SpaceX First Earnings: Q2 Capex $18.4B With $15.8B Poured Into xAI Colossus II Buildout

In its first quarterly report as a public company, SpaceX posted Q2 revenue up 92% YoY to $7.8B and total capex of $18.4B — of which $15.8B went to AI, chiefly the Colossus II compute buildout. The AI segment (xAI, X, cloud) grew revenue 247% to $2.6B but posted a $1.26B operating loss, and SPCX shares fell as much as 8% after hours on the scale of the AI spend. The company ended the quarter with $100B in cash and a $47.5B backlog.