---
title: SpaceX (SPCX) revenue by segment and business metrics
canonical: https://sweetvaluelab.com/stocks/spcx/kpis
ticker: SPCX
updated: 2026-10-20
latest_quarter: 2026-06-30
---
# SpaceX (SPCX) revenue by segment, and the operating numbers it reports

Every metric SpaceX prints in its earnings releases, 10-Qs and prospectus, typed in from the filings. $ millions unless the metric says otherwise; subscribers and compute are at the period's end. * = arithmetic on reported figures (a first quarter as the six months less the second; free cash flow as operating cash flow less capex).

Next results: Q3 2026, Oct 20, 2026 after the close.

Last close $146.90 — overvalued by 496% vs model. Stock page: https://sweetvaluelab.com/stocks/spcx.

## Quarterly

| Metric | Q1'25 | Q2'25 | Q1'26 | Q2'26 | Y/Y |
| --- | ---: | ---: | ---: | ---: | ---: |
| Revenue by segment: Connectivity | 2,474* | 2,588 | 3,257 | 4,291 | +66% |
| Revenue by segment: AI | 728* | 737 | 818 | 2,561 | +247% |
| Revenue by segment: Space | 865* | 746 | 619 | 962 | +29% |
| Revenue by segment: Total revenue | 4,067 | 4,071 | 4,694 | 7,814 | +92% |
| Income from operations: Connectivity | 1,033 | 923 | 1,188 | 1,656 | +79% |
| Income from operations: AI | −936 | −1,524 | −2,469 | −1,257 | — |
| Income from operations: Space | −70 | −369 | −662 | −542 | — |
| Income from operations: Total | 27 | −970 | −1,943 | −143 | — |
| Segment adjusted EBITDA: Connectivity | 1,618 | 1,583 | 2,087 | 2,597 | +64% |
| Segment adjusted EBITDA: AI | −112 | −276 | −609 | 1,146 | — |
| Segment adjusted EBITDA: Space | 224 | −93 | −351 | −205 | — |
| Segment adjusted EBITDA: Total | 1,730* | 1,214 | 1,127 | 3,538 | +191% |
| Starlink: Subscribers | 5.0 | 6.0 | 10.3 | 12.0 | +100% |
| Starlink: ARPU, $ a month | 86 | 85 | 66 | 66 | −22% |
| Starlink: Consumer revenue | 1,492* | 1,721 | 2,148 | 2,485 | +44% |
| Starlink: Enterprise and government revenue | 982* | 867 | 1,109 | 1,806 | +108% |
| Launch: Launches | 38 | 46 | 40 | 38 | −17% |
| Launch: Customer launches | 12* | 9 | 7 | 10 | +11% |
| Launch: Internal launches | 26* | 37 | 33 | 28 | −24% |
| Launch: Mass to orbit, t | 450 | 652 | 556 | 485 | −26% |
| Launch: Launch services revenue | 566* | 490 | 330 | 648 | +32% |
| Launch: Launch and development revenue | 299* | 256 | 289 | 314 | +23% |
| AI: Nameplate compute, GW | 0.3 | 0.4 | 1.0 | 1.4 | +250% |
| AI: Advertising revenue | 444* | 426 | 343 | 367 | −14% |
| AI: AI solutions and infrastructure revenue | 284* | 311 | 475 | 2,194 | +605% |
| Capital spending: Connectivity | 814 | 1,130 | 1,332 | 1,367 | +21% |
| Capital spending: AI | 2,567 | 749 | 7,723 | 15,828 | +2013% |
| Capital spending: Space | 759 | 946 | 1,052 | 1,174 | +24% |
| Capital spending: Total capex | 4,140 | 2,825 | 10,107 | 18,369 | +550% |
| Cash: Operating cash flow | 727 | −376* | 1,047 | 2,419* | — |
| Cash: Free cash flow | −3,413* | −3,201* | −9,060* | −15,950* | — |

