SpaceX reported a $541 million loss, or 9 cents per share, for the three months ended June 30, 2026, in its first quarterly report as a public company. The loss was less than analysts expected, while revenue climbed 92 percent to $7.8 billion.
The results show a company expanding rapidly across satellite internet, launch services and artificial intelligence while spending heavily on infrastructure. Investors responded cautiously: SpaceX shares rose 9.4 percent during Tuesday trading before falling 7.2 percent in after-hours trading.
At a glance:
- Net loss: $541 million, or 9 cents per share.
- Revenue: $7.8 billion, up 92 percent from a year earlier.
- Cash and marketable securities: about $100 billion at the end of the second quarter.
- Capital spending and research investment: $18.37 billion on Starlink and Starship expansion, alongside AI infrastructure.
| Reported | Wall Street expectations | |
|---|---|---|
| Quarterly loss | $541 million, or 9 cents per share | More than twice the reported loss |
| Quarterly revenue | $7.8 billion | About $6.8 billion to $6.9 billion |
Starlink remains the financial engine
SpaceX’s connectivity business, led by Starlink, remained central to the quarter’s performance. Revenue from connectivity rose 66 percent from a year earlier, according to reporting on the company’s results, while Starlink subscribers doubled to 12 million. The unit serves residential, enterprise, aviation, maritime and government customers.
That growth gives SpaceX a recurring source of income as it develops more ambitious products. The company is also increasing satellite capacity and pursuing direct-to-device mobile services, leaving investors focused on whether subscriber growth can translate into stronger network economics as expansion costs rise.
AI ambitions add spending and risk
SpaceX said its AI business recorded a $1.2 billion operating loss during the quarter. The company released a new Grok model and said it had partnered with Nvidia to use its chips in planned Starmind AI1 orbital-computing satellites. Chief Executive Elon Musk said the company expects those AI satellites to launch in 2027.
The AI push is part of Musk’s plan to build a business that extends from computing capacity into frontier models, consumer and enterprise software, and eventually space-based data centers. The strategy may broaden SpaceX’s growth prospects, but it also increases the capital demands behind a company already reporting a quarterly loss.
Contracts and launches support the expansion case
SpaceX said it secured $6 billion in new US government contracts for Starshield, its national-security satellite system. It also highlighted two successful Starship V3 launches during the 90 days covered by the report, adding operational milestones to the financial results.
The company ended the quarter with about $100 billion in cash, according to Securities and Exchange Commission filings. That reserve gives SpaceX room to fund Starlink, Starship and AI projects, although the scale of planned investment means investors will continue watching cash use as closely as revenue growth.
Why the stock reaction remains unsettled
The earnings report arrived after SpaceX shares had fallen from their post-IPO peak. Investors have questioned whether the company can justify its market expectations while pursuing expensive plans in space and AI. The initial rise during regular trading suggested relief over the revenue and loss figures, but the after-hours decline showed that uncertainty remained.
More than 900 million shares are expected to become available for trading later this week as an initial lockup restriction eases. That supply could add volatility independently of the results. The next test will be whether SpaceX can sustain rapid revenue growth while improving profitability and delivering on its development timetable.
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