SPACE EXPLORATION TECHNOLOGIES CORP, 10-Q filed on 8/4/2026
Quarterly Report
v3.26.1
Cover Page - shares
 6 Months Ended
Jun. 30, 2026
Jul. 28, 2026
Entity Listings [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2026  
Document Transition Report false  
Entity File Number 001-43344  
Entity Registrant Name Space Exploration Technologies Corp.  
Entity Incorporation, State or Country Code TX  
Entity Tax Identification Number 01-0627671  
Entity Address, Address Line One 1 Rocket Road  
Entity Address, City or Town Starbase  
Entity Address, State or Province TX  
Entity Address, Postal Zip Code 78521  
City Area Code 310  
Local Phone Number 363-6000  
Title of 12(b) Security Class A Common Stock, $0.001 par value  
Trading Symbol SPCX  
Security Exchange Name NASDAQ  
Entity Current Reporting Status No  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001181412  
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q2  
Current Fiscal Year End Date --12-31  
Class A Common Stock    
Entity Listings [Line Items]    
Entity Common Stock, Shares Outstanding   7,696,293,669
Class B Common Stock    
Entity Listings [Line Items]    
Entity Common Stock, Shares Outstanding   5,485,486,276
v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 93,522 $ 24,747
Marketable Securities, Current 6,487 0
Accounts receivable, net of allowance for credit losses of $50 and $39 at June 30, 2026 and December 31, 2025, respectively 3,596 1,579
Inventory 2,718 2,416
Prepaid expenses and other current assets 1,724 2,210
Total current assets 108,047 30,952
Property, plant, and equipment, net [1] 65,736 42,602
Finance lease right-of-use assets 1,118 1,260
Intangible assets, net 1,318 1,548
Digital assets 1,098 1,637
Goodwill 11,645 11,809
Deferred tax assets 354 141
Other assets 3,454 2,130
Total assets 192,770 92,079
Current liabilities    
Accounts payable 8,243 11,792
Deferred revenue, current 7,977 6,111
Debt and finance leases, current (related party of $2,039 and $455 at June 30, 2026 and December 31, 2025, respectively) 2,525 928
Accrued expenses and other current liabilities 2,377 2,569
Total current liabilities 21,122 21,400
Long-term liabilities    
Deferred revenue, net of current 6,309 6,005
Debt and finance leases, net of current (related party of $11,290 and $4,052 at June 30, 2026 and December 31, 2025, respectively) 36,839 21,968
Other liabilities 1,276 1,381
Total liabilities 65,546 50,754
Commitments and contingencies (Note 16)
Redeemable convertible preferred stock    
Redeemable convertible preferred stock, par value $0.001; - and 2,351 shares issued; - and 2,046 shares outstanding as of June 30, 2026 and December 31, 2025, respectively 0 38,752
Shareholders’ equity    
Preferred stock, par value $0.001; - shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 0 0
Additional paid-in capital 167,344 37,706
Accumulated deficit (41,852) (37,035)
Accumulated other comprehensive income 1,719 1,898
Total shareholders’ equity 127,224 2,573
Total liabilities, redeemable convertible preferred stock, and shareholders’ equity 192,770 92,079
Class A Common Stock    
Shareholders’ equity    
Common stock 7 3
Class B Common Stock    
Shareholders’ equity    
Common stock 6 1
Class C Common Stock    
Shareholders’ equity    
Common stock $ 0 $ 0
[1] Refer to Note 17, Related Party Transactions for additional details on related party arrangements.
v3.26.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Accounts receivable, allowance for credit losses $ 50 $ 39
Debt and finance leases, current 2,525 928
Debt and finance leases, net of current $ 36,839 $ 21,968
Redeemable convertible preferred stock, par value (in USD per share) $ 0.001 $ 0.001
Redeemable convertible preferred stock, shares issued (in shares) 0 2,351,000,000
Redeemable convertible preferred stock, shares outstanding (in shares) 0 2,046,000,000
Preferred stock, par value (in USD per share) $ 0.001 $ 0.001
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Class A Common Stock    
Common stock, par value (in USD per share) $ 0.001 $ 0.001
Common stock, shares issued (in shares) 7,607,000,000 2,036,000,000
Common stock, shares outstanding (in shares) 7,607,000,000 1,952,000,000
Class B Common Stock    
Common stock, par value (in USD per share) $ 0.001 $ 0.001
Common stock, shares issued (in shares) 5,569,000,000 644,000,000
Common stock, shares outstanding (in shares) 5,569,000,000 644,000,000
Class C Common Stock    
Common stock, par value (in USD per share) $ 0.001 $ 0.001
Common stock, shares issued (in shares) 0 482,000,000
Common stock, shares outstanding (in shares) 0 482,000,000
Related Party    
Debt and finance leases, current $ 2,039 $ 455
Debt and finance leases, net of current $ 11,290 $ 4,052
v3.26.1
Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Income Statement [Abstract]        
Revenue $ 7,814 $ 4,071 $ 12,508 $ 8,138
Costs and expenses        
Cost of revenue 3,495 2,282 5,883 4,244
Research and development 3,548 1,958 7,062 3,515
Selling, general, and administrative 912 606 1,658 1,099
Restructuring charges (credits) 2 190 (9) 194
Impairment 0 5 0 29
Total costs and expenses 7,957 5,041 14,594 9,081
Loss from operations (143) (970) (2,086) (943)
Interest expense (related party of $327 and $— for the three months ended June 30, 2026 and 2025, respectively, and $513 and $— for the six months ended June 30, 2026 and 2025, respectively) (629) (411) (1,293) (858)
Interest income 340 98 553 215
Other income (expense), net (86) 413 (1,962) 202
Loss before income taxes (518) (870) (4,788) (1,384)
Provision for income taxes 23 138 29 152
Net loss (541) (1,008) (4,817) (1,536)
Net loss attributable to shareholders - basic (541) (1,008) (5,488) (1,536)
Net loss attributable to shareholders - diluted $ (541) $ (1,008) $ (5,488) $ (1,536)
Net loss per share of common stock attributable to common shareholders        
Basic (in USD per share) $ (0.09) $ (0.34) $ (1.12) $ (0.53)
Diluted (in USD per share) $ (0.09) $ (0.34) $ (1.12) $ (0.53)
Weighted average shares used in computing net loss per share of common stock        
Weighted average shares of common stock outstanding - basic (in shares) 5,864 2,929 4,879 2,902
Weighted average shares of common stock outstanding - diluted (in shares) 5,864 2,929 4,879 2,902
v3.26.1
Consolidated Statements of Operations (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Interest expense $ 629 $ 411 $ 1,293 $ 858
Related Party        
Interest expense $ 327 $ 0 $ 513 $ 0
v3.26.1
Consolidated Statements of Comprehensive Loss - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Statement of Comprehensive Income [Abstract]        
Net loss $ (541) $ (1,008) $ (4,817) $ (1,536)
Other comprehensive income (loss)        
Change in foreign currency translation adjustments, net of tax (38) 538 (178) 795
Unrealized gains (losses) on marketable securities, net of tax 2 (2) (1) 0
Other comprehensive income (loss) (36) 536 (179) 795
Comprehensive loss $ (577) $ (472) $ (4,996) $ (741)
v3.26.1
Consolidated Statements of Redeemable Convertible Preferred Stock and Shareholders’ Equity - USD ($)
$ in Millions
Total
Share Repurchases from Current and Former xAI Employees
Share Repurchases from Existing Shareholders
Conversion of redeemable convertible preferred stock pursuant to xAI Merger
Conversion of redeemable convertible preferred stock to common stock
IPO
Issuances Excluding IPO
Common Stock
Common Stock
Share Repurchases from Current and Former xAI Employees
Common Stock
Share Repurchases from Existing Shareholders
Common Stock
Conversion of redeemable convertible preferred stock pursuant to xAI Merger
Common Stock
Conversion of redeemable convertible preferred stock to common stock
Common Stock
IPO
Common Stock
Issuances Excluding IPO
Additional Paid-in Capital
Additional Paid-in Capital
Share Repurchases from Current and Former xAI Employees
Additional Paid-in Capital
Share Repurchases from Existing Shareholders
Additional Paid-in Capital
Conversion of redeemable convertible preferred stock pursuant to xAI Merger
Additional Paid-in Capital
Conversion of redeemable convertible preferred stock to common stock
Additional Paid-in Capital
IPO
Additional Paid-in Capital
Issuances Excluding IPO
Accumulated Deficit
Accumulated Other Comprehensive Income
Beginning balance (in shares) at Dec. 31, 2024 1,748,000,000                                            
Beginning balance at Dec. 31, 2024 $ 20,941                                            
Redeemable Convertible Preferred Stock                                              
Issuance of redeemable convertible preferred stock (in shares) 145,000,000                                            
Issuance of redeemable convertible preferred stock $ 4,146                                            
Conversion of redeemable convertible preferred stock (in shares) 0                                            
Conversion of redeemable convertible preferred stock $ (1)                                            
Ending balance (in shares) at Jun. 30, 2025 1,893,000,000                                            
Ending balance at Jun. 30, 2025 $ 25,086                                            
Balances, beginning of period (in shares) at Dec. 31, 2024               3,023,000,000                              
Balance, beginning of period at Dec. 31, 2024 4,863             $ 3             $ 35,865             $ (32,098) $ 1,093
Shareholders’ Equity                                              
Share-based compensation 768                           768                
Common stock issued, net (in shares)               51,000,000                              
Common stock issued, net 807             $ 1             806                
Conversion of stock (in shares)               2,000,000                              
Conversion of stock $ 1             $ 0             1                
Repurchase of common stock (in shares) (28,200,000)             (29,000,000)                              
Repurchase of common stock $ (520)             $ 0             (520)                
Transfer of equity in business combination (in shares)               1,000,000                              
Transfer of equity in business combination 39             $ 0             39                
Net loss (1,536)                                         (1,536)  
Other comprehensive income (loss) 795                                           795
Balances, end of period (in shares) at Jun. 30, 2025               3,048,000,000                              
Balance, end of period at Jun. 30, 2025 $ 5,217             $ 4             36,959             (33,634) 1,888
Beginning balance (in shares) at Mar. 31, 2025 1,748,000,000                                            
Beginning balance at Mar. 31, 2025 $ 20,940                                            
Redeemable Convertible Preferred Stock                                              
Issuance of redeemable convertible preferred stock (in shares) 145,000,000                                            
Issuance of redeemable convertible preferred stock $ 4,146                                            
Ending balance (in shares) at Jun. 30, 2025 1,893,000,000                                            
Ending balance at Jun. 30, 2025 $ 25,086                                            
Balances, beginning of period (in shares) at Mar. 31, 2025               3,024,000,000                              
Balance, beginning of period at Mar. 31, 2025 5,319             $ 3             36,590             (32,626) 1,352
Shareholders’ Equity                                              
Share-based compensation 506                           506                
Common stock issued, net (in shares)               25,000,000                              
Common stock issued, net $ (124)             $ 1             (125)                
Repurchase of common stock (in shares) (300,000)             (1,000,000)                              
Repurchase of common stock $ (12)                           (12)                
Net loss (1,008)                                         (1,008)  
Other comprehensive income (loss) 536                                           536
Balances, end of period (in shares) at Jun. 30, 2025               3,048,000,000                              
Balance, end of period at Jun. 30, 2025 $ 5,217             $ 4             36,959             (33,634) 1,888
Beginning balance (in shares) at Dec. 31, 2025 2,046,000,000                                            
Beginning balance at Dec. 31, 2025 $ 38,752                                            
Redeemable Convertible Preferred Stock                                              
Issuance of redeemable convertible preferred stock (in shares) 78,000,000                                            
Issuance of redeemable convertible preferred stock $ 5,869                                            
Conversion of redeemable convertible preferred stock (in shares)       (1,987,000,000) (135,000,000)                                    
Conversion of redeemable convertible preferred stock       $ (37,476) $ (7,076)                                    
Repurchase of redeemable convertible preferred stock (in shares) (2,100,000)                                            
Repurchase of redeemable convertible preferred stock $ (69)                                            
Ending balance (in shares) at Jun. 30, 2026 0                                            
Ending balance at Jun. 30, 2026 $ 0                                            
Balances, beginning of period (in shares) at Dec. 31, 2025               3,079,000,000                              
Balance, beginning of period at Dec. 31, 2025 2,573             $ 4             37,706             (37,035) 1,898
Shareholders’ Equity                                              
Share-based compensation 1,570                           1,570                
Common stock issued, net (in shares)                         639,000,000 1,372,000,000                  
Common stock issued, net           $ 85,675 $ 2,208           $ 1 $ 1           $ 85,674 $ 2,207    
Conversion of stock (in shares)                     1,424,000,000 6,728,000,000                      
Conversion of stock       $ 37,475 $ 7,076           $ 1 $ 6           $ 37,474 $ 7,070        
Repurchase of common stock (in shares)   (25,000,000.0) (41,000,000.0)           (25,000,000) (41,000,000)                          
Repurchase of common stock   $ (2,413) $ (1,944)                         $ (2,413) $ (1,944)            
Net loss (4,817)                                         (4,817)  
Other comprehensive income (loss) (179)                                           (179)
Balances, end of period (in shares) at Jun. 30, 2026               13,176,000,000                              
Balance, end of period at Jun. 30, 2026 $ 127,224             $ 13             167,344             (41,852) 1,719
Beginning balance (in shares) at Mar. 31, 2026 135,000,000                                            
Beginning balance at Mar. 31, 2026 $ 7,049                                            
Redeemable Convertible Preferred Stock                                              
Conversion of redeemable convertible preferred stock (in shares) (135,000,000)                                            
Conversion of redeemable convertible preferred stock $ (7,049)                                            
Repurchase of redeemable convertible preferred stock (in shares) 0                                            
Ending balance (in shares) at Jun. 30, 2026 0                                            
Ending balance at Jun. 30, 2026 $ 0                                            
Balances, beginning of period (in shares) at Mar. 31, 2026               5,798,000,000                              
Balance, beginning of period at Mar. 31, 2026 34,533             $ 6             74,083             (41,311) 1,755
Shareholders’ Equity                                              
Share-based compensation 877                           877                
Common stock issued, net (in shares)                         639,000,000 26,000,000                  
Common stock issued, net           $ 85,675 $ (253)           $ 1             $ 85,674 $ (253)    
Conversion of stock (in shares)               6,723,000,000                              
Conversion of stock $ 7,049             $ 6             7,043                
Repurchase of common stock (in shares) (10,500,000)             (10,000,000)                              
Repurchase of common stock $ (80)                           (80)                
Net loss (541)                                         (541)  
Other comprehensive income (loss) (36)                                           (36)
Balances, end of period (in shares) at Jun. 30, 2026               13,176,000,000                              
Balance, end of period at Jun. 30, 2026 $ 127,224             $ 13             $ 167,344             $ (41,852) $ 1,719
v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (4,817) $ (1,536)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 5,290 2,970
Share-based compensation 1,470 694
Deferred income taxes (9) 120
Unrealized (gain) loss on digital assets 539 (252)
Impairment and loss on disposal of fixed assets, net 40 54
Loss on extinguishment 1,545 0
Other (72) 126
Changes in operating assets and liabilities    
Accounts receivable (2,003) (470)
Inventory (827) (360)
Prepaid expenses and other assets 102 (2,125)
Accounts payable (88) 309
Deferred revenue 2,169 680
Other liabilities 127 141
Net cash provided by operating activities 3,466 351
Cash flows from investing activities    
Purchases of property, plant, and equipment (related party of $329 and $101 for June 30, 2026 and 2025, respectively) (28,476) (6,965)
Capitalized interest (20) (22)
Proceeds from product rebates 1,195 0
Purchases of marketable securities (13,630) (601)
Maturities of marketable securities 7,248 543
Proceeds from sales of marketable securities 0 1,173
Investments in unconsolidated affiliates 0 (86)
Payments for intangible assets (856) 0
Other investing activities, net 52 (74)
Net cash used in investing activities (34,487) (6,032)
Cash flows from financing activities    
Principal repayments on finance leases (173) (137)
Proceeds from debt and other financing obligations 51,812 10,943
Payment of debt issuance costs (124) (61)
Repayments on debt and other financing obligations (39,396) (5,990)
Payment of debt extinguishment premium (1,153) 0
Proceeds from issuance of capital stock, net of issuance costs 8,319 5,047
Proceeds from employee equity award plans 316 155
Payments for repurchase of common and redeemable convertible preferred stock (4,426) (520)
Taxes paid related to net share settlement of equity awards (559) (238)
Proceeds from IPO, net of underwriting commissions and offering costs 85,675 0
Net cash provided by financing activities 100,291 9,199
Effect of exchange rate changes on cash and cash equivalents (42) 75
Net change in cash and cash equivalents and restricted cash 69,228 3,593
Cash and cash equivalents and restricted cash, beginning of the period 25,124 11,501
Cash and cash equivalents and restricted cash, end of the period 94,352 15,094
Cash paid for the following:    
Interest, net of interest capitalized 1,667 603
Income taxes, net 35 30
Supplemental schedule of noncash investing and financing activities    
Share-based compensation capitalized in property, plant, and equipment, net 110 77
Purchases of property, plant, and equipment included in accrued expenses and accounts payable 5,513 4,260
Purchases of property, plant, and equipment financed by other financings $ 3,921 $ 0
v3.26.1
Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Purchases of property, plant, and equipment $ 28,476 $ 6,965
Related Party    
Purchases of property, plant, and equipment $ 329 $ 101
v3.26.1
Nature of Business
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Business
Note 1 - Nature of Business
Description of Business
Space Exploration Technologies Corp. and its wholly owned subsidiaries, collectively referred to as the “Company” or “SpaceX,” operate three segments – (i) the Space segment designs, manufactures, and launches reusable rockets to provide high cadence, reliable, and affordable access to space at unprecedented scale, (ii) the Connectivity segment operates a worldwide high-speed, low-latency broadband network powered by thousands of Starlink satellites in Low-Earth Orbit, delivering connectivity to millions of consumer, enterprise, and government customers through our Starlink offering, and (iii) the AI segment operates a vertically integrated AI platform spanning a frontier LLM Grok, AI solutions for consumer and enterprise customers, X — a real-time information, entertainment, and free speech platform — and AI computational infrastructure.
Initial Public Offering
In June 2026, the Company completed its initial public offering (“IPO”), in which the Company issued and sold 638.9 million shares of its Class A common stock at a public offering price of $135.00 per share, including the full exercise of the underwriters’ over-allotment option, which resulted in net proceeds of $85,675 million after deducting the underwriting commissions and offering costs of $575 million. The underwriting commissions and offering costs are presented in shareholders’ equity as a reduction of the net proceeds received from the IPO.
In connection with the IPO, all outstanding shares of the Company’s redeemable convertible preferred stock automatically converted into shares of the Company’s Class A and Class B common stock. Refer to Note 12, Redeemable Convertible Preferred Stock and Shareholders’ Equity for additional information.
Stock Split
In May 2026, the Company effected a five-for-one forward stock split of its authorized, issued, and outstanding shares of Class A, Class B, and Class C common stock (“2026 Stock Split”). The conversion rate of the Company’s redeemable convertible preferred stock was proportionately adjusted to factor in the 2026 Stock Split. All share and per share information that relates to dates prior to the 2026 Stock Split has been retroactively adjusted to reflect the 2026 Stock Split for all periods presented.
Common Control Mergers
On February 2, 2026 (“xAI Merger Date”), the Company completed its acquisition of X.AI Holdings Corp. (“xAI”), pursuant to which xAI became a wholly-owned subsidiary of the Company (“xAI Merger”). Prior to the xAI Merger, on March 28, 2025, xAI completed its acquisition of X Holdings Corp. (“X”) and X.AI Corp., in which X and X.AI Corp. became wholly-owned subsidiaries of xAI (“X Merger”, and collectively with xAI Merger, “Mergers”). X.AI Corp began operations in March 2023 and Twitter, Inc. (“Twitter”) was acquired by Mr. Elon Musk in October 2022. The Mergers were each effected through a share exchange. Refer to Note 12, Redeemable Convertible Preferred Stock and Shareholders’ Equity for additional details.
v3.26.1
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
Note 2 - Summary of Significant Accounting Policies
Unaudited Interim Financial Statements
The consolidated financial statements, including the consolidated balance sheet as of June 30, 2026, the consolidated statements of operations, the consolidated statements of comprehensive loss, the consolidated statements of redeemable convertible preferred stock and shareholders’ equity for the three and six months ended June 30, 2026 and 2025, and the consolidated statements of cash flows for the six months ended June 30, 2026 and 2025, as well as other information disclosed in the accompanying notes, are unaudited. The consolidated balance sheet as of December 31, 2025 was derived from the audited consolidated financial statements as of that date. The interim consolidated financial statements and the accompanying notes should be read in conjunction with the annual consolidated financial statements and the accompanying notes.
The interim consolidated financial statements and the accompanying notes have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of the results of operations for the periods presented. The consolidated results of operations
for any interim period are not necessarily indicative of the results to be expected for the full year or for any other future years or interim periods.
