SpaceX's Q2 2026 revenue increased by 92% year-over-year, with AI revenue surging by 247%：However, a sharp increase in capital expenditures caused its stock price to fall by more than 8% at one point.

TradingKey - SpaceX ( SPCX) released its second-quarter fiscal 2026 financial results on August 4, Eastern Time. Following the release, SPCX's after-hours stock price fell over 8% at one point. As of press time, the decline narrowed to 5%, trading at $118.14.

During the period, SpaceX's revenue increased by 92% year-over-year to $7.814 billion, far exceeding the market expectation of $6.93 billion, with revenues from all three major business segments beating market expectations.

[SPCX Stock Price Chart, Source: TradingView]

Specifically, revenue from the Connectivity segment (including Starlink) grew 66% year-over-year to $4.291 billion, higher than the market expectation of $3.83 billion. Revenue from the Artificial Intelligence (AI) segment surged 247% year-over-year to $2.561 billion, higher than the market expectation of $2.18 billion. Revenue from the Space segment increased 29% year-over-year to $962 million, higher than the market expectation of $835 million.

On the earnings front, the second-quarter net loss was $541 million, narrowing significantly from $1.008 billion in the same period last year; loss per share was $0.09, far smaller than the market expectation of a loss of $0.26 per share. The operating loss narrowed from $970 million to $143 million.

Among these, the Connectivity business remained SpaceX's primary profit generator, with its operating profit increasing 79% year-over-year to $1.656 billion; the AI segment's operating loss was $1.257 billion, narrowing by 49% from the first quarter, while adjusted EBITDA turned positive to $1.146 billion; the Space segment's operating loss was $542 million, and the company stated it is accelerating R&D investment in the Starship project, aiming to reduce the cost to orbit by over 99% compared to the historical average.

In terms of operating data, Starlink subscribers reached 12 million, doubling year-over-year with a net addition of 1.7 million quarter-over-quarter, while ARPU remained at $66 (compared to $85 in the same period last year).

In terms of capital expenditure, the AI segment's capital expenditure in the second quarter was as high as $15.828 billion, while the company's total capital expenditure reached $18.369 billion, more than double the revenue of the same period.

SpaceX's CFO stated that revenue growth accelerated across all business segments, and new AI computing agreements brought significant margin expansion; robust financial strength enables the company to continue investing in Starship, Starlink broadband and mobile satellites, and the AI platform, while maintaining a disciplined long-term capital allocation framework.