Key facts
- SpaceX reported Q2 revenue of $7.8 billion, exceeding forecasts.
- The company posted a net loss of $541 million for the second quarter.
- AI revenue more than tripled to $2.56 billion, primarily from leasing data center capacity.
- Goldman Sachs projects SpaceX's AI revenue could grow 100-fold by 2030.
- Elon Musk anticipates SpaceX could reach $1 trillion in revenue by the end of the decade.
- SpaceX plans to launch its first orbital data centers, Starmind AI-1, next year.
SpaceX reported second-quarter revenue of $7.8 billion, surpassing analyst expectations and nearly doubling year-over-year. However, the company posted a $541 million net loss, attributed partly to a decline in digital asset holdings and increased spending. Despite the loss, AI revenue more than tripled to $2.56 billion, largely driven by leasing data center capacity to rival AI firms like Anthropic and Google.
Goldman Sachs projects SpaceX's AI revenue could grow 100-fold by 2030, with CEO Elon Musk stating the company could achieve $1 trillion in revenue by the end of the decade. Musk also indicated plans to launch orbital data centers, Starmind AI-1, starting next year, and highlighted the potential of the Grok AI models trained on SpaceX data.
Concerns about SpaceX's financial strategy and stock performance are present. Dec Mullarkey of SLC Management suggested that focusing on data center leasing might cap profit margins. Short interest in SpaceX has risen significantly, and analysts at Deutsche Bank pointed to the end of employee stock lock-up periods and lower-than-expected buying by passive funds as factors weighing on the equity price. Investors are also considering the possibility of a merger between SpaceX and Tesla.