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Amounts which are subject to significant judgment and use of estimates include revenues recognized over time using the cost-to-cost input method, the determination of valuation allowances associated with deferred tax assets and estimates of tax liabilities, reserves for excess and obsolete inventory, the fair value of assets acquired and liabilities assumed in business combinations, fair value of indefinite-lived intangible assets and goodwill, useful lives of property, plant, and equipment, the determination of incremental borrowing rate for lease liabilities, litigation and settlement costs, and the valuation and assumptions underlying share-based compensation. On an ongoing basis, the Company evaluates its estimates compared to historical experience and current trends, which forms the basis for making judgments about the carrying value of assets and liabilities. In addition, the Company engages valuation specialists to assist in the valuation of equity instruments and of assets acquired and liabilities assumed in business combinations.
Cash and Cash Equivalents and Restricted Cash
The Company’s total cash and cash equivalents and restricted cash, as presented in the consolidated statements of cash flows, are as follows:
June 30, 2026December 31, 2025
Cash and cash equivalents$93,522 $24,747 
Restricted cash included in prepaid expenses and other current assets210 182 
Restricted cash included in other assets620 195 
Total as presented in the consolidated statements of cash flows
$94,352 $25,124 
Significant Accounting Policies
There have been no material changes to the Company’s significant accounting policies from the annual consolidated financial statements for the year ended December 31, 2025 included in the Company’s final prospectus filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, on June 12, 2026 in connection with the IPO, except as discussed below.
Cloud Services Arrangements
During 2026, the Company’s AI segment entered into revenue arrangements to provide cloud services to customers. The Company accounts for its cloud services arrangements as service contracts with a single performance obligation consisting of a stand-ready promise to provide continuous access to reserved compute capacity, with the transaction price consisting of fixed monthly fees. Revenue is recognized over time as the customer simultaneously receives and consumes the benefits, using a pattern that aligns with phased capacity availability during any ramp period and straight-line recognition for steady-state fees thereafter.
Business Combinations
When the Company acquires a business, the purchase price is allocated to the assets acquired and liabilities assumed based on their estimated fair values. The excess of the purchase price over the fair values of identifiable assets and liabilities is recorded as goodwill and is assigned to reporting units based on the expected benefit from the business combination. During the measurement period, which may be up to one year from the acquisition date, adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed may be recorded, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in the Company’s consolidated statements of operations. The results of operations of the business acquired are included in the Company’s consolidated statements of operations as of the acquisition date. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred in Selling, general, and administrative expenses.
Recent Accounting Pronouncements
In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The ASU improves the guidance in Topic 270 by improving the navigability of the required interim disclosures and clarifying when that guidance is applicable. The amendments also provide additional guidance on what disclosures should be provided in interim reporting
periods. The amendments add to Topic 270 a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Adoption of this ASU can either be applied prospectively or retrospectively to any or all prior periods presented in the financial statements, and early adoption is permitted. The Company is currently evaluating the provisions of this ASU and does not expect this ASU to have a material impact on the consolidated financial statements.
Recently adopted accounting pronouncements
In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments in this update provide a practical expedient permitting an entity to assume that conditions at the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current classified accounts receivable and contract assets. The Company adopted this ASU on a prospective basis effective January 1, 2026. While this ASU was adopted, the Company did not elect the practical expedient permitted under this ASU. Therefore, the adoption has no impact on the consolidated financial statements.
v3.26.1
Revenue
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue
Note 3 - Revenue
Revenue disaggregated by products and services is as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Products$461 $403 $841 $755 
Services7,353 3,668 11,667 7,383 
Total revenues
$7,814 $4,071 $12,508 $8,138 
All of products revenue is attributable to the Connectivity segment.
Revenue disaggregated by type and segment is as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Launch Services $648 $490 $978 $1,056 
Launch & Development314 256 603 555 
Space
962 746 1,581 1,611 
Consumer2,485 1,721 4,633 3,213 
Enterprise & Government (1)
1,806 867 2,915 1,849 
Connectivity
4,291 2,588 7,548 5,062 
Advertising367 426 710 870 
AI Solutions & Infrastructure2,194 311 2,669 595 
AI
2,561 737 3,379 1,465 
Total revenues
$7,814 $4,071 $12,508 $8,138 
___________________
(1) Enterprise & Government revenue includes revenue from Starlink Mobile service offerings.
Deferred revenue
Deferred revenue is recorded when cash payments are received or due, in advance of the Company’s performance. Deferred revenue primarily relates to Space agreements and Connectivity enterprise and government contracts. Total deferred revenue as of December 31, 2025 was $12,116 million, of which $1,315 million and $2,480 million was recognized as revenue during the three and six months ended June 30, 2026, respectively. Total deferred revenue as of June 30, 2026 was $14,286 million.
Backlog
The Company’s backlog represents the transaction price of performance obligations to customers for which work remains to be performed. The amount of backlog increases with new contracts or additions to existing contracts and decreases as revenue is recognized on existing contracts. Contracts are included in backlog when an enforceable agreement has been reached. Backlog does not include amounts related to performance obligations that are billed and recognized as they are delivered, optional purchases that do not represent material rights and any estimated amounts of variable consideration that are subject to constraint. Backlog totaled
$47,461 million as of June 30, 2026, of which $14,286 million was recognized as deferred revenue at June 30, 2026. Approximately 56% is expected to be recognized within one year, and approximately 34% is expected to be recognized between one and three years, with the remaining 10% to be recognized thereafter.
Concentration of risk
Consolidated revenue from significant customers is as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Customer A18.3 %16.7 %17.9 %19.9 %
Customer B19.5 %*12.2 %*
______________
* Customer did not represent more than 10% of consolidated revenue for the period.
Revenue from Customer A relates to all three segments and revenue from Customer B relates to the AI segment. No other customers represented more than 10% of consolidated revenue during the three and six months ended June 30, 2026 and 2025.
v3.26.1
Inventory
 6 Months Ended
Jun. 30, 2026
Inventory Disclosure [Abstract]  
Inventory
Note 4 - Inventory
Inventory consists of the following:
June 30, 2026December 31, 2025
Raw materials$1,122 $1,030 
Work-in-progress875 803 
Finished goods721 583 
Inventory
$2,718 $2,416 
v3.26.1
Property, Plant, and Equipment, Net
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
Property, Plant, and Equipment, Net
Note 5 - Property, Plant, and Equipment, Net
Property, plant, and equipment, net consist of the following:
June 30, 2026December 31, 2025
Servers and networking equipment$34,771 $22,694 
Satellites13,788 11,949 
Machinery and equipment9,453 6,343 
Data center infrastructure3,991 2,960 
Launch sites3,118 2,404 
Land, buildings, and improvements (1)
2,958 1,876 
Flight vehicle hardware1,557 1,689 
Leasehold improvements881 784 
Construction-in-progress12,554 4,604 
Property, plant, and equipment83,071 55,303 
Less: Accumulated depreciation(17,335)(12,701)
Property, plant, and equipment, net
$65,736 $42,602 
__________________
(1)Land is not a depreciable asset.
Construction in progress is primarily comprised of ongoing construction and expansion of the facilities and equipment as well as AI infrastructure that has not yet been placed in service.
Depreciation expense for the three and six months ended June 30, 2026 was $2,735 million and $5,064 million, respectively. Depreciation expense for the three and six months ended June 30, 2025 was $1,310 million and $2,547 million, respectively.
Interest is capitalized during the construction period for significant long term construction projects, such as the AI infrastructure data centers and launch facilities. For the three and six months ended June 30, 2026, the Company capitalized $13 million and $20 million, respectively, of interest, which is included in Construction-in-progress amounts above. $22 million and $22 million of interest was capitalized during the three and six months ended June 30, 2025, respectively.
v3.26.1
Intangible Assets and Goodwill
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Intangible Assets and Goodwill
Note 6 - Intangible Assets and Goodwill
Intangible Assets
Finite-lived intangible assets consist of the following:
June 30, 2026
Weighted-Average Useful Life (years)Gross Carrying ValueAccumulated AmortizationNet Carrying Value
Brand5.0$733 $(403)$330 
User base9.01,273 (519)754 
Existing technology3.027 (19)8 
Advertising customer relationships5.0742 (545)197 
Acquired workforce2.012 (4)8 
Total
$2,787 $(1,490)$1,297 
December 31, 2025
Weighted-Average Useful Life (in years)Gross Carrying ValueAccumulated AmortizationNet Carrying Value
Brand5.0$743 $(335)$408 
User base9.01,291 (456)835 
Existing technology3.227 (16)11 
Advertising customer relationships5.0752 (478)274 
Acquired workforce2.09 — 9 
Total
$2,822 $(1,285)$1,537 
Amortization expense associated with finite-lived intangible assets was $113 million and $226 million in the three and six months ended June 30, 2026, respectively, and $216 million and $423 million in the three and six months ended June 30, 2025, respectively.
The Company also has indefinite-lived intangible assets of $21 million and $11 million as of June 30, 2026 and December 31, 2025, respectively. Indefinite-lived intangible assets primarily consist of trade names and domain names, which are expected to provide long-term branding and marketing benefits.
Spectrum Transactions
On September 7, 2025, the Company entered into a License Purchase Agreement (the “Spectrum License Purchase Agreement”) with Spectrum Business Trust 2025-1, a Nevada Business Trust (“Trust”) and EchoStar Corporation (“EchoStar”) for the purchase of EchoStar’s licenses related to 50 MHz of spectrum (the “AWS-4 and H-Block Licenses” and the transactions contemplated thereby, “Spectrum Transaction”). On November 5, 2025, the parties amended and restated the Spectrum License Purchase Agreement to include EchoStar’s licenses for up to 15 MHz of additional unpaired AWS-3 spectrum (together with the AWS-4 and H-Block Licenses, the “Spectrum Licenses”). The Spectrum License Purchase Agreement provides that the transfer of the Spectrum Licenses occurs in two steps: first, the transfer of the Spectrum Licenses by EchoStar to the Trust (the “Spectrum Transfer Closing”), and second, the transfer of the Spectrum Licenses by the Trust to the Company (the “Spectrum Acquisition Closing”). In connection with the Spectrum License Purchase Agreement, the Company and the Trust entered into a credit agreement (the “Spectrum Credit Agreement”), pursuant to which the Company has agreed upon the Spectrum Transfer Closing, to make payments to the Trust (via loans which are contemplated to be forgiven at six-month intervals), for the Trust to make payments on EchoStar’s debt (interest only) through at least November 30, 2027, but in no event later than November 30, 2028. Although these payments are structured as loans from the Company, as a lender, to the Trust, as a creditor, there is no expectation of repayment as the loan payments are forgiven and are accounted for as additional consideration for the acquisition of the Spectrum Licenses.
The Spectrum Transaction was approved by the FCC on May 12, 2026, and the Spectrum Transfer Closing occurred on May 22, 2026. On that date, the Spectrum Licenses were transferred to the Trust, where they will remain until the Spectrum Acquisition Closing. Concurrently, the Company has made contractual payments under the Spectrum Credit Agreement to the Trust of $856 million, which is recognized as prepaid assets in Other assets until the Spectrum Acquisition Closing, at which point they will be recognized as intangible assets. Only contractual amounts paid to the Trust are recognized as prepaid assets, which represent the Company’s present right to an economic benefit for the portion of the Spectrum Licenses for which cash is transferred.
Goodwill
The activity for goodwill is as follows:
Balance at December 31, 2025$11,809 
Business combination3 
Cumulative translation adjustments (167)
Balance at June 30, 2026$11,645 
As of June 30, 2026 and December 31, 2025, goodwill attributable to the Connectivity segment was $515 million and $513 million, respectively, and goodwill attributable to the AI segment was $11,130 million and $11,296 million, respectively.
v3.26.1
Financial Instruments
 6 Months Ended
Jun. 30, 2026
Investments, All Other Investments [Abstract]  
Financial Instruments
Note 7 - Financial Instruments
The Company’s assets that are measured at fair value on a recurring basis consist of the following:
June 30, 2026
LevelCostUnrealized GainUnrealized LossFair Value
Cash and cash equivalents
CashI$23,886 $— $— $23,886 
Money market fundsI65,625 — — 65,625 
Government securitiesI4,011 — — 4,011 
Marketable securities
Government securitiesII6,487 — — 6,487 
Prepaid expenses and other current assets
Restricted cashI210 — — 210 
Other assets
Restricted cashI475 — — 475 
Restricted cash in money market fundsI145 — — 145 
Total$100,839 $— $— $100,839 
December 31, 2025
LevelCostUnrealized GainUnrealized LossFair Value
Cash and cash equivalents
CashI$3,408 $— $— $3,408 
Money market fundsI21,339 — — 21,339 
Prepaid expenses and other current assets
Restricted cashI30 — — 30 
Money market fundsI152 — — 152 
Other assets
Restricted cashI182 — — 182 
Restricted cash in money market fundsI13 — — 13 
Total$25,124 $— $— $25,124 
As of June 30, 2026 and December 31, 2025, the Company also held 18,712 units of Bitcoin with a cost basis of $661 million and fair value of $1,098 million and $1,637 million, respectively. The fair value of these digital assets is determined using Level I in the fair value hierarchy.
v3.26.1
Investments in Unconsolidated Affiliates
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Investments in Unconsolidated Affiliates
Note 8 - Investments in Unconsolidated Affiliates
Equity investments without readily determinable fair value
As of June 30, 2026 and December 31, 2025, the Company held investments in unconsolidated affiliates which are accounted for as equity investments without readily determinable fair values of $237 million and $157 million, respectively. The Company recorded a gain from observable price changes of $70 million on these investments during the three months ended June 30, 2026.
v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt
Note 9 - Debt
June 30, 2026
PrincipalUnamortized Deferred Financing CostsNet
SpaceX Notes$25,000 $148 $24,852 
X 2027 and X 2030 Notes27 — 27 
Other financings (1)
13,406 — 13,406 
Total debt38,433 148 38,285 
Finance lease liability1,079 — 1,079 
Total debt and finance leases39,512 148 39,364 
Less: Short-term portion2,525 — 2,525 
Total debt and finance leases, net of current$36,987 $148 $36,839 
December 31, 2025
PrincipalUnamortized Deferred Financing CostsNet
X 2027 and X 2030 Notes$27 $— $27 
X B-1 Term Loan6,504 280 6,224 
X B-3 Term Loan5,966 54 5,912 
xAI Fixed Rate Term Loan995 4 991 
xAI Floating Rate Term Loan995 40 955 
xAI 12.5% Secured Senior Notes
3,000 12 2,988 
Other financings (1)
4,562 — 4,562 
Total debt22,049 390 21,659 
Finance lease liability1,237 — 1,237 
Total debt and finance leases23,286 390 22,896 
Less: Short-term portion928 — 928 
Total debt and finance leases, net of current$22,358 $390 $21,968 
__________________
(1)Includes obligations related to certain AI infrastructure assets recorded as failed sale-leaseback transactions. Refer to Other Financings below for additional details.
SpaceX Notes
General. In June 2026, SpaceX issued senior unsecured notes in an aggregate principal amount of $25,000 million (“SpaceX Notes”). The SpaceX Notes have five tranches maturing on July 15, 2031, July 15, 2033, July 15, 2036, July 15, 2046, and July 15, 2056 with a weighted average maturity of 11.7 years. SpaceX Notes are unsecured obligations of the Company and rank equally in right of payment with all existing and future unsubordinated indebtedness, liabilities, and other obligations of the Company.
Proceeds. The proceeds of the SpaceX Notes were used to repay the SpaceX Bridge Loan (as defined and described below) in full and to pay related fees and expenses. The remaining proceeds were used for general corporate purposes.
Interest Rates. The SpaceX Notes bear annual interest rates between 5.350% and 6.650% with a weighted average interest rate of 5.855%. Interest is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2027. The effective interest rate on the SpaceX Notes was 6.030% as of June 30, 2026.
Principal Repayments. SpaceX Notes are redeemable, in whole or in part, at the Company’s option at any time and from time to time prior to the applicable Par Call Date, which is defined as a date ranging from one to six months prior to maturity for each tranche. The redemption price of each tranche is equal to the greater of (i) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the respective tranche matured on the applicable Par Call Date) on a semi-annual basis at the Treasury Rate plus the applicable spread between 20 and 30 basis points for such tranche less (b) interest accrued and unpaid thereon to the date of redemption, and (ii) 100% of the principal amount of the SpaceX Notes to be redeemed, plus accrued and unpaid interest, if any, thereon to, but excluding, the redemption date. On or after the applicable Par Call
Date, SpaceX Notes are redeemable, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the respective SpaceX Notes being redeemed plus accrued and unpaid interest.
Covenants. The SpaceX Notes contain customary events of default and affirmative and negative covenants, including restrictions on additional liens in excess of 7.5% of the Company’s consolidated total assets and fundamental changes (which is limited to a merger where the Company is not the surviving entity outside certain jurisdictions). The Company was in compliance with the covenants as of June 30, 2026.
Accounting Treatment. The Company accounted for the repayment of the SpaceX Bridge Loan as an extinguishment of debt, resulting in a loss on extinguishment of $18 million, recorded in Other income (expense), net.
SpaceX Bridge Loan
General. In March 2026, SpaceX entered into a bridge loan credit agreement (the “SpaceX Bridge Loan”) with a syndicate of lenders, providing for an unsecured bridge term loan facility in an aggregate principal amount of $20,000 million. The SpaceX Bridge Loan was scheduled to mature on September 2, 2027, with two three-month extensions at the Company’s option, subject to the absence of a continuing default and the payment of an extension fee of 0.25% of the aggregate outstanding principal per extension, resulting in a final extended maturity date in March 2028. The SpaceX Bridge Loan was repaid in full in June 2026 using proceeds from the SpaceX Notes.
Proceeds. The proceeds of the SpaceX Bridge Loan were used to repay the X B-1 Term Loan, the X B-3 Term Loan, the xAI Fixed Rate Loan, the xAI Floating Rate Loan, and the xAI 12.5% Senior Secured Notes (as defined and described below). The remaining proceeds were used for general corporate purposes.
Interest Rates. The SpaceX Bridge Loan bore interest, at the Company’s election, at a rate per annum equal to (i) Term SOFR plus an applicable margin ranging from 0.75%-1.75% (depending on the Company’s debt rating), or (ii) a base rate equal to the highest of (a) the Federal Funds Rate plus 0.5%, (b) the Prime Rate, (c) Term SOFR plus 1.00% and (d) 1.00%, plus an applicable margin ranging from 0.00% to 0.75% (depending on the Company’s debt rating). In addition, the Company was obligated to pay duration fees equal to 0.125% of outstanding principal on the first anniversary of closing and 0.25% of outstanding principal on the fifteen-month anniversary of closing.
Principal Repayments. In June 2026, the Company repaid the full outstanding principal balance and accrued interest, resulting in the extinguishment of the SpaceX Bridge Loan. The SpaceX Bridge Loan could be prepaid at any time, in whole or in part, without premium or penalty. The Company was required to use the net proceeds of certain debt financings to repay amounts outstanding under the SpaceX Bridge Loan and to apply the net proceeds of a qualified IPO to repay such amounts within six months following receipt.
Guarantors and Collateral. The obligations of the Company under the SpaceX Bridge Loan were guaranteed on a joint and several basis by X Corp., X.AI LLC, and CTC Property, LLC (each a subsidiary of the Company).
Accounting Treatment. The Company accounted for the repayment of the X B-1 Term Loan, the X B-3 Term Loan, the xAI Fixed Rate Loan, the xAI Floating Rate Loan and the xAI 12.5% Senior Secured Notes as an extinguishment of debt, resulting in a loss on extinguishment of $1,526 million, recorded in Other income (expense), net.
SpaceX Credit Facility
General. In February 2025, the Company entered into a five-year senior unsecured revolving credit agreement (“SpaceX Credit Facility”) with a syndicate of banks, under which the Company may draw up to $1,500 million, subject to a customary financial covenant and other reporting requirements. The SpaceX Credit Facility terminates, and all outstanding loans become due and payable, on February 7, 2030, unless the parties agree to an extension. No amounts were borrowed under the SpaceX Credit Facility during the three and six months ended June 30, 2026.
Amendment. In March 2026, the Company entered into a First Amendment to Credit Agreement and Waiver (the “First Amendment”) with its lenders, in connection with the Company’s entry into the SpaceX Bridge Loan (as defined above). The First Amendment, among other things, (i) waived certain specified defaults and (ii) amended certain definitions and covenants under the SpaceX Credit Facility to conform to the terms of the SpaceX Bridge Loan. In May 2026, SpaceX amended the SpaceX Credit Facility to increase the borrowing capacity up to $5,000 million (“Amended SpaceX Credit Facility”). As part of the Amended SpaceX Credit Facility, the sublimit for performance letters of credit was increased to $2,000 million. The Amended SpaceX Credit Facility terminates, and all
outstanding loans become due and payable, on May 19, 2031, unless the parties agree to an extension in accordance with the terms of the Amended SpaceX Credit Facility. All other terms were consistent with the terms of the SpaceX Credit Facility.
