SpaceX Q2 Earnings Call Highlights

SpaceX reported strong Q2 growth: Revenue rose 92% year over year to $7.8 billion, while adjusted EBITDA increased 191% to $3.5 billion and the net loss narrowed to $541 million.

The company ended the quarter with $100 billion in cash and marketable securities and $47.5 billion in backlog.

Starlink continued expanding rapidly: Connectivity revenue increased 66% year over year to $4.3 billion, with more than 1.7 million net consumer subscribers added during the quarter.

Enterprise and government connectivity revenue more than doubled, supported by airline agreements and over $6 billion in new U.S. government contracts.

AI is becoming a major growth engine, but investment remains heavy: AI revenue surged 247% year over year to $2.6 billion, helped by cloud-services agreements, while compute capacity reached 1.4 gigawatts.

SpaceX spent $18.4 billion on capital expenditures in Q2—primarily on AI infrastructure—and expects similar spending levels in the following two quarters.

SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control

SpaceX NASDAQ: SPCX reported second-quarter 2026 revenue of $7.8 billion, up 92% from a year earlier, while its quarterly net loss narrowed by $467 million to $541 million.

Adjusted EBITDA rose 191% year over year to $3.5 billion, according to the company’s earnings call.

Chief Financial Officer Bret Johnsen said revenue growth accelerated across the company’s space, connectivity and AI businesses.

He said the company also strengthened its balance sheet through its initial public offering and an inaugural investment-grade bond offering.

SpaceX ended the quarter with $100 billion in cash equivalents and marketable securities and $47.5 billion in backlog, Johnsen said.

The company raised approximately $85.7 billion in net IPO proceeds and issued $25 billion in senior notes, partly using the proceeds to repay a $20 billion bridge loan.

The connectivity segment generated $4.3 billion of revenue, increasing 32% sequentially and 66% year over year.

The segment’s operating income climbed 79% from the prior-year quarter to $1.7 billion, while adjusted EBITDA rose 64% to $2.6 billion.

President and COO Gwynne Shotwell said Starlink added more than 1.7 million net consumer subscribers during the quarter, its best quarter for new customer additions.

Starlink’s average revenue per user was unchanged from the first quarter at $66 per month.

As of June 30, SpaceX had service availability in 167 markets and roughly 10,200 operational Starlink broadband and mobile satellites in orbit, including about 9,600 broadband satellites.

Those broadband satellites provided about 800 terabits per second of total downlink capacity, Shotwell said.

Enterprise and government connectivity revenue grew 108% year over year.

During the quarter, SpaceX signed an agreement with American Airlines and activated service with Southwest, Virgin Atlantic, Iberia and Aer Lingus.

The company also won more than $6 billion in U.S. government contracts supporting Space Force communications and sensing programs.

Shotwell said SpaceX remained less than 10% penetrated in aviation, which management views as a significant growth opportunity.

She also cited opportunities in maritime connectivity and said the company had not lost an enterprise customer.

Chief Executive Officer Elon Musk said he expects enterprise revenue eventually to “substantially exceed” consumer revenue.

SpaceX plans to begin deploying its V3 broadband satellites operationally on upcoming Starship missions.

Musk said the V3 satellite is expected to be...