SpaceX reported Q2 revenue of $7.814 billion on Thursday, up 92% from a year earlier and well above the $6.8 billion analysts had expected. Adjusted EBITDA more than doubled to $3.538 billion, beating consensus of about $2 billion. The results, the first since the company's record IPO in early 2026, also revealed a massive $15.8 billion in AI infrastructure spending — more than 21 times the $749 million it spent in the same quarter last year.
Revenue and profitability beat estimates
Revenue growth was driven by Starlink, launch services, and a new AI compute business. The net loss narrowed to $541 million from $1.008 billion a year earlier, while the operating loss improved to $143 million from $970 million. The company's bottom line remains in the red, but the trajectory is clearly improving.
Cash pile swells after record IPO
SpaceX generated $85.675 billion in net proceeds from its IPO, pushing cash, cash equivalents, and marketable securities to nearly $100 billion by June 30. The bulk of that — $65.625 billion — sits in money-market funds, more than triple the $21.339 billion at the end of 2025. Another $4.011 billion is in government securities, and $6.487 billion in marketable securities. Combined, money-market funds and government securities total $76.123 billion.
Bitcoin holdings unchanged, fair value falls
SpaceX held 18,712 BTC throughout the first half of 2026, with a cost basis of $661 million. The fair value of that position dropped to $1.098 billion from $1.637 billion at year-end, producing a $539 million unrealized loss. Still, the position sits $437 million above its reported cost. Bitcoin now represents about 1.1% of SpaceX's cash, equivalents, and marketable securities after the IPO, down from 6.6% at the end of 2025.
AI spending dominates capex
The $15.828 billion SpaceX directed into AI infrastructure in Q2 accounted for 86% of its $18.369 billion total quarterly capital expenditure. That's roughly double the AI outlay in Q1. For the first half of 2026, AI capex climbed to $23.551 billion from $3.316 billion a year earlier, representing nearly 83% of total investment. AI revenue reached $2.561 billion in Q2, driven by compute agreements with Google and Anthropic, plus Grok and X subscriptions. CFO Bret Johnsen said contracted compute deployments have payback periods of less than one year, signaling the company expects the spending to pay off quickly.
The next question is whether SpaceX can sustain this pace of AI investment without further diluting shareholders — or whether the revenue from those contracts will grow fast enough to justify the outlay. For now, the company is betting big.
