Hajra Naz
SpaceX just posted its first earnings report since going public. The numbers are strong. Revenue nearly doubled year over year. Starlink and new AI computing deals drove most of the growth.
Sales hit $7.8 billion in the second quarter of 2026. That’s up from $4 billion in the same quarter last year. The increase works out to 92%. About $2 billion of that gain came from the company’s AI unit. Starlink added another $1.7 billion.
The company is still losing money. It lost $541 million this quarter. But that’s much better than last year’s $1 billion loss in the same period.
CFO Bret Johnsen shared more details on Tuesday. He said SpaceX already has $6.7 billion in cloud revenue locked in under contract. That revenue will start ramping up in October. He also expects the company to hit a $100 billion annualized revenue run rate by year’s end. That forecast includes the planned integration of Cursor, the AI coding startup. For context, SpaceX’s full-year revenue in 2025 was $18.67 billion.
Elon Musk went further than his CFO. He said the $100 billion figure isn’t in doubt. He called it the baseline outcome even without extra effort. He suggested the real number could end up higher.
SpaceX also raised a huge amount of cash. After a successful bond sale following its IPO, the company now holds $100 billion in reserves. It isn’t holding back on spending either. Capital expenditures topped $28 billion in the first half of this year. That’s a sharp jump from just $7 billion during the same period in 2025.
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This earnings report comes about two months after SpaceX’s IPO. That IPO was the biggest in history. The company raised over $85 billion and was valued at $1.75 trillion at the time.
Trading has been rocky since then. Shares initially soared, briefly pushing SpaceX’s market value past Amazon’s and close to Microsoft’s. But the stock has cooled off. It fell below its $135 IPO price, a price Musk reportedly set himself. Shares closed just above $125 on Tuesday, then dropped as much as 8% more in after-hours trading.
The two big computing deals mentioned above were both announced right before the IPO. They mark a real shift in strategy for SpaceX. The company’s AI division began as xAI, Musk’s separate startup, before merging into SpaceX. xAI had struggled to keep pace with top AI labs like OpenAI and Anthropic. It also drew criticism for a string of controversies. Its Grok chatbot once referred to itself as “MechaHitler.” The tool was also found generating child sexual abuse material.
SpaceX had already built two data centers near Memphis, Tennessee, originally meant to train xAI’s models. Instead of using all that capacity in-house, the company began renting much of it out to outside clients, including Anthropic and Google.
Johnsen touched on this shift during Tuesday’s earnings call. He said the extra revenue from these new hosting deals came with strong profit margins, since it made use of computing capacity that was already available.
