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SpaceX posted $7.81 billion in second quarter revenue and beat Wall Street estimates, yet the stock slid about 8% after capital spending reached $18.37 billion.
<h2 id="key-points">Key Points:</h2>
<blockquote>
 <ul>
 <li>Revenue rose 92% from a year earlier, while the quarterly net loss narrowed to $541 million.</li>
 <li>Capital expenditures jumped more than sixfold, with close to $16 billion going toward artificial intelligence.</li>
 <li>A share lockup lifts Thursday, letting early backers and employees sell for the first time.</li>
 </ul>
</blockquote>
<h2 id="spacex-revenue-beats-wall-street-estimates">SpaceX Revenue Beats Wall Street Estimates</h2>
The rocket and satellite company <a href="https://www.cnbc.com/2026/08/04/spacex-spcx-earnings-live-updates-q2-2026.html" rel="noopener noreferrer nofollow">reported</a> revenue of $7.81 billion for the April to June period, well above the $6.93 billion that analysts had expected. Net loss narrowed to $541 million from about $1 billion a year earlier, and adjusted earnings before interest, taxes, depreciation and amortization nearly tripled to $3.5 billion. Loss per share came to 9 cents.
Capital expenditures <a href="https://www.nbcnews.com/business/business-news/spacex-earnings-surging-ai-costs-rcna590682" rel="noopener noreferrer nofollow">climbed</a> more than sixfold to $18.37 billion, and close to $16 billion of that went to the artificial intelligence unit the company absorbed through its February merger with xAI. The figure ran past the $13.22 billion analysts had penciled in, and it came to more than double what the company sold in the quarter.
The AI business, which runs the Grok chatbot, <a href="https://www.cnn.com/2026/08/04/business/spacex-earnings-q2-2026" rel="noopener noreferrer nofollow">grew</a> 247% to $2.56 billion in revenue and lost $1.26 billion at the operating line. Connectivity, home to Starlink, rose 66% to $4.29 billion. That division earned $1.66 billion in operating income and stayed the only profitable one, with subscribers doubling from a year earlier to 12 million.
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<h2 id="analysts-question-musk-s-ai-capex">Analysts Question Musk's AI Capex</h2>
Melissa Otto, global head of Visible Alpha research at S&amp;P Global, <a href="https://fortune.com/2026/08/04/elon-musk-spacex-earnings-trillion-revenue-target-capex-stock-reaction/" rel="noopener noreferrer nofollow">pinned</a> the after hours drop on an AI budget that arrived at more than double what analysts had modeled. Such costs have drawn close scrutiny across the market since Alphabet, Meta, Microsoft and Amazon reported their own outlays over the past two weeks.
Chief Financial Officer Bret Johnsen<a href="https://www.investing.com/news/transcripts/earnings-call-transcript-spacex-beats-revenue-estimates-in-q2-2026-shares-swing-93CH-4836052" rel="noopener noreferrer nofollow">defended</a> the spending, telling analysts that compute investments pay for themselves in less than a year. Elon Musk said the company can still reach $1 trillion in annual revenue, a mark that implies roughly tenfold growth in three or four years. He also named Nvidia as its exclusive chip supplier.
<h2 id="spcx-stock-since-the-june-ipo">SPCX Stock Since The June IPO</h2>
A share lockup <a href="https://finance.yahoo.com/technology/article/spacexs-q2-results-top-estimates-but-stock-drops-on-ai-capex-costs-132323178.html" rel="noopener noreferrer nofollow">expires</a> Thursday and will free up to 20% of the stock for sale, an amount roughly triple the float that trades today.
Will Rhind, chief executive of GraniteShares, blamed the timing of that window rather than the quarter itself.
The shares opened at $150 when SpaceX listed on Nasdaq on Jun. 12, and they closed Tuesday at $125.33. That leaves them 16% below the first print, even after a 9.4% gain on Tuesday. The company lost $4.9 billion in 2025 and now holds $93.5 billion in cash after the offering, up from $24.7 billion three months earlier.
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SpaceX Shares Dropped 8% Despite A Debut Report That Topped Estimates

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