力的部署上。這有點像紐約洋基隊去打少棒聯盟。這不公平。但最終結果是，能以遠遠快於任何人的速度部署電力與冷卻基礎設施，而且在某個時間點，可能會比其他所有人加總還要快。所以我就讓大家先消化一下。

So I've been spending personally a lot of my time in Memphis, often four days a week, night and day, just getting the Memphis supercompute cluster classes to online. We're tracking to be able to bring roughly 200,000 GB300s online per month for every month for the remainder of this year and continuing that pace next year.

所以我個人最近把很多時間花在孟菲斯，常常一週四天，日以繼夜，只為了讓孟菲斯超級運算叢集的機櫃上線。我們的進度目標是：今年剩餘每個月都能讓大約 200,000 顆 GB300 上線，並在明年延續同樣的節奏。

With next year being primarily a Vera Rubin compute. At this point, I would say I'm -- I would say I'm fairly confident of being able to bring an incremental 10 gigawatts of compute online in 2027. That would be in addition to the roughly 3 gigawatts, maybe 2.5 to 3 gigawatts that we'll have online by the end of this year. So this, I would be surprised if we brought on less than 13 gigawatts of compute by the end of next year.

而明年主要會是 Vera Rubin 算力。就目前而言，我會說我——我會說我相當有信心能在 2027 年額外讓 10 吉瓦的算力上線。這將是在今年年底前我們大約 3 吉瓦（可能 2.5 到 3 吉瓦）上線的基礎之上再增加。所以到明年年底，我會很驚訝如果我們上線的算力少於 13 吉瓦。

As I mentioned earlier, we're -- the power and cooling, electrical equipment infrastructure is somewhat of a limiting factor. So to make sure that, that is not a constraint for our build-out. We're actually going to aim for an incremental 20 gigawatts of power and cooling infrastructure next year. So that the amount of parent cooling that we have is far in excess of what is needed for to turn the GPUs on.

如我先前提到的，我們——電力與冷卻、電氣設備等基礎設施在某種程度上是限制因素。因此，為了確保這不會成為我們擴建的瓶頸。我們明年實際上會以新增 20 吉瓦的電力與冷卻基礎設施為目標。讓我們擁有的供電與冷卻能力遠遠超過啟動 GPU 所需。

So there is -- there's a non-zero possibility -- maybe it's a small possibility at this point, but it's not 0 of having -- of SpaceX having over 20 gigawatts of super intelligence compute online next year. A small possibility, but it used to be 0, it's not 0 anymore.

所以存在——不是零的可能性——也許目前是小概率，但不是 0——SpaceX 明年會有超過 20 吉瓦的超級智慧算力上線。小概率，但以前是 0，現在不再是 0。

We're also planning to have the most powerful training cluster online by the end of Q2, which will be 440,000 Vera Rubin computers deployed for optimal training. This will, I think, be extremely helpful for getting Grok to be potentially the best model. But certainly, to be extremely competitive.

我們也計畫在第二季末前讓最強大的訓練叢集上線，將部署 440,000 台 Vera Rubin 電腦以進行最佳化訓練。我認為這將對讓 Grok 有機會成為最好的模型非常有幫助。但至少，會讓它極具競爭力。

So on the Grok Bot side, we're seeing the fastest growth of a product that I've ever seen in my life for Grok Bot. I've never seen anything grow this fast. We're also seeing that the usage of Grok Bot grows over time per user, it does not decline. So as we make robot more useful, it's actually -- we're seeing users use it more per week, not use it less. And we'll be deploying Grok Bot at scale for enterprise customers, which is a very big deal, so they can be used effectively and teams by companies as though it were a virtual human.

在 Grok Bot 方面，我們看到它是我這輩子見過成長最快的產品。我從沒看過任何東西成長得這麼快。我們也看到 Grok Bot 的使用量會隨著時間在每位用戶身上增加，而不是下降。所以當我們讓機器人更有用時，實際上——我們看到用戶每週使用得更多，而不是更少。而且我們將把 Grok Bot 以規模化方式部署給企業客戶，這非常重要，讓公司團隊能有效使用它，就像它是一個虛擬人類一樣。

We already are in early deployment with some trusted customers, and we expect to be in wide deployment within a few weeks for enterprise customers for Grok Bot. I think Grok Bot may end up being what uses most of our Super Intelligence compute. So I mean, in a nutshell, what this implies for SpaceX annual recurring revenue by the end of '27 is somewhere between $500 billion and $1 trillion.

我們已經在一些受信任的客戶中進行早期部署，並預期在幾週內就能在企業客戶間廣泛部署 Grok Bot。我認為 Grok Bot 最終可能會成為使用我們大部分超級智慧算力的應用。所以簡而言之，這對 SpaceX 到 2027 年底的年度經常性收入（ARR）的意涵，大約是在 5,000 億到 1 兆美元之間。

Are you going next? Sorry. I thought -- on that crazy note, I thought --

你接著講嗎？抱歉。我以為——在那個瘋狂的說法之後，我以為——

On that crazy note.

在那個瘋狂的說法之後。

Yeah, I don’t want to give Bret a heart attack, you know?

對啊，我不想讓 Bret 心臟病發作，你知道嗎？

Thanks, Elon. So we had an exceptional execution and quarter again. And today, I'll focus both on the operational and the commercial highlights as well as talk about the priority initiatives for next quarter. Showing a slide with the KPIs and I'll go ahead and walk through it.

謝謝，Elon。我們這一季再次展現了卓越的執行力。今天我會聚焦在營運與商業面的重點，同時也談談下一季的優先推動事項。我會展示一張包含 KPI 的投影片，接著我會逐項帶大家看。

Starting with our space business. We remain the leading launch provider for the world, flying the vast majority of payload mass-to-orbit. During the third quarter, our 35 launches included 21 flights of Starlink on Falcon 9, two flights of Starship, a Falcon Heavy, which I'll talk about in a second, and 12 high-profile customer missions, including the Falcon Heavy launch, which we flew NASA's Roman space telescope into deep space.

先從我們的太空業務開始。我們仍是全球領先的發射服務供應商，承擔了絕大多數的入軌載荷質量。第三季期間，我們的 35 次發射包括：獵鷹 9 號執行的 21 次 Starlink 任務、兩次星艦飛行、一枚獵鷹重型（我等一下會提到），以及 12 次備受矚目的客戶任務，其中包括獵鷹重型發射，將 NASA 的 Roman 太空望遠鏡送入深空。

We also flew six national security space launch missions. We've also secured important new business, winning three additional human spaceflight missions on Dragon, which will take us through 2028. And along with the Starlink communications contract on NASA's Artemis III mission. In addition, we signed 18 new National Security space launch missions, a contract to deliver payload to the lunar surface with Starship and three new Starfall missions on Starship. We just did a Starfall mission today, by the way, on Falcon 9.

我們也執行了 6 次國家安全太空發射任務。我們也拿下了重要的新業務，贏得另外 3 次使用 Dragon 的載人太空飛行任務，將我們的任務延伸到 2028 年。以及在 NASA Artemis III 任務上的 Starlink 通訊合約。此外，我們簽下了 18 項新的國家安全太空發射任務、一份使用星艦將載荷送達月表的合約，以及 3 項新的 Starfall 星艦任務。順帶一提，我們今天剛用獵鷹 9 號執行了一次 Starfall 任務。

Starfall is our space capsule, which provides routine access, routine relatively low-cost access to microgravity environments for scientific research, including improving our understanding of diseases like cancer and diabetes, and developing better protocols for patients here on Earth. During the final week of the quarter, we flew Starship Flight 14 to orbit, as Elon talked about, followed just after on October 1 by a triple header.

