SpaceX Q2 revenue up 92% as AI spend drives share drop

SpaceX reported soaring revenue but significant losses in its first quarterly earnings as a public company, with investors reacting negatively to the scale of its spending on artificial intelligence infrastructure. The company announced on Tuesday, August 4, 2026, that its second-quarter revenue reached $7.8 billion, a 92% increase from the same period last year and exceeding analyst forecasts. Its net loss narrowed to $541 million, which was less than half of what many on Wall Street had expected.

Despite the strong top-line performance, shares fell in after-hours trading, extending a decline from a post-IPO peak in mid-June. The primary concern for investors was a massive surge in capital expenditures, which ballooned to $18.4 billion for the quarter. The vast majority of that spending, approximately $15.8 billion, was directed toward building out AI computing capacity.

The results provided the first detailed financial snapshot since SpaceX's historic initial public offering in June, which raised approximately $75 billion and briefly valued the company at around $1.75 trillion. The company's performance is being closely watched as a bellwether for other major AI firms...