Space Exploration Technologies Corp.
SPCXLast close · Oct 26, 2026146.90−0.59 (−0.40%)
Market cap$2.0T
SpaceX revenue by segment, Starlink subscribers and launches
Every operating number SpaceX reports each quarter, in one place — read from its earnings releases, 10-Qs and prospectus on SEC EDGAR.
SpaceXRevenue, Q2'26
$7.81B
+92% y/y
StarlinkSubscribers
12.0M
+100% y/y
StarlinkARPU
$66/mo
−22% y/y
AINameplate compute
1.4GW
+1.0 GW y/y
SpaceLaunches, Q2'26
38
−8 y/y
SpaceXBacklog
$47.5B
Jun 30, 2026 · first disclosed
Remaining performance obligations
Starlink earns it. AI spends it.
Revenue by segment above the line, capital spending by segment below — per quarter, $ billions
Connectivity (Starlink)AI (xAI, Grok and X)Space (Falcon and Starship launches)
$18.4B
- AI share of capex
- 86%
- AI share of revenue
- 33%
- Connectivity income from operations
- $1.66B
- Free cash flow
- −$15.95B
- Cash and securities
- $100.0B
n/r: not reported as a quarter on its own — Q3 2025 arrives with the Q3 2026 release, and Q4 2025 is the year less the first three quarters.
Connectivity
12.0M
+6.0M in a year · ARPU $66 a month against $85
Subscribers, millionsARPU, $ a month
AI
1.4 GW
AI revenue $2.56B in Q2'26, $2.19B of it AI infrastructure
AI capex per quarterCompute, GW
Space
38
28 of them carried SpaceX's own satellites
Internal (Starlink)Customer
798M more shares can trade from Dec 8
The price since the Jun 12, 2026 IPO, with every release of shares from the IPO lock-up and each results date. Bars are millions of shares.
- Released so far
- 3.9B shares
- Next: Dec 8 (Day 180)
- +798M
- Still to be released
- 9.0B shares
- Last close against the $135 IPO price
- +9%
Every release, 8 still to come
| Date | Trigger | Shares | Which shares | Status |
|---|---|---|---|---|
| Aug 6, 2026 | Q2 2026 results + 2 trading days | 912M | 20% of the 180-day lock-up shares | Released |
| Aug 6, 2026 | Q2 2026 results + 2 trading days | 456M | A further 10%, if the price held 30% above the IPO price | Did not release |
| Aug 20, 2026 | Day 70 | 319M | 7% of the 180-day lock-up shares | Released |
| Sep 9, 2026 | Day 90 | 319M | 7% of the 180-day lock-up shares | Released |
| Sep 10, 2026 | Day 91 | 59M | Affiliates' shares released early | Released |
| Sep 24, 2026 | Day 105 | 328M | 7% of the 180-day lock-up shares | Released |
| Oct 9, 2026 | Day 120 | 328M | 7% of the 180-day lock-up shares | Released |
| Oct 22, 2026 | Q3 2026 results + 2 trading days | 1.3B | 28% of the 180-day lock-up shares | Released |
| Oct 24, 2026 | Day 135 | 328M | 7% of the 180-day lock-up shares | Released |
| Dec 8, 2026 | Day 180 | 798M | The rest of the 180-day lock-up shares | Upcoming |
| — | Q4 2026 results + 2 trading days | 352M | 20% of the extended lock-up shares, not Musk's | Date not set |
| Mar 18, 2027 | Day 280 | 176M | 10% of the extended lock-up shares, not Musk's | Upcoming |
| — | Q1 2027 results + 2 trading days | 352M | 20% of the extended lock-up shares, not Musk's | Date not set |
| May 17, 2027 | Day 340 | 176M | 10% of the extended lock-up shares, not Musk's | Upcoming |
| Jun 12, 2027 | Day 366 | 352M | 20% of the extended lock-up shares, not Musk's | Upcoming |
| Jun 12, 2027 | Day 366 | 6.4B | All of Elon Musk's shares, Class B and option shares included | Upcoming |
| — | Q2 2027 results + 2 trading days | 352M | The rest of the extended lock-up shares | Date not set |
From the prospectus's “Shares eligible for future sale” and “Lock-up agreements”. “Up to” amounts; a results-tied date is the second full trading day after the release. Affiliates' sales stay subject to Rule 144. 424B4 on EDGAR
Every reported number
| Metric | Q1'25 | Q2'25 | Q1'26 | Q2'26 | Q3'26 | Y/Y |
|---|---|---|---|---|---|---|
| Revenue by segment | ||||||
| Connectivity | 2,474* | 2,588 | 3,257 | 4,291 | — | +66% |
