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Good afternoon, everyone. Thank you for joining us today for SpaceX's second quarter 2026 earnings conference call. I'm Andrea Williams, head of investor relations. Joining me today are Elon, Gwen, and Brett, and we are speaking to you from our facility in Bastrop, Texas. Our second quarter financial results were announced just after 3 p.m. Central Time, and all relevant materials have been published to our investor relations website at ir.spacex.com. For this webcast, our prepared remarks will be followed by a question and answer session. We will take live Q&A from equity analysts and then move to questions directly from our investors that were polled on our dedicated earnings Q&A platform. Thank you to everyone who submitted your questions in advance. During this webcast, we will discuss our business outlook and make forward-looking statements. These statements are based on our predictions and expectations as of today. Actual events or results could differ materially due to a number of risks and uncertainties. including those mentioned in our most recent filings with the SEC, including our final prospectus and today's published Form 10-Q. Additionally, during this call, we may discuss certain non-GAAP measures. In our press release and our filings with the SEC, you can find additional disclosures including all reconciliations with comparable GAAP measures. For the second quarter of 2026, we announced the following financial results as compared to the prior year quarter. Revenues of $7.8 billion, up 92% from $4.1 billion, a quarterly net loss of $541 million, an improvement of $467 million, an adjusted EBITDA of $3.5 billion, up 191% from $1.2 billion. Now I will hand the call over to Elon for his opening remarks.

Thank you. So it's been another milestone year for SpaceX so far. We're making great progress developing a fully and rapidly reusable, reliable rocket with Starship. We're connecting millions more people globally across 170 markets with fast, reliable, solving internet. We're building AI compute capacity at scale faster than anyone else, we believe. And we're significantly improving our AI models, most notably with the release of CROC 4.5 last month. And now I'll dive into each of those topics separately. So with Starship, we completed two successful flights of Starship B3 in the past 90 days. Flight 13 demonstrated core capabilities necessary to achieve an orbital mission and return to Starbase for cash. and on flight 14 will be our first flight to fly our version 3 Starlink satellites, our communication satellites to operational orbit. We will try to actually catch the first and the second stage of the Starlink B3 this year and we could possibly catch the ship as soon as the next flight. It's difficult to actually and I think perhaps describing it in terms of tonnage to orbit is a good way to appreciate the magnitude of the impact Starship will have on the future of civilization. So right now we deliver roughly 2500 tons a year to orbit via and this is a big number by normal standards. The rest of the world, I think, delivers around 300 tons. So we deliver 80 to 90% of total Earth mass to orbit per year with Falcon. Now with Starship, our aspirations, and I think we will achieve these aspirations, are to deliver Well over a million tons to orbit per year, and probably ultimately 10 million tons per year. So this is not, like if you had a chart where you plotted things, you would need a very, very big table to put the chart on to see, to even see any of our competitors on that chart and to make that. So our next biggest competitor was one pixel high on the bar chart. You would still need a very big bar chart to represent the SpaceX Starship vehicle. And it's worth noting that we actually encourage our competitors to copy us. We do nothing to slow them down. We actually launch competing satellite constellations at fair prices, the same price we charge everyone. So we do encourage our competitors to copy us, but it's quite difficult to copy something like Starship. But we don't, you know, use patents as, you know, sort of a landmine exercise to stop people from copying us. We actively encourage it. So, anyways, when you think about it on that, you know, go from 2,500 tons a year to, you know, a million, potentially 10 million tons per year, it's really a ridiculously profound difference. But that is... That is our plan, and I think we will achieve that plan. Regarding Starlink, it's also worth just noting that the Starlink V3 satellite is about an order of magnitude more capable than the Starlink V2 satellite, which is already a very capable satellite. And we expect to launch about an order of magnitude more Starlink V3 satellites. That would mean a roughly two order of magnitude increase in the delivered bandwidth. Even if our monetization per bit drops by a factor of 10, that would still mean a 10x increase in the revenue of Starlink. So I think people are really underestimating Starlink here. So this is a big deal. It's kind of hard for people to wrap their minds around this, It's not out of the question that at some point, Starlink will deliver a majority of the world's internet. At least in countries where we're allowed to operate, which is the vast majority of countries. So this is important to bear in mind. And it's not in the infinity future. It's less than 10 years. And with the advent of AI and humanoid robotics and vehicle robotics and just a massive number of robots, the app type of bandwidth will be much greater than it has been in the past. You think of a human consuming perhaps or producing perhaps about a few hundred bits per second of output. And actually the average human is outputting less than one bit per second over the course of a day, which is 86,400 seconds. Now, computers, you know, could easily do billions of bits per second continuously over a 24-hour period. So this is why I would expect the appetite for bandwidth to grow dramatically with the growth of AI and robotics. And really, I think Sonic is the only thing that can actually service that bandwidth. Regarding AI, We're making rapid progress on Grok because Grok 4.5 was a huge improvement. And we have Grok 4.6 coming out probably this week. And then Grok 4.7 is about three or four weeks from today. And we expect the cadence of AI development to improve dramatically. And then with Grok 5, which should be We will be incorporating the entire corpus of SpaceX data, basically all the data that SpaceX has ever produced, which is a tremendous amount over the course of a quarter century, will be incorporated into Grok training. And we think this will make Grok by far the best engineer. So these are all very big things. In addition, of course, we are providing compute to others. and we are building and deploying compute I think faster, our rate of growth certainly is faster than anyone else. And our efficiency of compute deployment I think is also the highest. So we expect to end this year with over two gigawatts of compute and probably our cumulative compute online by the end of next year and many more will be several times higher. So it may, let's say, be closer to 10 gigawatts of compute than 5 gigawatts of compute. That's the way to think about it. And going forward, we've decided to build exclusively on NVIDIA because we think the Vera Rubin architecture is the best architecture. We think it's the best AI computer. and we greatly value our close cooperation and partnership on many levels with NVIDIA. So we're exclusive to NVIDIA. This new capacity coming in line will obviously further benefit the development of Grok, as will our cursor acquisition, which should close quite soon. I think we've went through almost all of the regulatory hurdles. And then with respect to the StarMind AI satellite, which will be essentially an optimized Baro Rubin NVL72 computer. But this is not some sort of far future distant thing. We expect to start launching these next year. and the uh we think the design of the uh NBL 72 VR computer is um a much better design than is typical than say having a standard rack bracket style design and and so we expect to actually deploy this on the ground as well as in orbit because we think it's it's going to be um A radical simplification of the normal NBL 72 rack. It will cost less. It will be more effective. And so if we're going to put it in space, why not put it on the ground? So I think that's going to be pretty cool. In conclusion, the SpaceX team is solving some of the hardest engineering problems in the history of humanity. I think the team is succeeding because we've got, in a lot of ways, the smartest, most dedicated team of humans that has ever existed. I'm incredibly proud to work with such a team and I'd like to thank the team for their incredible hard work. And also thank you to investors who have supported us along the way.

