SpaceX Q2 revenue beats forecasts AI spending drags stock

SpaceX reported its first quarterly earnings as a public company on Tuesday, August 4, 2026, delivering revenue that exceeded expectations but failing to halt a slide in its stock price as investors grappled with massive spending on artificial intelligence infrastructure. The company posted second-quarter revenue of $7.8 billion, surpassing analyst estimates of approximately $6.8 billion, while capital expenditures surged to $18.4 billion.

The results provided the first detailed financial snapshot of the three-segment company since its record-setting initial public offering in June. The Connectivity segment, which encompasses the Starlink satellite internet business, remained the company's only profitable division. The AI segment showed rapid growth, with revenue climbing to nearly $2.6 billion from $737 million a year earlier, driven largely by infrastructure deals. However, capital expenditures for AI alone reached $15.83 billion, accounting for 86% of the company's total quarterly spending. The Space segment, including the Falcon rocket family and the next-generation Starship vehicle, continued to operate at a loss as development costs accelerated.