SpaceX's first public earnings report reveals significant financial activity, particularly within its AI division. The company saw its total revenue increase by 92 percent year-over-year to $7.8 billion in Q2, while reducing net losses to $541 million. The AI division, formerly x AI, generated $2.56 billion in revenue, a 247 percent increase, largely due to "Cloud Services Agreements" with companies like Anthropic and Google for data center usage.

Despite reduced operating losses in the AI division, SpaceX dramatically increased capital expenditures, which rose by 2,013 percent to $15.8 billion for the quarter. This contrasts sharply with the rocket launch business's fixed asset spending of $1.17. These figures provide a clear view of the substantial costs associated with running an AI company.

Further impacting the AI division's financials is Anthropic's agreement to pay $1.25 billion monthly through May 2029 for access to SpaceX's Colossus 1 data center. The upcoming closure of the Cursor acquisition is also anticipated to influence the AI division's bottom line.