- SpaceX submitted its first financial reports as a public company Tuesday.
- Second quarter results outpaced expectations but the company is still losing money.
- Heavy capital outlays are spooking investors, dragging down its stock price.
Following a blockbuster IPO nearly two months ago, SpaceX remains a money-losing endeavor but the company’s revenues jumped by 92% in the second quarter and losses fell from $4.3 billion in the first quarter of the year to $541 million in the second three months, according to a federal financial report released Tuesday.
Those figures easily outpaced expectations ahead of SpaceX’s first earning’s report as a public company but expansive capital expenditures in the second quarter, nearly $18.4 billion, spooked investors and SpaceX stock was down almost 6% Tuesday afternoon to around $117 per share after the close of regular trading. The vast majority of SpaceX’s capital investments, nearly $16 billion, have been dedicated to building out AI compute infrastructure.
Industry watchers say SpaceX’s long-term prospects are tied heavily to the success of its Starship rocket, which is still under development, and its artificial intelligence business. While the company continues to make heavy investments into both areas, it has yet to see a profit from either endeavor.
During an earnings call Tuesday, SpaceX founder and CEO Elon Musk said the latest space vehicle from the company, the Starship rocket, has had two successful test flights in the last 90 days (its 12th and 13th, overall) and argued the vehicle is on pace to become the world’s busiest method to carry cargo into low-Earth orbit and beyond.
“It’s difficult to actually explain to people the incredible significance of Starship,” Musk said. “Right now, we deliver roughly 2,500 tons a year to orbit via (SpaceX’s) Falcon (rocket.) A big number by normal standards. The rest of the world, I think, delivers around 300 tons.
Now, with Starship, our aspirations, and I think we will achieve these aspirations, are to deliver well over 1 million tons per year and probably, ultimately 10 million tons per year."
SpaceX’s space unit generated $962 million in revenues in the second quarter against operating losses of $541 million; Starlink operations drove $4.29 billion in revenues over the last quarter and generated $1.7 billion in income; and AI-related endeavors saw $2.56 billion in revenues but operations in that area lost $1.26 billion for the period.
What’s going on with SpaceX?
While SpaceX stock was hovering around the $117 per share in after-hours trading Tuesday, the price is well down from a high of around $225 and below both the IPO pricing of $135 per share and market debut rate of $150 per share. Last week, SpaceX stock hit its lowest level since the June 12 public markets debut, selling for just over $109 per share at one point on July 28 before inching back up.
SpaceX is Musk’s space vehicle manufacturing and launch business. The company’s holdings include the Starlink satellite internet service and network, artificial intelligence startup xAI, as well as the X social media platform, formerly Twitter, that xAI acquired in 2025.
SpaceX’s pre-IPO filings with the U.S. Securities and Exchange Commission reveal that while the company brought in $18.7 billion in revenues in 2025, up sharply from 2024, it still lost almost $5 billion last year. Among SpaceX’s various brands, only Starlink has recently shown a profit.
Musk was bullish about Starlink’s prospects during the earnings call, touting the latest technology advancements and continued efforts to grow out the network which now includes over 10,000 satellites.
“It may be hard for people to wrap their minds around, but it’s not out of the question that, at some point, Starlink will deliver a majority of the world’s internet, at least in countries where we are allowed to operate, which is the vast majority of countries,” Musk said. “Not infinity future but less than 10 years.”