The first quarterly figures from SpaceX as a listed company show that advertising revenues at X, the former Twitter, have fallen sharply since the takeover by Elon Musk. Although the social platform is only mentioned in passing in the financial report the figures provide, for the first time, a clear picture of the scale of X’s advertising market.
In the second quarter of 2026, X recorded $367 million in advertising revenues. That is more than the $343 million in the previous quarter, but $83 million less than a year earlier.
Compared with the second quarter of 2022, the last quarter before Musk took over Twitter, the decline is even greater. At that time, advertising revenues amounted to $1.08 billion, more than $713 million higher than now.
Within SpaceX, X’s advertising arm now plays a relatively modest role. The company’s AI division generated $2.2 billion in revenue in the same quarter, Starlink brought in $4.3 billion and space operations accounted for $962 million.
During the presentation of the quarterly figures, hardly any attention was paid to X’s advertising arm. Chief financial officer Bret Johnsen attributed the slight growth compared with the previous quarter to a revamped advertising platform. SpaceX also reported that X’s subscription revenues have increased, partly thanks to the further roll-out of the ad-free Premium+ subscription.
Since the takeover, X has been trying to win back advertisers’ trust. Among other things, the platform has revamped its Android app, introduced separate apps for messaging and payments, and added new features to attract content creators and advertisers.
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