SpaceX reported a sharp increase in second-quarter revenue as growth in its Starlink connectivity business and newly consolidated artificial intelligence operations outweighed a more modest performance from its traditional space segment.
The results offered public investors their first detailed look at the company’s financial structure following its June initial public offering. They also revealed the scale of SpaceX’s spending program, with quarterly capital expenditures reaching more than twice the company’s revenue.
Revenue Reaches $7.8 Billion
SpaceX generated $7.81 billion in revenue during the three months ended June 30, up 92% from $4.07 billion in the same quarter a year earlier. The result placed quarterly revenue close to double its year-earlier level.
The increase reflected growth across SpaceX’s major businesses, particularly its Starlink-led connectivity operations and AI segment, both of which contributed substantially more revenue than a year earlier.
Despite the revenue increase, SpaceX remained unprofitable. The company recorded a net loss of $541 million, compared with a loss of $1.01 billion during the second quarter of 2025. Its loss per share narrowed to 9 cents from 34 cents, although the year-over-year comparison was also affected by a higher weighted average number of shares outstanding.
Starlink Remains the Largest Business
SpaceX’s connectivity segment, which includes Starlink services, produced $4.29 billion in quarterly revenue, an increase of 65.8% from $2.59 billion a year earlier. The division accounted for approximately 55% of the company’s total revenue and remained its largest source of sales.
Consumer connectivity revenue rose to $2.49 billion from $1.72 billion, while enterprise and government connectivity revenue more than doubled to $1.81 billion from $867 million. SpaceX said the enterprise and government category includes revenue from its Starlink mobile service offerings.
The growth came with higher operating costs. Connectivity cost of revenue increased 47% to $2.06 billion, partly because of greater depreciation associated with satellites and launches, additional customer support and installation expenses, ground-network costs and increased production spending on Starlink equipment. Even so, operating income from the segment increased 79.4% from the prior-year quarter.
AI Operations Add a New Revenue Engine
SpaceX’s AI segment reported $2.56 billion in second-quarter revenue, up from $737 million a year earlier. Most of the increase came from AI solutions and infrastructure, where revenue climbed to $2.19 billion from $311 million. Advertising revenue, which is also reported within the segment, declined to $367 million from $426 million.
The composition of the business reflects SpaceX’s combination with xAI and related operations. the company is expanding compute infrastructure and offering AI products, services and infrastructure capacity. These activities now represent a substantial portion of consolidated revenue rather than a peripheral contribution.
Higher AI sales did not translate into segment profitability during the quarter. SpaceX reported an AI operating loss of approximately $1.26 billion, although the deficit narrowed from about $1.52 billion a year earlier. Research and development spending in the division increased as the company added data-center capacity, cloud-computing resources and employees.
Capital Spending Reaches $18.4 Billion
Capital expenditure totaled $18.37 billion during the quarter, compared with $2.83 billion in the corresponding period of 2025. AI accounted for $15.83 billion of that amount, while SpaceX allocated $1.37 billion to connectivity and $1.17 billion to its space operations.
The quarterly spending figure exceeded total revenue by more than $10 billion, illustrating the capital intensity of the company’s current expansion. SpaceX said increased investment during the first half of the year was primarily connected to data centers, related infrastructure, launch facilities and other growth projects.
Across the first six months of 2026, capital expenditures reached $28.48 billion, up from $6.97 billion during the same period of 2025.
Launch Business Posts More Moderate Growth
Revenue from SpaceX’s traditional space segment increased 29% to $962 million, compared with $746 million a year earlier. Launch-services revenue rose to $648 million, while launch and development revenue increased to $314 million.
The company completed 10 customer launches during the quarter, compared with nine in the same period of 2025. SpaceX attributed the revenue increase to the additional launch and a more favorable mix of customers, including differences in the contracts and services associated with individual missions.
Spending on Starship continued to weigh on the segment. Space-related research and development expenses rose 55.3% to $1.08 billion, driven by higher production, engineering, launch and testing costs. The segment recorded an operating loss of $542 million, widening from $369 million in the prior-year quarter.
First Results Since Initial Public Offering
The earnings report was SpaceX’s first since completing its initial public offering. The offering closed on June 15 after SpaceX sold approximately 638.9 million Class A shares, including the full exercise of the underwriters’ option.
SpaceX priced the shares at $135 each, raising approximately $85.7 billion in gross proceeds. The offering expanded SpaceX’s financial resources while exposing its investment plans and quarterly performance to greater public-market scrutiny.
The quarterly report provides investors with a benchmark for evaluating SpaceX’s financial performance as a newly listed company. It also offers greater visibility into the contribution of the company’s connectivity, AI and space businesses to overall revenue.
With its first post-IPO earnings now reported, future quarterly filings are expected to provide a clearer picture of how SpaceX balances rapid revenue growth with continued investment across its businesses.
