SpaceX Q2 Revenue Beats Estimates as Bitcoin Holdings Shrink and AI Spending Surges

SpaceX (NASDAQ: SPCX), Elon Musk’s aerospace and satellite technology company, reported stronger-than-expected second-quarter earnings on Tuesday, delivering revenue growth that exceeded Wall Street forecasts despite continuing to post a quarterly loss.

The company generated $7.8 billion in Q2 revenue, surpassing analysts’ expectations of $6.9 billion, driven by solid performance across its launch services, Starlink satellite internet business, and artificial intelligence initiatives. SpaceX also significantly reduced its net loss to $541 million, compared with a $1.0 billion loss during the same period last year, signaling improving operational efficiency as its businesses continue to expand.

Adjusted EBITDA nearly tripled to $3.5 billion, highlighting stronger profitability before interest, taxes, depreciation, and amortization. The results marked SpaceX’s first quarterly earnings release since becoming a publicly traded company following its record-setting $86 billion initial public offering (IPO).

The company also disclosed that it maintained its bitcoin holdings at 18,712 BTC during the quarter. However, the value of those digital assets fell to $1.10 billion as of June 30, down from $1.64 billion at the end of 2025, reflecting bitcoin’s approximately 33% decline during the period.

SpaceX continued to invest aggressively in future growth, reporting $18.4 billion in capital expenditures, well above analysts’ expectations of $13 billion. The increased spending was primarily directed toward expanding artificial intelligence infrastructure and supporting long-term technology development.

Despite the earnings beat, investor sentiment remained cautious. SpaceX shares fell about 6% in after-hours trading to $118, after surging nearly 10% during the regular trading session. The broader Nasdaq 100 index gained 3.3% on the day.

Investors are also closely watching the company’s upcoming Aug. 6 lock-up expiration, when approximately 912 million shares owned by employees and early investors become eligible for sale. The event could significantly increase the stock’s public float and create additional trading volatility as the market evaluates potential selling pressure following SpaceX’s blockbuster IPO.