SpaceX revenue nearly doubles in first earnings report

SpaceX has released its first earnings report since becoming a publicly traded company. Revenue nearly doubled over the past year

SpaceX has released its first earnings report since becoming a publicly traded company. Revenue nearly doubled over the past year, even as artificial intelligence spending surged sharply.

Despite beating analyst forecasts on both revenue and earnings, the company’s stock slipped in after-hours trading. Investors appeared more focused on rising costs than on the strong topline numbers.

The company reported $7.8 billion in revenue for the second quarter. That marked a 92% jump compared to the same period last year. Net losses narrowed significantly to $541 million, down from $1 billion a year earlier. SpaceX began trading on the US stock market back in June.

Starlink, the company’s satellite internet division, remained the only profitable business unit. It generated $1.6 billion in revenue during the quarter. Elon Musk told analysts on the earnings call that people were underestimating the company. He pointed directly to Starlink’s rapid growth as proof.

Musk suggested Starlink could eventually power a large share of global internet access. Meanwhile, the company’s AI computing division posted a $1.2 billion loss on $2.5 billion in sales. The core space business also posted a loss, at $542 million on $962 million in sales.

Musk said SpaceX currently runs 1.4 gigawatts of AI computing capacity. He added that this figure is expected to hit 10 gigawatts within the next year. Chief Financial Officer Bret Johnson said capital spending would stay steady for the rest of the year.

Industry voices offered mixed reactions to the results. Carré Partners CEO Wendy Souvannarath noted that heavy AI investment has become the norm across tech firms. Analyst Brady Wang praised Starlink’s strong subscriber growth as a genuine bright spot.

However, IG analyst Fabien Yip pushed back on Musk’s framing. He said it was a stretch to call the company underestimated while its AI division kept losing money.