SpaceX’s $93.5B cash reserve and 247% AI revenue growth contrast with Tesla’s negative $1.09B free cash flow and margin pressures.
SpaceX’s AI segment surged 247% to $2.56 billion in Q2 2026, driven by $14.1 billion in signed cloud agreements and a pending $60 billion Cursor deal. The company’s $93.5 billion cash pile positions it to dominate Terafab’s wafer allocation, a critical advantage over Tesla.
Tesla reported record deliveries of 480,126 vehicles and $28.24 billion in revenue but saw operating margins collapse to 1.4% due to a 47% rise in OpEx. Free cash flow turned negative at $1.09 billion, complicating its AI chip ambitions for FSD and Optimus. Meanwhile, SpaceX’s capex hit $18.37 billion, with $15.83 billion earmarked for AI compute.
Both companies rely on Terafab for semiconductor supply, but SpaceX’s robust AI growth and financial flexibility contrast sharply with Tesla’s margin squeeze and cash burn. Starlink subscribers doubled to 12.0 million, though ARPU declined from $85 to $66.