SpaceX (SPCX) Q2 2026: Revenue Soars 92% Year-over-Year — Strongly Positive

In the second quarter of 2026, SpaceX reported revenues of $7.8 billion, a remarkable increase of $3.7 billion or 92% compared to $4.1 billion in the same quarter last year. This significant growth underscores the company's robust performance across its various business segments, particularly in Space, Connectivity, and AI.

This quarter is undoubtedly a positive outcome for shareholders. The substantial revenue growth, coupled with a notable improvement in net loss, which decreased by $467 million to $541 million from a net loss of $1.0 billion in Q2 2025, reflects the company's operational efficiency and strategic investments. Additionally, the adjusted EBITDA surged to $3.5 billion, up 191% from $1.2 billion a year ago, indicating strong operational leverage and margin expansion.

Key Financial Metrics:

• Revenues: $7.8 billion, up 92% YoY from $4.1 billion
• Net Loss: $541 million, improved by $467 million from $1.0 billion
• Adjusted EBITDA: $3.5 billion, up 191% from $1.2 billion
• Cash Position: $100 billion in cash, cash equivalents, and marketable securities
• Backlog: $47.5 billion

Segment Performance:

• Space Segment:
  • Revenues: $962 million, up 29% YoY
  • Income from Operations: Loss of $542 million, improved from a loss of $369 million YoY
  • Adjusted EBITDA: Loss of $205 million, improved from a loss of $93 million YoY
• Connectivity Segment:
  • Revenues: $4.3 billion, up 66% YoY
  • Income from Operations: $1.7 billion, up 79% YoY
  • Adjusted EBITDA: $2.6 billion, up 64% YoY
• AI Segment:
  • Revenues: $2.6 billion, up 247% YoY
  • Loss from Operations: $1.3 billion, improved from a loss of $1.5 billion YoY
  • Adjusted EBITDA: $1.1 billion, a significant turnaround from a loss of $276 million YoY

Strategic Developments:

SpaceX has made significant strides in its operational capabilities, completing two successful Starship V3 flight tests in the past 90 days, which are crucial for achieving full and rapid reusability. The company also secured $14.1 billion in contracted sales through multiple Cloud Services Agreements, enhancing its position in the AI sector. Furthermore, the announcement of the acquisition of Cursor for $60 billion aims to bolster its AI enterprise offerings.

The company has also been awarded over $6 billion in multi-year U.S. government contracts for its Starshield program, which is designed for secure satellite communications, further solidifying its government partnerships.

Shareholder Returns and Future Outlook:

As a newly public company, SpaceX ended the quarter with a robust cash position of $100 billion, providing ample capacity for future investments in its Starship, Starlink Broadband, and AI platforms. The company’s disciplined long-term capital allocation framework is expected to drive further growth.

Investors should keep an eye on the upcoming developments, particularly the integration of the Cursor acquisition and the continued rollout of the Starship V3 capabilities. Additionally, the performance of the AI segment, especially following the release of Grok 4.5, will be critical to watch in the next quarter.

In conclusion, SpaceX's Q2 2026 results reflect a strong operational performance and strategic positioning across its business segments, making it a compelling investment opportunity for shareholders looking for growth in the aerospace and technology sectors.

Consolidated Statements of Operations (in millions, except per share data)

Note: All amounts are in thousands/millions.

Three Months Ended	June 30, 2026	June 30, 2025	Six Months Ended	June 30, 2026	June 30, 2025
Revenue	$ 7,814	$ 4,071	$ 12,508	$ 8,138
Costs and expenses
Cost of revenue	3,495	2,282	5,883	4,244
Research and development	3,548	1,958	7,062	3,515
Selling, general, and administrative	912	606	1,658	1,099
Restructuring charges (credits)	2	190	(9)	194
Impairment	—	5	—	29
Total costs and expenses	7,957	5,041	14,594	9,081
Loss from operations	(143)	(970)	(2,086)	(943)
Interest expense	(629)	(411)	(1,293)	(858)
Interest income	340	98	553	215
Other income (expense), net	(86)	413	(1,962)	202
Loss before income taxes	(518)	(870)	(4,788)	(1,384)
Provision for income taxes	23	138	29	152
Net loss	$ (541)	$ (1,008)	$ (4,817)	$ (1,536)
Net loss attributable to shareholders - basic and diluted	$ (541)	$ (1,008)	$ (5,488)	$ (1,536)
Net loss per share of common stock attributable to common shareholders Basic and Diluted	$ (0.09)	$ (0.34)	$ (1.12)	$ (0.53)
Weighted average shares used in computing net loss per share of common stock Basic and Diluted	5,864	2,929	4,879	2,902

Consolidated Balance Sheets (in millions, except per share data)

Note: All amounts are in thousands/millions.

June 30, 2026	December 31, 2025
Assets
Current assets
Cash and cash equivalents	$ 93,522	$ 24,747
Marketable securities	6,487	—
Accounts receivable, net of allowance for credit losses of $50 and $39 at June 30, 2026 and December 31, 2025, respectively	3,596	1,579
Inventory	2,718	2,416
Prepaid expenses and other current assets	1,724	2,210
Total current assets	108,047	30,952
Property, plant, and equipment, net	65,736	42,602
Finance lease right-of-use assets	1,118	1,260
Intangible assets, net	1,318	1,548
Digital assets	1,098	1,637
Goodwill	11,645	11,809
Deferred tax assets	354	141
Other assets	3,454	2,130
Total assets	$ 192,770	$ 92,079
Liabilities, Redeemable Convertible Preferred Stock, and Shareholders’ Equity
Current liabilities
Accounts payable	8,243	11,792
Deferred revenue, current	7,977	6,111
Debt and finance leases, current	2,525	928
Accrued expenses and other current liabilities	2,377	2,569
Total current liabilities	21,122	21,400
Long-term liabilities
Deferred revenue, net of current	6,309	6,005
Debt and finance leases, net of current	36,839	21,968
Other liabilities	1,276	1,381
Total liabilities	65,546	50,754
Commitments and contingencies (Note 16)
Redeemable convertible preferred stock	—	38,752
Shareholders’ equity
Preferred stock, par value $0.001; - shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	—	—
Class A common stock, par value $0.001; 7,607 and 2,036 shares issued; 7,607 and 1,952 shares outstanding as of June 30, 2026 and December 31, 2025, respectively	7	3
Class B common stock, par value $0.001; 5,569 and 644 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	6	1
Class C common stock, par value $0.001; - and 482 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	—	0
Additional paid-in capital	167,344	37,706
Accumulated deficit	(41,852)	(37,035)
Accumulated other comprehensive income	1,719	1,898
Total shareholders’ equity	127,224	2,573
Total liabilities, redeemable convertible preferred stock, and shareholders’ equity	$ 192,770	$ 92,079

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