Interest Rates. Under the SpaceX Credit Facility, borrowings bear interest at the Company’s option, at a rate per annum of (i) between 0.75%-1.25%, depending on the Company’s current debt rating, plus the relevant Term SOFR or (ii) between 0.0%-0.25% depending on the Company’s current debt rating plus the greater of (a) the Federal Funds Rate plus 0.5%, (b) the Prime Rate, (c) Term SOFR plus 1.0% and (d) 1.0%. The Company may also borrow in various alternative currencies at various alternative rates, including rates based on SONIA for Pound Sterling loans and EURIBOR for Euro loans plus an applicable margin. The fee for undrawn amounts is between 0.07%-0.11% per annum, depending on the Company’s current debt rating. Interest is payable either monthly or quarterly, depending on the interest loan option.
Covenants. The Company was in compliance with the covenants as of June 30, 2026; however, the Company had a technical default when the Company acquired xAI on February 2, 2026 due to the amount of debt assumed as part of the acquisition at the subsidiary level. On March 2, 2026, the Company obtained a waiver from the syndicate of banks and amended the SpaceX Credit Facility allowing for the debt refinance completed on March 2, 2026, resulting in the Company being in compliance with all covenants.
X 2027 and 2030 Notes
General. In 2019, a subsidiary of X, an indirect subsidiary of the Company, issued $700 million aggregate principal amount of 3.875% senior notes due 2027 (the “X 2027 Notes”) in a private placement. The X 2027 Notes mature on December 15, 2027. In 2022, a subsidiary of X issued $1,000 million aggregate principal amount of 5.000% senior notes due 2030 (the “X 2030 Notes”) in a private placement. The X 2030 Notes mature on March 1, 2030. The X 2027 and X 2030 Notes represent senior unsecured obligations of the Company.
Interest Rates. For the X 2027 Notes, the interest rate is fixed at 3.875% per annum and interest is payable semi-annually in arrears on June 15 and December 15 of each year. For the X 2030 Notes, the interest rate is fixed at 5.000% per annum and interest is payable semi-annually in arrears on March 1 and September 1 of each year.
Principal Repayments. In November 2022, the Company purchased approximately $675 million aggregate principal amount of X 2027 Notes and $998 million aggregate principal amount of the X 2030 Notes in settlement of the change in control of Twitter. The X 2027 Notes and X 2030 Notes that remain outstanding may be redeemed at the option of the Company, in whole or in part, at any time prior to September 15, 2027 and December 1, 2029, respectively, at a price equal to 100.0% of the principal amounts plus a “make-whole” premium and accrued and unpaid interest, if any, up to, but excluding, the redemption date.
Covenants. The Company was in compliance with the covenants as of June 30, 2026.
X First Lien Senior Credit Facilities
General. In 2022, X Corp., an indirect subsidiary of the Company, entered into the First Lien Credit Agreement which provided for a new term loan commitment of $6,705 million (“X B-1 Term Loan”) and a $500 million Secured First Lien Revolving Credit Facility (including a letter of credit subfacility with an aggregate face value of up to $100 million) (together referred to as “X First Lien Senior Credit Facilities”). The Secured First Lien Revolving Credit Facility matures on October 27, 2027 and the X B-1 Term Loan matures on October 27, 2029.
Amendments. In February 2025, X Corp., an indirect subsidiary of the Company, amended the X First Lien Senior Credit Facilities and entered into a new term loan commitment for $4,741 million with a maturity date of October 27, 2029 (“X B-3 Term Loan”) and reduced the Secured First Lien Revolving Credit Facility commitment to $0. As part of the issuance of the X B-3 Term Loan, the Company is required to pay an arrangement fee of $51 million, which is due and payable on February 19, 2027. In April 2025, the Company entered into an amendment to the X B-3 Term Loan for an additional commitment of $1,225 million with the same terms and conditions, increasing the total X B-3 Term Loan borrowings to $5,966 million.
Interest Rates. The X B-1 Term Loan bore interest at a rate per annum of, initially, adjusted Term SOFR plus 6.50%. The Secured First Lien Revolving Credit Facility bore interest at a rate per annum of, initially, an adjusted Term SOFR plus 4.50%, with leverage-based step-downs. Undrawn commitments under the Secured First Lien Revolving Credit Facility were subject to an unused commitment fee of 0.50% per annum, subject to quarterly leverage based step-downs. The X B-3 Term Loan had a fixed interest rate of 9.50% per annum. Interest on the X B-1 Term Loan and X B-3 Term Loan was payable monthly, quarterly, or bi-annually at the option of the Company.
Principal Repayments. On March 2, 2026, the Company repaid the full outstanding principal balance and accrued interest, including a prepayment penalty of $425 million, resulting in the extinguishment of the X B-1 Term Loan and X B-3 Term Loan. The X B-1 Term Loan was repayable at any time, in whole or in part, without premium or penalty, subject to mandatory quarterly prepayments of
principal beginning on the last day of the fiscal quarter ended March 31, 2023, in amounts equal to 0.25% of the original principal amount of borrowings thereunder, with the unpaid balance being payable on the final maturity date thereof. The X B-1 Term Loan was also subject to additional customary mandatory prepayment provisions from the proceeds of certain debt issuances and asset sales, as well as sweeps of a portion of excess cash flow, subject to certain leverage-based step-downs and exceptions. The X B-3 Term Loan had prepayment penalties of 107.13% of the outstanding principal before October 27, 2026, 104.75% of the outstanding principal before October 27, 2027, and 102.38% of the outstanding principal before October 27, 2028.
Guarantors and Collateral. Obligations under the First Lien Senior Credit Facilities were guaranteed by X, and were collateralized by a first priority lien on substantially all of the assets of X and its subsidiaries (subject to customary exceptions).
xAI First Lien Credit Agreement
General. In June 2025, X.AI Corp. and X.AI LLC, indirect subsidiaries of the Company, entered into the First Lien Credit Agreement to provide borrowings up to $2,000 million. The Company executed a $1,000 million Fixed Rate Term Loan maturing on June 30, 2030 (“xAI Fixed Rate Term Loan”); and a $1,000 million Floating Rate Term Loan maturing on June 30, 2030 (“xAI Floating Rate Term Loan”).
Interest Rates. The xAI Fixed Rate Term Loan had a fixed interest rate of 12.50% per annum and the xAI Floating Rate Term Loan had a floating interest rate per annum of Term SOFR plus 7.25% or ABR plus 6.25%. Interest on the xAI Fixed Rate Term Loan was payable bi-annually on January 31 and July 31, commencing on January 31, 2026. Interest on the xAI Floating Rate Term loan was payable monthly, quarterly, or bi-annually at the option of the Company.
Principal Repayments. On March 2, 2026, the Company repaid the full outstanding principal balance and accrued interest, including a prepayment penalty of $221 million, resulting in the extinguishment of the xAI Fixed Rate Term Loan and xAI Floating Rate Term Loan. The xAI Fixed Rate Term Loan and the xAI Floating Rate Term Loan had prepayment penalties of 103% on the principal outstanding balance prior to June 30, 2027 and 101% on the principal outstanding balance prior to June 30, 2028.
Guarantors. Obligations under the xAI Fixed Rate Term Loan and xAI Floating Rate Term Loan were guaranteed each jointly and severally by X.AI Corp. and certain of its subsidiaries.
xAI 12.5% Secured Senior Notes
General. In June 2025, X.AI LLC and, X.AI Co Issuer Corp, indirect subsidiaries of the Company, issued $3,000 million aggregate principal amount of 12.5% interest Senior Secured Notes due in 2030 (“xAI 12.5% Senior Secured Notes”). The Senior Secured Notes were issued at 100% of the principal amount and the entire principal amount will be due on June 30, 2030.
Interest Rates. The xAI 12.5% Senior Secured Notes had a fixed interest rate of 12.50% per annum. Interest was payable bi-annually on January 15 and July 15, commencing on January 15, 2026.
Principal Repayments. On March 5, 2026, the Company repaid the full outstanding principal balance and accrued interest, including a prepayment penalty of $518 million, resulting in the extinguishment of the xAI 12.5% Senior Secured Notes. The xAI 12.5% Senior Secured Notes had prepayment penalties of 106.25% on the principal outstanding balance prior to July 15, 2027 and 103.13% on the principal outstanding balance prior to July 15, 2028.
Guarantors. Obligations under the xAI 12.5% Senior Secured Notes were guaranteed each jointly and severally by xAI and certain of its subsidiaries.
xAI Revolving Line of Credit
General. In April 2024 and amended through March 2026, a subsidiary of xAI, an indirect subsidiary of the Company, entered into a revolving line of credit up to borrowing capacity of $250 million. The Company had no borrowings under the line of credit during the three and six months ended June 30, 2026.
Interest Rates. Interest on any borrowings is calculated based on the 30-day average SOFR plus the International Swaps and Derivatives Association spread adjustment plus a spread of 40 basis points.
Guarantors and Collateral. The agreement permits borrowings up to the value of the pledged collateral held in custody, less any outstanding loan balances, accrued interest, and fees. The pledged collateral consisted of securities held in xAI’s custodial account.
Other Financings
The Company has entered into various other financing arrangements, generally collateralized by specific machinery and equipment. These arrangements have an average fixed interest rate of 5.9% and 5.5% per annum as of June 30, 2026 and December 31, 2025, respectively, with principal and interest payments due monthly, and in certain instances, a lump sum payment at the end of term.
In April 2026, CTC Property, LLC (“CTC”) entered into an additional sale-leaseback transaction for its AI infrastructure assets which would have been deemed finance leases resulting in failed sale-leaseback transactions. As a result, the Company recorded the related debt of $2,039 million and $11,290 million within Debt and finance leases, current and Debt and finance leases, net of current, respectively, in the Company’s consolidated balance sheets as of June 30, 2026 for three failed sale-leaseback transactions. Refer to Note 17, Related Party Transactions for additional details.
The future scheduled principal maturities of debt as of June 30, 2026 are as follows:
2026 (remaining six months)$944 
20272,402 
20282,867 
20293,422 
20303,597 
Thereafter25,201 
Total$38,433 
The Company measures the fair value of its long-term fixed-rate debt for disclosure purposes. The fair value estimates for these debts were determined based on the quoted prices, if available, or based on a discounted cash flow approach using yields calibrated from recent issuances of the securities, resulting in Level II measurement.
The carrying amounts and fair values of the long-term fixed-rate debt included in the consolidated balance sheets are as follows:
As of June 30, 2026As of December 31, 2025
Carrying AmountFair ValueCarrying AmountFair Value
SpaceX Notes$24,852 $24,697 $— $— 
X B-3 Term Loan$— $— $5,912 $6,190 
xAI Fixed Rate Term Loan$— $— $991 $1,057 
xAI 12.5% Secured Senior Notes
$— $— $2,988 $3,173 
v3.26.1
Leases
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Leases
Note 10 - Leases
The components of lease expense are as follows within the consolidated statements of operations:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Operating lease expense:
Operating lease expense$126 $134 $233 $254 
Short-term lease cost147 46 260 75 
Variable lease cost24 23 55 46 
Total operating lease expense$297 $203 $548 $375 
Finance lease expense:
Amortization of leased assets$79 $85 $158 $169 
Interest on lease liabilities64 82 132 167 
Total finance lease expense143 167 290 336 
Total lease expense
$440 $370 $838 $711 
During the six months ended June 30, 2026, there were no material changes in the Company’s lease portfolio since December 31, 2025.
Leases
Note 10 - Leases
The components of lease expense are as follows within the consolidated statements of operations:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Operating lease expense:
Operating lease expense$126 $134 $233 $254 
Short-term lease cost147 46 260 75 
Variable lease cost24 23 55 46 
Total operating lease expense$297 $203 $548 $375 
Finance lease expense:
Amortization of leased assets$79 $85 $158 $169 
Interest on lease liabilities64 82 132 167 
Total finance lease expense143 167 290 336 
Total lease expense
$440 $370 $838 $711 
During the six months ended June 30, 2026, there were no material changes in the Company’s lease portfolio since December 31, 2025.
v3.26.1
Balance Sheet Components
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components
Note 11 - Balance Sheet Components
Certain financial statement details are as follows:
June 30, 2026December 31, 2025
Prepaid expenses and other current assets
Tax related assets$561 $618 
Unbilled receivables192 223 
Rebates and credits178 597 
Restricted cash and deposits210 182 
Other current assets583 590 
Prepaid expenses and other current assets
$1,724 $2,210 
            
Accrued expenses and other current liabilities
Tax related liabilities$529 $563 
Payroll & employee benefit accruals452 322 
Operating lease liabilities, current344 422 
Restructuring liabilities177 339 
Accrued interest20 416 
Other current liabilities855 507 
Accrued expenses and other current liabilities
$2,377 $2,569 
v3.26.1
Redeemable Convertible Preferred Stock and Shareholders’ Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Redeemable Convertible Preferred Stock and Shareholders’ Equity
Note 12 - Redeemable Convertible Preferred Stock and Shareholders’ Equity
SpaceX Preferred and Common Stock
Upon completion of the IPO, the Company's capital stock consists of common stock and preferred stock. The common stock is divided into three classes: Class A common stock ("Class A"), Class B common stock ("Class B"), and Class C common stock ("Class C") (collectively, "SpaceX Common Stock"). The Company also has one class of preferred stock ("SpaceX Preferred Stock").
As of June 30, 2026, the total number of shares of SpaceX Common Stock the Company is authorized to issue is 52,257 million shares, each with a par value of $0.001 per share: 36,132 million shares are Class A, 6,125 million shares are Class B, and 10,000 million shares are Class C. The Company is also authorized to issue 2,400 million shares of SpaceX Preferred Stock.
In May 2026, the Board approved the 2026 Stock Split, pursuant to which each share of the Class A, Class B, and Class C SpaceX Common Stock issued and outstanding was split into five shares of the same class of SpaceX Common Stock.
In connection with the IPO, the Company effected the following equity structure changes:
Conversion of Preferred Stock. All shares of SpaceX Redeemable Convertible Preferred Stock outstanding prior to the IPO were converted into a number of shares of Class A or Class B common stock.
Reclassification of Class C Common Stock. All shares of Class C common stock outstanding prior to the IPO were reclassified into Class A common stock.
Elimination of Class D Common Stock. The Company's Class D common stock was eliminated.
Amended and Restated Certificate of Formation. An amendment to the Company's amended and restated certificate of formation, which became effective immediately prior to completion of the IPO, reduced the authorized number of shares of SpaceX Preferred Stock to 2,400 million. SpaceX Preferred Stock has a par value of $0.001 per share with rights and preferences, including voting rights, designated from time to time by the Company's board of directors.
Effect of the xAI Merger
xAI Redeemable Convertible Preferred Stock
On xAI Merger Date, all outstanding shares of xAI Redeemable Convertible Preferred Stock converted into shares of SpaceX Common Stock, based on the share-for-share exchange mechanics specified in the Merger Agreement. Upon conversion, all shares of xAI Redeemable Convertible Preferred Stock were canceled and retired, and former xAI Redeemable Convertible Preferred Stock
shareholders received the applicable shares of SpaceX Common Stock. Any shares of xAI Redeemable Convertible Preferred Stock previously held by the Company were canceled and retired and did not receive any consideration.
Redeemable Convertible Preferred Stock
Each series of SpaceX and xAI Redeemable Convertible Preferred Stock (collectively, the “Combined Redeemable Convertible Preferred Stock”) as of December 31, 2025 consisted of the following (no shares of Combined Redeemable Convertible Preferred Stock were issued and outstanding as of June 30, 2026):
Outstanding (1)
December 31, 2025
SpaceX Redeemable Convertible Preferred Stock
Series A60.4 
Series A-10.2 
Series B5.1 
Series B-10.1 
Series C9.7 
Series D5.2 
Series E10.2 
Series F6.7 
Series G12.6 
Series H3.2 
Series I3.0 
Series J2.5 
Series K2.5 
Series L1.4 
Series M2.7 
Series N9.3 
Total SpaceX Redeemable Convertible Preferred Stock134.7 
xAI Redeemable Convertible Preferred Stock
Series A750.0 
Series A-1— 
Series B584.9 
Series C277.1 
Series D120.1 
Series E179.2 
Total xAI Redeemable Convertible Preferred Stock1,911.3 
Total Combined Redeemable Convertible Preferred Stock2,046.0 
__________________
(1)The number of issued redeemable convertible preferred stock is equal to the number of outstanding redeemable convertible preferred stock, with the exception of xAI Series A and xAI Series D, of which the number of issued shares is 1,000.0 million and 175.0 million as of December 31, 2025, respectively, due to redeemable convertible preferred stock held by X and SpaceX, respectively.
Common Stock
The following describes all of the activity that occurred within each class of SpaceX Common Stock during the three and six months ended June 30, 2026 and 2025, incorporating all activity that occurred within the class of xAI Common Stock on an as-converted basis to the class of SpaceX Common Stock it was converted into per the xAI Merger and X Merger.
Class A Common
Stock		Class B Common
Stock		Class C Common
Stock		Class D Common
Stock
Three Months Ended June 30, 2026SharesAmountSharesAmountSharesAmountSharesAmount
Balances at March 31, 20262,884 $3 2,418 $3 497 $0 — $— 
Issuance of common stock in connection with IPO, net of underwriting commissions and offering costs639 1 — — — — — — 
Common stock issued, net of tax withholding25 0 1 0 — — — — 
Conversion of redeemable convertible preferred stock to common stock3,448 3 3,274 3 — — — — 
Conversion between classes of common stock612 0 (115)0 (497)0 — — 
Repurchase of common stock(1)0 (9)0 — — — — 
Balances at June 30, 20267,607 $7 5,569 $6 — $— — $— 
Class A Common
Stock		Class B Common
Stock		Class C Common
Stock		Class D Common
Stock
Six Months Ended June 30, 2026SharesAmountSharesAmountSharesAmountSharesAmount
Balances at December 31, 20251,952 $3 643 $1 484 $0 — $— 
Issuance of common stock in connection with IPO, net of underwriting commissions and offering costs639 1 — — — — — — 
Common stock issued, net of tax withholding53 0 1,306 1 13 0 — — 
Conversion of redeemable convertible preferred stock pursuant to the xAI Merger886 0 537 1 — — — — 
Repurchase of common stock pursuant to xAI Merger(3)0 (20)0 — — — — 
Conversion of redeemable convertible preferred stock to common stock3,453 3 3,274 3 — — — — 
Conversion between classes of common stock637 0 (140)0 (497)0 — — 
Repurchase of common stock(10)0 (31)0 — — — — 
Balances at June 30, 20267,607 $7 5,569 $6 — $— — $— 
Class A Common
Stock		Class B Common
Stock		Class C Common
Stock		Class D Common
Stock
Three Months Ended June 30, 2025SharesAmountSharesAmountSharesAmountSharesAmount
Balances at March 31, 20251,862 $2 731 $1 431 $0 — $— 
Common stock issued, net of tax withholding3 1 — — 22 0 — — 
Conversion between classes of common stock2 0 (2)0 — — — — 
Repurchase of common stock— — (1)0 — — — — 
Balances at June 30, 20251,867 $3 728 $1 453 $0 — $— 
Class A Common
Stock		Class B Common
Stock		Class C Common
Stock		Class D Common
Stock
Six Months Ended June 30, 2025SharesAmountSharesAmountSharesAmountSharesAmount
Balances at December 31, 20241,832 $2 768 $1 423 $0 — $— 
Common stock issued, net of tax withholding21 1 1 0 29 0 — — 
Conversion of redeemable convertible preferred stock to common stock1 0 — — 1 0 — — 
Conversion between classes of common stock26 0 (26)0 — — — — 
Repurchase of common stock(14)0 (15)0 — — — — 
Transfer of equity in business combination1 0 — — — — — — 
Balances at June 30, 20251,867 $3 728 $1 453 $0 — $— 
The following describes the various rights and preferences of the SpaceX Common Stock:
Dividend Provisions
Subject to the prior rights of holders of all classes and series of stock at the time outstanding having prior rights as to dividends, holders of SpaceX Common Stock shall be entitled to receive, when, as and if declared by the Board of Directors, out of any funds legally available, such dividends as may be declared from time to time by the Board of Directors. For the period from inception through June 30, 2026, no dividends were declared on SpaceX Common Stock.
Conversion Rights
Each share of Class B is convertible at the option of the holder, at any time, into one share of Class A. Each share of Class B will automatically convert into one share of Class A upon a transfer, other than a Permitted Transfer (as defined in the charter), of such share of Class B.
Voting Rights
Each holder of Class A is entitled to one vote for each share held. Each holder of Class B is entitled to ten votes for each share held. The holders of Class C have no voting rights, except as required by law.
Reserve for Unissued Shares of Common Stock
The Company is required to reserve and keep available out of its authorized but unissued shares of SpaceX Common Stock such number of shares sufficient to effect the conversion of all outstanding shares of Class B to Class A, and shares granted and available for grant under the Company’s share plans.
The amount of such shares of the SpaceX Common Stock reserved for these purposes at June 30, 2026 is as follows:
Number of Shares
Class AClass BClass C
Outstanding Class B5,569 — — 
Outstanding stock options120 352 — 
Outstanding RSUs122 — — 
Future grants under share-based compensation324 — — 
6,135 352 — 
Share Repurchases
During the three and six months ended June 30, 2026, the Company also repurchased a total of $80 million and $2,013 million, respectively, of SpaceX Common Stock (10.5 million and 41.0 million shares, respectively) and Redeemable Convertible Preferred Stock (— and 2.1 million shares, respectively) in a number of unrelated transactions with existing shareholders at their then-current fair market value. During the six months ended June 30, 2026, the Company repurchased $2,413 million (or 25.0 million shares) of SpaceX Common Stock from eligible current and former xAI employees as part of the xAI Merger.
