JUST RECORDED: Elon Reveals SpaceX's Monster Quarter

章节 1：星舰与星链扩张，超级智能算力加速部署

📝 本节摘要：

马斯克回顾星舰第14次飞行及第15次飞行计划，强调完全可重复使用的轨道运载器对太空运输和文明延续的重要意义。他展望星链带宽、卫星数量与直连手机能力增长，并介绍以电力、冷却和基础设施为重点的超级智能算力部署，以及 Grok 企业产品的发展。

[原文] [Andrea Williams]: Hello, everyone. We are coming to you live from our Starlink factory and future Starship 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. Revenues of $14.6 billion, up 161% from $5.6 billion; net income of $4.44 billion, an improvement of $5.5 billion from a net loss of $1.1 billion; and adjusted EBITDA of $8.8 billion, up 306% from $2.2 billion.

[译文] [Andrea Williams]: 大家好，我们现在在德克萨斯州巴斯特罗普的星链工厂、未来的星舰生产基地，向大家进行直播。我是投资者关系负责人安德烈娅·威廉姆斯，感谢各位参加 SpaceX 2026 年第三季度财报说明会。营收为 146 亿美元，较 56 亿美元增长 161%；净利润为 44.4 亿美元，较此前 11 亿美元的净亏损改善了 55 亿美元；调整后 EBITDA 为 88 亿美元，较 22 亿美元增长 306%。

[原文] [Elon Musk]: Thank you. So, we are at an inflection point for SpaceX across launch, connectivity, and superintelligence. Starting with Starship, Flight 14 was a critical milestone. Starship made it to orbit for the first time and deployed operational Starlink V3 satellites. For Flight 15, which we expect to happen next month, we're going to attempt to catch both the booster and the ship. If we succeed, this will be the first time an orbital launch vehicle has been fully recovered. This is a massive technology milestone. The only way that we can extend consciousness beyond Earth on a sustained basis is with a fully reusable orbital launch vehicle. So, I think this is a profound technology milestone in the history of civilization and consciousness. Let's look at a simulation of

[译文] [Elon Musk]: 谢谢。SpaceX 在发射、连接服务和超级智能方面都处于一个转折点。先说星舰：第 14 次飞行是一个关键里程碑，星舰首次进入轨道，并部署了可投入运营的星链 V3 卫星。我们预计下个月进行第 15 次飞行，届时将尝试同时捕获助推器和飞船。如果成功，这将是轨道运载器首次实现完整回收。这是一个重大的技术里程碑。要持续地把意识拓展到地球之外，唯一的办法就是拥有完全可重复使用的轨道运载器。因此，我认为这在人类文明和意识的历史上，是一个意义深远的技术里程碑。我们来看看一段模拟，

[原文] [Elon Musk]: what Flight 15 would look like if we succeed. If we don't succeed on Flight 15, we'll get there. Success is not guaranteed on these first flights, but I'd say it's more likely than not that this succeeds on the next flight. We've also announced the development of the Louisiana Spaceport. That's going to be an incredible asset to the country and the world, with, I think, on the order of 20 or more launch towers at some point, and it will enable the transport of millions of tons per year to orbit and beyond. That's really going to be a big deal. We expect Starship to fly weekly at some point in the first half of next year, and then twice weekly, or maybe even more frequently, in the second half of next year, by the end of next

[译文] [Elon Musk]: 如果第 15 次飞行成功，过程大致会是什么样。如果这次没成功，我们最终也会做到。前几次飞行并不能保证成功，不过我认为下一次飞行成功的可能性更大。我们还宣布将建设路易斯安那州航天港。我认为，这会成为美国乃至全世界的重要资产，最终可能会有大约 20 座或更多发射塔，使每年向轨道及更远处运输数百万吨货物成为可能。这会是件大事。我们预计明年上半年某个时候，星舰将实现每周飞行；到明年下半年，可能每周飞行两次，甚至更频繁；而在明年年底，

[原文] [Elon Musk]: year. The rate at which we launch Starship will increase dramatically as we solve rapid and complete reusability. We'll achieve complete reusability. At first, there will be a little bit of refurbishment needed between each flight, and we'll work out what refurbishment is necessary so that you can land the rocket and launch it again immediately, just like an airplane. As I said, this is a profound technology milestone. Most people in the world don't realize how important it is, but it will be obvious in hindsight.

[译文] [Elon Musk]: 星舰的发射频率会在我们解决快速、完整复用的问题后大幅提升。我们会实现完全复用。起初，每次飞行后还需要做一些整修；我们会逐步弄清楚必要的整修工作，最终让火箭能够像飞机一样，着陆后马上再次发射。正如我刚才所说，这是一个意义深远的技术里程碑。世界上大多数人还没有意识到它有多重要，但回头看时，这一点会非常明显。

[原文] [Elon Musk]: Starlink is also just getting started. Flight 14 deployed 26 terabits per second of Starlink bandwidth. That's equivalent to 10 Falcon 9 launches. A single Starship launch, which wasn't even fully loaded—it was maybe half loaded—did the equivalent of 10 Falcon 9 launches. What I expect over time, probably within three years and not in the distant future, is that we'll have about 100 times the bandwidth of the current Starlink constellation. That's because we'll launch satellites with an order of magnitude more bandwidth and put an order of magnitude more Starlink satellites into orbit. So, probably something on the order of 100,000 satellites, each with more than 10 times the bandwidth of the current Starlink system. I think

[译文] [Elon Musk]: 星链也才刚刚起步。第 14 次飞行部署了每秒 26 太比特的星链带宽，相当于 10 次猎鹰 9 号发射。一枚并未满载的星舰——大概只装了一半——就完成了相当于 10 次猎鹰 9 号发射的工作量。我预计，可能在三年内，我们就能把星链星座的带宽提升到目前的约 100 倍。这是因为我们会发射带宽高出一个数量级的卫星，同时将多出一个数量级的星链卫星送入轨道。卫星总数可能会达到约 10 万颗，每颗卫星的带宽都超过当前星链系统的 10 倍。我认为，

[原文] [Elon Musk]: 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 SpaceX and Starlink are allowed to operate. So anywhere in the world that we're allowed to operate and I think the demand for bandwidth is going to be dramatically higher than it is today. I I think in three 3 to 5 years there's probably a demand for a thousand times more bandwidth than there is currently. because AI or SI agents will even on a per agent basis use far more bandwidth than than a person and there will be far more agents than there are people. So this ends up requiring a several order of magnitude increase in

[译文] [Elon Musk]: 星链营收至少会在一定程度上与交付的总带宽成正比，我们也会具备高带宽的手机直连能力。我们还会建设地面网络，让 SpaceX 和星链获准运营的地区都能获得广泛连接服务，也就是全球所有获准运营的地方。我认为，带宽需求将远高于现在。三到五年后，带宽需求可能会达到目前的 1000 倍，因为人工智能或超级智能体每个所需的带宽会远超一个人，而且智能体的数量也会远远多于人类。因此，要满足这一通信需求，通信带宽必须提升好几个数量级。