Overview
- On Tuesday, SpaceX released its first public quarterly results, reporting $7.8 billion in Q2 revenue and a $541 million net loss while adjusted EBITDA rose to about $3.5 billion.
- The company disclosed roughly $18.37–18.4 billion in second-quarter capital expenditures concentrated on AI compute infrastructure, Starship development and Starlink expansion, a scale of spending that surprised analysts.
- Starlink doubled users to about 12 million subscribers and accounted for just over half of revenue, remaining the group’s only consistently profitable business.
- SpaceX said its AI compute business booked material contracts with Anthropic, Google and Reflection AI and announced a partnership to use Nvidia chips in orbital Starmind satellites, yet the unit still posts operating losses and will need continued investment.
- Investors pushed the stock lower after hours because of the capex surge and a near-term liquidity test: roughly 900–912 million insider shares become eligible to trade in the early August lockup window, compounding volatility given the small public float and high short interest.