SpaceX Releases Its First Quarterly Report Since Its IPO: Online
The company's revenue significantly exceeded Wall Street's expectations
Wall Street analysts warned ahead of the earnings report that SpaceX shares would likely come under pressure / Photo: Ron Adar / Shutterstock.com
After the market closed on August 4, the space company SpaceX reported a 92% increase in quarterly revenue, significantly exceeding expectations. At the same time, capital expenditures on artificial intelligence turned out to be substantially higher than Wall Street analysts had forecast. SpaceX shares fell in after-hours trading. This is SpaceX’s first quarterly report since its record-breaking initial public offering. In this live text feed, Oninvest is covering the release of the report and the conference call, during which Elon Musk will answer questions from investors.
10:45 p.m. CET: Elon Musk delivered a prepared speech via conference call before the question-and-answer session began. Here’s what he said:
The Starlink business, SpaceX's main source of revenue, is greatly "underestimated"—it may well be the one to provide internet access to the majority of the world's population.
SpaceX is scaling up its AI computing power at an unprecedented rate and refining its AI models. The new Grok 4.6 neural network model may be released next week, followed by Grok 4.7 in another three to four weeks. The release of the Grok 5 model, which will incorporate all data ever collected by SpaceX, is planned for the end of the year.
10:30 p.m. CET: SpaceX shares are down 4%.
10:15 p.m. CET: Highlights from the SpaceXreport :
Revenue: $7.8 billion, up 92% year-over-year. This is significantly higher than expected—analysts had forecast $6.81 billion, according to Bloomberg data.
Capital expenditures in the second quarter totaled $18.4 billion, which is roughly in line with the average forecast ($18.58 billion). However, AI spending significantly exceeded expectations—$15.8 billion versus the projected $13.09 billion. A year ago, when SpaceX was still a private company, its AI-related capital expenditures totaled $749 million, Business Insider notes.
The net loss in the second quarter decreased from $1 billion a year ago to $541 million.
Starlink remains the company's main source of revenue, generating $4.3 billion. The number of subscribers reached 12 million in the second quarter—twice as many as a year ago. However, analysts had expected the figure to rise to 12.19 million.
By comparison, revenue from the AI segment totaled $2.6 billion (compared to $737 million a year ago), while revenue from space services totaled $962 million.
The artificial intelligence segment's operating loss was nearly half of what Wall Street had forecast: $1.26 billion actually reported, compared with the expected $2.39 billion.
At the end of the second quarter, SpaceX had $100 billion in cash, cash equivalents, and securities.
May 22, CET: Investors' initial reaction—SpaceX shares rose 1% in after-hours trading. By the market close, they had risen more than 9%.
10:00 p.m. CET: SpaceX released a report:
Revenue: $7.8 billion, up 92% year-over-year;
net loss: $541 million, compared with $1 billion a year ago;
Adjusted EBITDA: $3.5 billion, a 191% increase year-over-year.
21:45 CET: Regardless of the financial results SpaceX reports today, its stock will remain under pressure at least until December, when the bulk of the restrictions on insider sales are lifted, according to analysts at Bernstein.
SpaceX's lock-up release schedule is quite unusual—instead of unlocking the majority of its shares all at once 180 days after the IPO, the company decided to release the shares in nine stages.
"We see that many investors are not yet ready to buy SpaceX shares, even though the company's fundamentals look attractive, because the stock will remain under pressure—at least through December—due to the gradual release of shares."
21:35 CET: Another issue being closely watched on Wall Street is spending on artificial intelligence development. In its IPO prospectus, SpaceX warned that it expects a significant increase in the future in the costs of building new satellites and rockets, as well as computing infrastructure and data centers.
In the first quarter of 2026, SpaceX’s capital expenditures totaled $10.1 billion, with more than 76% of that amount going toward AI investments. According to analysts’ forecasts, SpaceX will spend more than $45 billion this year alone—more than double last year’s total spending, Bloomberg notes.
21:20 CET: What are investors expecting from SpaceX’s first earnings report as a public company? Analysts at Morgan Stanley believe that SpaceX’s financial results will fall slightly short of Wall Street’s expectations. According to the bank’s estimates, the company’s revenue will be $6.75 billion, compared to a consensus forecast of $6.9 billion, and its loss will be $1.7 billion, compared to $1.6 billion.
Morningstar analyst Nicholas Owens advises keeping an eye on revenue growth and subscriber numbers for the Starlink satellite network. So far, this is the only SpaceX business segment that is turning a profit. In the first quarter, Starlink’s operating profit totaled $1.19 billion. Owens forecasts that Starlink’s subscriber base will grow by 93% this year, following a 229% surge in 2025 and nearly double-digit growth in 2024.
21:10 CET: SpaceX’s quarterly results are set to be released two days before the end of the so-called lock-up period, during which restrictions on the sale of shares by investors and early investors are in effect. Starting August 6, they will be able to sell nearly one billion shares on the market, which will significantly increase the number of shares in free float. This could put additional downward pressure on the stock price.
Updating...
This article was AI-translated and verified by a human editor
