SpaceX reported second-quarter revenue of $7.8 billion, a 92% increase year-over-year, driven by strong growth in its Starlink satellite internet and artificial intelligence businesses. However, the company posted a net loss of $541 million, and shares fell about 11% in pre-market trading after the earnings release as investors focused on rising capital expenditures tied to AI infrastructure.
Starlink remained the largest revenue contributor, generating $4.29 billion in the quarter, up from $2.59 billion a year earlier. The satellite internet service now has 12 million subscribers, and CEO Elon Musk said during the earnings call that Starlink could eventually deliver a majority of the world’s internet.
SpaceX’s AI segment also saw significant growth, with revenue rising to $2.56 billion from $737 million in the same period last year. The company provides computing capacity for AI projects and works with partners including Google and Anthropic. It currently operates 1.4 gigawatts of AI computing capacity and plans to expand to at least 10 gigawatts next year. However, the AI division recorded a $1.2 billion loss despite generating $2.5 billion in revenue.
Capital spending surged to about $18 billion during the quarter, compared with less than $3 billion a year earlier. CFO Bret Johnsen said spending would remain at a similar level for the rest of the year. The increased costs, combined with a $542 million loss in the space division, fueled investor concerns after the earnings report.
SpaceX shares had gained 9.43% during regular trading on Tuesday, closing at $125.33, but reversed course in after-hours trading. The stock had already declined from its June high following the company’s public listing.
Musk said SpaceX expects its AI investments to support future growth and reiterated a goal of reaching $1 trillion in annual revenue by 2030, one year earlier than his previous estimate. The company continues to focus on its Starship program, with President Gwynne Shotwell stating that SpaceX aims to send astronauts to the Moon by 2028 through NASA’s lunar program.
SpaceX’s earnings report also revealed changes in the value of its Bitcoin holdings. The company held 18,712 BTC at the end of the second quarter, with the value falling to about $1.1 billion from $1.64 billion at the end of 2025. SpaceX did not indicate plans to sell its holdings.
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