SpaceX made more revenue as an AI company than a space company

SpaceX’s AI revenue more than tripled year over year to $2.6 billion, driven mainly by compute-supply deals with Anthropic and Google. The AI division still lost $1.5 billion in the quarter, though that was slightly narrower than a year earlier.

The results suggest SpaceX is increasingly valued as an AI infrastructure provider, not just a space company. Its move into compute puts it in direct competition with neocloud players like CoreWeave as demand for large-scale AI capacity keeps rising.