SpaceX brought in $7.8 billion in revenue in the second quarter, up 92% from the same period last year. The company disclosed the figures Tuesday in its first earnings report as a public company.
SpaceX, which raised $86 billion in a record-setting initial public offering in June, reported a net loss of $541 million. Its capital expenditures hit $18.4 billion for the quarter.
After initially showing gains following the earnings report, SpaceX shares turned 4% lower in post-market trading.
Since Elon Musk founded SpaceX in 2002, it has come to dominate markets for launching rockets and providing satellite internet to customers around the world. In pitches to investors as part of its blockbuster IPO, SpaceX touted its transition to becoming a major player in artificial intelligence.
SpaceX's IPO was priced at $135 a share, and the stock zoomed above $225 in the days after the company's market debut. But in recent weeks it has traded below the IPO price, shedding more than $1 trillion in value from the peak.
The Musk-led company divides its business into three segments: space, connectivity and AI.
The company's largest segment is connectivity, a unit primarily consisting of its Starlink service, which uses a constellation of thousands of satellites in low-Earth orbit to provide high-speed internet connections. The company has built up a big business providing home broadband services with Starlink, but it is also targeting corporate customers like airlines and cruise lines.
Starlink subscribers doubled to 12 million in the second quarter. SpaceX reported $4.3 billion in revenue for the segment, up 66% from the same time last year. It is also the only segment posting an operating profit in the latest quarter.
SpaceX's AI segment is still under development following the company's February acquisition of xAI, the artificial-intelligence startup founded by Musk.
Revenue, however, more than tripled from a year earlier to $2.6 billion. New cloud service agreements helped fuel the revenue growth, according to SpaceX.
Efforts to build out the AI business have come at a substantial cost. The company's capital expenditures connected to the AI business amounted to $15.8 billion during the quarter, accounting for around 86% of the total.
In securities filings, SpaceX estimated that the total addressable market for the business was $28.5 trillion, with the market opportunity for AI to be around $26.5 trillion. The size of the entire U.S. economy has been estimated at over $30 trillion.
While the company pours money into its cash-burning AI efforts, its mature space operations have scored big wins of late. SpaceX reeled in a $1.6 billion launch order from the Space Force in late July, and earlier this year landed national-security satellite deals from the space-focused military branch valued at roughly $6.5 billion.
In total, the space segment reported revenue of $962 million, up 29% from the same period last year.
Late last month, the company launched its huge Starship rocket in another test flight which demonstrated its ability to deploy a larger version of its Starlink satellites, dubbed as "V3" by the company.
Standing roughly 400 feet tall on the launchpad, Starship is the throughline for many of SpaceX's objectives and the rich valuation that the company commands.
The company needs to get Starship regularly flying to handle lunar missions for the National Aeronautics and Space Administration, fortify its Starlink network and, in the future, deploy AI data centers in space.
