SpaceX shares reversed gains after the company released its first quarterly earnings report following its June public listing. The report showed strong revenue growth, but investors focused on rising spending tied to artificial intelligence infrastructure.
The company reported second-quarter revenue of $7.8 billion, marking a 92% increase from the same period last year. However, SpaceX recorded a net loss of $541 million as capital expenses and research costs increased.
Meanwhile, SpaceX reported growth across its three main business areas, including space operations, connectivity services and artificial intelligence. The company’s revenue increased from $4.02 billion in the second quarter of 2025 to $7.81 billion in the same period of 2026.
Starlink remained the largest revenue contributor during the quarter. The satellite internet business generated $4.29 billion in revenue, up from $2.59 billion a year earlier.
The company said Starlink’s subscriber base reached 12 million users, supported by growing demand for satellite internet services. Elon Musk said during the earnings call that Starlink could eventually provide internet access to a large share of the global population.
“It's not out of the question that, at some point, Starlink will deliver a majority of the world's internet,” Musk said.
SpaceX’s artificial intelligence business also recorded strong revenue growth. AI-related revenue increased to $2.56 billion in the second quarter from $737 million a year earlier.
The company provides computing capacity for AI projects and works with companies including Google and Anthropic. SpaceX said it currently operates 1.4 gigawatts of AI computing capacity and plans to expand that capacity to at least 10 gigawatts next year.
Additionally, SpaceX increased spending as it expanded AI infrastructure and continued development projects. The company reported capital spending of about $18 billion during the quarter, compared with less than $3 billion a year earlier.
Chief financial officer Bret Johnsen said capital spending would stay at a similar level for the rest of the year. The increased costs contributed to concerns among investors after the earnings release.
SpaceX shares gained 9.43% during regular trading on Tuesday, closing at $125.33. However, the stock reversed direction after the earnings report, falling about 11% in pre-market trading as investors reviewed higher AI-related spending and capital investment plans. The stock had already declined from its June high after its public market debut.
Furthermore, the company’s space division reported revenue of $962 million during the quarter but recorded a $542 million loss. Meanwhile, the AI division posted a $1.2 billion loss despite generating $2.5 billion in revenue.
Musk said SpaceX expects its AI investments to support future growth. He also said the company could reach annual revenue of $1 trillion by 2030, one year earlier than his previous estimate.
Moreover, SpaceX continues to focus on its Starship program, which remains central to its long-term space operations. The company plans further test flights as it works toward reusable rocket technology.
SpaceX President Gwynne Shotwell said the company aims to send astronauts to the Moon by 2028 through NASA’s lunar program.
Furthermore, investors are monitoring how SpaceX balances its growing technology operations with its high spending levels.
Analysts also noted that SpaceX’s valuation depends on the performance of multiple business segments. Starlink currently provides the company’s main profitable operation, while AI infrastructure requires continued investment.
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 of the treasury falling to about $1.1 billion from $1.64 billion at the end of 2025. The decline reflected Bitcoin’s price movement during the period, although SpaceX did not indicate plans to sell its holdings.