SpaceX nearly doubled quarterly revenue to $7.8B in its first earnings report since going public， up from $4.1B a year earlier.

Starlink held up its end of that， bringing in over half of all revenue， growing operating income 79% and doubling subscribers to 12M.

But each subscriber now pays 22% less than a year ago， since cheaper plans were the price of entering more international markets.

So the growth is coming from volume rather than price.

The AI unit was meant to be the thing draining all that cash， and instead its revenue rose about 250%.

Compute contracts with Anthropic， Google and Reflection AI did most of that work， which is why total operating losses narrowed to $143M from $970 M.

The cost shows up in capital spending， which reached more than $18B in the quarter against $2.83B a year earlier.

Data centers took $15.83B of that， up from $749M， and the finance chief expects a similar pace for the next couple of quarters.

Musk said the company will finish this year above 2GW of computing capacity and reach close to 10GW by the end of next year.

All of it runs on Nvidia hardware， so a large share of every dollar spent lands back with one supplier.

Management promised payback in under a year on new compute spending， plus a $100B revenue run-rate by December.