The Revenue LinesNarrow moat

SpaceX (SPCX) — moat facet

Three segments and one profit: Starlink earned $6.9 billion over three years while launch lost $0.6 billion and AI $11.9 billion — and AI is where the capital now goes.

SpaceX reports three segments and only one of them makes money. In 2025 Connectivity, which is Starlink, earned $4,423 million of operating income on $11,387 million of revenue; Space lost $657 million on $4,086 million; and AI lost $6,355 million on $3,201 million.1 Add up 2023 to 2025 and the pattern is the same every year: Connectivity earned $6,898 million, Space lost $637 million and AI lost $11,889 million.23 The company is a broadband business carrying a rocket programme and an AI build-out.

Income from operations, 2023-2025 combined ($M)Connectivity+$6,898Space-$637AI-$11,889SpaceX IPO prospectus (Form 424B4), segment note and MD&A
One segment has earned the money for three years; the AI segment lost almost twice what Starlink made.

One caution about the history. xAI bought X in March 2025 and SpaceX bought xAI in February 2026, and because all three were under common control the prospectus restates every year as a single company.4 The AI segment's 2023 and 2024 figures are therefore Twitter's, which is why the segment shows revenue, and a large impairment, before xAI had much to sell.5

The split by revenue is less extreme than the split by profit. Connectivity was 61% of 2025 revenue, Space 22% and AI 17%.67 Space looks small because most of what SpaceX launches is its own. Of 165 Falcon launches in 2025, 122 carried Starlink satellites, and the company books no revenue between segments for them; the Space segment's sales are what outside customers pay.89

Growth has run in the opposite order to size, and then changed. From 2023 to 2025 Connectivity nearly trebled, from $3,869 million, while Space grew 15% and AI 8%.1011 Then the June 2026 quarter reversed the ranking: AI revenue rose 247% to $2,561 million on new cloud-services contracts, Connectivity 66% and Space 29%.12 AI went from 18.1% of revenue a year earlier to 32.8%.13 Before that, one line supplied almost all the growth: in 2024 Connectivity added $3,730 million while company revenue grew $3,628 million, because AI shrank by $341 million, and in 2025 Connectivity supplied $3,788 million of a $4,659 million increase.14

Spending follows the newest line, not the profitable one. AI took $12,727 million of 2025's $20,737 million of capital expenditure, 61%, and $15,828 million of the June 2026 quarter's $18,369 million.151617 Starlink, which pays for the rest, spent $4,178 million in 2025 against $7,168 million of adjusted EBITDA, so it more than funds its own constellation.18 Contracted revenue grew even faster than capital spending: backlog, which the company does not split by segment, rose from $28.4 billion at the end of 2025 to $47.5 billion at the end of June 2026, with about 56% due within a year.1920 Depreciation shows where the assets sit: of $6,701 million in 2025, AI carried $3,568 million, Connectivity $2,376 million and Space $757 million.21

The three leaves take the segments in the order of the chart. Connectivity is the business the valuation rests on, and its network advantages are argued under The Moat in The Starlink Network. Space is the launch company the world knows, and its customers are covered in Customer Lock-In and One Government, Several Hats. AI is the newest and least settled, and the question of who buys from it is on The AI Customer at Nineteen Percent; the orbital-compute wager is under The Future Bets.

The number that would change the picture is the count of segments earning an operating profit. In the June 2026 quarter it was still one: Connectivity made $1,656 million while Space lost $542 million and AI $1,257 million, although AI's adjusted EBITDA turned positive at $1,146 million.22 Two profitable segments would make SpaceX a different company; one, with capital spending at $18 billion a quarter, makes it a broadband utility funding two expensive bets.

Moat trajectory: Widening

Connectivity's margin rose from 12.1% in 2023 to 38.8% in 2025 and the AI segment's adjusted EBITDA turned positive in the June 2026 quarter; Space moved the other way on Starship spending.

The number that tests this moat
Reported
Segments earning an operating profit, latest quarter
1 of 3 in Q2 2026 (Connectivity +$1,656M; Space -$542M; AI -$1,257M)

Starlink has carried the other two since 2023. A second profitable segment would change what the company is; a Connectivity loss would end the argument for the valuation.

