Treasury
3-MO 3.89% -2bp 6-MO 4.00% -2bp 1-YR 4.04% -3bp 2-YR 4.20% -5bp 3-YR 4.25% -7bp 5-YR 4.33% -7bp 7-YR 4.47% -7bp 10-YR 4.63% -7bp 20-YR 5.18% -5bp 30-YR 5.18% -5bp 3-MO 3.89% -2bp 6-MO 4.00% -2bp 1-YR 4.04% -3bp 2-YR 4.20% -5bp 3-YR 4.25% -7bp 5-YR 4.33% -7bp 7-YR 4.47% -7bp 10-YR 4.63% -7bp 20-YR 5.18% -5bp 30-YR 5.18% -5bp 3-MO 3.89% -2bp 6-MO 4.00% -2bp 1-YR 4.04% -3bp 2-YR 4.20% -5bp 3-YR 4.25% -7bp 5-YR 4.33% -7bp 7-YR 4.47% -7bp 10-YR 4.63% -7bp 20-YR 5.18% -5bp 30-YR 5.18% -5bp 3-MO 3.89% -2bp 6-MO 4.00% -2bp 1-YR 4.04% -3bp 2-YR 4.20% -5bp 3-YR 4.25% -7bp 5-YR 4.33% -7bp 7-YR 4.47% -7bp 10-YR 4.63% -7bp 20-YR 5.18% -5bp 30-YR 5.18% -5bp 3-MO 3.89% -2bp 6-MO 4.00% -2bp 1-YR 4.04% -3bp 2-YR 4.20% -5bp 3-YR 4.25% -7bp 5-YR 4.33% -7bp 7-YR 4.47% -7bp 10-YR 4.63% -7bp 20-YR 5.18% -5bp 30-YR 5.18% -5bp 3-MO 3.89% -2bp 6-MO 4.00% -2bp 1-YR 4.04% -3bp 2-YR 4.20% -5bp 3-YR 4.25% -7bp 5-YR 4.33% -7bp 7-YR 4.47% -7bp 10-YR 4.63% -7bp 20-YR 5.18% -5bp 30-YR 5.18% -5bp
US Treasury par yield curve · Aug 4 · Source: U.S. Treasury
Wednesday, August 5, 2026
U.S. Edition
MONEY & WORLD
Subscribe
SpaceX

SpaceX spent $18.4bn on capital projects in its first quarter as a public company, and $15.8bn of that went to the AI segment

Money & World
The Editorial Team ·
A pale pink and grey banded quartzite rock face filling the whole frame, its layers running diagonally and crossed by fine hairline joints. No horizon, sky, person, structure, lettering or brand mark is in the picture.
Photo: Yusuf Çelik / Pexels

Eighteen point four billion dollars. That is what SpaceX put into capital projects in the three months to 30 June, against revenue of $7.8bn in the same three months.

The company reported its first results as a public company on Tuesday afternoon, in an 8-K filed at 16:01 Eastern with the earnings release attached. Revenue rose 92 percent from $4.1bn a year earlier. The net loss narrowed to $541m from $1.0bn. Loss from operations came in at $143m against $970m.

Then there is the capital expenditure table.

Where the money went

SpaceX reports capital spending by segment, and the three lines do not resemble each other.

Space took $1,174m in the quarter. Connectivity took $1,367m. The AI segment took $15,828m, against $749m in the same quarter of 2025 and $7,723m in the three months to March. Across the first half the segment absorbed $23,551m of the $28,476m total.

The company says the money bought compute. Nameplate compute capacity reached 1.4 GW at the end of June, from 1.0 GW at the end of March and 0.4 GW a year earlier, with the build-out of a second cluster named Colossus II and further capacity under construction.

Revenue in that segment moved with it, to $2,561m from $737m. The release attributes the increase to new Cloud Services Agreements, which it says total $14.1bn of contracted sales and produced $1.6bn of incremental AI infrastructure revenue in the quarter. Advertising revenue inside the same segment fell, to $367m from $426m.

The segment still lost $1,257m at the operating line.

The segment that earns

Connectivity produced $4,291m of revenue and $1,656m of income from operations.

Starlink subscribers reached 12.0 million at the end of June, double the 6.0 million a year earlier and 1.7 million more than at the end of March. Average revenue per user was $66 a month, unchanged from the first quarter and down from $85 a year earlier. Enterprise and government revenue more than doubled to $1,806m, and the release names over $6bn of multi-year United States government contracts for Starshield, primarily from two Space Force awards.

Space, the launch business, lost $542m at the operating line against $369m a year earlier. Total launches fell to 38 from 46 and mass to orbit fell to 485 metric tons from 652, while launch services revenue rose to $648m from $490m on what the company describes as a higher number of large customer launches. Research and development inside that segment went to $1,076m from $693m.

The balance sheet after a listing and a bond sale

Total assets stood at $192,770m at 30 June against $92,079m at the end of December.

Cash and cash equivalents were $93,522m, with a further $6,487m in marketable securities. Financing activities brought in $100,291m over the six months. Investing activities used $34,487m and operating activities provided $3,466m.

The release restates the two transactions behind that. The June listing sold 638,888,888 Class A shares for net proceeds of approximately $85.7bn, and a $25bn bond issue closed on 26 June across five tranches maturing between 2031 and 2056, at rates between 5.35 percent and 6.65 percent and a weighted average of 5.855 percent.

Long-term debt and finance leases stand at $36,839m, of which $11,290m is owed to a related party. The comparable related-party figure at 31 December was $4,052m. Interest expense for the quarter was $629m, and the release records $327m of it as related party.

The line under the loss

Adjusted EBITDA, which SpaceX identifies as a non-GAAP measure, was $3,538m for the quarter against $1,214m.

The gap between that and the $541m net loss is mostly depreciation. Depreciation and amortisation ran to $2,848m in the quarter, from $1,526m a year earlier, and share-based compensation added $831m. For the half year, net loss was $4,817m and net loss attributable to shareholders was $5,488m.

One further commitment sits in the release rather than in the numbers. SpaceX says it has agreed to acquire Cursor for $60bn and expects the deal to close in the third quarter.

The document: SpaceX Form 8-K, Exhibit 99.1, second quarter 2026 results, filed 4 August 2026.

More on Finance