SpaceX’s quarterly revenue surges on strong growth in Starlink business
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- SpaceX reported $7.8B in Q2 revenue, up 92% YoY and beating LSEG analyst estimates of $6.93B, but posted a $541M net loss attributable to shareholders for the quarter ended June 30
- SpaceX invested $18.37B across AI infrastructure, Starship development, and Starlink expansion through the quarter
- SpaceX stock has declined 8% since its record-breaking June IPO that valued the company at ~$1.75T, with a post-IPO lock-up period expiring Thursday that could release insider and early-investor shares onto the market
- Starlink continues to expand its global subscriber base across consumer, enterprise, aviation, maritime, and government segments, but average revenue per user has dropped as SpaceX entered more international markets with lower-priced plans
- SpaceX's AI business — spanning xAI, Grok, and the X platform — is generating revenue from compute contracts with Anthropic, Alphabet's Google, and Reflection AI, though operating losses have mounted and some recurring revenue is not yet recognized
- SpaceX partnered with Nvidia to use its chips in the Starmind AI1 orbital compute satellites, part of a broader push toward orbital AI-computing infrastructure
- Musk dismissed a Wall Street Journal report of a potential SpaceX-Tesla merger as 'fake news,' though he had previously declined to rule out the possibility, citing growing overlap between the two companies
Why it matters: A 92% revenue beat wasn't enough to support the stock, which is already down 8% from its $1.75T IPO valuation — and Thursday's lock-up expiry adds near-term selling pressure from insiders. Meanwhile, the $18.37B AI investment and mounting operating losses in that unit show SpaceX is still years from consistent profitability in AI, with the real test being whether Musk can monetize orbital compute and turn Starship into a reliably reusable vehicle.
