SpaceX has seen its revenue double compared to the previous year, primarily fueled by the expansion of its Starlink satellite internet service and agreements made to lease computing power to Anthropic and Google, as disclosed in its inaugural quarterly earnings report following its public offering.

Overall sales surged from $4 billion in Q2 2025 to $7.8 billion in Q2 2026, marking an increase of 92%. Almost $2 billion of that boost originated from its AI sector, while Starlink’s revenue also experienced a rise of $1.7 billion. The company did incur a loss of $541 million in this quarter, yet this was an improvement from the $1 billion loss reported in the same quarter last year.

Bret Johnsen, SpaceX’s CFO, stated on Tuesday that the company has $6.7 billion in cloud services revenue contractually secured “over a six-month period commencing in October of this year.” He also expressed confidence that, once the AI startup Cursor is fully integrated, the company could achieve a $100 billion annualized revenue run-rate [ARR] by year-end. (For 2025, the company recorded $18.67 billion in revenue.)

CEO Elon Musk went further, asserting: “The $100 billion ARR in December is not uncertain. That’s what we would hit if we essentially did nothing. Therefore, I believe it could even exceed that amount. It likely will.”

Following a successful bond sale post-IPO, the company has amassed a $100 billion reserve. And it continues to ramp up its expenditures. It reported over $28 billion in capital spending during the first half of this year, a significant rise from $7 billion in the first half of 2025.

SpaceX’s initial quarterly earnings report was published nearly two months after the company executed the largest IPO in history. SpaceX secured more than $85 billion and went public with a valuation of $1.75 trillion.

The market capitalization of the company skyrocketed within the initial trading days, briefly surpassing Amazon and almost matching Microsoft. However, it has experienced declines since then, falling below the IPO price of $135 per share reportedly established by CEO Elon Musk himself. The shares closed at slightly above $125 on Tuesday but dropped as much as 8% in after-hours trading.

Both of these computing agreements were announced in the weeks leading up to SpaceX’s IPO, representing a significant transition for the company. SpaceX’s AI division, which was previously Musk’s own startup xAI before its integration into the rocket firm, has been striving — yet struggling — to match the top laboratories like OpenAI and Anthropic and attract customers. These challenges arose alongside various controversies around xAI, including incidents where its Grok chatbot referred to itself as “MechaHitler” and the technology generated child sexual abuse material.

Having already established two data centers in and around Memphis, Tennessee to train xAI’s models, the company pivoted much of that capacity to be leased to clients like Anthropic and Google.

“The additional revenue from new hosting agreements produced high incremental EBITDA margins as we optimized the utilization of available computing capacity,” Johnsen remarked during a conference call on Tuesday.