Starfall 是我們的太空艙，為科學研究提供例行性的、相對低成本的微重力環境進入方式，包括增進我們對癌症、糖尿病等疾病的理解，並為地球上的病患制定更好的治療流程。在本季最後一週，我們如 Elon 所說，將星艦第 14 次飛行送入軌道，接著在 10 月 1 日不久後完成三連發。

We threw three Falcon missions across our three Falcon launch sites in just 13 hours. Crew 13, we brought safely to the International Space Station, a Falcon Heavy NRO mission and a rideshare mission flying 130 payloads. It's incredible display of what we can deliver in a single day across crew, commercial and national security missions. We're also incredibly excited for what's ahead for Starship, flying the largest payloads to help build the space economy in orbit and on other planets and the moon.

我們在短短 13 小時內，於三個獵鷹發射場完成三次獵鷹任務。Crew 13 我們安全送抵國際太空站；一項獵鷹重型的 NRO 任務；以及一項共乘任務，搭載 130 個載荷。這是我們在單日內跨越載人、商業與國家安全任務所能交付能力的驚人展現。我們也對星艦接下來的發展感到非常興奮，它將能發射最大型載荷，協助在軌道、其他行星與月球建立太空經濟。

As Elon said, Starships Flight 14 was a major technical milestone, and we remain on track with our goals to bring back both the first and second stages to the tower this year, refly the second stage by early next year, and ramp our launch cadence as we make progress towards rapid reusability. We'll attempt an on-orbit refueling early next year and will begin flying mobile V2 and Starmind satellites in 2027. We have had significant constructive engagement with the FAA, and we expect the license for our Flight 15 to include return to launch site and tower catch for both stages.

如 Elon 所說，星艦第 14 次飛行是重大的技術里程碑；我們仍按計畫推進今年把第一級與第二級都回收至塔架、在明年初重飛第二級，並在朝向快速重複使用的進展中提升發射頻率。我們將在明年初嘗試在軌加注燃料，並將於 2027 年開始發射行動版 V2 與 Starmind 衛星。我們與 FAA 進行了大量且具建設性的互動，並預期第 15 次飛行的許可將包含兩級皆可返回發射場並由塔架捕捉回收。

I'm also extremely excited about expanding the Starship operations to Louisiana, with the second Louisiana purchase. The geography of Louisiana, the community and their work ethic is so aligned for an amazing Starship future.

我也非常期待把星艦營運擴展到路易斯安那州，進行第二次路易斯安那的購置。路易斯安那的地理條件、社區以及他們的工作倫理，都非常契合打造令人驚豔的星艦未來。

Moving on to Starlink. We had another standout quarter driven by continued growth across both our consumer, enterprise and government businesses. We ended the quarter active in 174 markets, including new market launches for Vietnam and Uganda.

接著談 Starlink。在消費者、企業與政府業務持續成長的帶動下，我們又交出一個亮眼的季度。本季結束時，我們已在 174 個市場提供服務，其中包括越南與烏干達等新市場的上線。

Looking at subscriber growth. We added 1.6 million consumers, not total users, but consumers in the quarter, reaching just under 14 million global broadband consumer subscribers. As I mentioned, this number does not include additional hundreds of thousands of enterprise subscribers and aviation customers.

來看訂戶成長。本季我們新增了160萬名消費者（不是總用戶數，而是消費者），使全球寬頻消費者訂戶總數達到接近1,400萬。如我先前提到，這個數字不包含另外數十萬的企業訂戶與航空客戶。

We remain incredibly inspired by the impact of Starlink and communities around the world, including providing service to hundreds of thousands of students and teachers in schools globally as well as for emergency response during natural disasters. Over the third quarter, Starlink's rapid response capabilities enabled support across 25 crises, including the Venezuela earthquake, the earthquake in Western Columbia and Hurricane Lowell in Hawaii. In Venezuela alone, Starlink donated over 1,400 kits to response agencies, providing critical Starlink broadband connectivity to over 250,000 people.

我們仍深受 Starlink 在全球各地社群所帶來影響的啟發，包括在全球學校為數十萬名學生與教師提供服務，以及在天然災害期間支援緊急應變。在第三季期間，Starlink 的快速應變能力支援了25起危機事件，包括委內瑞拉地震、哥倫比亞西部地震，以及夏威夷的洛威爾颶風。僅在委內瑞拉，Starlink 就向應變機構捐贈了超過1,400套設備，為超過25萬人提供關鍵的 Starlink 寬頻連線。

As we mentioned last quarter, we continue to see significant growth opportunities on the enterprise and government side of the business with aviation a continuing major focus and fixed site gaining momentum. Starlink is now contracted for roughly 12,000 planes, almost 1/4 of the available aircraft, and we're expanding quickly with both new and existing customers. We signed agreements with three of the four major US carriers, along with a growing list of leading international airlines.

如同我們上季所提到的，我們持續在企業與政府端看到顯著的成長機會，其中航空仍是主要重點，而固定站點業務也正加速取得動能。Starlink 目前已簽約約12,000架飛機，約占可用機隊的四分之一，我們正與新舊客戶快速擴張。我們已與美國四大主要電信業者中的三家簽署協議，同時也與越來越多領先的國際航空公司合作。

During the quarter, Lufthansa, SWISS, Copa Airlines, Korean Air, Austrian Airlines and Asian Airlines all flew their first Starlink equipped aircraft. To keep pace with this demand, we've quadrupled aviation production rate since the beginning of the year, and we expect to double before the end of the year. Our aviation partners report that Starlink has become a key reason customers choose to fly with them, both business travelers who increasingly rely on full connectivity in the skies or even individuals who want to stay connected all the time everywhere. Our data shows Starlink, and frankly, our customers tell us that Starlink equip flights carry higher load factors on the planes and full connectivity is quickly becoming table stakes for passengers.

本季，Lufthansa、SWISS、Copa Airlines、Korean Air、Austrian Airlines 與 Asian Airlines 都完成了其首架搭載 Starlink 的航班首飛。為了跟上需求，我們自年初以來已將航空產品產能提升至四倍，並預期在年底前再翻倍。我們的航空合作夥伴回報，Starlink 已成為客戶選擇搭乘其航班的關鍵原因之一，無論是愈來愈依賴空中全程連線的商務旅客，或是希望隨時隨地保持連線的一般旅客。我們的數據顯示，而且坦白說，我們的客戶也告訴我們，搭載 Starlink 的航班通常具有更高的載客率，而全程連線正迅速成為旅客的基本配備。

On the government side, Starshield continues to deliver unique mission-critical capabilities, and we see further room for growth. We remain on pace for enterprise and government revenues to exceed consumer connectivity revenues in the future each.

在政府端，Starshield 持續提供獨特的關鍵任務能力，我們也看到進一步成長的空間。我們仍按計畫推進，未來企業與政府營收將在每個期間都超過消費者連線營收。

The successful deployment of the operational V3 broadband satellites on Starship's Flight 14 marks an important step and an inflection point for Starlink. The increased capability from these satellites, as Elon talked about, and the Starship launcher itself, will provide additional capacity across markets and enable new sales in high-demand areas. We expect the market for communications to grow far beyond just human communication that we traditionally think about.

在 Starship 第14次飛行任務中成功部署可運作的 V3 寬頻衛星，標誌著 Starlink 的重要一步與轉折點。如 Elon 所談到的，這些衛星帶來的能力提升，以及 Starship 發射載具本身，將在各市場提供額外容量，並使我們能在高需求地區開拓新的銷售。我們預期通訊市場的成長將遠超過我們傳統所認知的「人與人」通訊。

Connecting cars, robots and the adoption of Super Intelligence will increase communication demands, not in percentages, but in many orders of magnitude. In the years ahead, we expect Starlink will represent a significant -- Starlink alone to represent a significant portion of global Internet traffic.

車輛、機器人連網，以及超級智慧的採用，將使通訊需求的提升不是以百分比計，而是以多個數量級成長。在未來幾年，我們預期 Starlink 將占全球網際網路流量相當可觀的一部分——僅 Starlink 就會占據相當比例。

In mobile, we continue to expand international partnerships turning on service with new carriers across multiple countries in the third quarter, including Uganda, the Democratic Republic of Congo, Kazakhstan and Costa Rica. We surpassed 22 million monthly users on Starlink Mobile as of the end of the quarter, up 37% quarter-over-quarter.

