Second Quarter 2026
Filed Aug 4, 2026SpaceX reported revenues of $7.8 billion, up 92% from $4.1 billion, alongside a net loss of $541 million and Adjusted EBITDA of $3.5 billion, up 191% from $1.2 billion.
Revenue growth accelerated across Space, Connectivity and AI, consolidated loss from operations narrowed materially sequentially, and Adjusted EBITDA rose to $3,538 million. Connectivity delivered substantial subscriber and enterprise and government growth, while AI infrastructure agreements supported sharp AI revenue growth and positive segment Adjusted EBITDA. The period also included $18,369 million of total capex, led by AI.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenueGAAP | $7,814 million | – | 92% |
| Net lossGAAP | $541 million | – | an improvement of $467 million |
| Total income (loss) from operationsGAAP | $(143) million | – | – |
| Total Adjusted EBITDAnon-GAAP | $3,538 million | – | 191% |
| Total capexother | $18,369 million | – | – |
| Space revenueGAAP | $962 million | 55% | 29% |
| Space loss from operationsGAAP | $(542) million | – | – |
| Space Adjusted EBITDAnon-GAAP | $(205) million | – | – |
| Space capexother | $1,174 million | – | – |
| Space cost of revenueGAAP | $329 million | – | – |
| Space research and developmentGAAP | $1,076 million | – | – |
| Space selling, general, and administrativeGAAP | $99 million | – | – |
| Connectivity revenueGAAP | $4,291 million | 32% | 66% |
| Connectivity income from operationsGAAP | $1,656 million | – | 79% |
| Connectivity Adjusted EBITDAnon-GAAP | $2,597 million | – | 64% |
| Connectivity capexother | $1,367 million | – | – |
| Connectivity cost of revenueGAAP | $2,060 million | – | – |
| Connectivity research and developmentGAAP | $294 million | – | – |
| Connectivity selling, general, and administrativeGAAP | $281 million | – | – |
| Starlink Subscribersother | 12.0 million | up 1.7 million sequentially | doubling year-over-year |
| Starlink ARPUother | $66 | in line with Q1 2026 | – |
| Consumer revenuesGAAP | $2,485 million | 16% | 44% |
| Enterprise & government revenuesGAAP | $1,806 million | 63% | 108% |
| AI revenueGAAP | $2,561 million | 213% | 247% |
| AI loss from operationsGAAP | $(1,257) million | Cut operating loss by 49% compared to Q1 2026 | – |
| AI Adjusted EBITDAnon-GAAP | $1,146 million | – | – |
| AI capexother | $15,828 million | – | – |
| AI cost of revenueGAAP | $1,106 million | – | – |
| AI research and developmentGAAP | $2,178 million | – | – |
| AI selling, general, and administrativeGAAP | $532 million | – | – |
| AI restructuring charges (credits)GAAP | $2 million | – | – |
| Nameplate computeother | 1.4 GW | – | – |
| Advertising revenuesGAAP | $367 million | – | – |
| AI solutions & infrastructure revenuesGAAP | $2,194 million | – | – |
| Customer launchesother | 10 | – | – |
| Internal launchesother | 28 | – | – |
| Total launchesother | 38 | – | – |
| Customer payloadsother | 87 metric tons | – | – |
| Internal payloadsother | 397 metric tons | – | – |
| Mass to orbitother | 485 metric tons | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| SpaceA higher number of large customer launches and a favorable customer shift compared to the prior year. | $962 million | 55% | 29% |
| ConnectivityStrong Starlink subscriber growth, Consumer revenues up 16% sequentially and 44% year-over-year, and Enterprise & Government revenues up 63% sequentially and 108% year-over-year. | $4,291 million | 32% | 66% |
| AIAn increase in AI solutions and infrastructure revenues from new Cloud Service Agreements, as well as an increase in Grok and X subscription revenues. | $2,561 million | 213% | 247% |
What drove it
- Space revenue was driven by a higher number of large customer launches and a favorable customer shift compared to the prior year.
- Connectivity growth reflected Starlink subscriber growth and Enterprise & Government momentum.
- SpaceX signed Cloud Services Agreements totaling $14.1 billion in contracted sales, resulting in $1.6 billion in incremental AI infrastructure revenues for the second quarter.
- Connectivity was awarded over $6 billion in multi-year U.S. government contracts for Starshield, primarily from two major Space Force contracts for LEO-based communications and sensing constellations.
- Starship Flight 13 was completed in July subsequent to the second quarter and achieved all flight objectives, including deploying 20 production V3 satellites.