Similarly, the Company repurchased $12 million (or 0.3 million shares) and $520 million (or 28.2 million shares) of SpaceX Common Stock from eligible current and former employees and existing shareholders during the three and six months ended June 30, 2025,
respectively. The Company only repurchased shares held by eligible participants for more than six months at a purchase price per share equal to the then current fair market value.
All SpaceX shares repurchased to date have been retired.
v3.26.1
Earnings per Share
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Earnings per Share
Note 13 - Earnings per Share
The following table presents the reconciliation of net loss attributable to common shareholders to net loss used in computing basic and diluted net loss per share of common stock:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Numerator:
Net loss$(541)$(1,008)$(4,817)$(1,536)
Less: Deemed dividend(1)
— — 671 — 
Net loss attributable to common shareholders - basic and diluted$(541)$(1,008)$(5,488)$(1,536)
               
Denominator:
Weighted average shares of common stock outstanding - basic and diluted5,864 2,929 4,879 2,902 
               
Net loss per share attributable to common shareholders
Basic and Diluted$(0.09)$(0.34)$(1.12)$(0.53)
__________________
(1)The excess of fair market value over the consideration transferred for the repurchase of SpaceX Redeemable Convertible Preferred Stock was treated as a deemed dividend and resulted in an increase to net loss attributable to common shareholders in the calculation of net loss per share.
The following potentially dilutive securities on an as-converted basis are excluded from the calculation of diluted net loss per share attributable to common shareholders for the periods presented because the impact of including them would be anti-dilutive:
As of June 30,
20262025
xAI Redeemable Convertible Preferred Stock— 1,220 
SpaceX Redeemable Convertible Preferred Stock— 6,760 
Share-based compensation564 669 
The table above excludes 1,331 million and 13.5 million share-based compensation awards outstanding as of June 30, 2026 and 2025, respectively, as these awards are subject to performance and market conditions that were not met as of those dates.
v3.26.1
Share-Based Compensation
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation
Note 14 - Share-based Compensation
General
The Company grants RSUs, RSAs, and non-statutory options to eligible employees, key executives, and certain non-employee service providers with service and/or performance conditions (collectively, the “Plans”). The Company offers an ESPP, under which eligible employees can purchase the Company’s Common Stock at a discounted price. The Company also offers a Non-Qualified Employee Stock Purchase Plan (“NQ ESPP”), under which employees can purchase the Company’s Common Stock at the fair market value. In April 2026, the Company cancelled the NQ ESPP.
Summary of Share-Based Compensation Information
The following table summarizes the Company’s share-based compensation expense by line item in the consolidated statements of operations:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Cost of revenue$117 $65 $193 $104 
Research and development369 193 731 268 
Selling, general, and administrative345 205 546 322 
Total
$831 $463 $1,470 $694 
During the three and six months ended June 30, 2026, share-based compensation expense capitalized to the consolidated balance sheets was $50 million and $110 million, respectively. During the three and six months ended June 30, 2025, share-based compensation expense capitalized to the consolidated balance sheets was $46 million and $77 million, respectively.
v3.26.1
Income Taxes
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes
Note 15 - Income Taxes
The Company’s effective tax rate was (4.4)% and (0.6)% for the three and six months ended June 30, 2026, respectively, compared to (15.9)% and (11.0)% for three and six months ended June 30, 2025, respectively. The change in the Company’s effective tax rate was primarily due to the changes in the mix of its jurisdictional earnings and changes in the valuation allowance.
The Company’s effective tax rates for the six months ended June 30, 2026 and 2025 as compared to the U.S. federal statutory rate of 21.0% were primarily impacted by the mix of its jurisdictional earnings subject to different tax rates and the valuation allowances on its deferred tax assets.
In assessing the realizability of deferred tax assets, the Company considered whether it is more likely than not that some or all of its net deferred tax assets will not be realizable based on the relevant weight of all positive and negative evidence. As of June 30, 2026, the Company continues to maintain a full valuation allowance against its deferred tax assets in the United States, with the exception of certain state deferred tax assets and transferrable investment tax credits that are expected to be realizable. The Company has also recorded valuation allowances in certain foreign jurisdictions where it concluded that it is more likely than not that the deferred tax assets will not be realized. The Company will continue to assess the realizability of its deferred tax assets in future periods and will adjust the valuation allowance as necessary based on changes in facts and circumstances.
v3.26.1
Commitment and Contingencies
 6 Months Ended
Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Note 16 - Commitments and Contingencies
Unconditional Obligations
The Company’s unconditional obligations are non-cancelable contractual commitments primarily related to the Company’s investments in AI infrastructure and third-party cloud capacity arrangements and other service arrangements. It also includes the Company’s commitments under the Spectrum Transaction, which are payable in cash and in the Company’s Class A common stock. Refer to Note 6 - Intangible Assets and Goodwill for additional details. The following table summarizes the Company’s non-cancelable contractual commitments as of June 30, 2026:
2026 (remaining six months)$2,728 
202722,244 
20282,172 
2029809 
20302 
Thereafter— 
Total
$27,955 
Letters of Credit and Surety Bonds
The Company had outstanding letters of credit of $645 million at June 30, 2026 related to various customer contracts, insurance agreements, and facility lease agreements. All of the outstanding letters of credit were collateralized by restricted cash. The Company also had surety bonds of $465 million for self-insured workers’ compensation programs and other governmental licenses at June 30, 2026.
Legal Proceedings
In the normal course of its business, the Company is involved from time to time in various arbitrations, class actions, commercial litigation, investigations and other legal, regulatory or governmental actions, including the significant matters described below that could have a material impact on our results of operations. The Company assesses, in conjunction with its legal counsel, the need to record a liability for litigation and contingencies. With respect to the cases, actions, and inquiries described below, the Company evaluates the associated developments on a regular basis and will accrue a liability when it believes a loss is probable and the amount can be reasonably estimated. In addition, the Company believes there is a reasonable possibility that it may incur a loss in some of these matters and the loss may be material or exceed its estimated ranges of possible loss.
The outcomes of the matters described in this section, such as whether the likelihood of loss is remote, reasonably possible, or probable, or if and when the reasonably possible range of loss is estimable, are inherently uncertain, and unless specified otherwise, possible losses are not reasonably estimable at this time. If one or more of these matters were resolved against the Company for amounts above management’s estimates, the Company’s financial condition and results of operations, including in a particular reporting period in which any such outcome becomes probable and estimable, could be materially adversely affected.
In November 2022, the European Union’s Digital Services Act (“DSA”) came into force as a result of which X has to comply with extensive content moderation and other duties. The Company published its first Transparency Report under the DSA in November 2023. In December 2023, the European Commission (“EC”) opened a formal investigation into X and its Irish subsidiary, Twitter International Unlimited Company (“TIUC”), which was later renamed to X Internet Unlimited Company (XIUC). On July 12, 2024, in relation to alleged breaches of Articles 25(1), 39 and 40(12) of the DSA, the EC issued preliminary findings that X’s blue checkmark is deceptive, its advertisement repository does not meet DSA requirements, and it grants inadequate access to data to third-party researchers. On September 26, 2024, XIUC and X submitted their observations challenging the EC’s preliminary findings. On December 5, 2025, the EC delivered a final decision in which it upheld its preliminary findings and imposed a fine of EUR 120 million on XIUC, X., x.AI, and Elon Musk (together, the “parties”). On February 16, 2026, the parties challenged the EC’s decision in the General Court of the European Union. This challenge remains pending.
In March 2016, non-practicing entity Youtoo Technologies filed suit against Twitter, Inc. in the United States District Court for the Northern District of Texas alleging its Vine and Periscope products infringe Youtoo’s video-sharing patents (the ‘304, ‘506, and ‘997 patents). On Twitter’s motion, the district court dismissed the ‘304 and ’506 patents as invalid. Twitter filed petitions for Inter Partes Review before the Patent Trial and Appeals Board (PTAB) challenging all three patents-in-suit. The PTAB upheld the ‘304 and ‘506 Patents and invalidated the ‘997 Patent; the Federal Circuit affirmed. On March 16, 2020, Plaintiff (now Vidstream LLC, which allegedly acquired the patents from Youtoo Technologies in a bankruptcy proceeding), moved the Court to reconsider its earlier ruling invalidating the ‘304 and ‘506 patents. On April 1, 2022, the Court reversed its original ruling on the ‘304 and ‘506 patents. On September 27, 2024, Vidstream filed a motion for partial summary judgment, which the Court granted in part. The case went to a jury trial, and on April 16, 2025, the jury rendered a verdict finding (i) that Twitter did not infringe any claim of the ‘506 patent and two out of three claims of the ‘304 patent and that each of those patent claims was invalid, but (ii) that Twitter willfully infringed one claim of the ‘304 patent. The jury awarded Plaintiff $105 million in damages. In November 2025, the district court affirmed the jury’s award and awarded an additional $67 million in prejudgment interest. Twitter has appealed and Vidstream has cross-appealed. Both appeals remain pending before the Federal Circuit.
In June 2023, music publishing companies that are members of the National Music Publishers’ Association (the “NMPA”) filed a complaint against X in the U.S. District Court for the Middle District of Tennessee, claiming direct, contributory, and vicarious copyright infringement based on Twitter’s alleged failure to expeditiously take down infringing music posted by users after the music publishers allegedly gave Twitter notice of those infringements. The music publishers also allege that Twitter did not suspend the accounts of “repeat infringers,” so that Twitter is not entitled to a “safe harbor” from liability under the DMCA. In March 2024, the Court dismissed plaintiffs’ direct infringement and vicarious infringement claims, and part of plaintiffs’ claim for contributory infringement. Following the Supreme Court’s decision in Cox Comm’s, Inc. v. Sony Music Entm’t., the Court granted the parties’ joint motion for a stay to allow X to file a renewed motion to dismiss. On July 16, 2026, the parties stipulated to the dismissal of all the NMPA’s claims, and the matter is now closed.
In September 2023, Dutch foundation Stichting Data Bescherming Nederland (“SDBN”) filed a putative class action lawsuit in the District Court of Amsterdam in the Netherlands against TIUC, Twitter, Inc., X Corp., and Twitter Netherlands b.v. related to Twitter’s operation of the MoPub platform. SDBN primarily claims that MoPub’s real-time bidding ad exchange violated the GDPR. SDBN claims to represent 11 million Dutch internet users who downloaded and used third-party mobile apps containing the MoPub software development kit during the period 2013-2022 and it seeks a monetary award in the range of €250 to €2,500 per person. On February 4, 2026, the Court declined to allow the case to proceed as a class action and indicated that it is considering staying the proceedings until the Court of Justice of the European Union has ruled in a separate case concerning the applicability of Dutch class action requirements to GDPR claims. The Twitter parties filed a brief in support of the proposed stay, which the plaintiffs opposed, on March 4, 2026.
In August 2024, Dutch foundation Stichting Onderzoek Marktinformatie (SOMI) initiated a collective action in the District Court of Amsterdam in the Netherlands on behalf of approximately 7.8 million Dutch X users. Among other things, SOMI seeks damages against TIUC, X Corp. and Twitter Netherlands B.V. (collectively, the “X entities”) for: (1) alleged data breaches and insufficient security measures; (2) alleged unauthorized microtargeting and lack of transparency; and (3) the alleged failure to moderate hate speech and the obstruction of research, all in violation of the GDPR and/or DSA. The alleged data breaches relate to a Twitter API bug that came to light in 2022 and that had allowed persons who knew the email address or phone number of a user to determine the user’s Twitter ID. SOMI has requested compensation (to be assessed at a later stage) for each member of the class, including symbolic damages of EUR 1 for each member of the class that is allegedly affected by hate speech on the X platform. The X entities filed a procedural defense on March 12, 2025. On May 27, 2026, the court determined that SOMI satisfies most admissibility requirements but held that it was unable to establish that SOMI meets the financial safeguard requirements under Dutch law. SOMI provided the court with further information about its financing arrangements on June 24, 2026. The X entities responded to SOMI's submission on July 29, 2026. The parties are now awaiting the court's decision on whether SOMI meets the financial safeguard requirements under Dutch law.
In September 2025, non-practicing entity Search and Share Technologies, LLC (“SaS”) filed a patent complaint against X Corp. in the Federal District Court for the Western District of Texas. SaS alleges that X Corp. infringed on U.S. Patent Nos. 10,180,952 and 11,106,744, through features in its mobile app and website enabling users to interact with content through dedicated interfaces that directly share what other users see in ranked feeds and search results. SaS filed an Amended Complaint on January 5, 2026. On January 20, 2026, X Corp. moved to dismiss SaS’s willful infringement and induced infringement claims. On February 3, 2026, SaS responded to, but did not oppose, X Corp.’s partial motion to dismiss. On February 10, 2026, X Corp. filed its reply. On February 4, 2026, X Corp. filed an IPR petition challenging the ‘744 Patent and on February 18, 2026, filed an IPR petition challenging the '952 Patent. On July 14, 2026, the Director instituted both IPRs against the SaS patents.
Beginning in January 2026, the Company and certain subsidiaries have been named as defendants in multiple lawsuits arising from Grok’s image-generation and editing features. The complaints generally allege that Grok’s image-generation and editing features enabled the creation and dissemination of nonconsensual explicit images and/or content representing women and/or children in sexualized contexts. The actions include Jane Doe v. X.AI Corp. and X.AI LLC, instituted in the U.S. District Court for the Northern District of California on January 23, 2026, and Jane Doe 1 et al. v. X.AI Corp. and X.AI LLC (the “Jane Doe 1 Case”) instituted in the U.S. District Court for the Northern District of California on March 16, 2026. These cases are putative class actions, asserting claims including, among other things, claims of strict liability, negligence, nuisance, rights of privacy or publicity, and, in the Jane Doe 1 Case, certain federal statutory claims. Plaintiffs in these two cases seek, among other things, compensatory, statutory and punitive damages, restitution, disgorgement and injunctive relief. In addition, a case, Mayor and City Council of Baltimore ex rel. Ebony M. Thompson v. X Corp., X.AI Corp., X.AI LLC, and Space Exploration Technologies Corp, was instituted in the Baltimore City Circuit Court on March 24, 2026 (the “Baltimore Case”). The plaintiff in the Baltimore Case, the Mayor and City Council of Baltimore, asserts similar claims to those in the two cases discussed above under Baltimore’s Consumer Protection Ordinances. The plaintiff in the Baltimore Case seeks statutory penalties and/or injunctive relief. The Company intends to defend itself vigorously in these actions.
On April 14, 2026, the National Association for the Advancement of Colored People and the NAACP Mississippi State Conference (together, the “NAACP”) filed suit against X.AI Corp. and MZX Tech, LLC (the “Defendants”) alleging that the mobile gas turbines powering the COLOSSUS II data center with the permission of the Mississippi Department of Environmental Quality are in violation of the Clean Air Act because they allegedly constitute stationary sources without the proper permits. On May 6, 2026, the NAACP filed a preliminary injunction motion seeking to enjoin the operation of the turbines, which the Defendants opposed. The United States has moved to intervene to dismiss the action, and the State of Mississippi has filed an amicus brief opposing the NAACP’s preliminary injunction motion.
On May 14, 2026, X.AI LLC was named in a putative class action filed in the U.S. District Court for the Northern District of California alleging that Grok.com utilized certain tracking technologies owned by Google, Meta, and TikTok in violation of the Electronic Communications Privacy Act, California’s Invasion of Privacy Act, the California Constitution, and common law. The complaint seeks certification as a class, injunctive relief, unspecified damages, attorneys’ fees, costs, and interest. The Company intends to defend itself vigorously in this action.
The Company has recorded an accrual of $354 million for litigation losses that are probable and reasonably estimable in Accrued expenses and other current liabilities and Other liabilities on the consolidated balance sheet as of June 30, 2026. For other matters, the Company is not currently able to estimate the reasonably possible loss or range of loss.
v3.26.1
Related Party Transactions
 6 Months Ended
Jun. 30, 2026
Related Party Transactions [Abstract]  
Related Party Transactions
Note 17 - Related Party Transactions
The Company periodically does business with certain entities with which its CEO and directors are affiliated.
During the three and six months ended June 30, 2026, the Company purchased $295 million and $329 million, respectively, of Megapack products from Tesla, Inc. (“Tesla”) recorded in Property, plant, and equipment, net in the consolidated balance sheets. As of December 31, 2025, the Company purchased $506 million of Megapack products and $131 million of Cybertrucks at manufacturer’s suggested retail price from Tesla, recorded in Property, plant, and equipment, net in the consolidated balance sheets.
In April 2026, CTC entered into an equipment lease agreement with Valor Equity Partners (“Valor”) for certain AI infrastructure hardware (“Valor Transaction”). The founder, CEO and Chief Investment Officer of Valor, Antonio Gracias, serves as one of the directors of the Company. The Valor Transaction was deemed to be a failed sale-leaseback transaction. The Company has previously entered into similar agreements with Valor for other AI infrastructure hardware. As of June 30, 2026, the Company recorded debt of $2,039 million and $11,290 million within Debt and finance leases, current and Debt and finance leases, net of current, respectively, in the Company’s consolidated balance sheet, and $327 million and $513 million in Interest expense for the three and six months ended June 30, 2026 in the Company’s consolidated statement of operations related to equipment lease agreements with Valor. As of December 31, 2025, the Company recorded debt of $455 million and $4,052 million within Debt and finance leases, current and Debt and finance leases, net of current, respectively, in the Company’s consolidated balance sheet related to equipment lease agreements with Valor. Refer to Note 9, Debt for additional details. The related asset is recorded within Property, plant, and equipment, net in the Company’s consolidated balance sheets.
Other transactions with Tesla and other related parties during the six months ended June 30, 2026 and 2025 were immaterial.
v3.26.1
Segments
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segments
Note 18 - Segments
The Company’s Chief Executive Officer, as the Chief Operating Decision Maker (“CODM”), organizes the Company, manages resource allocations, and measures performance among three operating and reportable segments: (i) Space, (ii) Connectivity, and (iii) AI. The Company’s CODM assesses performance and allocates resources to operating segments based on segment income (loss) from operations by comparing actual income (loss) from operations to historical results and previously forecasted financial information. The Company’s CODM does not evaluate operating and reportable segments using asset or liability information.
The following tables present information as to revenues, significant segment expenses, and income (loss) from operations by the Company’s reportable segments:
Three Months Ended June 30,
2026
SpaceConnectivityAITotal Reportable Segments
Revenue
$962 $4,291 $2,561 $7,814 
Costs and expenses
Cost of revenue329 2,060 1,106 3,495 
Research and development1,076 294 2,178 3,548 
Selling, general, and administrative99 281 532 912 
Restructuring charges— — 2 2 
Total costs and expenses1,504 2,635 3,818 7,957 
Income (loss) from operations(542)1,656 (1,257)(143)
Interest expense(629)
Interest income340 
Other expense, net(86)
Loss before income taxes$(518)
Supplemental segment information
Depreciation and amortization$158 $805 $1,885 $2,848 
Share-based compensation$179 $136 $516 $831 
Capital expenditures
$1,174 $1,367 $15,828 $18,369 
Six Months Ended June 30,
2026
SpaceConnectivityAITotal Reportable Segments
Revenue
$1,581 $7,548 $3,379 $12,508 
Costs and expenses
Cost of revenue610 3,711 1,562 5,883 
Research and development2,006 499 4,557 7,062 
Selling, general, and administrative169 494 995 1,658 
Restructuring charges— — (9)(9)
Total costs and expenses2,785 4,704 7,105 14,594 
Income (loss) from operations(1,204)2,844 (3,726)(2,086)
Interest expense(1,293)
Interest income553 
Other expense, net(1,962)
Loss before income taxes$(4,788)
Supplemental segment information
Depreciation and amortization$324 $1,588 $3,378 $5,290 
Share-based compensation$324 $252 $894 $1,470 
Capital expenditures$2,226 $2,699 $23,551 $28,476 
Three Months Ended June 30,
2025
SpaceConnectivityAITotal Reportable Segments
Revenue$746 $2,588 $737 $4,071 
Costs and expenses
Cost of revenue330 1,401 551 2,282 
Research and development693 143 1,122 1,958 
Selling, general, and administrative87 121 398 606 
Restructuring charges— — 190 190 
Impairment5 — — 5 
Total costs and expenses1,115 1,665 2,261 5,041 
Income (loss) from operations(369)923 (1,524)(970)
Interest expense(411)
Interest income98 
Other income, net413 
Loss before income taxes$(870)
Supplemental segment information
Depreciation and amortization$146 $569 $811 $1,526 
Share-based compensation$125 $91 $247 $463 
Impairment$5 $— $— $5 
Capital expenditures
$946 $1,130 $749 $2,825 
Six Months Ended June 30,
2025
SpaceConnectivityAITotal Reportable Segments
Revenue $1,611 $5,062 $1,465 $8,138 
Costs and expenses
Cost of revenue627 2,615 1,002 4,244 
Research and development1,219 266 2,030 3,515 
Selling, general, and administrative175 225 699 1,099 
Restructuring charges— — 194 194 
Impairment29 — — 29 
Total costs and expenses2,050 3,106 3,925 9,081 
Income (loss) from operations(439)1,956 (2,460)(943)
Interest expense(858)
Interest income215 
Other income, net202 
Loss before income taxes$(1,384)
Supplemental segment information
Depreciation and amortization$308 $1,078 $1,584 $2,970 
Share-based compensation$233 $166 $295 $694 
Impairment$29 $— $— $29 
Capital expenditures$1,705 $1,944 $3,316 $6,965 
v3.26.1
Restructuring
 6 Months Ended
Jun. 30, 2026
Restructuring and Related Activities [Abstract]  
Restructuring
Note 19 - Restructuring
In 2022, X, an indirect subsidiary of the Company (through the X Merger and subsequently, xAI Merger), initiated global employee workforce reductions, the effects of which continued into 2026. The charges and credits associated with the workforce reduction include cash severance expense and other termination benefits. Total charges (credits) of $2 million and $(9) million associated with the workforce reduction were recorded in Restructuring charges (credits) in the consolidated statements of operations for the three and six months ended June 30, 2026, respectively, and $190 million and $194 million for the three and six months ended June 30, 2025, respectively.
