SpaceX Q2 revenue hits $7.8B as AI unit drives reported 2,013% CapEx surge

SpaceX has released its first public earnings report since going public on June 12, revealing financials that mirror those of an AI company in 2026.

SpaceX revenue grew 92 percent year-over-year to $7.8 billion in Q2. The company reduced its net losses to $541 million from $1 billion a year earlier. Operating expenses narrowed the gap with revenue by more than half.

The former xAI division generated a reported $2.56 billion in revenue. That figure represents a 247 percent increase from $737 million in the prior-year quarter. SpaceX attributes the growth primarily to Cloud Services Agreements, including publicized deals with Anthropic and Google to utilize its data centers.

The AI division cut its operating loss to $1.25 billion from $1.54 billion. However, capital expenditure across the company jumped sharply. Year-over-year CapEx increased by a reported 2,013 percent to $15.8 billion for the quarter.

Rocket launch operations spent $1.17 billion on fixed assets. That amount stands in contrast to the AI division's spending levels. The earnings provide the first definitive public look at the costs of running an AI business at this scale.

Anthropic has agreed to a reported $1.25 billion monthly commitment through May 2029. The agreement covers use of the Colossus 1 data center. SpaceX's pending Cursor acquisition is expected to affect the AI division's results once it closes this quarter.