SpaceX 8-K
PositiveEarnings
Starlink subscriber gains and new cloud services agreements drove Connectivity and AI growth.
Filed 2026-08-04 16:01 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q2 2026 results with no financial guidance. Revenue grew 92% Y/Y across Space, Connectivity and AI, while the GAAP net loss narrowed and adjusted EBITDA increased. Connectivity growth reflected Starlink subscriber gains and enterprise and government demand; AI growth was driven by new cloud services agreements.
Key Figures
| Metric | Q2 2026 | Q2 2025 | Y/Y |
|---|---|---|---|
| Revenue | $7.81B | $4.07B | +92% |
| Loss from operations | $(143)M | $(970)M | 85% narrower |
| Net loss | $(541)M | $(1.01)B | 46% narrower |
| Diluted EPS | $(0.09) | $(0.34) | 74% narrower |
| Adjusted EBITDA, non-GAAP | $3.54B | $1.21B | +191% |
| Connectivity revenue | $4.29B | $2.59B | +66% |
| AI revenue | $2.56B | $737M | +247% |
| Starlink subscribers | 12.0M | 6.0M | +100% |
- Connectivity operating income rose 79% Y/Y to $1.66B. Starlink subscribers doubled, while monthly ARPU was $66 vs $85 a year earlier.
- AI’s operating loss was $1.26B; AI adjusted EBITDA was $1.15B vs a $276M loss a year earlier. AI capital expenditures were $15.8B, primarily reflecting accelerated compute deployment.
- Cash, cash equivalents and marketable securities totaled $100B at quarter-end; backlog was $47.5B. First-half operating cash flow was $3.47B vs $351M. The IPO generated $85.7B in net proceeds; the $25B senior-note issuance carries a weighted-average annual interest rate of 5.855%, with maturities from 2031 to 2056.
Guidance
No guidance in this filing.
Investor Takeaways
- Watch for the expected Q3 2026 closing of the announced $60B Cursor acquisition.
- Track AI infrastructure revenue conversion from the $14.1B of contracted sales against continued compute investment.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3