It has been about a month since the last earnings report for SpaceX (SPCX Quick QuoteSPCX - Free Report) . Shares have added about 30% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is SpaceX due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.

SpaceX Beats Q2 Earnings Estimates on AI Cloud and Starlink Growth

SpaceX reported a loss of 9 cents per share for the second quarter of 2026, 73.5% narrower year over year. The bottom line beat the Zacks Consensus Estimate of a 26-cent loss by 65.4%.

Revenue surged 91.9% to $7.81 billion and topped the $6.72 billion consensus by 16.3%, led by AI cloud services and Starlink expansion. Starlink subscribers doubled to 12 million, while nameplate compute reached 1.4 gigawatts.

SPCX Growth Broadens Across Segments

All three operating segments posted year-over-year revenue gains. Connectivity remained the largest contributor, while AI recorded the fastest growth and Space benefited from a more favorable customer launch mix.

The revenue mix also shifted toward newer infrastructure services. AI generated nearly one-third of quarterly sales, supported by the initial ramp of cloud agreements. Recurring connectivity operations remained the company’s only segment-level source of operating income.

Connectivity Delivers Operating Leverage

Connectivity revenues climbed 65.8% year over year to $4.29 billion. Consumer revenues increased 44.4% to $2.49 billion, while Enterprise & Government revenues more than doubled to $1.81 billion on aviation wins and U.S. government demand.

The segment’s operating income rose 79.4% to $1.66 billion, lifting operating margin about 3 percentage points to 38.6%. Adjusted EBITDA soared 64.1% to $2.60 billion. Average revenue per user was $66, unchanged sequentially and down from $85 a year earlier. Management expects geographic expansion may pressure blended ARPU over time.

AI Cloud Deals Lift Profitability

AI revenues jumped 247.5% year over year and 213.1% sequentially to $2.56 billion. New cloud services agreements contributed $1.60 billion of incremental infrastructure revenue, while total contracted cloud sales reached $14.10 billion. Compute capacity increased from 1.0 gigawatt in the first quarter and 0.4 gigawatt a year earlier.

The segment posted adjusted EBITDA of $1.15 billion, reversing from a $276 million loss a year ago. Its operating loss narrowed 49.1% sequentially to $1.26 billion. The filings also noted customer concentration in AI revenues and said cloud agreements generally can be terminated on 90 days’ notice after initial ramp periods.

Starship Spending Pressures Space

Space revenues increased 29.0% year over year and 55.4% sequentially to $962 million. The company completed 10 customer launches and 28 internal launches during the quarter, carrying 485 metric tons to orbit. First-half activity totaled 78 launches and 1,041 metric tons.

Higher Starship research and development spending kept the segment in the red. Space recorded an operating loss of $542 million and an adjusted EBITDA loss of $205 million. Management said Flight 13 met all objectives after quarter-end, supporting plans to deploy operational V3 Starlink satellites on upcoming Starship missions.

Capex Surge Reshapes Cash Deployment

Total costs and expenses rose 57.8% to $7.96 billion. Research and development spending increased 81.2% to $3.55 billion, reflecting investments across Starship, next-generation satellites and AI infrastructure. Still, the company reduced its consolidated operating loss to $143 million from $970 million and generated adjusted EBITDA of $3.54 billion.

Capital expenditures reached $18.37 billion, including $15.83 billion for AI. Six-month operating cash flow improved to $3.47 billion, but investing activities used $34.49 billion. Following $85.68 billion of IPO proceeds and a $25 billion bond offering, cash and marketable securities were $100.01 billion, with backlog at $47.46 billion.

SpaceX Sets Ambitious Year-End Targets

Management expects capital spending in each of the next two quarters to remain near the second-quarter level. The company targets more than 2 gigawatts of compute by year-end, with newly contracted cloud services worth $6.70 billion beginning to ramp in October over a six-month period.

SpaceX believes growth across cloud services, Cursor and its other businesses can support at least $100 billion in annualized revenue run rate by December. Management also expects V3 satellites to deliver a major capacity increase, while next-generation Starlink Mobile service is targeted to begin by the end of 2027.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a upward trend in estimates revision.

The consensus estimate has shifted 129.53% due to these changes.

VGM Scores

At this time, SpaceX has a subpar Growth Score of D, however its Momentum Score is doing a bit better with a C. However, the stock has a grade of F on the value side, putting it in the bottom 20% quintile for value investors.

Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise SpaceX has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.

Performance of an Industry Player

SpaceX belongs to the Zacks Wireless National industry. Another stock from the same industry, AT&T (T Quick QuoteT - Free Report) , has gained 12.5% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.

AT&T reported revenues of $31.56 billion in the last reported quarter, representing a year-over-year change of +2.3%. EPS of $0.65 for the same period compares with $0.54 a year ago.

For the current quarter, AT&T is expected to post earnings of $0.62 per share, indicating a change of +14.8% from the year-ago quarter. The Zacks Consensus Estimate remained unchanged over the last 30 days.

AT&T has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of B.