- SpaceX spent $7.7 billion building out AI infrastructure in Q1 2026, which accounted for over three-quarters of its total capital budget of $10.1 billion for the period.
- The AI segment of SpaceX lost approximately $2.5 billion in Q1 2026 and $6 billion in 2025.
- On $4.7 billion of revenue in Q1 2026, SpaceX reported an operating loss of about $1.9 billion.
- The loss per share deepened to $1.27 from $0.18 a year earlier.
- Starlink, with its millions of subscribers, is considered the closest thing SpaceX has to a cash engine.
- SpaceX has priced $25 billion of senior notes to support its financial activities.
In the first quarter of 2026, SpaceX's aggressive investment in AI reached $7.7 billion, a staggering amount that accounted for over three-quarters of its total capital budget of $10.1 billion.12
This spending comes amid significant financial challenges, as the company reported an operating loss of approximately $1.9 billion on revenues of $4.7 billion.4
Notably, the AI segment, primarily driven by the acquisition of Musk's xAI, has been a major financial drain, losing about $6 billion in 2025 and an additional $2.5 billion in the first quarter of 2026 alone.3
On a per-share basis, losses deepened to $1.27, compared to $0.18 a year earlier, indicating a troubling trend for investors.5
Despite these losses, SpaceX has managed to secure $25 billion in senior notes, which may provide some financial relief.7
Starlink, with its millions of subscribers, remains the company's primary revenue source, acting as a cash engine amidst these challenges.6
As of now, SpaceX's stock has fluctuated significantly, dropping from a high of $225 to around $142.
“SpaceX's AI segment lost approximately $2.5 billion in the first quarter of 2026, contributing to a total loss of about $6 billion in 2025. Despite these losses, Starlink remains the company's primary revenue source, with millions of subscribers providing recurring monthly income.”
The Globe and Mail
