SpaceX, the rocket company founded by Elon Musk in 2002, presented its first results this Tuesday after starring in the largest IPO in Wall Street history on June 12. The aerospace and technology group reported revenues of $7.814 billion, representing a 92% increase compared to the same quarter of the previous year. However, the company’s accounts are affected by the integration last February of the artificial intelligence unit xAI.
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The company reported a net loss of $541 million, which represents an improvement of $467 million from the nearly $1 billion loss in the same quarter of the previous year.
The group made history last June with the largest IPO ever, raising more than $85.7 billion, surpassing the 2019 debut of Saudi oil company Aramco, which raised about $29 billion. The company created by Elon Musk with the utopian dream of sending humans to Mars reached a valuation of $2.1 trillion, after achieving an appreciation of nearly 20% on its debut day. Since then, SpaceX shares have depreciated more than 50% due to investor distrust in the speed of development of the various business lines and doubts about the pace of capital consumption to support the artificial intelligence (AI) unit.
This Tuesday, after the earnings presentation, the company’s shares fell 4% minutes into after-hours trading. The drop contrasts with the appreciation the group’s shares had experienced in the last two days. They have gained 16% since Monday.
The company, specialized in launching rockets into space, communication satellites, and artificial intelligence, reached an EBITDA of $3.5 billion, an increase of 191% compared to $1.2 billion in the second quarter of 2025.
So far, the company’s growth engine is Starlink, the connectivity subsidiary through a constellation of satellites capable of providing wifi signal in remote places. The company explains that this subsidiary recorded revenues of $4.291 billion between April and June, 66% more than in the second quarter of last year.
The company highlights that Starlink has multiplied contracts with business and government clients. This unit is signing agreements with major airlines to provide ultra-fast internet connection on planes during flights.
The company has also secured agreements with the U.S. government to boost space missions. The space unit, which works to send rockets to the Moon and a mission to Mars, increased its revenues by 29% year-on-year to $962 million, “driven by a higher number of launches for major clients and a favorable shift in the client portfolio compared to the previous year.” The group completed 78 launches and increased rockets for external clients, which has allowed it to increase revenues.
“In May, the first suborbital mission of Starship V3 (Flight 12) was completed, achieving a successful takeoff from our new platform at Starbase, a precision landing of the upper stage of Starship, and the deployment of modified Starlink V2 satellites,” the company specified.
One of the big unknowns of this earnings presentation was related to the company’s capital consumption rate to finance the development of its artificial intelligence model. Capital investment amounted to $18.4 billion in the second quarter, compared to $10.1 billion recorded between January and April. Most of this capital expenditure, 86% of the total, is due to the company’s investment in microprocessors, data centers, and other technological infrastructure and software to develop its AI model. In total, SpaceX has invested more than $15.83 billion in developing this technology.
Bret Johnsen, the company’s CFO, explained in a statement: “Revenue growth accelerated across all our business segments and we achieved strong operating leverage, with significant margin expansion driven by our new AI computing agreements.”
The company states that it closed the second quarter with $100 billion in cash, cash equivalents, and marketable securities, derived from the funds raised through the IPO and the $25 billion bond issuance executed a few weeks later.
The presentation of SpaceX’s first financial results opens the door to the release of millions of company shares. On Thursday, after a full trading day following the financial accounts filing, 911.5 million Class A common shares subject to a lock-up period will be released.
The market release of this huge block of shares worries investors, who fear it could further weigh down SpaceX’s stock valuation.
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