Thanks Elon. We had an exceptional second quarter and today I'll focus on the operational and commercial highlights as well as the initiatives we are prioritized going forward. Starting with our space business, we remain the leading launch provider globally with 78 total launches and 1,041 tons of mass to orbit delivered in the first half of this year, primarily allocated to our own internal Starlink missions. But with great customer missions as well. While our launch capabilities are key to supporting our connectivity business, we continue to have a very robust commercial manifest and a very robust and growing U.S. government mission demand, which drives revenue for the segment. We're currently launching at our highest Falcon cadence and are on the precipice of operationalizing Starship. As Elon said, the first two flights of our V-3 Starship vehicles put us in an excellent position to achieve our near-term goals of reaching orbit, catching and reusing the ships and boosters, and deploying our V-3 Starlink broadband satellites. Speaking of which, Starlink had a standout quarter driven by continued growth across our consumer, enterprise, and government businesses. During the second quarter, We added, net, more than 1.7 million Starlink subscribers globally, consumer. This reflects our best quarter of new customers to date, an increase from the 1.4 million we added during the first quarter. We achieved this by holding ARPU, which is the average revenue per user, stable at $66 per month compared to the first quarter. We ended the second quarter with service availability in 167 markets and have continued to activate new markets since then with some very exciting announcements coming soon, maybe even as early as today. As of June 30th, our constellation of operational Starlink broadband and mobile satellites in orbit grew to roughly 10,200 with our 9,600 broadband satellites delivering roughly 800 terabits per second of total downlink capacity. Following a successful speed run test of the V3 Starlink satellites on the most recent Starship launch, during which we connected every satellite through every laser link, we intend to deploy V3 satellites into the constellation for operational use on the upcoming Starship missions. The significant amount of capacity we're able to add to the Starlink constellation from the V3 satellites will enable us to continue providing even better service I think it's pretty great already, but to do so while serving more and more customers over the world. In fact, in the years ahead, we expect Starlink will represent a significant portion of global internet traffic, which Elon also talked about. We also see significant growth opportunities for Starlink on the enterprise and government side of the business. We believe revenue from these markets have the potential to reach a scale at least comparable but likely exceed our consumer business as we continue to gain share. In the second quarter, we signed a major agreement with American Airlines, as well as activated our service with new partners, including Southwest, Virgin Atlantic, Iberia, and Aer Lingus. We have become the provider of choice among major airlines with outstanding customer feedback, but still have significant room for growth. In fact, we heard from one of our airline customers, shockingly, customers are flying shorter hop flights instead of instead of direct so that they could ensure that they're on a Starlink activated flight. They've never seen this in the business before. On the government side, we won more than $6 billion in U.S. contracts in Q2, supporting major Space Force programs that offer our nation mission-critical communications and sensing capabilities, and we see even more room for growth in this sector in this coming year. In Q2, we also launched the new Starlink Mobile partnerships with international carriers, including SoftBase, NTT, Docomo, and Spark New Zealand. Our near-term priority is launching mobile V2 satellites on Starship ahead of integrating the 65 megahertz of EchoStar spectrum later next year. This spectrum transfer was recently approved by the FCC and represents a foundational competitive advantage for Starlink Mobile. In AI, the industry is hurtling towards Evermore Compute Demands. We're rapidly expanding our compute capacity to meet our own needs as Grok expands, as well as those for other leading companies such as Google and Anthropic. In terms of our own Grok models, the enterprise feedback on rollout of Grok 4.5 has been very positive so far. Token consumption tripled out of the gate after the July release, and we continue to see strong signals on usage and monetization for the model. We're looking forward to welcoming the Cursor team to SpaceX to integrate our engineering and begin to benefit from a combined sales capability. In review, our momentum as a business is extraordinary. Our engineering teams are scaling Starship and our next-gen satellites while our sales teams expand Starlink, aviation, mobility, and global markets. At the same time, we're bringing on additional compute capacity and expanding and deepening our AI partnerships across a broader set of customers. And though I've been in this For 24 years, I could not be more excited about the months ahead with all the exciting and amazing things going on. It really feels like we're just getting started all over again. Now I'll turn the call over to Brett.