SpaceX Signed $14.1 Billion of Cloud Contracts in a Single Quarter. Its AI Segment Revenue Hit $2.56 Billion.

SpaceX's Q2 earnings reveal a dramatic shift toward AI compute services, with $14.1 billion in cloud contracts signed and AI segment revenue reaching $2.6 billion (up 247% YoY). However, the AI segment still operates at a loss despite massive $15.8 billion quarterly capital expenditures. At 65x trailing revenue valuation, the stock may be pricing in success prematurely before the compute business proves profitability.