SpaceX AI Revenue Tripled to $2.6 Billion, But the Division Still Lost $1.5 Billion

Key points

• SpaceX AI revenue grew more than three times year-on-year to $2.6 billion, driven by deals to sell computing power to other AI companies.
• The AI division lost $1.5 billion in the quarter, slightly less than the same period last year.
• SpaceX signed compute deals with Anthropic in May 2025 and Google in June 2025.
• Capital expenditure, meaning money spent on physical assets like data centres and hardware, reached $18.37 billion.
• The company's overall quarterly loss narrowed to $143 million.

SpaceX is better known for rockets than data centres. That is changing fast.

The company's AI division pulled in $2.6 billion in revenue this quarter, more than three times what it made in the same period a year ago. Most of that growth came from selling compute, meaning raw processing power in its data centres, to other AI companies. SpaceX confirmed the figures in its latest quarterly earnings.

What is SpaceX actually selling here?

SpaceX is renting out computing power the same way Amazon or Microsoft do, but it is positioning itself against a newer wave of so-called neoclouds, companies that specialise in AI computing rather than general cloud services. CoreWeave is the best-known rival in that category.

The two headline deals were with Anthropic, the AI safety company behind the Claude chatbot, signed in May, and with Google, signed in June. Both companies are paying SpaceX to run their AI workloads on its hardware.

First reported by The Verge, SpaceX's own documents prepared for a potential public listing describe the AI division as the source of most of the company's value.

Is the AI division actually making money?

No, not yet. The division lost $1.5 billion this quarter. That is a fraction better than the loss it recorded in the same quarter last year, but it is still a large hole.

The wider company is also in the red, losing $143 million overall this quarter. That loss, however, is narrower than before.

Capital expenditure hit $18.37 billion. That number reflects how much SpaceX is spending to build the infrastructure, physical data centres, chips, cables and power supply, needed to support its ambitions.

What does Starship have to do with any of this?

Starship, SpaceX's giant next-generation rocket, is central to making the profitable side of the business grow. The one part of SpaceX that actually earns money is Starlink, the satellite internet service that beams broadband to homes and ships from low Earth orbit.

To expand Starlink, SpaceX needs to launch heavier, more capable satellites. Only Starship can carry them. Development costs for the space division rose by $389 million year-on-year, with Starship as the primary driver.

SpaceX said this quarter it has already launched 20 of the new heavier satellites. A full deployment batch means launching 60 at once, and the company has not said when that will happen.

What does this mean for ordinary people?

Most people will feel this story indirectly. If you use Starlink for internet access, faster and more reliable service depends on those new satellites getting into orbit. If you use any AI product built on Anthropic or Google infrastructure, some of that processing may now be running on SpaceX hardware.

SpaceX shares rose briefly after the earnings report but then resumed a decline, according to Bloomberg.

The company is spending enormous sums on technology that has not yet turned profitable. Whether the compute business grows fast enough to justify that spending is the question investors are watching most closely.