SpaceX reported its first quarterly results as a public company on Tuesday, showing revenue nearly doubling on gains from its Starlink satellite internet service and a rapidly expanding artificial intelligence business, while capital spending soared on AI infrastructure.
The company posted revenue of $7.8 billion for the second quarter ended June 30, up 92% from $4.1 billion a year earlier and ahead of Wall Street expectations. Net loss narrowed to $541 million from about $1 billion in the prior-year period. Adjusted EBITDA rose to about $3.5 billion.
Shares of SpaceX, which trades under the ticker SPCX after its June initial public offering, fell in after-hours and subsequent trading, with declines reported in the range of 7% to more than 12% as investors focused on elevated spending.
Capital expenditures reached $18.4 billion in the quarter, more than six times the year-earlier level and above analyst estimates of roughly $13 billion to $14 billion. Of that total, $15.8 billion went to AI infrastructure, accounting for the vast majority of the outlay. The AI segment generated $2.56 billion in revenue, up 247% from $737 million a year earlier, driven largely by cloud and compute services agreements.
Connectivity revenue, which includes Starlink, totaled $4.29 billion, up 66%. The space segment, covering launches and related activities, brought in $962 million, up 29%. Connectivity remained the primary profit driver with operating income of about $1.66 billion, while the AI segment posted an operating loss of roughly $1.26 billion and the space segment an operating loss of $542 million. Overall operating loss narrowed to $143 million.
Chief Financial Officer Bret Johnsen said on the earnings call that new capital deployments for AI compute are generating a payback of less than one year. He noted that SpaceX had signed an additional $6.7 billion in cloud computing contracts since the end of the second quarter. The company ended the period with 1.4 gigawatts of compute capacity, up from 1 gigawatt in the prior quarter and 0.4 gigawatts a year earlier.
Executives said capital spending is likely to remain at similar levels in the coming quarters as SpaceX continues expanding AI capacity, Starship production and next-generation Starlink satellites. Chief Executive Elon Musk said the company plans to build its AI infrastructure exclusively using Nvidia hardware and expects more than 2 gigawatts of capacity by the end of 2026, with a path toward about 10 gigawatts by the end of 2027.
Management projected a trajectory toward a $100 billion annualized revenue run rate by the end of 2026, factoring in existing growth and the pending acquisition of Cursor for about $60 billion. Musk also reiterated longer-term ambitions, saying SpaceX could reach $1 trillion in revenue by 2030.
SpaceX raised about $86 billion in its June IPO. The results marked the first public view of the combined operations that include rocket launches, the Star-link broadband network and AI compute capacity previously associated with xAI.