Source: SpaceX Q2 2026 results release ↗
Dig deeper
DIG DEEPER 01
Connectivity (Starlink)
The part of SpaceX that makes money: $11.4 billion of revenue at a 39% margin in 2025, with subscribers doubling and the price per user falling a…
DIG DEEPER 02
Space (launch)
The famous rocket business sells to outside customers about as much as it did in 2023 — Starlink fills the manifest, and Starship's cost pushed it…
DIG DEEPER 03
AI (X and xAI)
X's shrinking advertising plus a sudden cloud business: revenue up 247% in one quarter on $14.1 billion of contracts, and $15.8 billion of capital…
References
  1. ReportedIn 2025 Connectivity, which is Starlink, earned $4,423 million of operating income on $11,387 million of revenue; Space lost $657 million on $4,086 million; and AI lost $6,355 million on $3,201 million.
    SpaceX IPO prospectus (Form 424B4), segment note - revenue Space $3,557M / $3,796M / $4,086M, Connectivity $3,869M / $7,599M / $11,387M, AI $2,961M / $2,620M / $3,201M (2023-2025); income from operations Space $(1)M / $21M / $(657)M, Connectivity $469M / $2,006M / $4,423M, AI $(3,973)M / $(1,561)M / $(6,355)M; adjusted EBITDA Space $997M / $1,154M / $653M, Connectivity $1,602M / $3,849M / $7,168M, AI $1,222M / $347M / $(1,237)M; R&D Space $1,538M / $1,835M / $3,004M, AI $186M / $1,176M / $5,064M; cost of revenue Space $1,669M / $1,541M / $1,352M; capex Space $1,497M / $2,032M / $3,832M, Connectivity $2,455M / $3,498M / $4,178M, AI $463M / $5,633M / $12,727M, total $20,737M in 2025; depreciation and amortization Connectivity $884M / $1,508M / $2,376M, AI $1,180M / $1,679M / $3,568M, Space $757M in 2025, total $6,701M; share-based compensation AI $3M / $16M / $1,063M; AI impairment $3,775M in 2023 — FY2023-FY2025 · publ. June 11, 2026 · source ↗
  2. ReportedAdd up 2023 to 2025 and the pattern is the same every year: Connectivity earned $6,898 million, Space lost $637 million and AI lost $11,889 million.
    SpaceX IPO prospectus (Form 424B4), segment note - revenue Space $3,557M / $3,796M / $4,086M, Connectivity $3,869M / $7,599M / $11,387M, AI $2,961M / $2,620M / $3,201M (2023-2025); income from operations Space $(1)M / $21M / $(657)M, Connectivity $469M / $2,006M / $4,423M, AI $(3,973)M / $(1,561)M / $(6,355)M; adjusted EBITDA Space $997M / $1,154M / $653M, Connectivity $1,602M / $3,849M / $7,168M, AI $1,222M / $347M / $(1,237)M; R&D Space $1,538M / $1,835M / $3,004M, AI $186M / $1,176M / $5,064M; cost of revenue Space $1,669M / $1,541M / $1,352M; capex Space $1,497M / $2,032M / $3,832M, Connectivity $2,455M / $3,498M / $4,178M, AI $463M / $5,633M / $12,727M, total $20,737M in 2025; depreciation and amortization Connectivity $884M / $1,508M / $2,376M, AI $1,180M / $1,679M / $3,568M, Space $757M in 2025, total $6,701M; share-based compensation AI $3M / $16M / $1,063M; AI impairment $3,775M in 2023 — FY2023-FY2025 · publ. June 11, 2026 · source ↗
  3. Moat Explorer calcAdd up 2023 to 2025 and the pattern is the same every year: Connectivity earned $6,898 million, Space lost $637 million and AI lost $11,889 million.
    Moat Explorer calculation from SpaceX's prospectus, Q2 2026 10-Q and results release: cumulative 2023-2025 income from operations Connectivity $6,898M, Space $(637)M, AI $(11,889)M; 2025 revenue shares Connectivity 61.0%, Space 21.9%, AI 17.1%; 2023-2025 growth Connectivity x2.94 (71.6% a year), Space +14.9% (7.2% a year), AI +8.1%; AI share of revenue 18.1% (Q2 2025) and 32.8% (Q2 2026); AI 61.4% of 2025 capex; Connectivity operating margin 12.1%, 26.4%, 38.8% and 38.6% (Q2 2026); non-Starlink Falcon launches 33, 45 and 43; launch-services revenue per customer launch about $54M (Q2 2025), $47M (Q1 2026), $65M (Q2 2026); AI revenue reported since 2023 $12,161M; advertising -14% year on year in Q2 2026 — 2023 to Q2 2026 · publ. 2026-09-23 · source ↗
