SpaceX reported a 92% surge in quarterly revenue to $7.8 billion, a dramatic financial shift driven by a pivot toward renting out massive computing capacity to rivals Anthropic and Google. While the company remains in the red, the losses are narrowing as Starlink continues its aggressive expansion.
Total sales climbed from $4 billion in the second quarter of 2025 to $7.8 billion for the same period in 2026. Nearly $2 billion of this expansion originated from the company’s AI division, with Starlink contributing an additional $1.7 billion. Despite the growth, SpaceX recorded a $541 million loss, an improvement from the $1 billion deficit reported one year prior.
The financial results arrive two months after the company executed the largest IPO in history, raising $85 billion at a $1.75 trillion valuation. While the company briefly rivaled Microsoft and Amazon in market capitalization shortly after going public, investor confidence has since waned. Shares closed at $125 on Tuesday, falling below the initial $135 offering price and dipping another 8% in after-hours trading.
This shift in business model follows the absorption of Elon Musk’s xAI startup into SpaceX. After struggling to compete with labs like OpenAI, the company repurposed data centers in Memphis, Tennessee, to serve as hosting infrastructure for external partners. Chief Financial Officer Bret Johnsen noted during a Tuesday conference call that these hosting agreements have generated high incremental EBITDA margins by monetizing available compute capacity that was previously underutilized.
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