SpaceX has released its first quarterly earnings report since going public on 12 June, offering an unusually detailed look at the costs of running a major AI operation. Overall the company posted a 92% year-on-year rise in revenue to $7.8 billion (£6.1bn) for the quarter and narrowed its net loss to $541 million, from $1 billion a year earlier. The figures are notable because they break out the performance of its AI division, formerly xAI, giving outside observers a rare, definitive view of an AI company's finances rather than estimates from analysts.

The AI unit generated $2.56 billion in revenue, up 247% year-on-year, driven largely by "Cloud Services Agreements" such as widely publicised deals with Anthropic and Google to use SpaceX's data centres; its operating loss narrowed to $1.25 billion from $1.54 billion. However, capital expenditure surged 2,013% year-on-year to $15.8 billion for the quarter, dwarfing the roughly $1.17 billion spent maintaining the rocket-launch business's fixed assets. Anthropic has separately agreed to pay $1.25 billion a month through May 2029 to use SpaceX's Colossus 1 data centre, and analysts are watching how SpaceX's pending Cursor acquisition, expected to close this quarter, will affect the AI division's finances.