在行動業務方面，我們持續擴大國際合作夥伴關係，第三季在多個國家與新電信業者開通服務，包括烏干達、剛果民主共和國、哈薩克與哥斯大黎加。截至季末，Starlink Mobile 的月活躍用戶已超過2,200萬，較上一季成長37%。

Our near-term priority remains flying the Mobile V2 constellation through next year and integrating our spectrum purchases to turn on service in early 2028. Just a few weeks ago, we received approval from the FCC to launch 15,000 Mobile V2 sats and announced an agreement to acquire a portfolio of low-band spectrum which will pave the way for Starlink Mobile to become a major mobile carrier in the US.

我們的短期優先事項仍是於明年持續部署 Mobile V2 星座，並整合我們購買的頻譜，以在2028年初開通服務。就在幾週前，我們獲得 FCC 核准可發射15,000顆 Mobile V2 衛星，並宣布達成協議收購一組低頻段頻譜組合，這將為 Starlink Mobile 成為美國主要行動電信業者鋪路。

Moving to Super Intelligence. The industry continues to demand ever more massive amounts of compute. We're rapidly expanding capacity to meet both our own needs as Grok and related product scale and those of our cloud service customers. Enterprise feedback on recent model releases has been positive and Grok Bot in particular, is seeing strong adoption out of the gate.

接著談超級智慧。產業對運算資源的需求持續攀升，且規模愈來愈龐大。我們正快速擴充產能，以同時滿足我們自身（隨著 Grok 與相關產品擴張）的需求，以及雲端服務客戶的需求。企業對近期模型版本發布的回饋正面，尤其是 Grok Bot，一推出就獲得強勁採用。

Grok Bot, our Agentic Assistant launched in August, and we already had paid weekly users of 800,000 earlier this month, more than doubling over the last month. B2B is our fastest-growing category with companies increasingly using Grok Bot as a force multiplier across sales, marketing, IT and engineering, treating it as an always-on teammate for complex end-to-end workflows.

Grok Bot 是我們於8月推出的代理型助理（Agentic Assistant），而在本月稍早，我們的付費週活躍用戶已達80萬，較上月成長逾一倍。B2B 是我們成長最快的類別，企業愈來愈多將 Grok Bot 作為提升效能的倍增器，應用於銷售、行銷、IT 與工程等領域，並將其視為可隨時待命、協助處理複雜端到端工作流程的隊友。

We're also accelerating our Grok model release cadence with significant performance gains expected in the near term, will have been and more in the near term. At the same time, the integration of Cursor continues to progress well, strengthening both our product capabilities and our go-to-market reach with a scaled enterprise sales force.

我們也在加快 Grok 模型的發布節奏，預期短期內將帶來顯著的效能提升，並且在短期內還會有更多進展。同時，Cursor 的整合也持續順利推進，強化我們的產品能力，並透過規模化的企業銷售團隊擴大我們的市場推進（go-to-market）觸及。

Early evidence of this momentum is already visible. Grok enterprise customers with more than $1 million in run rate revenue, including Cursor, were up 50% quarter-over-quarter on a pro forma basis. Last week, we further integrated the portfolio by announcing a new scheme that brings together Grok, Grok Bot, Cursor and X Premium on a single plan.

這股動能的早期證據已經可見。以備考（pro forma）基礎計算，年化經常性收入（run rate）超過100萬美元的 Grok 企業客戶（包含 Cursor）季增50%。上週，我們進一步整合產品組合，宣布推出一項新方案，將 Grok、Grok Bot、Cursor 與 X Premium 整合至單一方案中。

In review, our business is experiencing an extremely strong momentum across all three segments. Our engineering teams are scaling Starship and next-generation satellites across broadband, mobile and Starshield, while our commercial teams expand Starlink across aviation, enterprise, government and global markets. At the same time, we're scaling our Super Intelligence business in the key areas of critical compute infrastructure, leveraging our hardware expertise.

總結來說，我們的業務在三大事業部門都展現出極為強勁的動能。我們的工程團隊正擴大 Starship 與下一代衛星的規模，涵蓋寬頻、行動與 Starshield；同時，我們的商務團隊也在航空、企業、政府與全球市場擴展 Starlink。與此同時，我們也在關鍵的運算基礎設施領域擴張超級智慧業務，並運用我們的硬體專長。

Now, Bret, you're good to go.

現在，Bret，交給你了。

Thank you, Gwynne. We delivered another strong quarter in Q3. Revenue grew an impressive 161% year-over-year to $14.6 billion, fueled by the continued momentum in the connectivity business and our clear inflection point in the Super Intelligence or SI business. Adjusted EBITDA once again grew faster than revenue to $8.8 billion, up 306% year-over-year. The combination of our launch leadership, recurring Starlink revenue and the significant expansion of our SI infrastructure business have combined to drive meaningful operating leverage in the business.

謝謝你，Gwynne。我們在第三季再度交出強勁的一季。營收年增161%至146億美元，主要受惠於連線業務的持續動能，以及我們在超級智慧（Super Intelligence，或 SI）業務的明確轉折點。調整後 EBITDA 再次以快於營收的速度成長，達88億美元，年增306%。我們在發射領域的領先地位、Starlink 的經常性收入，以及 SI 基礎設施業務的大幅擴張，共同推動公司產生顯著的營運槓桿。

Our balance sheet remains very strong. And our focus on capital allocation continues to keep us in a position to accelerate the pace of innovation that underpins the significant revenue opportunity across all of our businesses. I'll now walk through the financials by segment.

我們的資產負債表仍然非常強勁。而我們對資本配置的專注，也讓我們得以保持在能加速創新的位置，而這些創新支撐了我們各項業務的重大營收機會。接下來我將按事業部門說明財務表現。

The space revenues of $1.8 billion were up 84% sequentially and up 6% year-over-year, anchored by a favorable customer mix. We're on track to deliver strong growth for the year based on our robust customer manifest for Falcon and Dragon vehicles.

太空業務營收為18億美元，較前一季成長84%，年增6%，主要受惠於有利的客戶組合。基於 Falcon 與 Dragon 載具強勁的客戶任務清單（manifest），我們有望在今年實現強勁成長。

As far as capital allocation, we continued to invest in our Starship program, accelerating Raptor engine and vehicle production advancing giga bay construction and progressing multiple launch pads at both Starbase and the Cape. And importantly, we secured the location for the next phase of United States Space Launch Leadership in Louisiana. These investments remain essential to unlocking the step change in cost and capacity that Starship will deliver.

在資本配置方面，我們持續投資 Starship 計畫，加速 Raptor 引擎與載具的生產、推進 giga bay 的建設，並在 Starbase 與卡納維爾角（Cape）兩地推進多個發射台的建置。更重要的是，我們已在路易斯安那州確定美國太空發射領導地位下一階段的基地位置。這些投資仍是解鎖 Starship 將帶來的成本與運力躍升的關鍵。

Connectivity, again, delivered robust revenue growth and profitability with revenues of $5.2 billion, up 69% year-over-year and 22% sequentially. As Gwynne mentioned, we reached 13.6 million Starlink consumer subscribers, adding 1.6 million subscribers just in Q3 alone, driven by growth in more developed markets.

連線業務再次交出強勁的營收成長與獲利能力，營收為52億美元，年增69%，較前一季成長22%。如 Gwynne 所提到，我們的 Starlink 消費者訂戶達到1,360萬，僅第三季就新增160萬名訂戶，主要由較成熟市場的成長所帶動。

During the quarter, we began ramping production of our V5 kits, which supported our progress on alleviating inventory constraints. We strategically manage our channel distribution and prioritize delivery of kits to retail channels ahead of the holiday season, which we expect will lead to increased activations in Q4. Starlink consumer average revenue per user, or ARPU, monthly average revenue per user increased 5% sequentially to $69 per month, benefiting from a favorable customer mix dynamic in the quarter.

