Earnings Overview

SpaceX announced second‑quarter revenue of $7.81 billion, surpassing analyst consensus of $6.81 billion by roughly 15 %. Adjusted loss per share narrowed to $0.09, improving from $0.34 a year earlier. Despite the top‑line beat, the stock slipped about 8 % in after‑hours trading as investors focused on the company’s sizable AI capital outlays and the absence of forward guidance.

AI Capital Expenditure and Guidance

The company disclosed AI‑related capital expenditure of $15.8 billion for the quarter and $23.6 billion for the first half of 2026. CEO Elon Musk reiterated a target of $1 trillion in annual revenue by 2030, moving the timeline up from an earlier 2031 expectation. He also outlined plans to launch space‑based data centers in 2027 and to achieve at least 20 GW of compute capacity by the end of 2027, alongside a plan to increase the frequency of rocket launches.

Contract Wins and Revenue Segments

SpaceX secured $14.1 billion in contracted AI cloud services sales and more than $6 billion in multi‑year U.S. government contracts for its Starshield satellite network. The Connectivity segment generated $4.3 billion in revenue, a 66 % year‑over‑year increase, driven by the Starlink service whose subscriber base doubled to 12 million. Operating income in Connectivity rose 79 % to $1.7 billion. The AI segment posted revenue of $2.6 billion, a 247 % surge, with new cloud service agreements contributing $1.6 billion and compute capacity expanding to 1.4 GW.

IPO and Market Reaction

Following its blockbuster June IPO priced at $135 per share, SpaceX’s share price climbed above $225 before retreating, erasing more than $1 trillion in market value from its peak. This filing marks the first earnings release since the IPO.

Strategic Partnerships

SpaceX announced a partnership with NVIDIA to develop the Starmind AI1 satellite compute payload, which will incorporate NVIDIA Rubin GPUs and Vera CPUs to deliver datacenter‑class computing capabilities in orbit.

Outlook and Investor Sentiment

While revenue growth was robust, the company’s aggressive AI spending, continued net losses, and lack of detailed guidance prompted a negative market reaction, reflected in the post‑earnings share decline.