SpaceX (SPCX) Reports Q2 2026 Results: Revenue Jumps 92% to $7.8B in First Earnings Report Since IPO
SpaceX (NASDAQ: SPCX) reported second-quarter 2026 results Tuesday after the close, its first as a public company following June’s record-setting IPO. Revenue jumped 92% year-over-year to $7.8 billion, beating Wall Street’s roughly $6.9 billion estimate, while the net loss narrowed sharply and Adjusted EBITDA nearly tripled. Even so, shares fell in extended trading as investors focused on a sharp jump in capital spending. Full results are available in SpaceX’s Q2 2026 earnings release on its investor relations site.
The Headline Numbers
For the quarter ended June 30, 2026, SpaceX reported revenue of $7.81 billion, up from $4.07 billion a year earlier. Net loss came in at $541 million, an improvement of $467 million from the $1.0 billion loss posted in the same quarter last year. Adjusted EBITDA rose 191% year-over-year to $3.54 billion. Loss per share was $0.09, well ahead of the roughly $0.26 loss analysts had modeled, according to LSEG data cited by CNBC. The company ended the quarter with $100 billion in cash, cash equivalents, and marketable securities, along with $47.5 billion in backlog.
For a full breakdown of the quarter’s metrics, analyst price targets, and bull/bear case, see our new SPCX Stock Fact Sheet.
Segment Results: Connectivity Leads, AI Accelerates
SpaceX now reports results across three segments. Connectivity, which is built primarily around Starlink, remained the largest and most profitable, with revenue up 66% year-over-year to $4.29 billion and income from operations up 79% to $1.66 billion. The growth was driven by Starlink subscribers doubling year-over-year to 12.0 million, while average revenue per user held steady at $66 per month. Consumer revenue rose 44% year-over-year, and Enterprise & Government revenue more than doubled, up 108%, aided by new airline partnerships with American Airlines, Southwest, Virgin Atlantic and others, plus more than $6 billion in newly awarded multi-year Starshield contracts with the U.S. government.
The AI segment, which includes xAI, Grok, and X, posted the fastest growth of the three, with revenue up 247% year-over-year to $2.56 billion, driven largely by $14.1 billion in newly signed Cloud Services Agreements that generated $1.6 billion of incremental infrastructure revenue in the quarter. The segment remained loss-making, with an operating loss of $1.26 billion, though that marked a 49% improvement from the prior quarter, and the segment posted positive Adjusted EBITDA of $1.1 billion for the first time. Compute capacity expanded to 1.4 gigawatts, up from 0.4 gigawatts a year ago.
The Space segment — covering Falcon, Dragon and Starship — grew revenue 29% year-over-year to $962 million but posted a wider operating loss of $542 million as the company accelerated R&D spending on Starship, which it says could cut the cost to orbit by 99% or more relative to historical averages. SpaceX completed two Starship V3 flight tests in the past 90 days, including a July mission that deployed 20 production V3 satellites and demonstrated an in-space engine relight.
Capex Surges, and a $60 Billion Cursor Deal
The number that seemed to draw the most investor attention was capital expenditure, which jumped to $18.4 billion for the quarter, with $15.8 billion of that directed toward AI infrastructure alone — more than 20 times the AI segment’s capex from a year earlier. That spending is being funded by a balance sheet transformed by the IPO: SpaceX raised approximately $85.7 billion in net proceeds from its June 12 listing of 638.9 million Class A shares at $135 each, and closed a $25 billion investment-grade bond offering on June 26 across five tranches maturing between 2031 and 2056.
Alongside earnings, SpaceX also disclosed an agreement to acquire AI coding startup Cursor for $60 billion, a deal it expects to close in the third quarter of 2026, and highlighted the July release of Grok 4.5, which it described as its largest and most capable model yet, trained in part alongside the Cursor team.
Stock Reaction and Analyst Views
SPCX shares closed at $114.53 on Monday, roughly 49% below their post-IPO intraday high of $225.64 and about 15% below the $135 IPO price, as investors braced for the report amid concerns about heavy AI spending and a looming lock-up expiration. Despite beating on both revenue and loss per share, shares dropped further in extended trading as the market weighed the scale of the capex increase against the segment growth. Roughly 911.5 million shares are set to become eligible for sale as an early lock-up period expires on August 6, adding to the supply overhang investors are watching.
Wall Street’s consensus rating on SpaceX remains a Moderate Buy, built from roughly two dozen analysts, with an average 12-month price target in the $223 to $233 range. Individual targets vary enormously, from a Morningstar fair-value estimate near $63 up to a Street-high of $800, illustrating how unsettled the valuation debate remains for a company this newly public and this structurally different from a typical aerospace or telecom peer. Cantor Fitzgerald’s Colin Canfield has reiterated a $246 target heading into the print, while Morgan Stanley sits at $300 and Bernstein at $239.
Why It Matters
This was always going to be a closely watched print — SpaceX’s first public test of whether its combination of launch, satellite broadband, and AI infrastructure can translate into the kind of financial discipline public investors expect. The top-line growth and narrower loss are clear positives, and the AI segment reaching positive Adjusted EBITDA for the first time is a meaningful milestone. But the magnitude of the capex ramp, an unprofitable AI and Space segment, and this week’s lock-up expiration give the market plenty to weigh heading into the back half of 2026. With a $60 billion acquisition still to close and Starship’s development program continuing to consume significant R&D spending, execution on both fronts will likely define the next several quarters.
For continuing coverage of SpaceX and other AI-infrastructure names, see the SPCX Stock Fact Sheet, our Stock Fact Sheets hub, and related pages on NVIDIA, CoreWeave, and Oracle. You can also revisit our original coverage of the SpaceX IPO.
For informational purposes only. This article is not investment advice. Figures are sourced from SpaceX’s Q2 2026 earnings release and public reporting and are subject to revision.
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