SpaceX Q2 Earnings Preview: Can AI Become the Next Growth Engine?

SpaceX is set to release its Q2 earnings report after the market closes today. According to analyst forecasts, SpaceX’s revenue for the second quarter of 2026 is expected to reach $6.81 billion, with adjusted earnings per share projected at $-0.236. $SpaceX(SPCX)$

In terms of valuation, SpaceX’s current Price-to-Sales Ratio ratio stands at 80.6.

SpaceX’s revenue is primarily composed of three segments: Space, Connectivity, and AI. Among these, connectivity is expected to remain the largest revenue contributor in Q2, while AI is projected to overtake it in Q3.

Analysts estimate that by 2030, SpaceX’s AI business could generate more than $20 billion in operating profit, while its Connectivity business could exceed $15 billion in operating profit.

Investment banks hold mixed views on SpaceX’s future trajectory. Deutsche Bank has set a price target of $255 and noted that while the share price has declined, the downside trend is driven by uncertainty surrounding the AI business and the potential merger with Tesla. The bank expects the stock price to stabilize after the lock-up period expires. Bernstein has set a price target of $239 and believes that SpaceX’s complex lock-up structure is creating pressure on the stock. CFRA highlighted that AI compute contracts and the risk of delays to the Starship program should be closely monitored.