SpaceX AI Revenue Surges Despite Operating Loss and Heavy Capital Spending

SpaceX’s AI business generated $2.561 billion in second-quarter revenue, highlighting rapid expansion alongside a $1.257 billion operating loss and heavy infrastructure spending.

Revenue for the three months ended June 30 rose from $737 million a year earlier. AI solutions and infrastructure accounted for $2.194 billion of the total, while advertising contributed $367 million.

The AI segment produced $1.146 billion in adjusted EBITDA, a non-GAAP measure, but remained unprofitable on an operating basis. The results show a widening gap between AI revenue growth and GAAP operating profitability.

SpaceX spent $15.828 billion on AI capital projects during the quarter, bringing spending for the first six months of 2026 to $23.551 billion. Nameplate compute capacity reached 1.4 gigawatts as of June 30, compared with 1.0 gigawatt on March 31 and 0.4 gigawatt a year earlier.

Cloud-service agreements represented $14.1 billion in contracted sales and produced $1.6 billion in incremental AI infrastructure revenue during the quarter. The figures indicate that infrastructure and long-term capacity arrangements are a major part of the company’s AI business.

One agreement with Google covers approximately 110,000 NVIDIA GPUs and calls for monthly payments of $920 million from October 2026 through June 2029. The arrangement includes a reduced-fee ramp-up period through September, and either party may terminate it after Dec. 31, 2026, with 90 days’ notice.

The spending comes as AI infrastructure investment remains elevated across the industry. Consensus estimates as of Dec. 18, 2025, put 2026 capital spending by AI hyperscalers at $527 billion, while investors continue to assess whether expanding compute capacity will produce sufficient revenue.

SpaceX’s first-half figures provide a concrete measure of that tradeoff: infrastructure capacity and contracted sales are growing quickly, but operating income remains negative. The Google agreement’s scheduled payments begin in October 2026, providing the next major milestone for the company’s AI infrastructure business.