  4. ReportedxAI bought X in March 2025 and SpaceX bought xAI in February 2026, and because all three were under common control the prospectus restates every year as a single company.
    SpaceX IPO prospectus (Form 424B4, 11 June 2026) - founded 2002; Falcon 9 first flew 2010 (NASA: about $2,700 per kilogram against an $18,500 historical average), Dragon first commercial cargo to the ISS in 2012 and first privately built crew vehicle eight years later, Falcon Heavy 2018; about 620 Falcon 9 launches and over 99% mission success by March 2026; more than 80% of the world's mass to orbit each year since 2023; X Merger 28 March 2025 and xAI Merger 2 February 2026 restated as entities under common control; no inter-segment revenue on internal constellation deployments; Connectivity offerings (consumer, enterprise, government, Starlink Mobile through about 30 MNOs; fixed or per-user MNO fees; consumer subscribers over 60% of 2025 Connectivity revenue); about 9,600 satellites, about 75% of active manoeuvrable satellites, median 225 Mbps; Starlink subscribers 2.3M, 4.4M, 8.9M, 10.3M and ARPU $99, $91, $81, $66; V3 satellites of one Tbps, up to 60 per Starship, a twenty-fold increase per launch; Starship aimed at a 99% cost reduction and payload delivery to orbit from 2H 2026; fixed-price Space contracts recognised at a point in time or over time; backlog $28,377M at 31 December 2025 — 2002 to March 2026 · publ. June 11, 2026 · source ↗
  5. ReportedThe AI segment's 2023 and 2024 figures are therefore Twitter's, which is why the segment shows revenue, and a large impairment, before xAI had much to sell.
    SpaceX IPO prospectus (Form 424B4), MD&A by segment - Connectivity revenue +96.4% (+$3,730M) in 2024 and +49.8% (+$3,788M) in 2025: consumer +$2,013M (subscribers +96.5%, ARPU -8.1%) and +$2,377M (subscribers +99.9%, ARPU -11.2%), government +$1,250M and +$193M, enterprise +$466M and +$1,218M including mobile +$632M; Q1 2026 +$782M (31.6%): consumer +$656M (subscribers +104.7%, ARPU -22.9%), aviation/maritime/other enterprise +$209M, mobile +$85M, government -$175M; 2025 Connectivity cost of revenue +$1,153M incl. depreciation +$827M. Space revenue +$239M (6.7%) in 2024 (launch services +$620M, Falcon launches 96 to 134, launch and development -$381M) and +$290M (7.6%) in 2025 (launch services flat, launch and development +$298M on the extended NASA CRS contract and a U.S. Department of War contract; Falcon launches 134 to 165; customer launches and average price per launch relatively flat); Starlink launches 63, 89 and 122; 2025 Space cost of revenue -$189M incl. depreciation -$240M; Space R&D +$1,169M (63.7%) in 2025 on Starship; Q1 2026 Space revenue -28.4% on fewer customer launches, Falcon launches 36 to 40. AI revenue -11.5% (-$341M) in 2024 (advertising -$595M on the loss of advertising partners; subscriptions +$157M, data licensing +$90M) and +22.2% (+$581M) in 2025 (advertising +$116M; AI solutions and infrastructure +$465M incl. subscriptions +$365M, data licensing +$88M); in 2023 and 2024 substantially all AI revenue came from X; Q1 2026 advertising -$100M during an ad-platform overhaul; 2025 AI cost of revenue +$491M incl. infrastructure and cloud computing +$412M; company revenue +$3,628M (34.9%) in 2024 and +$4,659M (33.2%) in 2025 — FY2023-Q1 2026 · publ. June 11, 2026 · source ↗
  6. ReportedConnectivity was 61% of 2025 revenue, Space 22% and AI 17%.
    SpaceX IPO prospectus (Form 424B4), segment note - revenue Space $3,557M / $3,796M / $4,086M, Connectivity $3,869M / $7,599M / $11,387M, AI $2,961M / $2,620M / $3,201M (2023-2025); income from operations Space $(1)M / $21M / $(657)M, Connectivity $469M / $2,006M / $4,423M, AI $(3,973)M / $(1,561)M / $(6,355)M; adjusted EBITDA Space $997M / $1,154M / $653M, Connectivity $1,602M / $3,849M / $7,168M, AI $1,222M / $347M / $(1,237)M; R&D Space $1,538M / $1,835M / $3,004M, AI $186M / $1,176M / $5,064M; cost of revenue Space $1,669M / $1,541M / $1,352M; capex Space $1,497M / $2,032M / $3,832M, Connectivity $2,455M / $3,498M / $4,178M, AI $463M / $5,633M / $12,727M, total $20,737M in 2025; depreciation and amortization Connectivity $884M / $1,508M / $2,376M, AI $1,180M / $1,679M / $3,568M, Space $757M in 2025, total $6,701M; share-based compensation AI $3M / $16M / $1,063M; AI impairment $3,775M in 2023 — FY2023-FY2025 · publ. June 11, 2026 · source ↗
