Key Takeaways:
- Revenue rose 92% to $7.8 billion, beating the $6.93 billion consensus.
- AI segment revenue surged 247% to $2.56 billion; adjusted EBITDA turned positive.
- Starlink subscribers doubled to 12 million; total capex hit $18.4 billion.
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SpaceX revenue jumps 92% to $7.8B as AI, Starlink surge
SpaceX reported Q2 revenue of $7.8 billion, up 92% from a year earlier, beating consensus estimates of $6.93 billion.
"Revenue growth accelerated across all our business segments, and we delivered strong operating leverage, driven notably by new AI computing agreements that significantly expanded margins," CFO Bret Johnsen said.
The net loss narrowed to $541 million from $1.008 billion a year earlier, with a diluted loss per share of $0.09 versus the $0.26 consensus. Adjusted EBITDA rose 191% to $3.5 billion. The AI segment delivered $2.56 billion in revenue, up 247%, with adjusted EBITDA turning positive at $1.15 billion. Connectivity, led by Starlink, generated $4.29 billion, up 66%, with operating profit up 79% to $1.66 billion. The space segment posted $962 million in revenue, up 29%, with a $542 million operating loss as Starship development spending accelerated.
Shares fell as much as 8% after hours before paring losses to about 5%, trading near $118. The decline came as total capital expenditure reached $18.4 billion, more than double quarterly revenue, with $15.8 billion directed to AI infrastructure. The company ended the quarter with $100 billion in cash and marketable securities and a $47.5 billion backlog.
Starlink reached 12 million paid subscribers, doubling year over year, with 1.7 million net additions in the quarter and ARPU steady at $66. The company signed cloud services agreements totaling $14.1 billion in contracted sales and secured more than $6 billion in multi-year US government contracts for Starshield. SpaceX also agreed to acquire AI coding tool developer Cursor for $60 billion, with closing expected in the third quarter.
The heavy investment cycle in Starship, satellite expansion, and AI infrastructure will remain the focus for long-term capital allocation. Investors will watch the lock-up expiry of about 911.5 million insider shares on Thursday and the Cursor deal closing for near-term share pressure.
This article is for informational purposes only and does not constitute investment advice.
[1] SpaceX Q2 Earnings Call Highlights[2] SpaceX reported Q2 2026 revenue of $7.8 billion, up 92% year-over-year; diluted loss per share was $0.09.[3] SpaceX's Q2 2026 revenue increased by 92% year-over ...[4] SpaceX Releases Its Earnings Report, Beating Major Estimates Despite Stock Underperformance[5] SpaceX posts $7.8B Q2 revenue, narrows loss | SPCX 8-K Filing
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