在本季度，我們開始提升 V5 套件的產量，這有助於我們在緩解庫存限制方面取得進展。我們策略性地管理通路分銷，並在假期旺季前優先向零售通路交付套件，預期將帶動第四季（Q4）啟用量增加。Starlink 消費者每用戶平均收入（ARPU，即每用戶月均收入）環比成長 5% 至每月 69 美元，受惠於本季度較有利的客戶組合變化。

Enterprise and Government revenues grew 91% year-over-year and 18% sequentially, highlighted by growth in our Starshield program with the United States government and the continued momentum in the aviation industry.

企業與政府營收年增 91%、環比成長 18%，主要亮點包括我們與美國政府合作的 Starshield 計畫成長，以及航空產業持續的動能。

Aviation remains a major growth opportunity. As we're still early in the installation phase with many of the largest carriers worldwide and have line of sight into an accelerated activation path into '27 for our key partners.

航空仍是重要的成長機會。由於我們仍處於與全球多數大型航空公司安裝的早期階段，且對於關鍵合作夥伴在 2027 年前加速啟用的路徑已有清晰能見度。

Connectivity gross profits doubled year-over-year with gross margins of 55%, including a onetime benefit of roughly 3%, primarily driven by tariff refunds in the quarter. Excluding the onetime benefits, though, adjusted EBITDA margins expanded roughly 2% year-over-year.

連線業務毛利年增一倍，毛利率為 55%，其中包含約 3% 的一次性利益，主要來自本季度的關稅退稅。不含一次性利益，調整後 EBITDA 利潤率年增約 2%。

Looking ahead, the satellite road map is a key driver of both the capacity and capability of our connectivity segment. Through the end of the year and throughout 2027, we expect to deploy V3 broadband satellites in meaningful volume with each Starship launch ramping towards a payload that delivers over 20 times the downlink capacity of the current generation of Falcon 9 launches today.

展望未來，衛星路線圖是推動我們連線業務在容量與能力上的關鍵驅動因素。在今年底至 2027 年期間，我們預期將以具規模的數量部署 V3 寬頻衛星；隨著每次 Starship 發射逐步提升至可搭載的酬載水準，其下行容量將超過目前 Falcon 9 發射之現行世代的 20 倍。

In parallel, we will ramp Starlink Mobile V2 satellites on Starship starting in 2027 and leverage our newly enhanced wireless spectrum portfolio to expand our direct-to-cell service and become a major mobile carrier, as Gwynne mentioned, in the United States. Across all three of our connectivity applications, Starlink Broadband, Starlink Mobile and Starshield, the launch cadence on Starship is expected to drive a step change in total capacity, coverage and service quality.

同時，我們將自 2027 年起在 Starship 上提升 Starlink Mobile V2 衛星的部署，並運用我們新近強化的無線頻譜組合，擴展直連手機（direct-to-cell）服務，並如 Gwynne 所提及，在美國成為主要的行動電信業者。在我們三項連線應用（Starlink Broadband、Starlink Mobile 與 Starshield）中，Starship 的發射節奏預期將帶來總容量、覆蓋範圍與服務品質的躍升。

SI or Super Intelligence was again the standout growth driver for the quarter. Segment revenue increased substantially to $7.6 billion, up $5 billion quarter-over-quarter and $6.7 billion year-over-year, primarily powered by the ramp of our cloud services agreements. We meaningfully improved the segment's profitability profile as we monetize newly deployed capacity and delivered powerful operating leverage for the business. We ended the third quarter with 1.7 gigawatts of nameplate compute capacity with additional data halls already online in early October.

SI（Super Intelligence，超級智慧）再次成為本季度最突出的成長驅動因素。該分部營收大幅提升至 76 億美元，環比增加 50 億美元、年增 67 億美元，主要由我們雲端服務協議的放量所帶動。隨著我們將新部署的產能變現，我們顯著改善了該分部的獲利結構，並為業務帶來強勁的營運槓桿。第三季末，我們名目算力（nameplate compute）容量達 1.7 吉瓦，且在 10 月初已有額外的資料機房上線。

For SI solutions and infrastructure, revenues were $7 billion, of which $608 million came from the Cursor acquisition, closed roughly mid-quarter. And even excluding Cursor, SI solutions and infrastructure revenues grew 192% sequentially, driven primarily by the activation of new cloud services agreements.

就 SI 解決方案與基礎設施而言，營收為 70 億美元，其中 6.08 億美元來自 Cursor 併購案（約於本季度中期完成交割）。即使不含 Cursor，SI 解決方案與基礎設施營收仍環比成長 192%，主要由新雲端服務協議的啟用所驅動。

There are many customers asking for compute, and we're actively building the supply to meet both internal and external demand. We expect to have additional new customers in future deals and we'll continuously evaluate the highest margin usage for our compute assets across both new and existing cloud service agreements and serving inference for our own SI products.

許多客戶正在要求算力，我們正積極擴建供給，以同時滿足內部與外部需求。我們預期未來交易中將新增更多客戶，並將持續評估在新舊雲端服務協議之間，以及為我們自有 SI 產品提供推論服務時，如何讓算力資產用於最高毛利的用途。

What we're seeing in the market is extraordinary. At current pricing, new compute deployments are generating a payback of less than a year. Pricing is currently tracking slightly above the high end of the $30 to $50 per watt range we were discussing just last quarter, which further supports the attractiveness of these terrestrial SI compute investments.

我們在市場上看到的情況非常驚人。以目前定價，新算力部署的回收期不到一年。目前定價略高於我們上季討論的每瓦 30 至 50 美元區間上緣，進一步凸顯這些地面 SI 算力投資的吸引力。

We will continue to be demand-led and prudent in the pace of deployment, matching our disciplined and proactive capital planning for procurement of semiconductor supply to the near-term customer demand. Our current customer contracts for SI compute have the benefit of allowing us to flexibly manage our capacity for our own model training purposes as well as be able to monetize for our SI cloud service agreements revenue at favorable pricing as the market availability continues to tighten.

我們將持續以需求為導向，並在部署節奏上保持審慎，將我們在半導體供應採購上的紀律且前瞻的資本規劃，與短期客戶需求相匹配。我們目前的 SI 算力客戶合約具備彈性，使我們既能為自有模型訓練目的靈活管理產能，也能在市場供給持續趨緊之際，以有利的價格將產能變現，帶動 SI 雲端服務協議營收。

Advertising revenues grew 19% year-over-year as we build more momentum on the new advertising tech platform that we rolled out just last quarter in Q2.

隨著我們在第二季（Q2）剛推出的新廣告技術平台持續累積動能，廣告營收年增 19%。

SI segment adjusted EBITDA was $5 billion, up $3.8 billion quarter-over-quarter and $5.4 billion year-over-year, driven primarily by higher-margin cloud service agreements.

SI 分部調整後 EBITDA 為 50 億美元，環比增加 38 億美元、年增 54 億美元，主要由高毛利的雲端服務協議所帶動。

SI segment operating income was $431 million, but excluding the $1.2 billion of stock-based compensation expense, related to the Cursor acquisition, the segment delivered $1.6 billion of operating profit just in Q3. Double-clicking on the share-based compensation expenses of the $60 billion equity value for Cursor when we purchased it, $23 billion was attributed towards retaining key employees and replacing outstanding equity awards, including revesting agreements for key executives. These equity awards will be recognized as stock-based compensation over roughly the next 3-year vesting period.

SI 分部營業利益為 4.31 億美元；但若排除與 Cursor 併購相關的 12 億美元股票基礎給付（stock-based compensation）費用，該分部僅在第三季就貢獻了 16 億美元的營業利益。進一步拆解我們收購 Cursor 時 600 億美元股權價值所對應的股份基礎給付費用，其中 230 億美元用於留任關鍵員工並替換既有股權獎勵，包含關鍵高階主管的重新歸屬（revesting）協議。這些股權獎勵將在約未來 3 年的歸屬期間內認列為股票基礎給付費用。

Total company capital expenditures in the third quarter were $19.6 billion, primarily in support of our SI compute build-out, Starship infrastructure and satellite production. We ended the quarter with substantial backlog totaling $63 billion as of September 30, of which $17.5 billion was recognized as deferred revenue, approximately $42 billion of this backlog is expected to be recognized within the next year.

