SpaceX (SPCX) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $7.8 billion, up 92% year-over-year, driven by AI infrastructure contracts, Starlink subscriber growth, and strong performance across all segments.

• Net loss narrowed to $541 million, an improvement of $467 million from the prior year, despite higher R&D and infrastructure costs.

• Completed IPO and bond offering, raising $85.7 billion and $25 billion, respectively, strengthening the balance sheet.

• Major operational milestones included 78 launches, rapid Starlink subscriber growth to 12 million, and significant AI infrastructure expansion.

• Closed $14.1 billion in Cloud Services Agreements and announced a $60 billion Cursor acquisition to accelerate AI enterprise offerings.

Financial highlights

• Revenue: $7.8 billion, up 92% year-over-year; six-month revenue: $12.5 billion, up 53.7%.

• Adjusted EBITDA: $3.5 billion, up 191% year-over-year.

• Net loss: $541 million, improved by $467 million year-over-year.

• Ended Q2 with $100 billion in cash, cash equivalents, and marketable securities; backlog at $47.5 billion.

• Operating cash flow for six months: $3.5 billion; capital expenditures: $28.5 billion, mainly for AI and launch infrastructure.

Outlook and guidance

• Projected to reach $100 billion ARR by December 2026, driven by cloud services and Starlink V3.

• Management expects continued growth in AI and Connectivity, with significant investments in AI compute and satellite infrastructure.

• Internal projections for $1 trillion in revenue moved up to 2030.

• Starship operational cadence expected to reach at least one flight per day within a year.

• Risks include customer concentration in AI, potential contract terminations, and dependency on reliable data center operations.