SpaceX posts net loss of $541 million in Q2; firm sees 92% YoY revenue growth across space, connectivity, AI segment

Elon Musk-led SpaceX's net loss narrowed to $541 million in the second quarter of 2026, marking an reduction of $467 million in comparison to a net loss of $1 billion in the same period the previous year, the company said.

The company’s revenue for the quarter ended June 30, 2026, came in at $7.8 billion, up 92% from $4.1 billion seen in the prior-year quarter. Its adjusted EBITDA stood at $3.5 billion as against $1.2 billion on a year-on-year (YoY) basis, registering a growth of 191%.

SpaceX also posted 92% YoY revenue growth across its space, connectivity, and AI segments, highlighting the impact of its vertically integrated operating model. The company also completed two successful Starship V3 flight tests in the past 90 days, as it continues to progress towards full and rapid reusability.

The company said it closed multiple cloud services agreements during the quarter, resulting in $14.1 billion of contracted sales. It also announced an agreement to acquire Cursor for $60 billion, aimed at accelerating its AI enterprise opportunity.

SpaceX reported 66% yearly growth in revenue and a 79% increase in income from operations for its connectivity segment, driven by a doubling of Starlink subscribers and continued momentum in the enterprise and government segments.

The company also said it was awarded more than $6 billion in multi-year contracts from the US government for Starshield.

In addition, SpaceX released Grok 4.5 in July, which it described as its most powerful AI model to date.

“2026 has been a momentous year so far, and the second quarter demonstrated the true power of SpaceX. Revenue growth accelerated across all our business segments and we delivered strong operating leverage, with significant margin expansion led by our new AI compute agreements,” said SpaceX CFO Bret Johnsen in a statement.

“As a newly public company, we are delighted to welcome our broad base of shareholders and bondholders. This financial strength gives us substantial capacity to invest in Starship, Starlink Broadband and Mobile satellites, and our AI platform, while maintaining a disciplined long-term capital allocation framework,” added Johnsen.

Segment updates

• The company’s space revenues grew 55% sequentially and 29% year-over-year to $962 million, driven by a higher number of large customer launches and a favourable customer shift compared to the prior year.

• The total costs and expenses for the space segment were up by $389 million annually, as the company continued to accelerate R&D investments in the Starship program, which SpaceX believes will reduce the cost to orbit by 99% or more relative to the historical average and unlock significant revenue potential across all business segments.

• The revenue from the connectivity business was up 32% quarter-on-quarter and 66% YoY to $4.3 billion, driven by strong Starlink subscriber growth, with consumer revenues up 16% sequentially and 44% YoY, and an increase in enterprise and government revenues, up 63% QoQ and 108% annually.

• SpaceX’s AI revenues also rose 213% QoQ and 247% on a yearly basis to $2.6 billion, primarily driven by an increase in AI solutions and infrastructure revenues from new cloud service agreements, as well as an increase in Grok and X subscription revenues.