Elon Musk told analysts that SpaceX now expects $1 trillion in annual revenue by 2030, a year earlier than the target it set before its June listing.
Key Points:
- Musk moved the internal $1 trillion revenue milestone from 2031 to 2030 and called 2029 a possibility.
- Second quarter revenue reached $7.81 billion, up 92% year over year, against a consensus near $6.9 billion.
- Capital spending hit $18.4 billion, with $15.8 billion tied to the AI segment, and shares fell about 14% Wednesday.
The company reported $7.81 billion in second quarter revenue, up 92% from a year earlier and ahead of the roughly $6.9 billion analysts had modeled. Net loss narrowed to $541 million from $1.01 billion in the same quarter of 2025.
Adjusted EBITDA rose 191% to $3.5 billion, a figure that also cleared what Wall Street had penciled in for the period.
Musk raised the timeline on the first earnings call since the June debut, presenting the figure as an internal projection rather than formal guidance. He said there was a non-zero chance of hitting the mark in 2029, and told investors the company should reach a $100 billion annual recurring revenue run rate by December.
Capital expenditures climbed to $18.4 billion for the quarter, more than six times the level the company spent a year earlier.
About $15.8 billion of that went to the AI segment. That topped the $13.22 billion analysts had modeled, and hours before the release the company unveiled a partnership with Nvidia to build compute payloads for its planned Starmind satellites. Shares fell about 14% on Wednesday.
Also Read: iPhone 18 Pro Max Could Be First With Apple's 2nm Chip, 15% Faster
Musk Revenue Target Splits Analysts
Wall Street models sit far below what Musk floated, with FactSet estimates putting 2029 revenue near $207 billion, roughly a fifth of the trillion-dollar mark.
Several firms still lifted price targets after the report. They pointed to the AI unit turning positive on adjusted EBITDA earlier than the company had signaled before the listing.
Will Rhind, chief executive of GraniteShares, suggested the decline had less to do with the results than with an insider lockup opening Thursday. Pre-IPO holders can begin selling about a fifth of the restricted stock while shares trade under the offer price.
Starlink Growth Anchors SpaceX Results
Starlink led all segments with $4.29 billion in revenue, up 66% year over year, and remained the only business profitable from operations. Subscribers doubled to 12 million.
Average revenue per user slipped to $66 from $85 a year earlier, and Musk urged patience, telling analysts that investors keep underestimating the network.
SpaceX listed on Jun. 12 at $135 a share in the largest U.S. offering on record. The stock opened near $150 and pushed above $200 within weeks before giving back those gains. It closed Tuesday at $125.33, below the IPO price. The company ended the quarter with $93.5 billion in cash against $36.8 billion in debt and finance leases.
Read Next: Bitcoin Could Turn Extreme Fear Into Fuel For A $75K Rally
