SpaceX reported revenue of $7.81 billion for the quarter ended June 30, up 92% from a year earlier, in its first financial report since becoming a publicly traded company. The Elon Musk-led group posted a net loss of $541 million, or 9 cents a share, but Associated Press and Axios reported that both the loss and revenue were better than analysts expected.
The connectivity division, which includes the Starlink satellite internet service, generated $4.29 billion, a 66% annual increase. Starlink subscribers doubled to 12 million, according to AP. Axios said the AI division, including xAI and Grok subscriptions, produced $2.56 billion of revenue, up 247%, while space operations contributed $962 million, 29% more than a year earlier.
The rapid expansion came with a steep increase in investment. AP reported that infrastructure and research spending rose to $18 billion from less than $3 billion a year earlier, and Chief Financial Officer Bret Johnsen indicated that capital expenditure would remain at a similar level for the next two quarters. Axios said the company held $100 billion in cash and marketable securities and had a $47.5 billion order backlog.
Management linked that spending to Starship, new Starlink broadband and mobile satellites, and the company’s AI platform. Musk told analysts that SpaceX plans to use Nvidia chips exclusively for its computing buildout and now aims to reach $1 trillion in annual revenue in 2030, one year earlier than previously projected. President Gwynne Shotwell said the company is targeting a crewed lunar landing in 2028.
Investors delivered a mixed verdict. SpaceX shares rose 9.4% during regular trading on Tuesday to $125.33 as markets anticipated the results, then fell more than 8% after hours, Axios reported. The stock remained below its $135 June initial-public-offering price, reflecting concern about the cost and potential return of AI infrastructure as well as uncertainty surrounding Starship’s development timetable.
Trading could remain volatile when more than 900 million insider shares become eligible for sale on Thursday, more than doubling the amount currently available, according to AP. The next tests are whether Starlink’s cash generation can support heavy investment, whether the company converts its backlog into revenue, and whether upcoming Starship reusability tests advance its lower-cost launch strategy.
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