SpaceX reported its first quarterly results as a public company on 4 August, seven weeks after its 12 June listing. Revenue of $7.8bn was up 92% year on year and beat the $6.93bn consensus. The net loss narrowed to $541m from $1bn. The stock fell about 8% after hours anyway.
What spooked the tape
Capital expenditure. Group capex hit $18.4bn in a single quarter, against $10.1bn in Q1. The AI division alone accounted for $15.8bn of it; the rocket business spent $1.17bn. A launch company is now outspending itself on GPUs by more than thirteen to one.
The AI division's own numbers
The unit formerly known as xAI booked $2.56bn in revenue, up 247% from $737m a year earlier, with an operating loss of $1.25bn — improved from $1.54bn. Growth of that shape does not come from consumer subscriptions.
Who is actually paying
It comes from cloud-services agreements, and the largest disclosed one is striking: Anthropic is committed to $1.25bn per month for compute access through May 2029. A rival lab is underwriting a material share of the revenue — the same lab that this week confirmed it is starting its own chip team.
What the report does not settle
SpaceX gave no split between AI capex funding Starlink inference and capacity resold to third parties, and no disclosure of how much of the AI division's revenue is committed versus consumed.