- SpaceX received FCC approval of the EchoStar license transfer for 65 MHz of spectrum in the U.S. and certain global Mobile Satellite Service spectrum licenses.
Concerns
- The Space segment reported a loss from operations of $(542) million and Space Adjusted EBITDA of $(205) million.
- The AI segment reported a loss from operations of $(1,257) million despite positive AI Adjusted EBITDA of $1,146 million.
- Total capex was $18,369 million, led by $15,828 million of AI capex.
- Space total costs and expenses were up by $389 million year-over-year as R&D investment in Starship accelerated.
- Connectivity total costs and expenses were up $970 million year-over-year, including increased spend to support revenue growth and higher R&D for V3 satellites.
- AI total costs and expenses were up $1.6 billion year-over-year, driven by increased R&D investment and higher infrastructure spend.
- SpaceX announced an agreement to acquire Cursor for $60 billion and expects to close the deal in the third quarter of 2026.
What to watch
- Closing of the Cursor acquisition, which SpaceX expects in the third quarter of 2026.
- Execution of Cloud Services Agreements totaling $14.1 billion in contracted sales.
- Continued build-out of Colossus II and significant incremental compute capacity under construction.
- Starship V3 progress toward full and rapid reusability.
- Deployment of next-generation V3 satellites intended to increase broadband capacity and data density.
- Starlink Consumer ARPU, which was $66 and in line with Q1 2026.
Balance sheet and cash flow
- $100 billion of cash, cash equivalents, and marketable securities at the end of the second quarter.
- $47.5 billion in backlog at the end of the second quarter.
- SpaceX closed its initial public offering of an aggregate 638,888,888 shares of Class A common stock on June 15, 2026, bringing net proceeds of approximately $85.7 billion.
- SpaceX closed a $25 billion inaugural bond issuance of investment-grade senior notes on June 26, 2026.
- Total capex was $18,369 million, including AI capex of $15,828 million.
Analysis
SpaceX reported broad-based second-quarter growth, with total revenue of $7,814 million versus $4,071 million in the prior-year quarter. The company reported a net loss of $541 million, an improvement of $467 million from net loss of $1.0 billion, while total loss from operations narrowed to $(143) million from $(1,943) million in the preceding quarter. Total Adjusted EBITDA was $3,538 million, compared with $1,214 million in the prior-year quarter and $1,127 million in the preceding quarter.
Connectivity was the principal operating-profit contributor. Revenue reached $4,291 million, supported by 12.0 million Starlink Subscribers, Consumer revenues of $2,485 million, and Enterprise & government revenues of $1,806 million. Segment income from operations was $1,656 million and Connectivity Adjusted EBITDA was $2,597 million. The company cited subscriber growth, enterprise and government demand, airline activations, mobile partnerships, and over $6 billion in multi-year U.S. government contracts for Starshield.
AI was the fastest-growing revenue segment, with revenue of $2,561 million led by $2,194 million of AI solutions & infrastructure revenues. New Cloud Services Agreements totaling $14.1 billion in contracted sales contributed $1.6 billion in incremental AI infrastructure revenues during the quarter. The segment produced $1,146 million of Adjusted EBITDA but retained a loss from operations of $(1,257) million amid $2,178 million of R&D expense and $15,828 million of capex. Nameplate compute was 1.4 GW, compared with 1.0 GW in the preceding quarter.
Space revenue was $962 million, aided by large customer launches and customer mix, but the segment's loss from operations was $(542) million as Starship R&D accelerated. The company reported $100 billion of cash, cash equivalents, and marketable securities and $47.5 billion in backlog following approximately $85.7 billion of IPO net proceeds and a $25 billion bond issuance. No forward financial guidance was provided. The key reported execution items are the expected third-quarter 2026 Cursor closing, commercialization of contracted AI capacity, continued compute deployment, Starship V3 development, and management of elevated investment levels.
Not in the filing
stated, not guessed- Forward financial guidance, including revenue, gross margin, operating expenses, tax rate, EPS, cash flow, and capex guidance.
- Previous-release outlook for comparison with actual results.
- GAAP and non-GAAP diluted EPS.
- Gross profit and gross margin.
- Consolidated operating cash flow and free cash flow.
- Consolidated cost of revenue, research and development, selling, general, and administrative expense, depreciation and amortization, share-based compensation, and detailed reconciliation of net loss to Adjusted EBITDA.
- Net loss for the preceding quarter.
- Dividends, share repurchases, or other shareholder capital-return activity.
- Detailed debt maturities, interest rates, and total debt outstanding.
- Named executive attribution for the CFO Commentary.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.