| AI | 728* | 737 | 818 | 2,561 | — | +247% |
| Space | 865* | 746 | 619 | 962 | — | +29% |
| Total revenue | 4,067 | 4,071 | 4,694 | 7,814 | — | +92% |
| Income from operations | ||||||
| Connectivity | 1,033 | 923 | 1,188 | 1,656 | — | +79% |
| AI | −936 | −1,524 | −2,469 | −1,257 | — | — |
| Space | −70 | −369 | −662 | −542 | — | — |
| Total | 27 | −970 | −1,943 | −143 | — | — |
| Segment adjusted EBITDA | ||||||
| Connectivity | 1,618 | 1,583 | 2,087 | 2,597 | — | +64% |
| AI | −112 | −276 | −609 | 1,146 | — | — |
| Space | 224 | −93 | −351 | −205 | — | — |
| Total | 1,730* | 1,214 | 1,127 | 3,538 | — | +191% |
| Starlink | ||||||
| Subscribers | 5.0 | 6.0 | 10.3 | 12.0 | — | +100% |
| ARPU, $ a month | 86 | 85 | 66 | 66 | — | −22% |
| Consumer revenue | 1,492* | 1,721 | 2,148 | 2,485 | — | +44% |
| Enterprise and government revenue | 982* | 867 | 1,109 | 1,806 | — | +108% |
| Launch | ||||||
| Launches | 38 | 46 | 40 | 38 | — | −17% |
| Customer launches | 12* | 9 | 7 | 10 | — | +11% |
| Internal launches | 26* | 37 | 33 | 28 | — | −24% |
| Mass to orbit, t | 450 | 652 | 556 | 485 | — | −26% |
| Launch services revenue | 566* | 490 | 330 | 648 | — | +32% |
| Launch and development revenue | 299* | 256 | 289 | 314 | — | +23% |
| AI | ||||||
| Nameplate compute, GW | 0.3 | 0.4 | 1.0 | 1.4 | — | +250% |
| Advertising revenue | 444* | 426 | 343 | 367 | — | −14% |
| AI solutions and infrastructure revenue | 284* | 311 | 475 | 2,194 | — | +605% |
| Capital spending | ||||||
| Connectivity | 814 | 1,130 | 1,332 | 1,367 | — | +21% |
| AI | 2,567 | 749 | 7,723 | 15,828 | — | +2013% |
| Space | 759 | 946 | 1,052 | 1,174 | — | +24% |
| Total capex | 4,140 | 2,825 | 10,107 | 18,369 | — | +550% |
| Cash | ||||||
| Operating cash flow | 727 | −376* | 1,047 | 2,419* | — | — |
| Free cash flow | −3,413* | −3,201* | −9,060* | −15,950* | — | — |
| Metric | 2023 | 2024 | 2025 | Y/Y |
|---|---|---|---|---|
| Revenue by segment | ||||
| Connectivity | 3,869 | 7,599 | 11,387 | +50% |
| AI | 2,961 | 2,620 | 3,201 | +22% |
| Space | 3,557 | 3,796 | 4,086 | +8% |
| Total revenue | 10,387 | 14,015 | 18,674 | +33% |
| Income from operations | ||||
| Connectivity | 469 | 2,006 | 4,423 | +120% |
| AI | −3,973 | −1,561 | −6,355 | — |
| Space | −1 | 21 | −657 | −3229% |
| Total | −3,505 | 466 | −2,589 | −656% |
| Segment adjusted EBITDA | ||||
| Connectivity | 1,602 | 3,849 | 7,168 | +86% |
| AI | 1,222 | 347 | −1,237 | −456% |
| Space | 997 | 1,154 | 653 | −43% |
| Total | 3,821* | 5,350* | 6,584* | +23% |
| Starlink | ||||
| Subscribers | 2.3 | 4.4 | 8.9 | +102% |
| ARPU, $ a month | 99 | 91 | 81 | −11% |
| Consumer revenue | 2,817 | 4,830 | 7,208 | +49% |
| Enterprise and government revenue | 1,052 | 2,769 | 4,179 | +51% |
| Launch | ||||
| Launches | 98 | 138 | 170 | +23% |
| Customer launches | 33 | 45 | 43 | −4% |
| Internal launches | 65* | 93* | 127* | +37% |
| Mass to orbit, t | 1,210 | 1,699 | 2,213 | +30% |
| Launch services revenue | 1,964 | 2,584 | 2,576 | −0% |
| Launch and development revenue | 1,593 | 1,212 | 1,510 | +25% |
| AI | ||||
| Nameplate compute, GW | 0.0 | 0.3 | 0.8 | +167% |
| Advertising revenue | 2,323 | 1,728 | 1,844 | +7% |
| AI solutions and infrastructure revenue | 638 | 892 | 1,357 | +52% |
| Capital spending | ||||
| Connectivity | 2,455 | 3,498 | 4,178 | +19% |
| AI | 463 | 5,633 | 12,727 | +126% |
| Space | 1,497 | 2,032 | 3,832 | +89% |
| Total capex | 4,415 | 11,163 | 20,737 | +86% |
| Cash | ||||
| Operating cash flow | 4,520 | 5,776 | 6,785 | +17% |
| Free cash flow | 105* | −5,387* | −13,952* | — |
* Arithmetic on reported figures rather than a figure printed for the period: a first quarter as the six months less the second, free cash flow as operating cash flow less capex. Subscribers and compute are at the period's end.