SpaceX’s AI segment revenue reached $2.6 billion in Q2, but capital expenditures soared to $15.8 billion, pressuring shares.
SpaceX reported its first quarterly earnings as a public company, revealing a $16 billion spend on AI infrastructure, outpacing the segment’s $2.6 billion revenue. Adjusted EBITDA turned profitable at $1.1 billion, up from a $609 million loss, though operational losses totaled $1.3 billion under conventional accounting.
Capital expenditures for AI jumped from $7.7 billion in Q1 and $749 million a year earlier, accounting for 86% of total capex. The company expanded its computing capacity to 1.4 gigawatts, up from 1 gigawatt three months prior, driven by the Colossus II data center build-out.
Shares fell over 10% in premarket trading as investors weighed the rapid growth against the heavy spending. The report underscores SpaceX’s pivot from aerospace to AI, a shift flagged in pre-IPO filings.