SpaceX has published its financial results for the second quarter of 2026 — its first public report after going public, writes Yahoo! Finance. Although revenue and profit exceeded analysts' expectations, the company's shares declined due to a sharp increase in capital expenditures on developing artificial intelligence infrastructure.
Simultaneously, CEO Elon Musk announced that SpaceX will use exclusively Nvidia solutions for its AI projects.
Financial Results Beat Forecasts, but Expenses Worried Investors
Total revenue for SpaceX in Q2 amounted to $7.8 billion, while the Bloomberg consensus forecast was $6.81 billion. For comparison, this figure was $4.7 billion in Q1.
Adjusted EBITDA reached $3.5 billion against expected $2 billion.
Despite the strong report, the company's shares fell in after-hours trading. The reason was significant expenses on AI development.
The operating loss of the AI division was $1.26 billion, which was less than the forecasted $2.39 billion. However, capital investments in developing this segment increased sharply — to $15.8 billion compared to $7.7 billion the previous quarter.
The company's total capital expenditures for the quarter reached $18.37 billion, almost matching analysts' forecasts ($18.58 billion).
The market fears that large-scale investments in creating computing infrastructure may not pay off as quickly as expected.
At the same time, the Starlink business continued to show positive dynamics. The number of service subscribers exceeded 12 million, and the segment's adjusted EBITDA was $2.6 billion, exceeding the consensus forecast.
"It's not impossible that at some point Starlink will provide the majority of the world's internet," Musk stated.
Furthermore, SpaceX is preparing for a new phase of Starship tests. According to Musk, if no critical issues are identified after analyzing the previous mission, the company will attempt for the first time to catch the ship's upper stage using the Mechazilla system during the next flight.
Investors are also closely watching the end of the lock-up period. Already on August 6th, hundreds of millions of shares from insiders — about 20% of all the company's shares — could hit the market, potentially increasing pressure on the stock price.
This follows a failed Starship launch that caused SpaceX to lose over $1 trillion in market capitalization from its post-IPO peak, although most Wall Street analysts still maintain a positive outlook for the company.
Nvidia to Become Exclusive Supplier of AI Chips for SpaceX
Separately, SpaceX announced a strategic partnership with Nvidia to create the Starmind AI-1 payload, which is designed to enable the placement of data-center-level computing power in space.
The project will use Rubin GPUs and Vera processors, with a single satellite's peak performance reaching 250 kW.
During a conference call, Musk also stated that Nvidia would become the exclusive supplier of AI chips for SpaceX.
"We believe that the Vera Rubin architecture is the best architecture. We believe it is the best AI computer and we greatly value our close collaboration and partnership with Nvidia on many levels. Therefore, we will work exclusively with Nvidia," he stated.
According to Musk, the company expects to finish the year with over 2 GW of computing capacity and increase it to nearly 10 GW by the end of 2027. Next year, the launch of Starmind satellites is also planned, which will form the basis of the future space AI infrastructure.
Previously, SpaceX also signed multi-billion dollar agreements to provide computing capacity for artificial intelligence, particularly after Google signed a contract for over $30 billion and Anthropic for nearly $45 billion for access to the company's infrastructure to develop their own AI models.
