# SpaceX's first quarterly report: $28bn of non-cancelable commitments, $22bn of it in 2027

![SpaceX's first quarterly report: $28bn of non-cancelable commitments, $22bn of it in 2027](https://aiswingx.com/static/covers/spcx-2026q2_cover.jpg?v=1790107415)

**The first 10-Q since June's listing. The commitments table puts $22,244m of the $27,955m total in 2027 alone, and the company describes it as AI infrastructure and third-party cloud capacity. Capital spending in the quarter was $28,480m against $3,470m of operating cash flow**

Space Exploration Technologies (SPCX) filed its Q2 2026 quarterly report (10-Q) on August 4, the first since it listed in June. The non-cancelable commitments table in Note 16 totals $27,955m, of which $22,244m falls in 2027 alone. The company says these commitments relate primarily to its investments in AI infrastructure and third-party cloud capacity.

- 종목: SPCX (Space Exploration Technologies)
- 분기: 2026Q2 · 10-Q
- 작성: 2026-09-22 20:03 UTC · 업데이트: 2026-09-22 21:30 UTC
- 원문: https://aiswingx.com/p/spcx-2026q2

## 숫자 하나
Non-cancelable commitments of $27,955m, with $22,244m falling in 2027 alone. Q2 capital spending $28,480m against $3,470m of operating cash flow. June IPO net proceeds $85,675m.

## 비유 하나
(구독자 전용)

## 출처 하나
Space Exploration Technologies Form 10-Q (Q2 2026, filed 2026-08-04), Note 16 commitments and contingencies (non-cancelable commitments table), Note 1 (segments, IPO), Note 3 (remaining performance obligations, customer concentration), Note 17 (related parties), balance sheet and cash-flow statement

## 다음 분기에 볼 것
(구독자 전용)

---

## What happened

Space Exploration Technologies (SPCX) is known for reusable rockets, but in its 10-Q it reports itself in **three segments**: Space (launch), Connectivity (the Starlink satellite network) and **AI** — the Grok model, X, and AI computational infrastructure.

The Q2 2026 quarterly report, filed on August 4, is the **first since the June listing**. The company sold 638.9 million Class A shares at $135.00 in June, for **$85,675m** net of $575m of commissions and costs.

This article is about one table, in Note 16. It sets out **non-cancelable commitments** — spending already contracted for — by year.

The total is **$27,955m**, and **$22,244m of it falls in 2027 alone**. The company says these relate primarily to **investments in AI infrastructure and third-party cloud capacity arrangements**, and other service arrangements. How the rest splits by year, and how it sits against the quarter's capital spending, is set out below.

---

(End of free preview. What the numbers mean, why it matters, company context, the next-quarter checklist and the arithmetic are available to subscribers — https://aiswingx.com/pricing)

## FAQ

**Q. Has the $28bn been spent?**

No. It is contracted spending that cannot be cancelled, set out by year in Note 16. The year-by-year figures and what they mean are in the subscriber section of this article.

**Q. Why does 2027 carry so much?**

The 10-Q says only that the commitments relate primarily to investments in AI infrastructure, third-party cloud capacity arrangements and other service arrangements. It does not explain the timing, and this article does not speculate.

**Q. How much did the listing raise?**

In June 2026 the company sold 638.9 million Class A shares at $135.00, for net proceeds of $85,675m after $575m of underwriting commissions and offering costs. Cash and equivalents stood at $93,520m on June 30.

**Q. Where can I check this myself?**

On SEC EDGAR, open Space Exploration Technologies Corp.'s Q2 2026 10-Q (accession 0001628280-26-052535) and read the commitments table in Note 16, with Notes 1 and 3.