SpaceX AI revenue more than triples to $2.6 billion

SpaceX's quarterly earnings show the company's revenue from artificial intelligence services more than tripled from the previous year to $2.6 billion, driven largely by deals to supply computing power to other AI companies.

According to the documents SpaceX prepared for its planned public listing, the AI division is the source of most of the company's value. Still, the unit lost $1.5 billion in the quarter, slightly less than in the same period last year.

In May, SpaceX signed a deal with Anthropic, and in June it reached an agreement with Google, to provide compute capacity for both companies. This puts SpaceX in competition with other neocloud providers such as CoreWeave.

The growing involvement in AI is also pushing up spending: capital expenditures reached $18.37 billion. SpaceX continues to post overall losses, but the net loss narrowed to $143 million in the quarter.

Development costs in the space division rose by $389 million compared with a year earlier, with Starship as the main driver. Starship is central to Elon Musk's plan to expand the company's connectivity business, the only profitable segment. The rocket must be able to launch heavier versions of the satellites that make Starlink profitable.

Some of those satellites have already been built. In the latest documents, SpaceX said it has launched 20 of them, but it remains unclear when the full deployment of 60 satellites at once will happen.

Although SpaceX beat analyst estimates, according to Bloomberg, its shares continued to fall after an initial surge of enthusiasm.