X's Ad Business Shrinks, SpaceX Diversifies Revenue Beyond Ads
SpaceX's latest earnings show X's ad revenue shrinking since Elon Musk's 2022 takeover: Q2 2026 ad revenue was $367 million (up from the prior quarter but down from $426 million a year earlier and far below 2022's $1.08 billion peak). CFO Bret Johnsen attributed the uptick to an overhauled ad-tech platform, while X remains focused on Premium+ to reduce ad exposure. Despite claims that top advertisers have largely returned, ads are now a relatively small part of SpaceX's business, whose revenue is dominated by AI, Starlink, and its space division.