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SpaceX (SPCX) just gave Wall Street its first look at the books, and the numbers tell two very different stories at once. Revenue nearly doubled from a year ago, the loss shrank sharply, and every part of the business beat expectations. Yet SPCX stock still fell after hours. The reason sits in one number that overshadowed all the good news.
SpaceX spent about $18.4 billion in the second quarter of 2026, well over twice what it earned in revenue. What made this particularly interesting is that most of the spending did not go toward rockets. Of the $18.4 billion, roughly $15.8 billion went into artificial intelligence (AI). The company is spending heavily to fund the compute infrastructure behind xAI, the business SpaceX absorbed earlier this year. So, the firm famous for landing rockets is now mostly an AI company on paper, allocating more than 85% of its investment to artificial intelligence. CEO Elon Musk told analysts that the goal is to have 20 gigawatts of AI compute running by the end of next year, with Nvidia (NVDA) set to supply a large share of the chips.
