SpaceX reported its first quarterly earnings as a public company on Tuesday, delivering second-quarter revenue of $7.8 billion that comfortably surpassed Wall Street forecasts of $6.9 billion. Growth across the space technology firm’s launch, Starlink, and artificial intelligence divisions helped narrow its overall net loss to $541 million, down significantly from the $1.0 billion net loss recorded during the same period last year. Meanwhile, adjusted EBITDA nearly tripled year-over-year to reach $3.5 billion.
Despite the top-line beat, the company experienced a notable decline in the paper value of its digital assets. According to its filing with the SEC, SpaceX maintained its treasury reserve of 18,712 bitcoin; however, a 33% price drop in the cryptocurrency market reduced the total valuation of these holdings from $1.64 billion at the close of 2025 to $1.10 billion at the end of June.
Aggressive spending on future infrastructure also impacted the balance sheet, as SpaceX directed $18.4 billion toward capital expenditures during the second quarter—considerably higher than the $13 billion anticipated by industry analysts. These outlays reflect major investments aimed at scaling up artificial intelligence capabilities, Starlink connectivity, and Starship development.
Wall Street reacted cautiously to the capital expenditure numbers and bitcoin impairment, sending SpaceX shares down 6% to $118 in after-hours trading. The drop reversed a strong regular trading session in which the stock had surged nearly 10%, even as the broader Nasdaq 100 index gained 3.3%.
The debut earnings report arrives less than two months after SpaceX completed a landmark $86 billion initial public offering. Looking ahead, the company faces an upcoming market test on Aug. 6, when an estimated 912 million shares held by early backers and employees become eligible for sale, significantly expanding the public float.
