SpaceX Reports 92% Revenue Growth and AI Expansion

Space Exploration Technologies Corp. reported a 92% increase in total revenue for the second quarter of 2026, exceeding Wall Street estimates. The company's AI division grew 247% year-over-year, generating $14.1 billion in cloud contract revenue from clients including Alphabet Inc. and Anthropic. To further expand its technical capabilities, the company recently closed the acquisition of the coding company Cursor, which reportedly has a $4 billion run rate.

While the company posted an overall loss of $1.3 billion, its Starlink connectivity business reached 12 million subscribers and reported $1.7 billion in net income. Starlink also expanded its partner network by signing new agreements with SoftBank and American Airlines.

In its core aerospace operations, the company has launched 78 rockets so far this year and achieved its softest splashdown to date in late July. Despite the growth, the stock remains expensive, trading at 66 times trailing 12-month sales, though approximately 75% of Wall Street analysts maintain a buy rating with a median target price of $217.