SpaceX Reports Q2 Revenue Dominated by Starlink and AI Compute Leasing
SpaceX's second-quarter earnings show Starlink generating $4.2 billion in revenue while AI-related compute leasing contributed $15.8 billion in spending, with space launch services accounting for just over 10 percent of total revenue.
SpaceX disclosed that its second-quarter revenue was led by its satellite internet service, Starlink, which posted $4.2 billion and was the only segment to turn an operating profit. The company said its launch services generated just over 10 percent of total revenue, indicating limited external demand for rockets.
The firm highlighted a growing focus on leasing data-center capacity to artificial-intelligence firms. Spending on AI-related compute reached $15.8 billion in the quarter, far exceeding the roughly $1 billion each allocated to space and connectivity operations. SpaceX announced partnerships with Google, Anthropic, Reflection AI and Cursor, and CFO Bret Johnsen said these contracts place the company on a trajectory toward a $100 billion annualized revenue run rate.
During the earnings call, CEO Elon Musk noted that only about 10 percent of the compute built by SpaceX would be used for its own AI model, Grok, with the remainder offered to external customers. He also referenced plans for a new phone service to compete with major carriers and reiterated a proposal to the Federal Communications Commission for an orbital data-center network, though technical details remain unspecified.
Analyst Alexander Potter projected that SpaceX’s neocloud business could generate $65 billion in revenue next year, up from earlier estimates. The company’s insider lockup period begins to expire on August 6, which may affect share activity.
"We are on a trajectory, including contribution from Cursor, to reach $100 billion of ARR," CFO Bret Johnsen said on the call.
"The $100 billion ARR in December is not a question mark," Musk added.
SpaceX’s financial results underscore a shift toward telecom and AI compute services, while its traditional launch operations continue to represent a smaller share of the business.