SpaceX has reported a sharp increase in revenue in its first earnings report since going public, with strong growth driven by its Starlink satellite internet business and expanding artificial intelligence (AI) operations. The company nearly doubled its quarterly revenue while outlining ambitious plans to further scale its AI infrastructure, satellite network, and mobile connectivity services.
Revenue Surges on Starlink and AI Growth
For the quarter ended June 30, SpaceX reported revenue of $7.8 billion, up from $4.1 billion in the same period last year, surpassing market expectations.
Starlink remained the company’s largest revenue contributor, accounting for more than half of total revenue with 66% year-on-year growth. Meanwhile, SpaceX’s AI business recorded an impressive 250% surge in revenue, reflecting growing commercial demand for AI infrastructure and services.
The company expects to achieve a $100 billion annualised revenue run rate by December, supported by continued expansion across its satellite, AI and connectivity businesses.
Massive Investments Continue Despite Higher Revenue
Despite strong financial performance, SpaceX significantly increased capital expenditure to support its long-term growth strategy.
The company invested more than $18 billion during the quarter, compared with $2.83 billion a year earlier. Of this, nearly $15.83 billion was allocated to AI infrastructure, highlighting SpaceX’s aggressive push to build one of the world’s largest AI computing platforms.
Management indicated that elevated investment levels are expected to continue over the next several quarters as the company expands data centres, AI models and next-generation computing capacity.
Starlink Expands Global Connectivity
Starlink’s subscriber base doubled to 12 million users worldwide, driven by increasing demand across consumer, enterprise, aviation, maritime and government sectors.
The company also announced plans to expand beyond satellite broadband by offering a full mobile connectivity service, positioning Starlink as a future competitor to traditional telecom operators through a combination of satellite and ground-based infrastructure.
AI Business Gains Momentum
SpaceX’s AI division, which includes xAI, Grok, social platform X and its growing AI data centre operations, is generating commercial revenue through computing contracts with companies including Anthropic, Google and Reflection AI.
The company expects to build more than 2 gigawatts of AI computing capacity this year, with plans to expand to nearly 10 gigawatts by the end of next year using Nvidia hardware.
Space Business Continues Expansion
SpaceX’s space-related business, including commercial launches, government missions and Starship development, recorded 29% year-on-year revenue growth.
Although Starship development continues to require significant investment, the company said profits from Starlink are helping support long-term investments across AI, launch systems and future space technologies.
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