SpaceX Releases Its Earnings Report, Beating Major Estimates Despite Stock Underperformance

Space Exploration Technologies Corp (NASDAQ: SPCX), or SpaceX, has released its first-ever quarterly earnings report since going public in history’s biggest initial public offering (IPO) almost 2 months ago. Generally, the firm beat analysts’ forecasts despite also reporting a considerable loss.

SpaceX Earnings Report of Q2 2026

The SpaceX earnings report shows that it attained a total revenue of $7.81 billion, which was a 92% increase year-over-year (YoY) from $4.07 billion. The figure also beat London Stock Exchange Group (LSEG) consensus estimates of $6.93 billion by 12.7%.

Additionally, the company reported a net loss of $541 million due to heavy expenditures on space and artificial intelligence (AI) development. This was, however, a significant reduction from its Q2 2025 loss position of $1.01 billion. Losses per share also reduced to $0.09 from last year’s $0.34 and beat estimates of $0.23.

Even more, SpaceX reported an adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of $3.53 billion. This beat the $2 billion expectation mark, and nearly tripled from the $1.13 billion reported in Q1 2026.

Further breakdown

Starlink internet service led the SpaceX profitability engine, contributing $4.29 billion to its revenue (66% increase YoY). Subscribers rose to 12 million in that quarter, expanding its footprint despite the average reduction in average revenue per user.

Meanwhile, xAI’s annualized revenue surged 247% to $2.56 billion. Its growth was heavily boosted by external computing and data center leases to tech giants such as Google and Anthropic. Here, SpaceX notes that it spent $16 billion of its $18.37 billion capital expenditure on xAI buildouts.

The core rocketry division remained in a pre-profit phase, due to massive investments in research and development of the Starship V3 vehicle program. Revenue experienced 29% annualized growth to $962 million as losses hit $542 million (an improvement from the previous quarter’s $662 million).

As for digital assets, the company disclosed that it still holds Bitcoin, but that its value had dropped to $1.10 billion from $1.64 billion at the end of 2025 due to market volatility.

SpaceX stock price brief

At its IPO, SpaceX stock traded at $150 per share, with the company raising an unprecedented capital of $75 billion. Further demand led stock prices to highs of $201.80 in mid-June, with a market cap peak of $2 trillion.

However, stock prices began to plummet shortly afterwards, leading up to a price of $117.26 in the after-hours today, and a market valuation of $1.52 trillion. 

Despite this dip, SpaceX ranks the 9th most valuable globally, trailing the likes of Apple, Microsoft and Amazon.

Source: MarketWatch

That said, SpaceX is scheduled to unlock 911.5 million insider shares (roughly 20% of the company’s total equity) for public trading on Thursday. Historically, such events led to near-term supply shocks that negatively impacted stock prices.