  7. Moat Explorer calcConnectivity was 61% of 2025 revenue, Space 22% and AI 17%.
    Moat Explorer calculation from SpaceX's prospectus, Q2 2026 10-Q and results release: cumulative 2023-2025 income from operations Connectivity $6,898M, Space $(637)M, AI $(11,889)M; 2025 revenue shares Connectivity 61.0%, Space 21.9%, AI 17.1%; 2023-2025 growth Connectivity x2.94 (71.6% a year), Space +14.9% (7.2% a year), AI +8.1%; AI share of revenue 18.1% (Q2 2025) and 32.8% (Q2 2026); AI 61.4% of 2025 capex; Connectivity operating margin 12.1%, 26.4%, 38.8% and 38.6% (Q2 2026); non-Starlink Falcon launches 33, 45 and 43; launch-services revenue per customer launch about $54M (Q2 2025), $47M (Q1 2026), $65M (Q2 2026); AI revenue reported since 2023 $12,161M; advertising -14% year on year in Q2 2026 — 2023 to Q2 2026 · publ. 2026-09-23 · source ↗
  8. ReportedOf 165 Falcon launches in 2025, 122 carried Starlink satellites, and the company books no revenue between segments for them; the Space segment's sales are what outside customers pay.
    SpaceX IPO prospectus (Form 424B4, 11 June 2026) - founded 2002; Falcon 9 first flew 2010 (NASA: about $2,700 per kilogram against an $18,500 historical average), Dragon first commercial cargo to the ISS in 2012 and first privately built crew vehicle eight years later, Falcon Heavy 2018; about 620 Falcon 9 launches and over 99% mission success by March 2026; more than 80% of the world's mass to orbit each year since 2023; X Merger 28 March 2025 and xAI Merger 2 February 2026 restated as entities under common control; no inter-segment revenue on internal constellation deployments; Connectivity offerings (consumer, enterprise, government, Starlink Mobile through about 30 MNOs; fixed or per-user MNO fees; consumer subscribers over 60% of 2025 Connectivity revenue); about 9,600 satellites, about 75% of active manoeuvrable satellites, median 225 Mbps; Starlink subscribers 2.3M, 4.4M, 8.9M, 10.3M and ARPU $99, $91, $81, $66; V3 satellites of one Tbps, up to 60 per Starship, a twenty-fold increase per launch; Starship aimed at a 99% cost reduction and payload delivery to orbit from 2H 2026; fixed-price Space contracts recognised at a point in time or over time; backlog $28,377M at 31 December 2025 — 2002 to March 2026 · publ. June 11, 2026 · source ↗
  9. ReportedOf 165 Falcon launches in 2025, 122 carried Starlink satellites, and the company books no revenue between segments for them; the Space segment's sales are what outside customers pay.
    SpaceX IPO prospectus (Form 424B4), MD&A by segment - Connectivity revenue +96.4% (+$3,730M) in 2024 and +49.8% (+$3,788M) in 2025: consumer +$2,013M (subscribers +96.5%, ARPU -8.1%) and +$2,377M (subscribers +99.9%, ARPU -11.2%), government +$1,250M and +$193M, enterprise +$466M and +$1,218M including mobile +$632M; Q1 2026 +$782M (31.6%): consumer +$656M (subscribers +104.7%, ARPU -22.9%), aviation/maritime/other enterprise +$209M, mobile +$85M, government -$175M; 2025 Connectivity cost of revenue +$1,153M incl. depreciation +$827M. Space revenue +$239M (6.7%) in 2024 (launch services +$620M, Falcon launches 96 to 134, launch and development -$381M) and +$290M (7.6%) in 2025 (launch services flat, launch and development +$298M on the extended NASA CRS contract and a U.S. Department of War contract; Falcon launches 134 to 165; customer launches and average price per launch relatively flat); Starlink