SpaceX Q2 Revenue Hits $7.8B as AI Division Drives 92% Growth in First Public Earnings

SpaceX published its first quarterly earnings as a public company on August 4, 2026, reporting $7.8 billion in revenue for the second quarter. The figure represents a 92 percent increase from the same period last year, driven primarily by its artificial intelligence division and Starlink connectivity business.

The company narrowed its net loss to $541 million, down from $1 billion a year ago, as operating expenses grew more slowly than revenue. SpaceX ended the quarter with $100 billion in cash and marketable securities and a $47.5 billion order backlog.

AI Division Revenue Surges 247 Percent on Cloud Deals

The division formerly known as xAI generated $2.56 billion in revenue, up 247 percent from $737 million a year earlier. SpaceX attributed the growth to cloud services agreements, including a deal with Anthropic to use its Colossus 1 data center at $1.25 billion per month through May 2029, and a separate arrangement with Google. The AI division cut its operating loss to $1.25 billion from $1.54 billion.

Capital expenditure for the AI business reached $15.8 billion in the quarter, a 2,013 percent year-over-year increase. Total company CapEx was $18.4 billion, up from $2.8 billion a year ago. By comparison, SpaceX spent only $1.17 billion on maintaining and improving fixed assets for its rocket launch operations.

• Connectivity division, including Starlink, posted $4.29 billion in Q2 revenue.
• SpaceX purchased $329 million worth of Tesla Megapacks so far in 2026 for energy storage.
• The company expects to close its acquisition of Cursor, an AI coding startup, later this quarter.
• SpaceX went public on June 12, 2026, making this its first earnings report as a listed company.

Infrastructure Spending Signals AI Arms Race Intensity

The financials offer the first detailed look at the cost of running a major AI operation. SpaceX is widely considered the fourth-largest player in AI behind Anthropic, Google, and OpenAI. The $15.8 billion in AI CapEx dwarfs spending by traditional cloud providers and underscores the capital intensity required to train and deploy large models at scale.

Analysts will watch how the Cursor acquisition affects the AI division's bottom line in coming quarters. Meanwhile, the Starlink business continues to generate steady revenue, providing a counterweight to the AI unit's heavy investment. With $100 billion in cash, SpaceX has ample runway to sustain its spending, but the pace of CapEx growth raises questions about long-term returns.