SpaceX reported second quarter results that smashed Wall Street estimates, but the company is still losing money. However, the Elon Musk-led company’s revenue almost doubled within a year.
Inside Elon Musk’s SpaceX Q2 Earnings Results
The firm reported a net loss of $541 million, or 9 cents a share, in the quarter that ended June 30. Analysts’ estimates of the loss were much larger at $1.9 billion or 23 cents a share. The revenue grew 92% from year-ago levels to $7.8 billion.
The results come before Elon Musk’s first earnings call since the company’s blockbuster public listing in June. Investors are likely to be interested in updates on Starship, Starlink, AI initiatives, and future growth plans.
SpaceX also had bottom-line EBITDA of $3.5 billion, up almost 3-fold from a year ago. The company had $100 billion in cash, cash equivalents and marketable securities at the end of the quarter. In addition, it also had a backlog of $47.5 billion.
In prepared remarks, the company’s Chief Financial Officer Bret Johnsen spotlighted solid momentum in all of its businesses.
“2026 has been a momentous year so far, and the second quarter demonstrated the true power of SpaceX,” the CFO said. Johnsen added, “Revenue growth accelerated across all our business segments and we delivered strong operating leverage, with significant margin expansion led by our new AI compute agreements.”
The SpaceX CFO went on to say, “We ended the second quarter with $100 billion of cash, cash equivalents, and marketable securities, and $47.5 billion in backlog. This financial strength gives us substantial capacity to invest in Starship, Starlink Broadband and Mobile satellites, and our AI platform.”
Meanwhile, SpaceX has deepened its partnership with NVIDIA for AI satellites.
Breakdown of Business Contribution
The connectivity business continued to be the biggest contributor. SpaceX’s revenue rose significantly by 66% YoY to $4.3 billion. The number of Starlink subscribers grew to 12 million.
The segment’s income from operations rose 79% to $1.7 billion. Moreover, the company also won a set of multi-year U.S. government contracts for Starshield worth over $6 billion.
In addition, the AI division generated $2.6 billion in revenue, up 247% from a year ago. The business inked $14.1 billion in contracted cloud sales. SpaceX also announced a $60 billion acquisition of Cursor, and introduced Grok 4.5 late in the quarter.
The space segment accounted for $962 million of revenues during the period. In the quarter, the company flew two successful Starship V3 test flights, and is working toward full and rapid reusability.
Prior to the earnings, the SpaceX stock gained over 9% on Tuesday.
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