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 and Starlink subscriber growth.

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

• Completed IPO in June 2026, raising $85.7 billion, and issued $25 billion in senior notes, significantly strengthening the balance sheet.

• Major operational milestones included two successful Starship flights, rapid Starlink subscriber growth to 12 million, and over $6 billion in U.S. government contracts.

• AI segment expanded rapidly, releasing Grok 4.5 and advancing Grok 5, with Cursor acquisition and $14.1 billion in Cloud Services Agreements announced.

Financial highlights

• Q2 2026 revenue: $7.8 billion, up 92% year-over-year; adjusted EBITDA: $3.5 billion, up 191%.

• Net loss: $541 million, improved from $1.0 billion year-over-year.

• Ended Q2 with $100 billion in cash, cash equivalents, and marketable securities.

• Backlog stood at $47.5 billion at quarter end.

• Capital expenditures totaled $18.4 billion for Q2, with $15.8 billion invested in AI infrastructure.

Outlook and guidance

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

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

• Expectation to reach over 2 GW compute capacity by year-end, with a trajectory toward 10 GW by 2027.

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

• Continued focus on scaling AI infrastructure and expanding Starlink and enterprise partnerships.