SpaceX's first public earnings statement shows the financials of an AI company in 2026

SpaceX released its inaugural earnings report following its public debut on June 12. The company's Q2 performance was generally favorable, with a 92 percent year-over-year revenue increase, bringing its total revenue to $7.8 billion. The company also managed to narrow the gap between its revenue and operating expenses, reducing net losses to $541 million, a stark contrast to $1 billion the previous year.

However, a closer examination of the financials sheds light on the considerable expenses associated with running an AI company. The division, formerly known as xAI, generated $2.56 billion in revenue over the past three months, representing a 247 percent increase from $737 million a year ago. This surge in revenue was primarily attributed to Cloud Services Agreements, notably deals with Anthropic and Google to utilize its data centers.

Despite the revenue growth, SpaceX managed to reduce its operating loss to $1.25 billion from $1.54 billion. However, SpaceX significantly increased its CapEx spending by an astounding 2,013 percent to $15.8 billion for the quarter. To put this into perspective, the rocket launch segment of SpaceX's business only spent $1.17 on maintaining and improving its fixed assets.

The financials offer SpaceX's first definitive insight into the operations of an AI startup, given the company's standing as the fourth contender in the AI race behind Anthropic, Google, and OpenAI. The financials are further complicated by Anthropic's $1.25 billion monthly commitment through May 2029 to use SpaceX's Colossus 1 data center for its computational requirements.

The impact of SpaceX's Cursor acquisition on the AI division's bottom line remains to be seen as the deal is expected to close this quarter.