SpaceX reported its first quarterly earnings as a public company on Tuesday, revealing that revenue doubled to $7.8 billion in the second quarter of 2026, up 92% from $4 billion a year earlier. The surge was driven by two key businesses: AI compute deals with Anthropic and Google, which contributed nearly $2 billion in growth, and Starlink, which added $1.7 billion in revenue.
The earnings report comes nearly two months after SpaceX completed the largest initial public offering in history, raising more than $85 billion at a valuation of $1.75 trillion. The company’s stock briefly soared in the first days of trading, pushing its market cap past Amazon and nearly matching Microsoft. However, the shares have since retreated, closing at just over $125 on Tuesday — below the $135 IPO price reportedly set by CEO Elon Musk — and sank as much as 8% in after-hours trading.
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AI compute deals become a major revenue pillar
The AI division’s contribution of nearly $2 billion in quarterly growth underscores how SpaceX has leveraged its infrastructure beyond rocketry. The company has been renting out high-performance computing capacity to Anthropic and Google, capitalizing on the surging demand for AI training and inference workloads. These deals, first reported earlier this year, have transformed SpaceX into a significant player in the AI infrastructure space, competing with traditional cloud providers.
Analysts note that the AI compute revenue is particularly attractive because it utilizes existing assets and has high margins. However, the reliance on a small number of large customers — Anthropic and Google — also introduces concentration risk. If either company were to reduce its usage or renegotiate terms, SpaceX’s revenue growth could slow significantly.
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Starlink continues to expand its lead
Starlink remains the core growth engine, with revenue climbing $1.7 billion year-over-year. The satellite internet service has expanded its subscriber base to over 15 million customers across more than 100 countries, according to recent company disclosures. Growth has been fueled by new consumer terminals, partnerships with airlines and maritime operators, and government contracts, including a recent deal to provide connectivity to rural communities in emerging markets.
The division’s scale is now substantial enough that it could potentially be spun off as a separate public company, a move that Musk has hinted at in the past. Such a spin-off would likely unlock additional value for shareholders, but it would also remove a major revenue source from SpaceX’s consolidated financials.
Market reaction and what’s next
The post-earnings stock drop reflects investor concerns about valuation and execution risks. Despite the strong revenue growth, SpaceX’s market cap of over $1.5 trillion still prices in significant future expansion, including the development of the Starship rocket, which has yet to achieve a fully successful orbital flight. The company has also faced regulatory scrutiny over Starlink’s impact on astronomy and orbital debris.
Looking ahead, SpaceX is expected to provide more details on its AI compute roadmap and Starship progress during its earnings call. The company has also announced plans to increase Starlink’s capacity with a new generation of satellites, which could further accelerate subscriber growth.
For investors, the key question is whether SpaceX can sustain this pace of growth while managing the costs of its ambitious projects. The company’s ability to diversify its revenue streams beyond launch services has clearly paid off, but the path to profitability at this scale remains challenging.
This is a developing story. More details will be added as they become available.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. The cryptocurrency and stock markets are volatile; investors should conduct their own research before making investment decisions.
