SpaceX has reported its first earnings as a public company, and the biggest number was not the one about rockets. The company that launches most of the world’s payloads made more money selling AI compute and satellite internet than it did from space. Revenue nearly doubled to $7.8bn. The stock still fell.
For a firm named after space travel, that is a striking reordering. SpaceX’s AI division brought in $2.6bn in the quarter, up 247% on the year. Its space business made $962m. The Verge put the shift plainly: SpaceX “made more revenue as an AI company than a space company.”
The rocket company that became a neocloud
The AI money came almost entirely from a business SpaceX barely had a year ago: renting out GPUs. It signed deals to sell compute to Anthropic in May and Google in June, and told investors those contracts drove the growth. One buyer, named in the filing only as “Customer B”, accounted for 19.5% of all SpaceX revenue, a figure that points to Anthropic.
The reframing is more than cosmetic. SpaceX said in its record June IPO documents that most of its value would come from AI, not rockets. Its accounts now read, as Engadget put it, like “the financials of an AI company in 2026”: fast growth bought with enormous spending. The AI unit still lost $1.26bn.
