Revenue nearly doubles, but $18 billion AI and expansion spending plus lockup fears send the stock lower.
SpaceX delivered a stronger-than-expected first set of quarterly results as a public company, yet investors still headed for the exits. Shares of the rocket, satellite and AI conglomerate fell sharply in after-hours and pre-market trading as the market zeroed in on capital spending that topped $18 billion and the imminent release of insider shares.
Revenue for the second quarter ended June 30 surged 92% year-over-year to $7.8 billion, beating consensus estimates that clustered around $6.8 billion to $6.9 billion. Adjusted EBITDA nearly tripled to about $3.5 billion. The net loss narrowed to $541 million, or 9 cents a share, better than the 24-to-26-cent loss Wall Street had forecast.
Starlink, the satellite internet service, remained the clear growth engine. Connectivity revenue hit $4.29 billion, up 66%. Subscribers doubled to 12 million, with 1.7 million net additions in the quarter alone. Average revenue per user held at $66 a month, down from $85 a year earlier as the company expanded into lower-priced markets. The space segment contributed $962 million in revenue, while the AI unit generated $2.56 billion.
Spending Surge Overshadows the Beat
Capital expenditures jumped to $18.4 billion from $2.8 billion a year earlier. Roughly $15.8 billion of that went into AI infrastructure. CFO Bret Johnsen told analysts he expects similar outlays for the next couple of quarters. Full-year capital spending could exceed $45 billion, according to some analyst models.
The company closed the quarter with about $100 billion in cash, cash equivalents and marketable securities, bolstered by the June IPO proceeds and a bond sale. Backlog stood at $47.5 billion. Still, the scale of the AI build-out and ongoing Starship development left investors focused on near-term cash burn rather than the top-line strength.
Lockup Pressure Adds to the Selloff
Shares had risen about 9% in regular trading Tuesday to close at $125.33 before the report. They then dropped 7% to 11% in extended and pre-market sessions. The stock remains well below its IPO price of $135 and far under the post-IPO peak near $225. The decline has erased more than $1 trillion in market value from the highs.
Thursday’s lockup expiration frees hundreds of millions of shares—potentially more than $100 billion in value—for sale by early investors and insiders. That overhang, combined with the spending figures, outweighed the revenue beat for many traders.
Elon Musk Stays Bullish on the Long View
On the earnings call, Elon Musk described the quarter as another milestone year and reiterated ambitious targets. He said SpaceX is on track for a $100 billion annualized revenue run rate by the end of 2026 and has moved its internal $1 trillion revenue goal forward to 2030, with a non-zero chance of hitting it in 2029. Musk also said it is “not out of the question” that Starlink could one day deliver a majority of the world’s internet in countries where it is allowed to operate.
President Gwynne Shotwell called the quarter exceptional and said the company feels like it is “just getting started all over again.” She highlighted Starlink’s enterprise and government traction, including airline deals and new mobile partnerships.
Why This Matters for Investors
SpaceX’s public debut was the largest in history, raising roughly $75 billion to $86 billion and briefly pushing its valuation above $2 trillion. The first earnings report confirms rapid top-line growth across Starlink, launch and AI. It also confirms that the company continues to spend aggressively to chase those opportunities. For now, the market is pricing in the risk of heavy investment and share supply over the near-term numbers.
Tune into SpaceX’s first earnings audio-only webcast since going publichttps://t.co/0PSOpIvMkM
— SpaceX (@SpaceX) August 4, 2026