launches 63, 89 and 122; 2025 Space cost of revenue -$189M incl. depreciation -$240M; Space R&D +$1,169M (63.7%) in 2025 on Starship; Q1 2026 Space revenue -28.4% on fewer customer launches, Falcon launches 36 to 40. AI revenue -11.5% (-$341M) in 2024 (advertising -$595M on the loss of advertising partners; subscriptions +$157M, data licensing +$90M) and +22.2% (+$581M) in 2025 (advertising +$116M; AI solutions and infrastructure +$465M incl. subscriptions +$365M, data licensing +$88M); in 2023 and 2024 substantially all AI revenue came from X; Q1 2026 advertising -$100M during an ad-platform overhaul; 2025 AI cost of revenue +$491M incl. infrastructure and cloud computing +$412M; company revenue +$3,628M (34.9%) in 2024 and +$4,659M (33.2%) in 2025 — FY2023-Q1 2026 · publ. June 11, 2026 · source ↗
  10. ReportedFrom 2023 to 2025 Connectivity nearly trebled, from $3,869 million, while Space grew 15% and AI 8%.
    SpaceX IPO prospectus (Form 424B4), segment note - revenue Space $3,557M / $3,796M / $4,086M, Connectivity $3,869M / $7,599M / $11,387M, AI $2,961M / $2,620M / $3,201M (2023-2025); income from operations Space $(1)M / $21M / $(657)M, Connectivity $469M / $2,006M / $4,423M, AI $(3,973)M / $(1,561)M / $(6,355)M; adjusted EBITDA Space $997M / $1,154M / $653M, Connectivity $1,602M / $3,849M / $7,168M, AI $1,222M / $347M / $(1,237)M; R&D Space $1,538M / $1,835M / $3,004M, AI $186M / $1,176M / $5,064M; cost of revenue Space $1,669M / $1,541M / $1,352M; capex Space $1,497M / $2,032M / $3,832M, Connectivity $2,455M / $3,498M / $4,178M, AI $463M / $5,633M / $12,727M, total $20,737M in 2025; depreciation and amortization Connectivity $884M / $1,508M / $2,376M, AI $1,180M / $1,679M / $3,568M, Space $757M in 2025, total $6,701M; share-based compensation AI $3M / $16M / $1,063M; AI impairment $3,775M in 2023 — FY2023-FY2025 · publ. June 11, 2026 · source ↗
  11. Moat Explorer calcFrom 2023 to 2025 Connectivity nearly trebled, from $3,869 million, while Space grew 15% and AI 8%.
    Moat Explorer calculation from SpaceX's prospectus, Q2 2026 10-Q and results release: cumulative 2023-2025 income from operations Connectivity $6,898M, Space $(637)M, AI $(11,889)M; 2025 revenue shares Connectivity 61.0%, Space 21.9%, AI 17.1%; 2023-2025 growth Connectivity x2.94 (71.6% a year), Space +14.9% (7.2% a year), AI +8.1%; AI share of revenue 18.1% (Q2 2025) and 32.8% (Q2 2026); AI 61.4% of 2025 capex; Connectivity operating margin 12.1%, 26.4%, 38.8% and 38.6% (Q2 2026); non-Starlink Falcon launches 33, 45 and 43; launch-services revenue per customer launch about $54M (Q2 2025), $47M (Q1 2026), $65M (Q2 2026); AI revenue reported since 2023 $12,161M; advertising -14% year on year in Q2 2026 — 2023 to Q2 2026 · publ. 2026-09-23 · source ↗
  12. ReportedThen the June 2026 quarter reversed the ranking: AI revenue rose 247% to $2,561 million on new cloud-services contracts, Connectivity 66% and Space 29%.
    SpaceX Q2 2026 results release (Form 8-K exhibit 99.1, 4 August 2026) - revenue Space $962M, Connectivity $4,291M, AI $2,561M (Q2 2025 $746M, $2,588M, $737M); income from operations Space $(542)M, Connectivity $1,656M, AI $(1,257)M; H1 2026 Space $(1,204)M and Space adjusted EBITDA $(556)M; adjusted EBITDA Connectivity $2,597M, AI $1,146M (Q1 $(609)M); capex $18,369M (AI $15,828M, Connectivity $1,367M); AI depreciation $1,885M; AI R&D $2,178M against $1,122M; advertising $367M against $426M and AI solutions and infrastructure $2,194M against $311M; H1 AI revenue $3,379M; cloud services agreements $14.1B contracted, $1.6B incremental revenue; nameplate compute 1.4 GW from 1.0 GW; Cursor acquisition for $60B; Grok 4.5; launch services revenue $648M (Q1 $330M, Q2 2025 $490M); customer launches 10 (Q1 7, Q2 2025 9); Space revenue $1,581M in H1 against $1,611M; consumer revenue $2,485M (+44%), enterprise and government $1,806M (+108%); subscribers 12.0M; ARPU $66 — Q2 2026 · publ. August 4, 2026 · source ↗
