SpaceX IPO Filing Reveals Twitter Ad Revenue Crater Under Musk

Techdirt notes SpaceX’s 10-Q shows X’s ad revenue collapsed after Musk’s Twitter takeover: ad revenue dropped from about $1.08B in Q2 2022 to $367M in Q2 2026, with 2025 ad revenue around $870M and first-half 2026 around $710M, effectively wiping out roughly two-thirds of the pre-takeover ad business. The company attributes the dip to a transition to a new ad platform, while critics say the overhaul hurts revenue and highlights the gap between Musk’s promises (e.g., $12B in ad revenue by 2027) and reality. Overall, the piece argues that Musk’s track record on delivering revenue growth remains questionable.