The following table is a summary of the changes in the restructuring liabilities for each period presented, included within Accrued expenses and other current liabilities and Other liabilities on the consolidated balance sheets:
Restructuring liabilities as of December 31, 2025$443 
Severance and other personnel costs(9)
Cash payments(168)
Other adjustments2 
Restructuring liabilities as of June 30, 2026$268 
v3.26.1
Acquisitions
 6 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions
Note 20 - Acquisitions
Cursor Merger
In April 2026, the Company entered into an option agreement (“Cursor Option Agreement”) providing the right, but not the obligation, to acquire Anysphere, Inc., a San Francisco-based private software company doing business as Cursor (“Cursor”). The Cursor Option Agreement generally provides that the Company may exercise the call option at any time during the 30-day period following the earlier of (i) seven trading days following the completion of the Company’s IPO and (ii) September 30, 2026. Exercise of the call option is in the Company’s sole discretion and subject to further approval by the board of directors. Cursor is also subject to certain exclusivity obligations under the option agreement. The consideration for the acquisition of Cursor would consist of shares of Class A common stock based on an implied equity value of Cursor of $60 billion, and the price of Class A common stock that equals the volume-weighted average closing price thereof over the seven consecutive trading days immediately preceding the closing of the
acquisition. The call option to acquire Cursor was considered an equity instrument without readily determinable fair value and was determined to have an initial fair value of zero.
In June 2026, the Company exercised the call option and entered into an Agreement and Plan of Merger (the “Cursor Merger Agreement”) with Cursor to acquire Cursor (the “Cursor Merger”). The consummation of the Cursor Merger is subject to the satisfaction or waiver of the closing conditions set forth in the Cursor Merger Agreement, including, but not limited to, receipt of requisite regulatory approvals. The Company currently expects the Cursor Merger to close during the third quarter of 2026.
Concurrently with the Cursor Option Agreement, the Company entered into a compute agreement (“Cursor Compute Agreement”) where the Company would provide Cursor with certain GPU cluster compute capacity and the parties would collaborate to improve existing models, including Grok, and to jointly develop AI models and related model-specific deliverables or products. The net amount attributable to this collaboration arrangement for the three months ended June 30, 2026 was not material.
Mesh Optical Merger
In May 2026, the Company entered into an Agreement and Plan of Merger (the “Mesh Optical Merger Agreement”) with Mesh Optical Technologies Corporation (“Mesh Optical”) to acquire Mesh Optical (the “Mesh Optical Merger”). Mesh Optical designs and manufactures advanced optical devices, such as optical transceivers, to transmit data at high speeds across data centers. Pursuant to the Mesh Optical Merger Agreement, the consideration payable in the Mesh Optical Merger is approximately 3.8 million shares of the Company’s Class A common stock. Additionally, holders of Mesh Optical’s Class B common stock have the option to receive cash consideration of up to $2.5 million each in lieu of the Company’s common stock. The Mesh Optical Merger closed on July 6, 2026. The Company expects to finalize the valuation and complete the purchase price allocation for the business combination as soon as practicable, but no later than one year from the acquisition date.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2026
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Bret Johnsen [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement Pursuant to the extended lock-up arrangements described in the Prospectus, Bret Johnsen, Chief Financial Officer, agreed to subject the vast majority of his shares to the extended lock-up period. On June 16, 2026, Mr. Johnsen, individually and on behalf of B & C Johnsen Holdings LLC, adopted a Rule 10b5-1 trading arrangement that does not commence sales until 2027 and covers up to 919,497 shares of Class A common stock of the Company, which are subject to the lock-up period (as defined in the Prospectus). The arrangement is subject to certain conditions and expires on June 17, 2027, or such earlier date upon which all transactions are completed.
Name Bret Johnsen
Title Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date June 16, 2026
Expiration Date June 17, 2027
Arrangement Duration 366 days
Aggregate Available 919,497
Gwynne Shotwell [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement Pursuant to the extended lock-up arrangements described in the Prospectus, Gwynne Shotwell, President, Chief Operating Officer and a director, agreed to subject the vast majority of her shares to the extended lock-up period. On June 23, 2026, Ms. Shotwell adopted a Rule 10b5-1 trading arrangement for up to 585,605 shares of Class A common stock of the Company, which are subject to the lock-up period (as defined in the Prospectus). The arrangement is subject to certain conditions and expires on June 30, 2027, or such earlier date upon which all transactions are completed.
Name Gwynne Shotwell
Title President, Chief Operating Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date June 23, 2026
Expiration Date June 30, 2027
Arrangement Duration 372 days
Aggregate Available 585,605
Antonio J. Gracias [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement On June 12, 2026, various entities affiliated with Valor Equity Partners (the “Valor Entities”), where Antonio J. Gracias, a member of the board of directors, is the founder, CEO and Chief Investment Officer, adopted a Rule 10b5-1 trading arrangement for the potential distribution to limited partners and general partners of the Valor Entities of up to 225,857,490 shares of Class A common stock of the Company, subject to certain conditions. The arrangement’s expiration date is September 30, 2027, or such earlier date upon which all transactions are completed.
Name Antonio J. Gracias
Title member of the board of directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date June 12, 2026
Expiration Date September 30, 2027
Arrangement Duration 475 days
Aggregate Available 225,857,490
v3.26.1
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Use of Estimates
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Amounts which are subject to significant judgment and use of estimates include revenues recognized over time using the cost-to-cost input method, the determination of valuation allowances associated with deferred tax assets and estimates of tax liabilities, reserves for excess and obsolete inventory, the fair value of assets acquired and liabilities assumed in business combinations, fair value of indefinite-lived intangible assets and goodwill, useful lives of property, plant, and equipment, the determination of incremental borrowing rate for lease liabilities, litigation and settlement costs, and the valuation and assumptions underlying share-based compensation. On an ongoing basis, the Company evaluates its estimates compared to historical experience and current trends, which forms the basis for making judgments about the carrying value of assets and liabilities. In addition, the Company engages valuation specialists to assist in the valuation of equity instruments and of assets acquired and liabilities assumed in business combinations.
Cloud Services Arrangements
Cloud Services Arrangements
During 2026, the Company’s AI segment entered into revenue arrangements to provide cloud services to customers. The Company accounts for its cloud services arrangements as service contracts with a single performance obligation consisting of a stand-ready promise to provide continuous access to reserved compute capacity, with the transaction price consisting of fixed monthly fees. Revenue is recognized over time as the customer simultaneously receives and consumes the benefits, using a pattern that aligns with phased capacity availability during any ramp period and straight-line recognition for steady-state fees thereafter.
Business Combinations
Business Combinations
When the Company acquires a business, the purchase price is allocated to the assets acquired and liabilities assumed based on their estimated fair values. The excess of the purchase price over the fair values of identifiable assets and liabilities is recorded as goodwill and is assigned to reporting units based on the expected benefit from the business combination. During the measurement period, which may be up to one year from the acquisition date, adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed may be recorded, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded in the Company’s consolidated statements of operations. The results of operations of the business acquired are included in the Company’s consolidated statements of operations as of the acquisition date. Acquisition-related expenses are recognized separately from the business combination and are expensed as incurred in Selling, general, and administrative expenses.
Recent Accounting Pronouncements / Recently adopted accounting pronouncements
Recent Accounting Pronouncements
In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The ASU improves the guidance in Topic 270 by improving the navigability of the required interim disclosures and clarifying when that guidance is applicable. The amendments also provide additional guidance on what disclosures should be provided in interim reporting
periods. The amendments add to Topic 270 a principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Adoption of this ASU can either be applied prospectively or retrospectively to any or all prior periods presented in the financial statements, and early adoption is permitted. The Company is currently evaluating the provisions of this ASU and does not expect this ASU to have a material impact on the consolidated financial statements.
Recently adopted accounting pronouncements
In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments in this update provide a practical expedient permitting an entity to assume that conditions at the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current classified accounts receivable and contract assets. The Company adopted this ASU on a prospective basis effective January 1, 2026. While this ASU was adopted, the Company did not elect the practical expedient permitted under this ASU. Therefore, the adoption has no impact on the consolidated financial statements.
v3.26.1
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Schedule of Cash and Cash Equivalents
The Company’s total cash and cash equivalents and restricted cash, as presented in the consolidated statements of cash flows, are as follows:
June 30, 2026December 31, 2025
Cash and cash equivalents$93,522 $24,747 
Restricted cash included in prepaid expenses and other current assets210 182 
Restricted cash included in other assets620 195 
Total as presented in the consolidated statements of cash flows
$94,352 $25,124 
Schedule of Restricted Cash
The Company’s total cash and cash equivalents and restricted cash, as presented in the consolidated statements of cash flows, are as follows:
June 30, 2026December 31, 2025
Cash and cash equivalents$93,522 $24,747 
Restricted cash included in prepaid expenses and other current assets210 182 
Restricted cash included in other assets620 195 
Total as presented in the consolidated statements of cash flows
$94,352 $25,124 
v3.26.1
Revenue (Tables)
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
Revenue disaggregated by products and services is as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Products$461 $403 $841 $755 
Services7,353 3,668 11,667 7,383 
Total revenues
$7,814 $4,071 $12,508 $8,138 
Revenue disaggregated by type and segment is as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Launch Services $648 $490 $978 $1,056 
Launch & Development314 256 603 555 
Space
962 746 1,581 1,611 
Consumer2,485 1,721 4,633 3,213 
Enterprise & Government (1)
1,806 867 2,915 1,849 
Connectivity
4,291 2,588 7,548 5,062 
Advertising367 426 710 870 
AI Solutions & Infrastructure2,194 311 2,669 595 
AI
2,561 737 3,379 1,465 
Total revenues
$7,814 $4,071 $12,508 $8,138 
___________________
(1) Enterprise & Government revenue includes revenue from Starlink Mobile service offerings.
Schedule of Revenue from Significant Customers
Consolidated revenue from significant customers is as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Customer A18.3 %16.7 %17.9 %19.9 %
Customer B19.5 %*12.2 %*
______________
* Customer did not represent more than 10% of consolidated revenue for the period.
v3.26.1
Inventory (Tables)
 6 Months Ended
Jun. 30, 2026
Inventory Disclosure [Abstract]  
Schedule of Inventory
Inventory consists of the following:
June 30, 2026December 31, 2025
Raw materials$1,122 $1,030 
Work-in-progress875 803 
Finished goods721 583 
Inventory
$2,718 $2,416 
v3.26.1
Property, Plant, and Equipment, Net (Tables)
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
Schedule of Property, Plant, and Equipment, Net
Property, plant, and equipment, net consist of the following:
June 30, 2026December 31, 2025
Servers and networking equipment$34,771 $22,694 
Satellites13,788 11,949 
Machinery and equipment9,453 6,343 
Data center infrastructure3,991 2,960 
Launch sites3,118 2,404 
Land, buildings, and improvements (1)
2,958 1,876 
Flight vehicle hardware1,557 1,689 
Leasehold improvements881 784 
Construction-in-progress12,554 4,604 
Property, plant, and equipment83,071 55,303 
Less: Accumulated depreciation(17,335)(12,701)
Property, plant, and equipment, net
$65,736 $42,602 
__________________
(1)Land is not a depreciable asset.
v3.26.1
Intangible Assets and Goodwill (Tables)
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Schedule of Finite-Lived Intangible Assets
Finite-lived intangible assets consist of the following:
June 30, 2026
Weighted-Average Useful Life (years)Gross Carrying ValueAccumulated AmortizationNet Carrying Value
Brand5.0$733 $(403)$330 
User base9.01,273 (519)754 
Existing technology3.027 (19)8 
Advertising customer relationships5.0742 (545)197 
Acquired workforce2.012 (4)8 
Total
$2,787 $(1,490)$1,297 
December 31, 2025
Weighted-Average Useful Life (in years)Gross Carrying ValueAccumulated AmortizationNet Carrying Value
Brand5.0$743 $(335)$408 
User base9.01,291 (456)835 
Existing technology3.227 (16)11 
Advertising customer relationships5.0752 (478)274 
Acquired workforce2.09 — 9 
Total
$2,822 $(1,285)$1,537 
Schedule of Goodwill
The activity for goodwill is as follows:
Balance at December 31, 2025$11,809 
Business combination3 
Cumulative translation adjustments (167)
Balance at June 30, 2026$11,645 
v3.26.1
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, All Other Investments [Abstract]  
Schedule of Assets Measured at Fair Value on a Recurring Basis
The Company’s assets that are measured at fair value on a recurring basis consist of the following:
June 30, 2026
LevelCostUnrealized GainUnrealized LossFair Value
Cash and cash equivalents
CashI$23,886 $— $— $23,886 
Money market fundsI65,625 — — 65,625 
Government securitiesI4,011 — — 4,011 
Marketable securities
Government securitiesII6,487 — — 6,487 
Prepaid expenses and other current assets
Restricted cashI210 — — 210 
Other assets
Restricted cashI475 — — 475 
Restricted cash in money market fundsI145 — — 145 
Total$100,839 $— $— $100,839 
December 31, 2025
LevelCostUnrealized GainUnrealized LossFair Value
Cash and cash equivalents
CashI$3,408 $— $— $3,408 
Money market fundsI21,339 — — 21,339 
Prepaid expenses and other current assets
Restricted cashI30 — — 30 
Money market fundsI152 — — 152 
Other assets
Restricted cashI182 — — 182 
Restricted cash in money market fundsI13 — — 13 
Total$25,124 $— $— $25,124 
v3.26.1
Debt (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
June 30, 2026
PrincipalUnamortized Deferred Financing CostsNet
SpaceX Notes$25,000 $148 $24,852 
X 2027 and X 2030 Notes27 — 27 
Other financings (1)
13,406 — 13,406 
Total debt38,433 148 38,285 
Finance lease liability1,079 — 1,079 
Total debt and finance leases39,512 148 39,364 
Less: Short-term portion2,525 — 2,525 
Total debt and finance leases, net of current$36,987 $148 $36,839 
December 31, 2025
PrincipalUnamortized Deferred Financing CostsNet
X 2027 and X 2030 Notes$27 $— $27 
X B-1 Term Loan6,504 280 6,224 
X B-3 Term Loan5,966 54 5,912 
xAI Fixed Rate Term Loan995 4 991 
xAI Floating Rate Term Loan995 40 955 
xAI 12.5% Secured Senior Notes
3,000 12 2,988 
Other financings (1)
4,562 — 4,562 
Total debt22,049 390 21,659 
Finance lease liability1,237 — 1,237 
Total debt and finance leases23,286 390 22,896 
Less: Short-term portion928 — 928 
Total debt and finance leases, net of current$22,358 $390 $21,968 
__________________
(1)Includes obligations related to certain AI infrastructure assets recorded as failed sale-leaseback transactions. Refer to Other Financings below for additional details.
Schedule of Future Principal Maturities of Debt
The future scheduled principal maturities of debt as of June 30, 2026 are as follows:
2026 (remaining six months)$944 
20272,402 
20282,867 
20293,422 
20303,597 
Thereafter25,201 
Total$38,433 
Schedule of Carrying Amounts and Fair Values of Long-Term Fixed-Rate Debt
The carrying amounts and fair values of the long-term fixed-rate debt included in the consolidated balance sheets are as follows:
As of June 30, 2026As of December 31, 2025
Carrying AmountFair ValueCarrying AmountFair Value
SpaceX Notes$24,852 $24,697 $— $— 
X B-3 Term Loan$— $— $5,912 $6,190 
xAI Fixed Rate Term Loan$— $— $991 $1,057 
xAI 12.5% Secured Senior Notes
$— $— $2,988 $3,173 
v3.26.1
Leases (Tables)
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Schedule of Lease Expense
The components of lease expense are as follows within the consolidated statements of operations:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Operating lease expense:
Operating lease expense$126 $134 $233 $254 
Short-term lease cost147 46 260 75 
Variable lease cost24 23 55 46 
Total operating lease expense$297 $203 $548 $375 
Finance lease expense:
Amortization of leased assets$79 $85 $158 $169 
Interest on lease liabilities64 82 132 167 
Total finance lease expense143 167 290 336 
Total lease expense
$440 $370 $838 $711 
v3.26.1
Balance Sheet Components (Tables)
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Prepaid Expenses and Other Current Assets
Certain financial statement details are as follows:
June 30, 2026December 31, 2025
Prepaid expenses and other current assets
Tax related assets$561 $618 
Unbilled receivables192 223 
Rebates and credits178 597 
Restricted cash and deposits210 182 
Other current assets583 590 
Prepaid expenses and other current assets
$1,724 $2,210 
            
Accrued expenses and other current liabilities
Tax related liabilities$529 $563 
Payroll & employee benefit accruals452 322 
Operating lease liabilities, current344 422 
Restructuring liabilities177 339 
Accrued interest20 416 
Other current liabilities855 507 
Accrued expenses and other current liabilities
$2,377 $2,569 
Schedule of Accrued Expenses and Other Current Liabilities
Certain financial statement details are as follows:
June 30, 2026December 31, 2025
Prepaid expenses and other current assets
Tax related assets$561 $618 
Unbilled receivables192 223 
Rebates and credits178 597 
Restricted cash and deposits210 182 
Other current assets583 590 
Prepaid expenses and other current assets
$1,724 $2,210 
            
Accrued expenses and other current liabilities
Tax related liabilities$529 $563 
Payroll & employee benefit accruals452 322 
Operating lease liabilities, current344 422 
Restructuring liabilities177 339 
Accrued interest20 416 
Other current liabilities855 507 
Accrued expenses and other current liabilities
$2,377 $2,569 
v3.26.1
Redeemable Convertible Preferred Stock and Shareholders’ Equity (Tables)
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Schedule of Redeemable Convertible Preferred Stock
Each series of SpaceX and xAI Redeemable Convertible Preferred Stock (collectively, the “Combined Redeemable Convertible Preferred Stock”) as of December 31, 2025 consisted of the following (no shares of Combined Redeemable Convertible Preferred Stock were issued and outstanding as of June 30, 2026):
Outstanding (1)
December 31, 2025
SpaceX Redeemable Convertible Preferred Stock
Series A60.4 
Series A-10.2 
Series B5.1 
Series B-10.1 
Series C9.7 
Series D5.2 
Series E10.2 
Series F6.7 
Series G12.6 
Series H3.2 
Series I3.0 
Series J2.5 
Series K2.5 
Series L1.4 
Series M2.7 
Series N9.3 
Total SpaceX Redeemable Convertible Preferred Stock134.7 
xAI Redeemable Convertible Preferred Stock
Series A750.0 
Series A-1— 
Series B584.9 
Series C277.1 
Series D120.1 
Series E179.2 
Total xAI Redeemable Convertible Preferred Stock1,911.3 
Total Combined Redeemable Convertible Preferred Stock2,046.0 
__________________
(1)The number of issued redeemable convertible preferred stock is equal to the number of outstanding redeemable convertible preferred stock, with the exception of xAI Series A and xAI Series D, of which the number of issued shares is 1,000.0 million and 175.0 million as of December 31, 2025, respectively, due to redeemable convertible preferred stock held by X and SpaceX, respectively.
Schedule of Common Stock Activity
The following describes all of the activity that occurred within each class of SpaceX Common Stock during the three and six months ended June 30, 2026 and 2025, incorporating all activity that occurred within the class of xAI Common Stock on an as-converted basis to the class of SpaceX Common Stock it was converted into per the xAI Merger and X Merger.
