SpaceX invested $18.37 billion in capital projects in Q2 2026, with revenues of $7.81 billion during the same period. This means that for every $1 of revenue, approximately $2.35 was spent on capital expenditures, primarily for data centers, chips, satellites, and rockets. Following its initial public offering (IPO) in June, the company held $93.5 billion in cash and equivalents by the end of Q2, significantly higher than $24.7 billion at the end of last year. Of this, the IPO net raised approximately $85.7 billion, and an additional $25 billion was raised through bond issuance. The company stated that Q2 capital expenditures surged over sixfold year-on-year, with $15.83 billion allocated to AI infrastructure and approximately $2.5 billion to rocket and satellite projects. Although revenue grew by 92% year-on-year, capital expenditures grew even faster, widening the gap between capital expenditures and revenue to approximately $10.6 billion. SpaceX expects a payback period of less than one year for AI spending and has signed $14.1 billion in cloud service agreements, aiming to achieve an annualized revenue run rate of $100 billion by the end of this year.