SPCX Q2 2026 earnings: revenue surges, stock falls
Key Numbers at a Glance
Space Exploration Technologies Corp. (Nasdaq: SPCX) reported company-reported second-quarter 2026 revenue of $7.8 billion, up 91.9% from a year earlier, a GAAP net loss of $541 million and Adjusted EBITDA, a non-GAAP profit measure, of $3.5 billion, while SPCX shares were down 7.5% from the prior close as of August 4, 2026 at 6:05 PM ET, per StockTitan data.
Source: company press release, August 4, 2026 at 4:01 PM ET · StockTitan analysis, August 4, 2026 at 6:05 PM ET
Company-reported revenue reached $7.81 billion in the June quarter, the highest of the three filed quarters on record, compared with $4.07 billion in the same period of 2025. GAAP net loss of $541 million narrowed from $1.0 billion a year earlier, per the release.
GAAP operating margin was -1.8%, reflecting a smaller operating loss on the much higher revenue base. Adjusted EBITDA increased to $3.5 billion from $1.2 billion, which the company said was up 191% year over year, helped by new AI compute agreements and operating leverage across segments.
SpaceX ended the quarter with $100 billion in cash, cash equivalents and marketable securities and $47.5 billion in backlog, or contracted work not yet delivered, according to its filing. The company also reported total capital expenditures of $18.37 billion in the quarter, including $15.83 billion in AI capex, closed an initial public offering that raised about $85.7 billion in net proceeds, completed a $25 billion investment-grade bond issuance and announced an agreement to acquire AI coding company Cursor for $60 billion, expected to close in the third quarter of 2026.
Taken together, the rapid revenue growth, improving margins, ongoing GAAP net losses and very high capital spending gave Q2 2026 a high-growth but investment-heavy profile.
StockTitan analysis: what changed this quarter?
Q2 2026 extended SpaceX’s move to larger scale with narrowing losses, as GAAP operating margin improved by 2,200 basis points, a unit used to describe small percentage changes, to -1.8% while revenue reached the highest level in the three filed quarters on record. For a company investing heavily in AI infrastructure and space systems, that kind of margin shift typically reflects fixed costs being spread over a much larger revenue base.
Segment disclosures highlight where that growth is coming from. Connectivity generated $4.29 billion of revenue in Q2 2026, up 66% year over year with income from operations up 79%, while Starlink subscribers doubled to 12.0 million and average revenue per user held at $66 per month, according to the release.
AI revenue accelerated to $2.56 billion, which the company said was up 247% year over year and 213% sequentially, driven by AI solutions and infrastructure contracts and higher Grok and X subscription revenues. The Space segment reported $962 million of revenue, up 29% year over year and 55% sequentially, supported by a higher number of large customer launches and a favorable customer mix.
Profitability remains uneven across segments. Connectivity delivered $1.66 billion of income from operations and $2.60 billion of Segment Adjusted EBITDA, a segment-level version of that profit measure, in Q2 2026, while the AI segment still posted a $1.26 billion operating loss but achieved positive Segment Adjusted EBITDA of $1.15 billion versus a loss in the prior-year quarter, reflecting the impact of new cloud agreements and expanding compute capacity, per management commentary.
Management reported expanding AI nameplate compute capacity, a measure of maximum designed computing power, to 1.4 gigawatts from 0.4 gigawatts a year earlier as it continued building out its Colossus II infrastructure, alongside AI capital expenditures of $15.83 billion in the quarter. In parallel, SpaceX noted over $6 billion in multi-year U.S. government contracts for its Starshield secure satellite network and $14.1 billion of AI Cloud Services Agreements, adding long-duration contracted sales to support those investments.
A key question from here is how quickly the AI segment can reduce its $1.26 billion operating loss while supporting $14.1 billion of AI Cloud Services Agreements with AI capital expenditures such as the $15.83 billion it spent in Q2 2026.
Recent history for revenue and earnings
| Quarter | Revenue (USD) | Net income (USD) | Diluted EPS (USD) | Operating income (USD) |
|---|---|---|---|---|
| Q2 2026 | $7.81B | -$541M | -0.09 | -$143M |
| Q2 2025 | $4.07B | -$1.01B | -0.34 | -$970M |
Frequently Asked Questions
What did SPCX report for Q2 2026 revenue and earnings?
Space Exploration Technologies Corp. reported Q2 2026 revenue of $7.8 billion, compared with $4.07 billion in the same quarter of 2025, a 91.9% increase. The company posted a GAAP net loss of $541 million versus a $1.0 billion loss a year earlier, and diluted EPS was -$0.09.
How profitable was SpaceX in Q2 2026?
On a GAAP basis, SpaceX remained loss-making in Q2 2026, with an operating loss of $143 million and a net loss of $541 million. That translated into an operating margin of -1.8%, while the company reported Adjusted EBITDA of $3.5 billion, up from $1.2 billion a year earlier.
How did SpaceX's Q2 2026 results compare to last year?
Revenue rose from $4.07 billion in Q2 2025 to $7.81 billion in Q2 2026, and the GAAP net loss narrowed from $1.0 billion to $541 million. Diluted EPS improved from -$0.34 to -$0.09 over the same period.
What were the key trends in SpaceX's connectivity and AI businesses in Q2 2026?
Connectivity revenue increased to $4.29 billion, up 66% year over year, with income from operations up 79%, and Starlink subscribers doubling to 12.0 million while average revenue per user stayed at $66 per month. AI revenue reached $2.56 billion, which the company said was up 247% year over year and 213% sequentially, and AI Segment Adjusted EBITDA turned positive at $1.15 billion despite a $1.26 billion operating loss.
Did SpaceX announce any major transactions or financings around Q2 2026?
SpaceX closed a large initial public offering in June 2026, raising approximately $85.7 billion in net proceeds, and completed a $25 billion inaugural investment-grade bond issuance with maturities out to 2056. It also announced an agreement to acquire AI coding company Cursor for $60 billion, which it expects to close in the third quarter of 2026.
How did SPCX stock react to the Q2 2026 earnings announcement?
SPCX shares were down 7.5% from the prior close as of August 4, 2026 at 6:05 PM ET, based on StockTitan data.
Data Sources
Disclaimer: This article presents data from official company reports. The analysis provided is for informational purposes only and should not be considered financial or investment advice. Past performance does not guarantee future results. Always conduct your own research before making investment decisions.
The information provided in this article is for educational and informational purposes only. It does not constitute financial advice, investment recommendation, or an endorsement of any particular investment strategy. Past performance does not guarantee future results. Investors should conduct their own research and consult with a qualified financial advisor before making investment decisions.