  13. Moat Explorer calcAI went from 18.1% of revenue a year earlier to 32.8%.
    Moat Explorer calculation from SpaceX's prospectus, Q2 2026 10-Q and results release: cumulative 2023-2025 income from operations Connectivity $6,898M, Space $(637)M, AI $(11,889)M; 2025 revenue shares Connectivity 61.0%, Space 21.9%, AI 17.1%; 2023-2025 growth Connectivity x2.94 (71.6% a year), Space +14.9% (7.2% a year), AI +8.1%; AI share of revenue 18.1% (Q2 2025) and 32.8% (Q2 2026); AI 61.4% of 2025 capex; Connectivity operating margin 12.1%, 26.4%, 38.8% and 38.6% (Q2 2026); non-Starlink Falcon launches 33, 45 and 43; launch-services revenue per customer launch about $54M (Q2 2025), $47M (Q1 2026), $65M (Q2 2026); AI revenue reported since 2023 $12,161M; advertising -14% year on year in Q2 2026 — 2023 to Q2 2026 · publ. 2026-09-23 · source ↗
  14. ReportedBefore that, one line supplied almost all the growth: in 2024 Connectivity added $3,730 million while company revenue grew $3,628 million, because AI shrank by $341 million, and in 2025 Connectivity supplied $3,788 million of a $4,659 million increase.
    SpaceX IPO prospectus (Form 424B4), MD&A by segment - Connectivity revenue +96.4% (+$3,730M) in 2024 and +49.8% (+$3,788M) in 2025: consumer +$2,013M (subscribers +96.5%, ARPU -8.1%) and +$2,377M (subscribers +99.9%, ARPU -11.2%), government +$1,250M and +$193M, enterprise +$466M and +$1,218M including mobile +$632M; Q1 2026 +$782M (31.6%): consumer +$656M (subscribers +104.7%, ARPU -22.9%), aviation/maritime/other enterprise +$209M, mobile +$85M, government -$175M; 2025 Connectivity cost of revenue +$1,153M incl. depreciation +$827M. Space revenue +$239M (6.7%) in 2024 (launch services +$620M, Falcon launches 96 to 134, launch and development -$381M) and +$290M (7.6%) in 2025 (launch services flat, launch and development +$298M on the extended NASA CRS contract and a U.S. Department of War contract; Falcon launches 134 to 165; customer launches and average price per launch relatively flat); Starlink launches 63, 89 and 122; 2025 Space cost of revenue -$189M incl. depreciation -$240M; Space R&D +$1,169M (63.7%) in 2025 on Starship; Q1 2026 Space revenue -28.4% on fewer customer launches, Falcon launches 36 to 40. AI revenue -11.5% (-$341M) in 2024 (advertising -$595M on the loss of advertising partners; subscriptions +$157M, data licensing +$90M) and +22.2% (+$581M) in 2025 (advertising +$116M; AI solutions and infrastructure +$465M incl. subscriptions +$365M, data licensing +$88M); in 2023 and 2024 substantially all AI revenue came from X; Q1 2026 advertising -$100M during an ad-platform overhaul; 2025 AI cost of revenue +$491M incl. infrastructure and cloud computing +$412M; company revenue +$3,628M (34.9%) in 2024 and +$4,659M (33.2%) in 2025 — FY2023-Q1 2026 · publ. June 11, 2026 · source ↗
  15. ReportedAI took $12,727 million of 2025's $20,737 million of capital expenditure, 61%, and $15,828 million of the June 2026 quarter's $18,369 million.
    SpaceX IPO prospectus (Form 424B4), segment note - revenue Space $3,557M / $3,796M / $4,086M, Connectivity $3,869M / $7,599M / $11,387M, AI $2,961M / $2,620M / $3,201M (2023-2025); income from operations Space $(1)M / $21M / $(657)M, Connectivity $469M / $2,006M / $4,423M, AI $(3,973)M / $(1,561)M / $(6,355)M; adjusted EBITDA Space $997M / $1,154M / $653M, Connectivity $1,602M / $3,849M / $7,168M, AI $1,222M / $347M / $(1,237)M; R&D Space $1,538M / $1,835M / $3,004M, AI $186M / $1,176M / $5,064M; cost of revenue Space $1,669M / $1,541M / $1,352M; capex Space $1,497M / $2,032M / $3,832M, Connectivity $2,455M / $3,498M / $4,178M, AI $463M / $5,633M / $12,727M, total $20,737M in 2025; depreciation and amortization Connectivity $884M / $1,508M / $2,376M, AI $1,180M / $1,679M / $3,568M, Space $757M in 2025, total $6,701M; share-based compensation AI $3M / $16M / $1,063M; AI impairment $3,775M in 2023 — FY2023-FY2025 · publ. June 11, 2026 · source ↗
