SpaceX reported $7.8 billion in second-quarter revenue, narrower-than-expected losses and $100 billion in liquid assets as investors assessed the company’s growth plans, heavy spending and approaching share unlock.
By yourNEWS Media Newsroom
SpaceX delivered stronger-than-expected second-quarter results Tuesday in its first earnings report since becoming a publicly traded company in June, with revenue nearly doubling from a year earlier as growth accelerated across its satellite connectivity, artificial intelligence and space businesses.
The company reported $7.8 billion in revenue for the three months ending June 30, an increase of 92% from the same quarter in 2025. Wall Street analysts had expected revenue of nearly $7 billion.
SpaceX recorded a loss of 9 cents per share, substantially narrower than the 26-cent loss anticipated by the market.
“2026 has been a momentous year so far, and the second quarter demonstrated the true power of SpaceX,” Chief Operating Officer Bret Johnsen said in the company’s regulatory filing.
“Revenue growth accelerated across all our business segments and we delivered strong operating leverage, with significant margin expansion led by our new AI compute agreements.”
The results provided investors with their first detailed look at SpaceX’s finances since its blockbuster initial public offering. Trading has remained volatile despite the company’s rapid revenue growth and long-term ambitions.
SpaceX’s market capitalization climbed above $2 trillion following the offering, but the company subsequently lost approximately $500 billion in market value. Its shares fell about 40% from a peak above $200 and moved below the IPO price before recovering ahead of Tuesday’s earnings release.
President Gwynne Shotwell has said the company does not intend to manage its strategy around short-term financial results.
“I do not want to focus on quarterly earnings,” Shotwell told CNBC on June 12. “I’m not saying we’re not going to do right by our investors, but what folks who invest in SpaceX need to know is that what we’re doing is very futuristic.”
SpaceX outlined expansive goals in its IPO prospectus, including plans to construct orbital data centers and establish a permanent human settlement on Mars with as many as 1 million residents.
The company’s current revenue is led by its connectivity division, which includes the Starlink satellite internet network.
Connectivity generated $4.291 billion during the quarter. Artificial intelligence accounted for $2.561 billion, while the space segment produced $962 million.
SpaceX ended June with $100 billion in cash, cash equivalents and marketable securities. Its contracted backlog totaled $47.5 billion.
“This financial strength gives us substantial capacity to invest in Starship, Starlink Broadband, and Mobile satellites, and our AI platform while maintaining a disciplined long-term capital allocation framework,” Johnsen said.
Second-quarter capital expenditures reached $18.37 billion, slightly below the $18.58 billion analysts had projected.
The company’s spending is receiving heightened attention as major technology companies and artificial intelligence hyperscalers raise their investment plans. Combined capital expenditures across Big Tech could approach $1 trillion this year.
Wall Street analysts remain broadly optimistic about SpaceX despite the stock’s decline from its post-IPO peak. The consensus rating is “Moderate Buy,” with analysts projecting nearly 93% upside over the next 12 months.
Investors drove SpaceX shares approximately 9% higher by the close of trading Aug. 4, marking the stock’s strongest session since June 15.
A sizable portion of the market continues to bet against the company, however. SpaceX’s short float, representing the percentage of publicly available shares sold short, stands at roughly 25%.
Attention is also shifting to the expiration of restrictions preventing employees and early investors from selling certain holdings.
More than 91 million shares are scheduled to become eligible for sale Aug. 6, potentially increasing the amount of SpaceX stock available on the market.
“Investors will also be watching whether additional performance-based lock-up provisions are triggered, making August not only a test of SpaceX’s fundamentals, but also of the market’s appetite to absorb a potentially significant increase in supply,” Jay Woods, chief market strategist at Freedom Capital Markets, said in an emailed note to The Epoch Times.
The earnings report gave investors evidence of accelerating revenue, expanding margins and substantial financial resources, while the coming share unlock will test whether demand can absorb new supply after an uneven opening stretch on Wall Street.
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