On 4/8, aerospace company SpaceX released its Q2 financial report. This marks the company's first earnings report since its initial public offering (IPO) in mid-June.
SpaceX's Q2 revenue reached USD 7.81 billion, nearly doubling year-on-year. This figure surpassed financial data firm LSEG's forecast of USD 6.9 billion. The company's net loss also narrowed, decreasing from USD 1 billion last year to USD 541 million this year, a figure lower than LSEG's projections.
Despite revenue growth, SpaceX shares fell 8% in after-hours trading due to a surge in capital expenditure. This spending exceeded USD 18 billion, nearly six times the more than USD 2.8 billion recorded in the same period last year. SpaceX Chief Financial Officer Bret Johnsen anticipates similar spending levels in upcoming quarters, as the company aggressively increases its investment in AI, having injected over USD 15.8 billion into the sector last quarter.
Since its market debut on 12/6, SpaceX shares have dropped 16%. The company's current market capitalization stands at USD 1.650 billion.
Breaking down core business segments for Q2, the space division generated USD 962 million in revenue, connectivity brought in nearly USD 4.3 billion for SpaceX, and AI contributed approximately USD 2.6 billion. All these figures exceeded forecasts.
However, profitability varied significantly across segments. The company's space division, which holds significant contracts from the US Department of Defense and NASA, remained unprofitable, with a Q2 loss of USD 542 million. The AI segment reported an operating loss of approximately USD 1.3 billion. Only the connectivity segment recorded a profit, nearly USD 1.7 billion.
In 2025, the majority of SpaceX's revenue came from its connectivity segment, which includes the Starlink satellite internet service. This also represented the company's sole source of profit. Starlink is sold directly to consumers, governments, and the military.
Overall last year, SpaceX incurred losses of nearly USD 5 billion, primarily due to massive investments in AI infrastructure. Earlier this year, the company merged with billionaire Elon Musk's xAI. At the time, the company stated its vision was to build data centers in space.
Ha Thu (according to CNBC, Reuters)
