Space Exploration Technologies Corp. (Nasdaq: SPCX), the Hawthorne, California-based company known as SpaceX, reported revenue of $7.8 billion for the quarter ended June 30, 2026, up 92% from $4.1 billion a year earlier. It was the company's first quarterly report since its shares began trading on Nasdaq in June.
The gain spanned the company's Space, Connectivity and AI segments and came in ahead of analyst expectations for both revenue and earnings. SpaceX narrowed its net loss to $541 million from $1 billion a year earlier, and Adjusted EBITDA, a non-GAAP measure, rose 191% to $3.5 billion from $1.2 billion. The net loss amounted to $0.09 per share, compared with $0.34 a year earlier.
#Connectivity Revenue Rises 66% as Starlink Subscribers Double
Connectivity, the segment that houses Starlink, generated revenue of $4.3 billion, up 66% year over year and 32% from the prior quarter. Income from operations for the segment rose 79% to $1.7 billion.
SpaceX ended the quarter with 12 million Starlink subscribers, double the total a year earlier and up 1.7 million from the first quarter. Average revenue per user held at $66 a month, in line with the prior quarter.
The company said it signed an agreement with American Airlines and activated Starlink service on carriers including Southwest, Virgin Atlantic, Iberia and Aer Lingus. It also reported new Starlink Mobile partnerships with SoftBank, NTT Docomo and Spark NZ, and more than $6 billion in multi-year U.S. government contracts for its Starshield network.
#AI Revenue More Than Triples on Cloud Contracts
AI revenue reached $2.6 billion, up 247% year over year and 213% from the first quarter. SpaceX attributed the increase mainly to new Cloud Services Agreements, which it said totaled $14.1 billion in contracted sales, along with higher Grok and X subscription revenue.
The segment posted a $1.3 billion operating loss, which the company said narrowed 49% from the first quarter, and reported positive Adjusted EBITDA of $1.1 billion. SpaceX said it expanded compute capacity to 1.4 GW and announced an agreement to acquire the coding-tools company Cursor for $60 billion, a deal it expects to close in the third quarter of 2026.
"Revenue growth accelerated across all our business segments and we delivered strong operating leverage, with significant margin expansion led by our new AI compute agreements," Bret Johnsen, SpaceX's chief financial officer, said in commentary accompanying the results.
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#IPO and Bond Sale Reshape the Balance Sheet
SpaceX completed its initial public offering in June, selling about 639 million Class A shares for net proceeds of roughly $85.7 billion. The shares began trading on the Nasdaq Global Select Market and Nasdaq Texas on June 12, 2026, under the ticker SPCX.
Later in the month, the company closed a $25 billion issuance of investment-grade senior notes across five tranches maturing between 2031 and 2056, with a weighted average interest rate of 5.855%. SpaceX said it ended the quarter with $100 billion in cash, cash equivalents and marketable securities, and $47.5 billion in backlog.
#Heavy Spending Continues Across Segments
The results reflect a company still investing heavily. Capital expenditure reached $18.4 billion in the quarter, of which $15.8 billion went to the AI segment as SpaceX built out its Colossus II compute facility. For the six months ended June 30, cash used in investing activities was $34.5 billion, against $3.5 billion generated by operations.
The Space segment reported a wider operating loss of $542 million even as revenue grew 29% to $962 million. SpaceX said it completed two Starship V3 flight tests within 90 days and continued research aimed at reducing the cost to orbit, spending that weighs on near-term Space margins.
#Outlook and Risks
Management pointed to its launch business, Starlink subscriber growth, enterprise and government partnerships and AI infrastructure as the basis for further scale. The company cautioned that its forward-looking statements involve risks and uncertainties described in its filings, including the "Risk Factors" section of its Form 10-Q.
SpaceX said the balance sheet gives it capacity to keep investing in Starship, Starlink and its AI platform under a long-term capital allocation framework, though sustained losses in the Space and AI segments, elevated capital spending, and the pending Cursor acquisition remain key variables for the outlook.