SpaceX Financials
Trailing figures refreshed daily from market data, and the quarterly detail behind them read straight from SpaceX's filings: revenue by segment, where the losses sit, and what the company is spending capital on.
Revenue by segment
SpaceX reports three segments. Note 3 of its quarterly report disaggregates them further into six revenue lines, which is the most granular view the company publishes.
| Revenue line | Segment | Q2 2026 | Q2 2025 |
|---|---|---|---|
| Launch Services | Space | $648.00M | $490.00M |
| Launch & Development | Space | $314.00M | $256.00M |
| Consumer | Connectivity | $2.49B | $1.72B |
| Enterprise & Government | Connectivity | $1.81B | $867.00M |
| AI Solutions & Infrastructure | AI | $2.19B | $311.00M |
| Advertising | AI | $367.00M | $426.00M |
| Total revenue | $7.81B | $4.07B |
Starlink, reported as Connectivity, is the engine. It produced $4.29B of the quarter's $7.81B and $1.66B of operating profit. It is the only segment that earns one.
The AI segment grew fastest, from $737.00M to $2.56B year over year, almost all of it in AI solutions and infrastructure rather than in advertising. It also lost $1.26B at the operating line.
Space, the launch business, is the smallest of the three at $962.00M, and loses $542.00M on an operating basis, mostly because Starship development sits inside its research and development line.
Capital spending and contracted revenue
SpaceX spent $28.48B on capital expenditure in the first half of 2026, 82.7% of it inside the AI segment. For scale, that half-year capital budget is larger than the company's entire revenue over the same period, which was $12.51B. A company spending this far ahead of revenue is the direct reason the consolidated numbers show a loss.
Against that, $47.46B of contracted work remains to be performed, with about 56.0% of it expected to convert to revenue within a year. Deferred revenue, which is cash already collected for work not yet done, stood at $14.29B. Total shareholders' equity was $127.22B at the quarter end, reflecting the IPO proceeds.
Revenue trajectory since 2016
Annual figures through 2025 are estimates published while SpaceX was private, since no audited numbers existed before it filed. The final row is the trailing-twelve-month figure from its SEC filings.
| Period | Revenue | Change |
|---|---|---|
| 2016 | $1.8B | — |
| 2017 | $1.9B | +$0.1B |
| 2018 | $2B | +$0.1B |
| 2019 | $2.1B | +$0.1B |
| 2020 | $1.6B | +$-0.5B |
| 2021 | $2.3B | +$0.7B |
| 2022 | $4.6B | +$2.3B |
| 2023 | $8.7B | +$4.1B |
| 2024 | $13.1B | +$4.4B |
| 2025 | $18.7B | +$5.6B |
| TTM (current) | $23.04B | +92% |
Profitability
SpaceX is not yet profitable on a trailing basis: a net margin of -35.7% and an operating margin of -1.8%. The segment detail above shows where that comes from. Starlink earns money; Starship development and the AI build-out spend it faster.
A trailing price-to-earnings ratio is not meaningful while the company is loss-making, so that row is left empty rather than filled with a negative or invented figure. Price-to-sales, on the valuation page, is the multiple that does mean something here.
SEC filings
SpaceX files under CIK 0001181412. Every figure on this page traces back to a document you can read yourself:
- Form 10-Q for the quarter ended June 30, 2026, filed August 4, 2026. The source for segment revenue and operating income, per-class share counts, backlog, deferred revenue and the IPO terms.
- Form 424B4, the final IPO prospectus, filed June 12, 2026. The full risk factors and the pre-IPO financial history.
- Form 8-K filed August 14, 2026, recording the completion of the Cursor merger and the shares issued for it.
- Schedule 13G filings from August 2026, which are where the beneficial-ownership figures on the investors page come from.