## Annual

| Metric | 2023 | 2024 | 2025 | Y/Y |
| --- | ---: | ---: | ---: | ---: |
| Revenue by segment: Connectivity | 3,869 | 7,599 | 11,387 | +50% |
| Revenue by segment: AI | 2,961 | 2,620 | 3,201 | +22% |
| Revenue by segment: Space | 3,557 | 3,796 | 4,086 | +8% |
| Revenue by segment: Total revenue | 10,387 | 14,015 | 18,674 | +33% |
| Income from operations: Connectivity | 469 | 2,006 | 4,423 | +120% |
| Income from operations: AI | −3,973 | −1,561 | −6,355 | — |
| Income from operations: Space | −1 | 21 | −657 | −3229% |
| Income from operations: Total | −3,505 | 466 | −2,589 | −656% |
| Segment adjusted EBITDA: Connectivity | 1,602 | 3,849 | 7,168 | +86% |
| Segment adjusted EBITDA: AI | 1,222 | 347 | −1,237 | −456% |
| Segment adjusted EBITDA: Space | 997 | 1,154 | 653 | −43% |
| Segment adjusted EBITDA: Total | 3,821* | 5,350* | 6,584* | +23% |
| Starlink: Subscribers | 2.3 | 4.4 | 8.9 | +102% |
| Starlink: ARPU, $ a month | 99 | 91 | 81 | −11% |
| Starlink: Consumer revenue | 2,817 | 4,830 | 7,208 | +49% |
| Starlink: Enterprise and government revenue | 1,052 | 2,769 | 4,179 | +51% |
| Launch: Launches | 98 | 138 | 170 | +23% |
| Launch: Customer launches | 33 | 45 | 43 | −4% |
| Launch: Internal launches | 65* | 93* | 127* | +37% |
| Launch: Mass to orbit, t | 1,210 | 1,699 | 2,213 | +30% |
| Launch: Launch services revenue | 1,964 | 2,584 | 2,576 | −0% |
| Launch: Launch and development revenue | 1,593 | 1,212 | 1,510 | +25% |
| AI: Nameplate compute, GW | 0.0 | 0.3 | 0.8 | +167% |
| AI: Advertising revenue | 2,323 | 1,728 | 1,844 | +7% |
| AI: AI solutions and infrastructure revenue | 638 | 892 | 1,357 | +52% |
| Capital spending: Connectivity | 2,455 | 3,498 | 4,178 | +19% |
| Capital spending: AI | 463 | 5,633 | 12,727 | +126% |
| Capital spending: Space | 1,497 | 2,032 | 3,832 | +89% |
| Capital spending: Total capex | 4,415 | 11,163 | 20,737 | +86% |
| Cash: Operating cash flow | 4,520 | 5,776 | 6,785 | +17% |
| Cash: Free cash flow | 105* | −5,387* | −13,952* | — |

## Other figures

| Figure | Value | As of |
| --- | ---: | --- |
| Backlog (remaining performance obligations) | $47.5B | Jun 30, 2026 |
| Cloud services contracts signed in Q2 2026 | $14.1B | Jun 30, 2026 |
| Cash, equivalents and marketable securities | $100.0B | Jun 30, 2026 |
| Debt and finance leases | $39.4B | Jun 30, 2026 |
| Shares outstanding, Class A and B | 13,181.8M | Jul 28, 2026 |

## IPO lock-up releases (IPO Jun 12, 2026 at $135)

| Date | Trigger | Shares (M, up to) | Which shares | Status |
| --- | --- | ---: | --- | --- |
| 2026-08-06 | Q2 2026 results + 2 trading days | 911.5 | 20% of the 180-day lock-up shares | released |
| 2026-08-06 | Q2 2026 results + 2 trading days | 455.8 | A further 10%, if the price held 30% above the IPO price — It needed a close of $175.50 or more on 5 of the 10 trading days to Aug 4; the highest was $125.33. These shares wait for Day 180. | did not release |
| 2026-08-20 | Day 70 | 319 | 7% of the 180-day lock-up shares | released |
| 2026-09-09 | Day 90 | 319 | 7% of the 180-day lock-up shares | released |
| 2026-09-10 | Day 91 | 59.1 | Affiliates' shares released early | released |
| 2026-09-24 | Day 105 | 328.4 | 7% of the 180-day lock-up shares | released |
| 2026-10-09 | Day 120 | 328.4 | 7% of the 180-day lock-up shares | released |
| 2026-10-22 | Q3 2026 results + 2 trading days | 1,300 | 28% of the 180-day lock-up shares | released |
| 2026-10-24 | Day 135 | 328.4 | 7% of the 180-day lock-up shares | released |
| 2026-12-08 | Day 180 | 797.6 | The rest of the 180-day lock-up shares | upcoming |
| — | Q4 2026 results + 2 trading days | 351.9 | 20% of the extended lock-up shares, not Musk's | date not set |
| 2027-03-18 | Day 280 | 176 | 10% of the extended lock-up shares, not Musk's | upcoming |
| — | Q1 2027 results + 2 trading days | 351.9 | 20% of the extended lock-up shares, not Musk's | date not set |
| 2027-05-17 | Day 340 | 176 | 10% of the extended lock-up shares, not Musk's | upcoming |
| 2027-06-12 | Day 366 | 351.9 | 20% of the extended lock-up shares, not Musk's | upcoming |
| 2027-06-12 | Day 366 | 6,400 | All of Elon Musk's shares, Class B and option shares included | upcoming |
| — | Q2 2027 results + 2 trading days | 351.9 | The rest of the extended lock-up shares | date not set |

## Filings

- 424B4, filed Jun 12, 2026: https://www.sec.gov/Archives/edgar/data/1181412/000162828026042639/spaceexplorationtechnologi.htm
- 8-K EX-99.1, filed Aug 4, 2026: https://www.sec.gov/Archives/edgar/data/1181412/000162828026052515/earningsreleaseq22608042.htm
- 10-Q, filed Aug 4, 2026: https://www.sec.gov/Archives/edgar/data/1181412/000162828026052535/spcx-20260630.htm

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Source: https://sweetvaluelab.com/stocks/spcx/kpis (SweetValueLab, free, no account). Operating metrics typed in from SEC EDGAR filings; prices, insider trades (Form 4) and 13F holdings from the stock page's data. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.