New York
SpaceX beat earnings expectations while continuing to burn through cash in pursuit of CEO Elon Musk’s vision for an AI-powered, Mars-colonizing future, the company’s first-ever quarterly earnings report showed.
The newly public satellite, space and AI behemoth brought in $7.8 billion in revenue in the April-June quarter, which SpaceX said was up 92% from the same period in 2025. But it remained unprofitable, losing $541 million in the second quarter, following a $4.3 billion loss in the first three months of the year.
The results were well above the consensus forecast among analysts polled by FactSet, who had estimated revenue of $6.8 billion and a net loss of $1.9 billion.
Revenues for its only profitable business segment, the satellite-based internet service Starlink, jumped 66%. However, the company says its real future is in AI, which grew revenues 247% year-over-year. SpaceX is in a heated race with competitors like OpenAI, Anthropic and Google to dominate the market for the emerging technology.
While Tuesday’s report was the first financial snapshot for the company since its blockbuster IPO in June, analysts said they were largely looking beyond the headline figures to focus on executives’ commentary on an earnings call later in the afternoon. Many will be laser-focused on capital expenditures, or capex, which has become one of the most closely watched financial metrics in tech as companies race to outspend one another to gain an edge in the AI race.
After shelling out more than $10 billion on capital expenditures – most of it on AI infrastructure — in the first three months of the year, SpaceX diverted another $18.4 billion in the second quarter, much higher than the $13 billion analysts had forecast.
Nearly $16 billion of the second-quarter capex came from its xAI business. Analysts expect the company to top $45 billion in capex for the year.
“Outside of major surprises, we think that management commentary will be much more relevant to the stock than quarterly numbers for the next few quarters,” Morgan Stanley researchers said in a note.
SpaceX shares, which have been volatile and trading well below their IPO target, fell nearly 2% in after-hours trading.
This story is developing and will be updated.
