SpaceX Sees Revenue Surge with Anthropic and Google Partnerships, Boosted by Starlink Expansion

SpaceX has reported a significant increase in its revenues compared to the previous year, driven mainly by the expansion of its Starlink satellite internet service and lucrative contracts for computing services with companies like Anthropic and Google. This announcement comes as the company shares its first quarterly earnings since its public offering.

Sales surged from $4 billion in Q2 2025 to $7.8 billion in the second quarter of 2026, marking an impressive 92% growth. Approximately $2 billion of this increase originated from its artificial intelligence segment, while Starlink contributed an additional $1.7 billion. Despite these gains, the company faced a loss of $541 million during the quarter, a noteworthy reduction from the $1 billion loss seen in the same period last year.

Bret Johnsen, SpaceX’s chief financial officer, announced that the company has secured $6.7 billion in cloud service contracts that are set to begin ramping up in October. He expressed optimism that after the complete integration of the AI startup Cursor, it could reach an annual revenue run-rate of $100 billion by the end of this year. SpaceX recorded $18.67 billion in revenue in 2025.

Elon Musk, the CEO, echoed this optimism, stating, “Achieving $100 billion in annual revenue by December is not uncertain. This is what we would accomplish if we maintained our current efforts. I believe it could even be higher.”

Following its successful bond sale after going public, SpaceX now boasts a financial reserve of $100 billion and continues to invest heavily. The first half of this year saw capital expenditures exceed $28 billion, a sharp rise from $7 billion in the same timeframe last year.

The quarterly earnings report follows nearly two months after SpaceX completed a landmark IPO, raising over $85 billion with a valuation of $1.75 trillion.

Initially, the company’s market capitalization soared post-IPO, briefly surpassing Amazon and approaching that of Microsoft. However, it has faced challenges since, with shares falling below the initial public offering price of $135 each, as set by Musk. On Tuesday, shares closed just above $125 but dropped up to 8% in after-hours trading.

The computing contracts with Anthropic and Google were revealed just before SpaceX’s IPO, showcasing a strategic shift for the company. SpaceX’s AI wing, which was previously known as Musk’s own xAI, has been striving to compete with industry leaders like OpenAI and Anthropic, attempting to attract clients despite facing several controversies. These challenges coincided with xAI’s reputation issues, such as the launch of its Grok chatbot, which infamously adopted the moniker “MechaHitler,” and incidents involving offensive content generated by the technology.

In response to these difficulties, the company repurposed its existing data centers in Memphis, Tennessee, which were originally intended for xAI, to provide computing services for external clients like Anthropic and Google instead.

“The additional revenue from these new hosting agreements resulted in high incremental EBITDA margins as we effectively utilized our computing resources,” Johnsen pointed out during a conference call.