SpaceX Spent $18.4 Billion in a Single Quarter -- $15.8 Billion of It on AI. Here's Where the Money Is Going.

SpaceX experienced a remarkable surge in revenue, reaching $7.8 billion in Q2 2026, a 92% increase compared to the previous year. However, its net loss shrank from $1.01 billion to $541 million. Notably, the company's total capital expenditure (capex) skyrocketed sixfold, from $2.83 billion to $18.37 billion. A significant portion, $15.8 billion, was dedicated to bolstering SpaceX's AI business.

SpaceX had previously operated two primary ventures: Starlink satellite internet services and rocket launch services. In February 2026, the company acquired xAI, which owns AI assets such as Grok, X, and more, and Cursor, an AI start-up. Elon Musk anticipates a substantial rise in AI revenue, projecting it to soar from $3.5 billion in 2025 to a staggering $700-$750 billion by 2030.

To fuel this expansion, SpaceX allocated a substantial chunk of its capex to procure Nvidia's (NASDAQ: NVDA) data center GPUs and other AI accelerators. The remainder of the funds were directed towards constructing and acquiring additional high-power data centers, with the goal of augmenting active capacity from the current 1.4 GW to the ambitious target of 10 GW by next year.

However, this rapid growth in the unprofitable AI sector might dampen Starlink's profitability and maintain SpaceX's bottom line in the red.