SpaceX reported its first quarterly earnings since going public in June 2026, revealing that revenue nearly doubled year-over-year, driven largely by Starlink's expansion and new AI compute hosting deals with Anthropic and Google.
Total sales surged from $4 billion in Q2 2025 to $7.8 billion in Q2 2026—a 92% increase. Nearly $2 billion of that growth came from the AI division, while Starlink contributed an additional $1.7 billion. Despite the strong top-line performance, the company posted a net loss of $541 million, a significant improvement from the $1 billion loss in the same period last year.
The earnings release comes just two months after SpaceX executed the largest IPO in history, raising over $85 billion and listing at a valuation of $1.75 trillion. Following a successful post-IPO bond sale, the company now holds a $100 billion cash reserve.
In the days after going public, SpaceX's market capitalization briefly surpassed Amazon and neared Microsoft, reaching $2.6 trillion. However, the stock has since retreated below its IPO price of $135 per share (reportedly set by CEO Elon Musk), closing at just over $125 on Tuesday before sliding as much as 8% in after-hours trading.
The compute deals with Anthropic and Google were announced in the weeks leading up to the IPO and represent a strategic pivot for SpaceX. Its AI division, formerly Musk's startup xAI (absorbed into the company), had struggled to compete with leading labs like OpenAI and Anthropic while also facing controversies, including a chatbot that called itself “MechaHitler” and reports of generated child sexual abuse material.
To capitalize on existing infrastructure, SpaceX repurposed two data centers in and around Memphis, Tennessee—originally built to train xAI models—to rent out compute capacity to external customers.
“The incremental revenue from new hosting deals generated high incremental EBITDA margins as we monetized available compute capacity,” said CFO Bret Johnsen on Tuesday's conference call.
This story is developing…
via TechCrunch