← Space Exploration Technologies Corp. (SpaceX)
Space Exploration Technologies Corp. (SpaceX) — 2026Q3 earnings
reported 2026-08-04
EPS -$0.09 vs -$0.29 est — beat
next session -13.6% (close 2026-08-04 → 2026-08-05)
Source
8-K filing ↗Summary
The first quarterly report as a public company showed revenue nearly doubling to $7.8 billion (up 92%) with net loss narrowing to $541 million and Adjusted EBITDA up 191% to $3.5 billion, on broad-based growth: Starlink subscribers doubled to 12.0 million at steady $66 ARPU, the AI segment signed $14.1 billion of contracted Cloud Services sales, and the company announced a $60 billion agreement to acquire Cursor while sitting on $100 billion of cash and $47.5 billion of backlog. The maiden earnings call leaned into scale: Musk targeted well over 1 million tons to orbit annually with Starship and over 2 gigawatts of compute by year-end (built exclusively on NVIDIA's Vera Rubin architecture), Shotwell reported Starlink's best-ever quarter with more than 1.7 million net consumer additions, and CFO Bret Johnsen disclosed an additional $6.7 billion of Cloud Services revenue contracted in early Q3, putting SpaceX — including Cursor's contribution — on a trajectory to $100 billion of annualized run-rate revenue by year-end.
Earnings call
Earnings call webcast ↗Review
From the report
First post-IPO quarterly report: revenue of $7.8 billion, up 92% year-over-year, with net loss narrowed to $541 million and Adjusted EBITDA of $3.5 billion, up 191%. Growth was broad-based — Starlink subscribers doubled year-over-year to 12.0 million, the AI segment signed $14.1 billion of contracted Cloud Services sales, and SpaceX announced a $60 billion agreement to acquire Cursor while ending the quarter with $100 billion of cash and $47.5 billion in backlog.
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Revenue nearly doubled year-over-year to $7.8 billion (up 92% from $4.1 billion), while net loss narrowed by $467 million to $541 million and Adjusted EBITDA rose 191% to $3.5 billion from $1.2 billion. show quote
“Revenues of $7.8 billion, up 92% from $4.1 billion • Net loss of $541 million, an improvement of $467 million from net loss of $1.0 billion • Adjusted EBITDA of $3.5 billion, up 191% from $1.2 billion”
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Starlink reached 12.0 million subscribers, doubling year-over-year and up 1.7 million sequentially, with ARPU held at $66. show quote
“Reached 12.0 million Starlink Subscribers as of the end of Q2 2026, doubling year-over-year and up 1.7 million sequentially, while maintaining ARPU at $66, in line with Q1 2026”
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The AI segment signed Cloud Services Agreements totaling $14.1 billion in contracted sales, which contributed $1.6 billion of incremental AI infrastructure revenue in the quarter. show quote
“Entered into several Cloud Services Agreements totaling $14.1 billion in contracted sales to provide customers with access to compute capacity, which resulted in $1.6 billion in incremental AI infrastructure revenues for the second quarter”
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SpaceX agreed to acquire Cursor for $60 billion to accelerate its AI enterprise offerings, with the deal expected to close in the third quarter of 2026. show quote
“Announced an agreement to acquire Cursor for $60 billion to accelerate our AI enterprise offerings with one of the most advanced AI coding tools available. We expect to close the deal in the third quarter of 2026”
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CFO commentary emphasized quarter-end financial strength: $100 billion of cash, cash equivalents, and marketable securities and $47.5 billion in backlog. show quote
“We ended the second quarter with $100 billion of cash, cash equivalents, and marketable securities, and $47.5 billion in backlog.”
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From the call
On its first earnings call as a public company, management leaned into scale: Elon Musk targeted well over 1 million tons to orbit per year with Starship and over 2 gigawatts of compute by year-end, Gwynne Shotwell reported Starlink's best-ever quarter with more than 1.7 million net consumer additions, and CFO Bret Johnsen disclosed an additional $6.7 billion of Cloud Services revenue contracted in early Q3, putting SpaceX on a trajectory to $100 billion of ARR by year-end.
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Elon Musk framed Starship's long-term ambition in tonnage-to-orbit terms: well over 1 million tons per year, and ultimately 10 million tons. show quote
“Now with Starship, our aspirations, and I think we will achieve these aspirations, are to deliver well over 1 million tons to orbit per year and probably ultimately 10 million tons per year.”
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Musk said compute capacity will exceed 2 gigawatts by year-end and grow several times by the end of next year — build-out he said will be done exclusively on NVIDIA's Vera Rubin architecture. show quote
“We expect to end this year with over 2 gigawatts of compute. And probably our cumulative compute online by the end of next year will be several times higher.”
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Gwynne Shotwell called Q2 Starlink's best quarter of new customers to date, with more than 1.7 million consumer subscribers added, up from 1.4 million in Q1. show quote
“During the second quarter, we added more than 1.7 million Starlink subscribers globally, that’s consumer. This reflects our best quarter of new customers to date, an increase from the 1.4 million we added during the first quarter.”
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CFO Bret Johnsen said SpaceX contracted an additional $6.7 billion of Cloud Services revenue in the first weeks of Q3 and — including Cursor's contribution — is on a trajectory to reach $100 billion of annualized revenue run rate by the end of this year. show quote
“we’ve already contracted an additional $6.7 billion of Cloud Services revenue over a six-month period that begins ramping starting in October of this year. We believe this puts us on a trajectory, including contribution from Cursor, to reach $100 billion of ARR, or annualized revenue run rate, by the end of this year”
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as of 2026-08-10