SpaceX reported Q2 FY'26 total revenue of $7.8 billion, representing a 92% year-over-year increase from $4.1 billion in Q2 FY'25. Diluted EPS came in at -$0.09, as total net loss narrowed to $541 million compared to a net loss of $1.0 billion in the prior-year period. Top-line expansion was primarily driven by Connectivity revenue surging 66% year-over-year to $4.3 billion behind rapid Starlink subscriber growth, alongside $2.56 billion generated by the AI infrastructure segment.
Note: SpaceX's FY'25 ended on December 31, 2025. Q2 FY'26 ended on June 30, 2026.
Following its mid-2026 initial public offering, SpaceX reported securing over $6 billion in multi-year U.S. government contract awards for Starshield, its secure satellite communications and sensing network designed for national security applications. The company also advanced Starship V3 flight testing, positioning its heavy-lift launch architecture to dramatically expand satellite deployment capacity and reduce orbital transport costs.
Below are key drivers of SpaceX's value that present opportunities for upside or downside to the current Trefis price estimate:
For additional details, select a division from the interactive Trefis split for SpaceX at the top of the page.
Space Exploration Technologies Corp. (SpaceX) designs, manufactures, and launches advanced rockets, spacecraft, and global satellite communications networks. The company operates through three core business segments: Space for commercial, civil, and defense launch services via Falcon 9, Falcon Heavy, and Starship; Connectivity for Starlink satellite internet services serving residential, commercial, enterprise, and defense users; and AI Infrastructure for high-performance computing capabilities.
Starlink connectivity and commercial launch market dominance represent the primary operational engines driving company valuation.
SpaceX maintains a near-monopoly position in commercial launch services, utilizing reusability across its Falcon rocket fleet to deliver unparalleled flight cadences and cost structures relative to legacy defense contractors.
Starlink provides scalable satellite broadband to millions of worldwide subscribers, generating expanding operational profits that help fund long-term research and development for deep-space transport.
Multi-billion-dollar military and national security contracts for the Starshield platform establish highly predictable long-term revenue streams backed by federal defense budgets.
Strategic partnerships with international telecom operators to provide direct-to-cell satellite connectivity expand Starlink's total addressable market directly to unmodified mobile smartphones.
Continued development of the fully reusable Starship launch vehicle aims to exponentially decrease per-kilogram payload launch costs, enabling mass deployment of next-generation V3 Starlink satellites.
Capital investments into dedicated AI infrastructure leverage SpaceX's power and connectivity assets to create a third high-growth business unit serving enterprise AI workloads.
