SpaceX’s capital expenditure was dominated by AI-related costs in the quarter and came in at $18.4 billion.

  • The Elon Musk-led company posted second-quarter revenue of $7.8 billion, a 92% increase from $4.1 billion a year earlier. 
  • Net loss narrowed to $541 million, or $0.09 per share, from $1.0 billion, or $0.34 per share, in the year-ago period.
  • The Connectivity segment, driven by the company’s Starlink satellite internet service, delivered standout performance in the quarter.

SpaceX shares fell 8% in after-hours trading on Tuesday after the newly public company reported second-quarter results that beat revenue expectations but left investors focused on heavy spending.

The Elon Musk-led company posted second-quarter revenue of $7.8 billion, a 92% increase from $4.1 billion a year earlier and well ahead of analyst forecasts that clustered near $6.8 billion.

Net loss narrowed to $541 million, or $0.09 per share, from $1.0 billion, or $0.34 per share, in the year-ago period. Capital spending remained elevated, particularly in AI, where capex hit $15.8 billion in the quarter as the company continued building out Colossus II, SpaceX’s large-scale AI compute infrastructure, and additional compute capacity. Total company capex reached $18.4 billion for the three months.

‘True Power Of SpaceX,’ Says CFO

The chief financial officer called 2026 “a momentous year so far,” saying the quarter “demonstrated the true power of SpaceX.” Revenue growth accelerated across all segments with “strong operating leverage” and “significant margin expansion led by our new AI compute agreements.” The company highlighted leadership in launch, Starlink growth, enterprise and government deals, and AI infrastructure as drivers of scale and returns.

SpaceX ended the quarter with $100 billion in cash, cash equivalents and marketable securities, plus $47.5 billion in backlog. That strength, the CFO said, provides “substantial capacity to invest in Starship, Starlink Broadband and Mobile satellites, and our AI platform, while maintaining a disciplined long-term capital allocation framework.”

Connectivity And Starlink Lead

The Connectivity segment, driven by the company’s Starlink satellite internet service, delivered standout performance in the quarter.

Segment revenue rose 66% year-over-year to $4.3 billion, with income from operations climbing 79% to $1.7 billion. Starlink subscribers doubled to 12 million from a year earlier and rose 1.7 million sequentially, while average revenue per user held steady at $66. Enterprise and government revenue more than doubled, boosted by airline deals, mobile partnerships, and over $6 billion in multi-year U.S. Starshield contracts.

Starshield is SpaceX’s secure satellite network built specifically for government customers and national security applications.

AI Delivers Sharp Jump

AI segment revenue soared 247% to $2.6 billion, driven by $14.1 billion in new cloud services agreements that added $1.6 billion in the quarter. Compute capacity reached 1.4 GW. The segment posted $1.1 billion in adjusted core profit after cutting its operating loss nearly in half.

SpaceX announced a $60-billion agreement to acquire Cursor to accelerate its enterprise AI offerings in the quarter.

Space Advances Starship

Space segment revenue grew 29% to $962 million in Q2. The company logged 78 launches year-to-date, deploying 1,041 metric tons to orbit. SpaceX also conducted two tests of its Starship launch vehicle in the quarter.

How Did SPCX Retail Traders React?

On Stocktwits, retail sentiment around SPCX stock stayed within ‘bullish’ territory over the past 24 hours, while message volume rose from ‘normal’ to ‘high’ levels.

A Stocktwits user pointed to SpaceX's rapid growth as an internet provider, highlighting the expansion of its connectivity business.

A couple of other users, however, highlighted that the company is loss-making despite its high valuation.

SPCX shares have been volatile since listing in June. The stock is now trading at about $125, well below the $135 IPO price and remains far below its post-IPO peak of nearly $225.

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