SpaceX AI Revenue Surges Despite Operating Loss and Heavy Capital Spending
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SpaceX's AI business generated $2.561 billion in second-quarter revenue, highlighting rapid expansion alongside a $1.257 billion operating loss and heavy infrastructure spending. Revenue for the three months ended June 30 rose from $737 million a year earlier. AI solutions and infrastructure accounted for $2.194 billion of the total, while advertising contributed $367 million. The AI segment produced $1.146 billion in adjusted EBITDA, a non-GAAP measure, but remained unprofitable on an operating basis. The results show a widening gap between AI revenue growth and GAAP operating profitability. SpaceX spent $15.828 billion on AI capital projects during the quarter, bringing spending for the first six months of 2026 to $23.551 billion. Nameplate compute capacity reached 1.4 gigawatts as of June 30, compared with 1.0 gigawatt on March 31 and 0.4 gigawatt a year earlier. Cloud-service agreements represented $14.1 billion in contracted sales and produced $1.6 billion in incremental AI infrastructure revenue during the quarter. The figures indicate that infrastructure and long-term capacity arrangements are a major part of the company's AI business. One agreement with Google covers approximately 110,000 NVIDIA GPUs and calls for monthly payments of $920 million from October 2026 through June 2029. The arrangement includes a reduced-fee ramp-up period through September, and either...
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