◆ Inside the Latest Quarter (Q2 2026)

SpaceX (SPCX) — the variant view

The first public quarter: revenue up 92%, AI a third of it on one new cloud customer, and $18.4 billion of capital spent in three months.

📈 SPCX valuation, revenue & earnings — P/E, P/S, revenue, EPS →

SpaceX's first quarter as a public company was the June quarter of 2026, reported on 4 August, and it did not look much like the company the prospectus described. Revenue rose 92% to $7,814 million. Connectivity grew 66% to $4,291 million, Space 29% to $962 million, and AI 247% to $2,561 million, taking AI from 18.1% of revenue a year earlier to 32.8%.12

Revenue by segment, Q2 2025 against Q2 2026 ($M)Q2 2025Q2 2026Connectivity25884291AI7372561Space746962SpaceX Q2 2026 results release (8-K exhibit 99.1) and Form 10-Q
AI more than tripled and Connectivity grew two-thirds; Space grew 29%.

The AI jump has one source. SpaceX signed cloud-services agreements worth $14.1 billion of contracted sales in the quarter, which added $1.6 billion of AI infrastructure revenue, and one AI customer accounted for 19.5% of the whole company's revenue.34 That turned the segment's adjusted EBITDA positive, at $1,146 million against a loss of $609 million in March, and cut its operating loss to $1,257 million.5

The spending was extreme. Capital expenditure was $18,369 million, $15,828 million of it in AI, against $2,825 million a year earlier, and nameplate compute went from 1.0 to 1.4 gigawatts.6 The net loss narrowed to $541 million from $1,008 million.7 The IPO raised about $85.7 billion net and a bond issue $25 billion more, leaving $100 billion of cash and marketable securities, and backlog rose to $47.5 billion from $27.6 billion at the end of March.89

Launch was the soft spot. SpaceX flew 38 launches against 46 a year earlier, and mass to orbit fell to 485 metric tons from 652.10 Starship flew its twelfth test in May and its thirteenth in July, deploying 20 production V3 satellites; SpaceX still expects it to begin delivering payloads to orbit in the second half of 2026.1112 And the company agreed to buy Cursor, the AI coding tool, for $60 billion, with closing expected in the third quarter.13

The quarter answers one question and opens another. The loss is narrowing because the AI segment found paying customers; whether that is a business or a handful of contracts is what Customer B's share will show next quarter.

