SpaceX reported $14.1 billion in new cloud contracts and $2.56 billion in AI segment revenue for Q2, up 247% year over year.
SpaceX secured $14.1 billion in cloud services agreements during the second quarter, nearly double its $7.8 billion total revenue for the period. The company’s AI segment revenue reached $2.56 billion, a 247% increase from the same quarter last year.
The surge in cloud contracts follows a broader shift toward AI computing capacity, with an additional $6.7 billion in deals signed early in the current quarter. Despite the growth, shares fell 14% post-earnings before partially recovering to $115, amid lock-up expirations releasing 911.5 million shares.
SpaceX’s transition from aerospace to AI-driven cloud services raises valuation questions as investors assess its evolving business model.