SpaceX reports Q2 revenue of $7.8 billion, up 92%, and a net loss of $541 million

SpaceX reported second-quarter revenue of $7.8 billion, up 92% from $4.1 billion a year earlier, and a net loss of $541 million. The net loss compared with a net loss of $1.0 billion in the prior-year quarter, an improvement of $467 million.

Adjusted EBITDA, a non-GAAP measure, was $3.5 billion, up 191% from $1.2 billion. SpaceX said it ended the quarter with $100 billion of cash, cash equivalents and marketable securities, and $47.5 billion in backlog.

The company said it closed Cloud Services Agreements resulting in $14.1 billion of contracted sales, and that AI revenues rose 247% year-over-year to $2.6 billion. Connectivity revenues rose 66% year-over-year to $4.3 billion, and Starlink subscribers reached 12.0 million at the end of the quarter.

SpaceX also announced an agreement to acquire Cursor for $60 billion and said it expects to close the deal in the third quarter of 2026. The quarter included the closing of its initial public offering, which SpaceX said brought net proceeds of approximately $85.7 billion, and a $25 billion bond issuance.