SpaceX nearly doubled its quarterly revenue as Starlink subscriptions and AI computing contracts drove growth in its first earnings report since becoming a public company. Revenue reached $7.8 billion in the second quarter of 2026, up 92% from $4.1 billion a year earlier.
The company reported a net loss of $541 million, compared with a loss of about $1 billion in the same quarter last year. Its operating loss narrowed to $143 million from $970 million, although heavy spending on data centres, AI hardware and rocket development continued to consume cash.
Starlink Remains SpaceX’s Main Revenue Source
Starlink generated more than half of SpaceX’s quarterly revenue after sales increased 66% from a year earlier. The satellite internet service ended the quarter with 12 million subscribers, twice the number recorded a year earlier.
Average revenue per subscriber fell 22% as Starlink entered more international markets and introduced lower-priced plans. The company has also expanded its enterprise, aviation, maritime and government services.
SpaceX’s space business, which includes commercial launches, government missions and Starship development, increased revenue by 29%. However, the division continues to carry substantial costs linked to the Starship programme.
AI Hosting Contracts Add New Revenue
SpaceX’s AI division generated significant growth through agreements to rent computing capacity to Anthropic, Google and Reflection AI. The business includes xAI, Grok, X and the company’s expanding data-centre operations.
Chief financial officer Bret Johnsen said SpaceX had another $6.7 billion in contracted cloud-services revenue scheduled to begin increasing from October. Existing hosting contracts generated high incremental margins by using computing capacity already installed at the Colossus data centres.
AI revenue increased by about 250% during the quarter, while the division reached positive adjusted earnings before interest, taxes, depreciation and amortisation. SpaceX has published its full second-quarter earnings update through its investor relations website.
Capital Spending Rises With AI Expansion
SpaceX spent more than $18 billion on capital projects during the quarter, compared with $2.83 billion a year earlier. About $15.83 billion was directed towards AI infrastructure, up from $749 million in the previous-year period.
The company expects to build more than two gigawatts of computing capacity during 2026 and approach 10 gigawatts by the end of 2027. It also plans to use Nvidia hardware exclusively for its new data centres.
Musk Forecasts $100 Billion Revenue Run Rate
Johnsen said SpaceX could reach a $100 billion annualised revenue run rate by the end of 2026 after fully integrating AI coding company Cursor. Elon Musk said the target could be achieved even without additional growth beyond current plans.
SpaceX raised $75 billion in its June initial public offering at $135 per share, valuing the company at about $1.75 trillion. Its shares fell about 7% in after-hours trading following the results, remaining below the IPO price despite stronger-than-expected revenue.
Featured image credits: Wikimedia Commons
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