SpaceX triples AI revenue to $2.6B

SpaceX’s AI segment generated $2.56 billion in second-quarter revenue—up 247% year over year and more than 2.6 times its $962 million launch-business revenue—while losing $1.26 billion from operations. Our IPO analysis argued that xAI’s losses made the combined company an AI bet in a rocket’s clothing; the company’s first quarterly filing says cloud-service agreements supplied $1.6 billion of incremental AI-infrastructure revenue and raised contracted sales to $14.1 billion. The call moves from “Grok is only a loss leader” to “AI cloud is a real, still capital-hungry business”: quarterly AI capex reached $15.83 billion, so evidence of durable free cash flow—not revenue alone—would flip the verdict.