References
  1. ReportedConnectivity grew 66% to $4,291 million, Space 29% to $962 million, and AI 247% to $2,561 million, taking AI from 18.1% of revenue a year earlier to 32.8%.
    SpaceX Q2 2026 results release (Form 8-K exhibit 99.1, 4 August 2026) - revenue $7,814M (+92%); Space $962M, Connectivity $4,291M, AI $2,561M (Q2 2025: $746M, $2,588M, $737M); net loss $541M against $1,008M; adjusted EBITDA $3.5B; AI segment adjusted EBITDA $1,146M against $(609)M in Q1, operating loss $1,257M; capex $18,369M ($15,828M AI; $2,825M a year earlier), $28,476M in the first half; nameplate compute 1.4 GW from 1.0 GW; cloud services agreements of $14.1B contracted sales adding $1.6B of AI infrastructure revenue; advertising $367M and AI solutions & infrastructure $2,194M (Q2 2025: $426M and $311M); Starlink subscribers 12.0M (+1.7M in the quarter, 6.0M a year earlier), ARPU $66 against $85; Connectivity revenue +66%; launches 38 against 46 and 78 in the half against 84; mass to orbit 485 t against 652 t; Starship Flight 12 (May) and Flight 13 (July, 20 production V3 satellites deployed); agreement to acquire Cursor for $60B; IPO net proceeds about $85.7B; $25B bond; $100B of cash and marketable securities; backlog $47.5B — Q2 2026 · publ. August 4, 2026 · source ↗
  2. Moat Explorer calcConnectivity grew 66% to $4,291 million, Space 29% to $962 million, and AI 247% to $2,561 million, taking AI from 18.1% of revenue a year earlier to 32.8%.
    Moat Explorer calculation from SpaceX's prospectus, Q2 2026 10-Q and results release: AI share of revenue $2,561M / $7,814M = 32.8% (Q2 2026) against $737M / $4,071M = 18.1% (Q2 2025); Customer A 18.3% + Customer B 19.5% = 37.8%; AI revenue growth 3.5 times — Q2 2025 to Q2 2026 · publ. 2026-09-23 · source ↗
  3. ReportedSpaceX signed cloud-services agreements worth $14.1 billion of contracted sales in the quarter, which added $1.6 billion of AI infrastructure revenue, and one AI customer accounted for 19.5% of the whole company's revenue.
    SpaceX Q2 2026 results release (Form 8-K exhibit 99.1, 4 August 2026) - revenue $7,814M (+92%); Space $962M, Connectivity $4,291M, AI $2,561M (Q2 2025: $746M, $2,588M, $737M); net loss $541M against $1,008M; adjusted EBITDA $3.5B; AI segment adjusted EBITDA $1,146M against $(609)M in Q1, operating loss $1,257M; capex $18,369M ($15,828M AI; $2,825M a year earlier), $28,476M in the first half; nameplate compute 1.4 GW from 1.0 GW; cloud services agreements of $14.1B contracted sales adding $1.6B of AI infrastructure revenue; advertising $367M and AI solutions & infrastructure $2,194M (Q2 2025: $426M and $311M); Starlink subscribers 12.0M (+1.7M in the quarter, 6.0M a year earlier), ARPU $66 against $85; Connectivity revenue +66%; launches 38 against 46 and 78 in the half against 84; mass to orbit 485 t against 652 t; Starship Flight 12 (May) and Flight 13 (July, 20 production V3 satellites deployed); agreement to acquire Cursor for $60B; IPO net proceeds about $85.7B; $25B bond; $100B of cash and marketable securities; backlog $47.5B — Q2 2026 · publ. August 4, 2026 · source ↗
  4. ReportedSpaceX signed cloud-services agreements worth $14.1 billion of contracted sales in the quarter, which added $1.6 billion of AI infrastructure revenue, and one AI customer accounted for 19.5% of the whole company's revenue.
    SpaceX Form 10-Q, quarter ended 30 June 2026 - net loss $(541)M against $(1,008)M; Customer A 18.3% and Customer B 19.5% of revenue (Customer B below 10% a year earlier; Customer A across all three segments, Customer B in the AI segment); backlog $47,461M, about 56% within one year; Enterprise & Government revenue $1,806M including Starlink Mobile; related parties: $329M of Tesla Megapacks bought in the six months, Valor equipment-lease debt $2,039M current and $11,290M non-current, other transactions with Tesla and related parties immaterial — Q2 2026 · publ. August 4, 2026 · source ↗
  5. ReportedThat turned the segment's adjusted EBITDA positive, at $1,146 million against a loss of $609 million in March, and cut its operating loss to $1,257 million.
    SpaceX Q2 2026 results release (Form 8-K exhibit 99.1, 4 August 2026) - revenue $7,814M (+92%); Space $962M, Connectivity $4,291M, AI $2,561M (Q2 2025: $746M, $2,588M, $737M); net loss $541M against $1,008M; adjusted EBITDA $3.5B; AI segment adjusted EBITDA $1,146M against $(609)M in Q1, operating loss $1,257M; capex $18,369M ($15,828M AI; $2,825M a year earlier), $28,476M in the first half; nameplate compute 1.4 GW from 1.0 GW; cloud services agreements of $14.1B contracted sales adding $1.6B of AI infrastructure revenue; advertising $367M and AI solutions & infrastructure $2,194M (Q2 2025: $426M and $311M); Starlink subscribers 12.0M (+1.7M in the quarter, 6.0M a year earlier), ARPU $66 against $85; Connectivity revenue +66%; launches 38 against 46 and 78 in the half against 84; mass to orbit 485 t against 652 t; Starship Flight 12 (May) and Flight 13 (July, 20 production V3 satellites deployed); agreement to acquire Cursor for $60B; IPO net proceeds about $85.7B; $25B bond; $100B of cash and marketable securities; backlog $47.5B — Q2 2026 · publ. August 4, 2026 · source ↗
