SpaceX crushed earnings expectations in Q2, posting $7.81 billion in revenue, up 92% year over year. Wall Street had penciled in $6.81 billion. Adjusted EBITDA came in at $3.5 billion, nearly triple the $2 billion consensus forecast.
Investors barely blinked. Shares fell 14% over two days as traders zeroed in on one number: $18.37 billion in capital expenditures, more than six times the prior year's spend.
CEO Elon Musk used the earnings call to announce an accelerated path to $1 trillion in annual revenue. The company now targets 2030 instead of 2031, with a shot at hitting it in 2029. He framed it as an internal projection rather than a firm commitment.
The spending surge centers on Musk's AI ambitions. Of the $18.37 billion capex, $15.83 billion went to the AI business, eclipsing the $13.22 billion analysts had modeled. Hours before earnings dropped, SpaceX announced a partnership with Nvidia to place Rubin GPUs in orbit for in-space computing tasks.
Starlink, the satellite internet unit, delivered the only bright spot for profitability. Revenue jumped 66%, though per-subscriber economics tightened. The segment remains SpaceX's cash cow as the company doubles down on orbital AI infrastructure.
Complicating the outlook, a lockup expiration this week could release roughly 20% of outstanding shares onto the market. That's adding fresh pressure on the stock even as management talks up a trillion-dollar future.
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