  16. ReportedAI took $12,727 million of 2025's $20,737 million of capital expenditure, 61%, and $15,828 million of the June 2026 quarter's $18,369 million.
    SpaceX Q2 2026 results release (Form 8-K exhibit 99.1, 4 August 2026) - revenue Space $962M, Connectivity $4,291M, AI $2,561M (Q2 2025 $746M, $2,588M, $737M); income from operations Space $(542)M, Connectivity $1,656M, AI $(1,257)M; H1 2026 Space $(1,204)M and Space adjusted EBITDA $(556)M; adjusted EBITDA Connectivity $2,597M, AI $1,146M (Q1 $(609)M); capex $18,369M (AI $15,828M, Connectivity $1,367M); AI depreciation $1,885M; AI R&D $2,178M against $1,122M; advertising $367M against $426M and AI solutions and infrastructure $2,194M against $311M; H1 AI revenue $3,379M; cloud services agreements $14.1B contracted, $1.6B incremental revenue; nameplate compute 1.4 GW from 1.0 GW; Cursor acquisition for $60B; Grok 4.5; launch services revenue $648M (Q1 $330M, Q2 2025 $490M); customer launches 10 (Q1 7, Q2 2025 9); Space revenue $1,581M in H1 against $1,611M; consumer revenue $2,485M (+44%), enterprise and government $1,806M (+108%); subscribers 12.0M; ARPU $66 — Q2 2026 · publ. August 4, 2026 · source ↗
  17. Moat Explorer calcAI took $12,727 million of 2025's $20,737 million of capital expenditure, 61%, and $15,828 million of the June 2026 quarter's $18,369 million.
    Moat Explorer calculation from SpaceX's prospectus, Q2 2026 10-Q and results release: cumulative 2023-2025 income from operations Connectivity $6,898M, Space $(637)M, AI $(11,889)M; 2025 revenue shares Connectivity 61.0%, Space 21.9%, AI 17.1%; 2023-2025 growth Connectivity x2.94 (71.6% a year), Space +14.9% (7.2% a year), AI +8.1%; AI share of revenue 18.1% (Q2 2025) and 32.8% (Q2 2026); AI 61.4% of 2025 capex; Connectivity operating margin 12.1%, 26.4%, 38.8% and 38.6% (Q2 2026); non-Starlink Falcon launches 33, 45 and 43; launch-services revenue per customer launch about $54M (Q2 2025), $47M (Q1 2026), $65M (Q2 2026); AI revenue reported since 2023 $12,161M; advertising -14% year on year in Q2 2026 — 2023 to Q2 2026 · publ. 2026-09-23 · source ↗
  18. ReportedStarlink, which pays for the rest, spent $4,178 million in 2025 against $7,168 million of adjusted EBITDA, so it more than funds its own constellation.
    SpaceX IPO prospectus (Form 424B4), segment note - revenue Space $3,557M / $3,796M / $4,086M, Connectivity $3,869M / $7,599M / $11,387M, AI $2,961M / $2,620M / $3,201M (2023-2025); income from operations Space $(1)M / $21M / $(657)M, Connectivity $469M / $2,006M / $4,423M, AI $(3,973)M / $(1,561)M / $(6,355)M; adjusted EBITDA Space $997M / $1,154M / $653M, Connectivity $1,602M / $3,849M / $7,168M, AI $1,222M / $347M / $(1,237)M; R&D Space $1,538M / $1,835M / $3,004M, AI $186M / $1,176M / $5,064M; cost of revenue Space $1,669M / $1,541M / $1,352M; capex Space $1,497M / $2,032M / $3,832M, Connectivity $2,455M / $3,498M / $4,178M, AI $463M / $5,633M / $12,727M, total $20,737M in 2025; depreciation and amortization Connectivity $884M / $1,508M / $2,376M, AI $1,180M / $1,679M / $3,568M, Space $757M in 2025, total $6,701M; share-based compensation AI $3M / $16M / $1,063M; AI impairment $3,775M in 2023 — FY2023-FY2025 · publ. June 11, 2026 · source ↗
  19. ReportedContracted revenue grew even faster than capital spending: backlog, which the company does not split by segment, rose from $28.4 billion at the end of 2025 to $47.5 billion at the end of June 2026, with about 56% due within a year.