Class A Common
Stock		Class B Common
Stock		Class C Common
Stock		Class D Common
Stock
Three Months Ended June 30, 2026SharesAmountSharesAmountSharesAmountSharesAmount
Balances at March 31, 20262,884 $3 2,418 $3 497 $0 — $— 
Issuance of common stock in connection with IPO, net of underwriting commissions and offering costs639 1 — — — — — — 
Common stock issued, net of tax withholding25 0 1 0 — — — — 
Conversion of redeemable convertible preferred stock to common stock3,448 3 3,274 3 — — — — 
Conversion between classes of common stock612 0 (115)0 (497)0 — — 
Repurchase of common stock(1)0 (9)0 — — — — 
Balances at June 30, 20267,607 $7 5,569 $6 — $— — $— 
Class A Common
Stock		Class B Common
Stock		Class C Common
Stock		Class D Common
Stock
Six Months Ended June 30, 2026SharesAmountSharesAmountSharesAmountSharesAmount
Balances at December 31, 20251,952 $3 643 $1 484 $0 — $— 
Issuance of common stock in connection with IPO, net of underwriting commissions and offering costs639 1 — — — — — — 
Common stock issued, net of tax withholding53 0 1,306 1 13 0 — — 
Conversion of redeemable convertible preferred stock pursuant to the xAI Merger886 0 537 1 — — — — 
Repurchase of common stock pursuant to xAI Merger(3)0 (20)0 — — — — 
Conversion of redeemable convertible preferred stock to common stock3,453 3 3,274 3 — — — — 
Conversion between classes of common stock637 0 (140)0 (497)0 — — 
Repurchase of common stock(10)0 (31)0 — — — — 
Balances at June 30, 20267,607 $7 5,569 $6 — $— — $— 
Class A Common
Stock		Class B Common
Stock		Class C Common
Stock		Class D Common
Stock
Three Months Ended June 30, 2025SharesAmountSharesAmountSharesAmountSharesAmount
Balances at March 31, 20251,862 $2 731 $1 431 $0 — $— 
Common stock issued, net of tax withholding3 1 — — 22 0 — — 
Conversion between classes of common stock2 0 (2)0 — — — — 
Repurchase of common stock— — (1)0 — — — — 
Balances at June 30, 20251,867 $3 728 $1 453 $0 — $— 
Class A Common
Stock		Class B Common
Stock		Class C Common
Stock		Class D Common
Stock
Six Months Ended June 30, 2025SharesAmountSharesAmountSharesAmountSharesAmount
Balances at December 31, 20241,832 $2 768 $1 423 $0 — $— 
Common stock issued, net of tax withholding21 1 1 0 29 0 — — 
Conversion of redeemable convertible preferred stock to common stock1 0 — — 1 0 — — 
Conversion between classes of common stock26 0 (26)0 — — — — 
Repurchase of common stock(14)0 (15)0 — — — — 
Transfer of equity in business combination1 0 — — — — — — 
Balances at June 30, 20251,867 $3 728 $1 453 $0 — $— 
Schedule of Common Stock Reserved
The amount of such shares of the SpaceX Common Stock reserved for these purposes at June 30, 2026 is as follows:
Number of Shares
Class AClass BClass C
Outstanding Class B5,569 — — 
Outstanding stock options120 352 — 
Outstanding RSUs122 — — 
Future grants under share-based compensation324 — — 
6,135 352 — 
v3.26.1
Earnings per Share (Tables)
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Net Loss per Share
The following table presents the reconciliation of net loss attributable to common shareholders to net loss used in computing basic and diluted net loss per share of common stock:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Numerator:
Net loss$(541)$(1,008)$(4,817)$(1,536)
Less: Deemed dividend(1)
— — 671 — 
Net loss attributable to common shareholders - basic and diluted$(541)$(1,008)$(5,488)$(1,536)
               
Denominator:
Weighted average shares of common stock outstanding - basic and diluted5,864 2,929 4,879 2,902 
               
Net loss per share attributable to common shareholders
Basic and Diluted$(0.09)$(0.34)$(1.12)$(0.53)
__________________
(1)The excess of fair market value over the consideration transferred for the repurchase of SpaceX Redeemable Convertible Preferred Stock was treated as a deemed dividend and resulted in an increase to net loss attributable to common shareholders in the calculation of net loss per share.
Schedule of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share
The following potentially dilutive securities on an as-converted basis are excluded from the calculation of diluted net loss per share attributable to common shareholders for the periods presented because the impact of including them would be anti-dilutive:
As of June 30,
20262025
xAI Redeemable Convertible Preferred Stock— 1,220 
SpaceX Redeemable Convertible Preferred Stock— 6,760 
Share-based compensation564 669 
v3.26.1
Share-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Compensation Expense
The following table summarizes the Company’s share-based compensation expense by line item in the consolidated statements of operations:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Cost of revenue$117 $65 $193 $104 
Research and development369 193 731 268 
Selling, general, and administrative345 205 546 322 
Total
$831 $463 $1,470 $694 
v3.26.1
Commitment and Contingencies (Tables)
 6 Months Ended
Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Non-cancelable Contractual Commitments The following table summarizes the Company’s non-cancelable contractual commitments as of June 30, 2026:
2026 (remaining six months)$2,728 
202722,244 
20282,172 
2029809 
20302 
Thereafter— 
Total
$27,955 
v3.26.1
Segments (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Information
The following tables present information as to revenues, significant segment expenses, and income (loss) from operations by the Company’s reportable segments:
Three Months Ended June 30,
2026
SpaceConnectivityAITotal Reportable Segments
Revenue
$962 $4,291 $2,561 $7,814 
Costs and expenses
Cost of revenue329 2,060 1,106 3,495 
Research and development1,076 294 2,178 3,548 
Selling, general, and administrative99 281 532 912 
Restructuring charges— — 2 2 
Total costs and expenses1,504 2,635 3,818 7,957 
Income (loss) from operations(542)1,656 (1,257)(143)
Interest expense(629)
Interest income340 
Other expense, net(86)
Loss before income taxes$(518)
Supplemental segment information
Depreciation and amortization$158 $805 $1,885 $2,848 
Share-based compensation$179 $136 $516 $831 
Capital expenditures
$1,174 $1,367 $15,828 $18,369 
Six Months Ended June 30,
2026
SpaceConnectivityAITotal Reportable Segments
Revenue
$1,581 $7,548 $3,379 $12,508 
Costs and expenses
Cost of revenue610 3,711 1,562 5,883 
Research and development2,006 499 4,557 7,062 
Selling, general, and administrative169 494 995 1,658 
Restructuring charges— — (9)(9)
Total costs and expenses2,785 4,704 7,105 14,594 
Income (loss) from operations(1,204)2,844 (3,726)(2,086)
Interest expense(1,293)
Interest income553 
Other expense, net(1,962)
Loss before income taxes$(4,788)
Supplemental segment information
Depreciation and amortization$324 $1,588 $3,378 $5,290 
Share-based compensation$324 $252 $894 $1,470 
Capital expenditures$2,226 $2,699 $23,551 $28,476 
Three Months Ended June 30,
2025
SpaceConnectivityAITotal Reportable Segments
Revenue$746 $2,588 $737 $4,071 
Costs and expenses
Cost of revenue330 1,401 551 2,282 
Research and development693 143 1,122 1,958 
Selling, general, and administrative87 121 398 606 
Restructuring charges— — 190 190 
Impairment5 — — 5 
Total costs and expenses1,115 1,665 2,261 5,041 
Income (loss) from operations(369)923 (1,524)(970)
Interest expense(411)
Interest income98 
Other income, net413 
Loss before income taxes$(870)
Supplemental segment information
Depreciation and amortization$146 $569 $811 $1,526 
Share-based compensation$125 $91 $247 $463 
Impairment$5 $— $— $5 
Capital expenditures
$946 $1,130 $749 $2,825 
Six Months Ended June 30,
2025
SpaceConnectivityAITotal Reportable Segments
Revenue $1,611 $5,062 $1,465 $8,138 
Costs and expenses
Cost of revenue627 2,615 1,002 4,244 
Research and development1,219 266 2,030 3,515 
Selling, general, and administrative175 225 699 1,099 
Restructuring charges— — 194 194 
Impairment29 — — 29 
Total costs and expenses2,050 3,106 3,925 9,081 
Income (loss) from operations(439)1,956 (2,460)(943)
Interest expense(858)
Interest income215 
Other income, net202 
Loss before income taxes$(1,384)
Supplemental segment information
Depreciation and amortization$308 $1,078 $1,584 $2,970 
Share-based compensation$233 $166 $295 $694 
Impairment$29 $— $— $29 
Capital expenditures$1,705 $1,944 $3,316 $6,965 
v3.26.1
Restructuring (Tables)
 6 Months Ended
Jun. 30, 2026
Restructuring and Related Activities [Abstract]  
Schedule of Changes in the Restructuring Liabilities
The following table is a summary of the changes in the restructuring liabilities for each period presented, included within Accrued expenses and other current liabilities and Other liabilities on the consolidated balance sheets:
Restructuring liabilities as of December 31, 2025$443 
Severance and other personnel costs(9)
Cash payments(168)
Other adjustments2 
Restructuring liabilities as of June 30, 2026$268 
v3.26.1
Nature of Business (Details)
$ / shares in Units, shares in Millions, $ in Millions
 1 Months Ended 6 Months Ended
Jun. 30, 2026
USD ($)
$ / shares
shares
May 31, 2026
Jun. 30, 2026
segment
$ / shares
Subsidiary, Sale of Stock [Line Items]      
Number of operating segments | segment     3
Underwriting commissions and offering costs $ 575    
Stock split conversion ratio   5  
IPO      
Subsidiary, Sale of Stock [Line Items]      
Stock issued and sold (in shares) | shares 638.9    
Offering price (in USD per share) | $ / shares $ 135.00   $ 135.00
Net proceeds of offering $ 85,675    
v3.26.1
Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Jun. 30, 2025
Dec. 31, 2024
Accounting Policies [Abstract]        
Cash and cash equivalents $ 93,522 $ 24,747    
Restricted cash included in prepaid expenses and other current assets 210 182    
Restricted cash included in other assets 620 195    
Total as presented in the consolidated statements of cash flows $ 94,352 $ 25,124 $ 15,094 $ 11,501
v3.26.1
Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Disaggregation of Revenue [Line Items]        
Total revenues $ 7,814 $ 4,071 $ 12,508 $ 8,138
Space        
Disaggregation of Revenue [Line Items]        
Total revenues 962 746 1,581 1,611
Connectivity        
Disaggregation of Revenue [Line Items]        
Total revenues 4,291 2,588 7,548 5,062
AI        
Disaggregation of Revenue [Line Items]        
Total revenues 2,561 737 3,379 1,465
Products        
Disaggregation of Revenue [Line Items]        
Total revenues 461 403 841 755
Services        
Disaggregation of Revenue [Line Items]        
Total revenues 7,353 3,668 11,667 7,383
Launch Services | Space        
Disaggregation of Revenue [Line Items]        
Total revenues 648 490 978 1,056
Launch & Development | Space        
Disaggregation of Revenue [Line Items]        
Total revenues 314 256 603 555
Consumer | Connectivity        
Disaggregation of Revenue [Line Items]        
Total revenues 2,485 1,721 4,633 3,213
Enterprise & Government | Connectivity        
Disaggregation of Revenue [Line Items]        
Total revenues 1,806 867 2,915 1,849
Advertising | AI        
Disaggregation of Revenue [Line Items]        
Total revenues 367 426 710 870
AI Solutions & Infrastructure | AI        
Disaggregation of Revenue [Line Items]        
Total revenues $ 2,194 $ 311 $ 2,669 $ 595
v3.26.1
Revenue - Deferred Revenue and Backlog Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2026
Dec. 31, 2025
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Deferred revenue $ 14,286 $ 14,286 $ 12,116
Revenue recognized that was part of deferred revenue 1,315 2,480  
Backlog revenue $ 47,461 $ 47,461  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Percentage of backlog revenue expected to be recognized 56.00% 56.00%  
Period over which backlog revenue is expected to be recognized 1 year 1 year  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-07-01      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Percentage of backlog revenue expected to be recognized 34.00% 34.00%  
Period over which backlog revenue is expected to be recognized 2 years 2 years  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-07-01      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Percentage of backlog revenue expected to be recognized 10.00% 10.00%  
Period over which backlog revenue is expected to be recognized  
v3.26.1
Revenue - Schedule of Revenue from Significant Customers (Details) - Revenue from Contract with Customer Benchmark - Customer Concentration Risk
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Customer A        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Percentage of revenue 18.30% 16.70% 17.90% 19.90%
Customer B        
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Customer, Extent of Reliance [Line Items]        
Percentage of revenue 19.50%   12.20%  
v3.26.1
Revenue - Concentration of Risk Narrative (Details) - segment
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Customer A | Revenue from Contract with Customer Benchmark | Customer Concentration Risk        
Concentration Risk [Line Items]        
Number of segments 3 3 3 3
v3.26.1
Inventory (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Inventory Disclosure [Abstract]    
Raw materials $ 1,122 $ 1,030
Work-in-progress 875 803
Finished goods 721 583
Inventory $ 2,718 $ 2,416
v3.26.1
Property, Plant, and Equipment, Net - Schedule of Property, Plant, and Equipment, Net (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Property, Plant, and Equipment [Line Items]    
Property, plant, and equipment $ 83,071 $ 55,303
Less: Accumulated depreciation (17,335) (12,701)
Property, plant, and equipment, net [1] 65,736 42,602
Servers and networking equipment    
Property, Plant, and Equipment [Line Items]    
Property, plant, and equipment 34,771 22,694
Satellites    
Property, Plant, and Equipment [Line Items]    
Property, plant, and equipment 13,788 11,949
Machinery and equipment    
Property, Plant, and Equipment [Line Items]    
Property, plant, and equipment 9,453 6,343
Data center infrastructure    
Property, Plant, and Equipment [Line Items]    
Property, plant, and equipment 3,991 2,960
Launch sites    
Property, Plant, and Equipment [Line Items]    
Property, plant, and equipment 3,118 2,404
Land, buildings and improvements    
Property, Plant, and Equipment [Line Items]    
Property, plant, and equipment 2,958 1,876
Flight vehicle hardware    
Property, Plant, and Equipment [Line Items]    
Property, plant, and equipment 1,557 1,689
Leasehold improvements    
Property, Plant, and Equipment [Line Items]    
Property, plant, and equipment 881 784
Construction-in-progress    
Property, Plant, and Equipment [Line Items]    
Property, plant, and equipment $ 12,554 $ 4,604
[1] Refer to Note 17, Related Party Transactions for additional details on related party arrangements.
v3.26.1
Property, Plant, and Equipment, Net - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Property, Plant, and Equipment [Abstract]        
Depreciation expense $ 2,735 $ 1,310 $ 5,064 $ 2,547
Interest capitalized $ 13 $ 22 $ 20 $ 22
v3.26.1
Intangible Assets and Goodwill - Schedule of Finite-Lived Intangible Assets (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Intangible Asset, Finite-Lived [Line Items]    
Gross Carrying Value $ 2,787 $ 2,822
Accumulated Amortization (1,490) (1,285)
Net Carrying Value $ 1,297 $ 1,537
Brand    
Intangible Asset, Finite-Lived [Line Items]    
Weighted-Average Useful Life (in years) 5 years 5 years
Gross Carrying Value $ 733 $ 743
Accumulated Amortization (403) (335)
Net Carrying Value $ 330 $ 408
User base    
Intangible Asset, Finite-Lived [Line Items]    
Weighted-Average Useful Life (in years) 9 years 9 years
Gross Carrying Value $ 1,273 $ 1,291
Accumulated Amortization (519) (456)
Net Carrying Value $ 754 $ 835
Existing technology    
Intangible Asset, Finite-Lived [Line Items]    
Weighted-Average Useful Life (in years) 3 years 3 years 2 months 12 days
Gross Carrying Value $ 27 $ 27
Accumulated Amortization (19) (16)
Net Carrying Value $ 8 $ 11
Advertising customer relationships    
Intangible Asset, Finite-Lived [Line Items]    
Weighted-Average Useful Life (in years) 5 years 5 years
Gross Carrying Value $ 742 $ 752
Accumulated Amortization (545) (478)
Net Carrying Value $ 197 $ 274
Acquired workforce    
Intangible Asset, Finite-Lived [Line Items]    
Weighted-Average Useful Life (in years) 2 years 2 years
Gross Carrying Value $ 12 $ 9
Accumulated Amortization (4) 0
Net Carrying Value $ 8 $ 9
v3.26.1
Intangible Assets and Goodwill - Intangible Assets Narrative (Details)
Hz in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Nov. 05, 2025
Hz
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
Sep. 07, 2025
Hz
Intangible Asset, Goodwill and Other [Abstract]              
Amortization expense associated with finite-lived intangible assets   $ 113 $ 216 $ 226 $ 423    
Indefinite-lived intangible assets   21   21   $ 11  
Intangible Asset, Finite-Lived [Line Items]              
License purchase agreement, spectrum frequency | Hz 15           50
Spectrum Business Trust 2025-1              
Intangible Asset, Finite-Lived [Line Items]              
Loan forgiveness interval 6 months            
Prepaid assets   $ 856   $ 856      
v3.26.1
Intangible Assets and Goodwill - Schedule of Goodwill (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2026
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 11,809
Business combination 3
Cumulative translation adjustments (167)
Ending balance $ 11,645
v3.26.1
Intangible Assets and Goodwill - Goodwill Narrative (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Goodwill [Line Items]    
Goodwill $ 11,645 $ 11,809
Connectivity    
Goodwill [Line Items]    
Goodwill 515 513
AI    
Goodwill [Line Items]    
Goodwill $ 11,130 $ 11,296
v3.26.1
Financial Instruments - Schedule of Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Cash and cash equivalents    
Cost $ 93,522 $ 24,747
Prepaid expenses and other current assets    
Cost 1,724 2,210
Other assets    
Cost 3,454 2,130
Total    
Total assets 192,770 92,079
Total    
Total    
Total assets 100,839 25,124
Total fair value 100,839 25,124
Restricted Cash | Level I    
Prepaid expenses and other current assets    
Cost 210 30
Fair value 210 30
Other assets    
Cost 475 182
Fair value 475 182
Money Market Funds | Level I    
Prepaid expenses and other current assets    
Cost   152
Fair value   152
Other assets    
Cost 145 13
Fair value 145 13
Government securities | Level II    
Marketable securities    
Cost 6,487  
Fair Value 6,487  
Cash | Level I    
Cash and cash equivalents    
Cost 23,886 3,408
Fair value 23,886 3,408
Money Market Funds | Level I    
Cash and cash equivalents    
Cost 65,625 21,339
Fair value 65,625 $ 21,339
Government securities | Level I    
Cash and cash equivalents    
Cost 4,011  
Fair value $ 4,011  
v3.26.1
Financial Instruments - Narrative (Details)
$ in Millions
Jun. 30, 2026
USD ($)
unit
Dec. 31, 2025
USD ($)
unit
Investments, All Other Investments [Abstract]    
Number of Bitcoin units held | unit 18,712 18,712
Bitcoin cost basis $ 661 $ 661
Bitcoin fair value $ 1,098 $ 1,637
v3.26.1
Investments in Unconsolidated Affiliates (Details) - USD ($)
$ in Millions
 3 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]    
Equity investments without readily determinable fair value $ 237 $ 157
Gain on equity investments without readily determinable fair value $ 70  
v3.26.1
Debt - Schedule of Debt (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Jun. 30, 2025
Feb. 28, 2025
Debt Instrument [Line Items]        
Total debt, principal $ 38,433 $ 22,049    
Unamortized deferred financing costs 148 390    
Total debt, net 38,285 21,659    
Finance lease liability 1,079 1,237    
Total debt and finance leases, principal 39,512 23,286    
Total debt and finance leases, net 39,364 22,896    
Less: Short-term portion 2,525 928    
Total debt and finance leases, net of current, principal 36,987 22,358    
Total debt and finance leases, net of current, net 36,839 21,968    
SpaceX Notes | Unsecured Debt        
Debt Instrument [Line Items]        
Total debt, principal 25,000      
Unamortized deferred financing costs 148      
Total debt, net 24,852      
X 2027 and X 2030 Notes | Senior Notes        
Debt Instrument [Line Items]        
Total debt, principal 27 27    
Unamortized deferred financing costs 0 0    
Total debt, net 27 27    
X B-1 Term Loan | Line of Credit        
Debt Instrument [Line Items]        
Total debt, principal   6,504    
Unamortized deferred financing costs   280    
Total debt, net   6,224    
X B-3 Term Loan | Line of Credit        
Debt Instrument [Line Items]        
Interest rate       9.50%
Total debt, principal   5,966    
Unamortized deferred financing costs   54    
Total debt, net   5,912    
xAI Fixed Rate Term Loan | Line of Credit        
Debt Instrument [Line Items]        
Interest rate     12.50%  
Total debt, principal   995    
Unamortized deferred financing costs   4    
Total debt, net   991    
xAI Floating Rate Term Loan | Line of Credit        
Debt Instrument [Line Items]        
Total debt, principal   995    
Unamortized deferred financing costs   40    
Total debt, net   $ 955    
xAI 12.5% Secured Senior Notes        
Debt Instrument [Line Items]        
Interest rate   12.50%    
xAI 12.5% Secured Senior Notes | Secured Debt        
Debt Instrument [Line Items]        
Interest rate   12.50% 12.50%  
Total debt, principal   $ 3,000    
Unamortized deferred financing costs   12    
Total debt, net   2,988    
Other Financings        
Debt Instrument [Line Items]        
Total debt, principal 13,406 4,562    
Unamortized deferred financing costs 0 0    
Total debt, net $ 13,406 $ 4,562    
v3.26.1
Debt - Narrative (Details)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
May 31, 2026
USD ($)
Mar. 05, 2026
USD ($)
Mar. 02, 2026
USD ($)
Jun. 30, 2026
USD ($)
tranche
transaction
Mar. 31, 2026
USD ($)
option
Jun. 30, 2025
USD ($)
Apr. 30, 2025
USD ($)
Feb. 28, 2025
USD ($)
Nov. 30, 2022
USD ($)
Jun. 30, 2026
USD ($)
tranche
transaction
Jun. 30, 2026
USD ($)
tranche
transaction
Jun. 30, 2025
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2019
USD ($)
Debt Instrument [Line Items]                              
Loss on extinguishment       $ 18 $ 1,526           $ 1,545 $ 0      
Debt purchased                     39,396 5,990      
Additional commitment                     51,812 10,943      
Prepayment penalty                     1,153 0      
Debt and finance leases, current       2,525           $ 2,525 2,525     $ 928  
Debt and finance leases, net of current       $ 36,839           $ 36,839 $ 36,839     $ 21,968  
Number of failed sale-leaseback transactions | transaction       3           3 3        
