SPCX 10-Q filed 2026-08-04 | Key takeaways

IPO completed June 15, 2026: 638,888,888 Class A shares at $135.00 per share generated $85,675 million of net proceeds; bookrunners included Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup, and J.P. Morgan, with proceeds earmarked for AI compute, launch, and satellite constellation expansion.

Q2 2026 revenue +91.9% YoY to $7,814 million; H1 2026 revenue +53.7% YoY to $12,508 million; Q2 Adjusted EBITDA $3,538 million (+191.4% YoY); Q2 net loss narrowed to $(541) million from $(1,008) million, while H1 net loss widened to $(4,817) million driven by the $1,545 million extinguishment loss.

Segment mix continued to shift toward AI: AI revenue +247.5% YoY to $2,561 million, Connectivity +65.8% to $4,291 million, and Space +29.0% to $962 million in Q2; Starlink subscribers doubled YoY to 12.0 million with ARPU of $66.

Customer concentration: Customer A represented 18.3% of Q2 2026 revenue (vs 16.7% in Q2 2025), spanning all three segments; Customer B represented 19.5% of AI segment revenue, exceeding the 10% threshold for the first time.

Capital structure: issued $25,000 million of senior unsecured notes across five tranches (5.350%-6.650% coupons, maturities 2031-2056, weighted-average 5.855%) to repay the $20,000 million SpaceX Bridge Loan; revolver upsized to $5,000 million, undrawn as of June 30, 2026.

Pending acquisitions: exercised call option to acquire Anysphere (Cursor) at a $60 billion implied equity value in Class A common stock, expected to close Q3 2026, subject to regulatory approval; Mesh Optical Technologies merger closed July 6, 2026 for ~3.8 million Class A shares plus cash option for certain Class B holders.

Backlog totaled $47,461 million as of June 30, 2026 with $14,286 million of deferred revenue; cash and equivalents rose to $93,522 million from $24,747 million at year-end 2025, supported by IPO proceeds.

On June 15, 2026, the Company completed its IPO, issuing and selling 638,888,888 shares of Class A common stock at $135.00 per share, generating $85,675 million in net proceeds after $575 million of underwriting commissions and offering costs.

All outstanding SpaceX Redeemable Convertible Preferred Stock automatically converted to Class A or Class B common stock upon IPO; Class C common stock reclassified to Class A; Class D common stock eliminated.

New accounting policy added in 2026: AI segment cloud services arrangements accounted for as service contracts with single stand-ready performance obligation; transaction price of fixed monthly fees recognized over time using phased capacity availability pattern during ramp and straight-line thereafter.

In June 2026, SpaceX issued $25,000 million of senior unsecured notes in five tranches maturing 2031-2056 with weighted-average coupon 5.855% and effective interest rate 6.030%; proceeds used to repay SpaceX Bridge Loan in full with remainder for general corporate purposes.

In March 2026, the Company repaid in full X B-1 Term Loan, X B-3 Term Loan, xAI Fixed Rate Term Loan, xAI Floating Rate Term Loan, and xAI 12.5% Senior Secured Notes using SpaceX Bridge Loan proceeds, incurring prepayment penalties totaling $1,164 million and $1,526 million loss on extinguishment; the SpaceX Bridge Loan itself was repaid in June 2026 with SpaceX Notes proceeds resulting in an additional $18 million extinguishment loss.

In May 2026, SpaceX amended the SpaceX Credit Facility to increase borrowing capacity to $5,000 million (from $1,500 million) with performance letter of credit sublimit increased to $2,000 million; new termination date May 19, 2031.