A company which, according to itself, has identified the “largest addressable market in human history,” produced a loss of $143 million in the three months to June 30, SpaceX’s first earnings report as a public company showed.

The results, released on Tuesday afternoon in the US, came as Elon Musk’s rocket-making, satellite-broadband company-turned-data-center REIT struggles to rebound from a four-week losing streak. At Monday’s worst levels, the stock was down more than 50% from its post-IPO high in late June.

SpaceX’s overall revenue rose 92% YoY in Q2 to $7.814 billion, no thanks to… well, no thanks to space, where sales rose at less than a third of the headline pace to a mere $962 million.

As the simple figure shows, the space segment accounted for just 12% of overall revenue in the second quarter. That figure was 18% during the same period a year ago.

Suffice to say space is to SpaceX what the metaverse is to Meta. That’s funny, but it’s also by design. Musk transformed the company into an AI power player (and, as noted above, a de facto REIT) earlier this year via the merger with xAI, which was itself in the process of shape-shifting from model-builder to neocloud.

For whatever it’s worth (not much), the SpaceX top-line print beat estimates. Analysts were looking for $6.81 billion. The connectivity segment, where Starlink lives and where all the profitability resides, beat too: $4.29 billion in sales easily topped the $3.83 billion consensus. AI sales rose dramatically versus 2025’s Q2, but I’m not sure that’s apples-to-apples.

AI capex during the period was almost $16 billion versus just $2.5 billion for the other two segments combined. Consensus expected $13 billion in outlays from the AI unit.

As the figure shows, It costs six times as much to acquire compute as it does to build space ships and satellites, apparently. The deck was keen to note that SpaceX cut its operating loss in half for the AI segment versus Q1.

The company talked up “several” agreements to provide customers with access to cutting-edge compute. Those deals together total more than $14 billion in contracted sales and resulted in $1.6 billion in incremental AI infrastructure revenue for the quarter.

After spending a few beats on Starship and its capacity to change “the future of civilization,” Musk pivoted to what matters most at SpaceX: AI and the data centers that power it.

“We’re building AI compute capacity at scale faster than anyone else and we’re significantly improving our AI models,” he said, adding that the company will soon “incorporat[e] all the data that SpaceX has ever produced into Grok training.”

I can’t wait.