SpaceX doubles revenue on Anthropic and Google compute deals, Starlink growth

SpaceX reported a significant jump in revenue, more than doubling its earnings from the previous year. This growth was driven by the expansion of its Starlink satellite internet service and lucrative new deals to rent out computing power to AI startups Anthropic and Google. Total sales increased from $4 billion in the second quarter of 2025 to $7.8 billion in Q2 2026, marking a 92% rise. Almost $2 billion of this growth came from their AI division.

The company's AI division, once an independent startup called xAI, faced challenges in competing with industry leaders like OpenAI and Anthropic. However, SpaceX redirected resources from their existing data centers, which were used for training xAI's models, to offer this computing power to external clients. The company's CFO, Bret Johnsen, indicated that SpaceX has an additional $6.7 billion in cloud services revenue under contract, which is expected to ramp up starting in October 2025.

SpaceX's CEO, Elon Musk, was even more optimistic, asserting that reaching a $100 billion annualized revenue run-rate is not just a possibility but a certainty, assuming no major changes. Currently, SpaceX's 2025 revenue was reported at $18.67 billion. The company's valuation soared during its IPO, placing it above Amazon and nearly equaling Microsoft. However, its value later dropped below the IPO price, closing at $125 on Tuesday, a decrease of about 8% in after-hours trading.

Despite this volatility, SpaceX remains committed to expansion. The company has secured a $100 billion war chest following a successful post-IPO bond sale and continues to pour resources into infrastructure, investing over $28 billion in capital expenditures during the first half of 2026, up from $7 billion in the same period last year.