SpaceX reports $7.8B Q2 revenue, spends $18.4B

SpaceX just released its first earnings report since going public, and it beat Wall Street expectations on both revenue and losses. The company reported $7.8 billion in revenue for the second quarter, a 92% jump from last year, while losing just 9 cents per share. Analysts had predicted a 26-cent loss per share on $6.9 billion in revenue. The numbers show rapid growth, but one figure dominated the reaction: $18.4 billion in capital spending during the quarter.

Most of that spending—$15.8 billion—went toward AI infrastructure, nearly doubling last year’s AI investment. Elon Musk emphasized the push, saying SpaceX is building AI computing capacity faster than anyone else. The move aligns with the company’s long-term bet on AI, highlighted in its prospectus as a $28.5 trillion market opportunity, with $26.5 trillion tied to AI. Yet investors are uneasy. High capex has become a red flag in tech, even if SpaceX claims the AI investments will pay off within a year.

The stock still fell 12% after the report, overshadowed by the spending spree. Management tried to ease concerns, with CFO Bret Johnson saying the AI investments would recoup costs quickly and President Gwynne Shotwell noting $6.7 billion in contracted revenue just weeks into the third quarter. She also predicted SpaceX could hit a $100 billion annualized revenue run rate by year’s end. Still, the market’s focus remains fixed on where the money is going—not just to space, but to AI.

The shift toward AI comes as SpaceX transitions from its reusable Falcon rockets to Starship, a fully reusable system meant to cut costs and eventually reach Mars. Musk predicts Starship could launch daily within a year, though past delays have made such timelines hard to trust. For now, investors are left balancing the promise of space tech with the risks of Musk’s ambitious AI bets. The next year will show whether the spending translates into real growth—or just bigger losses.