SpaceX published its first quarterly earnings as a public company on Tuesday, showing growth split between two businesses: satellite internet and rented-out AI compute.
Revenue reached $7.8 billion in the second quarter of 2026, up 92 percent from $4 billion in the same quarter last year. Nearly $2 billion of the increase came from the AI division, the business that began as Elon Musk’s xAI and was folded into the rocket company, after SpaceX signed deals to rent computing power to Anthropic and Google in the weeks before its IPO. Starlink contributed another $1.7 billion of growth. SpaceX remained unprofitable, posting a $541 million net loss for the quarter, but that deficit was about half of what it posted a year ago.
The report came less than two months after SpaceX completed the largest IPO in history, raising more than $85 billion at a $1.75 trillion valuation in June. The stock briefly pushed the company’s market capitalization past Amazon in its first days of trading, but has since fallen below the $135 IPO price, closing just above $125 on Tuesday and dropping as much as 8 percent in after-hours trading.
Executives signaled more growth ahead. Chief financial officer Bret Johnsen cited $6.7 billion in signed cloud-services deals spanning six months of delivery starting in October, and said that once the company completes its planned acquisition of AI coding startup Cursor, it expects revenue to reach an annualized pace of $100 billion by December. SpaceX reported $18.67 billion in revenue for all of 2025.
The spending side is equally aggressive: capital spending topped $28 billion across the first six months of 2026, up from $7 billion in the same stretch of 2025, funded by a roughly $100 billion war chest built after a post-IPO bond sale. Starlink ended the quarter with about 12 million subscribers, double the year-ago figure, and Starshield has secured more than $6 billion in US government contracts. The two Memphis-area data centers built to train xAI’s models are now largely monetized as hosting capacity for outside customers, the source of the quarter’s biggest growth.
Sources: SpaceX doubles revenue on Anthropic and Google compute deals, Starlink growth (TechCrunch, Aug 4, 2026); SpaceX revenue jumps in debut results as satellite, AI businesses surge (Reuters, Aug 4, 2026); SpaceX (SPCX) Q2 2026 earnings summary (Quartr, Aug 4, 2026)