Key facts
- SpaceX reported a 92% revenue surge to $7.8 billion in Q2, driven by Starlink and AI compute deals.
- The company is expanding its AI partnership with Nvidia for its Starmind satellite network.
- SpaceX's capital expenditures jumped nearly sevenfold year-over-year, with AI spending dominating its budget.
- SpaceX's AI business generated $2.6 billion in second-quarter revenue, up more than three-fold from a year earlier.
- SpaceX plans to build a terrestrial mobile service using spectrum licenses.
SpaceX reported a 92% revenue surge to $7.8 billion in its first public quarterly earnings, driven by its Starlink satellite internet service and AI compute deals with companies like Anthropic and Google. The company is also deepening its AI collaboration with Nvidia, integrating its Starmind satellite network with Nvidia's ecosystem.
Despite the strong revenue growth, SpaceX's shares fell 9% in premarket trading due to concerns over high AI spending and upcoming share unlocks. The company's capital expenditures jumped nearly sevenfold year-over-year, with AI spending dominating its budget, reaching $15.8 billion in the second quarter. SpaceX's AI business generated $2.6 billion in revenue, more than tripling from a year earlier, and the company expects to reach a $100 billion annualized revenue run rate by year-end.
SpaceX plans to build a terrestrial mobile service using spectrum licenses, potentially competing with major U.S. wireless carriers. Chief Financial Officer Bret Johnsen stated that the economics of AI investments are improving rapidly, with a payback period of less than one year, and that AI spending would remain elevated. Executives anticipate ending the year with over two gigawatts of compute capacity.