SpaceX report shows revenue nearly doubled and spending soaring

On August 4, 2026, SpaceX published its first quarterly report, revealing almost double the revenue compared to the previous year, but also a sharp rise in spending. Elon Musk said people seemed to be "underestimating" SpaceX during the analyst call.

Revenue growth

The filing showed revenue rose 92%, reaching $7.8 billion (about £5.8 billion), versus the same period last year. Musk highlighted that this jump reflects the expansion of its operations.

Spending increase

At the same time, spending surged more than 550%, totalling $18.3 billion, which resulted in a net loss of $2 billion in the first six months of the year. Chief financial officer Bret Johnson said capital investment will remain at a “very similar” level for the rest of the year.

Starlink performance

The satellite internet division, Starlink, was the only unit to post a profit, bringing in $1.6 billion in the second quarter. Musk said, "It's not out of the question that, at some point, Starlink will operate most of the world's internet," and expects the business to grow exponentially in the coming years.

AI computing services

SpaceX is also expanding its computing capacity offering for artificial-intelligence projects, serving clients such as Google and Anthropic. Currently, it has 1.4 gigawatts of ready power, and projects to reach at least 10 gigawatts by next year through the development of data centers. Musk commented that "Data centres are a trivial problem compared to making reusable rockets."

Revenue outlook

Musk stated that the company could reach $1 trillion in revenue by 2030, a target he had only raised six weeks earlier. Despite the optimism, the shares fell almost 9% in after-hours trading, and more than 7% in extended trading on Tuesday, erasing gains made during the day.

With information from BBC News.