SpaceX Q2 Revenue Doubles to $7.8B on Starlink and AI Compute Deals
Original: SpaceX doubles revenue on Anthropic and Google compute deals, Starlink growth
Why This Matters
SpaceX's pivot to AI cloud services signals a major new revenue stream for the aerospace-turned-tech conglomerate.
SpaceX reported Q2 2026 revenue of $7.8 billion, up 92% from $4 billion in Q2 2025. Growth was driven by Starlink satellite internet (+$1.7B) and AI compute deals with Anthropic and Google (+~$2B). The company posted a $541 million net loss, improved from $1 billion a year earlier.
SpaceX released its first quarterly earnings report since its historic IPO, revealing that total revenue nearly doubled year-over-year — from $4 billion in Q2 2025 to $7.8 billion in Q2 2026, a 92% increase. The two primary growth drivers were Starlink, which added $1.7 billion in revenue, and SpaceX's AI division, which contributed nearly $2 billion, largely from cloud compute agreements with Anthropic and Google announced shortly before the company's IPO.
CFO Bret Johnsen disclosed that SpaceX has an additional $6.7 billion in cloud services revenue under contract, set to begin ramping in October 2026. He stated the company could reach a $100 billion annualized revenue run-rate (ARR) by year-end following the planned integration of AI startup Cursor. CEO Elon Musk echoed this outlook, calling the $100 billion ARR target for December "not a question mark."
Capital expenditures exceeded $28 billion in the first half of 2026, up sharply from $7 billion in the same period of 2025. SpaceX holds a $100 billion cash reserve following a post-IPO bond sale. Despite the strong revenue growth, SpaceX shares closed at approximately $125 — below the IPO price of $135 — and fell as much as 8% in after-hours trading following the earnings release.