SpaceX reported its first quarterly earnings as a public company on Tuesday, posting second-quarter revenue of $7.8 billion that topped Wall Street expectations of $6.9 billion.
The Elon Musk-led space technology company narrowed its net loss to $541 million, down sharply from a $1.0 billion loss a year earlier. Adjusted EBITDA nearly tripled to $3.5 billion, driven by growth across launch services, Starlink, and artificial intelligence businesses.
However, the company’s bitcoin holdings told a different story. SpaceX disclosed $1.10 billion in digital assets at the end of June, down from $1.64 billion at the close of 2025. The company held onto all 18,712 BTC in its treasury, but the value declined in line with bitcoin’s roughly 33% price drop through the first half of the year. Bitcoin currently trades near $64,000.
The earnings report landed less than two months after SpaceX’s record-breaking $86 billion IPO. A major test looms on August 6, when roughly 912 million shares held by employees and early backers become eligible for sale, potentially expanding the stock’s public float significantly.
SpaceX spent $18.4 billion on capital expenditures during the quarter, far exceeding analyst estimates of $13 billion, as the company continued aggressive investment in AI infrastructure alongside its core space operations.
SPCX fell 6% in after-hours trading to $118 following the report, after closing the regular session up nearly 10%. The Nasdaq 100 gained 3.3% on the same day. The earnings beat on revenue was overshadowed by the outsized capex and the approaching share unlock.
The bitcoin position decline comes at a sensitive time for corporate crypto treasuries. Strategy, formerly MicroStrategy, earlier this week sold 1,638 BTC worth $105 million to fund stock buybacks and dividends, marking a notable shift for one of bitcoin’s most vocal institutional backers.
Sources: CoinDesk, SpaceX Q2 2026 SEC Filing