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SpaceX first earnings report as a public firm blew previous expectations. Nevertheless it continued to burn by way of money in pursuit of CEO Elon Musk’s imaginative and prescient for an AI-powered, Mars-colonizing future, placing traders on edge and sending SpaceX shares down in late buying and selling.
The newly public satellite tv for pc, house and AI behemoth introduced in $7.8 billion in income within the April-June quarter, which SpaceX stated was up 92% from the identical interval in 2025. However the firm remained unprofitable, shedding $541 million within the second quarter, following a $4.3 billion loss within the first three months of the yr.
The outcomes had been effectively above the consensus analyst forecast of $6.8 billion in income and a web lack of $1.9 billion.
SpaceX shares tumbled greater than 8% in late buying and selling, partly due to the eye-popping figures the corporate spent on its unprofitable AI phase.
“The inventory’s destructive response is much less a rejection of the basics than a mirrored image of the big value of progress,” Luke Lango, know-how analyst and writer of Innovation Investor, stated in a word. “Buyers are demanding clearer proof that its extraordinary progress can finally generate returns commensurate with its extraordinary spending and valuation.”
After shelling out more than $10 billion on capital expenditures – most of it on AI infrastructure — within the first three months of the yr, SpaceX diverted one other $18.4 billion within the second quarter. That was a lot increased than the $13 billion analysts had forecast.
Capex has change into one of the vital intently watched monetary metrics as tech firms race to outspend each other on AI. SpaceX, taking over opponents like OpenAI, Anthropic and Google, devoted practically $16 billion of its second-quarter capex to its xAI enterprise. Analysts anticipate the corporate to high $45 billion in capex for the yr.
SpaceX stated AI revenues grew 247% year-over-year. Revenues for its solely worthwhile enterprise phase, the satellite-based web service Starlink, jumped 66%.
The stoop in shares after the report could also be “much less in regards to the earnings and extra about what’s coming within the subsequent few days,” when a lockup interval for firm insiders expires, stated Will Rhind, CEO of funding agency GraniteShares, in a word. Beginning Thursday, early traders and a few staff who held the inventory pre-IPO may have an opportunity to promote their shares, which might push the worth decrease.
In a name with analysts Tuesday night, SpaceX executives supplied the sort of bullish, at occasions hyperbolic, forecasts that Musk is thought for.
“Our inner projections for reaching a trillion {dollars} in income…have moved up from 2031 to 2030,” Musk stated. “And there’s a non-zero probability of that being in 2029.”
That’s way more optimistic than most analysts are, nonetheless. FactSet estimates put SpaceX’s income for 2029 at about $207 billion.
This story has been up to date with further info.
–CNN’s John Towfighi contributed to this report.
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