SpaceX Reports $7.8 Billion Revenue Amid Heavy AI Spending

Space Exploration Technologies Corp. reported its first quarterly earnings as a public company on August 4, 2026, revealing a 92% year-over-year revenue surge to $7.8 billion for the period ending in June. Despite beating Wall Street expectations and narrowing its operating loss to $143 million, the company posted a net loss of $541 million. Shares fell between 5% and 8% in after-hours trading as investors reacted to a massive spike in capital expenditures, which totaled $18.37 billion—nearly seven times the previous year's spend.

Growth was primarily driven by Starlink, which reached 12 million subscribers and generated $4.29 billion in revenue, and a rapidly expanding AI division that saw revenue triple to $2.6 billion. To fuel this growth, the company invested heavily in AI compute capacity and acquired the coding start-up Cursor for $60 billion. To offset costs, SpaceX began leasing compute power to Google and Anthropic. Additionally, the company partnered with Nvidia to utilize chips in its Starmind AI1 orbital compute satellites.

CEO Elon Musk projected that the company could reach $1 trillion in annual revenue by 2030, moving the target up from 2031. He also outlined plans for autonomous robotic manufacturing on the moon. President Gwynne Shotwell affirmed the goal of landing astronauts on the moon by 2028 using the Starship rocket. The financial report coincides with a critical lockup expiration on August 6, which releases 912 million shares for trading, potentially increasing selling pressure on a stock that has already fallen roughly 50% from its June IPO peak.