    SpaceX IPO prospectus (Form 424B4, 11 June 2026) - founded 2002; Falcon 9 first flew 2010 (NASA: about $2,700 per kilogram against an $18,500 historical average), Dragon first commercial cargo to the ISS in 2012 and first privately built crew vehicle eight years later, Falcon Heavy 2018; about 620 Falcon 9 launches and over 99% mission success by March 2026; more than 80% of the world's mass to orbit each year since 2023; X Merger 28 March 2025 and xAI Merger 2 February 2026 restated as entities under common control; no inter-segment revenue on internal constellation deployments; Connectivity offerings (consumer, enterprise, government, Starlink Mobile through about 30 MNOs; fixed or per-user MNO fees; consumer subscribers over 60% of 2025 Connectivity revenue); about 9,600 satellites, about 75% of active manoeuvrable satellites, median 225 Mbps; Starlink subscribers 2.3M, 4.4M, 8.9M, 10.3M and ARPU $99, $91, $81, $66; V3 satellites of one Tbps, up to 60 per Starship, a twenty-fold increase per launch; Starship aimed at a 99% cost reduction and payload delivery to orbit from 2H 2026; fixed-price Space contracts recognised at a point in time or over time; backlog $28,377M at 31 December 2025 — 2002 to March 2026 · publ. June 11, 2026 · source ↗
  20. ReportedContracted revenue grew even faster than capital spending: backlog, which the company does not split by segment, rose from $28.4 billion at the end of 2025 to $47.5 billion at the end of June 2026, with about 56% due within a year.
    SpaceX Form 10-Q, quarter ended 30 June 2026 - Customer B (AI segment) 19.5% of revenue; backlog $47,461M, about 56% within one year; Enterprise & Government revenue includes Starlink Mobile — Q2 2026 · publ. August 4, 2026 · source ↗
  21. ReportedDepreciation shows where the assets sit: of $6,701 million in 2025, AI carried $3,568 million, Connectivity $2,376 million and Space $757 million.
    SpaceX IPO prospectus (Form 424B4), segment note - revenue Space $3,557M / $3,796M / $4,086M, Connectivity $3,869M / $7,599M / $11,387M, AI $2,961M / $2,620M / $3,201M (2023-2025); income from operations Space $(1)M / $21M / $(657)M, Connectivity $469M / $2,006M / $4,423M, AI $(3,973)M / $(1,561)M / $(6,355)M; adjusted EBITDA Space $997M / $1,154M / $653M, Connectivity $1,602M / $3,849M / $7,168M, AI $1,222M / $347M / $(1,237)M; R&D Space $1,538M / $1,835M / $3,004M, AI $186M / $1,176M / $5,064M; cost of revenue Space $1,669M / $1,541M / $1,352M; capex Space $1,497M / $2,032M / $3,832M, Connectivity $2,455M / $3,498M / $4,178M, AI $463M / $5,633M / $12,727M, total $20,737M in 2025; depreciation and amortization Connectivity $884M / $1,508M / $2,376M, AI $1,180M / $1,679M / $3,568M, Space $757M in 2025, total $6,701M; share-based compensation AI $3M / $16M / $1,063M; AI impairment $3,775M in 2023 — FY2023-FY2025 · publ. June 11, 2026 · source ↗
  22. ReportedIn the June 2026 quarter it was still one: Connectivity made $1,656 million while Space lost $542 million and AI $1,257 million, although AI's adjusted EBITDA turned positive at $1,146 million.
    SpaceX Q2 2026 results release (Form 8-K exhibit 99.1, 4 August 2026) - revenue Space $962M, Connectivity $4,291M, AI $2,561M (Q2 2025 $746M, $2,588M, $737M); income from operations Space $(542)M, Connectivity $1,656M, AI $(1,257)M; H1 2026 Space $(1,204)M and Space adjusted EBITDA $(556)M; adjusted EBITDA Connectivity $2,597M, AI $1,146M (Q1 $(609)M); capex $18,369M (AI $15,828M, Connectivity $1,367M); AI depreciation $1,885M; AI R&D $2,178M against $1,122M; advertising $367M against $426M and AI solutions and infrastructure $2,194M against $311M; H1 AI revenue $3,379M; cloud services agreements $14.1B contracted, $1.6B incremental revenue; nameplate compute 1.4 GW from 1.0 GW; Cursor acquisition for $60B; Grok 4.5; launch services revenue $648M (Q1 $330M, Q2 2025 $490M); customer launches 10 (Q1 7, Q2 2025 9); Space revenue $1,581M in H1 against $1,611M; consumer revenue $2,485M (+44%), enterprise and government $1,806M (+108%); subscribers 12.0M; ARPU $66 — Q2 2026 · publ. August 4, 2026 · source ↗
Sources
Generated September 23, 2026