SpaceX Revenue Nearly Doubles in First Public Earnings Report as AI Spending Surges
SpaceX reported sharply higher quarterly revenue in its first public earnings report while investors weighed Starlink growth, AI infrastructure spending and post-IPO share-unlock risk.
Why it matters: SpaceX’s first public earnings report links satellite broadband cash flow to the capital demands of AI infrastructure and data-center expansion.
SpaceX reported a 92% increase in quarterly revenue in its first earnings release since becoming a publicly traded company.
Revenue reached $7.8 billion for the quarter ended June 30, compared with $4.1 billion a year earlier. Operating losses narrowed to $143 million from $970 million.
Starlink and SpaceX’s wider connectivity business remain the company’s principal financial engine. The satellite network has expanded to approximately 12 million subscribers, although average revenue per user has declined as the company enters additional international markets with lower-priced plans.
SpaceX is using that growth to finance an aggressive expansion into artificial intelligence and data-center infrastructure.
CEO Elon Musk said the company expects to build more than two gigawatts of computing capacity during 2026 and approach 10 gigawatts by the end of 2027. SpaceX also announced a relationship with Nvidia for access to AI processors.
Shares fell roughly 7.5% after hours despite the revenue beat. Investors remain concerned about the scale of AI capital spending and the expiration of restrictions covering hundreds of millions of post-IPO shares.
The results establish the central SpaceX investment question: whether Starlink can generate enough durable cash flow to finance simultaneous expansion in satellite communications, rockets and artificial intelligence.