SpaceX Lost $4.28 Billion on $4.7 Billion in Revenue Last Quarter. Here's What's Going On.

SpaceX, despite a $2 trillion market cap, posted a $4.28 billion loss on $4.7 billion in Q1 2026 revenue, with losses accelerating faster than revenue growth. The company is heavily investing in AI infrastructure, spending $7.7 billion of its $10.1 billion quarterly capex on AI development, including a $60 billion acquisition of Cursor. While its Starlink connectivity and rocket divisions show promise, SpaceX's future depends on AI segment success and its ability to raise capital to fund continued losses during the multiyear investment phase.