Key Takeaways
- SpaceX posted $7.8 billion in Q2 revenue, beating the $6.9 billion analysts expected.
- SPCX fell 6% to $118 after hours as capital spending hit $18.4 billion, above the $13 billion forecast.
- SpaceX’s bitcoin fell to $1.10 billion by June 30, and a 912 million-share unlock looms on Aug. 6.
Revenue Beats, Losses Narrow
SpaceX delivered its first earnings report as a public company on Tuesday, and the headline numbers cleared Wall Street’s bar. Revenue came in at $7.8 billion for the second quarter, up 92% from a year earlier and comfortably ahead of the roughly $6.9 billion analysts had penciled in, with growth accelerating across the launch, Starlink and artificial intelligence (AI) businesses.
Moreover, the company’s net loss narrowed to $541 million from $1.0 billion in the year-ago period, while adjusted earnings before interest, taxes, depreciation and amortization nearly tripled to $3.5 billion. For a firm that priced its June IPO at $135 per share amid questions about whether a rocket maker could ever show public-market discipline, the top-line beat was a statement.
The $540 Million Bitcoin Dent
Buried in the filing was a number the crypto market noticed, i.e. the value of SpaceX’s bitcoin holdings falling to $1.10 billion as of June 30, down from $1.64 billion at the end of 2025. The $540 million decline is a rough 33% price slump on the company’s full stash of 18,712 BTC.
In fact, the coffer had made SpaceX the eighth-largest public bitcoin holder when it joined the Nasdaq, and Fortune has described the hoard as both a strategic reserve for the company’s cash and an accounting headache now that quarterly marks flow through public filings. Tuesday’s report was the first time shareholders saw that headache in print.
SpaceX did not signal any intention to sell, and the position remains a rounding error next to an $18.4 billion quarterly capital expenditure bill. But with bitcoin trading near $64,000, the treasury that once burnished Musk’s crypto credentials is now a quarterly drag on reported results.
Capex and an Unlock Test the Stock
Despite the revenue beat, SPCX shares fell as much as 6% to about $118 in after-hours trading, unwinding a nearly 10% gain from the regular session. The share is currently trading at $125.
The culprit was spending, with capital expenditure hitting $18.4 billion in the quarter, well above the roughly $13 billion analysts expected, as the company continued to pour money into AI infrastructure alongside Starship development.
The stock has had a bumpy ride since listing. After an 8% opening-week pop, SPCX drifted back below its $135 IPO price, and even a successful Starship Flight 13 in late July barely moved the shares. The next test comes on Aug. 6 as a lockup expiration frees roughly 912 million shares held by insiders, a supply event that traders were already positioning around before the earnings-day slide.
In any case, for crypto investors, SpaceX’s willingness to keep 18,712 BTC on its balance sheet through a 33% drawdown makes it one of the market’s most committed corporate holders. But its earnings debut is also a live demonstration of what bitcoin volatility does to public-company financials.