Illustrative business case · not SpaceX guidance

SpaceX P&L & Balance Sheet — Interactive AI Build-Out Model

Reported results through Q2 2026, then a quarterly forecast out to the end of 2028. The three inputs on the left are the ones that matter most: how fast SpaceX builds AI compute, what it earns per gigawatt, and what each gigawatt costs to build. Change them and every number here moves. Everything else stays at the model's base case.
$ in millions unless noted
Source: SpaceX Q2 2026 earnings release

Revenue by segment

$mm per quarter · paler bars are projections
Space Connectivity AI
Net income (loss)

AI compute build-out & realized pricing

Projected quarters only
Nameplate GW, period end
Realized AI $/GW/yr (blended)

Consolidated P&L

$mm · shaded columns are what SpaceX actually reported

Balance sheet (simplified projection)

$mm · first column is reported, the rest projected

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