SpaceX posts $15.8 billion AI capex, commits to Nvidia hardware exclusively

SpaceX reported $15.8 billion of AI-segment capital spending for the second quarter of 2026, and Chief Executive Elon Musk said the company will build its AI infrastructure exclusively on Nvidia hardware. It was SpaceX’s first earnings report as a public company, and the capex was up from $749 million a year earlier.

AI-segment revenue reached $2.56 billion for the quarter ended June 30, against $737 million a year before, according to SpaceX’s second-quarter results. Total company revenue rose 92% to $7.81 billion, and the net loss narrowed to $541 million from $1.0 billion. The AI segment on its own ran an operating loss of $1.26 billion.

Musk described a partnership to design a satellite compute payload, the Starmind AI-1, using Nvidia Rubin GPUs and Vera CPUs, targeting up to 250 kilowatts of peak computing capacity in orbit. The exclusive commitment makes SpaceX one of Nvidia’s largest declared customers outside the big cloud providers.

Investors were unconvinced. SpaceX shares fell after the report on concern over the scale of AI infrastructure spending, ahead of an August 6, 2026 lock-up expiration that could free up to 20% of shares for sale.

The heavy losses show how far SpaceX is spending ahead of revenue on orbital compute. Whether the bet pays off hinges on demand for satellite-based AI processing that does not yet exist at scale, and on the Starmind payload reaching orbit on schedule.