SpaceX Notes | Unsecured Debt                              
Debt Instrument [Line Items]                              
Aggregate principal amount       $ 25,000           $ 25,000 $ 25,000        
Number of tranches | tranche       5           5 5        
Average interest rate       5.855%           5.855% 5.855%        
Effective interest rate       6.03%           6.03% 6.03%        
Redemption price percentage       100.00%                      
Lien threshold percentage of total assets       7.50%           7.50% 7.50%        
SpaceX Notes | Unsecured Debt | Weighted Average                              
Debt Instrument [Line Items]                              
Maturity/ term of debt       11 years 8 months 12 days                      
SpaceX Notes | Unsecured Debt | Minimum                              
Debt Instrument [Line Items]                              
Interest rate       5.35%           5.35% 5.35%        
Redemption period prior to maturity       1 month                      
Redemption price spread percentage       0.20%                      
SpaceX Notes | Unsecured Debt | Maximum                              
Debt Instrument [Line Items]                              
Interest rate       6.65%           6.65% 6.65%        
Redemption period prior to maturity       6 months                      
Redemption price spread percentage       0.30%                      
SpaceX Bridge Loan | Bridge Loan                              
Debt Instrument [Line Items]                              
Aggregate principal amount         $ 20,000                    
Number of extension options | option         2                    
Extension period         3 months                    
Extension fee percentage         0.25%                    
Duration fee percentage on first anniversary         0.125%                    
Duration fee percentage on fifteen-month anniversary         0.25%                    
Repayment period after receiving IPO proceeds         6 months                    
SpaceX Bridge Loan | Bridge Loan | Minimum | Variable Rate Option One                              
Debt Instrument [Line Items]                              
Margin rate         0.75%                    
SpaceX Bridge Loan | Bridge Loan | Minimum | Variable Rate Option Two                              
Debt Instrument [Line Items]                              
Margin rate         0.00%                    
SpaceX Bridge Loan | Bridge Loan | Maximum | Variable Rate Option One                              
Debt Instrument [Line Items]                              
Margin rate         1.75%                    
SpaceX Bridge Loan | Bridge Loan | Maximum | Variable Rate Option Two                              
Debt Instrument [Line Items]                              
Margin rate         0.75%                    
SpaceX Bridge Loan | Bridge Loan | Federal Funds Rate | Variable Rate Option Two                              
Debt Instrument [Line Items]                              
Margin rate adjustment         0.50%                    
SpaceX Bridge Loan | Bridge Loan | Term SOFR | Variable Rate Option Two                              
Debt Instrument [Line Items]                              
Margin rate adjustment         1.00%                    
SpaceX Bridge Loan | Bridge Loan | Stated Margin | Variable Rate Option Two                              
Debt Instrument [Line Items]                              
Margin rate adjustment         1.00%                    
xAI 12.5% Secured Senior Notes                              
Debt Instrument [Line Items]                              
Interest rate                           12.50%  
xAI 12.5% Secured Senior Notes | Secured Debt                              
Debt Instrument [Line Items]                              
Aggregate principal amount           $ 3,000           $ 3,000      
Interest rate           12.50%           12.50%   12.50%  
Prepayment penalty   $ 518                          
Issuance price percentage of principal           100.00%                  
xAI 12.5% Secured Senior Notes | Secured Debt | Debt Instrument, Redemption, Period One                              
Debt Instrument [Line Items]                              
Redemption price percentage           106.25%                  
xAI 12.5% Secured Senior Notes | Secured Debt | Debt Instrument, Redemption, Period Two                              
Debt Instrument [Line Items]                              
Redemption price percentage           103.13%                  
SpaceX Credit Facility | Line of Credit | Revolving Credit Facility                              
Debt Instrument [Line Items]                              
Maturity/ term of debt               5 years              
Maximum borrowing capacity $ 5,000             $ 1,500              
Amounts borrowed                   $ 0 $ 0        
SpaceX Credit Facility | Line of Credit | Letter of Credit                              
Debt Instrument [Line Items]                              
Maximum borrowing capacity $ 2,000                            
SpaceX Credit Facility | Line of Credit | Minimum | Revolving Credit Facility                              
Debt Instrument [Line Items]                              
Unused commitment fee percentage 0.07%                            
SpaceX Credit Facility | Line of Credit | Minimum | Variable Rate Option One | Revolving Credit Facility                              
Debt Instrument [Line Items]                              
Margin rate 0.75%                            
SpaceX Credit Facility | Line of Credit | Minimum | Variable Rate Option Two | Revolving Credit Facility                              
Debt Instrument [Line Items]                              
Margin rate 0.00%                            
SpaceX Credit Facility | Line of Credit | Maximum | Revolving Credit Facility                              
Debt Instrument [Line Items]                              
Unused commitment fee percentage 0.11%                            
SpaceX Credit Facility | Line of Credit | Maximum | Variable Rate Option One | Revolving Credit Facility                              
Debt Instrument [Line Items]                              
Margin rate 1.25%                            
SpaceX Credit Facility | Line of Credit | Maximum | Variable Rate Option Two | Revolving Credit Facility                              
Debt Instrument [Line Items]                              
Margin rate 0.25%                            
SpaceX Credit Facility | Line of Credit | Federal Funds Rate | Variable Rate Option Two | Revolving Credit Facility                              
Debt Instrument [Line Items]                              
Margin rate adjustment 0.50%                            
SpaceX Credit Facility | Line of Credit | Term SOFR | Variable Rate Option Two | Revolving Credit Facility                              
Debt Instrument [Line Items]                              
Margin rate adjustment 1.00%                            
SpaceX Credit Facility | Line of Credit | Stated Margin | Variable Rate Option Two | Revolving Credit Facility                              
Debt Instrument [Line Items]                              
Margin rate adjustment 1.00%                            
X 2027 Notes | Senior Notes                              
Debt Instrument [Line Items]                              
Aggregate principal amount                             $ 700
Interest rate                             3.875%
Redemption price percentage                 100.00%            
Debt purchased                 $ 675            
X 2030 Notes | Senior Notes                              
Debt Instrument [Line Items]                              
Aggregate principal amount                         $ 1,000    
Interest rate                         5.00%    
Redemption price percentage                 100.00%            
Debt purchased                 $ 998            
X First Lien Senior Credit Facilities, X B-1 Term Loan | Line of Credit                              
Debt Instrument [Line Items]                              
Aggregate principal amount                         $ 6,705    
Margin rate                         6.50%    
Mandatory repayment percentage                         0.25%    
X First Lien Senior Credit Facilities | Line of Credit                              
Debt Instrument [Line Items]                              
Prepayment penalty     $ 425                        
X First Lien Senior Credit Facilities | Line of Credit | Revolving Credit Facility                              
Debt Instrument [Line Items]                              
Margin rate                         4.50%    
Maximum borrowing capacity               0         $ 500    
Unused commitment fee percentage                         0.50%    
X First Lien Senior Credit Facilities | Line of Credit | Letter of Credit                              
Debt Instrument [Line Items]                              
Maximum borrowing capacity                         $ 100    
X First Lien Senior Credit Facilities, X B-3 Term Loan | Line of Credit                              
Debt Instrument [Line Items]                              
Aggregate principal amount               $ 4,741              
Interest rate               9.50%              
Fee amount               $ 51              
Additional commitment             $ 1,225                
Loan borrowings             $ 5,966                
X First Lien Senior Credit Facilities, X B-3 Term Loan | Line of Credit | Debt Instrument, Redemption, Period One                              
Debt Instrument [Line Items]                              
Redemption price percentage               107.13%              
X First Lien Senior Credit Facilities, X B-3 Term Loan | Line of Credit | Debt Instrument, Redemption, Period Two                              
Debt Instrument [Line Items]                              
Redemption price percentage               104.75%              
X First Lien Senior Credit Facilities, X B-3 Term Loan | Line of Credit | Debt Instrument, Redemption, Period Three                              
Debt Instrument [Line Items]                              
Redemption price percentage               102.38%              
xAI Fixed Rate and Floating Rate Term Loans | Line of Credit                              
Debt Instrument [Line Items]                              
Maximum borrowing capacity           $ 2,000           $ 2,000      
Prepayment penalty     $ 221                        
xAI Fixed Rate Term Loan | Line of Credit                              
Debt Instrument [Line Items]                              
Aggregate principal amount           $ 1,000           $ 1,000      
Interest rate           12.50%           12.50%      
xAI Fixed Rate Term Loan | Line of Credit | Debt Instrument, Redemption, Period One                              
Debt Instrument [Line Items]                              
Redemption price percentage           103.00%                  
xAI Fixed Rate Term Loan | Line of Credit | Debt Instrument, Redemption, Period Two                              
Debt Instrument [Line Items]                              
Redemption price percentage           101.00%                  
xAI Floating Rate Term Loan | Line of Credit                              
Debt Instrument [Line Items]                              
Aggregate principal amount           $ 1,000           $ 1,000      
xAI Floating Rate Term Loan | Line of Credit | Debt Instrument, Redemption, Period One                              
Debt Instrument [Line Items]                              
Redemption price percentage           103.00%                  
xAI Floating Rate Term Loan | Line of Credit | Debt Instrument, Redemption, Period Two                              
Debt Instrument [Line Items]                              
Redemption price percentage           101.00%                  
xAI Floating Rate Term Loan | Line of Credit | Term SOFR                              
Debt Instrument [Line Items]                              
Margin rate           7.25%                  
xAI Floating Rate Term Loan | Line of Credit | Alternate Base Rate                              
Debt Instrument [Line Items]                              
Margin rate           6.25%                  
xAI Revolving Line of Credit | Line of Credit | Revolving Credit Facility                              
Debt Instrument [Line Items]                              
Margin rate         0.40%                    
Maximum borrowing capacity         $ 250                    
Amounts borrowed                   $ 0 $ 0        
Other Financings                              
Debt Instrument [Line Items]                              
Average interest rate       5.90%           5.90% 5.90%     5.50%  
Failed Sale-Leaseback Transactions                              
Debt Instrument [Line Items]                              
Debt and finance leases, current       $ 2,039           $ 2,039 $ 2,039        
Debt and finance leases, net of current       $ 11,290           $ 11,290 $ 11,290        
v3.26.1
Debt - Schedule of Future Principal Maturities of Debt (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Debt Disclosure [Abstract]    
2026 (remaining six months) $ 944  
2027 2,402  
2028 2,867  
2029 3,422  
2030 3,597  
Thereafter 25,201  
Total debt, principal $ 38,433 $ 22,049
v3.26.1
Debt - Schedule of Carrying Amounts and Fair Values of Long-Term Fixed-Rate Debt (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
SpaceX Notes | Carrying Amount | Level II    
Debt Instrument [Line Items]    
Long-term debt $ 24,852 $ 0
SpaceX Notes | Fair Value | Level II    
Debt Instrument [Line Items]    
Long-term debt 24,697 0
X B-3 Term Loan | Carrying Amount | Level II    
Debt Instrument [Line Items]    
Long-term debt 0 5,912
X B-3 Term Loan | Fair Value | Level II    
Debt Instrument [Line Items]    
Long-term debt 0 6,190
xAI Fixed Rate Term Loan | Carrying Amount | Level II    
Debt Instrument [Line Items]    
Long-term debt 0 991
xAI Fixed Rate Term Loan | Fair Value | Level II    
Debt Instrument [Line Items]    
Long-term debt 0 $ 1,057
xAI 12.5% Secured Senior Notes    
Debt Instrument [Line Items]    
Interest rate   12.50%
xAI 12.5% Secured Senior Notes | Carrying Amount | Level II    
Debt Instrument [Line Items]    
Long-term debt 0 $ 2,988
xAI 12.5% Secured Senior Notes | Fair Value | Level II    
Debt Instrument [Line Items]    
Long-term debt $ 0 $ 3,173
v3.26.1
Leases (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Operating lease expense:        
Operating lease expense $ 126 $ 134 $ 233 $ 254
Short-term lease cost 147 46 260 75
Variable lease cost 24 23 55 46
Total operating lease expense 297 203 548 375
Finance lease expense:        
Amortization of leased assets 79 85 158 169
Interest on lease liabilities 64 82 132 167
Total finance lease expense 143 167 290 336
Total lease expense $ 440 $ 370 $ 838 $ 711
v3.26.1
Balance Sheet Components (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Prepaid expenses and other current assets    
Tax related assets $ 561 $ 618
Unbilled receivables 192 223
Rebates and credits 178 597
Restricted cash and deposits 210 182
Other current assets 583 590
Prepaid expenses and other current assets 1,724 2,210
Accrued expenses and other current liabilities    
Tax related liabilities 529 563
Payroll & employee benefit accruals 452 322
Operating lease liabilities, current 344 422
Restructuring liabilities 177 339
Accrued interest 20 416
Other current liabilities 855 507
Accrued expenses and other current liabilities $ 2,377 $ 2,569
v3.26.1
Redeemable Convertible Preferred Stock and Shareholders’ Equity - Narrative (Details)
$ / shares in Units, shares in Millions, $ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
May 31, 2026
Jun. 30, 2026
USD ($)
class
vote
$ / shares
shares
Jun. 30, 2025
USD ($)
shares
Jun. 30, 2026
USD ($)
class
vote
$ / shares
shares
Jun. 30, 2025
USD ($)
shares
Dec. 31, 2025
$ / shares
Class of Stock [Line Items]            
Number of classes of common stock | class   3   3    
Number of classes of preferred stock | class   1   1    
Common stock authorized (in shares)   52,257.0   52,257.0    
Preferred stock authorized (in shares)   2,400.0   2,400.0    
Stock split conversion ratio 5          
Preferred stock, par value (in USD per share) | $ / shares   $ 0.001   $ 0.001   $ 0.001
Common stock and redeemable convertible preferred stock repurchased | $   $ 80   $ 2,013    
Common stock repurchased (in shares)   10.5 0.3   28.2  
Redeemable convertible preferred stock repurchased (in shares)   0.0   2.1    
Common stock repurchased | $   $ 80 $ 12   $ 520  
Share Repurchases from Existing Shareholders            
Class of Stock [Line Items]            
Common stock repurchased (in shares)       41.0    
Common stock repurchased | $       $ 1,944    
Share Repurchases from Current and Former xAI Employees            
Class of Stock [Line Items]            
Common stock repurchased (in shares)       25.0    
Common stock repurchased | $       $ 2,413    
Class A Common Stock            
Class of Stock [Line Items]            
Common stock authorized (in shares)   36,132.0   36,132.0    
Common stock, par value (in USD per share) | $ / shares   $ 0.001   $ 0.001   0.001
Number of votes per share of common stock held | vote   1   1    
Class B Common Stock            
Class of Stock [Line Items]            
Common stock authorized (in shares)   6,125.0   6,125.0    
Common stock, par value (in USD per share) | $ / shares   $ 0.001   $ 0.001   0.001
Common stock conversion ratio   1   1    
Number of votes per share of common stock held | vote   10   10    
Class C Common Stock            
Class of Stock [Line Items]            
Common stock authorized (in shares)   10,000.0   10,000.0    
Common stock, par value (in USD per share) | $ / shares   $ 0.001   $ 0.001   $ 0.001
v3.26.1
Redeemable Convertible Preferred Stock and Shareholders’ Equity - Schedule of Redeemable Convertible Preferred Stock (Details) - shares
Jun. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares) 0 135,000,000 2,046,000,000 1,893,000,000 1,748,000,000 1,748,000,000
Redeemable convertible preferred stock issued (in shares) 0   2,351,000,000      
SpaceX Redeemable Convertible Preferred Stock            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     134,700,000      
Series A            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     60,400,000      
Series A-1            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     200,000      
Series B            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     5,100,000      
Series B-1            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     100,000      
Series C            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     9,700,000      
Series D            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     5,200,000      
Series E            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     10,200,000      
Series F            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     6,700,000      
Series G            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     12,600,000      
Series H            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     3,200,000      
Series I            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     3,000,000.0      
Series J            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     2,500,000      
Series K            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     2,500,000      
Series L            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     1,400,000      
Series M            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     2,700,000      
Series N            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     9,300,000      
xAI Redeemable Convertible Preferred Stock            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     1,911,300,000      
Series A            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     750,000,000.0      
Redeemable convertible preferred stock issued (in shares)     1,000,000,000      
Series A-1            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     0      
Series B            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     584,900,000      
Series C            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     277,100,000      
Series D            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     120,100,000      
Redeemable convertible preferred stock issued (in shares)     175,000,000.0      
Series E            
Temporary Equity [Line Items]            
Redeemable convertible preferred stock outstanding (in shares)     179,200,000      
v3.26.1
Redeemable Convertible Preferred Stock and Shareholders’ Equity - Schedule of Common Stock Activity (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Common Stock        
Balance, beginning of period $ 34,533 $ 5,319 $ 2,573 $ 4,863
Common stock issued, net   $ (124)   807
Conversion of stock $ 7,049     $ 1
Repurchase of common stock (in shares) (10.5) (0.3)   (28.2)
Repurchase of common stock $ (80) $ (12)   $ (520)
Transfer of equity in business combination       39
Balance, end of period 127,224 $ 5,217 $ 127,224 $ 5,217
Share Repurchases from Current and Former xAI Employees        
Common Stock        
Repurchase of common stock (in shares)     (25.0)  
Repurchase of common stock     $ (2,413)  
Share Repurchases from Existing Shareholders        
Common Stock        
Repurchase of common stock (in shares)     (41.0)  
Repurchase of common stock     $ (1,944)  
Conversion of redeemable convertible preferred stock pursuant to xAI Merger        
Common Stock        
Conversion of stock     37,475  
Conversion of redeemable convertible preferred stock to common stock        
Common Stock        
Conversion of stock     7,076  
IPO        
Common Stock        
Common stock issued, net 85,675   85,675  
Issuances Excluding IPO        
Common Stock        
Common stock issued, net $ (253)   $ 2,208  
Class A Common Stock        
Common Stock        
Balances, beginning of period (in shares)     1,952.0  
Balances, end of period (in shares) 7,607.0   7,607.0  
Class B Common Stock        
Common Stock        
Balances, beginning of period (in shares)     644.0  
Balances, end of period (in shares) 5,569.0   5,569.0  
Class C Common Stock        
Common Stock        
Balances, beginning of period (in shares)     482.0  
Balances, end of period (in shares) 0.0   0.0  
Common Stock        
Common Stock        
