SpaceX has seen its revenue double over the last year, thanks to strong growth in its Starlink satellite internet service and lucrative compute contracts with Anthropic and Google. Total sales rose from $4 billion in Q2 2025 to a staggering $7.8 billion in Q2 2026.

However, while revenues are up, so is the company’s spending. SpaceX has already committed an additional $6.7 billion in cloud services revenue over six months, and CEO Elon Musk believes they could hit $100 billion annualized revenue by year-end.

The recent IPO brought in a whopping $85 billion and lifted SpaceX's market cap to nearly that of Amazon for a brief moment. But shares have since fallen below the IPO price, currently closing at just over $125 per share.

Previous struggles with its own AI division, xAI, including generating controversial content, forced SpaceX to pivot its data center capacity towards renting out to more successful players like Anthropic and Google. CEO Bret Johnsen suggests this strategy is paying off in terms of EBITDA margins.

The race for dominance in the tech world continues as Musk pushes for even higher revenue targets, but the question remains: can SpaceX sustain such rapid growth without compromising its financial stability?