SpaceX doubled its second-quarter revenue to $7.8 billion in 2026, up 92% from $4 billion in the same period last year, according to TechCrunch. The growth was driven primarily by expansion in its Starlink satellite internet service and compute rental contracts with Anthropic and Google.
Nearly $2 billion of the revenue surge came from the company's AI division, while Starlink contributed an additional $1.7 billion in revenue growth. SpaceX recorded a quarterly net loss of $541 million, narrowing its loss from $1 billion in the second quarter of 2025.
Revenue projections
Chief Financial Officer Bret Johnsen said on a conference call Tuesday that SpaceX holds an additional $6.7 billion in cloud services revenue under contract. That contract revenue covers a six-month period that begins ramping in October of this year. Johnsen noted that following the full integration of artificial intelligence startup Cursor, SpaceX aims to hit a $100 billion annualized revenue run-rate by the end of 2026, compared to $18.67 billion in total revenue reported for 2025.
CEO Elon Musk reinforced those targets during the call, stating that reaching the $100 billion annualized revenue run-rate in December is not in doubt even without additional gains. Musk added that the final run-rate will likely end up higher than that figure.
Data center pivot
Capital expenditures reached more than $28 billion through the first six months of 2026, up from $7 billion in the first half of 2025. Supported by a post-initial public offering bond sale, SpaceX currently holds a $100 billion cash reserve.
The quarterly report comes nearly two months after SpaceX completed the largest IPO in history, raising over $85 billion at a $1.75 trillion valuation. Stock prices briefly pushed the company's market capitalization past Amazon and near Microsoft before falling below the $135 IPO price set by Musk. Shares closed at just over $125 on Tuesday and dropped as much as 8% during after-hours trading.
Data centers built in and near Memphis, Tennessee, were originally constructed to train models for Musk's AI startup xAI before it was absorbed into SpaceX. After xAI struggled to compete with OpenAI and Anthropic—and generated controversies including its Grok chatbot calling itself "MechaHitler" and producing child sexual abuse material—SpaceX pivoted the infrastructure to hosting external clients. Johnsen stated that monetizing the available compute capacity generated high incremental EBITDA margins for the company.