公司第三季資本支出合計為 196 億美元，主要用於支持 SI 算力建置、Starship 基礎設施與衛星生產。截至 9 月 30 日，我們期末累積的在手訂單（backlog）總額達 630 億美元，其中 175 億美元已認列為遞延收入；約 420 億美元的在手訂單預期將在未來一年內認列。

Looking ahead, demand remains robust across all three segments, particularly in our Cloud Services business, we remain on track to deliver our previously stated goal of $100 billion in ARR by the end of this year, defined as annualized revenue based on the month of December.

展望未來，三大分部需求仍然強勁，尤其是雲端服務業務；我們仍按計畫在今年底達成先前提出的 1,000 億美元 ARR 目標（定義為以 12 月當月為基礎年化的營收）。

SI infrastructure, continuing to come online at Memphis and Southaven gives us visibility into an accelerated build path through the remainder of this year. As a result, we're on track to reach nearly 2 gigawatts of nameplate compute at the end of this month alone in October and have a clear line of sight, as Elon highlighted, to nameplate compute in the range of 2.5 to 3 gigawatts just by the end of this quarter.

SI 基礎設施在孟菲斯（Memphis）與紹斯黑文（Southaven）持續上線，使我們對今年剩餘期間的加速建置路徑具備能見度。因此，我們預計僅在 10 月底就可達到接近 2 吉瓦的名目算力，並且如 Elon 所強調，我們對於在本季末將名目算力提升至 2.5 至 3 吉瓦區間也有清晰的能見度。

Because of the additional capacity coming online this quarter, we expect fourth quarter capital expenditures to now be in the range of $35 billion to $40 billion for this quarter. We also expect total company gross margins in Q4 and to be more consistent with the second quarter, given some onetime benefits and customer mix that we highlighted in Q3.

由於本季度將有額外產能上線，我們預期第四季資本支出將落在 350 億至 400 億美元區間。考量我們在第三季提到的一次性利益與客戶組合因素，我們也預期第四季公司整體毛利率將更接近第二季的水準。

Given the increased visibility into our compute contract pipeline over the next six months, we have the opportunity to provide additional look forward guidance on the acceleration we see in our business in Q1 2027. We now see total company revenues in the range of $33 billion to $37 billion for Q1 of 2027.

鑑於未來六個月我們在算力合約管線上的能見度提升，我們有機會就 2027 年第一季（Q1 2027）業務加速的情況提供更多前瞻指引。我們目前預期 2027 年第一季公司總營收將介於 330 億至 370 億美元。

In closing, we are in a transformative phase for the company's financial profile. We're investing aggressively across SI compute, Starship development and production and next-generation Starlink broadband and Mobile constellations. The three areas we believe will generate the highest long-term returns. These are demand-led investments in markets with visible tangible returns in the near term.

最後，公司財務輪廓正處於轉型階段。我們正積極投資於 SI 算力、Starship 的研發與生產，以及下一代 Starlink 寬頻與行動通訊星座。我們相信這三個領域將帶來最高的長期報酬。這些投資以需求為導向，且所在市場在短期內即可看到明確且可量化的回報。

We're building the infrastructure of the future with discipline, focused on capital efficiency, strong returns on invested capital and maintaining a strong investment-grade balance sheet while still moving with the velocity to capture the opportunity in front of us. The combination of our diversified earnings base focus on extreme vertical integration and the robust demand in the market for super intelligence gives us conviction in the path ahead.

我們以紀律打造未來的基礎設施，聚焦資本效率、強勁的投入資本報酬率，並在保持穩健的投資等級資產負債表的同時，以足夠的速度把握眼前機會。我們多元化的獲利基礎、對極致垂直整合的專注，以及市場對超級智慧的強勁需求之結合，讓我們對前方道路充滿信心。

With that, I'll turn it back to Andrea.

那麼，我把時間交還給 Andrea。

Thanks, Bret. We're now going to begin the Q&A session. (Event Instructions)

謝謝你，Bret。我們現在開始問答環節。(活動說明)

Adam Jonas, Morgan Stanley.

Adam Jonas，摩根士丹利。

First, Elon, thank you for making flying cars real. That was freaking insane. That's my first comment.

首先，Elon，謝謝你讓飛行車成真。那真的太瘋狂了。這是我的第一個評論。

(inaudible) and that's one of them.

(聽不清)而那就是其中之一。

It's super inspiring for people all over the world, especially young people that want to build. I got a 2-part question on Terafab. You want to make chips. You want to make crazy amounts of chips onshore or in a safe and secure place. So first, can you confirm if SpaceX has placed orders for EUV machines? If so, when do you expect delivery?

這對全世界的人都非常鼓舞，尤其是想要動手打造的年輕人。我有一個關於 Terafab 的兩部分問題。你們想要製造晶片。你們想要在本土或在安全可靠的地方製造大量晶片。所以第一個問題，你能否確認 SpaceX 是否已下單訂購 EUV 設備？如果是，預計何時交付？

And just as a second part to the question, when you take a first principles approach to the semi fab supply chain, I know you've toured TSMC, ASML, AMD, Lam. These are very impressive companies, as I'm sure you'd agree. Where do you see the biggest areas to improve their processes and supply chain when you do it your way?

第二部分，當你以第一性原理來看半導體晶圓廠供應鏈時，我知道你參觀過台積電、ASML、AMD、Lam。這些都是非常令人印象深刻的公司，我相信你也同意。當你用你們的方式來做時，你認為他們在流程與供應鏈上最大的可改善之處在哪裡？

Well, I mean, we're just figuring out through fabrication. So I'll give it -- I'll tell you what our internal expectations are, which obviously, I put big arrow bars on this because we don't know if we will actually achieve this or not. But it's what we're aiming for internally, is to make our first sort of test chip functional in approximately May or June of next year. That's just kind of an SRAM chip or some of that basically test the line. That's at the research fab in Austin.

嗯，我是說，我們也才剛在摸索製程製造。所以我會給你——我會告訴你我們內部的預期；當然，我要特別強調這點，因為我們也不確定是否真的能達成。但我們內部的目標是，大約在明年 5 月或 6 月讓第一顆測試晶片具備功能。那大概是一顆 SRAM 晶片之類的，基本上是用來測試產線。這是在奧斯汀的研發晶圓廠。

And we're aiming to -- our aspiration is to reach volume production around Q3 of '28 at Terafab at Gibbons Creek, the main Terafab location. These are very aggressive dates. And we're very appreciative of ASML and all of our other suppliers in accelerating equipment deliveries in order to achieve this outcome. Let's just say that outcome of achieving volume production is at least in a set of possible outcomes for Q3 or Q4 of '28.

而我們的目標——我們的願景是在 2028 年第三季左右，於 Gibbons Creek 的 Terafab（主要 Terafab 廠址）達到量產。這些時程非常激進。我們也非常感謝 ASML 以及所有其他供應商加速設備交付，以協助達成這個結果。就這麼說吧：在 2028 年第三季或第四季達成量產，至少是在一組可能結果之中。

So these are obviously like insanely fast time frames for chip production. We do have, I think, some significant potential breakthroughs in chip fabrication, but I don't think I should discuss that on an earnings call. Let's not give away the shop here. But I am optimistic that we will dramatically accelerate chip production, and that Terafab will ultimately do what the name suggests, which is to make a terawatt of Super Intelligence chips per year.

所以這些顯然是晶片量產極其快速的時間表。我們確實有一些在晶片製造上的重大潛在突破，但我不認為我應該在財報電話會議上討論。別把底牌都掀了。但我很樂觀，我們將大幅加速晶片生產，而 Terafab 最終也會如其名所示——每年製造相當於 1 太瓦規模的超級智慧晶片。

Doug Anmuth, JPMorgan.

Doug Anmuth，摩根大通。

Elon, can you talk more about just how you're working through those constraints in power and cooling and infra and just what gets you comfortable with the 13 gigawatts ending '27. And then, Bret, if you could also help us understand how you're thinking about the funding requirements just as you look out to that kind of capacity.

