Overview
- Starlink remains the company’s primary cash generator, reporting about $7.5 billion in revenue, $2.8 billion in operating income, and roughly 12 million subscribers in the latest quarter.
- SpaceX’s AI unit grew to roughly $3.4 billion in sales and flipped to positive adjusted EBITDA after it began renting spare capacity from its Colossus compute cluster to third parties.
- The core launch business produced about $1.6 billion from 78 Falcon flights in the first half of the year but still loses money at the operating line because Starship research and development costs are large.
- The company disclosed very large capital spending to expand data centers and Colossus capacity and is performing operational fixes and reassigning engineers after big third‑party hosting deals strained redundancy at new sites.
- If Colossus revenue converts into sustained free cash flow, some analysts say SpaceX’s market value could approach $3 trillion, but heavy ongoing capex, Starship execution risk, and staged insider share unlocks pose near‑term liquidity and volatility risks.