Space Exploration Technologies (SPCX +1.25%) spent $18.4 billion on capital projects in the second quarter. Given the company's name, you might expect the lion's share of that to have gone toward rockets, satellites, and the like. You'd be wrong.
$15.8 billion -- about 86% -- went to its artificial intelligence (AI) segment, SpaceXAI.
The rest was basically a rounding error by comparison: SpaceX put $1.4 billion into Starlink, its satellite-based internet business, and $1.2 billion into its Space business -- that is, rockets. Here's the full breakdown:
| Segment | Q2 2026 capex | Share of total |
|---|---|---|
| AI (SpaceXAI) | $15.8 billion | 86% |
| Starlink | $1.4 billion | 8% |
| Space (rockets) | $1.2 billion | 7% |
SpaceXAI's compute capacity hit 1.4 gigawatts in Q2 2026 as revenue nearly tripled
The bulk of those AI dollars went toward compute infrastructure -- the data centers, specialized chips, networking equipment, and power and cooling systems needed to train and run AI models. SpaceXAI increased its compute capacity from 1 gigawatt (GW) in the first quarter to 1.4 GWs in the second quarter. That's roughly enough energy to power more than 1 million homes.
An AI data center. Image source: Getty Images.
SpaceX's capacity is highly valuable at the moment. The company began servicing a contract to supply Anthropic, the creator of Claude, with compute that will eventually generate $1.25 billion per month once all the chips are up and running. The segment's revenue jumped quarter over quarter from $818 million to $2.56 billion.
NASDAQ: SPCX
Key Data Points
Meta, Amazon, Microsoft, and Alphabet spent $303 billion on AI capex in H1 2026
SpaceX is far from alone in spending incredible amounts on AI infrastructure. According to Motley Fool Research, four of the largest hyperscalers -- Meta, Amazon, Microsoft, and Alphabet -- have already spent $302.8 billion in just the first half of 2026.
It's a big bet that needs an equally big payoff. I'm not convinced it will work out long-term, but for anyone considering SpaceX stock, the $15.8 billion shows that while the company may be known for rockets and Starlink, its financial future depends heavily on AI.
