SpaceX (SPCX) has released its first quarterly earnings report since its June listing, reporting second-quarter 2026 revenue of $7.8 billion, up 92% from $4.1 billion a year earlier. The increase was driven mainly by expansion in the Starlink satellite network business and revenue related to artificial intelligence infrastructure.
Even with that revenue growth, the company posted an operating loss of $143 million for the quarter as capital spending expanded in orbital computing, Starship development, and space data center projects. SPCX shares fell 8% in after-hours trading after the results were released. From its post-listing high, the stock has corrected by nearly 50%.
Starlink remained the main revenue driver
SpaceX said second-quarter revenue reached $7.8 billion, with year-on-year growth of 92%. Starlink, its satellite internet service, continued to serve as the company’s core revenue engine as global user numbers kept rising and lifted income in the broader connectivity segment.
At the same time, average revenue per user, or ARPU, showed a slight decline as the company expanded into more international markets and rolled out lower-priced plans. Investors are expected to keep watching whether SpaceX can maintain subscriber growth while improving margin performance.
AI infrastructure and capital spending weighed on profit
Quarterly financial data showed a clear increase in investment across research, development, and facilities. After bringing xAI into operations, SpaceX committed significant funding to ground-based and orbital computing infrastructure, with the goal of building an AI computing network that includes space-based data centers.
That level of capital expenditure was the main reason profit remained under pressure in the near term. The quarter’s $143 million operating loss also highlighted the capital-intensive nature of the company’s operating model.
Valuation has pulled back since the IPO
SpaceX went public on June 11, 2026 at $135 per share in what the report described as a record-setting large-scale initial public offering. After listing, SPCX at one point climbed enough to push the company’s market capitalization above $2 trillion.
That valuation has since come down as investors reassessed heavy capital spending and free cash flow prospects for high-technology stocks. The stock is now down about 50% from its high, and the company’s price-to-sales ratio has been adjusted lower as the market focus shifts from long-term vision alone to actual profitability and the timeline for free cash flow improvement.
Aug. 6 lock-up event is a near-term overhang
Beyond the operating results, one of the market’s main short-term concerns is share supply. Under special lock-up terms set at the time of the listing, insiders and early investors will be allowed to sell up to 20% of their holdings on Aug. 6, the second trading day after the earnings release.
That stands in contrast to the 180-day lock-up period commonly seen in public offerings. According to the report, the arrangement is expected to release a substantial amount of liquidity into the market in the short term and could increase share-price volatility.