SpaceX’s second-quarter sales nearly doubled to $7.814 billion as its AI unit expanded quickly but remained loss-making, while one columnist questioned whether the valuation could limit further gains.
SpaceX reported revenue for the quarter to June 30 of $7.814 billion, compared with $4.071 billion a year earlier. Its net loss narrowed to $541 million from $1.008 billion in the year-earlier quarter.
Connectivity revenue, which includes Starlink, reached $4.291 billion, up 65.8% year over year. SpaceX said Starlink had 12 million subscribers on June 30, twice its total a year earlier. Its Space segment brought in $962 million, a 29% increase.
The AI segment generated $2.561 billion in revenue, up 247.5% from a year earlier and 213% from the March quarter. SpaceX’s reporting says the segment includes advertising on X, Grok-related subscriptions and cloud services. The company attributed much of the increase to new cloud agreements and Grok and X subscriptions. SpaceX acquired xAI on Feb. 2.
The expansion came with substantial costs. AI capital expenditures reached $15.828 billion for the quarter, and the segment posted an operating loss of $1.257 billion. SpaceX’s filings say a small number of customers account for a significant share of AI infrastructure revenue.
In an Oct. 19 column for The Motley Fool, contributor Will Ebiefung said the shares would likely be near their level at publication by the end of 2027. He cited a price-to-sales ratio of 68 in making his assessment.
SpaceX filings describe a Google LLC agreement priced at $920 million per month from October 2026 through June 2029, and an Anthropic PBC agreement at $1.25 billion per month through May 2029. The deals provide access to computing capacity and include reduced fees during initial ramp periods. Google’s agreement allows either side to terminate with 90 days’ notice after Dec. 31, 2026; Anthropic’s has the same notice period after its initial three months.
SpaceX received $85.675 billion in net proceeds from its June IPO, including the underwriters’ full over-allotment. The company said the proceeds would support AI computing, launch infrastructure and vehicles, satellite capacity and general corporate purposes, among other uses.
SpaceX has also asked the Federal Communications Commission (FCC) to authorize an orbital data center system of up to one million satellites.
