AIBRIEF
Musk told investors SpaceX will end the year with 2+ gigawatts of compute online and launch 'Starmind' (a planned AI satellite line co developed with Nvidia) in 2027, the same week a $100B+ post IPO insider lockup expires, opening employee and
SpaceX's first quarterly report as a public company put a number on its AI bet: $15.8 billion in AI capital spending this quarter, against a $1.3 billion net operating loss in the AI division. Shares fell more than 8% after hours following the inaugural earnings call.
Total capex reached $18.4 billion, according to the SEC Q2 2026 filing. Revenue still grew 92% year-over-year to $7.8 billion, beating Wall Street by nearly $1 billion, even as the AI segment posted a $1.3 billion operating loss and its revenue jumped 247%. The capex overshoot, not the revenue beat, drove the stock reaction, per CNBC.
On the call, Musk told investors SpaceX will end the year with more than 2 gigawatts of compute online and reach "several times higher" cumulative compute by the end of next year. He also unveiled "Starmind," a planned AI satellite line co-developed with Nvidia, with launches targeted for 2027 and a long-term vision of up to a million orbital AI data centers. "The terrestrial data centers are a trivial problem compared to making gigantic reusable rockets which are launched frequently," Musk said.
The first IPO lockup period ends Thursday, opening more than $100 billion of insider stock to potential sales for the first time since the listing.