SpaceX revenue surges to $7.8 billion, blowing past Wall Street expectations by nearly $1 billion

SpaceX reported staggering revenue of $7.8 billion in Q2, exceeding Wall Street's expectations by $1 billion. The company experienced a net loss of $541 million, down from a staggering $1 billion loss a year prior. Adjusted EBITDA nearly tripled to $3.5 billion, showcasing significant growth. However, SpaceX's stock price dipped in after-hours trading following the earnings release.

The company's capital expenditures hit a record $18.4 billion in Q2, with AI segment expenditures totaling $15.8 billion. Notable growth came from Starlink, with revenue soaring 66% year-over-year to $4.29 billion, and 12 million subscribers, double the count from a year ago. Enterprise and government revenue surged 108% year-over-year to $1.8 billion.

AI revenue grew 247% year-over-year to $2.6 billion, bolstered by $14.1 billion in new cloud services agreements. While AI still posted a $1.26 billion operating loss, the company's outlook is optimistic, with CEO Elon Musk projecting a potential revenue of $1 trillion by 2029, a decade ahead of previous estimates.