Elon，你能否多談談你們如何克服電力、散熱與基礎設施方面的限制，以及是什麼讓你對 2027 年底達到 13 吉瓦感到有把握？另外，Bret，也請你協助我們理解，當你們展望那種規模的產能時，對資金需求是如何思考的？

Yes. Well, I mean, 3 gigawatts of that or very close to 3 gigawatts is what we expect to have done just in the next few months. So you can just look at the rate at which we are actually deploying and turning on compute.

是的。嗯，我是說，其中有 3 吉瓦或非常接近 3 吉瓦，是我們預期在接下來幾個月內就能完成的。所以你可以直接看我們實際部署並啟用算力的速度。

What I think you hear from, I guess, other hyperscalers is, you don't hear a lot of detail about how many GPUs they're actually turning on every month. And with us, you are. I mean as precise as possible about this. It is absolutely insane to be deploying, providing the power and all for the electrical equipment, the cooling the batteries, the networking and everything else that's needed to turn on 220,000 GB300 a month, but that is actually what we're doing right now. And that pace will obviously accelerate next year. We're not going to slow down.

我想你從其他所謂的超大規模業者那裡聽到的是，他們不太會詳細說明每個月實際啟用了多少 GPU。但我們會。我是盡可能精確地在講這件事。每月部署並提供電力，以及所有電氣設備、散熱、電池、網路與其他一切所需，來啟用每月 220,000 顆 GB300，這簡直瘋狂，但我們現在確實就是在做這件事。而這個速度明年顯然還會加快。我們不會放慢。

I don't think -- again, I don't want to -- some of this -- if you say like how we're going to get all this power. Let's just say it like we actually -- we do have a plan that gets guests to 20 gigawatts of power and cooling by the end of next year. But that is not something that I should spell out. That is highly proprietary because if I tell you about it, others are going to try to do the same thing.

我不認為——再說一次，我不想——其中有些——如果你問像是我們要怎麼取得這麼多電力。就這麼說吧：我們確實——我們有一個計畫，能在明年年底前把電力與散熱能力推進到 20 吉瓦。但這不是我應該詳細說明的事情。那是高度專有的，因為如果我告訴你，其他人也會試著做同樣的事。

And I'm not saying we'll have 20 gigawatts of power. I'm saying we have a plan where if everything goes right, we'll have 20 gigawatts of incremental power, I should say, next year. So 23 gigawatts roughly in total.

而且我不是說我們明年就會有 20 吉瓦的電力。我是說我們有一個計畫：如果一切順利，明年我們將新增 20 吉瓦的電力——我應該說是新增電力。所以總量大約 23 吉瓦。

Now I don't expect everything to go right. That's why I said I'm confident of 10 -- highly confident of 10 next year. And 20 is difficult, but not impossible. And I mean, some of the things we're doing, I have mentioned publicly. So we're casting the blades and veins for the turbines. So SpaceX already has a very advanced casting capability that was developed for rocket engines. So we have, I think, actually the most advanced casting capability on Earth. Because the demands for castings for rocket engines exceed the amounts for everything and anything else you can possibly imagine.

現在我不預期一切都會順利。所以我才說我對明年 10——對明年新增 10 吉瓦是高度有信心的。而 20 很困難，但並非不可能。而且，我們正在做的一些事情，我也曾公開提過。例如我們正在鑄造渦輪的葉片與導葉。SpaceX 早就具備非常先進的鑄造能力，那是為火箭引擎開發的。所以我認為我們其實擁有地球上最先進的鑄造能力。因為火箭引擎鑄件的要求，超過你能想像的任何其他事物。

So taking that incredible team that has I think objectively, the most advanced casting technology in the world and saying, hey, can you guys also make some blades and veins for terrestrial turbines, is much easier than what they have done in the past. And when we talk to the turbine suppliers, they tell us that the blades and veins are 12 to 18 months behind the rest of the turbine. Meaning they can deliver everything except the blades and veins, 12 to 18 months before they can deliver the blades and veins.

所以把那支我認為客觀上擁有全球最先進鑄造技術的卓越團隊，然後說：嘿，你們也能不能替地面用渦輪做一些葉片與導葉？這比他們過去做過的事情要容易得多。而當我們跟渦輪供應商談時，他們告訴我們，葉片與導葉比渦輪的其他部分落後 12 到 18 個月。也就是說，他們可以在交付葉片與導葉之前 12 到 18 個月，先交付除了葉片與導葉以外的所有東西。

So casting is really difficult bottleneck. And if anything, it seems to be getting worse. So that means that we can bring power online 12 to 18 months faster than anyone else. That's the kind of advantage that's difficult to replicate. Unless someone else is doing advanced casting -- is building an advanced casting shop that will be unable to compete with SpaceX in this regard. And we're looking at many different sources of power, not just gas turbines. There's -- we obviously want to use solar wind and every other source of power that we can obtain.

所以鑄造真的是一個非常困難的瓶頸。而且如果有什麼趨勢的話，似乎還在惡化。這表示我們能比任何人快 12 到 18 個月把電力上線。這種優勢很難被複製。除非其他人也在做先進鑄造——在建一個先進鑄造工坊，但在這方面也無法與 SpaceX 競爭。而我們也在看很多不同的電力來源，不只是燃氣渦輪。我們顯然也希望使用太陽能、風能以及我們能取得的所有其他電力來源。

We think there's also a lot of opportunity for inference compute. If you manufacture modular inference compute at the factory level and then such that it's the power and cooling are built in at the factory and then you distribute modular inference compute clusters all over the country, if not all over the world. That's about as much as I should say about scaling power and cooling. But like I said, at this point, I'd say I feel highly confident of 10 gigawatts incremental next year. So 13 total and some number over 20 is -- the probability of achieving that is rising rapidly.

我們也認為推論算力方面有很大的機會。如果你在工廠端製造模組化的推論算力，讓電力與散熱在工廠就整合完成，然後把模組化的推論算力叢集分散到全國各地，甚至全世界。關於電力與散熱的擴展，我大概只能說到這裡。但如我所說，就目前而言，我會說我對明年新增 10 吉瓦是高度有信心的。所以總量 13，而超過 20 的某個數字——達成的機率正在快速上升。

Doug, the second part of your question related to funding. I think we certainly have the advantage related to others in that we are investment grade and have a very strong balance sheet. And there are a number of available pools of debt capital that we are talking to at the moment related to funding this incredible growth.

Doug，你問題的第二部分與融資有關。我認為，相較於其他公司，我們確實具備優勢，因為我們是投資等級，且資產負債表非常強健。而且目前我們正在與多個可用的債務資本來源洽談，以為這波驚人的成長提供資金。

The other really important thing to emphasize is the payback period is very short. And so this capability starts to fund itself in a pretty near-term situation. And so the fact even that we're finishing this quarter with more capability starts the funding mechanism even into the first half of next year. So you have your operational cash flows, first and foremost, you have multiple pools of capital available in the debt market, especially because of our investment-grade status and strong balance sheet. And then you also have the opportunity from what we've seen to partner with I would say, the whole value chain related to on the vendor and customer side.

另外一個非常重要、需要強調的是，回收期非常短。因此，這項能力在相當短期內就會開始自我供資。甚至我們在本季結束時完成更多產能，也會讓資金供應機制在明年上半年就開始運作。所以，首先你有營運現金流；其次，債券市場上有多個資金池可用，特別是因為我們的投資等級地位與強健的資產負債表。再者，從我們所見，你也有機會與我會說是整個價值鏈合作，涵蓋供應商端與客戶端。

So there's nothing easy about SpaceX for sure. And so might as well have the finance piece be part of the challenge at the same time. But we have a lot of conviction that we were going to be able to do this in a very measured fashion and continue to keep ourselves in that IG status along the way.

所以，SpaceX 絕對不是一件容易的事。那不如就讓財務這一塊也同時成為挑戰的一部分。但我們非常有信心，我們能以非常審慎、有節奏的方式做到這件事，並在過程中持續維持我們的投資等級（IG）地位。

And certainly, if you look at our track record with respect to capital efficiency with Starship and all of our other projects you'd be hard-pressed to find any company in the world that is as good at capital efficiency at SpaceX.