  6. ReportedCapital expenditure was $18,369 million, $15,828 million of it in AI, against $2,825 million a year earlier, and nameplate compute went from 1.0 to 1.4 gigawatts.
    SpaceX Q2 2026 results release (Form 8-K exhibit 99.1, 4 August 2026) - revenue $7,814M (+92%); Space $962M, Connectivity $4,291M, AI $2,561M (Q2 2025: $746M, $2,588M, $737M); net loss $541M against $1,008M; adjusted EBITDA $3.5B; AI segment adjusted EBITDA $1,146M against $(609)M in Q1, operating loss $1,257M; capex $18,369M ($15,828M AI; $2,825M a year earlier), $28,476M in the first half; nameplate compute 1.4 GW from 1.0 GW; cloud services agreements of $14.1B contracted sales adding $1.6B of AI infrastructure revenue; advertising $367M and AI solutions & infrastructure $2,194M (Q2 2025: $426M and $311M); Starlink subscribers 12.0M (+1.7M in the quarter, 6.0M a year earlier), ARPU $66 against $85; Connectivity revenue +66%; launches 38 against 46 and 78 in the half against 84; mass to orbit 485 t against 652 t; Starship Flight 12 (May) and Flight 13 (July, 20 production V3 satellites deployed); agreement to acquire Cursor for $60B; IPO net proceeds about $85.7B; $25B bond; $100B of cash and marketable securities; backlog $47.5B — Q2 2026 · publ. August 4, 2026 · source ↗
  7. ReportedThe net loss narrowed to $541 million from $1,008 million.
    SpaceX Form 10-Q, quarter ended 30 June 2026 - net loss $(541)M against $(1,008)M; Customer A 18.3% and Customer B 19.5% of revenue (Customer B below 10% a year earlier; Customer A across all three segments, Customer B in the AI segment); backlog $47,461M, about 56% within one year; Enterprise & Government revenue $1,806M including Starlink Mobile; related parties: $329M of Tesla Megapacks bought in the six months, Valor equipment-lease debt $2,039M current and $11,290M non-current, other transactions with Tesla and related parties immaterial — Q2 2026 · publ. August 4, 2026 · source ↗
  8. ReportedThe IPO raised about $85.7 billion net and a bond issue $25 billion more, leaving $100 billion of cash and marketable securities, and backlog rose to $47.5 billion from $27.6 billion at the end of March.
    SpaceX Q2 2026 results release (Form 8-K exhibit 99.1, 4 August 2026) - revenue $7,814M (+92%); Space $962M, Connectivity $4,291M, AI $2,561M (Q2 2025: $746M, $2,588M, $737M); net loss $541M against $1,008M; adjusted EBITDA $3.5B; AI segment adjusted EBITDA $1,146M against $(609)M in Q1, operating loss $1,257M; capex $18,369M ($15,828M AI; $2,825M a year earlier), $28,476M in the first half; nameplate compute 1.4 GW from 1.0 GW; cloud services agreements of $14.1B contracted sales adding $1.6B of AI infrastructure revenue; advertising $367M and AI solutions & infrastructure $2,194M (Q2 2025: $426M and $311M); Starlink subscribers 12.0M (+1.7M in the quarter, 6.0M a year earlier), ARPU $66 against $85; Connectivity revenue +66%; launches 38 against 46 and 78 in the half against 84; mass to orbit 485 t against 652 t; Starship Flight 12 (May) and Flight 13 (July, 20 production V3 satellites deployed); agreement to acquire Cursor for $60B; IPO net proceeds about $85.7B; $25B bond; $100B of cash and marketable securities; backlog $47.5B — Q2 2026 · publ. August 4, 2026 · source ↗
  9. ReportedThe IPO raised about $85.7 billion net and a bond issue $25 billion more, leaving $100 billion of cash and marketable securities, and backlog rose to $47.5 billion from $27.6 billion at the end of March.
    SpaceX IPO prospectus (Form 424B4, 11 June 2026) - net income (loss) $(4,628)M, $791M and $(4,937)M for 2023-2025 (2024 aided by a $549M tax benefit and $985M of other income); mass to orbit 1,210, 1,699 and 2,213 metric tons (customer payloads 205, 282 and 312; internal 1,005, 1,418 and 1,901); launches 98, 138 and 170; Starlink subscribers 2.3M, 4.4M, 8.9M and 10.3M (March 2026); ARPU $99, $91, $81 and $66; NASA figures of $18,500 per kilogram historical average, about $2,700 for the first Falcon 9 (2010, about 85% less) and about $1,400 for the first Falcon Heavy (2018); Customer A 25.2%, 24.2% and 20.9% of revenue, across all three segments; backlog $27,621M at 31 March 2026; about 650 V1 Mobile satellites, about 30 MNO partners covering about 1.9 billion people; no inter-segment revenue on internal constellation deployments; Starship expected to begin payload delivery to orbit in 2H 2026, with next-generation V3 and V2 Mobile satellites dependent on it — FY2023-FY2025 and Q1 2026 · publ. June 11, 2026 · source ↗
  10. ReportedSpaceX flew 38 launches against 46 a year earlier, and mass to orbit fell to 485 metric tons from 652.
