SpaceX reported $7.8 billion in revenue for the second quarter of 2026, marking a 92% increase from $4.1 billion in the same quarter last year. The results, released August 4, were the company’s first as a public company since its blockbuster June 2026 IPO and came in above analyst expectations, with strong growth across its connectivity, artificial intelligence, and space businesses. However, the sharp increase in revenue was accompanied by significant spending, particularly on AI infrastructure, leaving SpaceX with a $541 million net loss for the quarter.
The latest results highlight how SpaceX is increasingly expanding beyond its traditional launch business. Connectivity and AI accounted for a substantial portion of the company’s quarterly revenue, while its space operations continued to contribute through launch services and ongoing development programs.
Starlink continues to drive connectivity growth.
SpaceX’s connectivity segment generated $4.29 billion in revenue, representing a 66% increase from the same period last year. The growth was supported by the continued expansion of Starlink, which reached around 12 million subscribers during the quarter, double its subscriber base from a year earlier.
Enterprise and government demand also played a larger role in the segment. Revenue from these customers increased 108% year over year, reflecting growing demand for Starlink’s connectivity services beyond individual consumers. SpaceX also secured more than $6 billion in multi-year U.S. government contracts for Starshield during the quarter.
The performance gives SpaceX a significant revenue base outside its launch operations and continues to strengthen the role of Starlink in the company’s overall business.
AI becomes another major revenue contributor
AI was another major factor behind SpaceX’s quarterly growth. The company’s AI segment generated $2.56 billion in revenue, up 247% from the previous year. The increase reflects the rapid expansion of SpaceX’s AI-related operations built around xAI, Grok, and X, which merged with SpaceX earlier in the year, and growing demand for its AI infrastructure and services.
SpaceX also signed multiple cloud services agreements during the quarter, resulting in $14.1 billion in contracted sales. The company said these agreements contributed $1.6 billion in incremental AI infrastructure revenue during the quarter.
The company’s AI expansion has also been accompanied by a sharp increase in investment. SpaceX spent approximately $15.8 billion on AI-related capital expenditure during the quarter, significantly higher than the $749 million spent on the segment during the same period last year.
Heavy investment keeps SpaceX in the red.
Despite its strong revenue growth, SpaceX reported a $541 million net loss for the second quarter. The loss was narrower than the approximately $1 billion loss recorded a year earlier, but total capital expenditure climbed to $18.4 billion as the company continued investing across its businesses.
AI infrastructure accounted for most of the increase, while SpaceX also continued spending on its launch operations and Starship program. The company’s space segment generated $962 million in revenue during the quarter, up 29% year over year, but recorded an operating loss of $542 million.
SpaceX conducted 38 launches during the second quarter, compared with 46 launches during the same period last year. The company also completed the first flight test of its upgraded Starship V3 vehicle, Flight 12, in May, as it continued working toward greater reusability and higher launch capacity. A second V3 test flight, Flight 13, followed in July, just after the quarter closed.
SpaceX sets ambitious targets ahead.
The results come as SpaceX continues to pursue aggressive expansion targets across its businesses. On the earnings call, CEO Elon Musk said the company is on track for a $100 billion annualized revenue run rate by the end of 2026, and said SpaceX’s internal projection for reaching $1 trillion in annual revenue has been pulled forward to 2030, from a prior estimate of 2031, with a “non-zero chance” of hitting it as soon as 2029.
SpaceX has also announced an agreement to acquire AI coding company Cursor for $60 billion, further underlining its focus on expanding its AI business. Alongside Starlink’s continued subscriber growth and its ongoing investment in space technology, the developments point to a broader strategy for SpaceX built around connectivity, AI, and launch services.
For now, SpaceX’s latest results present a mix of rapid revenue growth and heavy investment. While the company has yet to turn that growth into a quarterly profit, its expanding connectivity and AI businesses are becoming increasingly important to its financial performance.