SpaceX Doubles Q2 Revenue to $7.8 Billion on AI Cloud and Starlink Growth

SpaceX reported its first quarterly earnings as a public company on August 4, and the numbers show why investors valued the offering at $1.75 trillion. Total sales more than doubled year over year, driven by Starlink growth and new deals to rent computing power to AI labs.

The Numbers

SpaceX's revenue rose from $4 billion in the second quarter of 2025 to $7.8 billion in Q2 2026, a 92% jump, TechCrunch reported. Nearly $2 billion of that growth came from the company's AI division, while Starlink revenue grew by $1.7 billion. The company still lost $541 million in the quarter, but that was down from $1 billion a year earlier.

The Cloud Push

SpaceX has pivoted much of its Memphis-area data center capacity — originally built for Musk's xAI — toward hosting customers like Anthropic and Google. Chief financial officer Bret Johnsen said SpaceX has contracted an additional $6.7 billion of cloud services revenue over a six-month period starting in October. Including the contribution from Cursor, the AI coding startup SpaceX agreed to acquire for $60 billion in stock, Johnsen said the company could reach a $100 billion annualized revenue run rate by year-end.

Musk's Projections

CEO Elon Musk went further on the earnings call, saying the $100 billion ARR in December "is not a question mark" and that internal projections for reaching $1 trillion in revenue had moved up from 2031 to 2030. Musk also said Starlink could deliver "a majority of the world's internet" in less than 10 years in countries where it is allowed to operate.

The Market Reaction

SpaceX shares, which went public at $135 in mid-June, closed at just over $125 on August 4 before sinking as much as 8% in after-hours trading. The company now has a $100 billion war chest after a post-IPO bond sale and reported more than $28 billion in capital expenditures in the first half of 2026.

Why It Matters

SpaceX's public-market debut is being judged not on launches alone but on whether it can become a telecom and cloud-computing giant. The Q2 report suggests the company is already a meaningful player in AI infrastructure — even if Musk's forecasts keep executives busy walking them back.