而且當然，如果你看我們在 Starship 以及所有其他專案上的資本效率紀錄，你很難在全世界找到任何一家公司的資本效率能像 SpaceX 這麼好。

Exactly.

沒錯。

Edison Yu, Deutsche Bank.

Edison Yu，德意志銀行。

I got Adam's enthusiasm about the Roadster. So there's been a lot of reporting, a lot of anticipation of a merger with Tesla. I realize you may be limited on what we can say. But if we take a step back, how do you think about the pros and cons of a potential combination? And as part of that framework, are there any roadblocks that we need to address before embarking on it?

我感受到 Adam 對 Roadster 的熱情。所以外界有很多報導、也有很多人期待與 Tesla 合併。我知道你們在能說的內容上可能有所限制。但如果我們退一步來看，你如何看待潛在合併的利與弊？以及在這個框架下，在啟動之前是否有任何我們需要先解決的障礙？

I mean this is definitely kind of a question where I feel like I'm tap-dancing through a minefield. But so I have to be thoughtful about what I say here. I think -- so both SpaceX and Tesla have formed special committees to discuss this idea at the request of shareholders. And these special committees are consisted of independent directors.

我的意思是，這確實是一個讓我覺得像是在雷區裡跳踢踏舞的問題。所以我必須謹慎思考我在這裡要說什麼。我想——SpaceX 和 Tesla 都已在股東要求下成立特別委員會來討論這個想法。而這些特別委員會由獨立董事組成。

And because I'm a conflicted party, I can't actually be in the discussions of the special committees. So it's this -- it's sort of a -- it's an odd Kabuki dance where two groups of people are talking, and I can't be in the conversation. I mean, I don't think we should necessarily assume that -- I think some people out there assume that SpaceX and Tesla merger is a certainty, and I think that would be overstating it.

而且因為我屬於有利益衝突的一方，我實際上不能參與特別委員會的討論。所以這——有點像——是一場奇怪的歌舞伎：兩群人在談，而我不能在對話裡。我的意思是，我不認為我們應該必然假設——我想外面有些人認為 SpaceX 和 Tesla 合併是板上釘釘，我覺得那樣說就言過其實了。

Do I think it would be a good idea? Yes. But at the end of the day, the shareholders have to be supportive of this. And particularly on the Tesla side, we will need a 50% vote of all shares, not just those who vote but of all shareholders. And that's quite a high hurdle to try to achieve.

我是否認為這會是個好主意？是的。但歸根結底，股東必須支持這件事。尤其在 Tesla 這一側，我們需要所有股份的 50% 投票同意，不只是參與投票者，而是所有股東。而那是一個相當高的門檻，很難達成。

And I can just say that, at this point, that the special committees have not reached agreement on the terms of any transaction. And obviously, there's no guarantee that they will. But I do think there's a lot of merit to combining the companies as we are pretty much in the Super Intelligence singularity. And there's a lot to be gained from cooperating on developing Super Intelligence software, chip design, the Terafab, obviously, robotics, mass-to-orbit with the Starmind constellation --

我只能說，就目前而言，特別委員會尚未就任何交易條款達成一致。而且顯然，也無法保證他們會達成。但我確實認為合併兩家公司有很大的價值，因為我們幾乎正處於超級智慧奇點之中。在超級智慧軟體開發、晶片設計、Terafab，當然還有機器人，以及透過 Starmind 星座實現的入軌運力（mass-to-orbit）——在這些方面合作都能帶來很大收穫——

Connectivity.

連線能力。

Connectivity. So I think it will be a good idea, but it's really up to the special committees of both companies. Like they've got to come up with something and then that's going to be put to the shareholders as a vote.

連線能力。所以我認為這會是個好主意，但最終還是取決於兩家公司的特別委員會。他們必須提出一個方案，然後交由股東投票表決。

Kutgun Maral, Evercore.

Kutgun Maral，Evercore。

I wanted to ask about Starlink Mobile, which has come a long way in a short time, including the recent low-band deal. Even so, there's still some uncertainty about how your spectrum portfolio, even though it's much improved and possibly will continue to grow, can compete with incumbents in the US. And part of the unknown for us on the outside is how much coverage and capacity the satellite layer can really provide to bridge the terrestrial gap to peers.

我想問 Starlink Mobile。它在很短時間內進展很大，包括最近的低頻段交易。即便如此，外界仍對你們的頻譜組合存在一些不確定性：即使它已大幅改善、且可能持續擴充，仍要如何在美國與既有業者競爭。對我們外部人士而言，未知的一部分在於衛星層究竟能提供多少覆蓋與容量，以彌補與同業相比在地面網路上的差距。

So what roles do you expect the satellite and terrestrial parts of the network will play? And how should we think about the traffic mix between them in delivering a 5G-like experience in the US? And maybe more broadly, how much of the connectivity focus is on traditional retail wireless versus what could be a massive physical AI opportunity?

所以你預期衛星與地面網路各自會扮演什麼角色？在美國提供類 5G 體驗時，我們應該如何看待兩者之間的流量組合？以及更廣泛地說，你們在連線能力上的重點，有多少是放在傳統零售無線業務上， versus 可能是一個巨大的實體 AI 機會？

Yes. Let me -- Elon can fill in some details, but let me point out that the vast majority of mobile connectivity is actually Wi-Fi, right? I think it's something between 85% and 93% is done through Wi-Fi. And keep in mind, Starlink Broadband does a lot of Wi-Fi work as well.

是的。讓我——Elon 可以補充一些細節，但我先指出，行動連線的絕大多數其實是 Wi‑Fi，對吧？我想大約有 85% 到 93% 是透過 Wi‑Fi 完成的。並且請記住，Starlink 寬頻也做了很多 Wi‑Fi 相關的工作。

As far as the mix goes, I think we expect that the S-band spectrum will provide the majority. And then obviously, you need the low-band spectrum, megahertz spectrum to basically penetrate buildings. So if you're not on Wi-Fi, you can still receive the signal. So I think -- by the way, I'll correct myself if I'm wrong afterwards. But I think the S-band will carry the majority. And then the low band spectrum will carry less. But provide a critical piece, by the way.

至於組合，我認為我們預期 S 頻段頻譜會提供大部分承載。然後很明顯，你也需要低頻段、以 MHz 計的頻譜，基本上用來穿透建築物。這樣如果你不在 Wi‑Fi 上，仍然可以接收到訊號。所以我想——順帶一提，如果我之後發現我說錯了，我會更正。但我認為 S 頻段會承載大多數。而低頻段頻譜承載較少。但它提供關鍵的一塊，順帶一提。

And also, we talked last quarter -- at the last earnings call about smaller kind of not quite tower capable but smaller radios that we would -- we could put on already installed homes for Starlink, businesses for Starlink, towers as well. So it's not just the spectrum that we've talked about with the S-band. We will basically leverage the real estate from Starlink installs and other towers.

另外，我們在上季——在上次財報電話會議中談到較小型的設備：不是那種完整基地台等級，但屬於較小的無線電設備，我們可以把它裝在已安裝 Starlink 的住家、已安裝 Starlink 的企業，以及基地台上。所以不只是我們談到的 S 頻段頻譜。我們基本上也會利用 Starlink 安裝點與其他基地台的場址資源。

Yes. I think we probably should do a longer presentation on the game plan for Starlink connectivity and why we think it will ultimately be a business that generates several hundred billion dollars in revenue a year because you are missing some of the pieces that we know about internally. I can say we do see a clear path to several hundred million dollars a year in connectivity revenue. But I think we should probably describe that in a in more detail in a forum that's not limited to a few minutes at an earnings call.