Balances, beginning of period (in shares) 5,798.0 3,024.0 3,079.0 3,023.0
Balance, beginning of period $ 6 $ 3 $ 4 $ 3
Common stock issued, net (in shares)   25.0   51.0
Common stock issued, net   $ 1   $ 1
Conversion of stock (in shares) 6,723.0     2.0
Conversion of stock $ 6     $ 0
Repurchase of common stock (in shares) (10.0) (1.0)   (29.0)
Repurchase of common stock       $ 0
Transfer of equity in business combination (in shares)       1.0
Transfer of equity in business combination       $ 0
Balances, end of period (in shares) 13,176.0 3,048.0 13,176.0 3,048.0
Balance, end of period $ 13 $ 4 $ 13 $ 4
Common Stock | Share Repurchases from Current and Former xAI Employees        
Common Stock        
Repurchase of common stock (in shares)     (25.0)  
Common Stock | Share Repurchases from Existing Shareholders        
Common Stock        
Repurchase of common stock (in shares)     (41.0)  
Common Stock | Conversion of redeemable convertible preferred stock pursuant to xAI Merger        
Common Stock        
Conversion of stock (in shares)     1,424.0  
Conversion of stock     $ 1  
Common Stock | Conversion of redeemable convertible preferred stock to common stock        
Common Stock        
Conversion of stock (in shares)     6,728.0  
Conversion of stock     $ 6  
Common Stock | IPO        
Common Stock        
Common stock issued, net (in shares) 639.0   639.0  
Common stock issued, net $ 1   $ 1  
Common Stock | Issuances Excluding IPO        
Common Stock        
Common stock issued, net (in shares) 26.0   1,372.0  
Common stock issued, net     $ 1  
Common Stock | Class A Common Stock        
Common Stock        
Balances, beginning of period (in shares) 2,884.0 1,862.0 1,952.0 1,832.0
Balance, beginning of period $ 3 $ 2 $ 3 $ 2
Common stock issued, net (in shares)   3.0   21.0
Common stock issued, net   $ 1   $ 1
Conversion of stock (in shares)   2.0    
Conversion of stock   $ 0    
Repurchase of common stock (in shares) (1.0) 0.0   (14.0)
Repurchase of common stock $ 0 $ 0   $ 0
Transfer of equity in business combination (in shares)       1.0
Transfer of equity in business combination       $ 0
Balances, end of period (in shares) 7,607.0 1,867.0 7,607.0 1,867.0
Balance, end of period $ 7 $ 3 $ 7 $ 3
Common Stock | Class A Common Stock | Share Repurchases from Current and Former xAI Employees        
Common Stock        
Repurchase of common stock (in shares)     (3.0)  
Repurchase of common stock     $ 0  
Common Stock | Class A Common Stock | Share Repurchases from Existing Shareholders        
Common Stock        
Repurchase of common stock (in shares)     (10.0)  
Repurchase of common stock     $ 0  
Common Stock | Class A Common Stock | Conversion of redeemable convertible preferred stock pursuant to xAI Merger        
Common Stock        
Conversion of stock (in shares)     886.0  
Conversion of stock     $ 0  
Common Stock | Class A Common Stock | Conversion of redeemable convertible preferred stock to common stock        
Common Stock        
Conversion of stock (in shares) 3,448.0   3,453.0 1.0
Conversion of stock $ 3   $ 3 $ 0
Common Stock | Class A Common Stock | Conversion between classes of common stock        
Common Stock        
Conversion of stock (in shares) 612.0   637.0 26.0
Conversion of stock $ 0   $ 0 $ 0
Common Stock | Class A Common Stock | IPO        
Common Stock        
Common stock issued, net (in shares) 639.0   639.0  
Common stock issued, net $ 1   $ 1  
Common Stock | Class A Common Stock | Issuances Excluding IPO        
Common Stock        
Common stock issued, net (in shares) 25.0   53.0  
Common stock issued, net $ 0   $ 0  
Common Stock | Class B Common Stock        
Common Stock        
Balances, beginning of period (in shares) 2,418.0 731.0 643.0 768.0
Balance, beginning of period $ 3 $ 1 $ 1 $ 1
Common stock issued, net (in shares)   0.0   1.0
Common stock issued, net   $ 0   $ 0
Conversion of stock (in shares)   (2.0)    
Conversion of stock   $ 0    
Repurchase of common stock (in shares) (9.0) (1.0)   (15.0)
Repurchase of common stock $ 0 $ 0   $ 0
Transfer of equity in business combination (in shares)       0.0
Transfer of equity in business combination       $ 0
Balances, end of period (in shares) 5,569.0 728.0 5,569.0 728.0
Balance, end of period $ 6 $ 1 $ 6 $ 1
Common Stock | Class B Common Stock | Share Repurchases from Current and Former xAI Employees        
Common Stock        
Repurchase of common stock (in shares)     (20.0)  
Repurchase of common stock     $ 0  
Common Stock | Class B Common Stock | Share Repurchases from Existing Shareholders        
Common Stock        
Repurchase of common stock (in shares)     (31.0)  
Repurchase of common stock     $ 0  
Common Stock | Class B Common Stock | Conversion of redeemable convertible preferred stock pursuant to xAI Merger        
Common Stock        
Conversion of stock (in shares)     537.0  
Conversion of stock     $ 1  
Common Stock | Class B Common Stock | Conversion of redeemable convertible preferred stock to common stock        
Common Stock        
Conversion of stock (in shares) 3,274.0   3,274.0 0.0
Conversion of stock $ 3   $ 3 $ 0
Common Stock | Class B Common Stock | Conversion between classes of common stock        
Common Stock        
Conversion of stock (in shares) (115.0)   (140.0) (26.0)
Conversion of stock $ 0   $ 0 $ 0
Common Stock | Class B Common Stock | IPO        
Common Stock        
Common stock issued, net (in shares) 0.0   0.0  
Common stock issued, net $ 0   $ 0  
Common Stock | Class B Common Stock | Issuances Excluding IPO        
Common Stock        
Common stock issued, net (in shares) 1.0   1,306.0  
Common stock issued, net $ 0   $ 1  
Common Stock | Class C Common Stock        
Common Stock        
Balances, beginning of period (in shares) 497.0 431.0 484.0 423.0
Balance, beginning of period $ 0 $ 0 $ 0 $ 0
Common stock issued, net (in shares)   22.0   29.0
Common stock issued, net   $ 0   $ 0
Conversion of stock (in shares)   0.0    
Conversion of stock   $ 0    
Repurchase of common stock (in shares) 0.0 0.0   0.0
Repurchase of common stock $ 0 $ 0   $ 0
Transfer of equity in business combination (in shares)       0.0
Transfer of equity in business combination       $ 0
Balances, end of period (in shares) 0.0 453.0 0.0 453.0
Balance, end of period $ 0 $ 0 $ 0 $ 0
Common Stock | Class C Common Stock | Share Repurchases from Current and Former xAI Employees        
Common Stock        
Repurchase of common stock (in shares)     0.0  
Repurchase of common stock     $ 0  
Common Stock | Class C Common Stock | Share Repurchases from Existing Shareholders        
Common Stock        
Repurchase of common stock (in shares)     0.0  
Repurchase of common stock     $ 0  
Common Stock | Class C Common Stock | Conversion of redeemable convertible preferred stock pursuant to xAI Merger        
Common Stock        
Conversion of stock (in shares)     0.0  
Conversion of stock     $ 0  
Common Stock | Class C Common Stock | Conversion of redeemable convertible preferred stock to common stock        
Common Stock        
Conversion of stock (in shares) 0.0   0.0 1.0
Conversion of stock $ 0   $ 0 $ 0
Common Stock | Class C Common Stock | Conversion between classes of common stock        
Common Stock        
Conversion of stock (in shares) (497.0)   (497.0) 0.0
Conversion of stock $ 0   $ 0 $ 0
Common Stock | Class C Common Stock | IPO        
Common Stock        
Common stock issued, net (in shares) 0.0   0.0  
Common stock issued, net $ 0   $ 0  
Common Stock | Class C Common Stock | Issuances Excluding IPO        
Common Stock        
Common stock issued, net (in shares) 0.0   13.0  
Common stock issued, net $ 0   $ 0  
Common Stock | Class D Common Stock        
Common Stock        
Balances, beginning of period (in shares) 0.0 0.0 0.0 0.0
Balance, beginning of period $ 0 $ 0 $ 0 $ 0
Common stock issued, net (in shares)   0.0   0.0
Common stock issued, net   $ 0   $ 0
Conversion of stock (in shares)   0.0    
Conversion of stock   $ 0    
Repurchase of common stock (in shares) 0.0 0.0   0.0
Repurchase of common stock $ 0 $ 0   $ 0
Transfer of equity in business combination (in shares)       0.0
Transfer of equity in business combination       $ 0
Balances, end of period (in shares) 0.0 0.0 0.0 0.0
Balance, end of period $ 0 $ 0 $ 0 $ 0
Common Stock | Class D Common Stock | Share Repurchases from Current and Former xAI Employees        
Common Stock        
Repurchase of common stock (in shares)     0.0  
Repurchase of common stock     $ 0  
Common Stock | Class D Common Stock | Share Repurchases from Existing Shareholders        
Common Stock        
Repurchase of common stock (in shares)     0.0  
Repurchase of common stock     $ 0  
Common Stock | Class D Common Stock | Conversion of redeemable convertible preferred stock pursuant to xAI Merger        
Common Stock        
Conversion of stock (in shares)     0.0  
Conversion of stock     $ 0  
Common Stock | Class D Common Stock | Conversion of redeemable convertible preferred stock to common stock        
Common Stock        
Conversion of stock (in shares) 0.0   0.0 0.0
Conversion of stock $ 0   $ 0 $ 0
Common Stock | Class D Common Stock | Conversion between classes of common stock        
Common Stock        
Conversion of stock (in shares) 0.0   0.0 0.0
Conversion of stock $ 0   $ 0 $ 0
Common Stock | Class D Common Stock | IPO        
Common Stock        
Common stock issued, net (in shares) 0.0   0.0  
Common stock issued, net $ 0   $ 0  
Common Stock | Class D Common Stock | Issuances Excluding IPO        
Common Stock        
Common stock issued, net (in shares) 0.0   0.0  
Common stock issued, net $ 0   $ 0  
v3.26.1
Redeemable Convertible Preferred Stock and Shareholders’ Equity - Schedule of Common Stock Reserved (Details)
shares in Millions
Jun. 30, 2026
shares
Class A  
Class of Stock [Line Items]  
Common Stock reserved (in shares) 6,135
Class A | Class B Common Stock  
Class of Stock [Line Items]  
Common Stock reserved (in shares) 5,569
Class A | Employee Stock Option  
Class of Stock [Line Items]  
Common Stock reserved (in shares) 120
Class A | Restricted Stock Units (RSUs)  
Class of Stock [Line Items]  
Common Stock reserved (in shares) 122
Class A | Share-based compensation  
Class of Stock [Line Items]  
Common Stock reserved (in shares) 324
Class B Common Stock  
Class of Stock [Line Items]  
Common Stock reserved (in shares) 352
Class B Common Stock | Employee Stock Option  
Class of Stock [Line Items]  
Common Stock reserved (in shares) 352
Class B Common Stock | Restricted Stock Units (RSUs)  
Class of Stock [Line Items]  
Common Stock reserved (in shares) 0
Class B Common Stock | Share-based compensation  
Class of Stock [Line Items]  
Common Stock reserved (in shares) 0
Class C  
Class of Stock [Line Items]  
Common Stock reserved (in shares) 0
Class C | Employee Stock Option  
Class of Stock [Line Items]  
Common Stock reserved (in shares) 0
Class C | Restricted Stock Units (RSUs)  
Class of Stock [Line Items]  
Common Stock reserved (in shares) 0
Class C | Share-based compensation  
Class of Stock [Line Items]  
Common Stock reserved (in shares) 0
v3.26.1
Earnings per Share - Schedule of Basic and Diluted Net Loss per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Numerator:        
Net loss $ (541) $ (1,008) $ (4,817) $ (1,536)
Less: Deemed dividend 0 0 671 0
Net loss attributable to shareholders - basic (541) (1,008) (5,488) (1,536)
Net loss attributable to shareholders - diluted $ (541) $ (1,008) $ (5,488) $ (1,536)
Denominator:        
Weighted average shares of common stock outstanding - basic (in shares) 5,864 2,929 4,879 2,902
Weighted average shares of common stock outstanding - diluted (in shares) 5,864 2,929 4,879 2,902
Net loss per share attributable to common shareholders        
Basic (in USD per share) $ (0.09) $ (0.34) $ (1.12) $ (0.53)
Diluted (in USD per share) $ (0.09) $ (0.34) $ (1.12) $ (0.53)
v3.26.1
Earnings per Share - Schedule of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares
shares in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
xAI Redeemable Convertible Preferred Stock    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Potentially dilutive securities excluded from the calculation (in shares) 0 1,220
SpaceX Redeemable Convertible Preferred Stock    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Potentially dilutive securities excluded from the calculation (in shares) 0 6,760
Share-based compensation    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Potentially dilutive securities excluded from the calculation (in shares) 564 669
v3.26.1
Earnings per Share - Narrative (Details) - shares
shares in Millions
Jun. 30, 2026
Jun. 30, 2025
Performance and Market-Based Awards    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Outstanding awards (in shares) 1,331.0 13.5
v3.26.1
Share-Based Compensation - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]        
Share-based compensation expense capitalized $ 50 $ 46 $ 110 $ 77
v3.26.1
Share-Based Compensation - Schedule of Share-Based Compensation Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share-based compensation expense $ 831 $ 463 $ 1,470 $ 694
Location, Statement of Income, Balance [Axis]: us-gaap:CostOfRevenue        
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share-based compensation expense 117 65 193 104
Location, Statement of Income, Balance [Axis]: us-gaap:ResearchAndDevelopmentExpense        
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share-based compensation expense 369 193 731 268
Location, Statement of Income, Balance [Axis]: us-gaap:SellingGeneralAndAdministrativeExpense        
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share-based compensation expense $ 345 $ 205 $ 546 $ 322
v3.26.1
Income Taxes (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Income Tax Disclosure [Abstract]        
Effective tax rate (4.40%) (15.90%) (0.60%) (11.00%)
v3.26.1
Commitment and Contingencies - Schedule of Non-cancelable Contractual Commitments (Details)
$ in Millions
Jun. 30, 2026
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2026 (remaining six months) $ 2,728
2027 22,244
2028 2,172
2029 809
2030 2
Thereafter 0
Total $ 27,955
v3.26.1
Commitment and Contingencies - Letters of Credit and Surety Bonds (Details)
$ in Millions
Jun. 30, 2026
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Letters of credit outstanding $ 645
Surety Bond  
Loss Contingencies [Line Items]  
Loss contingency estimate $ 465
v3.26.1
Commitment and Contingencies - Legal Proceedings (Details)
plaintiff in Millions, $ in Millions
 1 Months Ended 2 Months Ended
Apr. 16, 2025
USD ($)
patent
Nov. 30, 2025
USD ($)
Aug. 31, 2024
EUR (€)
plaintiff
Sep. 30, 2023
EUR (€)
plaintiff
Mar. 31, 2016
patent
Mar. 16, 2026
claim
Jun. 30, 2026
USD ($)
Dec. 05, 2025
EUR (€)
Loss Contingencies [Line Items]                
Accrual for estimated litigation losses | $             $ 354  
Youtoo Technologies                
Loss Contingencies [Line Items]                
Number of patents allegedly infringed | patent         3      
Vidstream LLC                
Loss Contingencies [Line Items]                
Number of patents found infringed | patent 1              
Damages awarded | $ $ 105 $ 67            
Stichting Data Bescherming Nederland Class Action                
Loss Contingencies [Line Items]                
Number of plaintiffs | plaintiff       11.0        
Stichting Data Bescherming Nederland Class Action | Minimum                
Loss Contingencies [Line Items]                
Damages sought per person       € 250        
Stichting Data Bescherming Nederland Class Action | Maximum                
Loss Contingencies [Line Items]                
Damages sought per person       € 2,500        
Stichting Onderzoek Marktinformatie Collective Action                
Loss Contingencies [Line Items]                
Number of plaintiffs | plaintiff     7.8          
Symbolic damages sought per person     € 1          
Jane Doe v. X.AI Corp. and X.AI LLC and Jane Doe 1 et al. v. X.AI Corp. and X.AI LLC                
Loss Contingencies [Line Items]                
Number of new claims filed | claim           2    
European Commission Fine                
Loss Contingencies [Line Items]                
Fee imposed               € 120,000,000
v3.26.1
Related Party Transactions (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Related Party Transaction [Line Items]          
Property, plant, and equipment $ 83,071   $ 83,071   $ 55,303
Debt and finance leases, current 2,525   2,525   928
Debt and finance leases, net of current 36,839   36,839   21,968
Interest expense 629 $ 411 1,293 $ 858  
Affiliated Entity          
Related Party Transaction [Line Items]          
Property plant, and equipment purchased 295   329    
Debt and finance leases, current 2,039   2,039   455
Debt and finance leases, net of current 11,290   11,290   4,052
Interest expense $ 327   $ 513    
Affiliated Entity | Megapack Products          
Related Party Transaction [Line Items]          
Property, plant, and equipment         506
Affiliated Entity | Vehicles          
Related Party Transaction [Line Items]          
Property, plant, and equipment         $ 131
v3.26.1
Segments (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2026
USD ($)
segment
Jun. 30, 2025
USD ($)
Segment Reporting [Abstract]        
Number of operating segments | segment     3  
Number of reportable segments | segment     3  
Segment Reporting [Line Items]        
Revenue $ 7,814 $ 4,071 $ 12,508 $ 8,138
Costs and expenses        
Cost of revenue 3,495 2,282 5,883 4,244
Research and development 3,548 1,958 7,062 3,515
Selling, general, and administrative 912 606 1,658 1,099
Restructuring charges (credits) 2 190 (9) 194
Impairment 0 5 0 29
Total costs and expenses 7,957 5,041 14,594 9,081
Loss from operations (143) (970) (2,086) (943)
Interest expense (629) (411) (1,293) (858)
Interest income 340 98 553 215
Other income (expense), net (86) 413 (1,962) 202
Loss before income taxes (518) (870) (4,788) (1,384)
Supplemental segment information        
Depreciation and amortization     5,290 2,970
Share-based compensation     1,470 694
Impairment charges 0 5 0 29
Space        
Segment Reporting [Line Items]        
Revenue 962 746 1,581 1,611
Connectivity        
Segment Reporting [Line Items]        
Revenue 4,291 2,588 7,548 5,062
AI        
Segment Reporting [Line Items]        
Revenue 2,561 737 3,379 1,465
Operating Segments        
Segment Reporting [Line Items]        
Revenue 7,814 4,071 12,508 8,138
Costs and expenses        
Cost of revenue 3,495 2,282 5,883 4,244
Research and development 3,548 1,958 7,062 3,515
Selling, general, and administrative 912 606 1,658 1,099
Restructuring charges (credits) 2 190 (9) 194
Impairment   5   29
Total costs and expenses 7,957 5,041 14,594 9,081
Loss from operations (143) (970) (2,086) (943)
Interest expense (629) (411) (1,293) (858)
Interest income 340 98 553 215
Other income (expense), net (86) 413 (1,962) 202
Loss before income taxes (518) (870) (4,788) (1,384)
Supplemental segment information        
Depreciation and amortization 2,848 1,526 5,290 2,970
Share-based compensation 831 463 1,470 694
Impairment charges   5   29
Capital expenditures 18,369 2,825 28,476 6,965
Operating Segments | Space        
Segment Reporting [Line Items]        
Revenue 962 746 1,581 1,611
Costs and expenses        
Cost of revenue 329 330 610 627
Research and development 1,076 693 2,006 1,219
Selling, general, and administrative 99 87 169 175
Restructuring charges (credits) 0 0 0 0
Impairment   5   29
Total costs and expenses 1,504 1,115 2,785 2,050
Loss from operations (542) (369) (1,204) (439)
Supplemental segment information        
Depreciation and amortization 158 146 324 308
Share-based compensation 179 125 324 233
Impairment charges   5   29
Capital expenditures 1,174 946 2,226 1,705
Operating Segments | Connectivity        
Segment Reporting [Line Items]        
Revenue 4,291 2,588 7,548 5,062
Costs and expenses        
Cost of revenue 2,060 1,401 3,711 2,615
Research and development 294 143 499 266
Selling, general, and administrative 281 121 494 225
Restructuring charges (credits) 0 0 0 0
Impairment   0   0
Total costs and expenses 2,635 1,665 4,704 3,106
Loss from operations 1,656 923 2,844 1,956
Supplemental segment information        
Depreciation and amortization 805 569 1,588 1,078
Share-based compensation 136 91 252 166
Impairment charges   0   0
Capital expenditures 1,367 1,130 2,699 1,944
Operating Segments | AI        
Segment Reporting [Line Items]        
Revenue 2,561 737 3,379 1,465
Costs and expenses        
Cost of revenue 1,106 551 1,562 1,002
Research and development 2,178 1,122 4,557 2,030
Selling, general, and administrative 532 398 995 699
Restructuring charges (credits) 2 190 (9) 194
Impairment   0   0
Total costs and expenses 3,818 2,261 7,105 3,925
Loss from operations (1,257) (1,524) (3,726) (2,460)
Supplemental segment information        
Depreciation and amortization 1,885 811 3,378 1,584
Share-based compensation 516 247 894 295
Impairment charges   0   0
Capital expenditures $ 15,828 $ 749 $ 23,551 $ 3,316
v3.26.1
Restructuring - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Restructuring and Related Activities [Abstract]        
Restructuring charges (credits) $ 2 $ 190 $ (9) $ 194
v3.26.1
Restructuring - Schedule of Changes in the Restructuring Liabilities (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2026
USD ($)
Restructuring Reserve [Roll Forward]  
Beginning balance $ 443
Severance and other personnel costs (9)
Cash payments (168)
Other adjustments 2
Ending balance $ 268
v3.26.1
Acquisitions (Details)
shares in Millions
 1 Months Ended
May 31, 2026
USD ($)
shares
Apr. 30, 2026
USD ($)
day
Jun. 30, 2026
USD ($)
Dec. 31, 2025
USD ($)
Business Combination [Line Items]        
Equity instrument without readily determinable fair value     $ 237,000,000 $ 157,000,000
Anysphere, Inc.        
Business Combination [Line Items]        
Implied equity value of acquiree   $ 60,000,000,000    
Common stock weighted-average closing price, threshold consecutive trading days | day   7    
Mesh Optical Technologies Corporation        
Business Combination [Line Items]        
Shares issuable as consideration (in shares) | shares 3.8      
Maximum cash consideration per share holder $ 2,500,000      
Call Option        
Business Combination [Line Items]        
Equity investments without readily determinable fair value exercise period   30 days    
Equity investments without readily determinable fair value exercise period, threshold trading days | day   7    
Equity instrument without readily determinable fair value   $ 0