SpaceX Grew Revenue 92% in Its First Public Quarter. AI Spending Ate the Result.

SpaceX reported its first results as a public company, with second-quarter revenue of $7.8 billion, up 92% year over year and above the $6.8 billion consensus, per CNN. The company lost $541 million in the quarter, a sharp improvement on the $4.3 billion loss in Q1, and adjusted EBITDA of $3.5 billion was nearly triple the prior year. Starlink passed 12 million subscribers. AI infrastructure spending reached $15.83 billion for the quarter, up from $7.7 billion in Q1, and the AI segment posted a $1.26 billion operating loss. Shares have fallen 24% since opening at $150 on June 12, per Yahoo Finance.

The two numbers that define the quarter are $7.8 billion of revenue and $15.83 billion of AI spending in the same three months. SpaceX spent roughly twice its total revenue on AI infrastructure alone, and doubled that spending sequentially. The launch and Starlink businesses are performing, with connectivity EBITDA of $2.60 billion beating estimates and subscriber growth intact. Those businesses are now funding an AI buildout that is larger than the company itself and losing money on its own line.

For public investors this is the first clean look at a question the private market never had to price. Every AI-heavy company argues that today's capex buys tomorrow's franchise, and while private, SpaceX could make that case to a handful of investors who accepted it. As a public company it has to make the case quarterly to a market that just marked down Meta for the same posture and rewarded Microsoft and Amazon for showing the revenue. A 24% drawdown from the open, roughly $500 billion of market value, is that market rendering an early verdict. Watch whether AI spending moderates in Q3 or doubles again, because a third consecutive doubling would put annualized AI capex above $60 billion at a company with about $30 billion of annualized revenue.