SpaceX (SPCX) Stock Soars 10% as Q2 Revenue Jumps 92% to $7.81 Billion

SpaceX shares climbed more than 10% after the company reported stronger-than-expected second-quarter financial results, with revenue nearly doubling from a year earlier. 

The stock traded at $126.06 at the time of writing after rising steadily throughout the trading session, reflecting positive investor reaction to the company's first earnings report as a public company.

The aerospace and technology company reported revenue of $7.81 billion for the second quarter of 2026, up 92% from the same period last year. Net loss narrowed to $541 million from $1.01 billion a year earlier, while adjusted EBITDA increased 191% to $3.54 billion. Investors also focused on the company's expanding AI business, growing Starlink subscriber base, and long-term infrastructure strategy.

AI Business and Starlink Drive Revenue Growth

SpaceX reported strong growth across its major business segments during the quarter. Starlink generated $4.29 billion in connectivity revenue as the satellite internet service reached 12 million subscribers, double the total recorded a year earlier.

The AI division produced $2.56 billion in revenue, representing a 247% year-over-year increase. The segment, however, reported an operating loss of $1.26 billion as the company continued investing heavily in infrastructure. Total capital expenditure reached $18.37 billion during the quarter, with approximately $15.83 billion directed toward AI projects.

Launch services generated $962 million in revenue but remained unprofitable during the quarter. Management continued emphasizing the company's transition toward AI infrastructure and digital services while maintaining investments across its space operations.

During the earnings call, Chief Operating Officer Gwynne Shotwell said, “On the government side, we won more than $6 billion in U.S. contracts in Q2, supporting major Space Force programs that offer our nation mission-critical communications and sensing capabilities, and we see even more room for growth in this sector in this coming year.”

Digital Assets and AI Expansion Remain in Focus

SpaceX ended the quarter with digital assets valued at $1.10 billion, compared with approximately $1.64 billion at the end of 2025. The company previously disclosed holdings of 18,712 Bitcoin in its IPO filing. Cash, cash equivalents, and marketable securities totaled approximately $100 billion, while contract backlog reached $47.5 billion.

Management also discussed future AI growth during the earnings presentation. The company expects its AI business to become a larger contributor to revenue as additional computing agreements begin generating income. SpaceX has already signed compute capacity agreements with enterprise customers, with additional revenue expected from future AI infrastructure deployments.

Chief Executive Officer Elon Musk also announced an exclusive partnership with Nvidia to develop the Starmind AI-1 satellite computing platform. The project will use Nvidia's next-generation Vera Rubin architecture to support orbital AI computing infrastructure. Each satellite will feature Rubin GPUs and Vera CPUs as the company expands computing capacity in low-Earth orbit.

Musk said the company selected Nvidia because it represents “the best AI computer.”

Analysts Offer Mixed Views Despite Strong Results

Several research firms updated their outlook after the earnings release. Mizuho maintained its Outperform rating and kept a $200 price target, citing strong revenue growth, adjusted EBITDA expansion, and continued investment in AI infrastructure.

The firm also pointed to management's long-term targets, including higher AI revenue, expanded computing capacity, and continued development of Starship. Management said additional compute lease agreements are expected to contribute billions of dollars in future revenue as enterprise demand continues growing.

Piper Sandler maintained a Neutral rating while lowering its price target from $156 to $140. The firm cited valuation concerns, expected growth in tradable shares after future lock-up expirations, elevated capital spending projections, and uncertainty surrounding long-term AI cloud contract performance.