SpaceX Beats Revenue Forecasts In First Public Earnings Report, Bitcoin Holdings Take A Hit

SpaceX posted stronger-than-expected revenue in its first quarterly report as a publicly traded company, though the space technology firm also disclosed a sizable loss tied partly to declining bitcoin values on its balance sheet.

Revenue And Losses Beat Expectations

The company reported second-quarter revenue of $7.8 billion, ahead of Wall Street’s forecast of $6.9 billion. Its net loss narrowed to $541 million, a significant improvement from a loss of roughly $1 billion during the same period last year. Adjusted earnings before interest, taxes, depreciation, and amortization nearly tripled to $3.5 billion, reflecting accelerating growth across the company’s rocket launch, satellite internet, and artificial intelligence businesses.

Bitcoin Holdings Lose Value

According to the company’s regulatory filing, it continues to hold close to 18,700 bitcoin. However, the value of that stash dropped to $1.10 billion as of June 30, down from $1.64 billion at the end of last year, tracking a roughly one-third decline in bitcoin’s price over that stretch.

Heavy Spending On AI Infrastructure

The company spent $18.4 billion on capital expenditures during the quarter, well above analyst expectations of $13 billion, as it continues pouring money into artificial intelligence infrastructure alongside its core space and satellite businesses.

Stock Reaction And Upcoming Share Unlock

Shares slipped about 6% in after-hours trading following the report, despite climbing nearly 10% during the regular trading session earlier in the day.