- Connectivity (Starlink): Subscribers doubled to 12.0 million (from 6.0M YoY) across 167 countries with 10,200+ satellites in LEO; Q2 revenue $4,291M (+65.8% YoY) and operating income $1,656M; subscriber ARPU fell to $66/month (from $85) on international expansion and lower-priced plans; enterprise, aviation, maritime, and government revenue grew to $1,806M (+108% YoY); Q2 capex $1,367M.
- AI segment: Q2 revenue $2,561M (+247.5% YoY), driven by $1,600M in new AI infrastructure/cloud services revenue (a new 2026 revenue line) and $258M Grok/X subscription growth; nameplate compute draw reached 1.4 GW (vs. 0.4 GW a year prior); Q2 capex $15,828M; in June, SpaceX exercised its option to acquire Cursor (Anysphere) at a $60B implied equity value (expected to close Q3 2026) and entered a compute collaboration agreement for GPU cluster capacity and joint model development; Mesh Optical (data-center optical transceivers) merger closed July 6, 2026, just after quarter-end.
- Space operations: 37 Falcon launches (10 customer, 27 internal) and 1 Starship launch in Q2; 485 metric tons to orbit (87 MT customer payloads, 397 MT internal); customer Falcon launches rose from 9 to 10 YoY; Space R&D increased 55% to $1,076M on Starship production, engineering, and test costs; six-month totals: 77 Falcon + 1 Starship launches, 1,041 MT to orbit.
- Spectrum acquisition: FCC approved the EchoStar spectrum transaction on May 12, 2026; the Spectrum Transfer Closing occurred May 22, 2026, transferring 50 MHz AWS-4/H-Block plus up to 15 MHz AWS-3 licenses to an intermediate trust; total consideration ~$19.6B (~$11.1B in Class A equity at $42.40/share + up to $8.5B EchoStar debt payoff); $856M paid to the trust as of June 30, 2026, with further payments due through the final Spectrum Acquisition Closing (expected by November 2027–2028).
- Backlog and customer concentration: Total backlog $47,461M at June 30 (56% expected within one year, 34% in 1–3 years, 10% beyond); Customer A represented 18.3% of Q2 revenue across all three segments; Customer B represented 19.5% of Q2 revenue solely in the AI segment; AI cloud-services contracts are terminable by either party on 90 days' notice after an initial capacity-ramp period.
- Q2 financing and capital deployment: Completed IPO on June 15 (638.9M Class A shares at $135, $85.7B net); issued $25B SpaceX senior unsecured notes in June (five tranches, 5.35%–6.65%, weighted-average maturity 11.7 years); repaid the $20B SpaceX Bridge Loan; amended revolving credit facility from $1.5B to $5B in May; Q2 capex totaled $18,369M; cash and equivalents plus marketable securities reached ~$100B at quarter-end.
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