SpaceX has reported a remarkable financial performance in its first quarterly earnings since becoming a publicly traded company, with revenue nearly doubling year-over-year. The aerospace giant generated $7.8 billion in sales during the second quarter of 2026, up from $4 billion in the same period last year. The impressive growth was largely powered by the continued expansion of its Starlink satellite internet business and lucrative AI computing agreements with leading artificial intelligence companies Anthropic and Google, highlighting SpaceX’s growing influence beyond the space industry.
A significant portion of the company’s revenue boost came from its rapidly expanding AI division, which contributed nearly $2 billion in additional revenue during the quarter. Starlink also remained a key growth engine, adding another $1.7 billion in sales. Although SpaceX still posted a quarterly loss of $541 million, the figure represents a major improvement from the $1 billion loss recorded during the same period in 2025, suggesting the company is moving closer to sustained profitability.
Chief Financial Officer Bret Johnsen revealed that SpaceX has already secured $6.7 billion in cloud services contracts that will begin generating revenue from October. He expressed confidence that the company could achieve an annualized revenue run rate of $100 billion by the end of the year, particularly after fully integrating AI startup Cursor into its operations. CEO Elon Musk echoed that optimism, stating that reaching the milestone is virtually guaranteed and could even exceed expectations if current growth continues.
Following its record-breaking initial public offering, which raised more than $85 billion and valued the company at $1.75 trillion, SpaceX has amassed a $100 billion cash reserve. Rather than slowing investment, the company has dramatically increased spending, reporting more than $28 billion in capital expenditures during the first half of 2026. While its stock initially surged after listing, surpassing some of the world’s largest companies in market value, investor enthusiasm has cooled, with shares falling below the IPO price and declining further in after-hours trading.
The company’s booming AI business also reflects a strategic shift. Its AI division, formerly known as xAI, redirected the capacity of its large data centers in Tennessee from developing its own AI models to leasing computing power to enterprise customers such as Anthropic and Google. According to Johnsen, this approach has delivered strong profitability by maximizing existing infrastructure and generating high-margin revenue. As SpaceX continues expanding both its satellite internet network and AI computing services, the company is positioning itself as a major force in two of the world’s fastest-growing technology sectors.
source: Techcrunch
