SpaceX's AI division saw revenue more than triple to $2.6 billion, driven largely by deals to supply computing power to other AI firms, positioning the company as a competitor to "neocloud" providers such as CoreWeave. Despite the surge in AI income, the division still posted a $1.5 billion loss for the quarter, though this was a modest improvement on the same period last year, according to SpaceX's latest quarterly earnings.

The AI push is being fuelled by agreements struck with Anthropic in May and Google in June, and has pushed capital expenditure to $18.37 billion. SpaceX's overall net loss narrowed to $143 million for the quarter, even as spending on its space division rose by $389 million, largely due to Starship development costs needed to launch heavier Starlink satellites. The company said it had launched 20 of the new satellites so far, with the timeline for full deployment of 60 at once still unclear. SpaceX beat analyst expectations, but its shares fell after an initial rally, according to Bloomberg.