    SpaceX Q2 2026 results release (Form 8-K exhibit 99.1, 4 August 2026) - revenue $7,814M (+92%); Space $962M, Connectivity $4,291M, AI $2,561M (Q2 2025: $746M, $2,588M, $737M); net loss $541M against $1,008M; adjusted EBITDA $3.5B; AI segment adjusted EBITDA $1,146M against $(609)M in Q1, operating loss $1,257M; capex $18,369M ($15,828M AI; $2,825M a year earlier), $28,476M in the first half; nameplate compute 1.4 GW from 1.0 GW; cloud services agreements of $14.1B contracted sales adding $1.6B of AI infrastructure revenue; advertising $367M and AI solutions & infrastructure $2,194M (Q2 2025: $426M and $311M); Starlink subscribers 12.0M (+1.7M in the quarter, 6.0M a year earlier), ARPU $66 against $85; Connectivity revenue +66%; launches 38 against 46 and 78 in the half against 84; mass to orbit 485 t against 652 t; Starship Flight 12 (May) and Flight 13 (July, 20 production V3 satellites deployed); agreement to acquire Cursor for $60B; IPO net proceeds about $85.7B; $25B bond; $100B of cash and marketable securities; backlog $47.5B — Q2 2026 · publ. August 4, 2026 · source ↗
  11. ReportedStarship flew its twelfth test in May and its thirteenth in July, deploying 20 production V3 satellites; SpaceX still expects it to begin delivering payloads to orbit in the second half of 2026.
    SpaceX Q2 2026 results release (Form 8-K exhibit 99.1, 4 August 2026) - revenue $7,814M (+92%); Space $962M, Connectivity $4,291M, AI $2,561M (Q2 2025: $746M, $2,588M, $737M); net loss $541M against $1,008M; adjusted EBITDA $3.5B; AI segment adjusted EBITDA $1,146M against $(609)M in Q1, operating loss $1,257M; capex $18,369M ($15,828M AI; $2,825M a year earlier), $28,476M in the first half; nameplate compute 1.4 GW from 1.0 GW; cloud services agreements of $14.1B contracted sales adding $1.6B of AI infrastructure revenue; advertising $367M and AI solutions & infrastructure $2,194M (Q2 2025: $426M and $311M); Starlink subscribers 12.0M (+1.7M in the quarter, 6.0M a year earlier), ARPU $66 against $85; Connectivity revenue +66%; launches 38 against 46 and 78 in the half against 84; mass to orbit 485 t against 652 t; Starship Flight 12 (May) and Flight 13 (July, 20 production V3 satellites deployed); agreement to acquire Cursor for $60B; IPO net proceeds about $85.7B; $25B bond; $100B of cash and marketable securities; backlog $47.5B — Q2 2026 · publ. August 4, 2026 · source ↗
  12. ReportedStarship flew its twelfth test in May and its thirteenth in July, deploying 20 production V3 satellites; SpaceX still expects it to begin delivering payloads to orbit in the second half of 2026.
    SpaceX IPO prospectus (Form 424B4, 11 June 2026) - net income (loss) $(4,628)M, $791M and $(4,937)M for 2023-2025 (2024 aided by a $549M tax benefit and $985M of other income); mass to orbit 1,210, 1,699 and 2,213 metric tons (customer payloads 205, 282 and 312; internal 1,005, 1,418 and 1,901); launches 98, 138 and 170; Starlink subscribers 2.3M, 4.4M, 8.9M and 10.3M (March 2026); ARPU $99, $91, $81 and $66; NASA figures of $18,500 per kilogram historical average, about $2,700 for the first Falcon 9 (2010, about 85% less) and about $1,400 for the first Falcon Heavy (2018); Customer A 25.2%, 24.2% and 20.9% of revenue, across all three segments; backlog $27,621M at 31 March 2026; about 650 V1 Mobile satellites, about 30 MNO partners covering about 1.9 billion people; no inter-segment revenue on internal constellation deployments; Starship expected to begin payload delivery to orbit in 2H 2026, with next-generation V3 and V2 Mobile satellites dependent on it — FY2023-FY2025 and Q1 2026 · publ. June 11, 2026 · source ↗
  13. ReportedAnd the company agreed to buy Cursor, the AI coding tool, for $60 billion, with closing expected in the third quarter.
    SpaceX Q2 2026 results release (Form 8-K exhibit 99.1, 4 August 2026) - revenue $7,814M (+92%); Space $962M, Connectivity $4,291M, AI $2,561M (Q2 2025: $746M, $2,588M, $737M); net loss $541M against $1,008M; adjusted EBITDA $3.5B; AI segment adjusted EBITDA $1,146M against $(609)M in Q1, operating loss $1,257M; capex $18,369M ($15,828M AI; $2,825M a year earlier), $28,476M in the first half; nameplate compute 1.4 GW from 1.0 GW; cloud services agreements of $14.1B contracted sales adding $1.6B of AI infrastructure revenue; advertising $367M and AI solutions & infrastructure $2,194M (Q2 2025: $426M and $311M); Starlink subscribers 12.0M (+1.7M in the quarter, 6.0M a year earlier), ARPU $66 against $85; Connectivity revenue +66%; launches 38 against 46 and 78 in the half against 84; mass to orbit 485 t against 652 t; Starship Flight 12 (May) and Flight 13 (July, 20 production V3 satellites deployed); agreement to acquire Cursor for $60B; IPO net proceeds about $85.7B; $25B bond; $100B of cash and marketable securities; backlog $47.5B — Q2 2026 · publ. August 4, 2026 · source ↗
Sources
Generated September 23, 2026