SpaceX's First Earnings Report After Going Public: Revenue Doubles, Musk Targets $1 Trillion Revenue by 2030 SpaceX released its first quarterly earnings report after going public: Q2 revenue hit $7.8 billion, up 92% year-over-year, far exceeding market expectations of $6.9 billion. Net loss narrowed to $541 million, showing significant improvement compared to the same period last year. Growth Across Three Major Business Segments - Starlink revenue reached $4.29 billion, up 66%, with user numbers doubling to 12 million—truly a cash cow. - AI business revenue hit $2.56 billion, up approximately 247%, with new cloud service contract sales totaling $14.1 billion. - Aerospace revenue reached $962 million, up 29%, though still operating at a loss. Capital expenditures soared to approximately $18.4 billion, primarily invested in AI infrastructure. Following the earnings release, stock prices dropped 7-9% in after-hours trading as the market worried about excessive spending. On the earnings call, Musk made a series of bold predictions: He expects annualized recurring revenue (ARR) to hit $100 billion by December this year, claiming it could happen "without doing much." The $1 trillion revenue target has been moved up from 2031 to 2030, with the possibility of achieving it as early as 2029. For Starlink, Musk hinted at the potential to provide most internet services globally in countries where operations are permitted. The next-gen V3 satellites will have performance improvements of about 10x, with plans to launch at least 1,000 satellites within a year. Regarding Starship, he stated that the heat shield issue has been resolved, and the technology is now capable of fully rapid reuse, with a goal of sending over 100 million tons of payload into orbit annually. On AI computing power, Musk aims to build capacity exceeding 2 GW by the end of 2026 and nearly 10 GW by the end of 2027. Next year, SpaceX will secure a significant portion of NVIDIA's GPU supply, and the $60 billion acquisition of Cursor will be completed as soon as possible.