- SpaceX reported for the first time as a public company.
- Financial results came in better than experts expected.
- The company also announced an exclusive partnership with Nvidia.
SpaceX released its financial results for the second quarter of 2026 — its first public report since going public, Yahoo! Finance reports. Although revenue and profit beat analysts’ expectations, the company’s shares fell on a sharp increase in capital expenditures for building out artificial intelligence infrastructure.
At the same time, CEO Elon Musk announced that SpaceX will use Nvidia solutions exclusively for its AI projects.
Financial Results Beat Forecasts, but Spending Spooked Investors
For the second quarter, SpaceX’s total revenue came in at $7.8 billion, while the Bloomberg consensus forecast was $6.81 billion. For comparison, in the first quarter this figure was $4.7 billion.
Adjusted EBITDA reached $3.5 billion versus the expected $2 billion.
Despite the strong report, the company’s shares fell in after-hours trading. The reason was significant spending on AI development.
The operating loss in the AI segment was $1.26 billion, which was below the projected $2.39 billion, but capital investment in developing this segment surged — to $15.8 billion from $7.7 billion a quarter earlier.
The company’s total capital expenditures for the quarter reached $18.37 billion, nearly in line with analysts’ forecasts ($18.58 billion).
The market fears that massive investments in building compute infrastructure may not pay off as quickly as expected.
Meanwhile, the Starlink business continued to show positive momentum. The number of service subscribers exceeded 12 million, and the segment’s adjusted EBITDA came in at $2.6 billion, beating the consensus forecast.
“It’s not out of the question that at some point Starlink will deliver the majority of the world’s internet,” Musk said.
In addition, SpaceX is preparing for a new phase of Starship testing. According to Musk, if the review of the previous mission reveals no critical issues, the company will attempt for the first time to catch the vehicle’s upper stage using the Mechazilla system during the next flight.
Investors are also closely watching the end of the lock-up period. As early as August 6, hundreds of millions of insider shares — about 20% of the company’s total float — could hit the market, potentially adding pressure on the stock.
This comes after a failed Starship launch led to SpaceX losing more than $1 trillion in market capitalization from its peak following the IPO, although most Wall Street analysts still maintain a positive outlook for the company.
Nvidia Becomes Exclusive Supplier of AI Chips for SpaceX
Separately, SpaceX announced a strategic partnership with Nvidia to build the Starmind AI-1 payload, which is expected to enable the deployment of data center-grade compute capacity in space.
The project will use Rubin GPUs and Vera processors, with a single satellite’s peak output reaching 250 kW.
During the conference call, Musk also said that Nvidia will become SpaceX’s exclusive supplier of AI chips.
“We think the Vera Rubin architecture is the best architecture. We think it’s the best AI computer, and we greatly value our close cooperation and partnership on many levels with Nvidia. So we’re exclusive to Nvidia,” he said.
According to Musk, the company expects to finish the year with more than 2 GW of compute capacity, and to increase it to nearly 10 GW by the end of 2027. Next year, it also plans to begin launching Starmind satellites, which will form the backbone of a future space-based AI infrastructure.
Previously, SpaceX also signed multibillion-dollar deals to provide AI compute capacity, including after Google signed a contract worth more than $30 billion, and Anthropic — nearly $45 billion for access to the company’s infrastructure to develop its own AI models.
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