SpaceX Reports a Significant Growth in Revenue in 2Q26

SpaceX reported second-quarter revenue of $7.8 billion, up 92% year-on-year from $4.1 billion. This was the company’s first results release since going public in June.

Net loss narrowed to $541 million, an improvement of $467 million from the $1 billion loss posted a year earlier. Capex surged to $18.4 billion for the quarter, up from $2.8 billion a year earlier, driven overwhelmingly by the AI segment, where it reached $15.8 billion. Space segment capex came in at $1.2 billion and Connectivity capex at $1.4 billion.

The AI division, spanning Grok, X, cloud infrastructure, and advertising, posted revenue of $2.6 billion, up 247%, driven by new Cloud Services Agreements and growth in Grok/X subscriptions. The business generates compute-contract revenue from customers including Anthropic, Google, and Reflection AI, though some recurring revenue has yet to be recognised.

The segment narrowed its operating loss 49% quarter-on-quarter to $1.3 billion, though SpaceX cautioned the unit needs sustained investment to turn profitable. It signed $14.1 billion in contracted Cloud Services Agreements and announced a $60 billion deal to acquire coding tool Cursor.

Connectivity, the Starlink-led segment, generated $4.3 billion in revenue, up 66%, with operating income up 79% to $1.7 billion. Starlink subscribers doubled to 12 million. The Space segment posted revenue of $962 million, up 29%, with an operating loss of $542 million as the company invested heavily in Starship. SpaceX ended the quarter with $100 billion in cash and marketable securities, and a $47.5 billion backlog.