SpaceX Q2 2026 earnings: revenue up 92pct but capex spikes 2013pct YoY to 15.8B, first report since IPO
SpaceX $SPCX posted 92% revenue growth to $7.81B in its first earnings report since going public, but capex jumped 2,013% year over year to $15.8B. The stock fell about 8% in extended trading. Anthropic pays SpaceX $1.25B a month for AI compute through 2029.
SpaceX filed its first earnings report since going public, and the numbers show a company spending like an AI infrastructure firm rather than a rocket and satellite operator. Q2 2026 revenue rose 92% year over year to $7.81 billion, beating Wall Street estimates. But capital expenditure jumped 2,013% year over year to $15.8 billion for the quarter alone, and first-half capex reached $28.5 billion, more than four times what SpaceX spent in the same period last year, according to CNBC and Bloomberg. The stock fell roughly 8% in extended trading as investors weighed the AI spending against the revenue beat. Part of that spending is tied to AI compute. Anthropic has committed to paying SpaceX $1.25 billion a month through May 2029 to use the Colossus 1 data center for its compute needs. CNBC has described SpaceX as effectively a fourth major player in the AI compute race alongside Anthropic, Google and OpenAI. The scale of the capex increase puts SpaceX spending pace closer to a hyperscale cloud provider than a traditional aerospace company. That is the reason investors reacted to the capex line in this report rather than to the revenue growth that beat expectations.