SpaceX reported its first quarterly earnings since going public, posting second-quarter 2026 revenue of $7.8 billion, above Wall Street expectations of $6.9 billion. The company still booked an unrealized loss of about $540 million on its Bitcoin holdings as crypto prices fell, and its shares dropped more than 6% in after-hours trading.
Revenue beat estimates in the second quarter
SpaceX released its second-quarter 2026 results on Tuesday U.S. Eastern Time. The company said growth in rocket launch operations, the Starlink satellite internet business, and artificial intelligence-related operations helped narrow its overall losses.
Net loss for the quarter came in at $541 million, improving from a $1 billion loss a year earlier. Adjusted EBITDA, a measure of core operating performance, rose to $3.5 billion, nearly three times the level recorded in the same period last year.
Bitcoin holdings were unchanged, but their value fell
According to documents filed with the U.S. Securities and Exchange Commission, SpaceX did not sell any Bitcoin during the second quarter. As of June 30, the company still held 18,712 BTC.
Even so, weaker conditions in the crypto market pushed down the carrying value of those holdings. The value of SpaceX's Bitcoin assets fell from $1.64 billion at the end of 2025 to $1.1 billion, a decline of roughly $540 million.
AI spending lifted capital expenditure
SpaceX reported capital expenditure of $18.4 billion in the second quarter, well above analysts' estimate of $13 billion. The company said the increase was mainly driven by continued expansion in artificial intelligence infrastructure investment, showing a faster push into AI-related business lines.
Shares fell after the report, with lockup expiry in focus
After the earnings release, SpaceX (NASDAQ: SPCX) fell about 6% to $118 in after-hours trading. During the regular session, however, the stock had surged nearly 10%, while the Nasdaq 100 rose 3.3%.
The second-quarter report was also SpaceX's first earnings release since completing an $86 billion initial public offering two months ago.
The company is also approaching its first major post-listing test. Starting Aug. 6, about 912 million shares held by employees and early investors will be unlocked and eligible for trading, raising market attention over whether the increase in tradable shares could create short-term pressure on the stock.