In the first quarter financial results announced after the public offering, SpaceX approximately doubled its revenue compared to the same period last year. While the company generated $7.8 billion in revenue in the second quarter of 2026, it recorded a 92 percent growth compared to the $4 billion level in the same period of 2025. The expanding subscriber base of the Starlink satellite internet service and the high-performance computing capacity provided to Anthropic and Google played a decisive role in this increase. Despite this, the company finished the quarter with a net loss of $541 million. However, this figure indicates a significant improvement compared to the $1 billion loss announced in the same period last year.
According to financial results, approximately $2 billion of the revenue increase came from the company’s artificial intelligence activities. Starlink became the second largest source of growth, generating $1.7 billion in additional revenue compared to the previous year. SpaceX, which has long been known for its launch services, has recently diversified its income sources and has begun to be seen more clearly on the financial statements. In addition, Starlink’s expansion of its service area in many countries around the world and its provision of solutions for corporate customers were among the factors that supported this growth.
Artificial intelligence and cloud services supported revenue growth
SpaceX Chief Financial Officer Bret Johnsen announced in his meeting with investors that the company has an additional six-month cloud services contract worth $ 6.7 billion. According to Johnsen, the income from these contracts will gradually start to be reflected in the financial results starting from October. In addition, it is estimated that the company’s annualized revenue may reach 100 billion dollars by the end of the year, with the completion of the full integration of the artificial intelligence initiative called Cursor. SpaceX closed 2025 with a total revenue of 18.67 billion dollars.
The company’s CEO, Elon Musk, made more assertive statements about this goal. Musk stated that reaching the annualized revenue level of $100 billion in December is not a possibility for them, but an expected outcome. He even stated that this level could be exceeded if the current growth trend is maintained. Despite this, it should not be forgotten that these estimates reflect the expectations of the company management and are predictions for the future.
On the other hand, SpaceX created a cash source of approximately 100 billion dollars with the bond sale it carried out after the public offering. The company continues its investments without slowing down. While capital expenditures exceeded $28 billion in the first six months of 2026, this figure was at $7 billion in the same period last year. Increasing expenditures show that both space activities and data center investments continue simultaneously.
SpaceX’s first quarter report was published approximately two months after the transaction, which was considered one of the largest public offerings in history. While the company raised more than 85 billion dollars during the public offering process, it was opened to the stock market at a valuation of 1.75 trillion dollars. In the first days of trading, its market value briefly surpassed Amazon and approached the level of Microsoft. However, the shares experienced a decline in the following weeks. While the share price closed at just over $125 on Tuesday, a decline of up to 8 percent was seen in after-hours trading. This figure is also below the IPO price of $135.
The computing capacity agreements with Anthropic and Google were announced in the weeks before the IPO. These agreements mark a remarkable change of direction in SpaceX’s strategy in the field of artificial intelligence. After xAI, previously an initiative of Elon Musk, was acquired by SpaceX, the company continued its efforts to develop its own artificial intelligence models. However, having difficulty competing with leading companies in the industry such as OpenAI and Anthropic and not being able to achieve the expected progress in customer acquisition brought about a different approach.
In addition, the Grok chat bot developed by xAI came to the fore with various discussions, which increased criticism of the company’s artificial intelligence activities. Instead of using the two large data centers it established in and around the city of Memphis, Tennessee, only to train its own models, SpaceX began renting a significant part of its capacity to customers such as Anthropic and Google. Bret Johnsen stated that the new hosting agreements generate high EBITDA margins thanks to the utilization of existing computing capacity. The company’s latest financial results reveal that, in addition to space transportation and satellite internet services, data center and artificial intelligence infrastructure are becoming an increasingly visible revenue item in SpaceX’s growth.
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