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In its first earnings call Tuesday, since going public on June 2026, SpaceX reported Q2 2026 revenue of $7.8 billion, beating analyst expectations of $6.93 billion, though shares fell 7% after-hours due to $18.4 billion in capital expenditures, mostly for AI.
CEO Elon Musk and President Gwynne Shotwell highlighted a new exclusive partnership with Nvidia to develop "Starmind AI1" satellites equipped with Nvidia's Vera Rubin architecture for orbital computing, with launches expected as early as 2027.
"SWpaceX has committed to using Nvidia GPUs exclusively because they are the best," he wrote on X.
Starlink remained the top revenue generator at $4.29 billion (up 66% YoY), fueled by the upcoming V3 satellites which Musk says could deliver "a majority of the world's internet" within 10 years.
Musk also announced accelerated AI goals, including $100 billion in annualized revenue run rate by December 2026 and a potential $1 trillion revenue target by 2029–2030, while confirming Grok 4.6 would launch within a week and Grok 5 by year-end, integrating all SpaceX data.
CFO Johnsen highlighted favorable cloud economics (sub-1-year payback on new compute deployments) and additional ~$6.7 billion in early Q3 cloud contracts ramping from October. Musk raised this further, calling the $100B figure a “do nothing” baseline that would likely be exceeded, and accelerated the internal $1 trillion revenue target from 2031 to 2030 (non-zero chance of 2029).
Regarding Starship, Musk said the heat shield problem is "solved" and hinted at daily launches by mid-2027, though Shotwell tempered expectations, citing NASA milestones for human lunar landing by 2028.
"I don't want to jinx it or anything, but I think I would call the heat shield problem solved at this point," Musk said. "All indications from data and visual inspection is we have solved it. That doesn't mean we won't make improvement, but we do not see any technical obstacles to achieving rapid reusability at this point."
The call also noted SpaceX's $541 million net loss (narrowed from $1 billion YoY) and an impending lock-up expiration that could allow insiders to sell up to 20% of shares.
SpaceX went public on June 12, 2026, under the ticker SPCX (Nasdaq and Nasdaq Texas), in the largest IPO in history. It raised roughly $75–85.7 billion (including overallotment) at $135 per share, implying a $1.77 trillion valuation. Shares opened higher (around $150) and closed the debut day up ~19%. Musk retained strong control.