SpaceX’s quarterly revenue surges on strong growth in Starlink business — SkimNews
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- SpaceX reported Q2 revenue of $7.8B, nearly doubling from $4.1B a year earlier and beating Wall Street expectations, according to LSEG data.
- Starlink revenue rose 66% and accounted for over half of total revenue; subscribers doubled to 12 million, though average revenue per subscriber slumped 22% as the company entered more international markets.
- SpaceX's AI business revenue surged roughly 250%, with Zacks Investment Management's Brian Mulberry noting it is "already monetizing itself," yet capital spending on AI alone ballooned to $15.83B from $749M a year earlier.
- Total operating losses narrowed sharply to $143M from $970M, while Starlink operating income swelled 79%.
- The company expects a $100B revenue run-rate by December and plans to launch at least 1,000 next-generation V3 Starlink satellites within a year.
- President Gwynne Shotwell said SpaceX aims to steal "quite a few" customers from T-Mobile, AT&T, and Verizon with a planned ground-and-satellite mobile service; shares in all three telecoms fell in after-hours trading.
- SpaceX shares fell 7.5% in after-hours trading after rising 9.4% during the day; the stock is already down 8% since its June IPO, with a post-IPO lock-up expiry on Thursday that could unleash insider shares.
Why it matters: The market shrugged at SpaceX's headline beat — shares dropped 7.5% after hours and are down 8% since the record-breaking June IPO. Investors are now weighing whether $15.8B in quarterly AI capex, sourced largely from Starlink profits, can deliver on Musk's $100B revenue run-rate target without forcing the satellite business to underwrite an unproven AI operation indefinitely.
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