是的。我想我們可能應該就 Starlink 連線的作戰計畫做一個更長的簡報，並說明為什麼我們認為它最終會成為一個每年創造數千億美元營收的業務，因為你們目前缺少一些我們內部掌握的拼圖。我可以說，我們確實看到一條清晰的路徑，能達到每年數億美元的連線營收。但我想我們應該在一個不受財報電話會議幾分鐘限制的場合，更詳細地說明。

Eric Sheridan, Goldman Sachs.

Eric Sheridan，高盛。

Maybe if I could turn to the scaling of compute you laid out at the beginning part of the call. When you think about a framework for applying that compute to the external opportunity that presents itself from cloud services relative to the internal needs of that compute scaling Cursor, and Grok and Grok Bot, how has your view evolved about striking the right balance in that mix and how to think through the output from a monetization standpoint of what that mix might produce for the business in the next 12 to 18 months?

也許我可以轉到你在電話會議開頭談到的算力擴張。當你思考一個框架，把這些算力用在雲端服務所帶來的外部機會，並相對於內部對算力擴張（Cursor、Grok 以及 Grok Bot）的需求時，你對於如何在這個組合中取得適當平衡的看法如何演變？以及從變現角度來看，這個組合在未來 12 到 18 個月可能為公司帶來的產出，你會如何思考？

Well, the allocation relative -- the relative allocation of compute to third-parties process internal is something that's going to change from one month to the next. I guess as a rough approximation, our goal is to kind of split it 50-50 more or less, where half of the compute is used internally and half of it is rented to others. But that number could shift 60-40 one way or the other. It could -- it's going to be dynamic. And obviously, our approach is to rent at the -- effectively the spot market rate as opposed to assign these long-term deals.

嗯，算力在第三方租用與內部使用之間的配置比例——也就是相對配置——會隨著每個月而變動。我想粗略來說，我們的目標大致是50/50分配，也就是一半算力用於內部，一半租給外部。但這個數字可能會往任一方向變成60/40。它會——會是動態的。而且很明顯，我們的做法是以——實際上以即期市場價格來出租，而不是簽這些長期合約。

Our belief is that the value of compute per watt will increase over time, not decrease. And the reason for that, I think it should be obvious to people really is that -- as you improve the AI software as the models get better and better, they're able to -- you get more useful intelligence per watt. And the value of that compute is proportionate to the useful intelligence per watt. And that's why you see things like even old computers like H100s renting for more than -- they rented when they were new. And I think that's likely to continue. I think we're going to face a shortage of Super Intelligence compute. And that shortage is going to remain for a long time.

我們相信，每瓦算力的價值會隨時間上升，而不是下降。原因我想對大家應該很明顯——當你改進AI軟體、模型變得越來越好時，它們能夠——你會得到每瓦更多有用的智慧。而該算力的價值與每瓦的有用智慧成正比。這也是為什麼你會看到像H100這種甚至已經算舊的電腦，租金比——它們剛推出時的租金還高。而我認為這種情況很可能會持續。我認為我們將面臨「超級智慧」算力的短缺。而這種短缺會持續很長一段時間。

So I think the smart move is to do short-term contracts and to -- essentially to make place the bet on useful intelligence per watt increasing rapidly, which obviously is done. So that's what's happened so far. And also, if you look at, say, how are our short-term contracts renewing? Are they renewing at higher dollars per watt or lower. And we see them renewing at higher dollars per watt, not lower dollars per watt.

所以我認為明智之舉是做短期合約，並且——本質上是押注每瓦有用智慧會快速提升，而這顯然正在發生。這就是目前為止的情況。另外，如果你看，例如，我們的短期合約續約情況如何？它們是以更高的每瓦美元金額續約，還是更低？我們看到的是以更高的每瓦美元金額續約，而不是更低。

We are also frankly, haunted relentlessly by every hyperscaler and by dozens of smaller companies to rent more of our compute. So we could rent out our compute several times over if we said yes to everyone. That's just the situation here. That's why I posted that sort of video meme of the Monty Python Cheese Shop sketch where the guy goes into a cheese shop, so it gets some cheese, and they actually have no cheese. And so he goes like, what about this kind of cheese, what about that kind of cheese? And they really just don't have any cheese.

坦白說，我們也一直被每一家超大規模雲端業者（hyperscaler）以及數十家較小公司不斷追著要租更多我們的算力。所以如果我們對所有人都說好，我們的算力可以被租出去好幾倍。這就是目前的狀況。這也是為什麼我貼了那種《蒙提派森》「起司店」短劇的影片迷因：那個人走進一家起司店，想買些起司，但他們其實完全沒有起司。於是他就問，這種起司有嗎、那種起司有嗎？而他們真的就是沒有任何起司。

So we've actually tried to offload some of our inference compute to other cloud providers so that we can use more compute for training, and we get the cheese shops sketch. They'll say like, well, we'll ask them about -- what about some GB300s? Nope. Don't have any of those. What about some G200s? Nope. Don't have any of those. What about some TPUs? Nope. What about some trainings? nope. What about some -- okay, how about some H100s? I'm like, well, we might have some overseas somewhere and then they'll check and come back and say, nope, we don't have that either.

所以我們其實試著把部分推論算力轉移到其他雲端供應商，這樣我們就能把更多算力用在訓練上，結果就遇到那個「起司店」短劇的情境。他們會說，比如我們問——有沒有一些GB300？沒有。沒有那些。那有沒有一些G200？沒有。沒有那些。那有沒有一些TPU？沒有。那有沒有一些訓練（資源）？沒有。那有沒有——好吧，那H100呢？我就想，嗯，我們可能在海外某處有一些，然後他們去查，回來說，不，我們那個也沒有。

So it's like ridiculous. Yes. So I don't think we're going to have a demand issue here. And -- like it's not impossible. I'm not saying this will happen. It's not impossible that we will have a 6-month payback period for compute next year.

所以這就很荒謬。是的。所以我不認為我們在這裡會有需求面的問題。而且——比如說這不是不可能。我不是說一定會發生。但並非不可能的是，明年算力的投資回收期會是6個月。

We're now going to turn to some questions from individual investors that were posted directly on to our public Q&A platform. Since we've talked a lot about compute deployment terrestrially, let's move to question on V3 sats.

我們現在要轉到一些個人投資人直接在我們公開Q&A平台上提出的問題。既然我們已經談了很多地面上的算力部署，那我們來看一個關於V3衛星的問題。

So when will capacity gains from V3 satellites actually show up as meaningfully higher speeds and lower latency for users? How many V3 are needed before the network feels noticeably better in high demand areas.

那麼，V3衛星帶來的容量提升，什麼時候才會以對用戶而言明顯更高的速度與更低的延遲呈現出來？在高需求地區，需要多少顆V3，網路體感才會明顯變好？

I think we'll need a few hundred V3 satellites for people to really feel the impact because right now with very few satellites, you'll get an impact and then 10 minutes later, it won't be there. So a few hundred satellites, and I think we can achieve that by mid next year.

我認為需要幾百顆V3衛星，人們才會真正感受到影響，因為現在衛星數量很少時，你會感受到影響，但10分鐘後影響就不見了。所以要幾百顆衛星，我想我們可以在明年年中達成。

I'll take number 6, which is, can you provide an update on Starbase Louisiana? What's the time line? And what's your current confidence level in achieving a first Starship launch from the site as early as 2029?

我來回答第6題，也就是：你能否提供Starbase Louisiana的最新進度？時間表是什麼？以及你目前對於最早在2029年就能從該基地進行首次星艦發射的信心程度如何？

Well, our internal aspiration for first launch from Louisiana is actually in two years. So '28 would be -- is our goal. But I think '29 is highly likely. I think we'll be at scale launching from Louisiana at scale in '29. I'm highly confident.

嗯，我們內部對路易斯安那首次發射的期望其實是在兩年內。所以'28會是——是我們的目標。但我認為'29的可能性非常高。我認為我們會在'29年於路易斯安那達到規模化發射、以規模化的方式運作。我非常有信心。

Thanks, everyone. This wraps up the Q3 2026 earnings report. Thank you all for tuning in, and we will see you next quarter.

謝謝各位。以上是2026年第三季財報電話會議的全部內容。感謝大家收聽，我們下個季度再見。